Great Torrlngton and District Community Development Trust (A company Ilmfitsd by guarantee) Charity No. 1055230 Company No 0319341)0 Annual Report and Unaudited Financial Statements For the year ended 31" March 2024 CHARITY cor,AMISSION FIRST CONTACT 0 9 DEC ?q?4 RECii?i D.-.
Great Torrington and District Community Development Trust CONTENTS Page Charity information Trustees, Report 3-5 Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-13
Great Torrington and District Community Development Trust CHARITY INFORMATION Charity Name Great Torrington and District Community Development Trust Limitsd Charlty registration number 1055230 Company registration number 03193400 (a company limited by guarantee) Principal and registered office Castle Hill, South Street, Great Torrington. Devon EX38 8AA. Trustees (Directors) P. Hood, Chair G. Bealey Ms. Leanne Freeman (appointed 10 January 2024) P. Martin Mrs D. Nicholson D. Squire P. Topham Secretary P. Topham Bankers Lloyds Bank Plc., 5 High Street, Bideford, Devon EX29 2AD. Independent Examiner Andrew Fraser Stowford House, East Stowford, Umberleigh, Devon EX37 9RU.
Great Torrington and District Community Development Trust TRUSTEES, REPORT The Trustees, who are also Directors for the purposes of the Companies Act, have pleasure in presenting their report and the unaudited financial statements of the Charity for the year ended 31 st March 2024. LEGAL STATUS The Charity is a charitable company limited by guarantee and was incorporated on the 9 May 1996. OBJECTS, ORGANISATION AND ACTIVITIES To provide facilities for recreation with the object of improving the condttions of lrfe and social welfare for those living and working in the area of benefrt, defined as Great Torrington and specified surrounding parishes. To advance education and relieve poverty among those living or working in the area of benefrt. To preserve, protect and enhance in any way for the benefrt of the public, the amenities, including buildings or features or historic, architectural or natural interest within the area of benefit. To further any other charitable purpose or purposes for the benefit of those living or working in the area of benefit. The principal activity of the Charity during the year was to improve the conditions of life and social welfare for those living or working in the Great Torrington area. REVIEW OF PROGRESS AND ACHIEVEMENTS The Charity continues to be managed by the Trustees on a voluntsry basis. The work of the Charity amounts to the ongoing management and support of the portfolio of measures already implemented. The Trustees continue their policy of managing a portfolio of communty owned assets to generate a revenue stream which will support the ongoing core costs of the organisation. However, the level of the trading surplus remains insufficient to fully fund new projects for the Trust. During the year the Charity obtained further grants for landscaping works in the Castle Hill Gardens to improve visitor experience and also town signage within Great Torrington. The Charity continues to seek new sources of grant funding to provide support for both the ongoing core costs of the Trust and for new community projects currently under development. RESTRICTED FUNDS Monies raised for specific projects are held on a restricted basis until the funds are required. As at st 31 March 2024 the following funds, included wÈthin the above were held - Capital and Leasehold Grants. These relate to the original funding for the development of Castle Hill.
Great Torrington and District Community Development Trust TRUSTEES. REPORT (continued) ACCOUNTING POLICIES In preparing these financial statements the Twstees are required to select suitable accounting policies and then to apply them consistently, making judgements and estimates that are reasonable and prudent. The Trustees must also prepare the financial statements on a going concem basis unless it is inappropriate to presume that the Charity will continue its activities. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at the time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are aSso responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDIT STATUS & INDEPENDENT EXAMINER Under Charity and Company Law, the Trust is exempt from audiL Wrthin Charity legislation an audit is only mandatory when gross income exceeds £500,000. The Trust must, however, have its annual accounts reviewed by an Independent Examiner. FINANCES The attached financial statements show the current state of finances. At the yearend there was deficit of £126,919 (2023 deficit £118,711) on unrestricted funds. The income and property of the Chartty shall be applied solely towards the promotion of the objects and no part shall be paid or transferred, directly or indirectly, by way of dividend, bonus or otherwise by way of profrt to members of the Charity. TRUSTEES AND THEIR INTERESTS The Trustees who held office during the year are detailed on page 1. None of the Trustees had an interest in the shares of the Charity at any time during the year as the Charity is limited by guarantee. TRUSTEES RESPONSIBILITIES Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity at the end of its financial year and of the incoming and outgoing reSoUS for the year then ended. RESERVE POLICY The Trustees aim to keep the equivalent of twelve months running costs as unrestricted reserves. Any surplus funds over and above this amount will be used in furtherance of the Objectives of the Trust. RISK POLICY The Trustees consider that the major risk to the Trust is the ongoing lack of grant funding to cover the core costs of the Trust. The Trustees are seeking ways to increase the trading subsidiary's income, to enable surplus funds to be generated for use by the Trust.
Great Torrington and District Community Development Trust TRUSTEES. REPORT (Gontinued) DISSOLUTION Every member of the Charity undertakes to contribute an amount (but not exceeding £1) towards the settlement of the Charity's debts and liabilities in the event of it being wound up. SMALL COMPANY PROVISIONS This report has been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies. Approved by the Board of Trustees on g October 2024 and signed on its behalf by, Mr P. Hood, Chaiman Date: 9 October 2024
Great Torrington and District Community Development Trust INDEPENDENT EXAMINER'S REPORT TO THE SHAREHOLDERS ON THE UNAUDITED ACCOUNTS OF GREAT TORRINGTON AND DISTRICT COMMUNITY DEVELOPMENT TRUST LIMITED I report on the Financial Statements for the year ended 31 March 2024 set out on pages 7 to 13. RESPECTIVE RESPONSIBILITY OF THE DIRECTORS AND INDEPENDENT EXAMINER As described on page 3 the Trustees are responsible for the preparation of the Financial Statements and they consider that the Charity is exempt from an annual audit. It is rny responsibility to cary out procedures designed to enable me to report in my opinion. BASIS OF OPINION My work was conducted in accordance with the Statement of Standards for Reporting Accountants and so my procedures consisted of comparing the Accounts with the accounting records kept by the Company, and making such limited enquiries of the Directors of the Company as was considered necessary for the purposes of the reporL These procedures provide only the assurances expressed in my opinion. OPINION In our opinion: 1. the Financial Statements are in agreement with the accounting records kept by the Charity under the Companies Act 2006; 2. having regard only to, and on the basis of, the information contained in those accounting records; the Financial Statements have been drawn up in a manner consistent with the accounting requirements specified in the Act, and the Charity satisfied the conditions for exemption from an audit of the Financial Statements for the year as specrfied in the Act and did not, at any time within that year, fall within any of the categories of companies not entitled to the exemptions specified in the Act. AndW ser Date: 9 October 2024
Great Torrington and District Community Development Trust STATEMENT OF FINANCIAL ACTivrrY. INCLUDING INCOME AND EXPENDITURE ACCOUNT For the year ended 31 March 2024 Note Restricted Funds Unrestricted Funds Totsl Funds 2024 Total Funds 2023 Income resources Donations & Legacies Grants Other income 1,631 1,631 2,500 150 13,200 2,466 . 20 2,500 150 2,500 1,781 4,281 15,686 Resources expended Support costs Projects 10,016 10,016 2,473 9,943 2.473 2.473 10,016 12,489 Net movement in funds 27 -8,235 -8,208 5,743 Reconciliation of funds Net funds brought fonNard 1,088,324 -118,711 969,613 963,870 Total funds carried forward 1,088.351 -126,946 961,405 969,613 The Notes on pages 9 to 13 fonn an integral part of these financial ststements.
Great Torrington and District Community Development Trust BALANCE SHEEr As at 31° MARCH 2024 Note 2024 2023 Flxed assets Tangible assets 13 887.351 898,636 Current assets Debtors Cash at bank and in hand 14 59.251 14,803 74.054 61,304 11,673 72,977 Credltors due within one year Net current assets I liabilities 74,054 72,977 Net Assets 15 961,405 969,613 The funds ofthe Charity Restricted Funds Unrestricted Funds 1,088.324 -126,919 1,088,324 -118,711 Total Charity funds 961,405 969,613 st For the year ending 31 March 2024 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 and accordingly the members have not required the Charity to obtain an audit in accordance with section 476 of the Companies Act 2006. The Trustees acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of Financial Statements. These Financial Statements have been prepared in accordan with the provisions applicable to companies subject to the small companies, regime. Approved by the Board of Trustees on 9th October 2024 and signed on its behalf by, Mr P. Hood, Chainnan Date: 9" October 2024 The Notes on pages 9 to 13 forni an integral part of these financial statements.
Great Torrington and District Community Development Trust FUNDAMENTAL ACCOUNTING CONCEPT These financial statements and those of the subsidiary company, Genesis (Great Torrington) Limited (Genesis), of which this charity is the sole member, have been prepared on a going concem basis on the grounds that the Charity continues to support Genesis financially by guaranteeing the Company's overdraft facility, although currently Genesis does not need financial support. The Trustees believe that the steps that they have taken to protect cash flow will enable the Charity and Genesis to continue to meet their respective liabilities as they fall due. 2 ACCOUNTING POLICIES Basis of preparation The Financial Statements have been prepared under the histOriG Cost convention and in accordan with the Statement of Recommended Practice Accounting and Reporting Standard for Charities (SORP 2005) issued in March 2005, the Financial Reporting Standard for Small Entities effective January 2007, and the Companies Act 2006. Cash Flow Statement The Trustees have taken advantage of the exemption in Financial Reporting Standard 102 from including a Cash Flow Ststement in the Financial Statements on the grounds of the size of the Charity. Consolidation The Charity is the holding company of a small group. The Company however has taken advantage of the exemption provided by the Companies Act 2006 in not preparing group accounts. The Chanty has also taken advantage of the rules within SORP 2005 by not preparing consolidated accounts as the tumover for the Group, after eliminating intra group trading is less than £500,000 (2023 less than £500,000). Fund accounting policy Unrestricted income funds are generated funds that are available for use at the Trustees, discretion in fvrtheran of the Chaiity's charitable objectives. Restricted funds are those funds donated for a particular purpose and remain restricted in their application to that purpose. Further details of each fund are disclosed in Note 15. Incomlng resources Except for donations from Genesis (Great Torrington) Ltd., our trading company, voluntary income, donations, grants and investment income that provide core funding or are of a general natu are only recognised upon receipt. Grants Grants received in respect of capital expenditure are recognised as a restricted fund in the period in which they are reiVed and depreciation relating to those assets is charged to the fund over the estimated useful life of the fund. Grants received in respect of non-depreciable capital expenditure are deducted from the cost of the fixed assets. Grants of a revenue nature are credited to Unrestricted Funds in the period in which they are received.
Great Torrington and District Community Development Trust ACCOUNTING POLICIES (continued) General income Income from charitable activities includes income recognised as eamed as the related goods or services are provided. Resources expended Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of generating funds are the costs associated with attracting voluntary income. 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. Governance costs Govemance costs indude costs of the preparation and examination of the Financial Statements, the costs of Trustees, meetings and the cost of any legal advice to the Charity on governan or constitutional matters. Support costs Support costs include central functions and have been allocated to activty cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor area, or per capita, staff costs by the time spent and other costs by their usage. DEPRECIATION Depreciation is provided on tangible fixed assets so as to write off costs or valuation, less any estimated residual value, over the expected useful economic life of the asset as follows: Leasehold property Leasehold improvements Plant and machinery straight line over 999 years straight line over 100 years 20 % reducing value 4 DONATIONS and LEGACIES Restricted Unrestricted Total Funds Funds Funds 2024 Total Funds 2023 Donations - Private Group Company 1,631 1,631 200 13,000 1,631 1,631 13,200 io
Great Torrington and Distrirt Community Development Trust GRANTS RECEIVED Restricted Unrestricted Total Funds Funds Funds 2024 Total Funds 2023 Private 2,500 2,500 2,466 Restricted Funds are held for community projects to be completed within the next year. 6 INCOME FROM CHARITABLE ACTIVITIES There was no income from charitable activities during the year (2023 £nil). 7 INVESTMENT INCOME Restricted Unrestricted Total Funds Funds Funds 2024 Total Funds 2023 Interest on cash deposits 150 150 20 8 TOTAL RESOURCES EXPENDED Grants Charltsble Management Support Total Trading 2024 Activities Total 2023 Admin Support costs Project costs Professional fees Bank charges Depreciation of tangible assets 2,473 2,473 648 83 648 83 600 87 9,285 9,285 9,256 2,473 9.818 2,671 12,489 9,943 9 TRANSACTIONS WITH THE TRUSTEES The Trustees have received no remuneration for ServIS supplied to the Chartty during the year and have no interests in any supplier of services or materials to the Charity. li
Great Torrington and Distrirt Community Development Trust 10 NET EXPENDITURE Net expenditure is stated after charging: 2024 2023 Depreciation of tangible fed assets 9,285 9,256 11 EMPLOYEES. REMUNERATION No employee reiVed remuneration during the year (2023 none). 12 TAXATION The Charity is exempt from Corporation Tax. 13 TANGIBLE FIXED ASSETS Leasehold land and buildings Plant and machinery Total 2024 Totsl 2023 Cost As at 31 March 2023 and 31" March 2024, there being no additions or disposals in the year st 1,132,863 147.036 1,279,899 1,279 899 Depreciation As at 1" April 2023 Charge for the year 236,684 9,142 146,579 143 383,263 9,285 374,007 9,256 As at 31 March 2024 245,826 146,722 392,548 383,263 Net book value 887,037 314 887,351 896 636 14 DEBTORS 2024 2023 Amounts owed by Group Company 59,251 61,304 59,251 61,304 12
Great Torrington and District Community Development Trust 15 ANALYSIS OF NET ASSETS Funds Restrlcted Unrestrictsd Total Funds 2023 Total 2024 Tangible assets Current assets Creditors falling due within one year 887,037 314 74,054 887,351 74,054 896,636 72,977 887,037 74,054 961,405 969,613 16 ANALYSIS OF FUNDS AT 31" March 2023 Resources Transfers AT 31. March 2024 Incoming Outgoing General Fund Charitable trading -118,711 1,781 10,016 -126,946 Restricted Funds Capital grants Leasehold grants Other grants 954,698 103,950 29,676 954,698 103,950 29,703 2,500 2,473 1,088,324 2,500 2,473 1,088,351 969,613 4,281 12,489 961,405 17 COMPANY LIMITED BY GUARANTEE The Great Torrington arKI District Community Development Trust Limited is a Charity limited by guarantee and therefore not having a share capital. In the event of a winding up the members each undertake to contribute to reducing any defsciency by an amount not exceeding £1. The number of members as at the 31 March 2024 was 35 (2023, 30). 18 CONTINGENT LIABILITIES The Charity is the sole member of Genesis (Great Torrington) Limited, a company limited by guarantee. The extent of the Charity's potential liability at the 31 March 2024 was £1 (2023, £1). 19 RELATED PARTIES The Charity holds the lease of the Castle Hill site which is used by Genesis (Great Torrington) Limited, a company limited by guarantee, of which this company is the sole member. 13