Charity Registration No. 1188475 BUDLEIGH COMMUNITYWORKSHOP TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Lentells Chartered Certified Accounianis
BUDLEIGH COMMUNITYWORKSHOP TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr William McDeTmott Mrs Katherine McDemiott-Darfey Mr Marc Jobson Mr Desmond Bennelt Mr P Oakley (Appointed 25 October 20211 Charity number 1188475 Prlnclpal address The Old FI Ststion 4-5 ststion Road Budleigh Sallerton Devon EX9 6RJ Independent examiner Lentells Limited 17- 18 Leach Road Chard Business Park Chard Somerset TA20 1 FA
BUDLEIGH COMMUNITYWORKSHOP TRUST CONTENTS Page Trustees. report Independent examinerfs report Slalemenl of financial activities Balance sheet Notes to the financial slalements 6-14
BUDLEIGH COMMUNITYWORKSHOP TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees present their annual report and financial statements for the year ended 31 December 2021. The financial slalements have been prepared ir) aC(X)rdan with the accounting policies set out in note 1 to the financial statements and comply wilh the chariws constilulion. the Charities Act 2011 and 'A¢counting and Reporting by Charities.. Statement of Re(x)mmended PraCts. applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191". Objectives and activities The charity's objects are to provide or 8SSiSt in the provision of facilities in the interests of social welfare for recreation or other leisure time 0UpatIOn of individuals in Budleigh Salterton and the surrounding area who have need of such facilities by reason of their youth, age. infirmity or disabiltty. financial hardship or social circumstances with the object of improving their conditions of life. The policies adopted in furtherance of these objecls are to acquire and bring into use a community building and there has been no change in these during the year. The Iruslees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. The charity believes that ils objectives, achievements and performance provide a significant public benefit within Bijdleigh Sallerton and the sumounding area. Achievements and performan¢e The Budleigh Community Workshop Trust (BC) successfvlly ¢ompleled their refutbishment programme to covert the Old Fire Station in Budleigh Salterton into a Community Workshop in June 2021. 11 is now offering a variety of aclivibes to those in the local area. The Bcwt bank account opened with a balan of £32,352 and ended the year with £25.899 having undertaken Considerable works. Subs and donations banked amounted to £59,502 and included grants lotslling £36,190. This was made up with £25,000 from the Budleigh Salterton Town Council (being the restricted grant pledged in 2020 and included in those accounts towards refurbishment costs). a disability grant giving charity donated £5,500 towards a stsir-lift, The Screwfix Foundation provided £4,720 for specialist workshop equipment and machinery and The Lions Club of Budleigh Sallerton provideé £400 towards ¢arving tcKJls. In addilion. Devon County Coun¢il1£4701, The David Gibbons Foundation1£5001 and a collection of generous donors also contributed lo the Trust. The total refurbishment expenditure across the years ending 31 December 2020 and 2021 amounted to £43,131. The loan of £20,000 was repaid during the year. sin the workshop opened to Ihe public in June activities have proved popular and generated sufficient income lo cover overheads. Looking towards 2022, the Trust will rely more heavily on rai5in9 funds through charging for courses and generating income for the use of the faalities. Finan¢ial rgview It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained initially at £10,000 for Contingencies and this is lo be reviewed regulady as fvnds allow. Once the building has been refurbished and is operational it is planned to maintain reserves al a level equivalent to between three and six month's expenditure_ The trustees considers that serveS al this level will ensure that, in the event of a significant drop in fijnding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exwsed, and are satisfied that systems are in Pla to mitigate exposure to the major risks.
BUDLEIGH COMMUNITYWORKSHOP TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Stwcture. governance and management The charity is a Charitable Incorporated Organisation ICIOI. It was registered on 11 March 2020 with the charity Commission,. charity number 1188475. The trustees who served during the year and up to the date of signature of the financial ststements We.. Mr William McDemoti Mrs Katherine McDemiott-Darley Mr Marc Jobson Mr Desmond Bennett Mr P Oakley {Appointed 25 October 20211 Apart from the first charity trustees, every trustee must be appointed Ifor a term of 3 years) by a resolution passed al a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees musl have regard to the skills, knovAedge and experien needed for the effective administration of the CIO. There must al least 3 charity trustees and the maximum number is 12. The Charity trustees will make available to each new ¢harity trustees, on or before his or her first appointment la) a copy of the current version of the constitution.. and (bl a copy of the CIO'S latest Tfusteess Annual Report and statement of accounts. Any person retiring as a charity trustees is eligible for reappointment. Any tNstees serving for 3 consecutive terms may not be reappointed for a 4th term but may be reapwinled after an interval of al least 1 year. None of the tru5tee5 ha5 any beneficial interest in the charity. Decisions are made by the board of Trustees. either al a meeting of Ihe Charity Iruslees. by resolution in writing. Any charity trustees may call a meeting of the charity trustees, subjecl to that, the charity trustees shall decide how Ih8ir meetings are to be called. and what notice is required. No decision shall be tsken unless Ihere is a quorum12 charity trustees or the number nearest to one third of the total number of charity trustees. whichever is greater) at the time when the decision is taken. A charity Iruslees shall not be counted in the quorum present when any decision is made about a matter upon which he or she is not entrtled to vote. The trustees, report was approved by the Board of Trustees. Signed on 111C @ 17.30 Mr William McDemiott Tru$lo9 Dale..
BUDLEIGH COMMUNITYWORKSHOP TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BUDLEIGH COMMUNITYWORKSHOP TRUST I report to the trustees on my examination of the financial slatements of Budleigh Community Workshop Trust Ithe charityl for the year ended 31 Dernber 2021. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the finanryal statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial statements Cale out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable DIrelon$ given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs statement Your attention is drawn to the fact that the tharity has prepared finanaal statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practi issued on 1 April 2005 which is referred to in the extant regulations bul has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in aordanCe with Generally Accepted Acwunting Practice effective for porting periods beginning on or after 1 January 2015. I have completed my examination. I confimi that no maliers have come to my attention in connection with the examination giving me cause to believe that in any wnaterial respect= accounbng records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial ststements do not accord wlh those records" or the financial slalements do not comply with the applicable requirements conceming the fomi and content of accounts set out in the Charities (Accounts and Rerortsl Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter conSided as part of an independent examination. I have no concerns and have come a¢ross no other maliers in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial 51alements to be reached. Robert Wegner FCCA Lentells Limited 17-18 Leach Road Chard Buisness Park Somerset TA20 1 FA COunteN9n on 111 @ 17".45 Dated-
BUDLEIGH COMMUNITYWORKSHOP TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Unrestricted Restrided funds nds 2021 2021 Total Unrestricted Restricted funds funds 2020 2020 Total 2021 2020 Noles Donations and legacies Charitsble activities Other trading activities 30.128 2,895 150 5.500 35.628 2,895 150 400,925 25,000 425,925 Total income 33,173 5.500 38,673 400,925 25,000 425,925 Ex ndi Raising funds ure 357 357 3,430 3,430 Charitable aclivi(ies 35.437 18.403 53,840 8,980 11,247 20,227 Total rasources axpended 35,794 18.403 54,197 12.410 11,247 23,657 Nat lexpendlturelllncome for the yearl Net movement in funds 12.621) (12.9031 (15,5241 388,515 13,753 402,268 Fund balances at 1 January 2021 388.515 13.753 402,268 Fund balances at 31 December 2021 385,894 850 386,744 388.515 13,753 402,268 The ststemenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
| W Signed |
McDermott on 11/04/22 @ 17:30 |
M Jobson Signed on 15/03/22 @ 11:44 |
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BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Charity information Budleigh Community Workshop Trust is 8 Charitable Incorporated Org8nisation {CIO) with a constitution as its goveming document. It was registered on 11 March 2020 with the charity commission., charity number 1188475. The principal address is The Old Fire Ststion, 4-5 Station Road. Budleigh Salterton, Devon, EX9 6RJ. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's CIO constitLJtion, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1 and the Charilies SORP "Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo charwties preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantsge of the provisions in the SORP for charities not lo prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounls and Reports) Regulations 2008 only lo the extent required lo provide a true an¢J fair view. This departure has involved following the Statement of Recommended Practi for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial slalements are prepared in sterling. which is the nlOnal currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to indude the revaluation of freehold properbes and to include investment prope.e$ and certain financial instruments al fair value. The principal accounting policies adopted are set out below. 1.2 Going concern Al the lime of approving the financial statements. the trustees have a reasonable expectstion that the charity has adequate resources to continue in operational exislence for the foreseeable future. Thus the Iruslees continue to adopt the going con¢em basis of accounting in preparing the financial ststements. 1.3 Charitable funds Unrestricted funds are available for use at the discrekn.on of the trustees in furtherance of their charitable objectives. Restricted funds are subject to spectfic 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 specffic ccAidibons by donors Ihat the Capital musl be maintsined by the charity. 1.4 Incoma Income is recconised when the charity is legally entled to it after any perf0mlan conditions have been mel, the amounts can be wneasured reliably. and it is probable that income will be received. Cash donations are recognised on reipt. Other donations are recognised once the charity has been notified of the donation, unless perf0M)an condilions qUIre deferral of the amount. Income lax recoverable in relation to donations received under Gtft M"d or deeds of covenant is recognised at the time of the donation.
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies (Continued) Legacies are recognised on receipt or otherwise rf the charity has been notified of an impending distribukn'on. the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as a conlingenl asset. The value of services provided by volunteers is not incorwrated into these fin8nci81 statements. Further details of the contribution made by volunteers can be found in the trustees. annual report. Grants are recognised on receipt or olhenvise rf the charity has been notified of an impending award, the amount is known. and reIpl is expected. If the amount is not known, the grant is treated as a contingent asset. 1.5 Expenditure Income and expenses are included in the financial statements as they become receivable or due. There is no netting off of Inrne and expenditure. Since the charity is not VAT registered, all expenses include irrecoverable VAT where applicable. Charitable expenditure cornprises those wsts incurred by the charity in the delivery of its activitie5 and services. It includes both costs that can be allocated diredy to such activities and those of an IndiCt nature necessary to support them. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, nel of depreciation and any impaimient 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: FehOld land and buildings Fixtures and fittings 20A straight line 20 % reducing balan The gain or loss arising on the disposal of an asset is determined as the dfferen between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. The charity's freehold propety is stated in the financial statements at its original cost less depreciation. The following classifications of expenditure are treated as fixed asset additions.. Improvements of freehold property that add capitsl value to the property. other than those which are incidental lo the repair or Maintenan of the property Individual items of equipment having a usefvl life of more than one year. other than those which replace existing assets. 1.7 Impairment offixed assets Al each reporting end dale, the charity reviews the caryng amounts of its tangible assets lo determine whether there is any indicalion thal those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is ests"mated in order to determine the extent of the impairment loss lif anyl.
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies (Continued) 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. dewjsits held at call with banks, other short-lemi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in Current liabilities. 1.9 Financial instruments The charily has elected to apply the provisions of Section 11 'Basi¢ Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charrtls balance sheet when the chartty becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial ststements, when there is a legally enforceable right to sel off the recognised arrUnIS and there is an intention to settle on a net basis or to realise the asset and setue the liability simultaneously. Basic financial assets Basic financial assets. which include debtors and c85h and bank balans, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constilules a finan¢ing transsclion, where the transaction is measured at the present value of Ihe future reIpts 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 pri unless the arrangement ¢onslilutes a financing Iransaclion. Whe the debt instrument is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequendy carried at amortised cost. using the effective interest rate method. Trade creditors are obligations lo pay for goods or services thal have been acquired in the ordinary course of operations from suppliers. Amounts payable are classtfied as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabililies. Trade creditors are recognised initially al transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the tharity's ¢ontra¢lual obligations expire or are discharged or cancelled. 1.10 Taxation The Charity is exempt from lax on its income and gains to the extent that these are derived from ils charitable objectives. No tax Charges have arisen in this finanryal period. 1.11 Funds The charity's funds during the year were all unrestrirted other Ihan a grant from the local council towards refurbishment expenses, which has been treated as restricted. There are no endowment funds.
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Critical accounting estimates and judgements In the application of the charity's accounting policies, the Iruslees are required to make judgements, estimates and assumptions aboul Ihe carying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may drffer from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the peri(1 in which ihe eslimate is ViSed where the revision affects only that period, or in the period of the revision and future periods where the revision affects both CUfTent and future pericls. Donations and legacies Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds Total 2021 2021 2021 2020 2020 2020 Donations and gifts Government grants 30.128 35.628 395,925 5,000 395,925 30,000 25,000 30.128 5,500 35.628 400,925 25,000 425,925 Charitable activities Provision of community fa¢ilitiè$ 2021 2020 Sales within charttable activities- cOue and hire charges 2.895 Other trading activities Unrestricted fund5 Totsl 2021 2020 Fundraising events 150
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Raising funds Unrestricted Unreslricled funds funds 2021 2020 Fundraisin and ubli¢i Fundraising agents Other fundraising costs 2,623 807 357 Fundraising and publicity 357 3.430 357 3,430 Charitable activities Provision of Provision of communlty communlty facilities facilities 2021 2020 Depreciation and impaimient Provision of community facilities 8,406 2,996 7,560 11.402 7.560 Share of support costs (see note 81 Share of governance costs (see note 8} 41,880 558 12,127 540 53,840 20,227 Analysis by fund Unrestricted funds Restricted funds 35,437 18,403 8,980 11,247 53,840 20,227 10-
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Support costs Support Govemance costs costs 2021 Support Govemance costs costs 2020 Insuran Property repairs and refurbishment Sundries Website & computer costs Bank charges Water Light & heat Telephone Pedestrian a¢$$ lince including legal fee contribution 1,158 1,158 354 354 36,292 621 36,292 621 11,247 183 11.247 183 1,578 226 329 914 212 1.578 226 329 914 212 308 35 308 35 550 Accountsncy 558 558 540 540 41,880 558 42,438 12,127 540 12,667 Analysed between Charitable activities 41,880 558 42,438 12,127 540 12,667 Governan costs includes payments to the independent examiners of £558 12020- £5401 in lotsl for accounts preparation and independent examination. Trustees None of the trustees lor any persons connected with them) received any expenses. remuneration or benefits from the charity during the year. Truslees donated offerings to Ihe charity without condition and the aggregale value of those transactions in the period ending 31 December 2021 was £700 {2020= £92,770). 10 Employees The average monthly number of employees during the year was". 2021 Number 2020 Number Total There were no employees whose annual remuneration was more than £60,000. 11
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 11 Tangible fixed assets Freehold land Fithres and and buildings fittings Total Cost Al 1 January 2021 Additions 371,429 655 4,363 372,084 4,363 Al 31 Dember 2021 371.429 5,018 376,447 Depreciation and impainnent Al 1 January 2021 Depreciation charged in the year 7,429 7.429 131 977 7,560 8,406 Al 31 December 2021 14.858 1,108 15.966 Carrying amount Al 31 Dember 2021 356.571 3,910 360,481 Al 31 December 2020 364.000 524 364.524 The freehold 12nd and buildings consist of the former fire station, 4-5 Station Road, Budleigh Salterton, Devon, EX9 6RJ bought on 4 September 2020. which has been refurbished to fulfil the charity's objectives. 12 Debtor5 2021 2020 Amounts falling due within one year: Other debtors Prepayments and accrued income 242 941 25,000 932 1,183 25,932 Included wthin other debtors in 2020 was a restn.cted grant pledged by Budleigh Sallerton Town Council of £25,000 towards refurbishment costs. which was reiVed during 2021_ 13 Creditors: amounts falling due within one year 2021 2020 Other creditors Accruals and defeed income 300 558 20.000 540 858 20,540 Included within creditors due within one year in 2020 was an interest free loan of £20,000 wth no fixed date for repayment made by an anonymous lender which was repaid in full during 2021. 12-
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 14 Rostricted funds The income funds of Ihe charity indude restricled funds comprising the following unexpended balances of donations and grants held on trust for spectfic purposes.. Movement in funds Incoming Resour¢8s Balance at 6xpendod1 January 2021 Movement in funds Incoming Resources Balance at resol185 exp8nd6d 31 D6c8mber 2021 Budleigh Salterton Town Council freehold refurbishment grant Staidift 25.000 (11.2471 13.753 {13.7531 14.6501 5,500 850 25.0¢)0 111,2471 13,753 5,500 118,4031 850 Induded within income and other debtors in 2020 was a reslricted grant pledged by Budleigh Salterton Town Council of £25.000 towards furb1$hMenI costs. Restricted expenditure on refvrbishmenl during 2020 was £11,247 and during 2021 was £13.753 and the balan carried forward at 31 Dember 2021 was £0. During the year ending 31 Dmber 2021 restricted income was received of £5,500 towards the inslallalion of a stair-lift. Restn"cled expenditure on the stair-lift was £4,650, leaving a dosing balance carried fonNard at 31 Dernber 2021 of £850. 15 Analysis of net assets between funds Unrestricted Restricted funds funds 2021 2021 Total Unrestricted Restricted funds fvnds 2020 2020 Total 2021 2020 Fund balances at 31 Dember 2021 are represented by.. Tangible assets Current asselsl 360,481 360.481 364.524 364,524 25.413 26,263 23,991 13,753 37.744 385,894 386.744 388,515 13.753 402,268 13-
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 16 Financial commitments, guarantees and ¢ontingent liabilities A donation of £25.000 was included in the aUnts lo 31 Dember 2020 from Budleigh Sallerton Town Council as a debtor and received in 2021. Should the charity be forced to close within 10 years of reIving this donation, it would need to be repaid lo the counol. A donation of £100,000 was induded in Ihe accounts to 31 Dember 2020 from The League of Friends of The Budleigh Salterton H05pilal. Should the charTty be dosed or the freehold premises at the forrner fire ststion, 4-5 Station Road, Budleigh Salterton, Devon. EX9 6RJ be sold. the funds would need to be repaid lo the League of Friends. 17 Related party transactions There were no disdosable related paty transactions during the year {2020- none). 14-