SIDDINGTON TRUST LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Charity registration number 282339
Company registration number 1566596 (England and Wales)
SIDDINGTON TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr M Concannon |
|---|---|
| Ms M A E Dickinson | |
| Mrs M L Hatchman | |
| Mr P K Hatchman | |
| Miss C Hearne | |
| Mr M J Poole | |
| Mr A J Walker | |
| Mrs A Walker | |
| Mr R Winstanley | |
| Secretary | Mr P K Hatchman |
| Charity number | 282339 |
| Company number | 1566596 |
| Registered office | Thornycroft Hall |
| Pexhill Road | |
| Siddington | |
| Macclesfield | |
| Cheshire | |
| SK11 9JN | |
| Independent examiner | Champion TLL Limited |
| 7-9 Station Road | |
| Hesketh Bank | |
| Preston | |
| Lancashire | |
| PR4 6SN |
SIDDINGTON TRUST LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 - 6 |
| Balance sheet | 7 - 8 |
| Notes to the financial statements | 9 - 16 |
SIDDINGTON TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
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 charity's governing document, 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 company was set up to promote the advancement of education and the training of character in accordance with Christian principles and ideas. Thornycroft Hall was acquired to provide a suitable venue for these activities.
The charity’s trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
Achievements and performance
Retreats for men, women, priests, young professionals and students took place as usual this year as did the monthly recollections for women and separate ones for secular priests. Attendance was reduced initially but numbers are growing again. Residential courses also took place throughout the year lasting one to three weeks with attendees expressing their gratitude for the hospitality received.
In May the classroom had a mini refurbishment with the installation of a small kitchen comprising a sink, fridge, freezer, worktops and a new floor in the back room. This was funded by a small grant and has been put to great use for the family picnics and cookery classes.
In July the annual family day took place and was well attended. Good weather meant everyone could be outside on the lawns to socialise and have their picnics.
At the end of September a two-day workshop was held for mothers and daughters called “Daughter of God”. While the mothers had classes in the main house, the daughters had their activities in the annexe. At other times they had opportunities to meet up. Having mothers and daughters together proved to be very popular, so this format was repeated again.
At the end of October a workshop was held for men which was well attended and well received. On 10th November a Thornycroft conference was held off site in St Bede’s School in Manchester, looking at the role of the school in the transmission of faith. Parents, teachers and pupils offered their experiences and perspectives on this important topic. Future conferences will continue to be held in Thornycroft.
In November Thornycroft’s cookery school was open again with the new mini kitchen being the new venue for the classes. Attendees varied from 3 to 8 ladies per class, and all thoroughly appreciated Marta’s teaching skills. Our annual Christmas Carol Concert took place on 11th December with a new compere. As with previous years, it was very well attended with people enjoying joining in with some of the carols. Mulled wine and mince pies were served at the end of the concert to allow those who needed to leave promptly to do so and for those who wanted to stay, to continue chatting with people.
January and February saw the resumption of retreats and recollections and in March another mini retreat was held for ladies for two nights. Attendance was good.
Maintenance and refurbishment of Thornycroft continued with painting, roof repairs and some woodwork repairs. Several volunteers helped with the painting at weekends.
Financial review
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SIDDINGTON TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The charity’s policy is to maintain its property of Thornycroft Hall unencumbered by debt (other than interest-free loans from personal donors), but otherwise to maintain only such reserves as are necessary to meet its short-term cash flow requirements.
The net difference between fixed assets and long-terms loans is £1,407,600. This amount has been designated separately, leaving other liquid funds of £105,996. The general fund balance has increased since last year. The trustees' policy is to maintain a level of reserves equivalent to three months' expenditure. At the year end the general fund balance represents around five months' worth of expenditure.
Public benefit
The Charity continues to apply for grant funding to help cover the costs of certain projects, allowing the operating income to create a surplus to build funds to the required level.
Plans for future periods
For the year 2023-24 retreats, recollections, residential courses and short workshops are scheduled in. A series of family picnics and the annual family day will be arranged to allow people to meet up and socialise. Plans for further conferences are underway. Our annual Carol Concert will be held again this year.
Fundraising will continue as there are plans for renovations including repairs to the roof.
.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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: Mr M Concannon
Ms M A E Dickinson Mrs M L Hatchman Mr P K Hatchman Miss C Hearne Mr M J Poole Mr A J Walker Mrs A Walker Mr R Winstanley
The charity is governed by the trustees, who delegate the running of courses and retreats to paid staff whilst retaining direct responsibility for the fabric and maintenance of Thornycroft Hall. The charity is not dependent on unpaid volunteers to any significant extent.
Related parties
There are no related parties within the meaning of the SORP with whom the charity has entered into any transactions.
In carrying out its aims the charity co-operates with the following other charities: Ashley Educational Trust, Greygarth Association and Netherhall Educational Association.
Risk management
The trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
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SIDDINGTON TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The trustees' report was approved by the Board of Trustees.
.............................. Mr P K Hatchman Trustee Date: .............................................
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SIDDINGTON TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SIDDINGTON TRUST LIMITED
I report to the trustees on my examination of the financial statements of Siddington Trust Limited (the charity) for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the charity (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 charity 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 charity’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 charity’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 ICAEW, 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 charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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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
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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.
Champion TLL Limited
P Buck FCA DChA
7-9 Station Road Hesketh Bank Preston Lancashire PR4 6SN
Dated: .........................
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SIDDINGTON TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
| Current financial year Unrestricted Designated Restricted funds funds funds general 2023 2023 2023 Notes £ £ £ Income from: Donations and legacies 2 79,649 - - Education 3 224,383 - - Other trading activities 4 1,588 - - Total income 305,620 - - Expenditure on: Education 5 255,435 - 6,114 Net incoming/(outgoing) resources before transfers 50,185 - (6,114) Gross transfers between funds 460 (460) - Net income/(expenditure) for the year/ Net movement in funds 50,645 (460) (6,114) Fund balances at 1 April 2022 55,351 1,408,060 6,114 Fund balances at 31 March 2023 105,996 1,407,600 - |
Total 2023 £ 79,649 224,383 1,588 305,620 261,549 44,071 - 44,071 1,469,525 1,513,596 |
Total 2022 £ 102,702 174,387 8,370 |
|---|---|---|
| 285,459 | ||
| 256,634 | ||
| 28,825 - |
||
| 28,825 1,440,700 |
||
| 1,469,525 |
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.
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SIDDINGTON TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
| Prior financial year Unrestricted Designated Restricted funds funds funds general 2022 2022 2022 Notes £ £ £ Income from: Donations and legacies 2 51,955 - 50,747 Education 3 174,387 - - Other trading activities 4 8,370 - - Total income 234,712 - 50,747 Expenditure on: Education 5 212,001 - 44,633 Net incoming/(outgoing) resources before transfers 22,711 - 6,114 Gross transfers between funds 614 (614) - Net income/(expenditure) for the year/ Net movement in funds 23,325 (614) 6,114 Fund balances at 1 April 2021 32,026 1,408,674 - Fund balances at 31 March 2022 55,351 1,408,060 6,114 |
Total 2022 £ 102,702 174,387 8,370 |
|---|---|
| 285,459 | |
| 256,634 | |
| 28,825 - |
|
| 28,825 1,440,700 |
|
| 1,469,525 |
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SIDDINGTON TRUST LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Fixed assets Tangible assets 10 Current assets Stocks 11 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets Income funds Restricted funds Unrestricted funds - Net assets/long term creditors Unrestricted funds - general |
2023 £ £ 1,453,250 713 107,317 108,030 (2,034) 105,996 1,559,246 (45,650) 1,513,596 - 1,407,600 105,996 1,513,596 |
2022 £ £ 1,453,710 593 62,852 63,445 (1,980) 61,465 1,515,175 (45,650) 1,469,525 6,114 1,408,060 55,351 1,469,525 |
|---|---|---|
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SIDDINGTON TRUST LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.
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 .........................
..............................
Mr P K Hatchman
Trustee
Company registration number 1566596
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SIDDINGTON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Siddington Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Thornycroft Hall, Pexhill Road, Siddington, Macclesfield, Cheshire, SK11 9JN.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity'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 charity is a Public Benefit Entity as defined by FRS 102.
The charity 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 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 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
The Accounts are prepared on a going concern basis, which the Trustees consider appropriate having considered the foreseeable future.
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 charity.
1.4 Income
Income is recognised when the charity 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.
Cash donations are recognised on receipt. Other donations are recognised once the charity 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.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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SIDDINGTON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.5 Expenditure
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.
Freehold property is not depreciated since it is considered that given the long life of the property concerned, depreciation would be immaterial, if any. The Trustees carry out an annual impairment review in accordance with Accounting Standards.
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:
Freehold land and buildings Nil 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 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
2 Donations and legacies
| Unrestricted Unrestricted Restricted funds funds funds general general 2023 2022 2022 £ £ £ Donations and gifts 79,649 33,842 50,747 Job retention scheme grants - 18,113 - 79,649 51,955 50,747 |
Total 2022 £ 84,589 18,113 |
|---|---|
| 102,702 |
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SIDDINGTON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
3 Education
| Education | Education | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Course fees | 224,383 | 174,387 |
4 Other trading activities
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2023 | 2022 | |
| £ | £ | |
| Fundraising events | 1,588 | 8,370 |
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SIDDINGTON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5 Education
| Staff costs Depreciation and impairment Rates and water Insurance Light and heat Telephone Sundry and cleaning Food and consumables Motor and training Repairs and renewals Grounds maintenance Office expenses Bank charges Donations paid Share of governance costs (see note 6) Analysis by fund Unrestricted funds - general Restricted funds Support costs Support costs Governance costs £ £ Independent Examination fees - 1,695 - 1,695 Analysed between Charitable activities - 1,695 |
Education Education 2023 2022 £ £ 99,387 105,936 460 614 5,680 5,407 15,166 11,069 46,790 25,204 5,646 5,549 9,621 7,212 36,964 30,607 3,165 3,280 32,359 38,095 3,027 7,738 1,183 296 406 345 - 13,632 259,854 254,984 1,695 1,650 261,549 256,634 255,435 212,001 6,114 44,633 261,549 256,634 2023Support costs Governance costs 2022 £ £ £ £ 1,695 - 1,650 1,650 1,695 - 1,650 1,650 1,695 - 1,650 1,650 |
Education Education 2023 2022 £ £ 99,387 105,936 460 614 5,680 5,407 15,166 11,069 46,790 25,204 5,646 5,549 9,621 7,212 36,964 30,607 3,165 3,280 32,359 38,095 3,027 7,738 1,183 296 406 345 - 13,632 259,854 254,984 1,695 1,650 261,549 256,634 255,435 212,001 6,114 44,633 261,549 256,634 2023Support costs Governance costs 2022 £ £ £ £ 1,695 - 1,650 1,650 1,695 - 1,650 1,650 1,695 - 1,650 1,650 |
|---|---|---|
| 254,984 1,650 |
||
| 256,634 | ||
| 212,001 44,633 |
||
| 256,634 | ||
| 2022 £ 1,650 |
||
| 1,650 | ||
| 1,650 |
6 Support costs
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SIDDINGTON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Other pension costs |
2023 Number 5 2023 £ 97,461 1,926 99,387 |
2022 Number 5 |
|---|---|---|
| 2022 £ 103,789 2,147 |
||
| 105,936 |
There were no employees whose annual remuneration was more than £60,000.
9 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
10 Tangible fixed assets
| Freehold land and buildings Motor vehicles £ £ Cost At 1 April 2022 1,250,000 13,800 Additions 201,869 - At 31 March 2023 1,451,869 13,800 Depreciation and impairment At 1 April 2022 - 11,959 Depreciation charged in the year - 460 At 31 March 2023 - 12,419 Carrying amount At 31 March 2023 1,451,869 1,381 At 31 March 2022 1,451,869 1,841 |
Total £ 1,263,800 201,869 |
|---|---|
| 1,465,669 | |
| 11,959 460 |
|
| 12,419 | |
| 1,453,250 | |
| 1,453,710 |
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SIDDINGTON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 11 Stocks Raw materials and consumables 12 Loans and overdrafts Other loans Payable after one year 13 Creditors: amounts falling due within one year Accruals and deferred income 14 Creditors: amounts falling due after more than one year |
2023 £ 713 2023 £ 45,650 45,650 2023 £ 2,034 2023 £ 45,650 |
2022 £ 593 |
|---|---|---|
| 2022 £ 45,650 |
||
| 45,650 | ||
| 2022 £ 1,980 |
||
| 2022 £ 45,650 |
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SIDDINGTON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 15 Analysis of net assets between funds Unrestricted funds Designated funds Restricted funds 2023 2023 2023 £ £ £ Fund balances at 31 March 2023 are represented by: Tangible assets - 1,453,250 - Current assets/(liabilities) 105,996 - - Long term liabilities - (45,650) - 105,996 1,407,600 - |
Total Unrestricted funds Designated funds Restricted funds 2023 2022 2022 2022 £ £ £ £ 1,453,250 - 1,453,710 - 105,996 55,351 - 6,114 (45,650) - (45,650) - 1,513,596 55,351 1,408,060 6,114 |
Total 2022 £ 1,453,710 61,465 (45,650) 1,469,525 |
|---|---|---|
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SIDDINGTON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
16 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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