REGISTERED COMPANY NUMBER: 1976639 (England and Wales) REGISTERED CHARITY NUMBER: 517222
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2020
for
Priory Project Limited
Ashmole and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX
Priory Project Limited
Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
| Detailed Statement of Financial Activities | 12 | to | 13 |
Priory Project Limited
Report of the Trustees for the Year Ended 31 December 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To promote, empower and support, the well being of people with learning disabilities, within a home environment, in county of Pembrokeshire.
Significant activities
The principal activity of the company during the year was the operation of a registered home for adults with learning disabilities.
Priory Project provides life skill training opportunities and support for a better quality of life for our residents. We work with our residents to encourage them to become as independent as possible according to their ability. Residents are supported by staff who offer the highest possible standard of care. Residents have choice and are encouraged to make decisions for themselves in all matters. It is considered that these activities further the charity's purposes for the public benefit.
The Charity would like to say a huge thank you to its Registered Manager, Rachel Hargreaves and all its staff for their unwavering support, dedication and hard work during what has been a very difficult and challenging year dealing with Covid 19.
Public benefit
We have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing our aims and objectives and in planning out future activities.
FINANCIAL REVIEW
Financial position
The charity has made a profit during the year. Throughout the year the charity has recruited an extra member of staff, whilst the resident numbers have remained the same.
Reserves policy
The trustees have a policy to ensure that sufficient reserves are maintained at all times in order to ensure that the charity may continue operating during periods of reduced or uncertain funding sources.The current level of free reserves amounts to £402,905 (2019 - £364,752) which equates to approximately 15 months of normal charitable expenditure.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Memorandum and Articles of Association incorporated 13th January 1986 as amended by special resolution of 5th September 2007.
Organisational structure
The organisation is managed by the board of trustees who, along with the manageress of the home hold regular meetings to review the charity's progress. The trustees are all unpaid from the charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
1976639 (England and Wales)
Registered Charity number
517222
Page 1
Priory Project Limited
Report of the Trustees for the Year Ended 31 December 2020
Registered office Priory House Lower Priory Milford Haven Pembrokeshire
Trustees P Carlquist Dr K Read R Pereira Miss S Llewellyn S Hicks Ms L Turner (appointed 2.7.20) Ms K Gray (appointed 2.7.20)
Independent Examiner Ashmole and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ S Hicks - Trustee
Page 2
Independent Examiner's Report to the Trustees of Priory Project Limited
Independent examiner's report to the trustees of Priory Project Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ACCA which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
W G Hughes ACCA Ashmole and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX
Date: .............................................
Page 3
Priory Project Limited
Statement of Financial Activities for the Year Ended 31 December 2020
| 31.12.20 | 31.12.19 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 1,776 | - | |
| Charitable activities | |||
| Operation of Registered Home | 353,415 | 249,560 | |
| Investment income | 2 | 3,781 | 3,985 |
| Other income | 297 | 1,756 | |
| Total | 359,269 | 255,301 | |
| EXPENDITURE ON | |||
| Raising funds | 3 | 3,010 | 2,051 |
| Charitable activities | 4 | ||
| Operation of Registered Home | 323,254 | 293,223 | |
| Total | 326,264 | 295,274 | |
| NET INCOME/(EXPENDITURE) | 33,005 | (39,973) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 603,355 | 643,328 | |
| TOTAL FUNDS CARRIED FORWARD | 636,360 | 603,355 |
The notes form part of these financial statements
Page 4
Priory Project Limited
Balance Sheet 31 December 2020
| 31.12.20 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 233,455 CURRENT ASSETS Debtors 11 11,519 Cash at bank and in hand 398,388 409,907 CREDITORS Amounts falling due within one year 12 (7,002) NET CURRENT ASSETS 402,905 TOTAL ASSETS LESS CURRENT LIABILITIES 636,360 NET ASSETS 636,360 FUNDS 13 Unrestricted funds 636,360 TOTAL FUNDS 636,360 |
31.12.19 Total funds £ 238,603 9,549 370,603 380,152 (15,400) 364,752 603,355 603,355 603,355 603,355 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. S Hicks - Trustee
The notes form part of these financial statements
Page 5
Priory Project Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line Improvements to property - 2% on cost Plant and machinery - 15% on reducing balance Fixtures and fittings - 15% on reducing balance Motor vehicles - 25% on reducing balance Computer equipment - 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 6
continued...
Priory Project Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
2. INVESTMENT INCOME
| 31.12.20 £ Deposit account interest 3,781 3. RAISING FUNDS Investment management costs 31.12.20 £ Support costs 3,010 4. CHARITABLE ACTIVITIES COSTS Support Direct costs (see Costs note 5) £ £ Operation of Registered Home 309,248 14,006 5. SUPPORT COSTS Governance Management costs £ £ Investment management costs 3,010 - Operation of Registered Home 11,879 2,127 14,889 2,127 6. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 31.12.20 £ Depreciation - owned assets 6,345 |
31.12.19 £ 3,985 31.12.19 £ 2,051 Totals £ 323,254 |
31.12.19 £ 3,985 31.12.19 £ 2,051 Totals £ 323,254 |
|---|---|---|
| Totals £ 3,010 14,006 17,016 31.12.19 £ 6,939 |
Totals £ 3,010 14,006 |
|
| 17,016 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
continued...
Page 7
Priory Project Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
8. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.12.20 | 31.12.19 | |
|---|---|---|
| Support staff | 7 | 6 |
| Maintenance manager | 1 | 1 |
| Deputy manager | 1 | 1 |
| Registered manager | 1 | 1 |
| 10 | 9 | |
| No employees received emoluments in excess of £60,000. | ||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
| Unrestricted | ||
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Charitable activities | ||
| Operation of Registered Home | 249,560 | |
| Investment income | 3,985 | |
| Other income | 1,756 | |
| Total | 255,301 | |
| EXPENDITURE ON | ||
| Raising funds | 2,051 | |
| Charitable activities | ||
| Operation of Registered Home | 293,223 | |
| Total | 295,274 | |
| NET INCOME/(EXPENDITURE) | (39,973) | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 643,328 | |
| TOTAL FUNDS CARRIED FORWARD | 603,355 |
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
continued...
Page 8
Priory Project Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
10. TANGIBLE FIXED ASSETS
| COST At 1 January 2020 Additions At 31 December 2020 DEPRECIATION At 1 January 2020 Charge for year At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 COST At 1 January 2020 Additions At 31 December 2020 DEPRECIATION At 1 January 2020 Charge for year At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Fixtures and fittings £ 61,067 90 61,157 52,311 1,327 53,638 7,519 8,756 |
Improvements Freehold to property property £ £ 236,673 2,835 - - 236,673 2,835 21,836 57 2,233 57 24,069 114 212,604 2,721 214,837 2,778 Motor Computer vehicles equipment £ £ 25,787 663 - 778 25,787 1,441 20,446 332 1,335 360 21,781 692 4,006 749 5,341 331 |
Plant and machinery £ 19,037 329 19,366 12,477 1,033 13,510 5,856 6,560 Totals £ 346,062 1,197 347,259 107,459 6,345 113,804 233,455 238,603 |
|---|---|---|---|
continued...
Page 9
Priory Project Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
| 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments and accrued income 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accrued expenses 13. MOVEMENT IN FUNDS At 1.1.20 £ Unrestricted funds General fund 603,355 TOTAL FUNDS 603,355 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 359,269 TOTAL FUNDS 359,269 Comparatives for movement in funds At 1.1.19 £ Unrestricted funds General fund 643,328 TOTAL FUNDS 643,328 |
31.12.20 31.12.19 £ £ 7,150 6,500 4,369 3,049 11,519 9,549 31.12.20 31.12.19 £ £ 1,776 1,815 1,894 9,315 1,170 1,847 2,162 2,423 7,002 15,400 Net movement At in funds 31.12.20 £ £ 33,005 636,360 33,005 636,360 Resources Movement expended in funds £ £ (326,264) 33,005 (326,264) 33,005 Net movement At in funds 31.12.19 £ £ (39,973) 603,355 (39,973) 603,355 |
31.12.19 £ 6,500 3,049 9,549 31.12.19 £ 1,815 9,315 1,847 2,423 15,400 At 31.12.20 £ 636,360 |
|---|---|---|
| 636,360 | ||
| 33,005 | ||
| At 31.12.19 £ 603,355 |
||
| 603,355 |
continued...
Page 10
Priory Project Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 255,301 255,301 |
Resources Movement expended in funds £ £ (295,274) (39,973) (295,274) (39,973) |
Resources Movement expended in funds £ £ (295,274) (39,973) (295,274) (39,973) |
|---|---|---|---|
| (39,973) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.19 £ 643,328 643,328 |
Net movement in funds £ (6,968) (6,968) |
At 31.12.20 £ 636,360 |
|---|---|---|---|
| 636,360 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 614,570 614,570 |
Resources Movement expended in funds £ £ (621,538) (6,968) (621,538) (6,968) |
Resources Movement expended in funds £ £ (621,538) (6,968) (621,538) (6,968) |
|---|---|---|---|
| (6,968) |
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
Page 11
Priory Project Limited
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 December 2020 | |||
| 31.12.20 | 31.12.19 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 1,776 | - | |
| Investment income | |||
| Deposit account interest | 3,781 | 3,985 | |
| Charitable activities | |||
| Resident fees | 353,415 | 249,560 | |
| Other income | |||
| Other income | 297 | 1,756 | |
| Total incoming resources | 359,269 | 255,301 | |
| EXPENDITURE | |||
| Charitable activities | |||
| Wages | 227,999 | 219,477 | |
| Pensions | 5,359 | 4,218 | |
| Housekeeping | 18,006 | 12,485 | |
| Holidays for residents | 1,447 | 7,596 | |
| Personal allowance | 8,698 | 9,573 | |
| Light & heat | 6,060 | 5,050 | |
| Rates & water | 2,838 | 3,670 | |
| Insurance | 1,497 | 3,821 | |
| Repairs & renewals | 30,999 | 9,342 | |
| Depn of freehold property | 2,233 | 2,233 | |
| Improvements to property | 57 | 57 | |
| Depn of plant & machinery | 1,033 | 1,158 | |
| Depn of fixture & fittings | 1,327 | 1,545 | |
| Depn of motor vehicles | 1,335 | 1,780 | |
| Computer equipment | 360 | 166 | |
| 309,248 | 282,171 | ||
| Support costs | |||
| Management | |||
| Telephone | 1,561 | 1,208 | |
| Sundries | 915 | 1,008 | |
| Motor expenses | 2,231 | 1,613 | |
| Printing & stationery | 1,575 | 795 | |
| Licences & subscriptions | 2,637 | 985 | |
| CRB checks | 258 | 499 | |
| Bank charges | 27 | 12 | |
| Legal fees | 2,664 | 1,332 | |
| Professional fees | 3,010 | 2,808 | |
| Leasing | - | 699 | |
| Carried forward | 14,878 | 10,959 |
This page does not form part of the statutory financial statements
Page 12
Priory Project Limited
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 December 2020 | |||
| 31.12.20 | 31.12.19 | ||
| £ | £ | ||
| Management | |||
| Brought forward | 14,878 | 10,959 | |
| Other interest | 11 | - | |
| 14,889 | 10,959 | ||
| Governance costs | |||
| Accountancy fees | 1,398 | 1,320 | |
| Payroll fees | 729 | 824 | |
| 2,127 | 2,144 | ||
| Total resources expended | 326,264 | 295,274 | |
| Net income/(expenditure) | 33,005 | (39,973) |
This page does not form part of the statutory financial statements
Page 13