Charity registration number: 701170
## Coldwell Inn Project
Annual Report and Financial Statements for the Year Ended 31 March 2024
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|
||Ms L Holgate|
|**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 2024.
## **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**
## **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 .................... 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 2024.
## **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:
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
Date:.............................
Page 5
## **Coldwell Inn Project**
## **Statement of Financial Activities for the Year Ended 31 March 2024**
|**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**
**£**
78,018
77,755
409
156,182
(138,150)
(3,848)
(141,998)
14,184
92,746
106,930|**Restricted**
**£**
-
-
-
-
-
(17,562)
(17,562)
(17,562)
228,319
210,757|**Total**
**2024**
**£**
78,018
77,755
409
156,182
(138,150)
(21,410)
(159,560)
(3,378)
321,065
317,687|**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|
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 2024 (continued)**
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 17.
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 2024**
|**Note**
**Fixed assets**
Tangible assets
10
Investments
11
**Current assets**
Debtors
13
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
14
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
15
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
**Unrestricted income funds**
Unrestricted funds
**Total funds**
17|**2024**
**£**
234,272
2,000
236,272
48,826
73,488
122,314
(31,918)
90,396
326,668
(8,981)
317,687
210,757
106,930
317,687|**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|
The financial statements on pages 6 to 15 were approved by the trustees, and authorised for issue on .................... 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 2024**
## **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 2024 (continued)**
## **2 Income from donations**
|Donations from subsidiary
Other donations
**3**
**Income from charitable activities**
User group fees
Employment allowance
**4**
**Investment income**
Bank interest receivable
**5**
**Expenditure on charitable activities**
**Note**
Centre and activity expenditure
Staff costs
8
Allocated support costs||**Unrestricted**
**General**
**£**
78,000
18
78,018
**Unrestricted**
**General**
**£**
73,519
4,236
77,755
**Unrestricted**
**General**
**£**
409
**Unrestricted**
**funds**
**General**
**£**
59,819
75,759
2,572
138,150||**Total**
**2024**
**£**
78,000
18
78,018
**Total**
**2024**
**£**
73,519
4,236
77,755
**Total**
**2024**
**£**
409
**Total**
**2024**
**£**
59,819
75,759
2,572
138,150|**Total**
**2023**
**£**
75,213
-
75,213
**Total**
**2023**
**£**
76,046
4,220
80,266
**Total**
**2023**
**£**
10
**Total**
**2023**
**£**
52,958
72,825
4,274|
|---|---|---|---|---|---|
||||||130,057|
Page 10
## **Coldwell Inn Project**
## **Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)**
## **6 Net incoming/outgoing resources**
Net (outgoing)/incoming resources for the year include:
|Depreciation - owned assets
Independent examiner|**2024**
**£**
21,410
2,572|**2023**
**£**
21,410
4,274|
|---|---|---|
## **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|**2024**
**£**
69,434
4,236
2,089
75,759|**2023**
**£**
66,576
4,220
2,029|
|---|---|---|
|||72,825|
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:
||**2024**||**2023**||
|---|---|---|---|---|
||**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.
Page 11
## **Coldwell Inn Project**
## **Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)**
## **10 Tangible fixed assets**
|**10 Tangible fixed assets**|||||
|---|---|---|---|---|
|**Cost**
At 1 April 2023
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net book value**
At 31 March 2024
At 31 March 2023
**11 Fixed asset investments**
Shares in group undertakings|**Long leasehold**
**£**
707,171
707,171
455,616
19,350
474,966
232,205
251,555|**Fixtures and**
**fittings**
**£**
112,253||**Total**
**£**
819,424
819,424
563,742
21,410
585,152
234,272
255,682
**2023**
**£**
2,000|
||707,171|112,253|||
||455,616
19,350|108,126
2,060|||
||474,966|110,186|||
||232,205|2,067|||
||251,555|4,127|||
|||**2024**
**£**
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**|
||||**2024**|**2023**||
|**Subsidiary undertakings**||||||
|Coldwell Park Ltd|England and Wales|Ordinary|100%|100%|Accommodation|
## **12 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 (2023: £17,216).
Page 12
## **Coldwell Inn Project**
## **Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)**
|**13 Debtors**
Trade debtors
Prepayments
Other debtors
**14 Creditors**
Bank loans
VAT
Accruals
Deferred income
**15 Creditors: amounts falling due after one year**
Bank loans
**16 Leasing agreements**
The total value of future minimum lease payments was as follows:
In over five years|**2024**
**£**
29,211
2,399
17,216
48,826
**2024**
**£**
7,000
8,617
2,781
13,520
31,918
**2024**
**£**
8,981
**2024**
**£**
940|**2023**
**£**
18,311
2,412
17,216|
|---|---|---|
|||37,939|
|||**2023**
**£**
7,000
4,411
1,000
12,178|
|||24,589|
|||**2023**
**£**
17,816|
|||**2023**
**£**
1,020|
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 2024 (continued)**
|**17 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 2023**
**£**
63,382
27,364
2,000
29,364
92,746
228,319
321,065
**Balance at 1**
**April 2022**
**£**
37,950
31,212
2,000
33,212
71,162
245,881
317,043|**Incoming**
**resources**
**£**
156,182
-
-
-
156,182
-
156,182
**Incoming**
**resources**
**£**
155,489
-
-
-
155,489
-
155,489|**Resources**
**expended**
**£**
(138,150)
(3,848)
-
(3,848)
(141,998)
(17,562)
(159,560)
**Resources**
**expended**
**£**
(130,057)
(3,848)
-
(3,848)
(133,905)
(17,562)
(151,467)|**Balance at 31**
**March 2024**
**£**
81,414
23,516
2,000
25,516
106,930
210,757
317,687
**Balance at 31**
**March 2023**
**£**
63,382
27,364
2,000|
|---|---|---|---|---|
|||||29,364|
|||||92,746
228,319|
|||||321,065|
Page 14
## **Coldwell Inn Project**
## **Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)**
## **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
Creditors over 1 year
Total net assets|**Unrestricted funds**
**General**
**£**
**Designated**
**£**
-
23,515
-
2,000
122,313
1
(31,918)
-
(8,981)
-
81,414
25,516
**Unrestricted funds**
**General**
**£**
**Designated**
**£**
-
27,363
-
2,000
105,788
-
(24,589)
-
(17,816)
-
63,383
29,363|**Restricted**
**funds**
**£**
210,757
-
-
-
-
210,757
**Restricted**
**funds**
**£**
228,319
-
-
-
-
228,319|**Total funds at**
**31 March**
**2024**
**£**
234,272
2,000
122,314
(31,918)
(8,981)|
|---|---|---|---|
||||317,687|
||||**Total funds at**
**31 March**
**2023**
**£**
255,682
2,000
105,788
(24,589)
(17,816)|
||||321,065|
Page 15