Charity Registration No. 1173736
Company Registration No. 03463908 (England and Wales)
THE SHANKLIN CHINE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
THE SHANKLIN CHINE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mrs A P P Springman | |
|---|---|---|
| Mrs A L Riley | ||
| Mrs C Thomas | ||
| Mr M Porter | ||
| Dr R McInnes | (Appointed 6 April 2021) | |
| Charity number | 1173736 | |
| Company number | 03463908 | |
| Registered office | 30-32 Gildredge Road | |
| Eastbourne | ||
| East Sussex | ||
| BN21 4SH | ||
| Independent examiner | Price & Company | |
| 30-32 Gildredge Road | ||
| Eastbourne | ||
| East Sussex | ||
| BN21 4SH |
THE SHANKLIN CHINE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 - 6 |
| Notes to the financial statements | 7 - 18 |
THE SHANKLIN CHINE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 28 FEBRUARY 2021
The Trustees present their annual report and financial statements for the year ended 28 February 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the the Trust's Memorandum & Articles of Association , the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The Trust’s objects are:-
-
the preservation, conservation, management and maintenance of the land known as Shanklin Chine Historic Gorge (Shanklin Chine) in the Isle of Wight, England for the benefit of the public, being a Site of Important Nature Conservation (SINC).
-
the advancement of education of the public in all aspects of the history and importance of Shanklin Chine.
In order to achieve these objectives, the Trust maintains Shanklin Chine in good repair makes it accessible and attractive for visitors. A tea garden, gift shop and dining inn are run through a subsidiary company to attract visitors and provide revenue for the Trust. T here has been no change in these during the year.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the the Trust should undertake.
Achievements and performance
Despite the business being severely disrupted by Covid there has been a positive out turn within the accounts. This financial year saw increased pressures around staffing , staffing costs and rising on costs. Inflation rates have increased which has added an additional cost pressure as the cost of goods and supplies have significantly increased.
Additional control measures have been introduced and have created a significant improvement within cost margins and increased net income.
Financial review
The Trust achieved admission fees of £197,667 (2020: £310,964) and received donations including Gift Aid of £46,868 (2020: £27,048). The largest expenditure is on staffing, which accounts for over 50% of expenditure. These and administrative costs were kept under review. The charity made a surplus of £24,052 (2020: £31,510).
The Trustees have assessed the major risks to which the the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Plans for future periods
The Trust intends to continue to maintain the Chine in good condition and ensure this is an attractive site for future visitors. Despite the restrictions imposed by Covid-19 in 2020, income was significantly higher in the 2020 season which places the Trust in a healthy position for the future.
- 1 -
THE SHANKLIN CHINE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
Structure, governance and management
The Trust is a company limited by guarantee, constituted by means of a Memorandum & Articles of Association. This was updated and adopted in May 2017 to comply with the Charity Commission’s requirements, and registered as a charity on 7 July 2017.
The Trustees, who are also the Directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mrs A P P Springman
Mrs A L Riley Mrs C Thomas Mr M Porter Dr R McInnes (Appointed 6 April 2021)
The Trustees actively seek further trustees who are concerned to preserve the future of the Chine.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Decisions on the operation of Shanklin Chine are made by the Trustees, who meet regularly. Day to day operations are delegated to the Operations Manager.
The Trustees' r eport was approved by the Board of Trustees.
Mrs A P P Springman
Trustee
17 December 2021
- 2 -
THE SHANKLIN CHINE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SHANKLIN CHINE TRUST
I report to the Trustees on my examination of the financial statements of The Shanklin Chine Trust (the the Trust) for the year ended 28 February 2021.
Responsibilities and basis of report
As the Trustees of the the Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the the Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the the Trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants for England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the the Trust as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mr Malcolm Preece BA FCA DChA
Price & Company 30-32 Gildredge Road Eastbourne East Sussex BN21 4SH
Dated: 20 December 2021
- 3 -
THE SHANKLIN CHINE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 28 FEBRUARY 2021
| Unrestricted Endowment funds funds 2021 2021 Notes £ £ Income and endowments from: Donations and legacies 3 46,868 - Charitable activities 4 197,667 - Other income 5 56,488 - Total income 301,023 - Expenditure on: Charitable activities 6 274,333 - Other 10 2,638 - Total resources expended 276,971 - Net income for the year/ Net movement in funds 24,052 - Fund balances at 1 March 2020 57,828 1,100,000 Fund balances at 28 February 2021 81,880 1,100,000 |
Total Unrestricted Endowment funds funds 2021 2020 2020 £ £ £ 46,868 27,048 - 197,667 310,964 - 56,488 - - 301,023 338,012 - 274,333 306,502 - 2,638 - - 276,971 306,502 - 24,052 31,510 - 1,157,828 26,318 1,100,000 1,181,880 57,828 1,100,000 |
Total 2020 £ 27,048 310,964 - |
|---|---|---|
| Donations and legacies 3 Charitable activities 4 Other income 5 Total income Expenditure on: Charitable activities 6 Other 10 Total resources expended Net income for the year/ Net movement in funds Fund balances at 1 March 2020 Fund balances at 28 February 2021 |
||
| 338,012 | ||
| 306,502 | ||
| - | ||
| 306,502 | ||
| 31,510 1,126,318 |
||
| 1,157,828 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
THE SHANKLIN CHINE TRUST
BALANCE SHEET AS AT 28 FEBRUARY 2021
| Notes Fixed assets Tangible assets 11 Heritage assets 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Capital funds Endowment funds - general Income funds Unrestricted funds |
2021 £ £ 28,938 1,100,000 1 1,128,939 34,266 42,874 77,140 (24,199) 52,941 1,181,880 1,100,000 81,880 1,181,880 |
2020 £ £ 11,542 1,100,000 1 1,111,543 37,547 24,572 62,119 (15,834) 46,285 1,157,828 1,100,000 57,828 1,157,828 |
|---|---|---|
- 5 -
THE SHANKLIN CHINE TRUST
BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2021
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 28 February 2021.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 17 December 2021
Mr M Porter
Trustee
Company Registration No. 03463908
- 6 -
THE SHANKLIN CHINE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
1 Accounting policies
Charity information
The Shanklin Chine Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 30-32 Gildredge Road, Eastbourne, East Sussex, BN21 4SH.
1.1 Accounting convention
The financial statements have been prepared in accordance with the the Trust's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The the Trust is a Public Benefit Entity as defined by FRS 102.
The the Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the the Trust . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the the Trust.
1.4 Incoming resources
Income is recognised when the the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
- 7 -
THE SHANKLIN CHINE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
1 Accounting policies (Continued)
Cash donations are recognised on receipt. Other donations are recognised once the the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment 10% reducing balance Fixtures and fittings 10% - 33% straight line, 10% - 25% reducing balance Motor vehicles 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the the Trust. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
- 8 -
THE SHANKLIN CHINE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
1 Accounting policies (Continued)
1.8 Impairment of fixed assets
At each reporting end date, the the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The the Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the the Trust 's balance sheet when the the Trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
- 9 -
THE SHANKLIN CHINE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
1 Accounting policies (Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the the Trust ’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds |
|
| 2021 | 2020 |
|
| £ | £ |
|
| Donations and gifts | 46,868 | 27,048 |
- 10 -
THE SHANKLIN CHINE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
4 Charitable activities
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| 2021 | 2020 | |
| £ | £ | |
| Admission fees | 197,667 | 310,964 |
5 Other income
| Unrestricted funds 2021 £ Coronavirus Job Retention Scheme Grant 31,488 Coronavirus Business Support Grant 25,000 56,488 |
Total 2020 £ - - |
|---|---|
| - |
- 11 -
THE SHANKLIN CHINE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
6 Charitable activities
| The Chine | The Chine | |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Staff costs | 117,233 | 95,838 |
| Repairs to the Chine | 36,925 | 64,254 |
| Rates | 2,920 | 2,519 |
| Bank and credit card charges | 4,494 | 3,696 |
| Insurance | 4,308 | 4,195 |
| Advertising | 18,749 | 26,845 |
| Cleaning and waste disposal | 2,595 | 3,564 |
| Light and heat | 13,778 | 4,957 |
| Health and Safety training and consultancy | - | 2,373 |
| Postage, printing and stationery | 2,844 | 2,990 |
| Telephone | 1,807 | 2,568 |
| 205,653 | 213,799 | |
| Share of support costs (see note 7) | 64,180 | 88,203 |
| Share of governance costs (see note 7) | 4,500 | 4,500 |
| 274,333 | 306,502 |
- 12 -
THE SHANKLIN CHINE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
7 Support costs
| Support costs Governance costs £ £ Staff costs 47,342 - Depreciation 8,608 - Motor and travel 8,210 - Legal and professional fees - - Sundries 20 - Independent examination fees - 4,500 64,180 4,500 Analysed between Charitable activities 64,180 4,500 |
2021 Support costs Governance costs £ £ £ 47,342 77,446 - 8,608 2,453 - 8,210 5,364 - - 2,842 - 20 98 - 4,500 - 4,500 68,680 88,203 4,500 68,680 88,203 4,500 |
2020 £ 77,446 2,453 5,364 2,842 98 4,500 |
|---|---|---|
| 92,703 | ||
| 92,703 |
8 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the the Trust during the year.
- 13 -
THE SHANKLIN CHINE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
9 Employees
Number of employees
The average monthly number of employees during the year was:
| Administrative support staff Employment costs Wages and salaries Social security costs Other pension costs |
2021 Number 5 2021 £ 156,689 6,474 1,412 164,575 |
2020 Number 5 |
|---|---|---|
| 2020 £ 163,335 7,985 1,964 |
||
| 173,284 |
There were no employees whose annual remuneration was £60,000 or more.
10 Other
| Unrestricted funds 2021 Net loss on disposal of tangible fixed assets 2,638 2,638 |
Total £ 2020 - |
|---|---|
| - |
- 14 -
THE SHANKLIN CHINE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
| 11 Tangible fixed assets Cost At 1 March 2020 Additions Disposals At 28 February 2021 Depreciation and impairment At 1 March 2020 Depreciation charged in the year Eliminated in respect of disposals At 28 February 2021 Carrying amount At 28 February 2021 At 29 February 2020 12 Heritage assets At 1 March 2020 and at 28 February 2021 |
Plant and equipment Fixtures and fittings Motor vehicles Total £ £ £ £ 32 15,090 1,901 17,023 - 21,974 6,667 28,641 - (4,219) - (4,219) 32 32,845 8,568 41,445 6 4,642 832 5,480 3 6,671 1,934 8,608 - (1,581) - (1,581) 9 9,732 2,766 12,507 23 23,113 5,802 28,938 26 10,447 1,069 11,542 Historic land £ 1,100,000 |
|---|---|
The Trust owns the land known as Shanklin Chine Historic Gorge in the Isle of Wight for the benefit of the public.
- 15 -
THE SHANKLIN CHINE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
| 13 Fixed asset investments Cost or valuation At 1 March 2020 & 28 February 2021 Carrying amount At 28 February 2021 At 29 February 2020 Other investments comprise: Notes Investments in subsidiaries 18 14 Debtors Amounts falling due within one year: Trade debtors Amounts owed by subsidiary undertakings Other debtors |
Other investments 1 1 1 2021 2020 £ £ 1 1 2021 2020 £ £ - 1,299 - 36,248 34,266 - 34,266 37,547 |
Other investments 1 1 1 2021 2020 £ £ 1 1 2021 2020 £ £ - 1,299 - 36,248 34,266 - 34,266 37,547 |
|---|---|---|
| 1 | ||
| 1 | ||
| 2020 £ 1 |
||
| 2020 £ 1,299 36,248 - |
||
| 37,547 |
- 16 -
THE SHANKLIN CHINE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
15 Creditors: amounts falling due within one year
| Other taxation and social security Trade creditors Amounts owed to subsidiary undertakings Accruals and deferred income |
2021 £ - - 19,699 4,500 24,199 |
2020 £ 6,795 39 - 9,000 |
|---|---|---|
| 15,834 |
| 16 Analysis of net assets between funds General fund Endowment fund 2021 2021 £ £ Fund balances at 28 February 2021 are represented by: Tangible assets 28,938 - Heritage assets - 1,100,000 Investments 1 - Current assets/ (liabilities) 52,941 - 81,880 1,100,000 |
TotalGeneral fund Endowment fund 2021 2020 2020 £ £ £ 28,938 11,542 - 1,100,000 - 1,100,000 1 1 - 52,941 46,285 - 1,181,880 57,828 1,100,000 |
Total 2020 £ 11,542 1,100,000 1 46,285 |
|---|---|---|
| 1,157,828 |
17 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
18 Subsidiaries
Details of the the Trust's subsidiaries at 28 February 2021 are as follows:
| Name of undertaking | Registered | Nature of business | Class of | % Held |
|---|---|---|---|---|
| office | shares held | Direct Indirect | ||
| Shanklin Chine Limited | England & | Running restaurant & gift | Ordinary | 100.00 |
| Wales | shop |
- 17 -
THE SHANKLIN CHINE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021
18 Subsidiaries (Continued)
The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:
| Name of undertaking | Profit/(Loss) | Capital and |
|---|---|---|
| Reserves | ||
| £ | £ | |
| Shanklin Chine Limited | 2,614 | (76,257) |
- 18 -