CHARITY REGISTRATION NUMBER: 303986 The Horstead Centre Unaudited financial statements 31 December 2024
The Horstead Centre Financlal statements Year ended 31 December 2024 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial aclivities Balance sheet 10 Notes to the financial statements 11
The Horstead Centre Trustees, annual report Year ended 31 December 2024 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance wilh the accounting policies set out in notes lo the accounts and comply with the charily's governing documenl. Ihe Charities Act 2011 and Accounting and Reporting by Charities= Slatemenl of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicablè in the UK and Republic of Ireland published in October 2019. Reference and administratlve detalls Reglstered Charity name The Horstead Centre Charlty reglstrallon number 303986 Princlpal office The Horstead Centre Horstead Nomich NR12 7EP The Iruslees The Irustees who seNed during the year and at the date of approval were as follows: Mr C Lawrence (Chair - resigned 29 March 2025) Mr A Yuill (Chair from 29 March 20251 Rev M Gapron Mr P Dunning Mrs J K Elliott-Hunter Mrs C Fleming Mrs K Hirst Mrs K Sims Mrs C Rees (resigned 29 March 2025) Mr J Richardson Mr T Sweeting Cuslodian trustee NOlCh Diocesan Board of Finance Limiled Centre manager William Mills Independent examiner M Proclor FCA DChA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park NOlCh NR7 OLB Bankers Barclays Bank PIC 5-7 Red Lion Slreet NOlCh Norfolk NR1 3QH
The Horstead Centre Trustees, annual report (¢ontlnued1 Year ended 31 December 2024 Objeclives and activilles The objective (Mission Statement) of the Trusl 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 seNice. care and experience within a safe residential environment. Achievements and performance The Horstead Centre continues to celebrate its specialism as a provider of high-quality, residential and outdoor experiences, principally for primary school-aged children. During school holidays Ihe Centre has increased its delivery of bespoke, targeted provision for children and young people, w01ng with more teenagers than in previous years. In 2024 this targeted provision included the delivery of residentials and activity days for young carers. relugees and asylum seekers and those from less affluent backgrounds. Much ot this holiday provision is funded through various small grants and local authority inilialives. which togelher have provided over £20,000 of valuable opportunities in 2024. In addition to targeted holiday provislon for children and young people, Ihe. Horstead Centre hosted 3 Community Activity Days in collaboration with the Horstead PCC, Parish Council and the Broads Authority. These events aim lo strengthen the bonds between local community, families, and the natural environment. They have proved very popular, with 525 people enjoying the activities, social history displays, talks and crafts on offer. The Horstead Centre and its partners were delighled lo win the Pride in Place Award at the Broadland Community at Heart Awards for this provision. The management will woth lo secure further investment in these valuable"OPFJOrtunities in 2025. Feedback Irom guesls visiting the Centre for all iypes of provision has been ovehelMlngIY positive in 2024. Visitors report Ihat they value the flexible, welcoming, patient and kind approach Ihat is practised at Horstead and average scores in all areas are above 9110. The Trustees acknowledge the hard wo, dedication and commitment of all of the staff team thal leads to this oulstanding pertormance and thank Ihem for all Iheir efforts through what has not been an easy year. The Cenlre is truly blessed 40 have stjch a team in place. The Trusl reporis a General Fund net surplus of £30,463 as detailed in the accounts. This surplus is in excess of that which was forecast. The reasons for this improved financial position can be linked lo main lactors: Ihe firsl is Ihat, in 2024, the Centre received more bookings than anticipated in the latter half of the year. Some of these were linked lo ongoing collaboralions with Ihe Broads Authority and their work with schools in deprived areas of the ¢ounty- Se¢ondly, the Centre operated for a significant period wilh fewer staff than planned, leading to some savings againsl direcl wages. The Charliy continues lo apply price increases carelully and with transparency, so that it can meot th8 challenges caused by continuing inflalion of its costs, whilst remaining an affordable and attractive prospect for ils valued guesls. Conlinued healthy bookings and a high proportion of repeat custom indicate that this balance is being well maintained. Furthermore the £351.114 revenue received through Charilable A¢livities in Ihe year Icornpared to £308,887 in 2023} shows a stable demand for the Centre's services and continued sustained recovery from the forced shutdowns through covid in the early years of the decade. This is further evidenced by the continuing high numbers of bookings throughout the season in 2025. The level of the General Reserves at Ihe end of the year, at £403,613, is such Ihat the Trustees are confident Ihat Ihe Cenlre's operations will conlinue to be suslainable.
The Horstead Centre Trustees, annual report (continued) Year ended 31 December 2024 Achievements and pertormance (¢onlinu6d) In early 2024, the management and board of Truslees decided lo recruit to expand the Cenlre's team, with the intention of introducing more flexibility and greater capacity to deliver new work and to respond to potenlial funded provision. Regrettably, resignations laler in the year led lo a period of understaffing, posing a significant challenge to the remaining team, who must be praised for their resilience and professionalism. From September, new recruitment to Outdoor Instructor and Chef roles led to a period. of stability for the whole team. The new recruits have brought fresh energy and ideas to their respective operations. The Horstead Centre conlinues to celebrale ils affiliation with the Diocese of Norwich and gives thanks for their support. The Horstead Centre also records its gratitude for the subsidy received from the NOlCh Diocesan Board of Finance, in the form of an annual rent grant. This conlinues to slrengthen our resilience and helps us to pursue the principles of our mission slalement. Financlal revlew The general fund produced a surplus 01 £30,463 (2023: £9,770) before transfers of £1,730 from designaled lunds as set out in note 20. The net increase in lolal funds for Ihe year amounted to £27,052 as shown on page 912023: £8,716). Reserves Pollcy The charily currently holds £429.386 {2023: £402,334) in reserves. Of these reseNes. £426.739 12023: £400.4801 is held within unreslricted funds and £1,64712023= £1,854) within reslri¢led funds. Ihese are summarised in note 20. It Is the policy of Ihe Truslees lo relain sufficient free general fund unrestricted reserves lo support the cosls of running the Horslead Centre for at least a six-month period, which amounts to approximately £170,000. Funds surplus to this policy requirements are reinvested in the Cenlre's operations, equipment and assels or accumulated in reseNes allocated for the same purposes in future. As at 31 December 2024. the charity held free general fund unrestricted reseNes of £184,170 (2023= £148,887). which is slightly above Ihe target. The excess will be applied to the charity's charilable purposes. Designated lunds, all ot which are held for specific purposes, ara summarised in not8 20. Free designated funds amounted to £24,127 at 31 December 2024 (2023.. £29,061). Prlncipal Funding Sources The principal funding source of the chariiy is from charges made for the provision of indoor and outdoor learning facilities for children and young people within Ihe Diocese through the operation of a residential and activily centre. Investmenl 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 ¢onlinue to consider higher yielding allernalives where appropriate, and during 2022 the Trustees decided to place part of the sum held at CBF inlo an alternative account with Cambridge and Counties, securing an improved rate of interest.
The Horstead Centre Trustees. annual report (contlnued) Year ended 31 December 2024 Plans for future periods In 2024, the Trustees approved a new 3-year slralegy. This stralegy priorilises financial growth as we continue lo recover from the very difficLflt 'covid years,, and further investment in the Centre and its offer. Furthermore, this strategy prioritises the slrenglhening of the Horslead Centre's posilion and reputation within ils local community and the provision of new opportunities for those who experience barriers lo acSsIng positive opportunities in the ouldoors. In 2025, the board of Tnjstees will consider a new Environmental Sustainability Strategy and Carbon Reduction Plan which will SUPF)Ort the Charily to reduce its carbon footprint and explore other ways lo reduce waste and improve energy efflcien¢y. Led by ihe recommendations of the Carbon Reduction Plan, the management will explore ways to monitor and to reduce the Centre's carbon footprint. bringing il closer lo an aspiralion of nel zero. Investment in new inlraslruclure {like solar energy generation} will be considered, as will available match-funding which could help to subsidise ils installation. The Horstead Centre remalns mindful of the financial pressures faced by our paying guests and wlll continue to seek ways to ensure thal these eXperIenS are both affordable and accessible. Central to these efforts will be Ihe application of conscienlious pricing, reasonable poli$ and a customer-locussed approach. As part of continuing efforts to broaden the reach of the Centre's Mission, management will explore grants, funds and partnerships which have Ihe potential to reach new and underrepresented audiences whilst also maximising the use of the Centre's available capacity. The managemenl will also explore grants that can bolsler the Manager's Discretionary Fund reserve, which is earmarked for the support of groups and individuals who would otherwise struggle to afford lo send their children on a scheduled visit. The funding available for Norfolk County Council's "Holiday Activity and Food Programme. activily days for young people in school holidays is likely to draw to a close after 2024. The Horstead Centre will explore ways lo continue to offer high-qualily sumrner provision both through funded provision and by offering direct-access opportunities to local families. The Trustees have approved a new budget for 2025. based on th8 healthy calendar of bookings secured already, and on the predlcled income from Ihese bookings. At the point of writing, bookings for 2025 are steady all year around, with a fully booked period between February and ALtgust. The Horstead Centr& has budgeted to lund some significanl inveslmenl in new a¢tivity equipment. upholstery, and maintenance, whilsl still returning a small surplus. It is vital that the Cenlre Continues lo invest and improve its offering. The Centre's management and Board are aware of developing risks to bookings and income from falling class sizes and from the increased number of children unwilling to stay away on residentials (which, sadly, appears to be a lasling effect of the lockdown era). When budgeling. careful consideration has been given to balance prudent cost management with the need lo conlinually invesl in people, place and provision. Furthermore. the management will continue to prioritise the development of new business and lo improve Ihe use of all spare capacity. The Trustees and Centre Manager will continue to make decisions which reflect the financial situation of the Centre, the prospecls for new business, and the best interests of ils staff.
The Horstead Centre Trustees, annual report {coDllnu8dJ Year ended 31 December 2024 structUM* govomance 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 {règistratlDn number 303988) 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, Recruilment and appolnlment of Trustees The body of Trustees consists of a maximum of 12 persons being 2 eX1ClO Trustees. 4 nominated Trustees and 6 opted Trustees. The ex-officio Trustees are The Director of Education for the Dlocese 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 NoTh¥lch Dlocesan Bishop's Council appoints Trustees Each appointment 5h811 be made for a term of four years at a meeting convened and held according io the ordinary practice of the appointing body. This person may be, but need not be, a member of the appointing body. COPled Trustees shall be persons who through resldence, occupatlon, employment or otheNise have special knowledge of the area of benefit or Miho are otherwisé able by virtue of their personal or professional qualifications to make a Contribution to the pursuit of the objeds or management of Ihe charity. They shall be appointed for a temi of five years by a resolution of the Trustees, passed at a special meeting of which not less than 21 days notice has bean given. Tru5tae Indu¢tion and Trainlng All Trustees a provided with coples 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 additlon Twstees are encouraged lo read Charity Commission and other newsletters and to allend courses designed to keep them abrèast of their duties and responsibilities. Rlsk Management A sub-commtttee of the Trustees has identified the major. risks to which the charity is exposed and systems have been estsblished lo mitigate those risks. These risks are reviewed annually. Organlsatlonal structure The Trustees are legally responslble for the overall management and conlrol of the Cenlre and meet four limes a year. Thé operatlonal manag6ment of the Centre is the responsibility of the Centre Manager, who reports to the Trustees. Draft Ac¢ounts 10:04 on 16 July 2025
The Horstead Centre Trustses, annual report {conllnuedJ Year ended 31 December 2024 Structurei governance and management (contlnued) Publlc Benèfft The Trustees of The Horstead Centre have had due regard to the Charity Commlssion's guldance on publ1¢ benefit. Tha Horstead Centre is a residential outdoor education cèntre worklng with a wide range of local school and community groups. The actlve leaming wg provide, which utilises our local environment including the Norfolk Broads, can be som& of the most memorable learning experiences for the children and young people who stsy with us. Our guests experience the world beyond the classroom as an essential part of leaming and personal development, whatever Ihelr age. ability or circumstsnce. Working in in partnership with s¢hool 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, Conn•ctsd Charfty The Horstead Centre has a working relationship with NoTwich 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 dose links with $¢hools across the Dioc858. True and falr overrlde The financial slalements have been prepared to give a Irue and fail wew and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a Irue and fair ew,. Thls departu has Involved following the Accounting and Reporting by Charities: Statement of Recommended PTactlce applicable to chartties preparing their accounts In accordance wilh the Financial Reportlng Standard appllcable 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 slnce been withdrawn. Independent examlner A resolutlon to reappolnt Mark Proctor of Lovewell Blake LLP as Independent examlner for the ensulng year will be proposed at the Annual.General Meeting. The trustees, annual report was approved on trusteès by: 2045 and slgned on behalf of the board of Mr A Yulll Chair Draft Accounts 10:04 on 16 Juty 2025
The Horstead Centre Independent examiner's report to the trustees of The Horstead Centre Year ended 31 December 2024 I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet and the related notes. Responsibilities and basis ot report As the charills trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 I'the Acl,). I report in respect of my examination of the charity's linancial statements carried out under seclion 145 of the Acl and in carrying out my examination I have followed all the applicable Directions given by ihe Charity Commission under section 145(51{bl of the Act. Indep8nd8nt 8xaminer's statement Since the charity's gross income exceeded £250,000 your examlner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the èxamination because l am a member of the Inslitute of Chartered Accounlants in England and Wales IICAEWI, which is one of thè listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection wth the examination giving me cause to believe that in any material respect.. accounting records were nol kepl in respect of the charity as required by section 130 of the Act., or the financial statements do not accord with Ihose records. or the financial slatements do not comply wilh Ihe applicable requirements conceming the form and content of accounts sel out in the Charilies (Accounts and Reports) Regulations 2008 other than any requiremenl thal the accounts give a 'true and fair, view which is not a malter considered as part of an independent examination.
The Horstead Centre Independent examiner's report to the trustees of The Horstead Centre (contlnu6d) Year ended 31 December 2024 I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Your attention is drawn to the fa¢t Ihat the Charity has prepared the accounts (financial stalemenlsl in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pratce applicable lo charities preparing Iheir accounls in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charilies.. Slatement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has slnce beèn wilhdrawn. l understand Ihat this has been done in order for the accounts to provide a Irue and fair view in accordance with Ihe Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. M Proctor FCA DChA Independenl Examiner Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park NOlCh NR7 OLB 6 August 2025
The Horstead Centre statement of financial actlvltles Year ended 31 December 2024 Notes General Fund Designated Funds Restrlcted Funds Total 2024 Total 2023 Income from: Donations and legacies Charitable activities Other trading activlttes Investments other income 40,245 351,114 4,740 5,845 300 40,245 28.099 351,114 308,887 4.740 5,882 5.845 3.636 Total Income 40 402 244 349 204 Exp8ndttura on: Raising fvnds Chariiable activities (3,817) 367 964 (3.817) {3,604) 336 884 10 Total expenditure 371781 207 375192 488 Not Income l (expgnditure 30,463 {3.204) {207) 27.052 8,716 Trdnsfers between funds 730 Net movement In funds for the period 32.193 (4,934) (207) 27,052 8,716 Reconciliation of funds: Total funds brought forward 371.420 29.060 1,854 402.334 393.618 Total funds ¢arrièd forward The statement of financial activities Includes all gains and losses recognlsed In the year. All Income and expenditure derive from continuing activities. The note5 on pages 11 to 21 forni part of these flnanclal statsments
The Horstead Centre Balance sheet Y8ar ended 31 December 2024 Notes General Fund Deslgnated Restricted Funds Funds Totsl 2024 Total 2023 Flxed assets Tangible assets 15 219.442 219,442 222,533 Current assets stock Debtors Cash at bank and in hand 16 17 4,194 10,400 4.194 10,400 219 118 2.638 22,551 207,938 24,127 1,647 233,712 213,774 Llabilltles Creditors: amounts falling due within one year 18 768 Net current as80ts 17 127 Total assets less current Ilabllftles 403 612 127 Net assets The funds of the charfty Restricted Funds Unrestricted Funds Designated Funds General Fund 1,647 1,647 1,854 24,126 24,126 29,061 371419 403613 Total charity funds 20 These financial statements were approved by the Trustees and authori8ed.for issue on i their behalf by- 18/20 and are signed on Mr A Yulll Chair The notes on pages 11 to 21 forni part of these flnanclal $tatsments -10-
The Horstead Centre Notes to the financial statements Year ended 31 December 2024 General informallon The charity is a registered chariiy in England and Wales and is unincorporaled. The address of the principal off ice is The Horstead Centre, Horstead, Nomich, NR12 7EP. Slalement of compllance The charity conslitutes a public benefil enlity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. Ihe Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally Accepted Accounting Praclice. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charilies (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'tnJe and fair view,. This departure has involved following Ihe Accounting and Reporting by Charities: Statemenl 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 ol Recommended Practice effective from 1 April 2005 which has since been withdrawn. Accounllng policies (a) Basls of preparalion The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain items al lair value. The financial statements are prepared in sterling. which is the functional currency of the entity, and rounded to the nearest £. (b) Golng concern The financial slalements have been prepared on a going concern basis as the Irustees 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 Ihese financial statements. The budgeted income and expenditure is sufficienl with the level of reserves for Ihe charity to be able to continue as a going concern. (c) Fund accounting Unreslricled funds are available for usa at the discrelion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the truslees for particular future project or commitmenl. Restrided funds are subjected to restrictions on their expenditure declared by ihe donor or through the terms of an appeal, and fall into one of sub-classes.. restricted income funds or endowment funds. 11
The Horstead Centre Notes to the financial statements (continued) Year ended 31 December 2024 Accounling pollcles (conilnued) (d) Income All income is included in the Stal8menl of Financial Activities when entitlement has passed to the charity. it is probable that the economic benefits associaled wilh the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories ol income- income from donations or grants is recognised when Ihere is ewdence of entitlement lo 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 Ihis is impracli¢al lo measure reliably, in which case the value is derived from the cost to the donor or the eslimated 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 conlribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of Ihe contracted seNice. This is classified as unreslricted funds unless there is a contractual requiremenl for it lo be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. (e) Expendllure Expenditure is recognised on an accruals basis as a liability Is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classilied under headings of the slatemenl of financial activyties to which it relates.. expenditure on ralsing funds includes the costs of all fundraising aclivllies, evenls, non.charTrtable trading aclivilies. and the sale of donaled goods. expenditure on charitable activilies includes all cosls incurred by a charity in undertaking activities that further ils charitable aims for the benefit of ils beneficiaries, including those support costs and costs relating to the governance ol the charity apportioned lo charitable activities.- other expenditure includes all expenditure that is neither related to raising funds for Ihe charity nor part of ils expenditure on charitable activities. All costs are allocated to expenditure categories relIeIng ihe use of lh8 r8source. Direct costs attributable lo a single activity are allocated directly lo Ihal aclivity. Shared costs are apportioned between the aclivities they contribute to on a reasonable, juslifiable and consistent basis. (l) Tangible assets Tangible assets are initially recorded at cost, and subsequently slated al cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the lair value al Ihe date ol revalualion less any subsequent accumulated depreciation and subsequent accumulaled impairment losses. 12-
The Horstead Centre Notes to the flnancial statements (conlinuad) Year ended 31 December 2024 Accountlng policies (contlnued) (g) Depreciation Depreciation is calculated so as to write off the cost or valuation of an assel, less its residual value, over the useful economic lifa of Ihat asset as follows: Improvemenls to leasehold property Motor vehicles Furniture and equipment Over period of lease (Abseil tower 5 /0 slraight line) 20 % straight line 20 % 133 % straight line {h) Stocks Stocks are measkjred al the lower ol 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 localion and condition. (l) Financial inslrumenls The charity only has financial assets and financial liabililies of a kind Ihat qualify as basic financial instruments. Basic financial instrumenls are initially recognised al transaction value and subsequently measured al their settlement value wilh the exception of bank loans which are subsequently measured al amortised Cost using the effective inlerest method. U) Defined conlributlon plans The Charity contributes to a Group Personal Pension Plan for certain employees and the contributions are ¢harges to the Statement of Financial Activities in the year of payment. (k) Deblors and credltors recelvable I payable wlthln one year Debtors and creditors with no staled interest rate and receivable or payable within one year are recorded at Iransaction price. Any losses arising from an impairmenl 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. Donations and legacles Unrestricled Total Funds Unrestricled Tolal Funds Funds 2024 Funds 2023 Donallons Rent of Centre Gift in kind Other donations and grants 18,000 22,245 18,000 22,245 18,000 10,099 18,000 10,099 40,245 40.245 28,099 28,099 13-
The Horstead Centre Notes to the flnancial statements (contlnued) Year ended 31 December 2024 Charitable acllvllles Unrestricled Tolal Funds Unrestricted Total Funds Funds 2024 Funds 2023 Residential income Self catering and day hire Aclivities income 192,270 17,555 141,289 192,270 17,555 141,289 164,911 13,096 130,880 164,911 13,096 130,880 308,887 351,114 351.114 308,887 Other tradlng actlvitles Unrestricted Total Funds Unreslricled Tolal Funds Funds 2024 Funds 2023 Sale of goods 4.740 4,740 5,882 5,882 Investment income Unrestricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interesl re1vable 5.845 5.845 3,636 3,636 Other Incom8 Unrestricted Total Funds Unreslricled Tolal Funds Funds 2024 Funds 2023 Insurance claim 300 300 2,700 2,700 Costs ot olher trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Fundraising trading - Costs of goods sold and other costs 3,817 3,817 3.604 3,604 14-
The Horstead Centre Notes to the financial statements (contlnued) Year ended 31 December 2024 10. Expendlture on charitable aclivilies by lund IyP8 Unreslricled Funds Restricted Total Funds Funds 2024 Wages and salaries Pension costs Provisions and consumables Motor and travel expenses Laundry and cleaning Light and heal Rent Rates Insurance Printing, postage and slalionery Advertising Telephone Maintenance Staff expenses and training Professional lees General expenses Depreciation Governance costs 222,810 11,990 23,867 455 3,121 14,925 18,000 12,113 5,741 596 1,607 2.359 26.299 3,992 6.083 2,129 11.111 3,970 222,810 11,990 24,074 455 3,121 14,925 18,000. 12,113 5,741 596 1,607 2,359 26.299 3,992 6,083 2.129 11.111 3.970 207 371,168 207 371,375 Unrestricted Funds Restricted Total Funds Funds 2023 Wages and salaries Pension costs Provisions and consumables molor.and travel expenses Laundry and cleaning Light and heal Rent Rates Insurance Printing, postage and slalionery Advertising Telephone Maintenance Slaff expenses and training Professional fees General expenses Depreciation Governance costs 187.400 20.152 22,154 1,646 2,170 13,310 18,000 11,703 10,485 441 1,639 2,241 13,985 3,462 11,163 2,033 9,680 4,166 187.400 ' 20,152 22,154 1,646 2,170 13,310 18,000 .11,703 10,485 441 1,639 2,241 15,039 3,462 11,163 2,033 9,680 4,166 1,054 335,830 1.054 336,884 15
The Horstead Centre Notes to the financlal statements (contlnued) Year ended 31 December 2024 11. Analysis of governance costs Governance costs Total 2024 Tolal 2023 Independent examinallon lees 4,166 4,166 3,480 12. Net Income Net income is stated after charging/lcrediting): 2024 2023 Depreciation of tangible fixed assets 11.111 9.680 13. Slaff ¢osls The total staff costs and employee benefits for the reporting period are andysed as follows: 2024 2023 Wages and salaries Social security Costs Employer contributions to pension plans 213,690 9,120 11,990 180,335 7,065 20,152 207,552 234,800 The average head count of employees during ihe year was 13 (2023= 13). The average number of full- time equivalent employees during the year is analysed as follows: 2024 2023 Adminislralion Dlrecl No employee received employee benefits of more than £60,000 during the year12023'. Nill. 14. Trustee r8mun8rallon and 8XP8nses The Trustees received no remuneration or expenses from the charity during the year. 16-
The Horstead Centre Notes to the financial statements (contlnued) Year ended 31 December 2024 15. Tanglble fixed assets Improve- ments to Leasehold Property Motor vehicl8S Equipment Total Cost At 1 January 2024 Additions 510,336 6,553 189,962 8,020 197,982 706,851 8.020 At 31 December 2024 510,336 6,553 714,871 Depreciation Al 1 January 2024 Charge for the year At 31 December 2024 287,803 9,680 297.483 6.553 189.962 1.431 484.318 11,111 495.429 6.553 191,393 Carrylng amount Al 31 December 2024 212.853 6,589 219.442 At 31 December 2023 222,533 222,533 16. Stocks 2024 2023 Raw malerials and consumables 4,194 2,638 Analysed as- 2022 2021 Provisions Souvenirs and other goods for resale 1,853 2.341 1,723 915 4.194 2,638 17. Debtors 2024 2023 Trade debtors Prepayments and accrued income 8,746 1,654 19.721 2,830 10,400 22,551 17-
The Horstead Centre Notes to the financlal statements (ContInu) Year ended 31 December 2024 18. Creditors: Amounts lalllng due withln on8 year 2024 2023 Trade creditors Accruals and deferred income Soclal security and other laxes Deposits in advance Other creditors 4,541 9.5QO 3,629 3,392 12.026 7,389 6,984 4,182 6,098 23,768 33.973 Deferr8d income Deposits in advance income comprises the advance receipl of income in respect of accommodallon bookings: 2024 2023 Balance as al 1 January Amount released to income Amount deferred in year Balance al 31 December 6,984 (6,9841 15,650 {15,650} 6,984 6,984 19. P8nslons and olher post retirement benefits Delined contributlon plans The amount recognised in income or expenditure as an expens8 in relation to defined contribution plans was £11,99012023: £20,152). 18-
The Horstead Centre Notes to the financlal statements (continu•d) Year ended 31 December 2024 20. Analysis of charilable funds Unrestricted funds Year ended 31 Decembér 2024 At31 December 2024 At 1 January 2024 Income Expendilure Transfers General funds Centre Manager's Discretion Fund Maintenance and Improvements- House and Grounds Activity Equipment and Improvements Environmental Sustainability Fund 371,420 402,244 {371,7811 1,730 403,613 3,060 3.060 14.000 13,204) {1,730) 9,066 8.000 8,000 4,000 400,480 4,000 427,739 402,244 (374.9851 Year ended 31 December 2023 A131 December 2023 At 1 January 2023 Income Expenditure Transfers General funds Equipment Reserve Cenlre Manager's Discretion Fund Fabric Fund Mainlenance and Improvem8nls - House and Grounds Activity Equipment and Improvements 50th Anniversary Fund Environmental Sustainability Fund 361,650. 39 349,204 {339.4341 371,420 {39} 10,478 17,668 17,4181 (17,6681 3.060 14,000 14.000 8.000 (2,875) 8,000 2.875 4,000 (2,000} 4,000 392,710 349,204 1339.4341 400.480 The designated Equipment ReseNe exisled to provide for equipment purchases. The Centre Manager's Discretion Fund has been setup from donations and collections received to provide or conlribule to the provision of residential training lor any young people who, in the opinion of the Trustees, would 6enefil from attending the Cenlre but, by reason of financial difficully, would be unable to provide the full fees Ihereol. The Fabric Fund existed as a reserve to provide for repairs to the buildings and premises. During 2023 Ihis was split into Iwo seperate designated funds, one for the house and grounds, and one for activiiy equipment. The Environmental Sustainability Fund was set up in 2023 as a reserve to provide for the ¢osls associated wilh the implemenlalion ol the Horstead Centre's environmental sustainabilily strategy and carbon reduction plan. The 50th Anniversary Fund existed as a reserve to provide for costs associated with the 501h anniversary celebralions. 19-
The Horstead Centre Notes to the financlal statements (contlnued) Year ended 31 December 2024 R8slricted funds Year ended 31 December 2024 At31 December 2024 At 1 January 2024 Income Expenditure Transfers Equipment Reserve Centre Managerfs Discretion Fund 754 {207) 547 1,100 1.100 1,854 12071 1,647 Analysis of charitable funds (conllnued) Year ended 31 December 2023 A131 December 2023 Al 1 January 2023 Income Expenditure Transfers Equipment ReseNe Cenlre Managels Discretion Fund 908. 11541 754 1900} (1,054) 2,000 1,100 908 2.000 1,854 The restricted Equipment Reserve represents external funding lowards various projects. The restricted Centre Manager's Discretion fund represents external funding towards vaflous projects. -20-
The Horstead Centre Notes to the financial statements (contlnued) Year ended 31 December 2024 21. Analysis of net assets between funds Year ended 31 December 2024 Unrestricled Funds Reslricled Tolal Funds Funds 2024 Tangible assets Current assets Creditors less than 1 year N81 assèts 219,442 232,065 123,7681 427,739 219.442 233,712 (23.7681 429,386 1,647 1,647 Year ended 31 December 2023 Unreslri¢ted Funds Restricted Total Funds Funds 2023 Tangible assets Current assets Creditors less than 1 year Net assels 222,533 211,920 (33,9731 400,480 222,533 213,774 133.973) 402,334 1,854 1,854 22. Related parties The Nowich Diocesan Board ol Finance Limited {NDBF} is Ihe custodian trustee. NDBF also leases the premises lo the Centre under a 50 year lease at an annual renl of £12 (markel value £18,000). 21