Charity registration number 1060245 Company regSslratlon numljer 03291380 (England and Wale51 WHITEHAVEN COMMUNITY TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
WHITEHAVEN COMMUNITY TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Chlof Exocutlvo Offlc•r Mrs K Maxwell 05E Tru$t•os Mr J Taylor Miss J Nicholson Mr N Clarkson MBE Mi M Parlell Mr D Lord Secretary Mrs K Iaaxwell 06E Charlty numb•r 1060245 Company number 03291380 R•g18t•r•d offlc• 13- 15 Markel Place Whitehaven Cumbrla CA28 7JB Indèpond•ht •xamln•r Armstrong Watson LLP Carlelon House 136 Gray Strèèt Workinglon Cumbria CA14 2LU
WHITEHAVEN COMMUNITY TRUST LIMITED CONTENTS Page Trustees. Ipport Ind8p8ndent exatnlner's report Stslemenl of financial activlties Balance sheet Noles lo the flnan¢lal 81al8m8nl8 8-18
WHITEHAVEN COMMUNITY TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Th8 Iru51885, who ar8 dir8Ctor5 lor th8 purposes of cotnpany law. pres8nt th8 annual repori log8lher wrth the financial statements of the charitable company for the year ended 31 December 2023. The Trustee5, who are 81s0 directors of Ihe charity for thè purposes of Ihe Compani8s Act, present thair annual report and Ihe financral stalernents for Ihe year ended 31 D8C8rnb8r 2023. Th8 Irustees haw8 prepared the financial statem8nts in accDrdanc8 Wrth applic3bl8 law and th8 Financial RÈporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffoctive 1 January 20151 (Charities SORP IFRS10211. Structure, Governance and Management Whitehaven Community TrLJSt Limited (known hereafter as WCTI. was ineorporated on the 12 December 1996 and is consliiuled as 8 company limited by guarantee, and is therefore governed by 8 memorandum 8nd articles ol association. Th& company was register&Y as e charty with the Charity CLYnmission for England and Wales on 20 January 1997. Recruitment and appointment of truBtee• All directors ol the company are also trustees ol the charity and there are no other trLJStee5. All of Ihe trustees named on page 1 sorved from Iho da16 of appolnlmenl unlll tho year end. Other Irusle8s that were 8ppolnled and rgslgned durlng the year have also been disclosed. The Board has th8 power lo appoint additional Irusle8s a5 11 considers lil to do so. Trugtees Selection and Experience The Trustees are Irorn a variety of relevant professional busine55 and charitable background with a nurnber having èXP8ri8nc• In th8 charity fièld. Th8 composi1Tr ol th• Iiust88s' board and their 8xp8ri8nc8 and skills ar8 regularly r8view8d, lo ensure the num¥Jer diid balance of the tru51ees remalns dppropriiil8. Organlsatlonal Structure Tne trusiees meei qu8rt8rfy ro review 8nd m3n8ye rhe oper811on of the WLT. rhe WCT To8m now Inclucles 5 dlreuors, 7 lull lime slafl and 4 part lime staff. One ol the directors is a financial director who maintains the charity's financial systems. The WCT Team meet quarterly to rewew and plan aotivilies. Rlsk Managgmgnt Tli¥ Iru81¥¥5 aGliv&ly r¥vSgw Ili¥ lil%ilvr rlsks Ivlii41i Ili¥ ¢liarlly oli ¥ rg9ulai b8s18 ¥lifJ tJell¥vFJ tr)01 iiialiilainiiig 19>er¥ 81 current levels. cotnbined with an annual review ol controls over key financial systems. will provide sufficient resources in the event ol adverse conditions. The truslees have also examined other operational and business risks laced by the charity and confim Ihol they hav¢ establish systtrm$ to miligalo Ihg Sl9nifi¢8nl iisks.
WHITEHAVEN COMMUNITY TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Alms, Oblo¢tlv•s and Publlc 8onofft Adlvltles The charity and Iiuslees aim to continue lo provide a high quality Service lo the community. The Trust is seeking alternativ& fundin9 for Ih8 Hom8189s hos181s lo provid& a public s8rvic8. In sh4)in9 our obj8cliv8s for th8 year and plannin9 our gctivikn8S the trustees have considered the Charity Comtnission guidance on public benefil including the guidance 'publi¢ benefit". running a charity A¢hievemonts and P•rforman¢¢ Whilehaven Community Trust 15 a diverse and lexible charitable organisalion that has been delivering socially relevant projects for the benefit of Ihe local ¢omrn(Jnily for Ihe past thirty four years. We are committed lo la¢kling social disadvantage and reducing the impact asxxiaied with varK)us r81al8e issues, including hornelessness poverty, and health and wellbeing. throughout the district of Copeland and beyond. Ovgr the years our core areas ol expertise with young pgople aged 16 - 24 ye8r3 ha8 grnerged, Thg Trust's flagship project, the MArkpt Hall Cafe, which opened in 1993, provided training and work experience for 715 youn9 people during its 20 years ol operallon. Buildlng on the 8xpfrrlen¢e galned with th9 young people In the cafe and r8spondlng lo the lack of SLJpporfed ccommodalion in th8 Copeland area. the trust opened ils first 5UPPOrted housing projecl. Bakewell House. in 1998. offerir)g a Stable, secure and comfortable living environrnent for 16 - 24 year olds. originally with 24 hour support but later reduced to fundin9 Cut ba¢ks. Due lo high dornand lor plocgs a $g¢?nd youn9 pgrson's homtrlgss hoslel. 1 Lowthor Slreel. op8ned in 2005. A lurther property, Smith House, was secured in 2011 wilh funding from Francis C Scott Trust and Copeland Community Fund. This was renovated and converted into four studio trainer flats known as our 'Move On Project, to benefit th8 young ptropl¢ ol our Homeless Hosl$ls. Over 700 young peoplg werg supportod in Ihtr hostels unlil ¢hang&s lo Ihe contract with Cutnbria County Council led to the Tru51 withdrawing from the tender process in June 2016 and the subsequent ¢IUre of the hostels. During the 2016117 year the Tru51 worked tirele55ly lo secure allernab've funding lo re-open the Hostels. Bakewell House re-opened in O¢lober 2017 8$ a 'Mother ond Boby" Unil ond Lowther stet re-opened in December 2017 for homelpss 16 - 24 year Qlds. Thc Trust plso own? th¢ S¢nhouJc C¢ntr¢ 'A ploc¢ fgr Hoollhy Livin9" whi¢h oponcd in Moy 2000 with oim gf promoting healthy liviny in the munity. The centre has therapists. counsellors and Cornmunily groups using the laiililie8 who supply a range ol treatments and servIs. The rental income frorn thi5 enables the Trust lo give free room hire lo groups and counsgllors offgrlng Ire9 s¢rvl¢¢$ lo Ihg lo1 ¢ommunliy, Thg centrg provid9$ 9mploym$nl for tWQ Port tlmg $1off. and one volunteer, For 7 ygars Ihg Trust succe55fully ran the wellbeing programrne from Ihg Sonhou59 Cenlre. which was funded by Thp. Bio Lnltpry And pinvirlgd frp.p .sp.rvir.p.$ n r.nnfidpntiAI liqtp.nin9. ynijno pp.rsnn'g ano?r And strp8.8 mHnaopm?nl. qtrp.qq awaroness workshops, Support gr¢ups, $elf4slogm and sgw-confidonco workshops.. The site of the old Whilehaven Potlery is now the home of the Whitehaven Community Trust's main office. Previously purchasèd by thè Trusl and usad as a commèfcial pottery offaring bsspokè caramics to ordgr, tha building was rèluibishad in 2015 wh8n the Trust r&locat8d ils rnain offic85 frotn the Market Hall. Siluat8d in the lown's rnarkel place, the building also offers affordable town centre office space for other Itxal businesses and comrnunity groups. Transactlong and Flnanclal POs10n The slalemonl ol financial aclivitios shows net ¥xpandilura for the year of £73,014 and al tha yoar end. Ihe res8tv8s stand at £1,614.381 in total. Included within the linaneial statements is the designated reserve for the Freehold and Leasehold properties which are included al v8lu8tion. It h8s been necessary lo creale the reserve in order lo give a true representation of Iha lovol of rttserves availablo lor the charity uso to mo01 rts day to day charitable activities. Tho freohold and loasehold proptsty restrNe is £1,345,312.. Tanglble Flxed Assets for use by the Charlty D818ils of movements In fbxed as£els ar& sel out In note 11 to the 8¢counl8. The Iru81&6s have prevlously revalugd various properties owned by th& charity which led lo a revaluati reseNe of £573,231.
WHITEHAVEN COMMUNITY TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Oblectlves and actlvStles Investment Pollcy and Returns Any short Icrrn surplus Msh is dcposited with Nats'onol wcstrnin?t Bank Pl¢. Ng rncdiurn or lon9 term invc5tmcnts ar¢ hcld by th8 company. R•serv•8 The trustees consider Ihe current level ol resetves as adequate, however when the freehold and leasehold property reserve and rov8lLJalion r8sarvoq 4r8 èxeliJd•d, règoNès qtand at P269.06q. Fiitijro d8livory of attlvltio% lg dapènd8nt iipon rècoivin funding, however the charity has a good relationship with lis lunding agenls and th8 trustees beli8V8 funding is expected to be maintained. Futuro Plan$ We have begn working with Lloyd$ Foundation on a Tru$lo0 gudit and a $lrg1ggi¢ plan for th$ luluro ol tho Tiusl, this should be complel&d in 2023. The directors have decided during 2023 that the trust viill consolidate lis position and projects with no expansion or new d¢veloprnenls, The engagement of our professional fundraiser will be continued. We will continue lo supwort staff with qualily trainin9 and development. We aim to provide our Servi users and Clients with a quolily Servi a¢ross 011 our projects. Th8 Iru61ees' report was approved by the B02rd ol Trustees. Nqr M P3rlell Tru8t•• 1 July 2024
WHITEHAVEN COMMUNITY TRUST LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WHITEHAVEN COMMUNITY TRUST LIMITED I report lo the tru5tee5 on rny 8xaminalion of lh8 financial stalem8nt5 01 Whit8haven Comrnunity Tru51 Limiled Ilhe charitable company) for the year ended 31 December 2023. Ro$pon$lbllltl&$ and b¥sl$ of roport As Ihe trustoes ol tho charitable company land also its directors for the purposes of company lawl yw are responsiblg for th8 pr8paralion ol lh8 lina1 slal8m8n15 in accordanc8 with the r8quir8rn8nt5 01 lh8 Cotnpani85 Act 20J6 lthe 2006 Actl. Having satisfied myselllhal Ihe financial slalemenls of the charitsblp company are not required lo be audited under Part 16 of the 2006 Art and are eligible for itepeNdent examination. I report in respect of my 8xaminats.on of Ihe charitsble company's financial slalernenls carried aut under section 145 of the Charities Act 2011 (the 2011 AGtj. In carrying o(Jt rny examination I havg followed all th9 appllcablg Di1g¢llons givon by Ihe Charlly Commisslon undfjr s$¢llon 1451511bl of th9 2011 A¢1. Ind•p•nd•nt •xamln•r's stat•m•nt Slnce th8 charltable cornpany's gross incom• exc88ded £250.000 sr)ur 8xamln8r musl be a m•rnb•T ol a body li51ed In section 145 01 the 2011 Act. I confirm that l am qualified lo undertak8 th• éxarninatlon becau l am a member of ICAEW. vihieh Is one ol the Ilsied bodles. I have completed my examinalion. I confirm Ih8t no matters have Come lo my Otten'On in connection with the ex9minalion giving m6 caus8 to beli6ve that in any malarial r8specl'. 8¢counling records were not kept in respe¢l of the ¢haril8bl¢ wrnpany as required by sg¢lion 386 of the 2006 A¢l', or the fin8nclal statements do not accord with those records., or the financial statements do not comply with the acwunting requirements of section 396 of the 2006 Act other than any requirement that the a¢counts give o true ond loir wew which is not o maller ¢onsidpred as part gf an independent exarninaiion., 01 the financial slalement5 have not been prepared in accordance with the methods and principles ol the Statement of Rgcommondgd Prgcti¢e for a¢¢ounting and r¢poriing by ¢harilio$ applicablg lo ¢hariligs pr&paring their a¢¢ounls in accordance with the Financisl Reporting Slaiidard applicable in the UK and Republie ol Ireland IFRS 1021. I have no concerns and have come across no other matkrs in conneclion wrth the examination to which attention should be drawn in thi$ 18port in order to en8bl& 8 propgr und&rstanding of the financi81 $latam8nls to b& reached. Tony Hindtrwr FCA Armstrong Wal$on LLP Chartered Accountants Carleton House 136 Gray Street Workington Cumbria CA14 2LU Dated.. 1 July 2024
WHITEHAVEN COMMUNITY TRUST LIMITED STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Currènt linan¢ial yèar Unrestricted De5ign3ted funds funds Restrictsd funds Total Total 2023 2023 2023 2023 2022 Notog In¢omo from: Donations and legacies Charitable 8¢1ivilies Investmen15 28,117 238,100 3.861 100,000 128,117 238,100 3,861 237,756 206,940 852 Total Incom• 270,078 100,000 370,078 445.548 enditure on: Charilablè *tiv.8& 230.828 212,264 443,OJ2 367,J98 N•t Incomlnglloutgolngl r••ourc•8 b•lor• tr8n$f¢r8 39.250 1112.2841 173,0141 77.550 Gross transfers between funds 6,219 16,2191 Net incomellexpendilurel for the yearl Net movement In fundg 45,469 16,2191 1112.2641 173,0141 77.S50 Fund balances al 1 January 2023 961,530 579.450 146,415 1.687.395 1,609,845 Fund bal•n¢g• 4t 31 Do¢tmber 2023 1,006,999 573,231 34,151 1,614,381 1.687,395 Th8 stat8m•nt of ffinancial activlli8s includes all galns and lossés r8cognls8d In th8 y83r. The Stalomenl of fin8n¢i818clivllies in¢ludes 811 g8lns and losses recognised In tho ye8r. All Income expenditure derlve from coniinulng activlll•s. The slatarnenl ol financial activities also complies wilh the requirements for an income and expenditure account under the Companies Act 2006.
WHITEHAVEN COMMUNITY TRUST LIMITED STATEMENT OF FINANCIAL ACTtVlTIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Prior finan¢ial ytsar Unrestricted Designated lund5 funds Restricted fund8 Total 2022 2022 2022 2022 Not•8 Income from: Donalions and legaci$s Charilable tiV.S Investments 13,961 206.94D 852 223,789 237,756 206,940 852 Total income 221,759 223,789 445,548 Ex •ndltura on: charitable activrtie5 169.463 198,535 3fj7,998 Net incominglloutgoingl resource¥ before trangler¥ 52,296 25,254 77.&50 Gross Irsnslers between funds 6.219 18,2191 N•t In¢omell?xpendlturel for the yearl N•t mov•m•nt In funds 58,515 16,2191 25,254 77,S50 Fund balancés at 1 January 2022 903,01 S 585.669 121,160 1,609,845 Fund balanc•s at 31 0•c•mb•r 2022 961,S31 57Y,45U 146,414 1.6117.395
WHITEHAVEN COMMUNITY TRUST LIMITED BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Flx•d ass•ls Tangible as(5 12 1,348.738 1.3fj0.832 Currènt assèts Debtors C8sh al bank and in hand 13 2,602 268,165 4.180 326,967 270.767 331,147 Creditor8: amounts hlling duo within ono y•ar 14 lJ,1241 Net current assets 265,643 326.563 Total assets less current IlabllltleB 1,614,381 1,687.395 Incom• funds Flestricted fund$ Designated lunds Unr8slrict•d funds 16 34,1S1 573,231 1,006,999 146,414 579,450 961.531 1,614,381 1,687,395 Th8 company is enlilled lo the exemption from the audit requirem8nl contained in section 477 01 the Companies Act 2006, lor the year ended 31 De¢ernber 2023. Th8 dir•ctors acknowl&Yg• théir responsibi1th. lor complying with th8 requir8monts of th6 Companles Act 2006 wlth r8sp8cI lo aecounlng Mcords and th8 pr8parallon of Ilnandal stat8mènts. The members have not required the cornpany lo obtain an audit of its financi81 $18lemenls for the year In question in accordance wilh section 476. These financial 51alernenls have teen prepared in accordan with the provisions applicable lo cornpanies subject lo the small ¢ornpgnies re91ff. The financial Slalemenls wgre approvg(J by th8 Trustees on 1 July 2024 Nlr M Parlell Trustee Company reglstrallon number 03291380
WHITEHAVEN COMMUNITY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ountSng pollcle8 Ch8rity infowmation Whitehaven Cornmunity Trust Lirnit•d is a prlvate company limlled by guarant88 Incorporatad in England and Wales, Th8 régisl8r8d offic8 Is 13. 15 Mark81 Placa, Whlt8havèn, Curntria, CA28 7JB. 1.1 Accounting conventlon Th& financial stalemènts hav8 b88n pr8parèd in aceordanc& ivith lh8 d)aritabl& eornpany's gOrning docum8nt, th8 Companies Acl 2006, FRS 102 The Financial Reporting Standard appli¢8ble in the UK and Republic of Ireland" I'FRS 1021 and the Charities SORP 'Accountr'ng and Reportsng by Charities.. Slalement ol Recommended Practice applicable to charilies preparing their a.- -counts in accordance with Ihe Financial Reporting Standard applicable in the UK and Rapubllc of Irèland IFRS 1021"18ffectSvè 1 January 20191. Tha tharilabl6 company is a Publlc Benefit Enllly as defined by FRS 102. Thè charllabl8 Company has t•k8n advantag of th• provlslon8 In th• SORP for eharfll$ not lo pr8par• a Statement of Cash Flows. The financial slalements are prepared in 618rfing, which 15 the functional currency ol the charitable company. Monetary cLfTivurIl iri tli¥t>¥ firicifiLial sltiliri#ritS dr# rouridd lu Ili ri#tir#t>t £. The linon¢io1 Stolements ho'le been prepored under the historical ¢osl ¢onvents'on, modified lo Include the revaluolion ol freehold properties and lo include inyestrllgnl propgrtie$ arKI certain financial inslrutnents al lair v81ug. The prinapal accounting policies adopted are set out below. 1.2 Golng ¢on¢gm Al the lirne of approving the financial s13lernenls, the Iru51ee5 have a re850nab1e expectation that the charitable company h85 ad8quat8 resourc8s to continu8 in op8ralional 8XlSt8nc• lor th8 lor8588abl8 future, Thus the trust8eS contlnu8 to adopl tha golng concern basls ol accounllng in pr8parfng th8 flnanclal slat8manls. 1.3 Charitable fund Unr8slriclèd funds ar8 avallabl8 fDr use at the discrètlon of thè trusl88s In furth8ranc8 of thalr tharltable obl8ctlv&s. Restricted funds are subject 10 6pecrfic conditions by donors or grantors as lo how they may be used. The purpDS8S and uses ol the restricted funds are set out in the notes to Ihe linanaal statements. Endowmbnl funds ar8 subjecl lo Specific conditions by don¢rs that the capital mu81 be mainlaingd by th¢ ¢harilablo cornpany. 1.4 In¢orn• Income is recognised when the charilable company is legally entilled lo it after any performance conditions have been mel, Ihe amounts can be moasurgd reliably, and il is probable that income will be re¢givgd. Cash donations are r8cognis8d on receipt. Othttr donaliuns are rtrcognistrd onc8 the charitable company has been notified ol Ihe donation, unless performance conditions requi deferral of the amount. Income tax recoverable in relation lo donations r&ceived under Gift Aid or dèeds ol cov8nanl 18 recognised al the lime of Ihe donation. Legacies are reGognised on receipt or otherwise il the tharilable company has been nDlified ol an impending distribution, the amount is known, and receipt 15 expected. 11 the amount is not known, the legacy is Irealed a5 a contingent asset.
WHITEHAVEN COMMUNITY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policies Icontinutdl Gr8ntg are re¢ognised vthen the ch8rit5 h88 8n entrfement to the funds and 8ny ¢ondibtsns linked to the gf8nt$ have been rtiet. Where perforrnance conditions are attached to the grant and are yel to be met, the incorne is recognised as a Ilabllily and included on the balanc& sheet as deferred Incom6 to be rekased. Government grants are recognised based on the accrual moeel and are measured al the fair value ol the asset rp.r.?ivpd r)r rpp&.IVAhlp r?fAnt arp. eJ28ifip.d A rpLoting p.ilhor tn rp.vpniJp nr In a.qpts C7fAnls rp.IAtino In .pn1J?. Arp recogn158d in inwme over the perlod in which the related costs are recognised. Gr8nis r8laling lo assets are recognised over Ihe expected useful life ol the asset. Where part ol a grant relaiing to an asset is deferred, it is recounised as deferred income. Dividends are rerAJgnised once Ihe dividend has been declared and notifi'cation has been received of the dividend due. 1.$ Expendlturg Expenditure i¥ r&ognised on¢6 there is a legal orcon$lruclivè obligation to Iran81&r economic b6n81rt to a third party. il is probat)le th31 a trdnsfer ol economic benefits will be required in settlement, and the amount of the obligation can be me8sur8d reliably. Expenditure Is classified by aotivbty. The costs of each activity are rnade up of the total of direct costs and shared costs. induding suppod cosis involved in undertaking each aclivity. Direct costs 8llribulable lo a single activity are 8lloc8l•d directly lo that aclivily. Shared costs which contribute to more one activily and sUPPOrt costs which ale nol attributable to a single activity are apportioned between those activities on J basiB cx)nsistent with th8 US8 of resources. Central staff eosts are allocated on Ihts basls of tlmè sp6nl, and deprociallon ¢harg88 are allo¢al8d on the portlon of th8 asset's use. Charitable expenditure comprises those costs inDurred by the charity in the delivery of its activities and services for its beneficiaries,11 includtss both Cosis Ih81 can b6 allocated dir&¢lly lo such 8clivi118s those eosls of an indir8¢1 nalurts necessary to support them. Govéfnane¢ eosls include the cost8 allribulab16 to th8 charity s Compliancè with ¢onslilutional and slaluloty requirements. including audit. strategic management and tru5tees's meth'ngs and reimbursed expense5. 1.6 T#nglbl• Ilx•d •ss•t Tangible fixed assets costing £500 or more are initially measured et cost and subsequently measured ot cosl or valuation. n¥1 ol dopCla110n and any impairmenl10ssgs. Depreciation is recognised so as to wrltè olf the cost or valuatlon of assets l•ss thalr resldual values ov8r Ih8lr useful livès on tho lollowing bagos.. Freehold land and buildings Fumiture and equipment 100 year6 slraighl line basis 4 ye8r5 slraighl line basis The ggin or loss grisinc on th¢ disposal of an asset is d¢termin¢d as the difference bdweon the sal¢ proceeds and the carrying value ol th6 a$801, and is I&co9nis&d in lh8 sl818menl of financial 8ckn'vili88. 1.7 Impalrrn•nt of fix•d a559ts Al each reporting end dale, the charitable company reviews the carrying amounts ol ils tangible assets to delerrnine whether thero 13 gny indicatk)n thet those a$$el8 h8ve suffered an impaiiment 1088. If any such indication exi8to, th¢ re¢ovgrabl& amNI of thtr 88sè1 is &slim8led in ordar lo determine the exlenl ol the imp8irmenl10s8 lif any),
WHITEHAVEN COMMUNITY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policies Icontinutdl i.e et$h and tsh oquivalontj Cash and cash equivalents include cash in hand. deposits hdd at call wilh banks. other short-term liquid investments with original maluritios of three months or1os$, and bank overdrafts. Bank overdrafts are shown wlhin bc>rrowings in urrenl liabilities. 1.9 Flnanclal Instruments The charitable company ha5 elected to apply the provisions of Section 11 'Ba5ic Financial Instruments. and Section 12 'other Financial Instruments Issues, ol FRS 102 to all of ils financial instruments, Flnanclal Instruments are cOgniSed In thè chadlable company's balanc8 sheet whèn the chantable company bècornes party lo tha conlrxtual provlslons oy th8 In51rurnenl Finan¢181 assets and liabillties are offset, with thè net 8moLJnts presented in the fin8nclal statements, when there 1$ 8 legally enforceabl8 rlght to set off recognlsed amounts and there15 an intention lo settle on a n8t basis or lo realis8 th8 ass81 and $81118 the Ilablity slmullan80usIy. BasSc flnanclal a$sg1$, whl¢h Include deblors ond ¢a$h and bonk balancos. aro inltl$lly mogsurgd al Iransa¢llon prl¢e induding Iransaclion cos15 are subsequently carrigd al aTnorts'sed wst using the effective inleresl rnelhod unless the arrangement constitutes 8 financing transaction, where the transaction is rneasured at the present value of the future rè¢91pts dlKounlgd 01 a markol ratg of in¢¥r?sl. Fln8nck41 $s8&18 ¢la$Se a$ rgcelvablo wthln ong year org nol aMOrti. Basic financial liabilities Bas1¢ fln8n¢i81 liabilities. including credilors and bank 108ns are Ini118lly recognised 81 transadion price unless the arrangement constilules a financing transaction, here the debt instrument is measured al the present value ol the future payments discounted at 3 market rate ol interest. Financ131 liabilities classified as payable within one year are not amortlsed. Débt Instruments are subwuéntly eariièd al arnartlS8d cost, using thè Èffèctivé Inlarèst ratè method. Trade creditors are ubligalions lo pay for goods or services that havtr been acquired in the ordinary course ol opèrations from suppliars. Amounts payable are ¢Lasslliod as current liabllille$11 payment is dLJe within onè yèar or18ss. If not, they are piesenled 8$ non-currenl liabilities, Trade ei8dilois are recognised initially at transaction piic6 and subsequently measured at amortised Cost using tfri8 effective inl8rÈst rnelhod. Dere¢ognlilon olflnan¢141 Ilablll¢les Financial liabilities grè deretognised whon the oh8ritsble compgny's ¢ontro¢tu81 obliggtion$ expire or are discharged or C8ncellèd, 1.10 Employee bengflts The cost of any unused holiday enlitlemenl 18 recognised in the period in which Ihg employee's 88rvices are received. Ttrrmlnallon benefits are recognlsed Immedlalgly as an expanse when the charilabla wmpany 1$ d&mon8trably commilled to terminal8 the ernployment ol an employ89 or lo provide termination benefits. 10-
WHITEHAVEN COMMUNITY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policies Icontinutdl 1.11 Retir•mènt bènèfits The charitable company operates a defined contribution penon scheme which is a pension plan under which fixed contribtjlions aro paid into a pension fund and the charity has no18gal or ¢onslru¢tiue obligation lo pay furth&r ontributions even if the fund doe5 n()t hold sufficient assets ID pay all employees the benefits relakn'ng lo employee service in the current and prior periods. Paymenls lo delned contr1ttIOn retirement benefit schemes are charged as an expense as they fall due. 11 contribution payments exed the contribution due for service. the excess is recogrysed as a prepayment. Criti¢al •¢¢ounting *$tim8t$8 and judg•mont8 In the applicalon ol the charitable company's accounting pDlSci83. the Iru51e85 are r&quired lo make ludgemenls, estimates and assumptions about the carrying amount of assets and liabilitl8s that are not readily appar8nl Irom olh8r sources. The eslimales and associated ossumplions ore based on hisloiical experi&n¢e and other laclors that are ¢onsldtr8d lo be rel8¥anl. klual results may dlffer from Iha8e 88llmal8s. Thè eslima16s and undèrfying aSSLJmptions are rèviewed on an ongoing basis. Ravisions to a¢eounling eslirnates arg ré¢ogni5td in the period in which the ttslimale is revi5ad where thè revisk)n affects only that period, or in the pèriod ol the revision and Tulure perIS where the revision aff8Cts both current and future periods. In¢om• from don•tlon$ and 19g8¢10$ Unre¥tri¢ted Restricted funds lunds 2023 2023 Total Unrestricted Reslricled lund8 fund8 2022 2022 Total 2023 2022 Donations and grfls Grants re¢eivabl8 8.999 19.118 8,999 119,118 13,967 13.7 223,789 100,000 223,789 28,117 100,000 128,117 13,D67 223,78g 237,756 Grants receivable for core activitieg Oth8r 19,118 100,000 119,118 223,789 223,789 19.118 100,000 119,118 223,789 223,789 11
WHITEHAVEN COMMUNITY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from clwrltable actlvltles Unréstrieted nds 2023 UnroJtri¢tod fund$ 2022 CBC - Hou51ng Len8fil Roorn hire and other 181,866 56,234 158,(3 48,877 238,100 206,940 Ineom• from Investments Unro$trl¢t•d Unr•$trl¢t•d funds lunds 2023 2022 Interest receivable 3.861 12-
WHITEHAVEN COMMUNITY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expendltur6 on charStablo actlvltles Unrestricted Regtricted 2023 Totfjl Unrestricted 2023 2022 Re8trieted 2022 Total 2022 2023 Dlm¢t ¢ost8 Staff wsts Deprtrclalion and irnpairment Training costs R•nt and ral•s Llght, h8at and p)war Insurance Repalrs and rènewals Telephone Printing, postsge and stationary S¥Luiily &i)d otli8f LOSIS Lggal 8n¢J professlonal f999 21,430 204.764 226,194 45,438 130,000 175,438 16,361 2,462 11,fj30 11,255 23.473 22,913 5,846 16,361 2,462 11,630 11,255 23,473 30,413 5,846 15,293 15,293 8,747 8,983 19.640 9,206 2,004 8,747 13.983 34.cvlo 25,741 s,000 7,500 18,535 2,000 723 78,885 723 78,885 1,226 28,753 1.226 58.755 30,000 17,176 455 17,176 455 12,778 420 12.778 420 Bank ¢horg¢S 212,e09 212,284 424,873 152,490 198,535 351,025 Share of support and governance costs Isee note 71 Governance 18,219 18,219 16,973 1fj.973 23Q,828 212.254 443,Q92 109,4fj3 198,535 3fj1,¥ae Analysls by fund Unr8slricl8d funds Restricled fund5 230,828 230,828 212,264 169,463 189,463 198,535 212,284 198,535 230,e28 212.264 443,092 169,463 198,535 367,998 13-
WHITEHAVEN COMMUNITY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Governance costs Governance Ists 2023 Govefflan¢e osts 2022 Staff costs 13.027 13,027 11,595 11,595 Lègal and prol966ion81 Other govemanLp costs J.002 1,200 3.092 1,20D 4,178 1,200 4.178 1.200 18,219 18,219 16,973 16,973 Analysed between Charitab18 activrties 18,219 18,219 16,973 16,973 Nel movernent In funds 2023 2022 Th8 n81 mDvaml in funds Is stal8d aft•r chargingllcr8diiingl'. Depreciation ol owned tangible fixed as5els 16,361 15,293 Trust90$ None ol the Irust8es lor any person5 connected with them) received any r8rnun8ralion, expenses or other ben8fils from the charitable cornpany during the year. 10 Employws Th& average monthly number ol employe&s durlng Ihe y8ar was.. 2023 Nurnber 2022 Number Chief executive and company secretary Direcl ch8rilable work Charitable administration ond management 10 Total 13 Employm•nt costs 2023 2022 Wages and salari89 Social securily costs other pension costs 225,797 8,943 4,481 176.fYa7 7,78 3,150 239.221 187,033 14-
WHITEHAVEN COMMUNITY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Employ•¢$ Icontinutdl 11 12022- 111 of the above empltsyees p8rtiClP8ied in the Delined Contributions Pension S¢heme. Contnbutions to Ihe 6rnployee nsIOn scheme for the yèar totalled £4,48112022- £3,1501. There wore no enploye85 whose annual rernuneralion was more than £60,000. 11 Taxatlon The charitable company 15 a regisler8d charity and is therefore exempt from taxation. 12 Tan9lbl• fix•d •ts Fwhdd land Furnllure and nd bulldlngs 8gulpm6nt TJlal Co$t At 1 January 2023 Addilijns 1,514,628 38,642 4,267 1.S53,270 4.261 At 31 December 2023 1,514.628 42,909 1,557.537 D•pr•¢iation and impAirm•nt At 1 January 2023 Depr$¢i¥lion chorged in the y¢ar 154,170 15,146 38,268 1.215 192,438 16,361 Al 31 December 2023 169,316 39,483 208.799 Carrying amount At 31 December 2023 1,345,312 3,426 1,348.738 At 31 Dècembèr 2022 1,360,458 374 1,360,832 15-
WHITEHAVEN COMMUNITY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Tangiblo fix•d ass•ts Icontinutdl The carrying value of18nd Included In land and buildings ¢omprises'. 2023 2022 Fieehrild 1,345,312 1.380,458 The charity owns the following freehold prOpe.eS. lal SEnliouse Ceiitre. 3 Seiihouse Street, Wvhilehaveii This property was aCqUid In 1999 81 a cost of £60,000, for us¢ gs a healthy liwng ¢entre. Refurbishment worf( was arried L)ul and in 2003 Ihg property was r8valued 81 £300.000. Since then further work h88 be8n carried out on the property and as at 31 December 2023 Ihe net book value is £340.670. Ibl 1 Lowlhgr Str9et. Whilghav8n This propety was acquired In 2002 al a cost of £90.000, for the use as a hostel lor teenage pre9nancies and to provide support lor young women ltrough all stsoes of pr¢gnan¢y. Renovalign work hos been corried Dul ond in 2004 Ihp property was rgvalu8d al £260.000. Since then further work has been carried out on Ihg propgrty and al 31 Deogtnber 2023 the nel book value is £222.576. Icl Smith House. 14114A Church Slreel, Whilehav8n This property was acquired In 2010 al a cost of £74.942, for the use as parl of the 'lAove On Piojecf, to help young poop19 movg Out of host91$ ond 18k¢ o sl&p towards unsupportgd Ilving. Rgnovatlon work has btron Carrlgd out on the property ¢0 convert il into four Ilals, A8 at 31 December 2023 he nel book value is £240,4fj8. Idl Bikewell House, 41 Lowlh9r Slrg$1, Whil¢hav$n This property was acquired In 1997 with funds Irotr) the Big Lottery Fund lor use as a hostel. The Fund previously held an interest in the property. however the liability period has now ended and the Big Loltery Fund have confirmed Ih£t Ih9y no longer havg an inlorost in Ihg propgrty and Ihtrrg 1$ no rgslriction on tho tille or any ref¥$nc$ lo a legal ¢harg&. The Trust is now free lo de81 with the property wilhoul requiring any consent frorn the Big Lottery Fund and during 2018 it oarried out improvements lo the properly. As ot 31 Decembpr 2023 the nel value is £202,100. lel Whilehaven Pottery. 13-15 Market Place, Whilehaven This property was acquired In 2001 with funds from the New Opportunities Fund, who held an interest in the property. It indudes a pottery workshop, 8 shop and offices. Tha New Opportuniti8s Fund have conlirtn8d that Ihey no longer have an Interesi In the property ancj Ihere Is no restrSctlon on tre t11 or any relerence io a legal charge. The Trust Is now fre? to deal with the property withoul requiring any consent from the Nemr Opportunities Fund. As al 31 December 2023 Ihg book value 15 £339,500, In additSon to tho revaluatlon of tha Whltghaven Pottèry proparty this y8ar, durfng 2003 and 2004 lh& frgehold propertie8 qt Senhou8e Centre 1 Lt>wlhgr Street were revalugd by Ihe TruBtee3 In 2017 the property Bt Bakeivell House was also revalued. The unrealised surplus on revaluation, which surplus primarily reflects a fair valu? on thé prope@$, Is includad in tha accounts at £573.231 as al 31 Dgcamb8r 2023. 13 D•btors 2023 2022 Amounts falliny due within one year.. Prgpaymants and accru$d incomo 2,602 4,180 16-
WHITEHAVEN COMMUNITY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Credllors.. amounts falllng due wlthSn one year 2023 2022 Awrua15 and def8rrgd incorne 5,124 15 Retirement ben•fil schernes 2023 2022 D•flnod conlrlbutlon $¢hem•$ Charge to proflt or loss In respect ol dellned cOnthbuon schemes 4,481 3,1SO Th& charitable Company operates a dtsfined contribution pen%on gehema lor all qutjifying 6mploye88. Th6 8$8el6 of the schem& are h8ld s8paratÈly Irorn those ol the charitable wmpany in an independently adrvynislered fund. 16 Ro$trl¢t&d fund$ Thè reslri¢led funds ol the th8rity ¢ornprise the un&xpended balances ol donatlDn$ and gr8nls held on trust subjè¢1 lo 8pe¢ifi¢ conditions by dofflors as lo how they rnay be used. Mov4mènt In funds In¢ornin9 R••purc•• exp•nd•d l January 2023 Movomgnt In funds Incornin9 8oure•8 Balanc•4t l January 2022 Ball• at •xp•nd•d 31 Doc•mb&r 2023 Staffing and running costs Refurbishment 112,727 219,897 1193,7091 138,915 100,000 1204,7641 34,151 8,433 3,892 14,8261 7,500 17,5001 121,180 223.789 1198.5351 146,415 100,000 1212,2641 34,151 Th8 réstricl8d funds ar8 as follows.. Staffing and running costs Funding wa5 received from multiple donors lo help with the staffing and running costs of Bak8ivell House and Lowlher Stie81 which enabled th8 rnolh8r and baby unil and housing pro7510n to carry on runnin9. Refurbishrnent and renewals - Funding was r8c8ived frorn multiple donors to help with th8 kitch8n relurbishmenl at Lowther street as well as Other repairs and a150 to purchase ilems such as bed5 and furniture. 17-
WHITEHAVEN COMMUNITY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Unrestrlcted funds The unre8tri¢ted lunds of the charity ¢ompri$e ihe unexpended b818nce$ of dtsn8tion8 and gr8nt8 which 8re not 8ubje¢t to specific condibons by donors and grantors as to how they Nay be used. These irude designated funds which have beèn sèt aside out ol unrestrlcted funds by the trustees for specllic purposes. At 1 January 2023 Incornlng resources Resources expended Transfers4t 31 December 2023 General funds 961,530 270,078 1230,8281 6,219 1,006,999 Previous year: At 1 January 2022 Incorning resources ReBources oxpendod Tran8fer&4t 31 December 2022 General lund8 903.016 221,759 1169,4631 6.219 961,531 18 Analysi8 of n•t a8sets b•lwe•n fundi Unr•gtrict6d funds 0•8ignated funds R•8trict•d funds Total 2023 2023 2023 2023 At 31 Dg¢embai 2023: Tangible a55e15 Currenl 8ssetsllliabilitiesl 775,507 231,492 573,231 1,348.738 265,643 34.151 1.006,999 573.231 34.151 1.614,281 Unr•slrlcted funds D•*lgnal•d funds R•strlct•d funds Tolol 2022 2022 2022 2022 At 31 December 2022: Tangible assets Currenl assetsllliabilitiesl 781,382 180,149 579,450 1,360.832 326.3 146,414 961,531 579,450 146.414 1.687,395 19 Relatod party transactlons Th8re were no di5closable related party transactlons during the year12022- nonel. 18-
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