CHARITY REGISTRATION NUMBER: 303986
The Horstead Centre Unaudited financial statements
31 December 2020
The Horstead Centre
Financial statements
Year ended 31 December 2020
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 |
The Horstead Centre
Trustees' annual report
Year ended 31 December 2020
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Reference and administrative details
Registered charity name The Horstead Centre Charity registration number 303986 Principal office The Horstead Centre Horstead Norwich NR12 7EP
The trustees
The trustees who served during the year and at the date of approval were as follows:
Mr C Lawrence (Chairman) Mr R Butler MBE, DL Mr P Dunning Mrs J K Elliott-Hunter (appointed 29 January 2021) Mrs C Fleming Mrs J Hawksley Mrs K Hirst The Rt Revd Jonathan Meyrick, Bishop of Lynn (resigned 29 January 2021) Mr D Pearson Mrs K Sims Mr A Yuill Mrs C Rees Custodian trustee Norwich Diocesan Board of Finance Limited Centre manager William Mills Independent examiner M Proctor FCA DChA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers Barclays Bank Plc 5-7 Red Lion Street Norwich Norfolk NR1 3QH
- 1 -
Trustees' annual report (continued)
Year ended 31 December 2020
The Horstead Centre
Objectives and activities
The objective (Mission Statement) of the Trust is to:
'Provide the opportunity for young people, within or near the Diocese of Norwich, to develop their spiritual, physical, intellectual and social capacities within a caring Christian community'.
We provide a high quality of service, care and experience within a safe residential environment.
Achievements and performance
The Trust reports a significant general fund deficit for the year to 31 December 2020 of £100,422 as detailed in the accounts. This can be exclusively attributed to the impact of the COVID-19 Pandemic on the Trust's activities. However, the depth of the general reserves at the end of the year, at £422,726, are such that the Trustees are confident that the continuing sustainability of the Centre has not been impaired and that it is able to continue to meet its obligations as they fall due.
The Horstead Centre started the year with a full calendar of bookings and therefore expecting a comparable financial outcome to 2019. National lockdown restrictions were imposed with effect from March 25 and the Centre was only able to accommodate those bookings which fell before then.
During this time the Centre was able to deliver activity days and residential visits for 11 groups welcoming 474 children to the Centre.
Effectively, from 25 March on, the Centre had to consider itself as completely closed. As the pandemic progressed, the Manager worked with customers to transfer their bookings into 2021 or beyond. The very great majority of them did so confirming the strength of the relationships we have with them and the value attributed to the services Horstead offers. This flexible approach meant that the goodwill of our customers was protected and that very few deposits needed to be refunded.
The Trustees agreed to the Manager's proposal that the Centre should avail itself as fully as possible of the Government's Coronavirus Job Retention "Furlough" Scheme (CJRS). All staff, apart from the Manager, remained furloughed or flexibly furloughed in line with Government guidance for the rest of 2020. This made a material contribution to the ability of the Centre to sustain itself during the year and since.
During this period the Trustees agreed that it was both morally and strategically important to maintain the Centre's full staff team for as long as possible. The strength and depth of the general reserves accumulated over recent years of strong trading results enabled the Trustees to make this commitment throughout the year. They have been able to continue to do so since then as appropriate adjusting to changes in the CJRS and the gradual reopening of the Centre. Accordingly, the Trustees approved the use of free reserves to further "top up" the CJRS payments to match each staff member's usual full monthly wages. Through the support of the CJRS and the Centre's contributions Horstead has managed to maintain its full staff team into 2021.
- 2 -
Trustees' annual report (continued)
The Horstead Centre
Year ended 31 December 2020
Achievements and performance (continued)
Early in 2020 the Centre Manager, Josie Barnett, submitted her resignation. Her retirement had been planned and agreed for some time. The Centre was in the process of advertising for her successor when the COVID pandemic began to affect operations leading up to the lockdown closure in late March. The Trustees are immensely grateful to Josie for putting her retirement plans on hold and agreeing to stay on to see the Centre through the initial challenges of COVID until the situation and the resulting impacts on the Centre, the staff and the finances were better known. Her pastoral support and crisis management made a material difference to the Centre's ability both to cope with and come through the crisis safely.
The recruitment to the post was paused and from the time of lockdown the Manager worked to keep abreast of all the Government guidelines relating to the Centre's provision. She communicated with schools and other groups to secure their bookings into 2021. She maintained regular communication with staff, to support them and to ensure the Centre was doing everything possible to support the wellbeing of staff.
Another priority was to reduce costs. The Manager was able to secure temporary reductions in utility bills, marketing commitments, VAT payments and insurance premiums, to reduce overheads whilst the Centre was closed.
The Trustees would like to place on record in these accounts their gratitude and acknowledgement of Josie Barnett's contribution to the Horstead Centre. Not only did she lead the Centre through a period of transformational rebuilding to make it one of the leading Centres of its kind in England - and unique amongst Church of England Dioceses - but also saw it safely through the complexity, uncertainty and myriad challenges of the initial months of the pandemic and supported the appointment process for her successor.
In October 2020 the Trustees agreed to re-open the application process to the Centre Manager position. The Trustees with the support of the Diocese of Norwich appointed Will Mills, a graduate in outdoor recreation management with extensive experience of working with young people for Voluntary Norfolk, MAP and St Martin's Housing Trust.
Financial review
The general fund produced a deficit of £100,422 (2019: surplus of £11,829) before transfers to and from designated funds as set out in note 20. The net decrease in total funds for the year amounted to £109,724 as shown on page 9 (2019: £7,743).
Reserves Policy
The charity currently holds £467,547 (2019: £577,568) in reserves. Of these reserves, £466,351 (2019: £575,626) is held within unrestricted funds and £1,196 (2019: £1,942) within restricted funds, these are summarised in note 20.
It is the policy of the Trustees to:
'Retain sufficient free general fund reserves to support the costs of running the Horstead Centre and management and administration costs for a three month period, which amounts to approximately £84,000.'
The charity had free general fund reserves (excluding fixed assets) at 31 December 2020 amounting to £150,803 (2019: £229,639).
Designated funds, all of which are held for specific purposes, are summarised in note 21 on page 17. Free designated funds amounted to £43,625 at 31 December 2020 (2019: £52,181).
The surplus free reserves are being held against opportunities arising at short notice for acquiring and improving land and assets adjacent to the Centre.
- 3 -
The Horstead Centre
Trustees' annual report (continued)
Year ended 31 December 2020
Financial review (continued)
Principal Funding Sources
The principal funding source of the charity is from charges made for the provision of indoor and outdoor learning facilities for children and young people within the Diocese through the operation of a residential and activity centre.
Investment Policy
The Trustees consider that there are no funds available for long term investment and, having considered the options available, have decided to place available funds in CBF Church of England Deposit Funds. The Trustees continue to consider higher yielding alternatives where appropriate, and during the prior year the Trustees decided to place part of the sum held at CBF into an alternative account with Cambridge and Counties, securing an improved rate of interest.
Plans for future periods
The Trustees and Manager have set a new budget based on 2021's best-and worst-case scenarios, depending on the opening up allowed under Government guidelines. The Centre will continue to focus on maintaining and supporting its staff team through the COVID pandemic. It will continue to utilise the available grant support from central and local government in order to minimise the impact on its financial reserves and to reduce the risk of redundancy or closure.
The management have continued to scrutinise and follow both local and central government guidelines relating to re-opening safely. Priority has also been given to securing a significant number of bookings throughout 2021; both by communication with existing clients and a pro-active marketing campaign.
As a result, the Centre was prepared to reopen as soon as allowed in April 2021. Since April the preexisting bookings have been further bolstered by an influx in demand for both activity days and residential visits, leading to a full diary between May and the end of August 2021.
Almost all of the bookings between these dates have gone ahead; with a few exceptions due to staff isolation or cancellations from schools. Bookings for the remainder of 2021 and for 2022 continue to come in. The result of this recovery of our trade, is that the Horstead Centre can now expect to end the year with smaller deficit and healthier reserves than originally predicted in April.
Looking into 2022, practical priorities for the Centre include: improvements to our river access and staithe, improvements to high ropes activities and nightline course and improved arboriculture survey and treework. Internal priorities include: contracts, hours and wages reviews, and improvements to website, IT provision and digital systems. These priorities are subject to sufficient income and recovery.
The trustees and manager will continue to make decisions which reflect the financial situation of the Centre, the prospects for new business and the best interests of its staff.
Structure, governance and management
Governing document
The Horstead Centre was established under a Trust Deed dated 20 November 1969. The Trust was registered with the Charity Commission (registration number 303986) on 8 May 1970 as a charity whose primary purpose is to provide a residential training centre for young people in or near the vicinity of the Norwich Diocese.
- 4 -
The Horstead Centre
Trustees' annual report (continued)
Year ended 31 December 2020
Structure, governance and management (continued)
Recruitment and appointment of Trustees
The body of Trustees consists of a maximum of 12 persons being 2 ex-officio Trustees, 4 nominated Trustees and 6 co-opted Trustees.
The ex-officio Trustees are The Director of Education for the Diocese and the Chair of the Youth Task Force for the Diocese. The nominated Trustees are appointed as follows:
-
The Bishop of Norwich appoints a Chairman
-
The Horstead Church Parochial Council appoints one Trustee
-
The Norwich Diocesan Bishop's Council appoints two Trustees
Each appointment shall be made for a term of four years at a meeting convened and held according to the ordinary practice of the appointing body. This person may be, but need not be, a member of the appointing body.
Co-opted Trustees shall be persons who through residence, occupation, employment or otherwise have special knowledge of the area of benefit or who are otherwise able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects or management of the charity. They shall be appointed for a term of five years by a resolution of the Trustees, passed at a special meeting of which not less than 21 days notice has been given.
Trustee Induction and Training
All Trustees are provided with copies of:
-
The Trust Deed
-
The latest accounts of the Trust
and are advised to read Charity Commission guidance notes CC3 - "The Essential Trustee: What you need to know, what you need to do" and the Charity Governance Code.
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
A sub-committee of the Trustees has identified the major risks to which the charity is exposed and systems have been established to mitigate those risks. These risks are reviewed annually.
Organisational structure
The Trustees are legally responsible for the overall management and control of the Centre and meet four times a year.
The operational management of the Centre is the responsibility of the Centre Manager, who reports to the Trustees.
- 5 -
The Horstead Centre
Trustees' annual report (continued)
Year ended 31 December 2020
Structure, governance and management (continued)
Public Benefit
The Trustees of The Horstead Centre have had due regard to the Charity Commission's guidance on public benefit.
The Horstead Centre is a residential outdoor education centre working with a wide range of local school and community groups. The active learning we provide, which utilises our local environment including the Norfolk Broads, can be some of the most memorable learning experiences for the children and young people who stay with us. Our guests experience the world beyond the classroom as an essential part of learning and personal development, whatever their age, ability or circumstance. Working in in partnership with school teachers and youth group leaders our programme provides a crucial route to the 'Every Child Matters' outcomes, in particular enjoying & achieving, staying safe and being healthy.
Connected Charity
The Horstead Centre has a working relationship with Norwich Diocesan Board of Finance, who are the custodian Trustees and landlords. The Centre Manager holds a position on the Diocesan Board of Education to ensure close links with schools across the Diocese.
True and fair override
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Independent examiner
A resolution to reappoint Mark Proctor of Lovewell Blake LLP as independent examiner for the ensuing year will be proposed at the Annual General Meeting.
The trustees' annual report was approved on 24 September 2021 and signed on behalf of the board of trustees by:
Mr C Lawrence Chairman
- 6 -
The Horstead Centre
Independent examiner's report to the trustees of The Horstead Centre
Year ended 31 December 2020
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
M Proctor FCA DChA Independent Examiner
Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
27 September 2021
- 7 -
The Horstead Centre
Statement of financial activities
Year ended 31 December 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 45,407 | – | 45,407 | 18,647 |
| Charitable activities | 5 | 38,313 | – | 38,313 | 303,772 |
| Other trading activities | 6 | 844 | – | 844 | 5,109 |
| Investment income | 7 | 1,354 | 3 | 1,357 | 1,944 |
| Other income | 8 | 82,318 | – | 82,318 | – |
|
|
|
|
||
| Total income | 168,236 | 3 | 168,239 | 329,472 | |
|
|
|
|
||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of other trading activities | 9 | 255 | – | 255 | 2,973 |
| Expenditure on charitable activities | 10 | 276,959 | 749 | 277,708 | 334,242 |
|
|
|
|
||
| Total expenditure | 277,214 | 749 | 277,963 | 337,215 | |
|
|
|
|
||
|
|
|
|
||
| Net expenditure and net movement in funds | (108,978) | (746) | (109,724) | (7,743) | |
|
|
|
|
||
| Reconciliation of funds | |||||
| Total funds brought forward | 575,329 | 1,942 | 577,271 | 585,014 | |
|
|
|
|
||
| Total funds carried forward | 466,351 | 1,196 | 467,547 | 577,271 | |
|
|
|
|
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 10 to 20 form part of these financial statements.
- 8 -
The Horstead Centre
Balance sheet
31 December 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 16 | 271,923 | 293,806 | ||
| Current assets | |||||
| Stocks | 17 | 3,200 | 2,078 | ||
| Debtors | 18 | 7,435 | 6,156 | ||
| Cash at bank and in hand | 208,006 | 330,716 | |||
|
|
||||
| 218,641 | 338,950 | ||||
| Creditors: Amounts falling due within | |||||
| one year | 19 | 23,017 | 55,485 | ||
|
|
||||
| Net current assets | 195,624 | 283,465 | |||
|
|
||||
| Total assets less current liabilities | 467,547 | 577,271 | |||
|
|
||||
| Net assets | 467,547 | 577,271 | |||
|
|
||||
| Funds of the charity | |||||
| Restricted funds | 1,196 | 1,942 | |||
| Unrestricted funds | 466,351 | 575,329 | |||
|
|
||||
| Total charity funds | 21 | 467,547 | 577,271 | ||
|
|
These financial statements were approved by the board of trustees and authorised for issue on 24 September 2021, and are signed on behalf of the board by:
Mr C Lawrence (Chairman) Trustee
The notes on pages 10 to 20 form part of these financial statements.
- 9 -
The Horstead Centre
Notes to the financial statements
Year ended 31 December 2020
1. General information
The charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is The Horstead Centre, Horstead, Norwich, NR12 7EP.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
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 items at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.
(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 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 considered the impact of COVID-19 on the charity 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 commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
- 10 -
The Horstead Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
(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:
-
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 donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
(e) Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
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.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
(f) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(g) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
- 11 -
The Horstead Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
(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:
Improvements to leasehold - Over period of lease (Abseil tower 5% straight line) property Motor vehicles - 20% straight line Furniture and equipment - 20% / 33% straight line
(i) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(j) 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
(k) Defined contribution plans
The charity contributes to a Group Personal Pension Plan for certain employees and the contributions are charges to the Statement of Financial Activities in the year of payment.
(l) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from an impairment are recognised in expenditure.
(m) Cash at bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2020 | Funds | 2019 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Rent of Centre - Gift in kind | 18,000 | 18,000 | 18,000 | 18,000 |
| Other donations and grants | 407 | 407 | 647 | 647 |
| Local authority coronavirus support | 27,000 | 27,000 | – | – |
|
|
|
|
|
| 45,407 | 45,407 | 18,647 | 18,647 | |
|
|
|
|
- 12 -
The Horstead Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
| 5. | Charitable activities | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Residential income | 22,095 | 22,095 | 169,152 | 169,152 | |
| Self catering and day hire | 368 | 368 | 14,571 | 14,571 | |
| Activities income | 15,850 | 15,850 | 120,049 | 120,049 | |
|
|
|
|
||
| 38,313 | 38,313 | 303,772 | 303,772 | ||
|
|
|
|
||
| 6. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Sale of goods | 844 | 844 | 5,109 | 5,109 | |
|
|
|
|
||
| 7. | Investment income | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Bank interest receivable | 1,354 | 3 | 1,357 | ||
|
|
|
|||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2019 | |||
| £ | £ | £ | |||
| Bank interest receivable | 1,938 | 6 | 1,944 | ||
|
|
|
|||
| 8. | Other income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Furlough income | 82,318 | 82,318 | – | – | |
|
|
|
|
||
| 9. | Costs of other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2020 | Funds | 2019 | ||
| £ | £ | £ | £ | ||
| Fundraising trading - Costs of goods sold | |||||
| and other costs | 255 | 255 | 2,973 | 2,973 | |
|
|
|
|
- 13 -
The Horstead Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
10. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Wages and salaries | 179,492 | – | 179,492 |
| Pension costs | 7,147 | – | 7,147 |
| Provisions and consumables | 4,295 | – | 4,295 |
| Motor and travel expenses | 1,202 | – | 1,202 |
| Laundry and cleaning | 290 | – | 290 |
| Light and heat | 7,055 | – | 7,055 |
| Rent | 18,000 | – | 18,000 |
| Rates | 1,769 | – | 1,769 |
| Insurance | 5,018 | – | 5,018 |
| Printing, postage and stationery | 615 | – | 615 |
| Advertising | 200 | – | 200 |
| Telephone | 1,799 | – | 1,799 |
| Maintenance | 12,871 | 749 | 13,620 |
| Staff expenses and training | 2,847 | – | 2,847 |
| Professional fees | 4,431 | – | 4,431 |
| General expenses | 4,945 | – | 4,945 |
| Dilapidation fee paid | – | – | – |
| Depreciation | 21,883 | – | 21,883 |
| Governance costs | 3,100 | – | 3,100 |
|
|
|
|
| 276,959 | 749 | 277,708 | |
|
|
|
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Wages and salaries | 164,814 | – | 164,814 |
| Pension costs | 5,869 | – | 5,869 |
| Provisions and consumables | 20,135 | – | 20,135 |
| Motor and travel expenses | 1,058 | – | 1,058 |
| Laundry and cleaning | 1,969 | – | 1,969 |
| Light and heat | 8,761 | – | 8,761 |
| Rent | 18,000 | – | 18,000 |
| Rates | 2,616 | – | 2,616 |
| Insurance | 6,460 | – | 6,460 |
| Printing, postage and stationery | 59 | – | 59 |
| Advertising | 380 | – | 380 |
| Telephone | 2,115 | – | 2,115 |
| Maintenance | 30,665 | – | 30,665 |
| Staff expenses and training | 2,333 | – | 2,333 |
| Professional fees | 6,074 | – | 6,074 |
| General expenses | 7,941 | – | 7,941 |
| Dilapidation fee paid | 30,000 | – | 30,000 |
| Depreciation | 21,883 | – | 21,883 |
| Governance costs | 3,110 | – | 3,110 |
|
|
|
|
| 334,242 | – | 334,242 | |
|
|
|
- 14 -
The Horstead Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
11. Analysis of governance costs
| Governance | ||||
|---|---|---|---|---|
| costs | Total 2020 | Total 2019 | ||
| £ | £ | £ | ||
| Independent examination fees | 3,100 | 3,100 | 3,110 | |
|
|
|
||
| 12. | Net expenditure | |||
| Net expenditure is stated after charging/(crediting): | ||||
| 2020 | 2019 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 21,883 | 21,883 | ||
|
|
|||
| 13. | Independent examination fees | |||
| 2020 | 2019 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 3,100 | 3,110 | ||
| Other financial services | 2,317 | 1,509 | ||
|
|
|||
| 5,417 | 4,619 | |||
|
|
|||
| 14. | Staff costs |
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 172,569 | 158,391 |
| Social security costs | 6,923 | 6,423 |
| Employer contributions to pension plans | 7,147 | 5,869 |
|
|
|
| 186,639 | 170,683 | |
|
|
The average head count of employees during the year was 18 (2019: 17). The average number of fulltime equivalent employees during the year is analysed as follows:
| 2020 | 2019 | |
|---|---|---|
| No. | No. | |
| Administration - part-time | 1 | 1 |
| Direct - full-time | 5 | 5 |
| Direct - part-time (full-time equivalent) | 4 | 5 |
|
|
|
| 10 | 11 | |
|
|
No employee received employee benefits of more than £60,000 during the year (2019: Nil).
15. Trustee remuneration and expenses
The Trustees received no remuneration or expenses from the charity during the year.
- 15 -
The Horstead Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
16. Tangible fixed assets
| Improve- | |||||
|---|---|---|---|---|---|
| ments to | |||||
| Leasehold | Motor | ||||
| Property | vehicles | Equipment | Total | ||
| £ | £ | £ | £ | ||
| Cost | |||||
| At 1 January 2020 | 510,336 | 6,553 | 190,612 | 707,501 | |
| Disposals | – | – | (650) | (650) | |
|
|
|
|
||
| At 31 December 2020 | 510,336 | 6,553 | 189,962 | 706,851 | |
|
|
|
|
||
| Depreciation | |||||
| At 1 January 2020 | 240,266 | 6,553 | 166,876 | 413,695 | |
| Charge for the year | 13,213 | – | 8,670 | 21,883 | |
| Disposals | – | – | (650) | (650) | |
|
|
|
|
||
| At 31 December 2020 | 253,479 | 6,553 | 174,896 | 434,928 | |
|
|
|
|
||
| Carrying amount | |||||
| At 31 December 2020 | 256,857 | – | 15,066 | 271,923 | |
|
|
|
|
||
| At 31 December 2019 | 270,070 | – | 23,736 | 293,806 | |
|
|
|
|
||
| 17. | Stocks | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Raw materials and consumables | 3,200 | 2,078 | |||
|
|
||||
| Analysed as: | |||||
| 2019 | 2018 | ||||
| £ | £ | ||||
| Provisions | 403 | 952 | |||
| Souvenirs and other goods for resale | 2,797 | 1,126 | |||
|
|
||||
| 3,200 | 2,078 | ||||
|
|
||||
| 18. | Debtors | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Trade debtors | 1,001 | 2,764 | |||
| Prepayments and accrued income | 638 | 3,392 | |||
| Other debtors | 5,796 | – | |||
|
|
||||
7,435 |
6,156 |
- 16 -
The Horstead Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
19. Creditors: Amounts falling due within one year
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 4,664 | 4,107 |
| Social security and other taxes | – | 7,780 |
| Deposits in advance | 13,900 | 10,214 |
| Other creditors | 4,453 | 33,384 |
|
|
|
| 23,017 | 55,485 | |
|
|
Deferred income
Deposits in advance income comprises the advance receipt of income in respect of accommodation bookings:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Balance as at 1 January | 10,214 | 12,954 |
| Amount released to income | (10,214) | (12,954) |
| Amount deferred in year | 13,900 | 10,214 |
|
|
|
| Balance at 31 December | 13,900 | 10,214 |
|
|
20. 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 £7,147 (2019: £5,869).
- 17 -
The Horstead Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
21. Analysis of charitable funds
Unrestricted funds
Year ended 31 December 2020
| Year ended 31 December | 2020 | ||||
|---|---|---|---|---|---|
| At 31 | |||||
| At 1 January | December | ||||
| 2020 | Income | Expenditure | Transfers | 2020 | |
| £ | £ | £ | £ | £ | |
| General funds | 523,148 | 168,236 | (267,754) | (904) | 422,726 |
| Equipment Reserve | 5,040 | – | (2,871) | – | 2,169 |
| Centre Manager's | |||||
| Discretion Fund | 7,785 | – | – | 904 | 8,689 |
| Fabric Fund | 36,034 | – | (6,413) | – | 29,621 |
| 50th Anniversary Fund | 3,322 | – | (176) | – | 3,146 |
|
|
|
|
|
|
| 575,329 | 168,236 | (277,214) | – | 466,351 | |
|
|
|
|
|
|
| Year ended 31 December | 2019 | ||||
| At 31 | |||||
| At 1 January | December | ||||
| 2019 | Income | Expenditure | Transfers | 2019 | |
| £ | £ | £ | £ | £ | |
| General funds | 516,616 | 329,466 | (317,934) | (5,000) | 523,148 |
| Equipment Reserve | 4,279 | – | (4,239) | 5,000 | 5,040 |
| Centre Manager's | |||||
| Discretion Fund | 9,252 | – | (1,467) | – | 7,785 |
| Fabric Fund | 43,021 | – | (6,987) | – | 36,034 |
| 50th Anniversary Fund | 9,910 | – | (6,588) | – | 3,322 |
|
|
|
|
|
|
| 583,078 | 329,466 | (337,215) | – | 575,329 | |
|
|
|
|
|
The designated Equipment Reserve exists to provide for equipment purchases. Carpets were purchased during the year for £2,871.
The Centre Manager's Discretion Fund has been setup from donations and collections received to provide or contribute to the provision of residential training for any young people who, in the opinion of the Trustees, would benefit from attending the Centre but, by reason of financial difficulty, would be unable to provide the full fees thereof.
The Fabric Fund exists as a reserve to provide for repairs to the buildings and premises.
The 50th Anniversary Fund exists as a reserve to provide for costs associated with the upcoming 50th anniversary celebrations.
Restricted funds
Year ended 31 December 2020
| At 31 | |||||
|---|---|---|---|---|---|
| At 1 January | December | ||||
| 2020 | Income | Expenditure | Transfers | 2020 | |
| £ | £ | £ | £ | £ | |
| Development Fund | 764 | 3 | (749) | – | 18 |
| Equipment Reserve | 1,178 | – | – | – | 1,178 |
|
|
|
|
|
|
1,942 |
3 |
(749) |
– |
1,196 |
- 18 -
The Horstead Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
Analysis of charitable funds (continued)
Year ended 31 December 2019
| At 31 | |||||
|---|---|---|---|---|---|
| At 1 January | December | ||||
| 2019 | Income | Expenditure | Transfers | 2019 | |
| £ | £ | £ | £ | £ | |
| Development Fund | 758 | 6 | – | – | 764 |
| Equipment Reserve | 1,178 | – | – | – | 1,178 |
|
|
|
|
|
|
| 1,936 | 6 | – | – | 1,942 | |
|
|
|
|
|
The Development Fund was set up to finance the cost of leasehold property redevelopment, being a major project to enhance the facilities offered by The Horstead Centre. This project was completed in 2011 and the balance of £764 brought forward in this fund has mostly been spent during 2020 on a new freezer.
The restricted Equipment Reserve represents external funding towards various projects.
22. Analysis of net assets between funds
Year ended 31 December 2020
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Tangible assets | 271,923 | – | 271,923 |
| Current assets | 217,445 | 1,196 | 218,641 |
| Creditors less than 1 year | (23,017) | – | (23,017) |
|
|
|
|
| Net assets | 466,351 | 1,196 | 467,547 |
|
|
|
|
| Year ended 31 December 2019 | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Tangible assets | 293,806 | – | 293,806 |
| Current assets | 337,008 | 1,942 | 338,950 |
| Creditors less than 1 year | (55,485) | – | (55,485) |
|
|
|
|
| Net assets | 575,329 | 1,942 | 577,271 |
|
|
|
- 19 -
The Horstead Centre
Notes to the financial statements (continued)
Year ended 31 December 2020
23. Operating lease commitments
The total future minimum lease payments under non-cancellable operating leases are as follows:
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Later than 5 years | 312 | 324 |
|
|
|
| The annual rent is subject to review every five years. |
24. Related parties
The Norwich Diocesan Board of Finance Limited (NDBF) is the custodian trustee. NDBF also leases the premises to the Centre under a 50 year lease at an annual rent of £12 (market value £18,000).
- 20 -