rriib IN 2021 Fleetwood ,Trust ANNUAL REPORT
Contents
Foreword from Lord Tom – Chairman .............3
From the Prince's Foundation ........................3 Report of The Trustees .................................4
Independent Examiner's Report .....................7
Statement of Financial Activities ....................8 Balance Sheet ........................................10
Notes to the Financial Statements ...............13
Detailed Statement of Financial Activities ......20
----- Start of picture text -----
2021
----- End of picture text -----
Fleetwood Trust Annual Review
Foreword from Lord Tom McNally – Chairman
In introducing last year’s accounts I noted that the impact of the COVID pandemic had distorted all aspects of fund raising and forward planning. Sadly, this has remained so in the year under review. The most cruel aspect of that situation is that the difficulty in raising funds has delayed us becoming fully operational as a community services hub at a time when the range of health, social and community services we are seeking to house are most needed. Nevertheless we are making progress and, as we move out of lockdown and into the year ahead, we will be making a renewed drive to raise the funds to fully release the potential of this iconic building as a location for help, advice and renewal.
As ever, I am grateful to our accountants, Jones Harris Ltd and Rebecca Murdoch, Board Member and Finance Officer for their help and advice and our Chief Executive, Charley Wilkinson for her careful stewardship of our affairs. The best way any Charity can gain support and funding is to demonstrate its relevance to the community it seeks to serve. It is to that task that the Fleetwood Trust will commit, with renewed vigour, in the year ahead.
Rt.Hon. Lord McNally, Chairman of the Fleetwood Trust.
From the Prince's Foundation
Fleetwood Hospital
During this difficult period, it has been encouraging to see the continued hard work of the Trust to move forward with their proposals for the hospital building. In an exceptionally difficult fundraising environment they have been able to secure capacity funding for a new member of staff to support the CEO and also capital monies for the Changing Places toilet which will be a hugely beneficial public facility for the whole town. During this time, they have also seen the Volunteer Centre move into the building and the commencement of the landlord works for Regenda who will start their fit-out in the early autumn and will be a key tenant in the overall make-up of the revitalised hospital building. Work has also started on the clearance of the rear external area, which in time will allow easier access for contractors into the building, but has also cleaned up what was an unsightly space.
Another recent success has been the Left Coast Arts InsideOut exhibition in part of the upper floors of the building, and whilst we were not able to physically attend it has been wonderful to see the press coverage and hear about the great reception it received. Hopefully more of these meanwhile events and temporary uses can become a source of community level fundraising in the coming months as well as continuing to keep the spirit of the project alive.
The work that has been already undertaken in outline bringing together partners for a possible Health and Wellbeing Academy on the upper floors is also very encouraging and a potential exciting new chapter. This could become the first of its kind in the country and really ties into the regions Covid recovery as well as ongoing health, care and wellbeing agendas more broadly.
----- Start of picture text -----
Cat Smith MP
----- End of picture text -----
Fleetwood Trust Annual Review
Report of The Trustees For The Year Ended 31 May 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2021. The trustees have adopted the provisions of 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 Objectives and aims
To further benefit the residents of Fleetwood.
Significant activities
The Trusts vision is to redevelop the Fleetwood Hospital to create a vibrant and resilient community where we can foster individual growth and empower people to change their lives for the better and realise their full potential, the building projects proposed all offer this change for the better for this town.
Public benefit
The trustees have regard to the Charity Commission guidance on public benefit.
Grantmaking
Currently the Trust makes no grants.
Volunteers
To date volunteers have assisted in making key decisions for the development of the building.
STRATEGIC REPORT
Achievement and performance Charitable activities
In the year the Trust has:
-
Installed a new energy efficient plant room, with 3 boilers and a combined heat and power unit.
-
Mechanical and Electrical updated in the building to help future proofing.
-
Removed old ceilings and fixtures and fittings.
-
Sold materials for recycling & reused fixtures where possible.
-
Developed the Food Bank area which is run by The Pantry.
-
Created a space for The Blackpool, Fylde and Wyre Volunteer Centre which is currently in operation.
Financial review
Financial position
The Trustees have maintained a financially sustainable position throughout the pandemic, despite serious economic instability and uncertainty on a National level. The Trust could be sustained on its rental income over the coming years if required.
Principal funding sources
The Trusts main source of funding is rental income received, grants applied for and donations.
Reserves policy
Any reserves held are for the development of the property at this stage, once the charity is more established and has met it's initial objectives it may be necessary to develop a more formal reserves policy. Unrestricted reserves at the year end are £1,221,615 (2020, £1,189,820).
Principal risks and uncertainties
The main risks facing the Trust are in relation to funding streams being diverted due to covid to frontline operations. As the building isn't fully developed the Trust is not running any frontline operations and capital projects have been put on hold by many funding providers as a non-priority.
Fleetwood Trust Annual Review
STRATEGIC REPORT
Future plans
The Trust is regenerating the Hospital building in Fleetwood, breathing life into a partially derelict building. The plan is to develop a Community Hub on the ground floor that will be developed by the people of Fleetwood for the people of Fleetwood. The Trustees see that the project will evolve and change as it progresses as the needs of the community change around it.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is Governed by it's Articles of Association.
Charity constitution
The Charity is an Incorporated Company Limited by Guarantee.
Recruitment and appointment of new trustees
Should the need arise to recruit new trustees the charity will follow charities commission guidance in recruiting and appointing new trustees with the required skill set. Suitable induction procedures and training will be provided in the event of a new trustee being appointed.
Decision making
The Board meets on a Bi-Monthly basis, in Fleetwood, to monitor progress and determine next steps. Covid 19 has meant this has been undertaken on Zoom following guidance from the Charities Commission.
Key management remuneration
Key management remuneration was £46,317 in total.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
11352453 (England and Wales)
Registered Charity number
1181679
Registered office
Pharos Street Fleetwood Lancashire FY7 6BE
Trustees
Mrs Maureen Linda Burns Mr Andrew David Charles Mr John Joseph Fitzgerald Canon Michael John Hall Canon Alfred Terence Hayes Mr Frank Iddon Heald Lord Thomas Mcnally Mrs Rebecca Jane Murdoch Mr Bryan Olsen Dr Mark Spencer Mr Richard James Barnes Headteacher (appointed 27.11.20)
Fleetwood Trust Annual Review
Report of The Trustees For The Year Ended 31 May 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Jones Harris Limited Chartered Accountants 17 St Peters Place Fleetwood Lancashire FY7 6EB
Solicitors
Addlestone Keane Regent House 5 Queen Street Leeds LS1 2TW
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 25 November 2021 and signed on the board's behalf by:
Mrs Rebecca Jane Murdoch - Trustee
Fleetwood Trust Annual Review
Independent Examiner's Report
Independent examiner's report to the trustees of Fleetwood Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts 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
-
the accounts 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 accounts to be reached.
Mr M Wigley Msc ACA ATII Jones Harris Limited Chartered Accountants 17 St Peters Place Fleetwood Lancashire FY7 6EB
25 November 2021
Fleetwood Trust Annual Review
Statement of Financial Activities
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities 2 Investment income 3 Total EXPENDITURE ON Charitable activities Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 22,451 - 76,700 99,151 62,691 4,665 67,356 31,795 1,189,820 1,221,615 |
Ground floor building fund £ - - - - - - - - 300,000 300,000 |
Community kitchen fund £ - - - - - - - - 25,000 25,000 |
|---|---|---|---|
The notes form part of these financial statements
Fleetwood Trust Annual Review
Statement of Financial Activities Continued
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities 2 Investment income 3 Total EXPENDITURE ON Charitable activities Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Changing places fund £ 10,000 - - 10,000 - - - 10,000 - 10,000 |
Wages fund £ 37,465 - - 37,465 29,047 - 29,047 8,418 - 8,418 |
2021 Total funds £ 69,916 - 76,700 146,616 91,738 4,665 96,403 50,213 1,514,820 1,565,033 |
2020 Total funds £ 365,006 16,028 76,700 |
|---|---|---|---|---|
| 457,734 40,458 - |
||||
| 40,458 | ||||
| 417,276 1,097,544 |
||||
| 1,514,820 |
The notes form part of these financial statements
Fleetwood Trust Annual Review
Balance Sheet
| Notes FIXED ASSETS Tangible assets 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 10 NET ASSETS |
Unrestricted fund £ 1,332,611 - 87,171 87,171 (27,006) 60,165 1,392,776 (171,161) 1,221,615 |
Ground floor building fund £ 300,000 - - - - - 300,000 - 300,000 |
Community kitchen fund £ 25,000 - - - - - 25,000 - 25,000 |
|---|---|---|---|
The notes form part of these financial statements
Fleetwood Trust Annual Review
Balance Sheet Continued
| Notes FIXED ASSETS Tangible assets 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 10 NET ASSETS FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Changing places fund £ - - 10,000 10,000 - 10,000 10,000 - 10,000 |
Wages fund £ - - 8,418 8,418 - 8,418 8,418 - 8,418 |
2021 Total funds £ 1,657,611 - 105,589 105,589 (27,006) 78,583 1,736,194 (171,161) 1,565,033 1,221,615 343,418 1,565,033 |
2020 Total funds £ 1,450,137 18,002 53,682 71,684 (7,001) 64,683 1,514,820 - 1,514,820 1,189,820 325,000 1,514,820 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Fleetwood Trust Annual Review
Balance Sheet Continued
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 25 November 2021 and were signed on its behalf by:
Mrs Rebecca Jane Murdoch - Trustee
Fleetwood Trust Annual Review
Notes to the Financial Statements
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Going Concern
There are no material uncertainties about the charity’s ability to continue as a Going Concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost
Computer equipment - Straight line over 3 years Fixtures and fittings - Straight line over 5 years
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Fleetwood Trust Annual Review
Notes to the Financial Statements Continued
2. OTHER TRADING ACTIVITIES
| Sundry Income INVESTMENT INCOME Rents received |
2021 £ - 2021 £ 76,700 |
2020 £ 16,028 |
|---|---|---|
| 2020 £ 76,700 |
3. INVESTMENT INCOME
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Independent examiner fees | 1,135 | 1,250 |
| Depreciation - owned assets | 592 | - |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2021 nor for the year ended 31 May 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2021 nor for the year ended 31 May 2020.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income Total EXPENDITURE ON Charitable activities NET INCOME RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted fund £ 40,006 16,028 76,700 132,734 40,458 92,276 1,097,544 |
Ground floor building fund £ 300,000 - - 300,000 - 300,000 - |
Community kitchen fund £ 25,000 - - 25,000 - 25,000 - |
|---|---|---|---|
Fleetwood Trust Annual Review
Notes to the Financial Statements Continued
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income Total EXPENDITURE ON Charitable activities NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 7. TANGIBLE FIXED ASSETS COST At 1 June 2020 Additions At 31 May 2021 DEPRECIATION Charge for year NET BOOK VALUE At 31 May 2021 At 31 May 2020 |
Unrestricted fund £ 1,189,820 Changing places fund £ - - - - - - - - Freehold property £ 1,450,137 206,272 1,656,409 - 1,656,409 1,450,137 |
Ground floor building fund £ 300,000 Wages fund £ - - - - - - - - Computer equipment £ - 1,794 1,794 592 1,202 - |
Community kitchen fund £ 25,000 Total funds £ 365,006 16,028 76,700 457,734 40,458 417,276 1,097,544 1,514,820 Totals £ 1,450,137 208,066 1,658,203 592 1,657,611 1,450,137 |
|||
|---|---|---|---|---|---|---|
Fleetwood Trust Annual Review
Notes to the Financial Statements Continued
| 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Other debtors - VAT - Prepayments and accrued income - - 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Bank loans and overdrafts (see note 11) 18,199 VAT 2,614 Accruals and deferred income 6,193 27,006 Creditors contains £5,057 of deferred income. This represents rental income which has been received and is thus deferred to the following accounting period. 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 £ Bank loans (see note 11) 171,161 11. LOANS An analysis of the maturity of loans is given below: 2021 £ Amounts falling due within one year on demand: Bank loans 18,199 Amounts falling between one and two years: Bank loans 171,161 |
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Other debtors - VAT - Prepayments and accrued income - - 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 £ Bank loans and overdrafts (see note 11) 18,199 VAT 2,614 Accruals and deferred income 6,193 27,006 Creditors contains £5,057 of deferred income. This represents rental income which has been received and is thus deferred to the following accounting period. 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2021 £ Bank loans (see note 11) 171,161 11. LOANS An analysis of the maturity of loans is given below: 2021 £ Amounts falling due within one year on demand: Bank loans 18,199 Amounts falling between one and two years: Bank loans 171,161 |
2020 £ 500 13,767 3,735 18,002 2020 £ - - 7,001 7,001 in advance 2020 £ - 2020 £ - - |
|---|---|---|
Fleetwood Trust Annual Review
Notes to the Financial Statements Continued
12. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Ground floor building fund Community kitchen fund Changing places fund Wages fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Changing places fund Wages fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Ground floor building fund Community kitchen fund TOTAL FUNDS |
At 1/6/20 £ 1,189,820 300,000 25,000 - - 325,000 1,514,820 Incoming resources £ 99,151 10,000 37,465 47,465 146,616 At 1/6/19 £ 1,097,544 - - - 1,097,544 |
Net movement in funds £ 31,795 - - 10,000 8,418 18,418 50,213 Resources expended £ (67,356) - (29,047) (29,047) (96,403) Net movement in funds £ 92,276 300,000 25,000 325,000 417,276 |
At 31/5/21 £ 1,221,615 300,000 25,000 10,000 8,418 343,418 1,565,033 Movement in funds £ 31,795 10,000 8,418 18,418 50,213 At 31/5/20 £ 1,189,820 300,000 25,000 325,000 1,514,820 |
|
|---|---|---|---|---|
Fleetwood Trust Annual Review
Notes to the Financial Statements Continued
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Ground floor building fund Community kitchen fund TOTAL FUNDS |
Incoming resources £ 132,734 300,000 25,000 325,000 457,734 |
Resources Movement expended in funds £ £ (40,458) 92,276 - 300,000 - 25,000 - 325,000 (40,458) 417,276 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Ground floor building fund Community kitchen fund Changing places fund Wages fund TOTAL FUNDS |
At 1/6/19 £ 1,097,544 - - - - - 1,097,544 |
Net movement in funds £ 124,071 300,000 25,000 10,000 8,418 343,418 467,489 |
At 31/5/21 £ 1,221,615 300,000 25,000 10,000 8,418 |
|---|---|---|---|
| 343,418 | |||
| 1,565,033 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Ground floor building fund Community kitchen fund Changing places fund Wages fund |
Incoming resources £ 231,885 300,000 25,000 10,000 37,465 372,465 |
Resources Movement expended in funds £ £ (107,814) 124,071 - 300,000 - 25,000 - 10,000 (29,047) 8,418 (29,047) 343,418 |
|---|---|---|
Fleetwood Trust Annual Review
Notes to the Financial Statements Continued
12. MOVEMENT IN FUNDS - continued
All of the charities funds were created when the charity received grants or donations towards the specific purpose of these projects.
13. RELATED PARTY DISCLOSURES
There were no related party transactions during the year ending 31 May 2021.
Fleetwood Trust Annual Review
Detailed Statement of Financial Activities
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Other trading activities Sundry Income Investment income Rents received Total incoming resources EXPENDITURE Other Bank loan interest Support costs Management Wages Insurance Light, heat and power Telephone Advertising Sundries Meeting costs Funding Computer equipment Finance Bank charges Governance costs Auditors' remuneration for non audit work Legal and professional fees Total resources expended Net income |
2021 £ 22,451 47,465 69,916 - 76,700 146,616 4,665 55,678 9,353 6,600 1,048 1,085 1,087 - - 592 75,443 3,479 1,135 11,681 12,816 96,403 50,213 |
2020 £ 365,006 - |
|---|---|---|
| 365,006 16,028 76,700 |
||
| 457,734 - - 4,170 3,038 - 1,126 720 43 7,633 - |
||
| 16,730 1,944 1,250 20,534 |
||
| 21,784 | ||
| 40,458 | ||
| 417,276 |