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2021-12-31-accounts

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

RAINWORTH MINERS’ WELFARE SCHEME AND INSTITUTE

Charity No: 522292

RAINWORTH MINERS’ WELFARE SCHEME AND INSTITUTE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Page
**Legal and Administrative Information ** 1
**Report of the Trustees ** 2-3
Report of the Independent Examiner 4
**Statement of Financial Activities ** 5
Balance Sheet 6
**Notes to the Financial Activities ** 7-10

RAINWORTH MINERS’ WELFARE SCHEME AND INSTITUTE LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2020

TRUSTEES: J A Oxby
R Bramwell
A P Gallent
I Dudley
M Walker (Chair)
J M Wood
S A Rendell
PRINICPAL OFFICE: Kirklington Road
Rainworth
Mansfield
Nottinghamshire
NG21 0JY
REGISTERED CHARITY NUMBER: 522292
INDEPENDENT EXAMINER: tcp chartered accountants
10 the triangle
ng2 business park
nottingham
NG2 1AE
BANKERS: Nat West
9 Church Street
Mansfield
Nottinghamshire
NG181HP

Page 1

RAINWORTH MINERS’ WELFARE SCHEME AND INSTITUTE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees submit their annual report for the year ended 31 December 2020. The trustees have adopted the provisions of the statement of recommended practice (SORP) 'Accounting and Reporting by Charities’ (FRS 102) in preparing the annual report and financial statements of the charity.

Objectives and Activities

The charitable objectives of the charity is the provision of a recreation ground, village hall and Welfare Institute for the benefit of the inhabitants (and in particular, but not exclusively, such of the said inhabitants as are members of the Mining Community) of the Parish of Rainworth or the neighbourhood thereof without distinction of political, religious or other opinions, with the object of improving the conditions of the life for the said inhabitants.

When planning or activities for the year, the Trustees have considered the Charity Commissions’ guidance on public benefit. The focus of our activities remains the provision of social and recreational facilities for the local community of all ages.

Achievement and Performance

During the year, the main achievements of the charity were:

Financial Review

The results for the year are detailed on page 5 and show a surplus of £5,179 (2019: £5,794). The Trustees are constantly reviewing the income streams to highlight areas where these can be improved.

Total unrestricted reserves at the year-end were £360,746 (2019: £355,567) within which £95,631 (2019: £86,147) was represented by net assets not tied up in fixed assets.

Structure, Governance and Management

The charity is a registered charity governed by a trust deed dated 29 November 1990.

Recruitment and Appointment of Trustees

Prospective trustees are nominated as a vacancy arises and appointed by the Board of Trustees, such appointments are subject to ratification by the Coal Industry Social Welfare Organisation.

Reference and administrative details

Reference and administrative details are shown within Legal and Administrative information. The Rainworth Miners’ Scheme and Institute are registered with the Charity Commission.

Grant Making Policy

Grants are given mainly to local (ie village/neighbourhood) groups and individuals by self-nomination.

Investments Selection Policy

The policy is to maintain/retain investments mainly on deposit with major clearing banks.

Review of Major Risks

The trustees have examined the principal areas of the charity’s operations and considered the major risks faced in each of these areas. In the opinion of the trustees, the charity has established resources and control systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day to day operations.

Specific Investment Powers

Page 2

RAINWORTH MINERS’ WELFARE SCHEME AND INSTITUTE REPORT OF THE TRUSTEES continued FOR THE YEAR ENDED 31 DECEMBER 2020

Responsibilities of the trustees

The charity's trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008 and the provision of the Trust Deed. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees have given due consideration to the Charity Commission published guidance on the operation of the public benefit requirement.

On behalf of the Trustees:

A P Gallent

14 May 2021

Page 3

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF RAINWORTH MINERS’ WELFARE SCHEME AND INSTITUTE

Independent Examiner's Report to the Trustees of XYZ Charity

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 5 to 10

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

tcp chartered accountants 10 the triangle ng2 business park nottingham NG2 1AE

14 May 2021

Page 4

RAINWORTH MINERS’ WELFARE SCHEME AND INSTITUTE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Incoming Resources:
Incoming Resources from charitable activities:
Voluntary income - Donations
2
Investment income
3
Other income from charitable activities
4
Coronavirus grant income
Brewery donations
Total Incoming Resources
Resources Expended
Charitable activities
5
Governance costs
6
Total Resources Expended
Net Incoming Resources/Movement in Funds
Balances brought forward at 1 January 2020
Balances carried forward at 31 December 2020		 Unrestricted
Funds
2020
£
1,677
14,293
497
6,000
3,000
25,467
19,293
995
20,288
5,179
355,567
360,746		 Unrestricted
Funds
2019
£
6.020
25,868
6,375
-
-
38,263
31,474
995
32,469
5,794
349,773
355,567

The notes form part of these financial statements

Page 5

RAINWORTH MINERS’ WELFARE SCHEME
AND INSTITUTE
BALANCE SHEET
31 DECEMBER 2020		 RAINWORTH MINERS’ WELFARE SCHEME
AND INSTITUTE
BALANCE SHEET
31 DECEMBER 2020		 RAINWORTH MINERS’ WELFARE SCHEME
AND INSTITUTE
BALANCE SHEET
31 DECEMBER 2020
Notes
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors and prepayments
10
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
LONG TERM CREDITORS
Amounts falling due after one year
12
NET CURRENT ASSETS
TOTAL NET ASSETS
The total net assets are represented as follows:
FUNDS
Unrestricted funds
Income and Expenditure account		 31/12/20
£
106,162
5,771
111,933
9,071
102,862
7,231		 £
265,115
95,631
360,746
360,746
360,746		 31/12/19
£
105,010
2,532
107,542
11,082
96,460
10,313		 £
269,420
86,147
355,567
355,567
355,567

The financial statements were approved by the Board of Trustees on 14 May 2021 and were signed on its behalf by:

................................................................................. A P Gallent

The notes form part of these financial statements

Page 6

RAINWORTH MINERS’ WELFARE SCHEME AND INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General information and basis of preparation

Rainworth Miners’ Welfare Scheme and Institute is a charity registered with the Charity Commission of England and Wales. The address of the charity is given in the Legal and Administrative information on page 1. The nature of the charity’s operations and principal activities are to help provide a recreation ground, village hall and Welfare Institute or the benefit of the parish of Rainworth and its neighbourhood, in particular the mining community, for the purpose of improving the conditions of life and for the promotion of the education of the younger members of the community.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis, under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

Funds

Funds held by the charity are either;

Unrestricted general funds: funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds: funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. There were no restricted funds during the year ended 31 December 2020.

Income recognition

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Voluntary income including grants and donations are recognised in the Statement of Financial Activities in the period in which the charity is entitled to the receipt and the amount can be measured with reasonable certainty.

Income from charitable activities, such as room hire is recognised as earned.

Investment income is recognised on a receivable basis.

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Expenditure is recognised where there is a legal or constructive obligation to make payment to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with meeting statutory requirements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

The activities of the charity are exempt from tax on the net incoming resources.

Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful life. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income and expenditure account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income and expenditure account as incurred.

Page 7

RAINWORTH MINERS’ WELFARE SCHEME AND INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Government Grants

Government grants are recognised in the income and expenditure account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income and expenditure account. Grants towards general activities of the entity over a specific period are recognised in the income and expenditure account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income and expenditure account over the useful life of the asset concerned.

All grants in the income and expenditure account are recognised when all conditions for receipt have been complied with.

2.
VOLUNTARY INCOME
Donations
3.
INCOME FROM INVESTMENTS
Room rental
Steward flat net rental
Ground rent
Mast rental
Wayleave
4.
INCOME FROM CHARITABLE ACTIVITIES
Fireworks donations
Hire of bouncy castle
Membership
5.
RESOURCES EXPENDED
CHARITABLE ACTIVITIES
Donations
Investments:
Rates and utilities
Repairs and renewals
Mast rental
Insurance
Sundry expenses
Depreciation
Charitable activities:
Fireworks
OAP party
Lease interest on minibus
Minibus sundry expenses
TOTAL CHARITABLE ACTIVITIES
6.
GOVERNANCE COSTS
Independent examiner		 2020
£
1,677
1,400
6,545
-
6,348
-
14,293
-
183
314
497
5711
4,191
3,478
3,056
2,684
10
4,304
17,723
-
-
(151)
1,150
999
19,293
995		 2019
£
6,020
12,305
6,011
1,200
6,348
4
25,868
5,143
796
436
6,375
1,3001
10,634
2,329
3,174
2,857
87
5,063
24,144
3,100
690
253
1,987
6,030
31,474
995

Page 8

RAINWORTH MINERS’ WELFARE SCHEME AND INSTITUTE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

7. STAFF COSTS

There were no employees paid during the year.

8. TRUSTEES’ REMUNERATION AND EXPENSES

None of the Trustees received any remuneration or expenses from the Charity during the year in respect of their duties as trustees (2019: £nil).

9. TANGIBLE FIXED ASSETS

Land &
Buildings		 Plant &
Machinery		 Fixtures &
Fittings		 Fixtures &
Fittings		 Total Total
£ £ £ £
Cost
As at 1 January 2020 240,727 17,663 248,733 507,123
Additions - - - -
As at 31 December 2020 240,727 17,663 248,733 507,123
Depreciation
As at 1 January 2020 - 12,273 225,430 237,703
Provided during the period - 809 3,496 4,305
As at 31 December 2020 - 13,082 228,926 242,008
Net Book Value
As at 31 December 2020 240,727 4,581 19,807 265,115
As at 31 December 2019 240,727 5,390 23,303 269,420
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£ £
Prepayments 1,384 1,522
Amounts owed by Rainworth Miners’ Welfare Social Club Limited 104,778 103,488
106,162 105,010
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£ £
Net obligations under finance lease and hire purchase contracts - 1,938
Trade creditors 904 905
Other creditors 7,830 7,830
Marstons Brewery loan 210 210
Accrued expenses 127 199
9,071 11,082

Page 9

RAINWORTH MINERS’ WELFARE SCHEME AND INSTITUTE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Net obligations under finance lease and hire purchase contracts
Marstons Brewery loan
The brewery loan is secured by a fixed and floating charge over the assets of the Charity.
OBLIGATIONS UNDER FINANCE LEASES AND HIRE PURCHASE
The maturity of these amounts is as follows, amounts payable:
Within one year
Between one and five years		 2020
£
-
7,231
7,231
2020
£
-
-
-		 2019
£
-
9,500
9,500
2019
£
1,938
1,938

13. OBLIGATIONS UNDER FINANCE LEASES AND HIRE PURCHASE

14. FUNDS

Unrestricted funds comprise those funds which the Trustees are free to use within the Charity’s objects.

There were no restricted or endowment funds at the balance sheet date. (2019: £nil).

15. RELATED PARTIES

The Trustees of the charity, Rainworth Miners’ Welfare Scheme and Institute, are also the directors of Rainworth Miners’ Welfare Social Club Limited. The charity owns the property from which the company trades to generate funds for the charity and to help the charity fulfil its aims and objectives. The company owes £104,778 (2019: £103,488) to the Charity at the year end.

Page 10 

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Final stamp:17/05/2021, 10:56:09 BST

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