Charity registration number 1087766
Company registration number 04240017 (England and Wales)
CRANEDALE EDUCATIONAL CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
CRANEDALE EDUCATIONAL CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr A W A Outhwaite
Mrs M E Outhwaite
Mr J P Midgley
Mr R E France
Mr R H R Innes
Secretary
Mrs M E Outhwaite
Charity number
1087766
Company number
04240017
Registered office
Manor Farm
Kirby Grindalythe
Malton
North Yorkshire
UK
YO17 8DB
Independent examiner
David Walker FCA
124 Acomb Road
York
YO24 4EY
Bankers
HSBC UK Bank Plc
27 Market Place
Malton
YO17 7LU
CRANEDALE EDUCATIONAL CHARITABLE TRUST
CONTENTS
Page
Trustees' report
1 - 5
Independent examiner's report
6
Statement of financial activities
7
Balance sheet
8 - 9
Statement of cash flows
10
Notes to the financial statements
11 - 25
CRANEDALE EDUCATIONAL CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's memorandum and articles of association, the Companies Act 2006 and "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

 

The trust 's objects are the advancement of the public benefit of education concerning the natural environment and knowledge of the living world.

 

The policies adopted in furtherance of these objects is the operation of an educational field centre. There has been no change in this during the year.

The general aims of the trust remain the education, mainly of children, through its field centre, in matters concerning the natural environment.

Objectives for the year were, as previously, the effective running of the field centre and the provision of high quality field courses and services.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Activities

The Charitable Trust is a market leader in the provision of high quality field courses and promotes its services to schools and colleges nationwide.

CRANEDALE EDUCATIONAL CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
Achievements and performance
Significant activities and achievements against objectives

 

On beginning the academic year 2022 - 2023 we appointed one new tutor to alleviate pressure on the tutor team, as well as appointing an additional tutor in January 2023 to replace another tutor who had decided to move on. Still, the tutors worked a high number of hours thanks to many more smaller groups (of 8 students or less) attending the Centre on courses and who wanted evening tuition. These small groups made up 10% of our income during this academic year.

 

With regards our income over the course of the year, we were slightly down on last year. This was expected, considering we had the lowest person days in the last 22 years at 11,220 which was 9% down from the previous academic year. We actually had more schools visit us this academic year (155 schools) than last year (153), but many of our same customers who normally bring tens of students were now bring significantly less than previous years. Cost of living likely a factor, along with the ‘hangover’ effects of COVID (increased anxiety/worry in the student population).

 

The two new buses made a difference to our fleet although the other vehicles continued to bring problems, possibly having been stood for such a long time when we were closed.

 

Spending was higher thanks in large part to the energy crisis (eg. electricity usually circa £10,000 pa but it increased to £54000 pa) which resulted in large bills for a few months. Fortunately these have stabilised and a new price was fixed in July 2023 on a 2 year contract. We also seized the opportunity to switch over all main lighting to LED bulbs (from the former eco-friendly bulbs) this to provide better lighting and reduced expenditure on bulbs and energy going forwards.

 

Our Catering Department required new fridge freezers, sandwich fridges and a commercial microwave as the ageing units were no longer operating reliably.

 

After a four year absence, we decided to exhibit at the Geographical Association Conference in Sheffield in April 2023. This being the major event of the year for Geography Teachers and a major advertising opportunity for the Centre. We had a great attendance of our own staff and benefitted from at least two new bookings which has repaid the cost of attending.

 

The cost of living and high working hours led to us providing two significant staff pay rises in September 2022 and April 2023 both to show our appreciation of staff and to assist them personally against inflation which in April 2023 was at circa 6.5%.

 

The Head of Centre’s vehicle, an expensive Diesel model (Suzuki Vitara) was part exchanged for a much more modern environmentally friendly electric vehicle (Hyundai Ioniq) together with installation of an electric vehicle charging point on the front drive.

Financial review
Reserves policy

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to 12 month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised.

 

Total reserves are £ 46,024 (2022 £ 146,867 ) and therefore the current amount of reserves are less than the required amount although it is the intention of the trustees to continue to generate surpluses in the future which will be retained in order adhere to the policy.

Major risks

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

CRANEDALE EDUCATIONAL CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -

The trustees review the major risks which the trust faces on a regular basis with the trust's manager and believe that maintaining the trusts unrestricted reserves as above, combined with a regular review of the trust's finances and financial controls will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate any significant risks.

Plans for future periods

 

Although we would like to order another two minibuses to replace the two '66' plate minibuses the hit on cashflow is too great so we are looking to replace one per year, subject to lead time. Our fleet of laptops purchased circa 10 years ago are no longer fit for purpose and we have been unable to provide GIS sessions for our Geography visitors. Our hope is to invest in a new fleet of laptops which can be utilised for these sessions and allow us to offer more for our customers.

 

WiFi connectivity continues to be an ongoing problem with many teachers reporting this as an issue on their feedback forms. We are beginning to look at the different options for the Centre given that in summer 2025 all the BT lines are going across to digital. Technology has moved fast and we need to keep pace especially with the changing needs of visiting staff and students.

 

The planned large percentage increases in national minimum wage in April 2024 will result in massive increases in wage costs. It is also anticipated that some tutors will wish to move out of the village adding increased financial pressures.

 

Spending pressures have been high since reopening after the pandemic and the aim is that the charity is looking to rebuild our reserves back to a more healthy position within the next 2-5 years.

 

Student numbers falling across Geography, Junior and Biology groups are a concern. We hope to attract larger numbers of GCSE Geography groups to help counteract this shortfall as well as to avoid evening tuition for small courses by insisting that they self-tutor.

 

Given our need to change some of our asset in the coming years, we will be exploring all opportunities for grants and funding.

Structure, governance and management

 

The trust was registered with the Charity Commission on 30th July 2001 and is constituted as a company limited by guarantee and is therefore governed by its memorandum and articles of association dated 22nd June 2001.

 

The trust began to operate on 1 September 2001 when the assets and liabilities of the registered charity also known as the Cranedale Educational Charitable Trust were transferred to the company at their balance sheet value.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr A W A Outhwaite
Mrs M E Outhwaite
Mr J P Midgley
Mr R E France
Mr R H R Innes
CRANEDALE EDUCATIONAL CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
Recruitment and appointment of trustees

The appointment of trustees is governed by the Articles of Association. At the annual general meeting one third of the trustees who are subject to retirement by rotation, or, if their number is not three or a multiple of three, the number nearest to one third shall retire from office; but if there is only one trustee who is subject to retirement by rotation, he shall retire.

 

Subject to the provisions of the articles, the trustees to retire by rotation shall be those who have been longest in office since their last appointment or reappointment, but as between persons who became or were last reappointed trustees on the same day those to retire shall (unless they otherwise agree among themselves) be determined by lot.

 

If the charity at the meeting at which a trustee retires by rotation, does not fill the vacancy the retiring trustee shall, if willing to act, be deemed to have been reappointed unless at the meeting it is resolved not to fill the vacancy or unless a resolution for the reappointment of the trustee is put to the meeting and lost.

 

As a result, R E France and R H R Innes retire from office but, being eligible, offer themselves for re-election.

 

The charity may by ordinary resolution appoint who is willing to act to be a trustee and may also determine the rotation in which any additional trustees are to retire.

 

The trustees may appoint a person who is willing to act to be a trustee either to fill a vacancy or as an additional trustee provided that the appointment does not cause the number of trustees to exceed any number fixed by or in accordance with the articles as the maximum number of trustees. A trustee so appointed shall hold office only until the next following annual general meeting and shall not be taken into account in determining the trustees who are to retire by rotation at the meeting. If not reappointed at such annual general meeting, he shall vacate office at the conclusion thereof.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

The trustees have complied with the duty imposed upon them by Section 4 of the Charities Act 2011/2006 to have due regard to guidance published by the Charity Commission.

 

The Trustees have also had regard to the Charity Commissioners guidance on public benefit.

 

The trust does not receive any services from volunteers.

Qualifying third party indemnity provisions

All new trustees are given a copy of the trust's memorandum and articles of association and are provided with booklets CC3 and CC3a from the Charity Commissioners and "Running a Limited company" from Companies House, which give guidance and advice on being a trustee and director.

Organisational structure

The trustees meet regularly to manage the trust's affairs and delegate the day-to-day running of the trust's activities to its operational director, Mr Chris Cassells, general manager, tutors and administrative staff.

The Memorandum and Articles of Association authorises the trustees to deposit or invest in the name of the charity and part of the funds as the trustees in their absolute discretion think fit.

Relationship with wider network

The remuneration of the charity's key management personal is agreed at the current market rates applicable to the particular duties performed by the employees concerned.

Relationship with related parties

The trust has numerous schools and educational facilities who return on a regular basis to the field centre. Although no formal working relationships have been formed with any of these entities.

CRANEDALE EDUCATIONAL CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -

The trust wholly owns a subsidiary company The Cranedale Centre Limited which provides holidays and associated goods and services of a non educational nature. It also provides the trust with transport facilities. The subsidiary's results are summarised in note 21.

The trustees' report was approved by the Board of Trustees.

Mr A W A Outhwaite
Trustee
16 August 2024
CRANEDALE EDUCATIONAL CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF CRANEDALE EDUCATIONAL CHARITABLE TRUST
- 6 -

I report to the trustees on my examination of the financial statements of Cranedale Educational Charitable Trust (the trust) for the year ended 31 August 2023.

Responsibilities and basis of report

As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the trust 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 the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England & Wales., 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 that in any material respect:

1

accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements 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 financial statements 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 financial statements to be reached.

David Walker FCA

Chartered Accountant

124 Acomb Road
York
YO24 4EY
Dated: 16 August 2024
CRANEDALE EDUCATIONAL CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
2023
2022
2022
2022
Notes
£
£
£
£
Income from:
Donations and legacies
3
76
152
989
1,141
Charitable activities
4
859,991
901,428
-
901,428
Investments
5
11,879
3,309
-
3,309
Total income
871,946
904,889
989
905,878
Expenditure on:
Charitable activities
6
972,789
798,256
-
798,256
Total expenditure
972,789
798,256
-
798,256
Net income/(expenditure)
(100,843)
106,633
989
107,622
Transfers between funds
-
989
(989)
-
Net movement in funds
8
(100,843)
107,622
-
107,622
Reconciliation of funds:
Fund balances at 1 September 2022
146,867
39,245
-
39,245
Fund balances at 31 August 2023
46,024
146,867
-
146,867

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CRANEDALE EDUCATIONAL CHARITABLE TRUST
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
72,100
85,193
Current assets
Stocks
13
6,984
12,102
Debtors falling due after one year
14
122,351
150,000
Debtors falling due within one year
14
35,280
31,181
Cash at bank and in hand
128,465
148,695
293,080
341,978
Creditors: amounts falling due within one year
Loans and overdrafts
15
5,500
5,800
Obligations under finance leases
16
2,355
594
Taxation and social security
12,710
8,445
Other creditors
17
261,734
221,048
282,299
235,887
Net current assets
10,781
106,091
Total assets less current liabilities
82,881
191,284
Creditors: amounts falling due after more than one year
18
(36,857)
(44,417)
Net assets
46,024
146,867
Income funds
Unrestricted funds
46,024
146,867
46,024
146,867
CRANEDALE EDUCATIONAL CHARITABLE TRUST
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 9 -

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 16 August 2024
Mr A W A Outhwaite
Trustee
Company Registration No. 04240017
CRANEDALE EDUCATIONAL CHARITABLE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(15,966)
36,752
Investing activities
Purchase of tangible fixed assets
(10,044)
(4,307)
Investment income received
11,879
3,309
Net cash generated from/(used in) investing activities
1,835
(998)
Financing activities
Repayment of bank loans
(5,505)
(3,174)
Payment of finance leases obligations
(594)
(360)
Net cash used in financing activities
(6,099)
(3,534)
Net (decrease)/increase in cash and cash equivalents
(20,230)
32,220
Cash and cash equivalents at beginning of year
148,695
116,475
Cash and cash equivalents at end of year
128,465
148,695
CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 11 -
1
Accounting policies
Charity information

Cranedale Educational Charitable Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Manor Farm, Kirby Grindalythe, Malton, North Yorkshire, YO17 8DB, UK.

1.1
Accounting convention

The financial statements have been prepared in accordance with the trust's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The trust is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include fixed asset investments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.
1.4
Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant which specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 12 -
1.5
Expenditure

Resources expended are accounted for on an accruals basis.

Costs of generating funds are those costs incurred in attracting voluntary income and those incurred in trading activities that raise funds.

Charitable activities include expenditure associated with the field centre and educational programmes and include both direct and support costs relating to those activities.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over 20 years
Fixtures and fittings
Straight line over 10  years, 5 years if leased asset

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 13 -
1.10
Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.

CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 14 -
1.14

Creditors and provisions

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measure reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2
Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
76
-
76
152
-
152
Grants
-
-
-
-
989
989
76
-
76
152
989
1,141
Donations and gifts
Other
76
-
76
152
-
152
76
-
76
152
-
152
Grants
Coronovirus Job Support Scheme
-
-
-
-
989
989
-
-
-
-
989
989
CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 15 -
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Educational
Field centre
859,991
901,428
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Rental income
600
600
Interest received on loans
9,376
2,590
Interest receivable
1,903
119
11,879
3,309

The rental income received arises from the letting of various parts of the centre's premises to the charitable trust's wholly owned subsidiary, Cranedale Centre Limited.

CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 16 -
6
Expenditure on charitable activities
Field centre
Field centre
2023
2022
£
£
Direct costs
Staff costs
427,372
327,281
Depreciation and impairment
23,137
27,198
Educational purchases
73,775
77,331
Repairs & renewals
38,840
37,358
Motor expenses & travel
114,060
124,040
Teaching staff telephone
249
272
Light, heat & power
99,190
48,654
Sundry expenses
4,044
3,509
Rent & rates
33,817
18,795
Insurance
12,105
9,689
Laundry & cleaning
4,238
2,501
830,827
676,628
Share of support and governance costs (see note 7)
Support
91,525
76,137
Governance
50,437
45,491
972,789
798,256
Analysis by fund
Unrestricted funds
972,789
798,256

All the charitable activities relate to the operation of the educational field centre.

CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 17 -
7
Support costs
Support costs
Governance costs
2023
2022
Basis of allocation
£
£
£
£
Staff costs
60,017
26,492
86,509
75,456

Time spent

Telecommunications

4,518
-
4,518
3,754

Total Expenditure

Printing & Stationery

2,867
-
2,867
2,122

Total Expenditure

Advertising

3,292
-
3,292
2,703

Total Expenditure

Staff Training

1,733
-
1,733
-

Total Expenditure

Conference expenses

2,205
-
2,205
-

Total Expenditure

Cleaning & General Maintenance

9,402
-
9,402
8,722

Total Expenditure

IT Costs

7,491
-
7,491
6,553

Total Expenditure

Examination fees
-
2,500
2,500
2,500
Governance
Accountancy
-
1,844
1,844
1,520
Governance

Bank Charges

-
193
193
207
Governance

HP & Lease Charges

-
2,008
2,008
2,371
Governance

Bookkeeping

-
17,400
17,400
15,720
Governance
91,525
50,437
141,962
121,628
Analysed between
Charitable activities
91,525
50,437
141,962
121,628

Governance costs includes payments to the auditors of £2,500 (2022 - £2,500) for the independent examination of the financial statments and £1,844 (2022- £1,520) for other services.

8
Net movement in funds
2023
2022
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
2,500
2,500
Depreciation of owned tangible fixed assets
22,420
26,481
Depreciation of tangible fixed assets held under finance leases
717
717
9
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

Trustees AWA Outhwaite and ME Outhwaite, husband and wife, purchased various goods and services, at full commercial rates and under normal commercial terms, from the trust during the year as follows:

 

Cleaning services £7,428 (2022- £6,249)

Domestic services £11,300 (2022- £7,155)

Motor insurance £2,677 (2022- £2,540)

 

The amounts outstanding at the year end were £nil (2022 £nil).

CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 18 -
10
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
35
33
Employment costs
2023
2022
£
£
Wages and salaries
488,442
363,977
Social security costs
10,991
17,656
Other pension costs
14,448
21,104
513,881
402,737
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2023
2022
£
£
Aggregate compensation
121,076
98,226
11
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 19 -
12
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2022
404,122
334,935
739,057
Additions
-
10,044
10,044
Disposals
-
(8,973)
(8,973)
At 31 August 2023
404,122
336,006
740,128
Depreciation and impairment
At 1 September 2022
358,296
295,568
653,864
Depreciation charged in the year
10,569
12,568
23,137
Eliminated in respect of disposals
-
(8,973)
(8,973)
At 31 August 2023
368,865
299,163
668,028
Carrying amount
At 31 August 2023
35,257
36,843
72,100
At 31 August 2022
45,826
39,367
85,193

 

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £717 (2022 - £717) for the year.

2023
2022
£
£
Fixtures and fittings
2,151
2,868

An impairment review of the charity's fixed assets has been undertaken. The net realisable value of the assets concerned has been assessed by estimating their market value. Their value in use has been determined by evaluating present value of the future benefits expected to arise from the continued use of the assets concerned.

 

It has been agreed that the improvements to the leasehold property will be acquired by the landlord at their written down value at the time of the landlord's terminating the trust's operating lease.

13
Stocks
2023
2022
£
£
Raw materials and consumables
6,984
12,102
CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 20 -
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by subsidiary undertakings
14,412
-
Other debtors
10,124
21,313
Prepayments and accrued income
10,744
9,868
35,280
31,181
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by subsidiary undertakings
122,351
150,000
Total debtors
157,631
181,181
15
Loans and overdrafts
2023
2022
£
£
Bank loans
41,530
47,035
Payable within one year
5,500
5,800
Payable after one year
36,030
41,235
Amounts included above which fall due after five years:
Payable by instalments
8,824
15,400

On 1st June 2020 the trust was advanced a loan of £50,000 under the Coronavirus Bounce Bank Loan Scheme. Repayable in instalments over 8 Years after an initial 12 months interest and repayment free. Interest is payable at 2.5%.

CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 21 -
16
Finance lease obligations
Future minimum lease payments due under finance leases:
2023
2022
£
£
Within one year
1,439
1,439
Within two and five years
2,881
4,321
4,320
5,760
Less: future finance charges
(1,138)
(1,984)
3,182
3,776

.

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

17
Other creditors falling due within one year
2023
2022
£
£
Payments received on account
195,728
153,045
Trade creditors
7,505
16,531
Other creditors
21,930
35,058
Accruals and deferred income
36,571
16,414
261,734
221,048
18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
15
36,030
41,235
Obligations under finance leases
16
827
3,182
36,857
44,417
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
14,448
21,104

The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund.

CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 22 -
20
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 September 2022
Incoming resources
Resources expended
Transfers
At 31 August 2023
£
£
£
£
£
General funds
146,867
871,946
(972,789)
-
46,024
Previous year:
At 1 September 2021
Incoming resources
Resources expended
Transfers
At 31 August 2022
£
£
£
£
£
General funds
39,245
904,889
(798,256)
989
146,867
CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 23 -
21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2023
2022
£
£
Aggregate compensation
121,076
98,226

The Cranedale Centre's freehold land is owned by Shipton Estates Limited of which Mr A W A Outhwaite, a trustee of the trust, is director and major shareholder. The centre is occupied under an operating lease, dated 1 January 2021, for 3 years, on a full repairing and insuring basis, at a rental of one acorn, if so demanded. Due to the expiration of the lease the tenancy is holding over under the landlord and tenant legislation with no notice having been served by either party.

 

On 4 January 2012 the trust entered into assured shorthold tenancies in respect of 4 domestic properties owned by Shipton Estates Limited to be occupied by the centre's tutors, the rents payable are at a full market rent and have been assessed by an independent surveyor. A rent free period was granted to the trust in respect of the coronavirus pandemic situation. The total rents paid amounted to £24,000 (2022- £12,000) with amounts outstanding at the year end of £nil (2022- £nil).

 

The trust wholly owns a subsidiary company The Cranedale Centre Limited which provides holidays and associated goods and services of a non educational nature.

 

Goods and services were purchased from the company during the year, on normal commercial terms, totalling £114,060 (2022- £124,040) with amounts outstanding at the year end of £nil (2022- £nil).

 

Goods and services were sold to the company during the year, on normal commercial terms, totalling £3,600 (2022- £3,600) with amounts outstanding at the year end of £nil (2022- £nil).

 

The trust receives a rent from the company, in respect of a 12 month licence, renewable yearly, for the company to occupy and use, including trading from and the hiring out of, various areas of the Cranedale Centre, payable at a sum of £600 per annum (2022- £600).

 

Donations under the Gift Aid scheme were also made to the trust, by the company, during the year totalling £nil (2022- £nil). The amount owing at the year end was £0 (2022- £ 0).    

 

The trust has supported it's wholly owned subsidiary during the year and has an unsecured loan due from the company which has a balance at 31 August 2023 of £136763 (2022- £150000).

 

The loan is repayable in full on 13 July 2025, and interest is payable at 2% above HSBC base rates, per annum.

 

 

 

 

 

 

 

 

CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 24 -
22
Subsidiaries

These financial statements are separate trust financial statements for Cranedale Educational Charitable Trust for the year ending 31 August 2023.

Separate company financial statements are prepared in compliance with Companies Act 2006. Consolidated financial statements for the group are not required to be prepared in accordance with Companies Act 2006 and the Charities Act.

 

Separate financial statements for the trusts subsidiary, Cranedale Centre Limited are prepared and can be obtained from the registered office.

Details of the trust's subsidiaries at 31 August 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Cranedale Centre Limited
UK
Educational Services
Ordinary
100.00
The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Cranedale Centre Limited
(3,401)
(6,227)

The investments in subsidiaries are all stated at fair value.

23
Cash generated from operations
2023
2022
£
£
(Deficit)/surpus for the year
(100,843)
107,622
Adjustments for:
Investment income recognised in statement of financial activities
(11,879)
(3,309)
Depreciation and impairment of tangible fixed assets
23,137
27,198
Movements in working capital:
Decrease/(increase) in stocks
5,118
(4,473)
Decrease/(increase) in debtors
23,550
(57,125)
Increase/(decrease) in creditors
44,951
(33,161)
Cash (absorbed by)/generated from operations
(15,966)
36,752
CRANEDALE EDUCATIONAL CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 25 -
24
Analysis of changes in net funds
At 1 September 2022
Cash flows
At 31 August 2023
£
£
£
Cash at bank and in hand
148,695
(20,230)
128,465
Loans falling due within one year
(5,800)
300
(5,500)
Loans falling due after more than one year
(41,235)
5,205
(36,030)
Obligations under finance leases
(3,776)
594
(3,182)
97,884
(14,131)
83,753
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