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
NO￿lCh 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
NO￿lCh
NR7 OLB
Bankers
Barclays Bank PIC
5-7 Red Lion Slreet
NO￿lCh
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, w0￿1ng 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 ove￿helMlngIY 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 NO￿lCh 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
ac￿SsIng 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 eXperIen￿S 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 eX￿￿1ClO 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.
CO￿Pled 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 Pra￿tce 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
NO￿lCh
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 relIe￿Ing 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 re￿1vable
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