Charity registration number: 701170
Coldwell Inn Project
Annual Report and Financial Statements for the Year Ended 31 March 2021
KM Chartered Accountants 1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG
Coldwell Inn Project
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 to 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 16 |
Coldwell Inn Project
Reference and Administrative Details
Trustees Mr N Beecham JP Mr B Cooper Mr R G Glover Mr J Ormerod Mr F G Parr JP Mr G Salthouse Mr A E Thomas Secretary Mr J Ormerod Principal Office Coldwell Activity Centre Back Lane Southfield Burnley Lancashire BB10 3RD Charity Registration Number 701170 Bankers Unity Trust Bank PLC 4 Oozells Square Birmingham B1 2HB Barclays Bank plc 72/78 St James Street Burnley Lancashire BB11 1NH Independent Examiner KM Chartered Accountants 1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG
Page 1
Coldwell Inn Project
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2021.
Objectives and activities
Objects and aims
The charity's objects ('Objects') are specifically restricted to the following:
(1) To relieve the needs of young people (primarily those aged between 11 and 25) by:
(a) The provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life; and
(b) The provision of support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals
(2) To relieve the needs of persons of any age with learning difficulties and/or physical disabilities in such manner as may be charitable and in particular (but not so as to limit the generality of the foregoing) through the provision of training facilities and other opportunities which will equip people to lead a full and satisfying life.
Activities
The principal activities of the charity continue to be those of the provision of facilities for recreation or other leisure time occupation and education of those persons, particularly the disabled and those with special needs, who have need of such facilities as aforesaid by reason of their youth, age, infirmity or disablement, improving their quality of life.
The charity leases land and buildings owned by United Utilities in the Southfield area of Burnley in East Lancashire and used as a residential centre for various user groups. Different activities are offered to groups on residential stays such as team building, orienteering, walking and bushcraft.
Some of our surpluses go towards providing free nights for disadvantaged groups.
Coldwell Activity Centre works with professional and insured instructors from around the North West. All our activities are risk assessed.
Due to the pandemic the Centre remained closed throughout the financial year, and reopened with limited capacity in August 2021.
The trustees acknowledge the various forms of Government support in grants and furlough. In addition the Charity took advantage of the Bounce Back loan and received £35,000.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
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Coldwell Inn Project
Trustees' Report
Financial review
Policy on reserves
The trustees have established the level of reserves (that is those funds that are freely available) that the Charity ought to have £44,000, which equates to roughly 3 months running costs at normal operational levels.
Unrestricted funds, not invested in fixed assets, are currently £22,198, plus the reserves held by the subsidiary company of £7,536.
Structure, governance and management
Nature of governing document
The organisation was a charitable company limited by guarantee, and converted to a Foundation Charitiable Incorporated Organisation on the 19th September 2019.
Recruitment and appointment of trustees
All members are invited to nominate Trustees prior to the AGM advising them of the retiring Trustees and requesting nominations for the AGM. When considering co-opting Trustees, the Board has regard to the requirement for any specialist skills needed.
Induction and training of trustees
New Trustees undergo an orientation period to brief them on their legal obligations under Charity law, the committee and decision making processes, the business plan and recent financial performance of the Charity. During the induction period they meet key employees and other Trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Organisational structure
The Board of Trustees administers the Charity and meets regularly with sub-committees as needed. The opportunity was taken during the pandemic to hold online meetings.
Major risks and management of those risks for small charities
The Trustees have a risk management strategy which comprises:
An annual review of the risks the Charity may face.
The establishment of systems and procedures to mitigate those risks identified in the plan.
The implementation of procedures designed to minimise any potential impact on the Charity should those risks materialise.
Regular reporting of risk status.
Financial viability is essential if Coldwell is to develop and insufficient income generation is a significant risk.
The Trustees have approved an income strategy to address this risk over the next three years and beyond.
The annual report was approved by the trustees of the charity on 14 December 2021 and signed on its behalf by:
Page 3
Coldwell Inn Project Trustees' Report
......................................... Mr G Salthouse Trustee
Page 4
Coldwell Inn Project
Independent Examiner's Report to the trustees of Coldwell Inn Project
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 6 to 16.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Coldwell Inn Project 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 Coldwell Inn Project's accounts carried out under section 145 of the 2011 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:
-
accounting records were not kept in respect of Coldwell Inn Project as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
...................................... Mark Heaton FCCA FCIE DChA KM 1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG
14 December 2021
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Coldwell Inn Project
Statement of Financial Activities for the Year Ended 31 March 2021
| Note Income from: Donations 2 Charitable activities 3 Investment income 4 Total income Expenditure on: Charitable activities Depreciation Total expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 17 |
Unrestricted £ 55 84,128 13 84,196 (91,081) (3,850) (94,931) (10,735) 69,993 59,258 |
Restricted £ - - - - - (17,562) (17,562) (17,562) 281,005 263,443 |
Total 2021 £ 55 84,128 13 84,196 (91,081) (21,412) (112,493) (28,297) 350,998 322,701 |
Unrestricted £ 45,150 98,998 108 144,256 (155,007) (2,224) (157,231) (12,975) 82,968 69,993 |
Restricted £ - - - - - (17,562) (17,562) (17,562) 298,567 281,005 |
Total 2020 £ 45,150 98,998 108 |
|---|---|---|---|---|---|---|
| 144,256 | ||||||
| (155,007) (19,786) |
||||||
| (174,793) | ||||||
| (30,537) 381,535 |
||||||
| 350,998 |
The notes on pages 9 to 16 form an integral part of these financial statements. Page 6
Coldwell Inn Project
Statement of Financial Activities for the Year Ended 31 March 2021
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 17.
The notes on pages 9 to 16 form an integral part of these financial statements. Page 7
Coldwell Inn Project
(Registration number: 701170) Balance Sheet as at 31 March 2021
| Note Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors: Amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 14 Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 17 |
2021 £ 298,502 2,000 300,502 5,216 59,608 64,824 (8,792) 56,032 356,534 (33,833) 322,701 263,443 59,258 322,701 |
2020 £ 319,914 2,000 |
|---|---|---|
| 321,914 | ||
| 9,113 25,874 |
||
| 34,987 (5,903) |
||
| 29,084 | ||
| 350,998 - |
||
| 350,998 | ||
| 281,005 69,993 |
||
| 350,998 |
The financial statements on pages 6 to 16 were approved by the trustees, and authorised for issue on 14 December 2021 and signed on their behalf by:
......................................... Mr G Salthouse Trustee
The notes on pages 9 to 16 form an integral part of these financial statements. Page 8
Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2021
1 Accounting policies
Statement of compliance
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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Coldwell Inn Project meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement
The charity is exempt from preparing a cash flow statement.
Income
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Tangible fixed assets
Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Long leasehold | 2% per annum on cost |
| Fixtures and fittings | 25% per annum on cost |
| Equipment | 20% reducing balance |
Pensions and other post retirement obligations
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.
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Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2021
2 Income from donations
| Donations from subsidiary Other donations 3 Income from charitable activities User group fees Awards for All Lottery Chamber Low Carbon Wellbeing Project Employment allowance CJRS Grant Covid business support grant Other Grants 4 Investment income Bank interest receivable 5 Expenditure on charitable activities Note Centre and activity expenditure Staff costs Allocated support costs |
Unrestricted General £ - 55 55 Unrestricted General £ 540 - - (2,300) 4,000 58,044 21,051 2,793 84,128 Unrestricted General £ 13 Unrestricted funds General £ 15,510 73,071 2,500 91,081 |
Total 2021 £ - 55 55 Total 2021 £ 540 - - (2,300) 4,000 58,044 21,051 2,793 84,128 Total 2021 £ 13 Total 2021 £ 15,510 73,071 2,500 91,081 |
Total 2020 £ 45,000 150 |
||
|---|---|---|---|---|---|
| 45,150 | |||||
| Total 2020 £ 80,593 9,745 3,360 2,300 3,000 - - - |
|||||
| 98,998 | |||||
| Total 2020 £ 108 |
|||||
| Total 2020 £ 61,896 91,111 2,000 |
|||||
| 155,007 |
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Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2021
6 Net incoming/outgoing resources
Net outgoing resources for the year include:
| Depreciation - owned assets Independent examiner |
2021 £ 21,412 2,500 |
2020 £ 19,786 2,000 |
|---|---|---|
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses from the charity during the year.
8 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Pension costs |
2021 £ 66,376 4,449 2,246 73,071 |
2020 £ 82,403 6,053 2,655 |
|---|---|---|
| 91,111 |
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
| 2021 | 2020 | |||
|---|---|---|---|---|
| No | No | |||
| Centre | 5 | 5 |
No employee received emoluments of more than £60,000 during the year
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
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Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2021
10 Tangible fixed assets
| 10 Tangible fixed assets | |||
|---|---|---|---|
| Cost At 1 April 2020 At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Long leasehold £ 707,171 707,171 397,566 19,350 416,916 290,255 309,605 |
Fixtures and fittings £ 112,253 112,253 101,944 2,062 104,006 8,247 10,309 |
Total £ 819,424 |
| 819,424 | |||
| 499,510 21,412 |
|||
| 520,922 | |||
| 298,502 | |||
| 319,914 |
Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of freehold land and buildings and £290,255 (2020 - £309,605) in respect of leaseholds.
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Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2021
11 Fixed asset investments
| 11 Fixed asset investments | ||||
|---|---|---|---|---|
| Shares in group undertakings Shares in group undertakings Cost At 1 April 2020 At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
2021 £ 2,000 Subsidiary undertakings £ 2,000 |
2020 £ 2,000 |
||
| Total £ 2,000 2,000 2,000 2,000 |
||||
| 2,000 | ||||
| 2,000 | ||||
| 2,000 |
Details of undertakings
Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:
| Country of incorporation Holding % 2021 Subsidiary undertakings Coldwell Park Ltd England and Wales Ordinary 100% 12 Debtors Prepayments VAT recoverable |
2020 100% 2021 £ 2,399 2,817 5,216 |
Principal activity Accommodation 2020 £ 3,606 5,507 9,113 |
|---|---|---|
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Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2021
13 Creditors
| Bank loans Other taxation and social security Accruals Coldwell Park Limited Fees received in advance 14 Creditors: amounts falling due after one year Bank loans 15 Leasing agreements The total value of future minimum lease payments was as follows: In over five years |
2021 £ 1,167 - 1,139 492 5,994 8,792 2021 £ 1,100 |
2020 £ - 1,329 1,670 492 2,412 |
|---|---|---|
| 5,903 | ||
| 2021 £ 33,833 |
||
| 2020 £ 1,200 |
In over five years
The operating lease is with United Utilities PLC dated 11th March 2005 for a period of 31 years.
16 Legal charge
There is a charge against the leasehold property amounting to £300,000 due to the National Lottery Charities Board, dated 30th March 2005 for 21 years.
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Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2021
| 17 Funds Balance at 1 April 2020 £ Incoming resources £ Resources expended £ Unrestricted General General fund 29,083 84,196 (91,081) Designated Fixed assets (own resources) 38,910 - (3,850) Investment in Subsidiary 2,000 - - 40,910 - (3,850) Total unrestricted 69,993 84,196 (94,931) Restricted Fixed assets (funded by grants) 281,005 - (17,562) Total funds 350,998 84,196 (112,493) Balance at 1 April 2019 £ Incoming resources £ Resources expended £ Transfers £ Unrestricted funds General General funds 50,579 144,256 (155,007) (10,745) Designated Fixed assets (own resources) 30,389 - (2,224) 10,745 Investment in Subsidiary 2,000 - - - 32,389 - (2,224) 10,745 Total unrestricted funds 82,968 144,256 (157,231) - Restricted funds Fixed assets (funded by grants) 298,567 - (17,562) - Total funds 381,535 144,256 (174,793) - |
17 Funds Balance at 1 April 2020 £ Incoming resources £ Resources expended £ Unrestricted General General fund 29,083 84,196 (91,081) Designated Fixed assets (own resources) 38,910 - (3,850) Investment in Subsidiary 2,000 - - 40,910 - (3,850) Total unrestricted 69,993 84,196 (94,931) Restricted Fixed assets (funded by grants) 281,005 - (17,562) Total funds 350,998 84,196 (112,493) Balance at 1 April 2019 £ Incoming resources £ Resources expended £ Transfers £ Unrestricted funds General General funds 50,579 144,256 (155,007) (10,745) Designated Fixed assets (own resources) 30,389 - (2,224) 10,745 Investment in Subsidiary 2,000 - - - 32,389 - (2,224) 10,745 Total unrestricted funds 82,968 144,256 (157,231) - Restricted funds Fixed assets (funded by grants) 298,567 - (17,562) - Total funds 381,535 144,256 (174,793) - |
Balance at 31 March 2021 £ 22,198 35,060 2,000 |
Balance at 31 March 2021 £ 22,198 35,060 2,000 |
|---|---|---|---|
| 37,060 | |||
| 59,258 263,443 |
|||
| 322,701 | |||
| Balance at 31 March 2020 £ 29,083 38,910 2,000 |
|||
| 10,745 | 40,910 | ||
| - - |
69,993 281,005 |
||
| - | 350,998 |
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Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2021
18 Analysis of net assets between funds
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ Designated £ - 17,497 2,000 - 64,824 - (8,792) - (33,833) - 24,199 17,497 Unrestricted funds General £ Designated £ - 38,909 2,000 - 34,987 - (5,903) - 31,084 38,909 |
Restricted funds £ 281,005 - - - - 281,005 Restricted funds £ 281,005 - - - 281,005 |
Total funds at 31 March 2021 £ 298,502 2,000 64,824 (8,792) (33,833) |
|---|---|---|---|
| 322,701 | |||
| Total funds at 31 March 2020 £ 319,914 2,000 34,987 (5,903) |
|||
| 350,998 |
19 Related party transactions
Coldwell Park Ltd is a wholly owned subsidiary of Coldwell Inn Project.
At the balance sheet date Coldwell Inn Project owes Coldwell Park Ltd £492 (2020: £492).
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