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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 01700477 (England and Wales) REGISTERED CHARITY NUMBER: 286785

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2021

for Paddington Farm Trust Ltd

MHA Monahans Chartered Accountants 3 Landmark House Wirral Park Road Glastonbury Somerset BA6 9FR

Paddington Farm Trust Ltd

Contents of the Financial Statements for the Year Ended 31 March 2021

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 16

Paddington Farm Trust Ltd (Registered number: 01700477)

Report of the Trustees for the Year Ended 31 March 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 March 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 Objects

The objects of the charity are:

Significant activities

In meeting these objects the charity carries out the following activities:

The Trustees have paid due regard to Charity Commission guidance on public benefit in deciding what activities the charity should undertake now and in the future.

Page 1

Paddington Farm Trust Ltd (Registered number: 01700477)

Report of the Trustees for the Year Ended 31 March 2021

ACHIEVEMENT AND PERFORMANCE

This year, due to the pandemic, we were only open from August until December which reduced the amount of visitors - from over 6000 down to approximately 2000. All our London based organisations such as Paddington Arts, the Otherwise Club, ETAT, St Mungo's, St John's Playground and Black to Nature had to cancel due to covid restrictions. Our Family Festival was also cancelled, Awards For All National Lottery kindly allowed us to defer our £9650 grant to the following year. We were able to host outdoor workshops as a joint project with Children's World, funded by Somerset and Skills and Learning and Glastonbury Town Council. These workshops took place throughout the year and were very successful, with many local families benefitting from taking part in outdoor activities. We also continued our commitment to reinvest any profits back into the farm, by replacing the south of the Farmhouse roof, refurbishing the Farmhouse kitchen, replacing windows and doors, replacing the oil tank and boiler in the Longhouse, and replacing the boiler in Tor Cottage.

IMPACT OF COVID19

Over the past 14 years, the farm team have worked towards increasing non- residential income streams such as renting our workshops, expanding our apple juice project and expanding our organic vegetable garden. This additional work now represents 25% of our total income and, along with the furlough scheme, ensured that we continued to pay our staff and maintain the farm. In July 2020 a change in covid restrictions enabled residential facilities in the UK to open. However, in order to ensure the safety of staff, volunteers and visitors, we spent the month risk assessing every building and installing hand washing / hand sanitising equipment. In September 2020 we re-opened, but under the covid guidelines at that time saw a reduction in the number of visitors we were permitted to accommodate. The Director responded to this drop in income by applying for grants which amounted to £15,900. Generous donations were also received which totalled £6,200. To ensure that we had adequate reserves to see the charity through the pandemic, we applied for a £30,000 coronavirus bounce back loan. Through good financial management, we did not draw on this loan during the remaining part of the year. By the end of October 2020, and with various changes to covid rule changes being introduced, it became impossible to remain open to our usual visitors. We therefore rented out our accommodation to local people on short lets until the rules were lifted. This decision, along with financial support from the furlough scheme, was sufficient to maintain the staff team and cover general running costs of the farm until April 2021.

FINANCIAL REVIEW

Financial position

PFT's key financial objective is to ensure the charity is financially stable and solvent, so that it can continue to pursue its aims and objectives. Reassuringly, we had a surplus (net income) for the year of £12,631. Together with the accumulated surplus brought forward from previous years, the organisation had total reserves of £149,222. This includes fixed assets with a book value of £103,187. Excluding fixed assets, the unrestricted reserves are £41,232 which represents 31% of income, and restricted reserves are £4,803.

The Trust's principal sources of income are residential accommodation and camping, the sale of farm produce, renting of grazing and the renting of farm buildings. During high season capacity is fully utilised. In addition, staff and trustees are finding innovative ways of extending the season and generating more income out of season. The completion of a new classroom will increase bookings in future years. We have established ourselves as a successful social enterprise. More income is now derived from primary purpose trading, with only a small amount coming from grants. This reflects the longer term need to adapt to cuts in local authority funding and other public sector income streams.

Reserves policy

The trustees have considered the following factors when reviewing the reserves policy:

The trustees aim to hold at least three months running costs as free reserves, that is cash or near cash. Free reserves were £41,232. Trustees propose to reach the target over the next two years.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is a company limited by guarantee governed by its Memorandum and Articles of Association dated 18 February 1983, amended 17 July 2003 and further amended by special resolution dated 5 March 2009.

Organisational structure and recruitment and appointment of new trustees

The charity is controlled by the council of management, who are the trustees. The council may from time to time and at any time appoint any member of the charity as a member of the council.

Page 2

Paddington Farm Trust Ltd (Registered number: 01700477)

Report of the Trustees for the Year Ended 31 March 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems or procedures have been established to manage those risks.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

01700477 (England and Wales)

Registered Charity number 286785

Registered office Maidencroft Farm Maidencroft Lane Wick Glastonbury BA6 8JN

Trustees

D M Banwell J M Buttigieg D Davis MBE A Farrell T R Fitch B Gravelle A Jeffery O J Shaw S Shaw B K Taylor H Taouzzale B Perry (appointed 1.4.21)

Company Secretary B K Taylor

Independent Examiner

Steven Fraser FCA MHA Monahans Chartered Accountants 3 Landmark House Wirral Park Road Glastonbury Somerset BA6 9FR

Approved by order of the board of trustees on 16 December 2021 and signed on its behalf by:

J M Buttigieg - Trustee

Page 3

Independent Examiner's Report to the Trustees of Paddington Farm Trust Ltd

Independent examiner's report to the trustees of Paddington Farm Trust Ltd ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 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:

  1. 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

  2. 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

  3. 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.

Steven Fraser FCA MHA Monahans Chartered Accountants 3 Landmark House Wirral Park Road Glastonbury Somerset BA6 9FR

16 December 2021

Page 4

Paddington Farm Trust Ltd

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2021

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
36,562
Charitable activities
6
Farming
17,049
Residential and non-residential activities
57,750
Cottage rental
6,800
Other trading activities
4
5,501
Investment income
5
81
Other income
400
Total
124,143
EXPENDITURE ON
Charitable activities
7
Farming
12,231
Residential and non-residential activities
96,440
Cottage rental
7,641
Total
116,312
NET INCOME/(EXPENDITURE)
7,831
RECONCILIATION OF FUNDS
Total funds brought forward
136,588
TOTAL FUNDS CARRIED FORWARD
144,419		 Restricted
funds
£
7,603
-
-
-
-
-
-
7,603
2,803
-
-
2,803
4,800
3
4,803		 2021
Total
funds
£
44,165
17,049
57,750
6,800
5,501
81
400
131,746
15,034
96,440
7,641
119,115
12,631
136,591
149,222		 2020
Total
funds
£
5,113
12,438
85,741
6,600
7,287
83
-
117,262
28,564
110,441
7,831
146,836
(29,574)
166,165
136,591

The notes form part of these financial statements

Page 5

Paddington Farm Trust Ltd (Registered number: 01700477)

Balance Sheet 31 March 2021

Notes
FIXED ASSETS
Tangible assets
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
19
NET ASSETS
FUNDS
22
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2021
£
103,187
4,860
2,095
92,899
99,854
(26,835)
73,019
176,206
(26,984)
149,222
144,419
4,803
149,222		 2020
£
107,202
2,930
5,895
38,637
47,462
(18,073)
29,389
136,591
-
136,591
136,588
3
136,591

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

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 16 December 2021 and were signed on its behalf by:

O J Shaw - Trustee

J M Buttigieg - Trustee

The notes form part of these financial statements

Page 6

Paddington Farm Trust Ltd

Notes to the Financial Statements for the Year Ended 31 March 2021

1. GENERAL INFORMATION AND LEGAL STATUS

Paddington Farm Trust Limited is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity reference and administrative details on pages 2 and 3 of these financial statements. The nature of the charity's operations and principal activities are provided in the Report of the Trustees.

2. 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.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able 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.

The following specific polices are applied to particulate categories of income:

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.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Page 7

continued...

Paddington Farm Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 25 years (excluding land)
Site and farm equipment - 33% on straight line basis
Office equipment - 25% on straight line basis
Motor vehicles - 25% on straight line basis

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 8

continued...

Paddington Farm Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

3.
DONATIONS AND LEGACIES
Donations
Other grants and sponsorship
4.
OTHER TRADING ACTIVITIES
Rental income
Scrap project
Lettings income
5.
INVESTMENT INCOME
Dividends
Deposit account interest
6.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Farming
Farming
Grants
Farming
Residential
Residential and non-residential activities
Non residential activities and
events
Residential and non-residential activities
Grants
Residential and non-residential activities
Cottage rental
Cottage rental
Grants received, included in the above, are as follows:
Coronavirus Job Retention Scheme
7.
CHARITABLE ACTIVITIES COSTS
Direct
Costs (see
note 8)
£
Farming
6,304
Residential and non-residential activities
3,669
Cottage rental
-
9,973

Page 9

continued...

Paddington Farm Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

8. DIRECT COSTS OF CHARITABLE ACTIVITIES

DIRECT COSTS OF CHARITABLE ACTIVITIES
Sundries
Animal feed
Subscriptions
Residential supplies and cleaning
Other farm costs
Festival and other activity costs
Bad debts		 2021
£
-
1,278
720
1,976
4,306
136
1,557
9,973		 2020
£
138
2,768
980
15,148
15,867
180
(114)
34,967

9. SUPPORT COSTS

SUPPORT COSTS
Management
£
Farming
8,400
Residential and non-residential activities
89,259
Cottage rental
7,351
105,010		 Governance
Finance
costs
£
£
82
248
870
2,642
72
218
1,024
3,108		 Totals
£
8,730
92,771
7,641
109,142

Activity Basis of allocation Management 8% Farming, 85% Residential/Non-Residential and 7% Cottage Finance 8% Farming, 85% Residential/Non-Residential and 7% Cottage Governance costs 8% Farming, 85% Residential/Non-Residential and 7% Cottage

Support costs, included in the above, are as follows:

Wages
Pensions
Rates and water
Insurance
Light and heat
Telephone
Waste disposal
Motor vehicle expenses
Other office costs
Staff and volunteer
expenses
Other premises costs
Depreciation of tangible
assets
Bank charges
Accountancy fees		 Residential
and
non-residential
Farming
activities
£
£
3,992
42,407
59
628
392
4,158
332
3,527
751
7,980
51
545
96
1,028
161
1,711
209
2,229
14
153
1,973
20,961
370
3,932
82
870
248
2,642
8,730
92,771		 Cottage
rental
£
3,492
52
342
290
657
45
85
141
184
13
1,726
324
72
218
7,641		 2021
Total
activities
£
49,891
739
4,892
4,149
9,388
641
1,209
2,013
2,622
180
24,660
4,626
1,024
3,108
109,142		 2020
Total
activities
£
48,528
721
4,144
4,693
14,814
739
2,115
4,532
776
1,703
22,238
4,474
711
1,681
111,869

Page 10

continued...

Paddington Farm Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2021 2020
£ £
Depreciation - owned assets 4,626 4,474
Surplus on disposal of fixed assets (400) -
Accountancy and Independent examination 3,108 1,681

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

12. STAFF COSTS

Wages and salaries
Other pension costs		 2021
£
49,891
739
50,630		 2020
£
48,528
721
49,249

The average monthly number of employees during the year was as follows:

2021 2020
Employees 4 4

No employees received emoluments in excess of £60,000.

Key management personnel remuneration

The total amount of employee benefits received by key management personnel is £15,762 (2020: £14,652). The charity considers its key management personnel comprise the trustees and the trust director.

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
7,589
Charitable activities
Farming
12,438
Residential and non-residential activities
85,741
Cottage rental
6,600
Other trading activities
7,287
Investment income
83
Total
119,738
EXPENDITURE ON
Charitable activities
Farming
13,390
Residential and non-residential activities
93,412
Cottage rental
6,512		 Restricted
funds
£
(2,476)
-
-
-
-
-
(2,476)
15,174
17,029
1,319		 Total
funds
£
5,113
12,438
85,741
6,600
7,287
83
117,262
28,564
110,441
7,831

Page 11

continued...

Paddington Farm Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
Total
113,314
33,522
146,836
NET INCOME/(EXPENDITURE)
6,424
(35,998)
(29,574)
RECONCILIATION OF FUNDS
Total funds brought forward
130,163
36,002
166,165
TOTAL FUNDS CARRIED FORWARD
136,587
4
136,591
14.
GOVERNMENT GRANT INCOME
2021
2020
£
£
Mendip Council
20,708
-
Coronavirus Job Retention Scheme
36,492
-		 13.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
Total
113,314
33,522
146,836
NET INCOME/(EXPENDITURE)
6,424
(35,998)
(29,574)
RECONCILIATION OF FUNDS
Total funds brought forward
130,163
36,002
166,165
TOTAL FUNDS CARRIED FORWARD
136,587
4
136,591
14.
GOVERNMENT GRANT INCOME
2021
2020
£
£
Mendip Council
20,708
-
Coronavirus Job Retention Scheme
36,492
-
Restricted
funds
£
33,522
(35,998)
36,002
4		 Total
funds
£
146,836
(29,574)
166,165
136,591
2021
2020
£
£
20,708
-
36,492
-

There were no unfulfilled conditions or other contingencies attached to these grants. The charity has not directly benefited from any other forms of government assistance other than the bounceback loan as disclosed in the creditors note.

15. TANGIBLE FIXED ASSETS

COST
At 1 April 2020
Additions
Disposals
At 31 March 2021
DEPRECIATION
At 1 April 2020
Charge for year
Eliminated on disposal
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020		 Freehold
property
£
370,029
-
-
370,029
269,728
869
-
270,597
99,432
100,301		 Site and
farm
equipment
£
46,170
-
-
46,170
46,170
-
-
46,170
-
-		 Office
equipment
and
fixtures
and
fittings
£
15,751
611
(781)
15,581
8,850
3,757
(781)
11,826
3,755
6,901		 Motor
vehicles
£
2,500
-
(500)
2,000
2,500
-
(500)
2,000
-
-		 Totals
£
434,450
611
(1,281)
433,780
327,248
4,626
(1,281)
330,593
103,187
107,202

Included in cost or valuation of land and buildings is freehold land of £92,499 (2020 - £92,499) which is not depreciated.

Page 12

continued...

Paddington Farm Trust Ltd

Notes to the Financial Statements - continued

for the Year Ended 31 March 2021

16. STOCKS

2021
2020
£
£
Livestock
2,300
370
Other stock
2,560
2,560
4,860
2,930
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
£
£
Trade debtors
2,095
5,895
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
£
£
Bank loans and overdrafts (see note 20)
3,016
-
Social security and other taxes
203
218
Other creditors
144
141
Accruals and deferred income
23,472
17,714
26,835
18,073
Deferred income
£
Deferred Income at 1 April 2020
15,443
Resources deferred in the year
21,093
Amounts released from previous years
(15,443)
Deferred Income at 31 March 2021
21,092
At the balance sheet date the charity was holding funds received in advance for 21/22 activities/bookings.
19.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021
2020
£
£
Bank loans (see note 20)
26,984
-
20.
LOANS
An analysis of the maturity of loans is given below:
2021
2020
£
£
Amounts falling due within one year on demand:
Bank loans
3,016
-
Amounts falling between one and two years:
Bank loans - 1-2 years
6,082
-
Amounts falling due between two and five years:
Bank loans - 2-5 years
19,184
-
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
1,718
-		 2021
£
2,300
2,560
4,860
2021
£
2,095
2021
£
3,016
203
144
23,472
26,835		 2021
£
2,300
2,560
4,860
2021
£
2,095
2021
£
3,016
203
144
23,472
26,835		 2020
£
370
2,560
2,930
2020
£
5,895
2020
£
-
218
141
17,714		 2020
£
370
2,560
2,930
2020
£
5,895
18,073
£
15,443
21,093
(15,443)
21,092
2020
£
-
-
-
-

The loan is supported by the Bounce Back Loan Scheme (BBLS). The Bank have received a guarantee from the UK Government under BBLS. The charity is responsible for the repayment of the loan. The interest rate is 2.5% per year.

Page 13

continued...

Paddington Farm Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
£
Fixed assets
103,187
Current assets
95,051
Current liabilities
(26,835)
Long term liabilities
(26,984)
144,419
22.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Fixed assets
Restricted funds
Apple Press
Trees
Open Days
Host families from Pimlico
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Fixed assets
Restricted funds
Apple Press
Trees
Open Days
Host families from Pimlico
TOTAL FUNDS		 Restricted
funds
£
-
4,803
-
-
4,803
At 1.4.20
£
29,386
107,202
136,588
3
-
-
-
3
136,591
Incoming
resources
£
124,143
-
124,143
1,800
1,803
2,500
1,500
7,603
131,746		 2021
2020
Total
Total
funds
funds
£
£
103,187
107,202
99,854
47,462
(26,835)
(18,073)
(26,984)
-
149,222
136,591
Net
movement
At
in funds
31.3.21
£
£
12,304
41,690
(4,473)
102,729
7,831
144,419
(3)
-
803
803
2,500
2,500
1,500
1,500
4,800
4,803
12,631
149,222
Resources
Movement
expended
in funds
£
£
(111,839)
12,304
(4,473)
(4,473)
(116,312)
7,831
(1,803)
(3)
(1,000)
803
-
2,500
-
1,500
(2,803)
4,800
(119,115)
12,631

Page 14

continued...

Paddington Farm Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

22. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Fixed assets
Restricted funds
Apple Press
Countryside Stewardship
TOTAL FUNDS		 At 1.4.19
£
18,487
111,676
130,163
3
35,999
36,002
166,165		 Net
movement
in funds
£
10,899
(4,474)
6,425
-
(35,999)
(35,999)
(29,574)		 At
31.3.20
£
29,386
107,202
136,588
3
-
3
136,591

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Fixed assets
Restricted funds
Countryside Stewardship
Funding for 2 bell tents
Connecting containers
TOTAL FUNDS		 Incoming
resources
£
119,738
-
119,738
(7,104)
1,010
3,618
(2,476)
117,262		 Resources
Movement
expended
in funds
£
£
(108,839)
10,899
(4,474)
(4,474)
(113,313)
6,425
(28,895)
(35,999)
(1,010)
-
(3,618)
-
(33,523)
(35,999)
(146,836)
(29,574)		 Resources
Movement
expended
in funds
£
£
(108,839)
10,899
(4,474)
(4,474)
(113,313)
6,425
(28,895)
(35,999)
(1,010)
-
(3,618)
-
(33,523)
(35,999)
(146,836)
(29,574)
6,425
(35,999)
-
-
(35,999)
(29,574)

The transfer from the general fund to the fixed asset fund represents the value of fixed asset additions in the period.

Restricted Funds

Apple Press - a donation was received for the purchase of an apple press. Trees - a donation was received for the purchase and planting of trees. Host families from Pimlico - funding from Pimlico Millions to host families Open days - funding to run 5 open rural days for families Countryside Stewardship - a grant for land and hedgerow management

23. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contribution pension scheme. The cost for the period was £739 (2020 - £721). At the balance sheet date £144 (2020: £140) was outstanding

Page 15

continued...

Paddington Farm Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

24. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021.

Page 16