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.
Page 2
## **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:
1. accounting records were not kept in respect of Coldwell Inn Project as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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
Page 5
## **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.
Page 9
## **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|
Page 10
## **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.
Page 11
## **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.
Page 12
## **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|
|---|---|---|
Page 13
## **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.
Page 14
## **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|
Page 15
## **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).
Page 16