Charity registration number: 701170
Coldwell Inn Project
Annual Report and Financial Statements for the Year Ended 31 March 2023
KM Chartered Accountants 1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG
Coldwell Inn Project
Contents (continued)
| 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 15 |
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 Charity Registration Number 701170 Principal Office Coldwell Activity Centre Back Lane Southfield Burnley Lancashire BB10 3RD Independent Examiner KM Chartered Accountants 1st Floor, Block C The Wharf Manchester Road Burnley Lancashire BB11 1JG Bankers Unity Trust Bank PLC 4 Oozells Square Birmingham B1 2HB Barclays Bank plc 72/78 St James Street Burnley Lancashire BB11 1NH
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 2023.
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.
Now that we are fully operational after the Covid Pandemic, our bookings are beginning to return to an acceptable level and we continue to support groups out of our commercial arm Colwell Park Ltd.
We continue to repay the Bounce Back loan which we received during the Covid period, this remains unspent to date.
The Trustees wish to express their sincere thanks to our Staff Team who provide an excellent service all year round and also go that extra miles to ensure customer satisfaction.
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 (continued)
Financial review
Our income consists mainly of user group fees and subsidiary donation, this totalled £155k in the year with a surplus on unresrtricted funds of £21k. The charity fully relies on generated income rather than grant funding.
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 £44k, which equates to roughly 3 months running costs at normal operational levels.
Unrestricted funds, not invested in fixed assets, are currently £63,382, plus the reserves held by the subsidiary company of £7,617.
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.
Page 3
Coldwell Inn Project
Trustees' Report (continued)
The annual report was approved by the trustees of the charity on 11 December 2023 and signed on its behalf by:
......................................... Mr G Salthouse Trustee
Page 4
Coldwell Inn Project
Independent Examiner's Report to the trustees of Coldwell Inn Project
I report to the trustees on my examination of the accounts of Coldwell Inn Project for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity 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
11 December 2023
Page 5
Coldwell Inn Project
Statement of Financial Activities for the Year Ended 31 March 2023
| 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 18 |
Unrestricted £ 75,213 80,266 10 155,489 (130,057) (3,848) (133,905) 21,584 71,162 92,746 |
Restricted £ - - - - - (17,562) (17,562) (17,562) 245,881 228,319 |
Total 2023 £ 75,213 80,266 10 155,489 (130,057) (21,410) (151,467) 4,022 317,043 321,065 |
Unrestricted £ 47,535 69,638 - 117,173 (101,421) (3,848) (105,269) 11,904 59,258 71,162 |
Restricted £ - - - - - (17,562) (17,562) (17,562) 263,443 245,881 |
Total 2022 £ 47,535 69,638 - |
|---|---|---|---|---|---|---|
| 117,173 | ||||||
| (101,421) (21,410) |
||||||
| (122,831) | ||||||
| (5,658) 322,701 |
||||||
| 317,043 |
The notes on pages 9 to 15 form an integral part of these financial statements. Page 6
Coldwell Inn Project
Statement of Financial Activities for the Year Ended 31 March 2023 (continued)
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 18.
The notes on pages 9 to 15 form an integral part of these financial statements. Page 7
Coldwell Inn Project
(Registration number: 701170) Balance Sheet as at 31 March 2023
| Note Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 14 Cash at bank and in hand Creditors: Amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 16 Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 18 |
2023 £ 255,682 2,000 257,682 37,939 67,849 105,788 (24,589) 81,199 338,881 (17,816) 321,065 228,319 92,746 321,065 |
2022 £ 277,092 2,000 |
|---|---|---|
| 279,092 | ||
| 24,281 60,318 |
||
| 84,599 (14,521) |
||
| 70,078 | ||
| 349,170 (32,127) |
||
| 317,043 | ||
| 245,881 71,162 |
||
| 317,043 |
The financial statements on pages 6 to 15 were approved by the trustees, and authorised for issue on 11 December 2023 and signed on their behalf by:
......................................... Mr G Salthouse Trustee
The notes on pages 9 to 15 form an integral part of these financial statements. Page 8
Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom 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. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.
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.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
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 2023 (continued)
2 Income from donations
| Donations from subsidiary Other donations 3 Income from charitable activities User group fees Employment allowance CJRS Grant Covid business support grant 4 Investment income Bank interest receivable 5 Expenditure on charitable activities Note Centre and activity expenditure Staff costs Allocated support costs |
Unrestricted General £ 75,213 - 75,213 Unrestricted General £ 76,046 4,220 - - 80,266 Unrestricted funds General £ 52,958 72,825 4,274 130,057 |
Total 2023 £ 75,213 - 75,213 Total 2023 £ 76,046 4,220 - - 80,266 Unrestricted General £ 10 Total 2023 £ 52,958 72,825 4,274 130,057 |
Total 2022 £ 47,200 335 |
||
|---|---|---|---|---|---|
| 47,535 | |||||
| Total 2022 £ 34,043 3,923 21,005 10,667 |
|||||
| 69,638 | |||||
| Total 2023 £ 10 |
|||||
| Total 2022 £ 37,232 63,189 1,000 |
|||||
| 101,421 |
Page 10
Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
6 Net incoming/outgoing resources
Net incoming/(outgoing) resources for the year include:
| Depreciation - owned assets Independent examiner |
2023 £ 21,410 4,274 |
2022 £ 21,410 1,000 |
|---|---|---|
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 |
2023 £ 66,576 4,220 2,029 72,825 |
2022 £ 57,422 3,923 1,844 |
|---|---|---|
| 63,189 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| 2023 | 2022 | |||
|---|---|---|---|---|
| No | No | |||
| Centre | 3 | 3 |
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 2023 (continued)
10 Tangible fixed assets
| Cost At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2020 11 Fixed asset investments Shares in group undertakings |
Long leasehold £ 707,171 707,171 436,266 19,350 455,616 251,555 270,905 |
Fixtures and fittings £ 112,253 |
Total £ 819,424 819,424 542,332 21,410 563,742 255,682 277,092 2022 £ 2,000 |
|
|---|---|---|---|---|
| 707,171 | 112,253 | |||
| 436,266 19,350 |
106,066 2,060 |
|||
| 455,616 | 108,126 | |||
| 251,555 | 4,127 | |||
| 270,905 | 6,187 | |||
| 2023 £ 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 | Principal | ||||
|---|---|---|---|---|---|
| incorporation | Holding | % | activity | ||
| 2023 | 2022 | ||||
| Subsidiary undertakings | |||||
| Coldwell Park Ltd | England and Wales | Ordinary | 100% | 100% | Accommodation |
12 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 12
Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
13 Related party transactions
Coldwell Park Ltd is a wholly owned subsidiary of Coldwell Inn Project.
At the balance sheet date Coldwell Inn Project is owed £17,216 (2022:£14,208).
14 Debtors
| 14 Debtors | ||
|---|---|---|
| Trade debtors Prepayments Other debtors 15 Creditors Bank loans VAT Accruals Deferred income Coldwell Park Limited 16 Creditors: amounts falling due after one year Bank loans 17 Leasing agreements The total value of future minimum lease payments was as follows: In over five years |
2023 £ 18,311 2,412 17,216 37,939 2023 £ 7,000 4,411 1,000 12,178 - 24,589 2023 £ 17,816 2023 £ - |
2022 £ 7,182 2,399 14,700 |
| 24,281 | ||
| 2022 £ 1,167 3,631 1,000 8,231 492 |
||
| 14,521 | ||
| 2022 £ 32,127 |
||
| 2022 £ 1,100 |
The operating lease is with United Utilities PLC dated 11th March 2005 for a period of 31 years.
Page 13
Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
| 18 Funds Unrestricted General General fund Designated Fixed assets (own resources) Investment in Subsidiary Total unrestricted Restricted Fixed assets (funded by grants) Total funds Unrestricted funds General General funds Designated Fixed assets (own resources) Investment in Subsidiary Total unrestricted funds Restricted funds Fixed assets (funded by grants) Total funds |
Balance at 1 April 2022 £ 37,950 31,212 2,000 33,212 71,162 245,881 317,043 Balance at 1 April 2021 £ 22,198 35,060 2,000 37,060 59,258 263,443 322,701 |
Incoming resources £ 155,489 - - - 155,489 - 155,489 Incoming resources £ 117,173 - - - 117,173 - 117,173 |
Resources expended £ (130,057) (3,848) - (3,848) (133,905) (17,562) (151,467) Resources expended £ (101,421) (3,848) - (3,848) (105,269) (17,562) (122,831) |
Balance at 31 March 2023 £ 63,382 27,364 2,000 29,364 92,746 228,319 321,065 Balance at 31 March 2022 £ 37,950 31,212 2,000 |
|---|---|---|---|---|
| 33,212 | ||||
| 71,162 245,881 |
||||
| 317,043 |
Page 14
Coldwell Inn Project
Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)
19 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 Creditors over 1 year Total net assets |
Unrestricted funds General £ Designated £ - 27,363 - 2,000 105,788 - (24,589) - (17,816) - 63,383 29,363 Unrestricted funds General £ Designated £ - 31,211 - 2,000 84,599 - (14,521) - (32,127) - 37,951 33,211 |
Restricted funds £ 228,319 - - - - 228,319 Restricted funds £ 245,881 - - - - 245,881 |
Total funds at 31 March 2023 £ 255,682 2,000 105,788 (24,589) (17,816) |
|---|---|---|---|
| 321,065 | |||
| Total funds at 31 March 2022 £ 277,092 2,000 84,599 (14,521) (32,127) |
|||
| 317,043 |
Page 15