COMPANY REGISTRATION NUMBER: 01853527 CHARITY REGISTRATION NUMBER: 290458
Petans Limited
Company Limited by Guarantee Financial statements 30 September 2021
Petans Limited
Company Limited by Guarantee
Financial statements
Year ended 30 September 2021
| Page | |
|---|---|
| Trustees' annual report (incorporating the directors' report) | 1 |
| Independent auditor's report to the members | 9 |
| Statement of financial activities (including income and expenditure account) | 13 |
| Balance sheet | 14 |
| Statement of cash flows | 15 |
| Notes to the financial statements | 16 |
Petans Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report)
Year ended 30 September 2021
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 September 2021.
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 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 published in October 2019.
Reference and administrative details
Registered charity name Petans Limited Charity registration number 290458 Company registration number 01853527 Principal office and registered The Training Centre office Imperial Way Horsham St Faith Norwich Norfolk NR10 3GJ
The trustees
The trustees who served during the year and at the date of approval were as follows:
M L Goodall (Chairman) J W R Best R H Burden (resigned 30 April 2021) S P Rose Business manager A Marshall Training and Operations Manager I Richards Company Secretary and Accountant P Ludkin Auditor Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers National Westminster Bank 11 Market Place Great Yarmouth Norfolk NR30 1LY
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Petans Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2021
Objectives and activities
The primary aim of the Charity is to promote and advance the theoretical and practical training and education of persons engaged in the energy industry, and the public generally. There have been no material changes in the policies of the Charity since the last annual report.
The Charity has successfully continued in these stated aims and will continue to further develop its training provision with diversification into new areas where and when appropriate.
Petans strategy for achieving this is to provide specific training that is required to allow persons to work within the energy industries. In this we have particular regard to the provision of training to standards accepted within these industries. Principal amongst these are accredited training to OPITO standards for the offshore Oil and Gas industry, STCW training for the maritime business and GWO training for Wind energy industry.
In order to provide a suitable location for this offer we develop and maintain extensive practical and theoretical training facilities at Norwich and Lowestoft.
Public Benefit
The Trustees have due regard to the Charity Commission's guidance on public benefit and review the position annually.
The charitable status of Petans allows us to offer public benefit in the following ways:
We are a fully open and non-discriminating organisation, where any person may apply for the training we offer. We do not discriminate by any status.
We operate two grant programmes, New Entrant and Experience Worker, both funded entirely from within Petans.
Our New Entrant grant offers non-returnable funding of up to 33% off basic safety initial course costs for offshore, maritime or wind energy courses to eligible persons entering the energy sector who are either on an approved Government Apprenticeship, Armed Forces Resettlement Programmes or have relevant skills but are currently unemployed and receiving state benefits.
Our Experienced Worker programme recognises the need for those individuals recently made redundant or on notice of redundancy to keep their training up to date to better support the chance of reemployment in the energy sector.This scheme also offers, eligible workers, the opportunity to receive grants on courses which enable them to gain transferable skills to work in other industries within the energy sector.This supports both the individual and the sector by supporting diversity to keep valuable experience within the wider energy sector so it is not lost to other areas.
Both grant programmes are also open to applications from employers who offer positions to eligible
persons.
Despite experiencing ever rising costs Petans have not raised the price of basic survival courses for Oil and Gas or Maritime in the past 6 years, and as maintained the cost of all GWO courses since they were introduced by Petans in November 2017.To further support our sector and the companies within it Petans is able to provide benefit to companies and individuals by running courses below minimum resource and financial thresholds by using its charitable funds in a way that may not be afforded to a purely commercial operation.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
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Petans Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2021
Achievements and performance
The pandemic has continued to cause disruption during 2020/21 however with the careful use of the job retention scheme and the continuation of cost control, the anticipated training income, and surplus has seen an improvement from 2019/20.
We continued to cap class sizes until September 2021, which not only affects income but increases costs, we also had additional costs for extra Covid measures such as a marquee and pagoda over the winter months. As we move into this year we have continued to keep some Covid measures in place, and although smaller than last year they continue to have cost implications for the charity that simply wouldn't be there if the pandemic was not present.
The income has been helped by 2021 being the STCW refresher year, since the introduction of the Manilla Amendment. We have also seen GWO courses increase sales revenue by a third. However, OPITO remain our largest customer base and we have seen a drop in initial survival and secondary role courses. We have also experienced a drop in income from our bespoke fire team courses however these are starting to materialise and they have all re-booked for 2021/22.
Our plans for 2020/21 were not extensive as we were aware that operational challenges would exist whilst the pandemic continued. We have however continued with a number of site repairs such as the classroom roofs, we also were hoping that new welfare facilities for staff would be installed in August. Unfortunately due to manufacturing issues (Covid and Brexit) and construction staff availability this has been delayed until late 2021. We have invested in new transit suits for our survival delegates. Both Petans sites have upgraded to VOIP phone system and all administrative and management staff have the capacity to work from home if required.
Throughout the year cash flow has remained positive and we have been able to add to our decommissioning fund by £200k as per the plan.
Petans remain in discussions with OPITO regarding ways to support industry delegates to utilise their training and training experience to work across the three key areas; Oil & Gas, Maritime and Renewables. There is a desire to enable learning to be recognised across the sectors and to produce courses to complete any gaps, at present there is much duplication which is a cause of frustration and added expenditure to our delegates. We have received no demand for the online BOSIET or GWO course this year. We have experienced a delay in auditing our GWO Advanced Rescue course which was expected in September, due to circumstances beyond our control this has been delayed and we are awaiting a new date from the auditors.
OPITO remain the only awarding body to maintain a grace period due to the pandemic. Delegates can currently complete their training up to 2 months after their expiry date (although they cannot work on an expired ticket), there is no visibility from OPITO when this will end. OPITO will be completing a remote audit Nov 30/Dec 1 2021. The MCA have not completed any audits and it is unclear how they will pursue this in the future, we have submitted evidence to enable our expiring certificates to be extended. The GWO audit was started in September as a remote 3 day audit by SGS, the auditor has had a personal issue and been unable to finish the audit, we are currently waiting for a new date to enable completion - this does not affect our ability to deliver training. The NQA audit has been completed in October and recertification gained. City and Guilds are auditing February 2022 and have cancelled the scheduled 2021 audit.
Both of Petans senior managers have attend Mental Health First Aid Training, and further training is being sourced for the remainder of the management team. All managers hold ILM level 3 or above or an equivalent. Development is key for staff and managers a like and remains a key objective.
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Petans Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2021
Achievements and performance (continued)
Carried forward site repairs are planned and budgeted for this year. We have also highlighted a need for a covered GWO Safe Working at Height unit and refurbishment/replacement of lifeboat(s) at OSTP. As cost control continues to be key to our activities all expenditure will continue to be done through a process of priority with the decision being made using key markers such as health and safety, quality and value. We are not alone in experiencing higher operating costs, especially when purchasing utilities and fuel required for operational purposes. We continue the aspiration of developing a proactive plan to site maintenance.
We continue to work on a cycle of continuous improvement and have implemented a Management Framework focusing on the principals of Plan, Do, Check, Act.
The Charity remains strong with healthy reserves and continues to provide cost effective training of the highest calibre, focusing on quality and best value. Through careful management of our reserves and a strong base of effective cost management our cash flow position is strong even in such difficult and unprecedented times.
The Board looks forward to the Charity's continued provision of high quality training to the industry and fully supports it in this aim.
Financial review
Total income amounted to £2,472,771 (2020: £2,215,589) and, after incurring charitable expenditure of £2,333,033 (2020: £2,376,534), the net income in the year before gains on investment was £139,738 (2020: net expenditure £160,945). Net gains on investments were £231,842 (2020: net losses £123,610) leaving net income of £371,580 (2020: net expenditure £284,555).
Reserves policy
Free reserves within the general fund at 30 September 2021 amounted to £0.9m (2020: £0.9m), together with designated funds of £1.3m (2020: £1.1m).
Our policy on reserves has been to maintain them at a level equivalent to a minimum of six months income and operating costs as defence against a reduction in activity by the offshore energy companies. This policy served us very well during the recent downturn caused by price sensitivity and also Covid-19, proving our stance.
Reserves will also be held as capital for the continued development of the site to ensure equipment and assets are available to carry out our training and development plans and to replace life expired assets. Together these actions ensure we maintain our position as a provider of the best quality training using facilities specifically built for the purpose.
Investment policy
The Trustees have reviewed and considered the most appropriate method for investing our funds. A portion of the charity's funds is invested in a low risk investment plan managed by a reputable fund management organisation and the balance is held on deposit. This mix is reviewed regularly in light of interest rates available to us.
Three monthly reviews of the investments will be carried out to monitor performance.
Principal funding source
The principal funding source is from the fees charged to the groups and individuals who attend the training centre.
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Petans Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2021
Financial review (continued)
Principal risks and uncertainties
In keeping with good governance, the Trustees recognise the importance of being aware of any uncertainties faced by the Charity and to identify and record the Principal risks to the charity.
The Trustees will be the owners of this, and the senior management in Petans will manage those risks, ensuring that actions or plans are in place to mitigate or minimise them. The Risk Register will be a live document and to ensure this important matter has ongoing visibility, the subject of Risk and uncertainty is a standing item on the agenda for Board meetings.
The main risks to the Charity are:
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The downturn in the energy sector shows little sign of improving and demand has fallen further due to the changes in behaviour seen following the pandemic. Whilst this reduces the number of people to train the growing competition between the awarding bodies continues to put pressure on training providers such as Petans, as we are required to put on more courses but for fewer people meaning lower income and higher cost of delivery.
-
The awarding bodies changing the standards so that fire training can no longer be completed using simulation training (gas props/modules) but requires training to only be delivered via the burning of real fuel.
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Finding qualified and experienced staff with the appropriate and relevant background to satisfy the awarding bodies requirements. Petans are unable to train instructors in certain areas such as firefighting, emergency response and maritime and therefore have a limited pool of people to choose from who have the right background.
Plans for future periods
The Charity intends to continue the activities outlined in this report in future years. We will maintain our principal aim of delivering high quality training under an ethical governance that provides our customers with good value. As our core market continues to provide a challenge we look for appropriate areas for diversification. Any new training opportunities will continue to be reviewed researched and considered carefully, particularly where significant investment is required. We will continue to to assure our clients of a quality product by maintaining our approvals and accreditations ISO, OPITO, MCA, GWO, City & Guilds and HSE approvals as appropriate. We will ensure a proactive strategy of training and development for staff and resources so that we are able to adapt and adjust to market conditions appropriately.
Our staff remain our highest asset and we will continue to ensure that they receive the training and support required to do their roles in a way that keeps everyone safe and delivers best value to our end user.
We still anticipate changes in the plans to develop Norwich Airport and have seen some changes to the land around the NDR (Recycling Centre Open Autumn 2021 - Broadway Enterprise Plans to continue development). We will continue to ensure that we monitor these closely to ensure we are able to be proactive with our planning ensuring that negative and positive impacts are considered at all times. We anticipate a planning response to Norwich Airport's Plans relating to Imperial Park Development - land which Petans currently rent, to be published at the end of 2021.
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Petans Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2021
Structure, governance and management
Governing document
Petans Limited is a charitable company limited by guarantee, incorporated on 7 September 1984 and registered as a Charity on 16 November 1984. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. The company has 3 members.
Recruitment and appointment of Trustees
Trustees are recruited as necessary, from the ranks of the energy industry or from relevant onshore occupations. We seek to identify and recruit Trustees who have an awareness of the industry we serve or those who bring knowledge and experience to the Charity.
Trustee induction and training
All Trustees are provided with copies of:
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The Memorandum and Articles of the Charity
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The latest accounts of the Charity
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Charity Commission guidance notes CC3 - "The Essential Trustee - What you need to know, what you need to do."
In addition, Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.
Risk management
The Trustees have conducted their own review of risks to which the Charity is exposed and systems have been established to mitigate those risks. Formal Risk Assessment programmes are in place for all ongoing activities associated with the training and Task Risk Assessment is in place for every activity throughout the day-to-day operation of the site.
There is a continual management review process in place, with our ISO 9000 accreditation monitoring these practices. Environmental risks are similarly assessed during procedures set out in our ISO 14001 policy.
The Charity operates a fully integrated management system incorporating the requirements of ISO 9000 and 14001 alongside Health and Safety Management in line with the Best Practice as per ISO 45001.
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Petans Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2021
Structure, governance and management (continued)
Organisational structure
The Board of Trustees consisted of four individuals (until 30 April 2021 when one resigned), one of whom is appointed Chairman, who meet on a quarterly basis. The Company Secretary is Petans Company Accountant.
Petans operates a management framework structure where the Business Manager reports into the Trustees and provides regular updates as to the performance of the charity. The Business Manager has overall accountability for the performance of the Management Team who are responsible for the effective day to day management of the charity.
All staff at all levels have direct access to all members of the Management Team and to the Trustees' representative at any time.
Petans holds ISO 9000(2000) Quality Management, ISO 14001 Environmental Management and ISO 45001 Health and Safety management qualifications.
These form part of our integrated management system which clearly set out the operation and the methodology of the management of the charity in accordance with national best practice. All qualifications and the management system itself are externally audited at least annually.
Senior management pay policy
The board of Trustees and the senior management team are the key management personnel of the charity. They are in charge of directing and controlling, running and operating the Charity on a day to day basis. All Trustees give of their time freely and no trustee received remuneration for this role in the year. Details of expenses and related party transactions are disclosed in note 28 to these accounts.
The pay of the Charity's senior staff is reviewed annually, and normally increased in accordance with average earnings. In view of the nature of the charity, the trustees benchmark against pay levels in other provincial charities of a similar size.
The remuneration bench-mark is the mid-point of the range paid for similar roles adjusted for a weighting of up to 30% for any additional responsibilities.
If recruitment has proven difficult in the past a market addition is also paid, but the pay maximum no greater than the highest benchmarked salary for a comparable role.
Auditor reappointment
The auditor, Lovewell Blake LLP, is willing to continue in office and a resolution to reappoint Lovewell Blake LLP will be propsed at the annual general meeting.
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Petans Limited
Company Limited by Guarantee
Trustees' annual report (incorporating the directors' report) (continued)
Year ended 30 September 2021
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
· select suitable accounting policies and then apply them consistently;
·observe the methods and principles in the applicable Charities SORP 2019 (FRS102);
· make judgments and accounting estimates that are reasonable and prudent;
· state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
The trustees' annual report and the strategic report were approved on 21 January 2022 and signed on behalf of the board of trustees by:
M L Goodall (Chairman) Trustee
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Petans Limited
Company Limited by Guarantee
Independent auditor's report to the members of Petans Limited
Year ended 30 September 2021
Opinion
We have audited the financial statements of Petans Limited (the 'charity') for the year ended 30 September 2021 which comprise the statement of financial activities (including income and expenditure account), balance sheet, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 30 September 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Petans Limited
Company Limited by Guarantee
Independent auditor's report to the members of Petans Limited (continued)
Year ended 30 September 2021
Other information
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report (incorporating the strategic report and the trustees' report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the trustees' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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Petans Limited
Company Limited by Guarantee
Independent auditor's report to the members of Petans Limited (continued)
Year ended 30 September 2021
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Enquiry of management and those charged with governance;
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Enquiry of entity staff compliance functions to identify any instances of non-compliance with laws and regulations;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of activity and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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Petans Limited
Company Limited by Guarantee
Independent auditor's report to the members of Petans Limited (continued)
Year ended 30 September 2021
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mark Proctor FCA DChA (Senior Statutory Auditor)
For and on behalf of Lovewell Blake LLP Chartered accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
12 April 2022
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Petans Limited
Company Limited by Guarantee
Statement of financial activities (including income and expenditure account)
Year ended 30 September 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Charitable activities | 5 | 2,274,504 | 2,274,504 | 2,038,720 |
| Other trading activities | 6 | 28,628 | 28,628 | 21,860 |
| Investment income | 7 | 21,156 | 21,156 | 35,186 |
| Other income | 8 | 148,483 | 148,483 | 119,823 |
| --------------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Total income | 2,472,771 | 2,472,771 | 2,215,589 | |
| ======================================= | ======================================= | ======================================= | ||
| Expenditure | ||||
| Raising funds | ||||
| Investment management costs | 9 | (4,392) | (4,392) | (4,150) |
| Charitable activities | 10 | (2,328,641) | (2,328,641) | (2,372,384) |
| --------------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Total expenditure | (2,333,033) | (2,333,033) | (2,376,534) | |
| ======================================= | ======================================= | ======================================= | ||
| Net income/(expenditure) and net movements in funds | ||||
| before gains and losses on investments | 139,738 | 139,738 | (160,945) | |
| Net gains/(losses) on investments | 11 | 231,842 | 231,842 | (123,610) |
| --------------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Net income/(expenditure) and net movement in funds | 371,580 | 371,580 | (284,555) | |
| ======================================= | ======================================= | ======================================= | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 6,859,411 | 6,859,411 | 7,143,966 | |
| --------------------------------------- | --------------------------------------- | --------------------------------------- | ||
| Total funds carried forward | 7,230,991 | 7,230,991 | 6,859,411 | |
| ======================================= | ======================================= | ======================================= |
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 16 to 27 form part of these financial statements.
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Petans Limited
Company Limited by Guarantee
Balance sheet
30 September 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 15 | 3,044,326 | 3,157,737 | ||
| Investments | 16 | 1,992,934 | 1,744,432 | ||
| --------------------------------------- | --------------------------------------- | ||||
| 5,037,260 | 4,902,169 | ||||
| Current assets | |||||
| Debtors | 17 | 1,077,246 | 1,212,792 | ||
| Cash at bank and in hand | 1,359,069 | 1,043,461 | |||
| --------------------------------------- | --------------------------------------- | ||||
| 2,436,315 | 2,256,253 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 19 | (242,584) | (299,011) | ||
| --------------------------------------- | --------------------------------------- | ||||
| Net current assets | 2,193,731 | 1,957,242 | |||
| --------------------------------------- | --------------------------------------- | ||||
| Total assets less current liabilities | 7,230,991 | 6,859,411 | |||
| --------------------------------------- | --------------------------------------- | ||||
| Net assets | 7,230,991 | 6,859,411 | |||
| ======================================= | ======================================= | ||||
| Funds of the charity | |||||
| Unrestricted funds | 7,230,991 | 6,859,411 | |||
| --------------------------------------- | --------------------------------------- | ||||
| Total charity funds | 22 | 7,230,991 | 6,859,411 | ||
| ======================================= | ======================================= |
These financial statements were approved by the board of trustees and authorised for issue on 21 January 2022 and are signed on behalf of the board by:
M L Goodall (Chairman) Trustee
Company registration number: 01853527
The notes on pages 16 to 27 form part of these financial statements.
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Petans Limited
Company Limited by Guarantee
Statement of cash flows
Year ended 30 September 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Cash generated from operations | 25 | 505,969 | 173,274 |
| Interest received | 104 | 1,244 | |
| ------------------------------- | ------------------------------- | ||
| Net cash from operating activities | 506,073 | 174,518 | |
| =============================== | =============================== | ||
| Cash flows from investing activities | |||
| Dividends, interest and rents from investments | 21,052 | 33,942 | |
| Purchase of tangible assets | (194,857) | (241,556) | |
| Purchases of other investments | (21,052) | (33,940) | |
| Proceeds from sale of other investments | 4,392 | 4,148 | |
| ------------------------------- | ------------------------------- | ||
| Net cash used in investing activities | (190,465) | (237,406) | |
| =============================== | =============================== | ||
| Net increase/(decrease) in cash and cash equivalents | 315,608 | (62,888) | |
| Cash and cash equivalents at beginning of year | 1,043,461 | 1,106,349 | |
| --------------------------------------- | --------------------------------------- | ||
| Cash and cash equivalents at end of year | 1,359,069 | 1,043,461 | |
| ======================================= | ======================================= |
The notes on pages 16 to 27 form part of these financial statements.
- 15 -
Petans Limited
Company Limited by Guarantee
Notes to the financial statements
Year ended 30 September 2021
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is The Training Centre, Imperial Way, Horsham St Faith, Norwich, Norfolk, NR10 3GJ.
2. Statement of compliance
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.
The charity constitutes a public benefit entity as defined by FRS 102.
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 measured at fair value through income or expenditure.
(b) 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.
The trustees have taken into account the effects of Covid-19 in making this assessment.
(c) 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 committment.
(d) Income
All income is 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:
-
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established.
-
Income from charitable activities is accounted for in the period in which the service is delivered.
-
Trading income is inclusive of income generated from lunches and rental income.
- 16 -
Petans Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2021
3. Accounting policies (continued)
(e) 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 company 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.
(f) Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
-
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.
-
Governance costs include those costs associated with meeting the constituional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
(g) Tangible assets
All fixed assets are initially recorded at cost. Capital expenditure of less than £1,000 is charged to the Statement of Financial Activities in the year in which it is incurred.
(h) 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:
| Leasehold property | - | 2% - 33% straight line |
|---|---|---|
| Training equipment | - | 5% - 50% straight line |
| Plant and machinery | - | 5% - 25% straight line |
| Office equipment | - | 20% - 50% straight line |
Assets under construction are included at cost. Depreciation on these assets is not charged until they are brought into use.
(i) Investments
Listed investments are measured at fair value with changes in fair value being recognised in the SOFA.
- 17 -
Petans Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2021
3. Accounting policies (continued)
(j) Operating leases
Rents payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.
(k) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
(l) Redundancy
Where an obligation to make a redundancy or termination payment exists, the costs incurred by the charity are accounted for on an accruals basis and included within employee benefits.
(m) Defined contribution plans
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expenses as they become payable.
4. Limited by guarantee
Petans Limited is a registered charity and company limited by guarantee with no share capital. The liability of each member in the event of a winding up is limited to £1.
5. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Survival at sea | 879,682 | 879,682 | 766,289 | 766,289 |
| Offshore helicopter operations | 252,541 | 252,541 | 283,341 | 283,341 |
| Seagoing safety - OSTP | 189,127 | 189,127 | 153,525 | 153,525 |
| Fire fighting | 261,266 | 261,266 | 297,628 | 297,628 |
| Practical safety | 83,435 | 83,435 | 95,274 | 95,274 |
| Management safety | 32,980 | 32,980 | 42,614 | 42,614 |
| STCW | 245,194 | 245,194 | 142,388 | 142,388 |
| Opito registration | 75,863 | 75,863 | 71,054 | 71,054 |
| GWO | 254,416 | 254,416 | 186,607 | 186,607 |
| --------------------------------------- | --------------------------------------- | --------------------------------------- | --------------------------------------- | |
| 2,274,504 | 2,274,504 | 2,038,720 | 2,038,720 | |
| ======================================= | ======================================= | ======================================= | ======================================= |
- 18 -
Petans Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2021
6. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Rental income | 19,760 | 19,760 | 11,689 | 11,689 |
| Lunch money | 8,868 | 8,868 | 10,171 | 10,171 |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | |
| 28,628 | 28,628 | 21,860 | 21,860 | |
| ========================== | ========================== | ========================== | ========================== | |
| nvestment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Income from listed investments | 21,052 | 21,052 | 33,942 | 33,942 |
| Interest received | 104 | 104 | 1,244 | 1,244 |
| -------------------------- | -------------------------- | -------------------------- | -------------------------- | |
| 21,156 | 21,156 | 35,186 | 35,186 | |
| ========================== | ========================== | ========================== | ========================== | |
| Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Other income | 373 | 373 | 3,097 | 3,097 |
| Covid-19 Job Retention Scheme | 148,110 | 148,110 | 116,726 | 116,726 |
| ------------------------------- | ------------------------------- | ------------------------------- | ------------------------------- | |
| 148,483 | 148,483 | 119,823 | 119,823 | |
| =============================== | =============================== | =============================== | =============================== |
7. Investment income
8. Other income
Government grant income received was £148,110 (2020: £116,726).
9. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Portfolio management | 4,392 | 4,392 | 4,150 | 4,150 |
| ====================== | ====================== | ====================== | ====================== |
- 19 -
Petans Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2021
10. Expenditure on charitable activities
| Activities | ||||
|---|---|---|---|---|
| undertaken | Total funds | Total fund | ||
| directly | Support costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Staff costs | 958,459 | 200,279 | 1,158,738 | 1,218,206 |
| Consultancy fees | 5,250 | – | 5,250 | 10,500 |
| External costs | 432,572 | – | 432,572 | 419,083 |
| Meals | 110,088 | – | 110,088 | 107,932 |
| Other direct costs | 201,692 | – | 201,692 | 181,596 |
| Support costs | – | 95,925 | 95,925 | 102,580 |
| Depreciation | 308,268 | – | 308,268 | 318,496 |
| Governance costs | – | 16,108 | 16,108 | 13,991 |
| --------------------------------------- | ------------------------------- | --------------------------------------- | --------------------------------------- | |
| 2,016,329 | 312,312 | 2,328,641 | 2,372,384 | |
| ======================================= | =============================== | ======================================= | ======================================= | |
| Analysis of governance costs: | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Audit fees | 8,900 | 8,160 | ||
| Auditors remuneration for non audit | ||||
| services | 7,208 | 5,831 | ||
| -------------------------- | -------------------------- | |||
| 16,108 | 13,991 | |||
| ========================== | ========================== |
During the years ended 30 September 2021 and 2020 all expenditure in respect of costs of charitable activities was unrestricted.
11. Net gains/(losses) on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Gains/(losses) on listed investments | 231,842 | 231,842 | (123,610) | (123,610) |
| =============================== | =============================== | =============================== | =============================== | |
| Net income/(expenditure) | ||||
| Net income/(expenditure) is stated after charging/(crediting): | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 308,268 | 318,496 | ||
| Fees payable for the audit of the financial statements | 8,900 | 8,160 | ||
| Operating lease rentals | 98,284 | 81,793 | ||
| Fees payable from non-audit services | 5,831 | 5,831 | ||
| =============================== | =============================== |
12. Net income/(expenditure)
- 20 -
Petans Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2021
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 1,022,577 | 1,067,291 |
| Social security costs | 78,335 | 86,163 |
| Employer contributions to pension plans | 57,826 | 64,752 |
| --------------------------------------- | --------------------------------------- | |
| 1,158,738 | 1,218,206 | |
| ======================================= | ======================================= |
Total redundancy/termination payments amount to £nil (2020: £19,150). There were no amounts outstanding at the year end.
The average head count of employees during the year was 54 (2020: 53).
The number of employees whose remuneration for the year fell within the following bands, were:
| 2021 | 2020 | ||
|---|---|---|---|
| No. | No. | ||
| £60,000 | to £69,999 | 1 | 1 |
| ============= | ============= |
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £196,528 (2020:£193,215).
14. Trustee remuneration and expenses
No Trustees received any remuneration or expenses payments during the year.
For payments to organisations to which the Trustees are related, please refer to note 28.
- 21 -
Petans Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2021
15. Tangible fixed assets
| Leasehold | Training | Plant and | Office | Assets under | ||
|---|---|---|---|---|---|---|
| property | equipment | machinery | equipment | construction | Total | |
| £ | £ | £ | £ | £ | £ | |
| Cost | ||||||
| At 1 October 2020 | 4,784,205 | 2,351,325 | 655,370 | 207,345 | 64,900 | 8,063,145 |
| Additions | 18,900 | 173,944 | 2,013 | – | – | 194,857 |
| Transfers | – | 64,900 | – | – | (64,900) | – |
| --------------------------------------- | --------------------------------------- | ------------------------------- | ------------------------------- | -------------------------- | --------------------------------------- | |
| At | ||||||
| 30 September 2021 | 4,803,105 | 2,590,169 | 657,383 | 207,345 | – | 8,258,002 |
| ======================================= | ======================================= | =============================== | =============================== | ========================== | ======================================= | |
| Depreciation | ||||||
| At 1 October 2020 | 3,496,606 | 572,842 | 653,622 | 182,338 | – | 4,905,408 |
| Charge for the year | 118,465 | 177,092 | 1,907 | 10,804 | – | 308,268 |
| --------------------------------------- | --------------------------------------- | ------------------------------- | ------------------------------- | -------------------------- | --------------------------------------- | |
| At | ||||||
| 30 September 2021 | 3,615,071 | 749,934 | 655,529 | 193,142 | – | 5,213,676 |
| ======================================= | ======================================= | =============================== | =============================== | ========================== | ======================================= | |
| Carrying amount | ||||||
| At | ||||||
| 30 September 2021 | 1,188,034 | 1,840,235 | 1,854 | 14,203 | – | 3,044,326 |
| ======================================= | ======================================= | =============================== | =============================== | ========================== | ======================================= | |
| At | ||||||
| 30 September 2020 | 1,287,599 | 1,778,483 | 1,748 | 25,007 | 64,900 | 3,157,737 |
| ======================================= | ======================================= | =============================== | =============================== | ========================== | ======================================= | |
| 16. Investments |
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 October 2020 | 1,744,432 |
| Additions | 21,052 |
| Disposals | (4,392) |
| Fair value movements | 231,842 |
| --------------------------------------- | |
| At 30 September 2021 | 1,992,934 |
| ======================================= | |
| Impairment | |
| At 1 October 2020 and 30 September 2021 | |
| Carrying amount | |
| At 30 September 2021 | 1,992,934 |
| ======================================= | |
| At 30 September 2020 | 1,744,432 |
| ======================================= |
All investments shown above are held at valuation.
- 22 -
Petans Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2021
16. Investments (continued)
Financial assets held at fair value
The fair value of listed investments is determined by reference to the quoted price for these assets in an active market at the balance sheet date.
Investments comprise the following:
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Listed securities | 1,992,934 | 1,744,432 | |
| ======================================= | ======================================= | ||
| 17. | Debtors | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Trade debtors | 216,253 | 292,224 | |
| Prepayments and accrued income | 860,839 | 920,414 | |
| Other debtors | 154 | 154 | |
| --------------------------------------- | --------------------------------------- | ||
| 1,077,246 | 1,212,792 | ||
| ======================================= | ======================================= |
Included in prepayments is £813,132 (2020: £879,320) relating to an advanced lease charge for the land occupied by the charity under lease until 2031. Of the £813,132 included in prepayments £736,902 was due after more than 1 year.
18. Cash and cash equivalents
Cash and cash equivalents consist of:
| Cash and cash equivalents consist of: | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Cash at bank and in hand | 21 | 1,457 |
| Short term deposits | 1,358,914 | 1,041,870 |
| Petty cash | 134 | 134 |
| --------------------------------------- | --------------------------------------- | |
| 1,359,069 | 1,043,461 | |
| ======================================= | ======================================= | |
| Creditors: Amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Trade creditors | 69,505 | 99,088 |
| Accruals and deferred income | 83,716 | 86,189 |
| Social security and other taxes | 83,798 | 108,102 |
| Other creditors | 5,565 | 5,632 |
| ------------------------------- | ------------------------------- | |
| 242,584 | 299,011 | |
| =============================== | =============================== |
19. Creditors: Amounts falling due within one year
- 23 -
Petans Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2021
20. Deferred income
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| At 1 October 2020 | 58,741 | 81,946 |
| Amount released to income | (58,741) | (81,946) |
| Amount deferred in year | 51,230 | 58,741 |
| -------------------------- | -------------------------- | |
| At 30 September 2021 | 51,230 | 58,741 |
| ========================== | ========================== |
Deferred income relates to monies received in advance of courses for the 2021/22 financial year.
21. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £57,826 (2020: £64,752).
- 24 -
Petans Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2021
22. Analysis of charitable funds
Year ended 30 September 2021
| At 30 | ||||||
|---|---|---|---|---|---|---|
| At 1 October | Gains and | September | ||||
| 2020 | Income | Expenditure | Transfers | losses | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted Income Funds | ||||||
| Decommissioning | ||||||
| Fund (Designated) | 600,000 |
– | – | 200,000 | – | 800,000 |
| Capital Projects | ||||||
| Fund (Designated) | 500,000 |
– | – | – | – | 500,000 |
| General Funds | 5,759,411 | 2,472,771 | (2,333,033) | (200,000) | 231,842 | 5,930,991 |
| --------------------------------------- | --------------------------------------- | --------------------------------------- | ------------------------------- | ------------------------------- | --------------------------------------- | |
| 6,859,411 | 2,472,771 | (2,333,033) | – | 231,842 | 7,230,991 | |
| ======================================= | ======================================= | ======================================= | =============================== | =============================== | ======================================= | |
| Year ended 30 September 2020 | ||||||
| At 30 | ||||||
| At 1 October | Gains and | September | ||||
| 2019 | Income | Expenditure | Transfers | losses | 2020 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted Income Funds | ||||||
| Decommissionin | ||||||
| g Fund | ||||||
| (Designated) | 400,000 | – | – | 200,000 | – | 600,000 |
| Capital Projects | ||||||
| Fund | ||||||
| (Designated) | 500,000 | – | – | – | – | 500,000 |
| General Funds | 6,243,966 | 2,215,589 | (2,376,534) | (200,000) | (123,610) | 5,759,411 |
| --------------------------------------- | --------------------------------------- | --------------------------------------- | ------------------------------- | ------------------------------- | --------------------------------------- | |
| 7,143,966 | 2,215,589 | (2,376,534) | – | (123,610) | 6,859,411 | |
| ======================================= | ======================================= | ======================================= | =============================== | =============================== | ======================================= |
Year ended 30 September 2020
The Capital Projects Fund was set up by the Trustees to set aside funds for capital expenditure.
The Decommissioning Fund was set up by the Trustees to set aside funds for the potential future clearance of the site that the charity occupies.
- 25 -
Petans Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2021
23. Analysis of net assets between funds
Year ended 30 September 2021
| Tangible | Net current | |||
|---|---|---|---|---|
| fixed assets | Investments | assets | Total | |
| £ | £ | £ | £ | |
| Unrestricted Income Funds | ||||
| Designated Funds | – | – | 1,300,000 | 1,300,000 |
| General Funds | 3,044,326 | 1,992,934 | 893,731 | 5,930,991 |
| --------------------------------------- | --------------------------------------- | --------------------------------------- | --------------------------------------- | |
| 3,044,326 | 1,992,934 | 2,193,731 | 7,230,991 | |
| ======================================= | ======================================= | ======================================= | ======================================= | |
| Year ended 30 September 2020 | ||||
| Tangible | Net current | |||
| fixed assets | Investments | assets | Total | |
| £ | £ | £ | £ | |
| Unrestricted Income Funds | ||||
| Designated Funds | – | – | 1,100,000 | 1,100,000 |
| General Funds | 3,157,737 | 1,744,432 | 857,242 | 5,759,411 |
| --------------------------------------- | --------------------------------------- | --------------------------------------- | --------------------------------------- | |
| 3,157,737 | 1,744,432 | 1,957,242 | 6,859,411 | |
| ======================================= | ======================================= | ======================================= | ======================================= |
24. Financial instruments
The carrying amount for each category of financial instrument is as follows:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Financial assets measured at fair value through income and expenditure | |||
| Fixed asset listed investments (note 16) | 1,992,934 | 1,744,432 | |
| ======================================= | ======================================= | ||
| 25. | Cash generated from operations | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Net income/(expenditure) | 371,580 | (284,555) | |
| Adjustments for: | |||
| Depreciation of tangible fixed assets | 308,268 | 318,496 | |
| Net gains/(losses) on investments | (231,842) | 123,610 | |
| Dividends, interest and rents from investments | (21,052) | (33,942) | |
| Other interest receivable and similar income | (104) | (1,244) | |
| Changes in: | |||
| Trade and other debtors | 135,546 | 33,607 | |
| Trade and other creditors | (56,427) | 17,302 | |
| ------------------------------- | ------------------------------- | ||
| 505,969 | 173,274 | ||
| =============================== | =============================== |
- 26 -
Petans Limited
Company Limited by Guarantee
Notes to the financial statements (continued)
Year ended 30 September 2021
26. Analysis of changes in net debt
| At | |||||
|---|---|---|---|---|---|
| At | 30 September | ||||
| 1 | October | 2020 | Cash flows | 2021 | |
| £ | £ | £ | |||
| Cash at bank and in hand | 1,043,461 | 315,608 | 1,359,069 | ||
| ======================================= | =============================== | ======================================= |
27. Operating lease commitments
The total future minimum lease payments under non-cancellable operating leases are as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Not later than 1 year | 32,095 | 30,785 |
| Later than 1 year and not later than 5 years | 101,943 | 105,265 |
| Later than 5 years | 76,472 | 94,431 |
| ------------------------------- | ------------------------------- | |
| 210,510 | 230,481 | |
| =============================== | =============================== |
28. Related parties
In the normal course of its activities, the Charity provides courses to various companies in which a number of the trustees are also directors.
In the year ended 30 September 2020 consultancy advice was provided by R Burden, a Trustee of the charity. The income received by R Burden in relation to this amounted to £3,454 with £Nil balance owing by the Charity at the year end. No amounts were paid or owed to R Burden for the year ended 30 September 2021.
The Charity obtained membership from the East of England Energy Group, a company of which M Goodall is a director. The expenditure in relation to this amount to £1,548 (2020: £2,855 membership and exhibition stand) with £1,548 (2020: £1,548) balance owing by the Charity at the year end.
During the year a member of key management personnel direct family member was employed by the Charity. Total remuneration for M Ludkin for the year was £15,886. The appointment was made in open competition and the member of key management personnel was not involved in the decision making process regarding the appointment.
29. Commitment
During the year a project commenced to purchase staff welfare units. These were ordered in April 2021 for a cost of £67,400 to be completed in November 2021.
- 27 -