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 2024 for Paddington Farm Trust Ltd
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 2024
| 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 | 14 |
Paddington Farm Trust Ltd (Registered number: 01700477)
Report of the Trustees for the Year Ended 31 March 2024
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 2024. 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:
-
(A) To promote for the benefit of the inhabitants of London without distinction of sex or of political, religious or other opinions by associating the statutory authorities and voluntary organisations and inhabitants in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and other leisure-time occupation, particularly for those who have need of such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances.
-
(B) To advance education of said inhabitants in agriculture, horticulture, home-crafts, country life and related subjects, and in the principles of self-discipline and good citizenship through their leisure-time activities so that they develop their physical, mental and spiritual capacities and grow to full maturity as individuals and members of society, and their conditions of life may be improved.
-
(C) To promote among the general population of the area of benefit humanity and morally by educating them in care and consideration of all animals, particularly animals in need of care and protection.
-
(D) To provide education and training for persons who have need of such facilities by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances, so as to prepare them for any trade, occupation or service and thereby advance them in life or enable them to earn their own livelihood.
Significant activities
In meeting these objects the charity carries out the following activities:
-
Organic farming and market gardening.
-
Camping and residential accommodation for visitors.
-
Classes in forest skills, sources of food and nature.
-
Opportunities for volunteers.
-
Providing one farming apprenticeship.
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.
ACHIEVEMENT AND PERFORMANCE
This year saw a large increase in residential bookings, and we were pleased to host many of our longstanding London-based groups, including Paddington Arts, the Otherwise Club, Radical Faeries, Nature Vibezzz, Fourth Feathers, Hackney Woodcraft Folk and Black 2 Nature.
We were also able to host our Summer Extravaganza with Children's World - a family-friendly event providing rural craft workshops, theatre and circus activities. This was funded by Glastonbury Town Council and we thank them for their support.
We received funding from the Glastonbury Trust to create a food hub and Somerset Community Foundation to run food and growing workshops, which were very popular and well attended. We want to thank both organisations for their support over the years.
We received funding from CLA Charitable Trust, D'Oyly Carte Charitable Trust and Wessex Water for core costs associated with our youth and community programmes. We thank them for their support in helping us with our continued work.
FINANCIAL REVIEW
Financial position
PFT's key financial objective is to ensure the charity is financially stable so that it can continue to pursue its aims and objectives. Whilst the charity experienced a deficit for the financial year of £3,084 this was a reduction on the previous 12 months (£9,846 deficit), and should be viewed against the backdrop of continuing expenditure on the fabric of the farm (circa £10,000). This included a significant investment in upgrades to residential buildings which help to make the farm a more appealing place for groups and individuals to stay, and thus make a positive impact on future income. Together with the accumulated surplus brought forward from previous years, the organisation had total reserves of £147,256. This includes fixed assets with a book value of £132,043. Excluding fixed assets, the unrestricted reserves are £15,150 which represents 10% of income. Restricted reserves are £63.
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. 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 public sector income streams.
Page 1
Paddington Farm Trust Ltd (Registered number: 01700477)
Report of the Trustees for the Year Ended 31 March 2024
FINANCIAL REVIEW
Reserves policy
The trustees have considered the following factors when reviewing the reserves policy:
-
The organisation's risk review
-
Contractual obligations to staff including parental leave, maternity leave, sickness pay, pensions and redundancy provision
-
- Maintaining a safe working environment.
-
Forecast capital expenditure on essential maintenance and upgrading of fixtures and fittings including the replacing roofs, ground works to the farm's access lane and water management.
-
That an increasing proportion of the organisation's income is derived from primary purpose trading, the success of which is, to some extent, related to the weather (sunny weather encourages camping).
The trustees aim to hold at least three months running costs as free reserves, that is cash or near cash. Free reserves were £15,150 at the close of the year, roughly equivalent to one month's running costs. This is of concern to the Board of Trustees which, alongside staff, is exploring way to both increase the charity's reserves and secure additional funding streams into the future.
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.
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 (resigned 13.3.24) A Farrell T R Fitch B Gravelle O J Shaw S Shaw B K Taylor (resigned 1.3.24) H Taouzzale B Perry C Archibald (appointed 13.3.24) J Kentish (appointed 27.9.23) Company Secretary B K Taylor
Independent Examiner Fiona Westwood FCA Monahans Chartered Accountants 3 Landmark House Wirral Park Road Glastonbury Somerset BA6 9FR Approved by order of the board of trustees on ............................................. and signed on its behalf by:
Page 2
Paddington Farm Trust Ltd (Registered number: 01700477) Report of the Trustees for the Year Ended 31 March 2024
................................................................................ 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 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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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
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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.
Fiona Westwood FCA
Monahans Chartered Accountants 3 Landmark House Wirral Park Road Glastonbury Somerset BA6 9FR
Date: .............................................
Page 4
Paddington Farm Trust Ltd
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2024
| Unrestricted Restricted funds funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 18,339 10,571 Charitable activities 6 Farming 4,696 - Residential and non-residential activities 108,191 - Other trading activities 4 13,624 - Investment income 5 235 - Other income 149 - Total 145,234 10,571 EXPENDITURE ON Charitable activities 7 Farming 27,677 2,973 Residential and non-residential activities 114,062 14,177 Total 141,739 17,150 NET INCOME/(EXPENDITURE) 3,495 (6,579) RECONCILIATION OF FUNDS Total funds brought forward 143,698 6,642 TOTAL FUNDS CARRIED FORWARD 147,193 63 |
2024 Total funds £ 28,910 4,696 108,191 13,624 235 149 155,805 30,650 128,239 158,889 (3,084) 150,340 147,256 |
2023 Total funds £ 30,233 13,616 107,160 13,535 69 69 |
|---|---|---|
| 164,682 | ||
| 30,923 143,605 |
||
| 174,528 | ||
| (9,846) 160,186 |
||
| 150,340 |
The notes form part of these financial statements
Page 5
Paddington Farm Trust Ltd (Registered number: 01700477)
Balance Sheet 31 March 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 14 | 132,043 | 103,218 |
| CURRENT ASSETS | |||
| Stocks | 15 | 4,600 | 3,250 |
| Debtors | 16 | 425 | 17,349 |
| Cash at bank | 61,990 | 68,368 | |
| 67,015 | 88,967 | ||
| CREDITORS | |||
| Amounts falling due within one year | 17 | (41,897) | (25,882) |
| NET CURRENT ASSETS | 25,118 | 63,085 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 157,161 | 166,303 | |
| CREDITORS | |||
| Amounts falling due after more than one year | 18 | (9,905) | (15,963) |
| NET ASSETS | 147,256 | 150,340 | |
| FUNDS | 21 | ||
| Unrestricted funds | 147,193 | 143,698 | |
| Restricted funds | 63 | 6,642 | |
| TOTAL FUNDS | 147,256 | 150,340 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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 ............................................. 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 2024
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 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:
-
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.
-
Legacy income is recognised when receipt is probable and entitlement is established.
-
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
-
Income from Farming and residential charitable activities are recognised when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
-
Interest income is recognised using the effective interest method.
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.
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 |
Page 7
continued...
Paddington Farm Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. ACCOUNTING POLICIES - continued
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.
3. DONATIONS AND LEGACIES
| Donations Other grants and sponsorship OTHER TRADING ACTIVITIES Rental income Lettings income Other income INVESTMENT INCOME Dividends Deposit account interest |
2024 £ 3,091 25,819 28,910 2024 £ 8,004 5,620 - 13,624 2024 £ 47 188 235 |
2023 £ 1,360 28,873 |
2023 £ 1,360 28,873 |
|---|---|---|---|
| 30,233 | |||
| 2023 £ 7,462 5,856 217 |
|||
| 13,535 | |||
| 2023 £ 47 22 69 |
|||
| 69 |
4. OTHER TRADING ACTIVITIES
5. INVESTMENT INCOME
Page 8
continued...
Paddington Farm Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
6. INCOME FROM CHARITABLE ACTIVITIES
| INCOME FROM CHARITABLE ACTIVITIES | ||
|---|---|---|
| Activity Farming Farming Residential Residential and non-residential activities Non residential activities and events Residential and non-residential activities |
2024 £ 4,696 105,588 2,603 112,887 |
2023 £ 13,616 101,596 5,564 |
| 120,776 |
7. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Direct | Support | ||
| Costs (see | costs (see | ||
| note 8) | note 9) | Totals | |
| £ | £ | £ | |
| Farming | 17,801 | 12,849 | 30,650 |
| Residential and non-residential activities | 12,851 | 115,388 | 128,239 |
| 30,652 | 128,237 | 158,889 |
8. DIRECT COSTS OF CHARITABLE ACTIVITIES
| DIRECT COSTS OF CHARITABLE ACTIVITIES | ||
|---|---|---|
| Animal feed Subscriptions Residential supplies and cleaning Other farm costs Festival and other activity costs Bad debts |
2024 £ 124 1,947 7,713 15,730 5,138 - 30,652 |
2023 £ 2,506 1,832 10,955 11,906 240 280 |
| 27,719 |
9. SUPPORT COSTS
| Governance Management Finance costs £ £ £ Farming 12,378 151 320 Residential and non-residential activities 111,144 1,364 2,880 123,522 1,515 3,200 Activity Basis of allocation Management 10% Farming and 90% Residential/Non-Residential Finance 10% Farming and 90% Residential/Non-Residential Governance costs 10% Farming and 90% Residential/Non-Residential |
Totals £ 12,849 115,388 |
|---|---|
| 128,237 | |
Support costs, included in the above, are as follows:
| Wages Pensions Rates and water Insurance Light and heat Telephone Advertising Waste disposal Motor vehicle expenses Other office costs Staff and volunteer expenses Other premises costs Depreciation of tangible assets Carried forward |
Residential and non-residential Farming activities £ £ 7,668 69,015 130 1,168 223 2,008 426 3,831 1,040 9,360 17 154 65 588 256 2,303 51 192 167 1,503 733 6,602 1,082 9,735 520 4,685 12,378 111,144 |
2024 Total activities £ 76,683 1,298 2,231 4,257 10,400 171 653 2,559 243 1,670 7,335 10,817 5,205 123,522 |
2023 Total activities £ 69,975 1,177 3,785 4,523 12,369 187 - 1,981 1,511 2,470 5,411 35,139 3,967 |
|---|---|---|---|
| 142,495 |
Page 9
continued...
Paddington Farm Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
9. SUPPORT COSTS - continued
| Brought forward Bank charges Interest payable and similar charges Accountancy fees |
Residential and non-residential Farming activities £ £ 12,378 111,144 103 932 48 432 320 2,880 12,849 115,388 |
2024 Total activities £ 123,522 1,035 480 3,200 128,237 |
2023 Total activities £ 142,495 1,012 625 2,677 |
|---|---|---|---|
| 146,809 |
10. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 5,203 | 3,967 |
| Accountancy and Independent examination | 3,200 | 2,820 |
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
No trustees were reimbursed expenses in year ended 31 March 2024 nor for the year ended 31 March 2023.
12. STAFF COSTS
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Employees |
2024 £ 76,683 1,298 77,981 2024 5 |
2023 £ 69,975 1,177 |
|---|---|---|
| 71,152 | ||
| 2023 5 |
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 £18,933 (2023: £18,330). The charity considers its key management personnel comprise the trustees and the trust director.
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted funds funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 9,202 21,031 Charitable activities Farming 13,616 - Residential and non-residential activities 107,160 - Other trading activities 13,535 - Investment income 69 - Other income 69 - Total 143,651 21,031 |
Total funds £ 30,233 13,616 107,160 13,535 69 69 |
|---|---|
| 164,682 |
EXPENDITURE ON
Page 10
continued...
Paddington Farm Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | |
|---|---|
| Unrestricted Restricted funds funds £ £ Charitable activities Farming 29,419 1,504 Residential and non-residential activities 133,781 9,824 Total 163,200 11,328 NET INCOME/(EXPENDITURE) (19,549) 9,703 Transfers between funds 14,977 (14,977) Net movement in funds (4,572) (5,274) RECONCILIATION OF FUNDS Total funds brought forward 148,271 11,915 TOTAL FUNDS CARRIED FORWARD 143,699 6,641 |
Total funds £ 30,923 143,605 |
| 174,528 | |
| (9,846) - |
|
| (9,846) 160,186 |
|
| 150,340 |
14. TANGIBLE FIXED ASSETS
| COST At 1 April 2023 Additions At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Office equipment and Site and fixtures Freehold farm and property equipment fittings £ £ £ 370,029 53,243 15,581 34,028 - - 404,057 53,243 15,581 272,229 47,866 15,540 2,111 3,051 41 274,340 50,917 15,581 129,717 2,326 - 97,800 5,377 41 |
Motor vehicles £ 2,000 - 2,000 2,000 - 2,000 - - |
Totals £ 440,853 34,028 |
|---|---|---|---|
| 474,881 | |||
| 337,635 5,203 |
|||
| 342,838 | |||
| 132,043 | |||
| 103,218 |
Included in cost or valuation of land and buildings is freehold land of £92,499 (2023 - £92,499) which is not depreciated.
15. STOCKS
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Livestock | 400 | 750 |
| Other stock | 4,200 | 2,500 |
| 4,600 | 3,250 |
Page 11
continued...
Paddington Farm Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Prepayments and accrued income CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 19) Social security and other taxes Other creditors Accruals and deferred income |
2024 £ 425 - 425 2024 £ 6,059 457 1,743 33,638 41,897 |
2023 £ 1,498 15,851 |
|---|---|---|
| 17,349 | ||
| 2023 £ 5,910 - 252 19,720 |
||
| 25,882 |
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Deferred income | |
|---|---|
| £ | |
| Deferred Income at 1 April 2023 | 16,900 |
| Resources deferred in the year | 30,452 |
| Amounts released from previous years | (16,900) |
| Deferred Income at 31 March 2024 | 30,452 |
At the balance sheet date the charity was holding funds received in advance for 24/25 activities/bookings.
18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
19.
| Bank loans (see note 19) LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling between one and two years: Bank loans - 1-2 years Amounts falling due between two and five years: Bank loans - 2-5 years |
2024 £ 9,905 2024 £ 6,059 6,212 3,693 |
2023 £ 15,963 |
2023 £ 15,963 |
|
|---|---|---|---|---|
| 2023 £ 5,910 |
||||
| 6,058 | ||||
| 9,905 |
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.
20. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| £ | £ | £ | £ | ||
| Fixed assets | 132,043 | - | 132,043 | 103,218 | |
| Current assets | 66,952 | 63 | 67,015 | 88,967 | |
| Current liabilities | (41,897) | - | (41,897) | (25,882) | |
| Long term liabilities | (9,905) | - | (9,905) | (15,963) | |
| 147,193 | 63 | 147,256 | 150,340 |
Page 12
continued...
Paddington Farm Trust Ltd
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
21. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | ||||
|---|---|---|---|---|
| Net | ||||
| movement | At | |||
| At 1.4.23 | in funds | 31.3.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 143,698 | 3,495 | 147,193 | |
| Restricted funds | ||||
| Apple Press | 611 | (611) | - | |
| Volunteer support | 6,031 | (6,031) | - | |
| Owl aviaries | - | 63 | 63 | |
| 6,642 | (6,579) | 63 | ||
| TOTAL FUNDS | 150,340 | (3,084) | 147,256 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 145,234 | (141,739) | 3,495 | |
| Restricted funds | ||||
| Apple Press | - | (611) | (611) | |
| Trees | 350 | (350) | - | |
| Family Festival | 4,500 | (4,500) | - | |
| Volunteer support | 4,721 | (10,752) | (6,031) | |
| Owl aviaries | 1,000 | (937) | 63 | |
| 10,571 | (17,150) | (6,579) | ||
| TOTAL FUNDS | 155,805 | (158,889) | (3,084) |
Comparatives for movement in funds
| Net | Transfers | ||||
|---|---|---|---|---|---|
| movement | between | At | |||
| At 1.4.22 | in funds | funds | 31.3.23 | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 148,271 | (19,550) | 14,977 | 143,698 | |
| Restricted funds | |||||
| Apple Press | - | 1,588 | (977) | 611 | |
| Tractor | 3,000 | 4,000 | (7,000) | - | |
| Solar panels | 2,000 | 5,000 | (7,000) | - | |
| Volunteer support | 6,915 | (884) | - | 6,031 | |
| 11,915 | 9,704 | (14,977) | 6,642 | ||
| TOTAL FUNDS | 160,186 | (9,846) | - | 150,340 |
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continued...
Paddington Farm Trust Ltd
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
21. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 143,651 | (163,201) | (19,550) |
| Restricted funds | |||
| Apple Press | 2,000 | (412) | 1,588 |
| Tractor | 4,000 | - | 4,000 |
| Solar panels | 5,000 | - | 5,000 |
| Volunteer support | 10,031 | (10,915) | (884) |
| 21,031 | (11,327) | 9,704 | |
| TOTAL FUNDS | 164,682 | (174,528) | (9,846) |
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. Volunteer support - funding to support volunteers Solar panels - funding to purchase solar panels Family festival - funding towards the annual family festival Owl Aviaries - funding for Owl aviaries
22. EMPLOYEE BENEFIT OBLIGATIONS
The charity operates a defined contribution pension scheme. The cost for the period was £1,298 (2023 - £1,177). At the balance sheet date £250 (2023: £229) was outstanding.
23. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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