CHARITY REGISTRATION NUMBER: 230090
Lord Kitchener Memorial Holiday Centre Unaudited financial statements
31 December 2020
Lord Kitchener Memorial Holiday Centre
Financial statements
Year ended 31 December 2020
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
Lord Kitchener Memorial Holiday Centre
Trustees' annual report
Year ended 31 December 2020
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 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 published in October 2019.
Reference and administrative details
Registered charity name Lord Kitchener Memorial Holiday Centre Charity registration number 230090 Principal office 10 Kirkley Cliff Lowestoft Suffolk NR33 0BY
The trustees
The trustees who served during the year and at the date of approval were as follows:
Mrs D Brady Mr D Yellowley (Treasurer until June 2020) Mrs C Wall (Treasurer appointed in October 2020) Mr M Sims (Secretary) Mr P Wilson Mrs P Williamson Mr A Jackson Independent examiner Paul Briddon FCA BSc Lovewell Blake LLP Chartered accountants Excelsior House 9 Quay View Business Park Barnards Way Lowestoft NR32 2HD Bankers HSBC 34 London Road North Lowestoft Suffolk NR32 1EN
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Lord Kitchener Memorial Holiday Centre
Trustees' annual report (continued)
Year ended 31 December 2020
Objectives and activities
The Charity's principal objectives are to benefit the public by: Providing the relief of persons in need by reason of age, poverty or disability, who have served in the naval, military or air forces of the Crown (including the Commonwealth) or the merchant navy or ex-service members of the Emergency services or the husbands, wives or partners, widows or widowers of the same in particular through the provision of holiday accommodation.
The Trustees have taken due regard to the guidance published by the Charities Commission on public benefit. It is considered that a public benefit is provided by providing holiday accomodation to serving families.
Achievements and performance
The year 2020 was an unusual year, with the departure of the Manager and the HouseKeeper early March, followed by the COVID-19 pandemic. We did use the pandemic time wisely and whilst closed were able to complete some essential repairs that had been needing to be completed for many years, including roofing works, repointing the entire frontage, internal and external decorations thanks to assistance of the Victoria Cross Trust, and our team of volunteers on the management committee.
Guest numbers were 167 this year, being a slight decrease to the previous year.
Financial review
The total net expenditure in funds is £14,335 for the year. We continue to look very closely at staff costs especially in the light of the minimum rates of pay and also the possible costs of the new Government Pension Scheme.
We remain very appreciative of the support and financial assistance provided by the Army Benevolent Fund, the RAF Benevolent Fund and Seafarers UK without which the Charity could not remain in existence.
Reserves policy
The level of free reserves as at 31 December 2020 amounted to £8,232, which is sufficient to cover the costs of the Centre during the quieter months. The trustees consider that the winter period between October and April is when the Centre is at its quietest and future funding starts coming back in around March and April to cover the summer periods.
The level of maintenance funds differ year on year depending on how much work is to be carried out. The trustees are confident that the current levels will sufficiently cover any repairs due to be made in the foreseeable future.
In light of the economic climate and the fact that the charity is greatly dependent on grant income to enable the establishment to continue, the trustees consider the investments held to be a reserve that can be drawn upon should the need arise.
Structure, governance and management
Governing document
The charity is regulated by a Scheme of the Charity Commissioners dated 7th January 1919. Registered with the Charity Commissioners under number 230090.
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Lord Kitchener Memorial Holiday Centre
Trustees' annual report (continued)
Year ended 31 December 2020
Structure, governance and management (continued)
Recruitment, appointment and training of Trustees
Trustees shall be persons who through occupation, employment or otherwise have special knowledge of the area of benefit or who are otherwise able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects of the charity.
All new trustees will be provided with copies of:
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The governing document of the charity
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The latest financial statements of the charity
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Charity Commission guidance notes The Essential Trustee "What you need to know".
In addition, the Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.
Organisational structure
The Centre has a Management Committee of 8 members who meet monthly and are responsible for the day to day running of the establishment.
The trustees oversee the Management Committee when deemed necessary, but are solely in charge of the fabrication of the building itself and the employment of the Centre manager and his wife who ensure that the centre continues to deliver the high standards previously set.
The trustees' annual report was approved on .......21/9/2021....................... and signed on behalf of the board of trustees by:
Mrs D Brady Trustee
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Lord Kitchener Memorial Holiday Centre
Independent examiner's report to the trustees
Year ended 31 December 2020
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 December 2020 which comprise the statement of financial activities, statement of financial position and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Matthew Waters FCCA Independent Examiner
Lovewell Blake LLP Chartered accountants Excelsior House 9 Quay View Business Park Barnards Way Lowestoft NR32 2HD
1 October 2021
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Lord Kitchener Memorial Holiday Centre
Statement of financial activities
Year ended 31 December 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 78,011 | – | 78,011 | 64,583 |
| Investment income | 5 | 82 | – | 82 | 563 |
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| Total income | 78,093 | – | 78,093 | 65,146 | |
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| Expenditure | |||||
| Expenditure on charitable activities | 6 | 92,511 | – | 92,511 | 88,994 |
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| Total expenditure | 92,511 | – | 92,511 | 88,994 | |
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| Net expenditure and net movements in | |||||
| funds before gains and losses on | |||||
| investments | (14,418) | – | (14,418) | (23,848) | |
| Net gains on investments | 7 | 83 | – | 83 | 1,711 |
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| Net expenditure and net movement in funds | (14,335) | – | (14,335) | (22,137) | |
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| Reconciliation of funds | |||||
| Total funds brought forward | 103,314 | 33,343 | 136,657 | 158,794 | |
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| Total funds carried forward | 88,979 | 33,343 | 122,322 | 136,657 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 14 form part of these financial statements.
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Lord Kitchener Memorial Holiday Centre
Statement of financial position
31 December 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 12 | 78,192 | 69,983 | ||
| Investments | 13 | 2,555 | 2,472 | ||
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| 80,747 | 72,455 | ||||
| Current assets | |||||
| Debtors | 14 | – | 2,073 | ||
| Cash at bank and in hand | 43,753 | 73,289 | |||
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| 43,753 | 75,362 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 15 | 2,178 | 11,160 | ||
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| Net current assets | 41,575 | 64,202 | |||
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| Total assets less current liabilities | 122,322 | 136,657 | |||
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| Net assets | 122,322 | 136,657 | |||
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| Funds of the charity | |||||
| Restricted funds | 33,343 | 33,343 | |||
| Unrestricted funds | 88,979 | 103,314 | |||
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| Total charity funds | 17 | 122,322 | 136,657 | ||
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These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:21/09/2021
Mrs D Brady Trustee
The notes on pages 7 to 14 form part of these financial statements.
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Lord Kitchener Memorial Holiday Centre
Notes to the financial statements
Year ended 31 December 2020
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 10 Kirkley Cliff, Lowestoft, Suffolk, NR33 0BY.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The financial statements have been prepared on the going concern basis. Although the Charity suspended its operations during the COVID-19 pandemic, the Charity received numerous grants throughout the pandemic to support the work necessary to make the centre ready for opening in July 2020. The new management committee has agreed that the season also extended to cover for the time lost during the closure and have taken all possible steps so as to be able to continue to operate for the foreseeable future. The Charity also has sufficient level of reserves to support the Charity's activities.
(c) Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(d) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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Lord Kitchener Memorial Holiday Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
(e) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
(f) Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
(g) Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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Lord Kitchener Memorial Holiday Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
(h) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(i) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Furniture and fittings | - | 25% reducing balance |
|---|---|---|
| Equipment | - | 15% reducing balance |
| Lift | - | 20% reducing balance |
Freehold property is not depreciated because the Trustees consider that the estimated net realisable value is in excess of its current net book value.
(j) Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
(k) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations (See below) | 10,589 | 10,589 | 29,765 | 29,765 |
| Payments for Sponsored Guests & | ||||
| Subscriptions | 44,838 | 44,838 | 31,797 | 31,797 |
| Sundry Receipts | 572 | 572 | 3,021 | 3,021 |
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Lord Kitchener Memorial Holiday Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
4. Donations and legacies (continued)
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Grants | |||||
| Government grant income | 22,012 | 22,012 | – | – | |
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| 78,011 | 78,011 | 64,583 | 64,583 | ||
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| Donations of £10,589 (2019: £29,765) have been broken | down into the following: | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Seafarers UK | 750 | 500 | |||
| Royal Air Force Benevolent Fund | – | 5,000 | |||
| ABF The Soldiers | 10,000 | – | |||
| Sundry - Other Donations | 4,839 | 24,265 | |||
| Returned Donation to Royal Navy | (5,000) | – | |||
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| 10,589 | 29,765 | ||||
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| 5. | Investment income | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Investment income | 82 | – | 82 | ||
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| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2019 | |||
| £ | £ | £ | |||
| Investment income | 459 | 104 | 563 | ||
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| 6. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Provisions | 32,045 | 32,045 | 20,157 | 20,157 | |
| Staff costs | 33,591 | 33,591 | 47,020 | 47,020 | |
| Rates & water | 1,924 | 1,924 | 4,433 | 4,433 | |
| Electricity, gas & fuel | 4,066 | 4,066 | 6,469 | 6,469 | |
| Repairs & maintenance | 20,885 | 20,885 | 10,915 | 10,915 | |
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| 92,511 | 92,511 | 88,994 | 88,994 | ||
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Lord Kitchener Memorial Holiday Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
7. Net gains on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Unrealised gain/(loss) on Investments | 83 | 83 | 60 | 60 | |
| Gains/(losses) on disposals of | |||||
| investments | – | – | 1,651 | 1,651 | |
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| 83 | 83 | 1,711 | 1,711 | ||
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| 8. | Net expenditure | ||||
| Net expenditure is stated after charging/(crediting): | |||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 3,612 | 925 | |||
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| 9. | Independent examination fees | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner | for: | ||||
| Independent examination of the financial statements | 960 | 954 | |||
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| 10. | Staff costs | ||||
| The total staff costs and employee benefits | for the reporting period are analysed as follows: | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Wages and salaries | 33,591 | 47,020 | |||
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| The average head count of employees during the year was 7 (2019: 7). | The average | number of ful | |||
| time equivalent employees during the year is analysed as follows: | |||||
| 2020 | 2019 | ||||
| No. | No. | ||||
| Manager | 1 | 1 | |||
| Cook/Housekeeper | 1 | 1 | |||
| Cleaners | 1 | 2 | |||
| Assistant cook | 1 | 1 | |||
| Waitresses | 3 | 2 | |||
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| 7 | 7 | ||||
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The average head count of employees during the year was 7 (2019: 7). The average number of fulltime equivalent employees during the year is analysed as follows:
No employee received employee benefits of more than £60,000 during the year (2019: Nil).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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Lord Kitchener Memorial Holiday Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
12. Tangible fixed assets
| Land and | Fixtures and | ||||
|---|---|---|---|---|---|
| buildings | fittings | Equipment | Lift | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 January 2020 | 69,119 | 79,167 | 30,751 | 5,896 | 184,933 |
| Additions | – | 11,047 | 774 | – | 11,821 |
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| At 31 December 2020 | 69,119 | 90,214 | 31,525 | 5,896 | 196,754 |
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| Depreciation | |||||
| At 1 January 2020 | 2,986 | 77,630 | 28,492 | 5,842 | 114,950 |
| Charge for the year | – | 3,146 | 455 | 11 | 3,612 |
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| At 31 December 2020 | 2,986 | 80,776 | 28,947 | 5,853 | 118,562 |
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| Carrying amount | |||||
| At 31 December 2020 | 66,133 | 9,438 | 2,578 | 43 | 78,192 |
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| At 31 December 2019 | 66,133 |
1,537 |
2,259 |
54 |
69,983 |
13. Investments
| Other | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 January 2020 | 2,472 |
| Additions | – |
| Fair value movements | 83 |
|
|
| At 31 December 2020 | 2,555 |
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| Impairment | |
| At 1 January 2020 and 31 December 2020 | – |
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| Carrying amount | |
| At 31 December 2020 | 2,555 |
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|
| At 31 December 2019 | 2,472 |
|
All investments shown above are held at valuation.
14. Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Prepayments and accrued income | – | 2,073 | |
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| 15. | Creditors: Amounts falling due within one year | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Accruals and deferred income | 200 | 200 | |
| Other creditors | 1,978 | 10,960 | |
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2,178 |
11,160 |
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Lord Kitchener Memorial Holiday Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
16. Government grants
The amounts recognised in the financial statements for government grants are as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Recognised in income from donations and legacies: | ||
| Government grants income | 22,012 |
– |
17. Analysis of charitable funds
Unrestricted funds
| Gains and | At 31 Dec | ||||
|---|---|---|---|---|---|
| At 1 Jan 2020 | Income | Expenditure | losses | 2020 | |
| £ | £ | £ | £ | £ | |
| Accumulated Fund | 103,314 | 78,093 | (92,511) | 83 | 88,979 |
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| Gains and | At 31 Dec | ||||
| At 1 Jan 2019 | Income | Expenditure | losses | 2019 | |
| £ | £ | £ | £ | £ | |
| Accumulated Fund | 125,555 | 65,024 | (88,994) | 1,711 | 103,314 |
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| Restricted funds | |||||
| Gains and | At 31 Dec | ||||
| At 1 Jan 2020 | Income | Expenditure | losses | 2020 | |
| £ | £ | £ | £ | £ | |
| Extraordinary Repairs Reserve | 21,462 | – | – | – | 21,462 |
| Maintenance of Home Reserve | 11,881 | – | – | – | 11,881 |
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| 33,343 | – | – | – | 33,343 | |
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| Gains and | At 31 Dec | ||||
| At 1 Jan 2019 | Income | Expenditure | losses | 2019 | |
| £ | £ | £ | £ | £ | |
| Extraordinary Repairs Reserve | 21,462 | – | – | – | 21,462 |
| Maintenance of Home Reserve | 11,777 | 104 | – | – | 11,881 |
|
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|
| 33,239 | – | – | – | 33,343 | |
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Lord Kitchener Memorial Holiday Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
18. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Tangible fixed assets | 78,192 | – | 78,192 |
| Investments | 2,555 | – | 2,555 |
| Current assets | 10,410 | 33,343 | 43,753 |
| Creditors less than 1 year | (2,178) | – | (2,178) |
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|
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| Net assets | 88,979 | 33,343 | 122,322 |
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| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Tangible fixed assets | 69,983 | – | 69,983 |
| Investments | 2,472 | – | 2,472 |
| Current assets | 42,019 | 33,343 | 75,362 |
| Creditors less than 1 year | (11,160) | – | (11,160) |
|
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|
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| Net assets | 103,314 | 33,343 | 136,657 |
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- 14 -