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2022-12-31-accounts

CHARITY REGISTRATION NUMBER: 303986

The Horstead Centre Unaudited financial statements

31 December 2022

The Horstead Centre

Financial statements

Year ended 31 December 2022

Page
Trustees' annual report 1
Independent examiner's report to the trustees 8
Statement of financial activities 10
Balance sheet 11
Notes to the financial statements 12

The Horstead Centre

Trustees' annual report

Year ended 31 December 2022

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2022.

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) Rev M Capron Mr P Dunning Mrs J K Elliott-Hunter Mrs C Fleming Mrs K Hirst Mrs K Sims Mr A Yuill Mrs C Rees Mr J Richardson Mr T Sweeting 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 2022

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 general fund deficit for the year to 31 December 2022 of £4,440 as detailed in the accounts. This deficit can be attributed to two predominant factors. The lesser of these was the impact of COVID on the first quarter of the year when three cancellations due to COVID outbreaks resulted in a poorer than predicted start to the year. The prominent factor contributing to this deficit, however, was the increased cost of wages, energy, food, and equipment associated with running the Centre, driven by rapidly escalating inflation. The Trustees took the decision to absorb some of this additional cost inflation and not increase prices by as much, to try to continue to make the Centre as accessible as possible to schools and families in these difficult economic times for many.

Regarding wages, The Horstead Centre's Trustees are committed to paying all staff at least the Real Living Wage (RLW), as set out by the Living Wage Foundation. The RLW has increased significantly because of the rising cost of living, and this therefore has an inflationary effect on all wages at the Horstead Centre. Across the sector, recruitment and retention of qualified staff is a significant challenge. Therefore, affordable investment in the wages and continuing professional development (CPD) of the Horstead Centre's professional and experienced team is, and will remain, a priority.

In response to these inflated costs, the Trustees have approved a series of measures to increase revenue and to reduce costs where possible. These measures include the application of a 10% price increase applied to all 2023 bookings from March onwards. This price increase was carefully calculated to ensure that a visit to the Horstead Centre still represents excellent value for our guests. The Management will also use the Manager's Discretionary Fund (which is restricted for this purpose) in support of of those who need it most.

The level of the general reserves at the end of the year, at £361,650, is such that the Trustees are confident that the Centre's operations will continue to be sustainable. Furthermore the £272,634 revenue through Charitable Activities (compared to £139,853 in 2021) shows a stable and continuing recovery of the demand for the Centre's services, post-COVID. This itself is evidenced by the consistently high numbers of booked visitors for 2023.

Despite a slow start to the season, 2022 represented the first full year of delivery since the COVID pandemic interrupted operations in 2020. The number of bookings has recovered to close to pre-COVID levels, but the proportion of activity days compared to residential visits has increased, in part due to the success of holiday provision like the Holiday Activity and Food Program.

The Centre's ability to capitalise on this post-COVID recovery in demand is largely down to the adoption of a policy to retain the full staff team; to utilise the Government Furlough scheme and the Centre's free reserves to protect wages throughout COVID. The fact that the outdoor education industry nationally has experienced significant challenges in recruiting and retaining qualified staff is testament to the efficacy of this policy.

- 2 -

Trustees' annual report (continued)

The Horstead Centre

Year ended 31 December 2022

Achievements and performance (continued)

Most of the bookings in 2022 were primary school residential groups, but the Centre has also welcomed local charities, youth projects and Church groups. Notably, the Horstead Centre delivered 15 activity days funded by the Holiday Activity and Food programme. This valuable provision of positive activities and healthy food for children from less affluent local families was well attended and will remain a priority after this funding ends in 2024.

In early 2022 the Horstead Centre's Trustees approved the transfer of £13,880 from designated reserves for the completion of important site-improvement and compliance tasks. These included: an arboriculture survey and tree-work, a professional legionella risk assessment, a new mower, repairs to the lift, the construction of two new staithes, and the creation of a new high-ropes activity, "Vertical Challenge." These tasks and purchases were completed throughout the year and within budget.

Early in 2022, the Centre Manager secured permits and permission to rebuild the Horstead Community Staithe and negotiated a land-use agreement with the Horstead Poors' Land Trust for the construction of a second Staithe, (this for the exclusive use of the Horstead Centre) further upstream. During the summer, the Horstead Centre's team replaced the old Community Staithe with a significantly improved platform. Work on the second staithe began in Autumn 2022 and will be completed by March 2023. The £5000 of reserves originally designated to these tasks was bolstered by a £2,000 donation from The Red House Youth Trust. The Horstead Centre also received donated materials from a local aggregate quarry, owned by Longwater Gravel.

In October, the Horstead Centre collaborated with the Broads Authority to deliver a "Big Green Day" in participation with the national "Big Green Week". The day comprised canoeing, habitat creation, conservation, and exploration. It was well attended and feedback was overwhelmingly positive. This new provision complements the Centre's aspirations to create more opportunities for local families to engage more with their local community and with their natural environment.

In November 2022, the Horstead Centre passed its bi-annual Learning Outside the Classroom (LOtC) inspection. The Centre has therefore retained both its LOtC and Adventure Mark accreditations and was particularly complimented in areas of overall safety, quality of delivery and record keeping.

The Horstead Centre continues to celebrate its affiliation with the Church of England Diocese of Norwich. In 2022 the Board of Trustees was further strengthened by the addition of Diocesan Secretary, Tim Sweeting.

The Horstead Centre also records its gratitude for the subsidy received from the Diocese of Norwich Board of Finance, in the form of an annual rent grant. This grant supports the Centre's ability to invest in the continued delivery and development of high-quality provision at an affordable price. This support has also strengthened the Centre's resilience when faced with the recent challenges of COVID-19 and rapid inflation.

Lastly, 2022 represents the final full year that the Horstead Centre's Finance Officer, Elaine Cissell, has managed the accounts. This report is a suitable place to put on permanent record the heartfelt gratitude of the Horstead Centre's team and Trustees for her 40 years of dedicated service to the charity, each one of which has been delivered with the utmost professionalism, the highest standards and with caring, good humour.

- 3 -

The Horstead Centre

Trustees' annual report (continued)

Year ended 31 December 2022

Financial review

The general fund produced a deficit of £4,440 (2021: deficit of £44,697) before transfers to and from designated funds as set out in note 20. The net decrease in total funds for the year amounted to £16,793 as shown on page 8 (2021: £45,197).

Reserves Policy

The charity currently holds £393,618 (2021: £422,350) in reserves. Of these reserves, £392,710 (2021:£421,172) is held within unrestricted funds and £908 (2021: £1,178) 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 2022 amounting to £129,437 (2021: £127,989).

Designated funds, all of which are held for specific purposes, are summarised in note 20. Free designated funds amounted to £31,060 at 31 December 2022 (2021: £43,143).

The surplus free reserves are being held against opportunities arising at short notice for acquiring and improving land and assets adjacent to the Centre.

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.

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The Horstead Centre

Trustees' annual report (continued)

Year ended 31 December 2022

Plans for future periods

The Horstead Centre still has the capacity to undertake more bookings in the winter months, school holidays and during evenings and weekends. The management will continue efforts to increase bookings from Primary schools through targeted promotions and improved marketing.

The Management will simultaneously explore grants, funds and partnerships which have the potential to broaden the reach of the Centre's Mission for children and young people, whilst also improving the Centre's ability to engage people in a positive and sustainable way with their community and with their local natural environment.

The Horstead Centre will continue its holiday provision through the Holiday Activity and Food (HAF) program. This funding is likely to continue into 2024 but the Management will begin to look at how the Horstead Centre can sustain this valuable work further into the future.

The Trustees have approved a new budget for 2023, based on the healthy calendar of bookings secured for this year and the predicted income from these bookings. At the point of writing, bookings for 2023 are steady all year around, with a fully booked period between March and August. The Horstead Centre is budgeting to make a small surplus in 2023.

By applying a 10% price increase to 2023 bookings, the Horstead Centre has taken a necessary step in counteracting the continuing financial risks imposed by rapid inflation. Further measures in 2023 will include the stricter application of the Centre's existing cancellation policy and clearer communication with our guests regarding their liabilities for any cancellation or reduction in booked numbers. Costs in all areas continue to rise and these will be carefully monitored and considered when setting prices and policies into 2024. These decisions are not made lightly or with enthusiasm but are essential to safeguard the long term sustainability of the Centre.

The Horstead Centre will continue to improve its environmental sustainability and reduce its own carbon footprint over the coming years. The Centre's Environmental Sustainability Plan will be published in 2023. This will set out the Centre's existing environmental sustainability efforts alongside its plans to improve in all areas of our provision and delivery, and how we will aim to reach carbon neutrality. Through the implementation of this plan, the Centre aims to better live up to the expectations of our young guests and play our part in responding to the climate emergency we all face, at the same time as reducing our costs and setting a stronger example within our sector and local community. Specific improvements in 2023 will include the creation of a new Outdoor Classroom, and the creation of an on-site allotment area.

Despite rapidly increasing costs, the management and Trustees intend to prioritise continued investment in the Centre, its fabric, staff, environmental sustainability, and its resources. To achieve this in an increasingly challenging financial environment the management will also look to available grants and funds which may be able to support new ideas and environmentally conscious investments.

The Trustees and Centre 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.

- 5 -

The Horstead Centre

Trustees' annual report (continued)

Year ended 31 December 2022

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:

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:

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.

- 6 -

The Horstead Centre

Trustees' annual report (continued)

Year ended 31 December 2022

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 21 July 2023 and signed on behalf of the board of trustees by:

Mr C Lawrence Chairman

- 7 -

The Horstead Centre

Independent examiner's report to the trustees of The Horstead Centre

Year ended 31 December 2022

I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 December 2022 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

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. 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.

- 8 -

The Horstead Centre

Independent examiner's report to the trustees of The Horstead Centre (continued)

Year ended 31 December 2022

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

26 July 2023

- 9 -

The Horstead Centre

Statement of financial activities

Year ended 31 December 2022

Notes
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income
Expenditure on:
Raising funds
9
Charitable activities
10
Total expenditure
Net expenditure
Transfers between funds
Net movement in funds for
the period
Reconciliation of funds:
Total funds brought forward
Prior year adjustment
Total funds brought forward as restated
Total funds carried forward


General
Designated
Restricted
Total
Total
Fund
Funds
Funds
2022
2021
£
£
£
£
£
24,201
4,000
-
28,201
44,641
272,634
-
-
272,634
139,853
4,391
-
-
4,391
2,206
1,700
-
-
1,700
739
-
-
-
-
46,529
302,926
4,000
-
306,926
233,968
(1,906)
-
-
(1,906)
(1,021)
(305,460)
(16,083)
(270) (321,813) (278,144)
(307,366)
(16,083)
(270) (323,719) (279,165)
(4,440)
(12,083)
(270)
(16,793)
(45,197)
-
-
-
-
-
(4,440)
(12,083)
(270)
(16,793)
(45,197)
366,090
43,143
1,178
410,411
467,547
-
-
-
-
(11,939)
366,090
43,143
1,178
410,411
455,608
361,650
31,060
908
393,618
410,411

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 12 to 22 form part of these financial statements

-10-

The Horstead Centre

Balance sheet

Year ended 31 December 2022

Notes
Fixed assets
Tangible assets
15
Current assets
Stock
16
Debtors
17
Cash at bank and in hand
Liabilities
Creditors: amounts falling
due within one year
18

Net current assets
Total assets less current liabilities
Net assets
The funds of the charity
Restricted Funds
Unrestricted Funds
Designated Funds
General Fund
Total charity funds
20
General
Designated
Restricted
Total
Total
Fund
Funds
Funds
2022
2021
£
£
£
£
£
232,213
-
-
232,213
250,040
5,223
-
-
5,223
3,080
11,401
-
-
11,401
12,379
156,878
31,060
908
188,846
192,585
173,502
31,060
908
205,470
208,044
(44,065)
-
-
(44,065)
(35,734)
129,437
31,060
908
161,405
172,310
361,650
31,060
908
393,618
422,350
361,650
31,060
908
393,618
422,350
-
-
908
908
1,178
-
31,060
-
31,060
43,143
361,650
-
-
361,650
378,029
361,650
31,060
908
393,618
422,350

These financial statements were approved by the Trustees and authorised for issue on 21 July 2022 and are signed on their behalf by:

Mr C Lawrence Chairman

The notes on pages 11 to 21 form part of these financial statements

-11-

The Horstead Centre

Notes to the financial statements

Year ended 31 December 2022

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.

- 12 -

The Horstead Centre

Notes to the financial statements (continued)

Year ended 31 December 2022

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:

(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:

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) 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.

- 13 -

The Horstead Centre

Notes to the financial statements (continued)

Year ended 31 December 2022

3. Accounting policies (continued)

(g) 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

(h) 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.

(i) 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.

(j) 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.

(k) 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.

(l) 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 2022 Funds 2021
(restated)
£ £ £ £
Donations
Rent of Centre - Gift in kind 18,000 18,000 18,000 18,000
Other donations and grants 10,201 10,201 584 584
Local authority coronavirus support – – 26,057 26,057
ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ
28,201 28,201 44,641 44,641
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶

- 14 -

The Horstead Centre

Notes to the financial statements (continued)

Year ended 31 December 2022

5. Charitable activities

Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
(restated)
£ £ £ £
Residential income 145,215 145,215 61,911 61,911
Self catering and day hire 1,292 1,292 165 165
Activities income 126,127 126,127 77,777 77,777
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
272,634 272,634 139,853 139,853
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
6. Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
(restated)
£ £ £ £
Sale of goods 4,391 4,391 2,206 2,206
৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶
7. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
(restated)
£ £ £ £
Bank interest receivable 2,973 2,973 739 739
৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶
8. Other income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
(restated)
£ £ £ £
Furlough income – – 46,529 46,529
৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶
9. Costs of other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2022 Funds 2021
(restated)
£ £ £ £
Fundraising trading - Costs of goods sold
and other costs 1,906 1,906 1,021 1,021
৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶

- 15 -

The Horstead Centre

Notes to the financial statements (continued)

Year ended 31 December 2022

10. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Wages and salaries 192,476 – 192,476
Pension costs 10,033 – 10,033
Provisions and consumables 21,273 – 21,273
Motor and travel expenses 1,703 – 1,703
Laundry and cleaning 1,963 – 1,963
Light and heat 7,354 – 7,354
Rent 18,000 – 18,000
Rates 2,188 – 2,188
Insurance 6,623 – 6,623
Printing, postage and stationery 565 – 565
Advertising 1,447 – 1,447
Telephone 1,740 – 1,740
Maintenance 25,974 270 26,244
Staff expenses and training 2,724 – 2,724
Professional fees 4,994 – 4,994
General expenses 2,452 – 2,452
Depreciation 17,827 – 17,827
Governance costs 3,480 – 3,480
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
322,816 270 323,086
৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Unrestricted Restricted Total Funds
Funds Funds 2021
(restated)
£ £ £
Wages and salaries 186,457 – 186,457
Pension costs 6,498 – 6,498
Provisions and consumables 8,201 – 8,201
Motor and travel expenses 1,124 – 1,124
Laundry and cleaning 1,029 – 1,029
Light and heat 6,196 – 6,196
Rent 18,000 – 18,000
Rates 1,825 – 1,825
Insurance 4,696 – 4,696
Printing, postage and stationery 376 – 376
Advertising 1,014 – 1,014
Telephone 2,151 – 2,151
Maintenance 5,235 – 5,235
Staff expenses and training 3,161 – 3,161
Professional fees 5,715 – 5,715
General expenses 1,363 – 1,363
Depreciation 21,883 – 21,883
Governance costs 3,220 – 3,220
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
278,144 – 278,144
৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶৶৶

- 16 -

The Horstead Centre

Notes to the financial statements (continued)

Year ended 31 December 2022

11. Analysis of governance costs

Governance
costs Total 2022 Total 2021
£ £ £
Independent examination fees 3,480 3,480 3,220
৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶
12. Net expenditure
Net expenditure is stated after charging/(crediting):
2022 2021
(restated)
£ £
Depreciation of tangible fixed assets 17,827 21,883
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2022 2021
(restated)
£ £
Wages and salaries 185,491 179,231
Social security costs 6,985 7,226
Employer contributions to pension plans 10,033 6,498
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
202,509
৶৶৶৶৶৶৶৶৶		 192,955
৶৶৶৶৶৶৶৶৶

The average head count of employees during the year was 15 (2021: 15). The average number of fulltime equivalent employees during the year is analysed as follows:

2022 2021
No. No.
Administration - part-time 3 3
Direct - full-time 6 6
Direct - part-time (full-time equivalent) 6 6
ৄৄৄৄ ৄৄৄৄ
15 15
৶৶৶৶ ৶৶৶৶

No employee received employee benefits of more than £60,000 during the year (2021: Nil).

14. Trustee remuneration and expenses

The Trustees received no remuneration or expenses from the charity during the year.

- 17 -

Notes to the financial statements (continued)

The Horstead Centre

Year ended 31 December 2022

15. Tangible fixed assets

Improve-
ments to
Leasehold Motor
Property vehicles Equipment Total
£ £ £ £
Cost
At 1 January 2022 (as restated) and
31 December 2022 510,336 6,553 189,962 706,851
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Depreciation
At 1 January 2022 266,692 6,553 183,566 456,811
Charge for the year 11,431 – 6,396 17,827
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
At 31 December 2022 278,123 6,553 189,962 474,638
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Carrying amount
At 31 December 2022 232,213 – – 232,213
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
At 31 December 2021 243,644 – 6,396 250,040
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶
16. Stocks
2022 2021
(restated)
£ £
Raw materials and consumables 5,223 3,080
৶৶৶৶৶৶ ৶৶৶৶৶৶
Analysed as:
2022 2021
£ £
Provisions 1,736 1,304
Souvenirs and other goods for resale 3,487 1,776
ৄৄৄৄৄৄ ৄৄৄৄৄৄ
5,223 3,080
৶৶৶৶৶৶ ৶৶৶৶৶৶
17. Debtors
2022 2021
(restated)
£ £
Trade debtors 5,638 9,787
Prepayments and accrued income 5,738 2,592
Other debtors 25 –
ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ
11,401 12,379
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶

- 18 -

The Horstead Centre

Notes to the financial statements (continued)

Year ended 31 December 2022

18. Creditors: Amounts falling due within one year

2022 2021
(restated)
£ £
Accruals and deferred income 18,720 16,877
Social security and other taxes 4,625 5,165
Deposits in advance 14,145 15,650
Other creditors 6,575 9,981
ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ
44,065 47,673
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶

Deferred income

Deposits in advance income comprises the advance receipt of income in respect of accommodation bookings:

2022 2021
£ £
Balance as at 1 January 15,650 13,900
Amount released to income (15,650) (13,900)
Amount deferred in year 14,145 15,650
ৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄ
Balance at 31 December 14,145 15,650
৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶

19. 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 £10,033 (2021: £6,498).

- 19 -

The Horstead Centre

Notes to the financial statements (continued)

Year ended 31 December 2022

20. Analysis of charitable funds

Unrestricted funds

Year ended 31 December 2022

At 31
At 1 January December
2022 Restated Income Expenditure Transfers 2022
£ £ £ £ £
General funds 366,090 302,926 (307,366) – 361,650
Equipment Reserve 2,169 – (2,130) – 39
Centre Manager's
Discretion Fund 8,478 2,000 – – 10,478
Fabric Fund 29,621 2,000 (13,953) – 17,668
50th Anniversary Fund 2,875 – – – 2,875
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
409,233 306,926 (323,449) – 392,710
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Year ended 31 December 2021
At 31
December
At 1 January 2021
2021 Restated Income Expenditure Transfers Restated
£ £ £ £ £
General funds 410,787 233,968 (278,665) – 366,090
Equipment Reserve 2,169 – – – 2,169
Centre Manager's
Discretion Fund 8,689 – (229) 18 8,478
Fabric Fund 29,621 – – – 29,621
50th Anniversary Fund 3,146 – (271) – 2,875
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
454,412 233,968 (279,165) 18 409,233
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶৶৶

The designated Equipment Reserve exists to provide for equipment purchases.

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 2022

At 31
At 1 January December
2022 Income Expenditure Transfers 2022
£ £ £ £ £
Equipment Reserve 1,178
৶৶৶৶৶৶		 –
৶৶৶৶		 (270)
৶৶৶৶		 –
৶৶৶৶		 908
৶৶৶৶

- 20 -

The Horstead Centre

Notes to the financial statements (continued)

Year ended 31 December 2022

Analysis of charitable funds (continued)

Year ended 31 December 2021

At 31
At 1 January December
2021 Income Expenditure Transfers 2021
£ £ £ £ £
Development Fund 18 – – (18) –
Equipment Reserve 1,178 – – – 1,178
ৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄ
1,196 – – (18) 1,178
৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶

The restricted Equipment Reserve represents external funding towards various projects.

21. Analysis of net assets between funds

Year ended 31 December 2022

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Tangible assets 232,213 – 232,213
Current assets 204,562 908 205,470
Creditors less than 1 year (44,065) – (44,065)
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Net assets 392,710 908 393,618
৶৶৶৶৶৶৶৶৶ ৶৶৶৶ ৶৶৶৶৶৶৶৶৶
Year ended 31 December 2021
Total Funds
Unrestricted Restricted 2021
Funds Funds Restated
£ £ £
Tangible assets 250,040 – 250,040
Current assets 206,866 1,178 208,044
Creditors less than 1 year (47,673) – (47,673)
ৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄ
Net assets 409,233 1,178 410,411
৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶

22. 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).

- 21 -

The Horstead Centre

Notes to the financial statements (continued)

Year ended 31 December 2022

23. Prior period adjustment

During the year an underpayment of emmployer's pension contributions over a number of years was identified, and this was paid over after the year end. As at 31 December 2022 the total amount accrued was £14,474. However £11,939 of this amount related to pre December 2021, and so a prior period adjustment has been made to reflect this.

The prior year financial statements have been restated to correct the following: restated to correct the following:
As previously Prior year
reported adjustment Restated
£ £ £
Statement of financial position
General reserve brought forward 421,172 (11,939) 409,233
Creditors less than 1 year (35,734) (11,939) (47,673)

- 22 -