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Registered number: 08452017
Eagle Heights Wildlife Foundation
(A company limited by guarantee)
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 March 2021
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Eagle Heights Wildlife Foundation
(A company limited by guarantee)
Registered number: 08452017
Balance sheet
As at 31 March 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 March 2022.
The notes on pages 2 to 9 form part of these financial statements.
Page 1
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Eagle Heights Wildlife Foundation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2021
Eagle Heights Wildlife Foundation is a private company limited by guarantee, incorporated in England and Wales.
The registered office is 37 St Margaret's Street, Canterbury, CT1 2TU.
The company's principal activity is as a bird of prey centre and wildlife sanctuary.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's functional and presentational currency is Pounds Sterling.
The company's financial statements are presented to the nearest pound.
The following principal accounting policies have been applied:
While the impact of the COVID-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company’s activity, its customers and suppliers. While the company made a loss in the year, the directors have carefully considered the pandemic which had reduced the revenue of the company, due to the restrictions and national lockdowns put in place by the government.
These restrictions closed the Wildlife Centre for long periods in 2020/2021 and reduced the number of visitors allowed when the Wildlife Centre was able to open. The company has utilised the government support available specifically the Coronavirus Job Retention Scheme and Business Support grants in order to be able to continue in operational existence.
The directors will continue to closely monitor the company's operational activity, look to reduce costs as well as utilise the government support mentioned above.
Taking into consideration the UK Government’s response and the company’s planning the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
Page 2
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Eagle Heights Wildlife Foundation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2021
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 3
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Eagle Heights Wildlife Foundation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2021
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 4
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Eagle Heights Wildlife Foundation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2021
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
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The average monthly number of employees, including directors, during the year was 19 (2020 - 22).
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Page 5
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Eagle Heights Wildlife Foundation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2021
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Charge for the year on owned assets
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Page 6
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Eagle Heights Wildlife Foundation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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The loan is repayable in monthly instalments over a period of 7 years from 2019, interest is payable at 7.61% pa. which is fixed for a 36 month period.
Two directors of the company have given guarantees to secure the liability of the company.
During the year, the company's bankers granted a Capital Payment Holiday on the bank loan for 12 months.
Page 7
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Eagle Heights Wildlife Foundation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2021
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
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Transactions with directors
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A working capital loan of £5,250 was provided in the prior year which remained outstanding at the year end (2020: £15,250).
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Page 8
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Eagle Heights Wildlife Foundation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 March 2021
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Post balance sheet events
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Substantive information about the COVID-19 disease only came to light in early 2020, with the World
Health Organisation declaring a pandemic on 11 March 2020.
The directors have carefully considered the pandemic which had reduced the revenue of the company, due to the restrictions and national lockdowns put in place by the government, which closed the Wildlife Centre for long periods in 2020/2021 and reduced the number of visitors allowed when the Wildlife Centre was able to open. The company has utilised the government support available specifically the Coronavirus Job Retention Scheme and Business Support grants in order to be able to continue in operational existence.
The directors will continue to closely monitor the company's operational activity, look to reduce costs as well as utilise the government support mentioned above.
Page 9
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