REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2021 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 13 |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE (REGISTERED NUMBER: 06679532) |
REPORT OF THE TRUSTEES |
for the Year Ended 31 December 2021 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
During 2008, Grenville House Outdoor Education Centre went through the process of becoming a Limited Company as well as a Charity and from 1st January 2009 began to operate under a new scheme. The public benefit of the Charity is achieved by carrying out its Objects, which are as follows: |
1. To promote the education of children and young persons (including without prejudice to the generality of the foregoing education in nautical skills, environmental studies and history): and |
2. To provide in the interest of social welfare facilities for recreational and other leisure time occupation for children and young persons who by reason of their youth or social and economic circumstances are in need of such facilities with the object of improving the conditions of life for such children and young persons, and |
3. To promote the religious and other charitable work of the Church of England in the Diocese of Exeter. |
We provide the facilities and activities to enable groups, mainly from the South West, but also further afield, to be able to participate in activities and education that may not otherwise be available to them. The Directors have had regard to the guidance given by the Charity Commission on public benefit. |
Significant activities |
The resumption of residential trips by schools was sanctioned by the D f E in May, although still with COVID related restrictions in place that effectively reduced the Centre's normal capacity by 50%. |
Most schools were able to carry out their visits successfully through: - |
1. the conversion of the lounge into another bedroom to provide occupancy levels that met with social distancing guidance. |
2. the splitting of their week into two half-week visits |
or |
3. the spreading of a weekend visit over two weekends. |
Some schools moved their bookings to take up cancelled booking slots later in the year or moved them to 2022. |
A few schools/groups felt it too soon to resume a residential visit and chose to visit on a non-residential basis if possible, or to cancel their booking. |
The vast majority of our clients were extremely supportive and appreciative of the way we managed the disappointment caused by the pandemic, with most choosing to transfer any funds already held in our bank account to their subsequent bookings. |
The Government's Furlough scheme and the Charity's assets enabled us to retain the majority of our staff team which resulting in our ability to resume our provision almost seamlessly. |
Whilst turnover was significantly impacted, leading to a loss for the second consecutive year, the Charity was still in a healthy financial position. However financial recovery, from the impact of the Pandemic, will probably take at least 5 years if not more. |
Public benefit |
The trustees are aware of the Charity Commission guidance on Public Benefit and take this into consideration in relation to decisions made about the operation and activities of the charity. |
New Developments |
The annual investment review took place with respect to maintaining the fabric of the Centre and the activity equipment at the desired high standard. This was able to be kept to absolute essentials due to the reduced levels of usage and wear and tear on both activity equipment and the fabric of the Centre. |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE (REGISTERED NUMBER: 06679532) |
REPORT OF THE TRUSTEES |
for the Year Ended 31 December 2021 |
FINANCIAL REVIEW |
Financial results and Reserves policy |
The Charity holds money in various bank accounts in liquid form as their reserves. These reserve funds are held at a level to cover the working capital requirements of the Charity on an ongoing basis and to provide for future maintenance and repairs. At the end of the financial year, the free reserves were £173,100 compared to £168,941 in the previous year. |
The Charity's portfolio of stocks and shares are held in order to provide income to enable the Charity to carry out its purposes year by year, and capital growth to provide for future needs. Stockbrokers Quilter have been re- appointed to manage the Charity's investment portfolio. An annual presentation is given by an Executive Director of the company to the Trustees to review the portfolio's performance, and quarterly valuation statements are received which enable the Trustees to see the movement throughout the year. The Trustees have taken a long term view with regard to the investments and continue to have confidence in the way Quilter manage the portfolio. The dividend income fell from £12,686 to £11,856.The value of the portfolio increased by £40,906.. The dividends continue to contribute towards the ongoing expenses of running the Charity. Any shortfall is met from the Charity's liquid assets i.e. cash held in the bank accounts. |
The investment property generated £8,105 income net of maintenance, service charges and agent's fees. Its value increased slightly from £317,536 to £353,900 in the year. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
Grenville House was originally known as the British Seamen's Boys' Home and was built in Brixham in 1863 as part of the Torbay and Dartmouth Mission to Seamen with the object of providing for the sons of deceased British seamen. It was established by a Conveyance and Trust Deed dated 22nd March 1887, which had as its Objects: |
"The lodging, feeding, clothing and educating in the faith and principles of the Church of |
England, as now established by law, the sons of deceased British seamen." |
The Home operated as an orphanage from 1863 to 1988 when it closed for two years and then reopened as an Outdoor Education Centre for young persons, with amended Charity Objects, but with the same values as the original concept of helping young people prepare for life and to enhance their social and personal development. This was through using the Centre's facilities and sensitive use of the outdoor environment. The present name of the Charity was changed from the British Seamen's Boys' Home in the Central Register of Charities of the Charity Commission in March 2007. |
Organisational structure |
The Charity went through the process of incorporation during 2008, and from 1st January 2009 started to operate as a Charitable Company. |
There is a Management Committee comprising eight Directors/Trustees at the end of the year. |
The role of the Trustees is:- |
i) To direct the manner in which the Charity operates to meet the objects of the Trust. |
ii) To oversee the safe keeping and administration of investments and assets. |
iii) To oversee the safe keeping of all monies held on behalf of the Charity. |
iv) To receive and administer all extraordinary income (legacies, grants and large donations). |
v) To provide charitable financial support for approved operations to meet capital expenditure and operating budget needs. |
The Committee meetings are currently held in January, March, April (AGM), June, September and November. If required, additional meetings can be called at any point in the year. |
The role of the Management Committee is:- |
The Committee implement the policies that are established by the Trustees, in support of the Objects of the Charity. It acts in the role of General Manager of those operations supported by the Charity. |
The Chairman of the Management Committee for 2021 was Richard Dyke. The post of Chair is available for change on an annual basis. |
Risk management |
The Directors have identified the major risks to which the Charity is exposed and measures have been put in place to lessen the effect of these, whether they are financial or operational. Policy Statements covering the systems and methods adopted to manage all major areas of risk have been produced and are updated as and when necessary and the risks are regularly reviewed in order to minimise the impact to the Charity. |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE (REGISTERED NUMBER: 06679532) |
REPORT OF THE TRUSTEES |
for the Year Ended 31 December 2021 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Ian Barrett |
FCA FCIE |
Barretts |
Chartered Accountants & |
Chartered Tax Advisers |
22 Union Street |
Newton Abbot |
Devon |
TQ12 2JS |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE |
Independent examiner's report to the trustees of Grenville House Outdoor Education Centre ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCA FCIE which is one of the listed bodies. |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
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. |
Ian Barrett |
FCA FCIE |
Barretts |
Chartered Accountants & |
Chartered Tax Advisers |
22 Union Street |
Newton Abbot |
Devon |
TQ12 2JS |
14 September 2022 |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
for the Year Ended 31 December 2021 |
2021 | 2020 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | fund | fund | funds | funds |
Notes | £ | £ | £ | £ | £ |
INCOME AND | ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income | 2 |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
Net gains on investments |
NET INCOME/(EXPENDITURE) |
( |
) |
Transfers between funds | 13 | 6,356 | - | (6,356 | ) | - | - |
Net movement in funds | ( |
) |
RECONCILIATION OF | FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD |
2,290,295 |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE (REGISTERED NUMBER: 06679532) |
BALANCE SHEET |
31 December 2021 |
2021 | 2020 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | fund | fund | funds | funds |
Notes | £ | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
Investments |
Investments | 8 |
Investment property | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
12 |
( |
) |
( |
) |
( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 13 |
Unrestricted funds | 1,969,754 |
Endowment funds | 320,541 |
TOTAL FUNDS | 2,290,295 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE (REGISTERED NUMBER: 06679532) |
BALANCE SHEET - continued |
31 December 2021 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2021 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Equipment & boats - Straight line over 7 years |
Computer Equipment - Straight line over 3 years |
Mini bus - straight line at 15% per annum |
Investment property |
Investment property is shown at its market value at the year end. Any surplus or deficit on revaluation is shown in the Statement of Financial Activities. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Pension costs and other post-retirement benefits |
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. |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
2. | INVESTMENT INCOME |
2021 | 2020 |
£ | £ |
Rents received |
Other fixed asset invest | 11,856 | 12,687 |
Deposit account interest |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2021 | 2020 |
£ | £ |
Depreciation - owned assets |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020. |
5. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2021 | 2020 |
Educational/ support | 11 | 12 |
Administration | 1 | 1 |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES FOR DECEMBER 2020 |
Unrestricted | Restricted | Endowment | Total |
funds | fund | fund | funds |
£ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
Transfers between funds | 6,831 | - | (6,831 | ) | - |
Net movement in funds | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 2,002,333 | - | 331,181 |
TOTAL FUNDS CARRIED FORWARD | 1,969,754 | - | 320,541 | 2,290,295 |
7. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
8. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
MARKET VALUE |
At 1 January 2021 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 | 630,373 |
At 31 December 2020 | 589,467 |
There were no investment assets outside the UK. |
Cost or valuation at 31 December 2021 is represented by: |
Listed |
investments |
£ |
Valuation in 2021 | 630,373 |
9. | INVESTMENT PROPERTY |
£ |
FAIR VALUE |
At 1 January 2021 |
Revaluation | 36,364 |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Fair value at 31 December 2021 is represented by: |
£ |
Valuation in 2021 | 353,900 |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
10. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Payments on account |
Trade creditors |
Social security and other taxes |
Other creditors |
13. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.1.21 | in funds | funds | 31.12.21 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 1,969,754 | 52,987 | 6,356 | 2,029,097 |
Endowment funds |
Endowment | 320,541 | 26,782 | (6,356 | ) | 340,967 |
TOTAL FUNDS | 79,769 | 2,370,064 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 311,378 | (330,774 | ) | 72,383 | 52,987 |
Endowment funds |
Endowment | 6,356 | - | 20,426 | 26,782 |
TOTAL FUNDS | ( |
) | 79,769 |
GRENVILLE HOUSE OUTDOOR EDUCATION CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
13. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.1.20 | in funds | funds | 31.12.20 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 2,002,333 | (39,410 | ) | 6,831 | 1,969,754 |
Endowment funds |
Endowment | 331,181 | (3,809 | ) | (6,831 | ) | 320,541 |
TOTAL FUNDS | 2,333,514 | (43,219 | ) | - | 2,290,295 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 244,444 | (322,150 | ) | 38,296 | (39,410 | ) |
Endowment funds |
Endowment | 6,894 | - | (10,703 | ) | (3,809 | ) |
TOTAL FUNDS | 251,338 | (322,150 | ) | 27,593 | (43,219 | ) |
14. | RELATED PARTY DISCLOSURES |