**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: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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