OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Company no. 03044008 Charity no. 1061468

Southmead Development Trust Limited Report and Audited Financial Statements 31 March 2022

Southmead Development Trust Limited

Reference and administrative details

For the year ended 31 March 2022 Company number 03044008 Charity number 1061468 Registered office and The Greenway Centre operational address Doncaster Road Southmead Bristol BS10 5PY Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Kevin Sweeney Chair Trenna Blundell Vice chair David Roderick Treasurer Tim Temple (resigned 23 November 2021) Marion Baynes Maria Chwiolka (resigned 23 November 2021) Sheralyn Fowler Lee Gardiner Helen Godwin (resigned 21 March 2022) Jillian Hoggans Peter Mansfield Brenda Massey Melanie McHugh Geoffrey Williams John Woolcock Kye Dudd (appointed 21 March 2022) Company secretary Peter Mansfield Chief executive officer Amy Kinnear Bankers Natwest 740 Waterside Drive Aztec West Almondsbury BS99 5BD Auditors Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

1

Southmead Development Trust Limited

Chair's Report

For the year ended 31 March 2022

Chair’s Message

One of the benefits of having an Annual Report is that it allows us to both look back at what we have done and to look forward to what we are planning to do.

As Amy outlines below this has been both a challenging year and an inspirational year. The challenge, both physical and mental, for staff, volunteers, trustees and everyone in the community of Southmead of coming out of Covid-19 and not being sure what the future would bring. We all hoped that the experience of the pandemic would make the whole country, stop, think and look again at our priorities, but sadly some of that hope has not been realised.

We were at our best in the pandemic when we stood together, looked after each other and celebrated being a community. Much of what has happened at a national level has not built on that promise, but what we did locally has epitomised the very best of people coming together. DIY SoS at The Ranch showed Southmead, Bristol and surrounding communities at their very best; coming together, with a common purpose to make things better for local children and families. That sums up the whole purpose of the Trust and this is what we will take forward into the next year, the commitment to remain focused on always trying to do what is in the best interests of the people and community of Southmead. The Arnside Development work will continue and it's worth reminding ourselves that the reason we started the housing work was to provide decent homes, at a decent price for people who lived in Southmead or who wanted to make Southmead their homes. That remains a challenge, but the vision remains.

I would like to thank Amy and all the workers and volunteers at SDT for their continued commitment, support and desire to make things better; sounds simple but it's a challenge and the whole staff team deliver on that vision. I want to thank all my fellow trustees for their work, as they are the people who, ultimately, represent the community and they hold that responsibility very close to their hearts. As happens in any organisation, we have trustees who are leaving us and I wanted to thank Cher, who is standing down from the Trust, but who is going to remain involved in the work of SDT which is positive.

Lastly, I want to thank the people of Southmead for continuing to support our work, both by using our services, whether that be at the Gym, The Ranch, the cafe, the nursery or the many projects delivered by the Trust.

Kevin Sweeney

28 November 2022

2

Southmead Development Trust Limited

CEO’s Message

For the year ended 31 March 2022

CEO’s Message

The last year has been exhilarating and hugely rewarding. We set out to support the community to reconnect following the impact of the pandemic. In particular we wanted to support mental wellbeing and children and young people. We are very proud of what we have achieved and our impact.

There have been many highlights. After a complete refurbishment of our site for children and young people, participant numbers have more than tripled. Working with Raised in Bristol we have opened a brand new first-rate nursery. Following closures during the pandemic, our events programme has been re-launched and our café has re-opened with a new healthy affordable menu. We have provided one to one support to over 3000 adults and launched a brand new one-to-one service for children and young people who are struggling with their wellbeing. Our Community Led Housing Scheme has been re-designed to deliver 30% more local homes and improved community space.

For the first time we have completed an in-depth assessment of the social value of our work. This shows that we deliver an incredible £102m worth of social and community benefits every year, that’s £50 for every £1 we spend! How do we do this? It is through the huge determination, commitment and energy of our volunteers, trustees, and staff team, and I want to thank all of you. A big thank you also to our funders, supporters and partners on whom we depend.

The impact and breadth of our work is being recognised at a strategic level in the city. We are delighted to have been asked to sit on the Leadership Board of the Integrated Care Partnership for North and West Bristol. Our 'One City Many Neighbourhoods' research work with Bristol University, and the One City Plan, recognises the vital importance that community organisations like ours play in transforming Bristol.

Looking ahead we know that this year is going to bring serious challenges for our local community. As we hit the highest inflation levels seen for 40 years, the rising cost of essentials such as fuel and food is hitting those on lower income levels hardest. Families and the most vulnerable will be at risk, with the New Economics Foundation predicting that this year nearly half of all children will be living in households that will make sacrifices on essentials. Global challenges such as European instability, climate change and racial inequality increase uncertainty and challenge our sense of control at a local level.

Our role, to support our local communities to thrive despite these challenges, has never been more essential. Rising inflation is already affecting our community and we know that the impacts are going to be building over the coming months. This latest crisis will also put greater pressure on the Trust’s running costs and business model at a time when demand for our services continues to grow.

Our response and plan for the year are set out at the end of our annual report. Sticking to our core principles of positivity and taking a long term view, we will be coordinating a local response to the cost of living, investing in our sites to reduce our carbon impact and running costs, and continuing our long term plans to create a thriving central district in Southmead.

Amy Kinnear

28 November 2022

3

Southmead Development Trust Limited

Report of the trustees

For the year ended 31 March 2022

Trustees’ Report

The trustees present their report and the audited financial statements for the year ended 31 March 2022 (incorporating the director’s report).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Southmead Development Trust Limited was incorporated by guarantee on 10 April 1995. It has no share capital and is a registered charity. The guarantee of each member is limited to £1. The governing document is the Memorandum and Articles of Association and the members of the Board of Trustees are the Directors of the company.

Recruitment and Appointment of Trustees

The Board consists of a maximum of fifteen trustees and the minimum is five. The Board is made up of eight locally elected residents, five local community workers, and two locally elected ward councillors. Local residents must always be the majority of total trustees. The Board of Trustees has ultimate control and responsibility for the business, and trustees serve 3-year fixed terms before reelection. In 2018-19 we changed the process for trustee recruitment with a third of members being required to apply for re-election each year. In the event of a vacancy arising, new trustees are actively recruited to maintain the Board’s strong skills and community representation.

Trustee Induction and Training

On appointment each trustee is given a face to face induction and access to a range of items of governance materials including the Memorandum and Articles of Association, policies and procedures such as recruitment, equal opportunities, reserves policy, conflict of interest, and other guidance. It contains job descriptions for trustees, officers and staff. New trustees meet with the Chair and Chief Executive and are invited to an induction tour of the buildings.

Regular board meetings of trustees are held where all major and strategic decisions are made. Members of Southmead Development Trust are the people elected to the Board of Trustees or coopted to the Board within the procedures laid down in the governing documents.

Risk Assessment

The Board scrutinises operational risks relating to specific projects and business cases and organisational-wide risks are included within the Risk Analysis in the 5-Year Organisational Plan. In the most recent edition, it included the following:

▪On-going impact of Coronavirus and the cost of living crisis on community and income;

4

Southmead Development Trust Limited

Report of the trustees

For the year ended 31 March 2022

Of those key strategic risks the mitigations to the highest rated risks included the following:

  1. Detailed cash flow forecasting and scenario modelling and employment of a dedicated impact and funding officer to diversify funding streams. Business continuity team established to manage operational responses to rapid external challenges or crisis. Site and staff health and safety risk assessments - new wellbeing arrangements and flexible working provision for staff and online reprovision of key activities for continuity of services.

  2. Development of new 5-year organisational strategy and annual business plan. Stakeholder consultation and Community Plan refresh. Expanded events programme. Reconfiguration of AGM. Redesign of communication, branding, website and social media use. Improved visibility across the community and communication strategy. Review of membership model.

  3. Improve the costed schedule of asset management, planned maintenance and refurbishment. Build up Designated Fund reserves. Explore loan financing options for investment. Fortnightly maintenance meetings. Feasibility study to review potential new income generation from sites. Better budgetary management and control. Investment in skills of in-house maintenance team and succession planning through use of an apprenticeship scheme.

Organisational Structure

The Board is supported by a combined HR and Finance Sub Committee. The membership is comprised of trustees (including the Treasurer and Company Secretary), the Chief Executive, Operations Manager and the Finance Manager. The Senior Leadership Team meets fortnightly and there are a range of project teams taking forward key changes. Currently the Chief Executive reports to the board of trustees and leads the day-to-day running of the charity.

Staff Remuneration

Remuneration for staff is undertaken through a consultative process involving the HR Sub Committee, Finance Sub Committee and the Board of Trustees. In 2021, a new Job Evaluation Policy was approved. This establishes a consistent organisation-wide and systematic approach to setting pay based on the following factors:

  1. Work demands;

  2. Expertise and experience;

  3. Responsibility (for users, resources, employees);

  4. Mental effort;

  5. Physical effort; and

  6. Working conditions.

A scoring system against these factors guides the process and is overseen by a Matching Panel comprising the HR Sub Committee, CEO and Senior Operations Manager. New pay bands were devised and made effective from April 2021.

Adjustments to pay for inflation are considered annually by both committees with recommendations presented to the board for approval at the last board meeting of the financial year (usually early March).

5

Southmead Development Trust Limited

Report of the trustees

For the year ended 31 March 2022

Fundraising Standards

Southmead Development Trust is committed to responsible and transparent fundraising and our trustees are aware of the need to comply with the regulations from the Charities (Protection and Social Investment) Act 2016. In 2021-22, the Trust did not engage with any external professional fundraisers. Our fundraising activities were conducted by staff and volunteers. We monitor fundraising best practice and ensure we protect vulnerable people and other members of the public from intrusion, persistent approaches or undue pressure. Our policies and procedures on data protection ensure the personal data of donors is treated correctly.

OBJECTIVES & ACTIVITIES

The objects for which the Charity is established are:

  1. The promotion for the public benefit of urban regeneration in areas of social and economic deprivation, and in particular in the ward of Southmead, Bristol, by all of the following means:

  2. The relief of poverty;

  3. The provision of recreational facilities for the public at large or those who by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances, have need of such facilities; and

  4. The creation of training and employment opportunities by the provision of workspace and buildings for use on favourable terms.

  5. To advance the education of the public through the provision of training courses.

  6. To develop the capacity and skills of the members of the socially and economically disadvantaged community of the Southmead ward in Bristol in such a way that they are better able to identify, and help meet their needs and to participate more fully in society.

HOW OUR ACTIVITIES DELIVER PUBLIC BENEFIT

The trustees have considered and have had due regard to the Charity Commission’s guidance on public benefit. Our main activities and those who benefit from our service are described below.

PRINCIPAL ACHIEVEMENTS, PERFORMANCE & IMPACT

By working alongside residents in North Bristol, we help communities be strong, vibrant, and resourceful through building health, wellbeing, learning, employment and pride of place.

We manage the Greenway Centre and The Ranch, providing inspiring and accessible community spaces for young people, adults, families, community groups, partners and businesses. They are wellloved local venues and host popular community events throughout the year including the Southmead Festival and community pantomime.

Highlights of 2021-22 include:

6

Southmead Development Trust Limited

Report of the trustees

For the year ended 31 March 2022

Our centres as community hubs - our impact 2021-22

The Greenway Centre site is currently home to 20 small businesses, organisations or social enterprises attracting approximately 300 jobs to the local area. In addition to our commercial activities, over 30 community groups, charities and classes are supported with the use of heavilysubsidised or free space. Following The Ranch refurbishment, the site is becoming a vibrant hub for sports, music, art, adventure and play. The impact of Coronavirus has required us to improve, adapt and grow and we are supporting our local small businesses to recover from the pandemic by providing flexible space, connection to opportunities and peer-to-peer support. We are rebuilding and enhancing our busy programme of events including Southmead Festival, community celebration week, community theatre and sporting events.

We now have over 30 regular community groups or clubs running from Community Corner at the Greenway Centre or other spaces across our sites including crafts, board games and coffee morning.

This year we have:

7

Southmead Development Trust Limited

Report of the trustees

For the year ended 31 March 2022

Health and wellbeing – our impact 2021-22

Our successful and expanding community health and wellbeing team delivers a range of projects and services to promote community wellbeing across North Bristol. Our health and wellbeing programmes take a holistic, person-centred and preventative approach to integrate community and statutory services. We are building partnerships, connections, community, opportunity, and purpose to improve wellbeing.

We are a key leader in the community health agenda across the North of Bristol and our work has been recognised regionally and nationally. We have been delighted to be asked to be the Locality Lead for the local Integrated Care Partnership, working with colleagues across the health, social care and community sector to develop local strategic plans to improve our population’s health.

Our aim is a more holistic approach to health and wellbeing – an understanding that all aspects of life are interconnected. Our Link Workers provide one-to-one sessions and connect participants with groups such as open water swimming, dance, and anxiety management, carers or housing support so they can feel more in control of their mental and physical health. Our affordable community gym has grown in popularity over the year. Exercise on referral is a central focus for us offering specialist classes for pain management and building balance, as well as one-to-one guidance. We pride ourselves on creating an inclusive space, finding out what works physically and mentally for each individual person.

In 2021-22 we have:

Employment advice, training and workspace - our impact 2021-22

The Trust have a great track record in helping people who face barriers to access employment and training, gain real confidence, and make significant progress towards learning, volunteering or work. We work in partnership with the DWP, Weston College, training providers and Bristol City Council. The Trust’s skills lie in community and person-centred approaches to employment and training, with friendly, accessible support and learning opportunities at the heart of the local area. We take a whole person and wellbeing approach to support each individual to progress on their journey, whatever their starting point.

Through our bespoke confidence building course Find Your Strengths and our Employment Skills Workshop, we equip people with digital and employment skills to feel confident in their job search. Our West of England Works mentors work alongside people to access ID documents, benefits advice, transport and interview clothing so those essential building blocks are there for them to start work or training courses.

This year:

8

Southmead Development Trust Limited

Report of the trustees

For the year ended 31 March 2022

Deliver community led housing scheme - our impact 2021-22

The regeneration vision to transform central Southmead into a thriving neighbourhood centre originated from The Southmead Community Plan, which highlighted the desire to see improvements to Arnside (our district centre), and the need for a more diverse mix of local homes. In response The Trust, working closely with a resident led steering group (AGRP) and Bristol City Council, has led an ambitious project to create a community led housing scheme in the heart of Arnside.

Our community led housing scheme at Glencoyne Square will be a high density, mixed use development of up to 180 homes, a new health centre, library and community enterprise space, alongside green space and public realm improvements. The scheme has received several awards including Highly Commended at the Royal Town Planning Institute Awards 2020 and the National Planning Awards 2020.

Unanimous planning approval was received for the scheme in January 2021 which has since suffered some setbacks due to cost and ability to deliver the new health centre included in the ground floor. This year we will be submitting our revised proposals to planning, completing detailed designs and confirming agreements to take the development forward.

This year we have:

Children and young people – our impact 2021-22

Through work across our centres and the local area, we are coordinating, delivering and facilitating an expansive programme of opportunities for young people of all ages. Young people are encouraged to lead community action, play creatively, recognise their strengths and those in others, involve themselves in sport, music and art, and develop social, technical and life skills. This is all conducted from an environment built around safety, honesty and respect, fostered by our expert team of Youth and Play Workers and dedicated volunteers in world-class accessible facilities at The Ranch (Southmead Adventure Playground), where our refurbishment project is in entering its final stages.

Children and young people access a connected network of services including one-to-one support through our Link Forward service as well as: open access play; youth sessions; Southmead Rugby Club; Young Gym at Greenway; Predator Athletics Cheerleading; holiday activities; in-school support; childcare providers; and pantomime and theatre. Our programme of small targeted groups have been launched including our Wellbeing Arts Group, Parkour and Resilience Lab. Our partnerships with Creative Youth Network, Off the Record, Lifecycle, the National Autistic Society, WECIL and others bring targeted and specialist groups to the community.

9

Southmead Development Trust Limited

Report of the trustees

For the year ended 31 March 2022

This year we have:

FINANCIAL REVIEW

The worst of the pandemic appears to be behind us. With the organisation budgeting and prepared for a difficult year, our financial performance of a surplus overall in 2021-22 demonstrates that our community-business model has responded successfully to the many challenges and opportunities associated with the enduring effects of the pandemic, as well as the emerging volatility in the economy. We have grown the business, the reach of activities, and the size of our reserves.

The pandemic has continued to have impact on our financial situation in 2021-22 with public health restrictions and guidance impacting on our customers, programmes and events within our centres. Regular cash flow forecasting has been conducted in order that we can review the on-going impacts of the pandemic, recovery of our traded income and effectiveness of our business continuity planning. These protocols had been enhanced to allow us to exercise greater control during the periods of emergency and rapid change. Many of the protocols present an improvement on prepandemic systems of analysis and control and have been streamlined and retained – for example the movement away from cash and the digitalisation of our gym memberships. Inefficiencies had also been exposed by the pandemic as it applied extraordinary, rapid and sustained stresses on systems, resources and personnel.

10

Southmead Development Trust Limited

Report of the trustees

For the year ended 31 March 2022

Significant structural change have been embraced illustrated by switching our accounting system to Xero and modernising the departmental, line management and coding structure. This has ensured that financial controls, budgetary accountability, risk management approaches and business-support functions have kept pace with the needs of our growing community enterprise.

During 2021-22, notable financial decisions and activities were as follows:

We have a Finance Committee that is chaired by our Treasurer and meets on a quarterly basis or more frequently for items of urgent business. It reviews the Trust’s financial policies and procedures, detailed financial performance and budget setting. It conducts ‘deep dives’ into all the parts of our operations to scrutinise financial delivery, revenues and control of costs. In 2021-22 the Finance Committee conducted a self-assessment of its effectiveness which was reported to the Board. Financial updates are provided regularly to the Board after review by the Senior Leadership Team. Management accounts are discussed with team leaders during the year to identify variances from plan and agree mitigating actions, steps to maximise opportunities and costings to include in bids and business cases.

Results for the year

The Statement of Financial Activities shows separately the results and movements of Restricted, Designated and General Funds. Restricted Funds represent grant-funded projects and our Designated Funds represent the net book value of the Greenway Centre buildings held by the Trust on long leasehold, along with funds identified by the Trustees for designated purposes. It is our General Funds, and particularly the value of General Fund Net Current Assets, which the Trust uses to assess performance against its Reserves Policy.

Total income received in the year was £2,150,029 and total expenditure was £1,839,038. The movement on Restricted Funds meant an increase of £105,240. The surplus on General Funds before transfers was £270,421 and trustees approved the following changes to Designated Funds:

11

Southmead Development Trust Limited

Report of the trustees

For the year ended 31 March 2022

At year end, our General Fund balance had increased to £867,989. Of this balance it is £557,956 of Net Current Assets which are free reserves readily available that we measure against our Reserves Policy (2021: £424,334). Our target is to have 3-6 months of funds available to cover budgeted operating expenditure on unrestricted activities. In 2021-22 this would be approximately £550,000. This means our level of General Fund Net Current Assets is on target.

To reflect the ongoing impact of Covid-19, the availability of funding and the interim changes to demand for our services, our trustees have set a break even budget for 2022-23 recognising that the increase to our reserves from 2020-21 will be used to sustain and invest in the charity in 2021-22 as we recover and rebuild. However, the performance in 2021-22, due to our adaptability, resilience and determination, gives us confidence that we can recover and maintain our long-term financial sustainability. The reserves target will be kept under regular review and will evolve depending on the nature and size of our operations.

Based on the reasons set out above, the trustees consider that the charity will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved. The trustees therefore consider it appropriate to adopt the going concern basis for the preparation of the accounts as detailed in note 1(b) to the financial statements.

PLANS FOR THE FUTURE

Our Five Year Strategic Plan sets out our priorities for the coming year and subsequent five years. Adapting to the cost of living crisis as an organisation, and supporting the community through this year is going to be our priority. This year our lease on Southmead Youth Centre will end as we focus on creating a site of excellence for young people at the Ranch and our future space at Glencoyne. We will be growing our programme of specialist groups and partnerships to respond to the ongoing mental health and cost of living crisis, building our partnerships across the City including with Bristol Beacon, Sirona, Henleaze Lake and many others. We will advocate for the role of the community and voluntary sector in the success of the new Integrated Care Partnerships investing in new classes, equipment and in one-to-one wellbeing coaching in our gym. We will continue to help to provide community led solutions to the social care crisis through Neighbours Connect Southmead and Greenway Care Connect.

Our priorities for the coming year against each of our strategic objectives are set out below:

People: Invest in and value our people, create an environment where staff and volunteers can be their best

12

Southmead Development Trust Limited

Report of the trustees

For the year ended 31 March 2022

Finance: Diversify our income and improve our financial sustainability

Use community development practice, and the Southmead Community Plan as a base for our work

Grow the role of our centres as hubs for community and business

Strengthen local health and wellbeing through innovative community models of work

13

Southmead Development Trust Limited

Report of the trustees

For the year ended 31 March 2022

Support our local economy through employment advice, training and affordable workspace

Deliver community led housing schemes to support local regeneration, improve the local affordable housing offer and diversify our income streams

Create opportunities for children and young people to thrive

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

14

Southmead Development Trust Limited

Report of the trustees

For the year ended 31 March 2022

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

Godfrey Wilson Limited have continued in their capacity as auditors of the charitable company during the year. They have expressed their willingness to continue in that capacity.

Approved by the trustees on 28 November 2022 and signed on their behalf by

Dave Roderick - Treasurer

15

Independent auditors' report

To the members of

Southmead Development Trust Limited

Opinion

We have audited the financial statements of Southmead Development Trust Limited (the 'Charity') for the year ended 31 March 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

16

Independent auditors' report

To the members of

Southmead Development Trust Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the Trustees

As explained more fully in the Trustees’ responsibilities statement set out in the Trustees’ report, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

17

Independent auditors' report

To the members of

Southmead Development Trust Limited

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of Trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing the appropriateness of journal entries;

▪Assessing judgements and accounting estimates for potential bias;

▪Reviewing related party transactions; and

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

18

Independent auditors' report

To the members of

Southmead Development Trust Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charityʼs members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Godfrey

30 November 2022

Alison Godfrey FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

19

Southmead Development Trust Limited

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2022

Note
Income from:
Donations
3
Charitable activities
4
Other trading activities
Investments
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
6
Net income / (expenditure)
Transfers between funds
Net movement in funds
7
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 £
£
20,000
-
740,359
-
-
-
-
-
-
-
760,359
-
-
-
661,543
58,246
661,543
58,246
98,816
(58,246)
6,424
52,575
105,240
(5,671)
170,628
2,603,973
275,868
2,598,302
Restricted Designated		 General
£
74,529
1,282,406
27,227
125
5,383
1,389,670
48,916
1,070,333
1,119,249
270,421
(58,999)
211,422
656,567
867,989		 2022
Total
£
94,529
2,022,765
27,227
125
5,383
2,150,029
48,916
1,790,122
1,839,038
310,991
-
310,991
3,431,168
3,742,159		 2021
Total
£
316,651
1,461,321
33,931
307
26,735
1,838,945
72,179
1,293,788
1,365,967
472,978
-
472,978
2,958,190
3,431,168

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 17 to the accounts.

20

Southmead Development Trust Limited

Balance sheet

As at 31 March 2022

----- Start of picture text -----
2022 2021
Note £ £ £
Fixed assets
Tangible assets 10 2,591,711 2,548,168
Current assets
Stock 11 1,146 1,146
Debtors 12 321,091 211,351
Cash at bank and in hand 1,345,908 1,202,102
1,668,145 1,414,599
Liabilities
Creditors: amounts falling due within 1 year 13 (452,041) (489,932)
Net current assets 1,216,104 924,667
Total assets less current liabilities 3,807,815 3,472,835
Creditors: amounts falling due after more than 1 year 14 (65,656) (41,667)
Net assets 16 3,742,159 3,431,168
Funds 17
Restricted funds 275,868 170,628
Unrestricted funds
Designated funds 2,598,302 2,603,973
General funds 867,989 656,567
Total Charity funds 3,742,159 3,431,168
----- End of picture text -----

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 28 November 2022 and signed on their behalf by

Dave Roderick - Treasurer

21

Southmead Development Trust Limited

Statement of cash flows

For the year ended 31 March 2022

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Dividends, interest and rents from investments
Interest paid
Decrease / (increase) in stock
Increase in debtors
Increase / (decrease) in creditors
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Net cash provided by / (used in) investing activities
Cash flows from financing activities:
New loan financing
Repayment of borrowing
Loan interest paid
Net cash provided in / (used in) financing activities
Increase / (decrease) in cash and cash equivalents in the
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Analysis of changes in net debt:
£
Cash
1,202,102
Loan financing due within 1 year
(8,333)
Loan financing due in more than 1 year
(41,667)
1,152,102
At 1 April
2021		 year
£
78,150
8,333
41,667
128,150
Cash
flows		 2022
2021
£
£
310,991
472,978
86,045
79,185
(125)
(307)
3,462
1,496
-
1,232
(109,740)
(40,428)
(29,558)
107,599
261,075
621,755
125
307
(129,588)
(53,415)
(129,463)
(53,108)
65,656
50,000
(50,000)
(17,581)
(3,462)
(1,496)
12,194
30,923
143,806
599,570
1,202,102
602,532
1,345,908
1,202,102
£
£
65,656
1,345,908
-
-
(65,656)
(65,656)
-
1,280,252
At 31 March
2022
New loan
financing

22

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Southmead Development Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of delivery of a contract or for room hire is deferred until criteria for income recognition are met.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity: this is normally upon notification of the interest paid or payable by the bank.

23

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

1. Accounting policies (continued)

f) Funds accounting

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the Charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the Charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis:

2022 2021
Raising funds 4.0% 6.8%
Charitable activities 96.0% 93.2%

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold land and buildings 48 years straight line Long leasehold land and buildings 50 years straight line Long leasehold improvements 20 - 50 years straight line Fixtures, fittings and computers 4 - 5 years straight line

Items of equipment costing more than £5,000 are considered for capitalisation.

j) Stock

Stock is included at the lower of cost or net realisable value.

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

24

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

1. Accounting policies (continued) l) Cash at bank and in hand

m) Creditors

Creditors and provisions 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 measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

o) Redundancy and termination costs

Where an employee receives a termination benefit the full cost is recognised at the date the employee is notified.

p) Pension costs

The Charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

q) Leased assets

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the statement of financial activities over the period of the lease at a constant proportion of the outstanding balance of capital repayments.

r) Accounting estimates and key judgements

In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements is depreciation (as described in note 1 (i)).

25

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

2. Prior period comparatives

Income from:
Donations
Charitable activities
Other trading activities
Investments
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers between funds
Net movement in funds
3.
Income from donations
Coronavirus Job Retention Scheme
Other unrestricted covid response funding
Gifts in kind
Other donations
Total donations		 Restricted
£
-
656,672
-
-
-
656,672
-
597,263
597,263
59,409
-
59,409
Restricted
£
-
-
-
20,000
20,000		 Designated
£
-
-
-
-
-
-
-
58,246
58,246
(58,246)
289,160
230,914
General
£
21,965
38,000
11,700
2,864
74,529		 General
£
316,651
804,649
33,931
307
26,735
1,182,273
72,179
638,279
710,458
471,815
(289,160)
182,655
2022
Total
£
21,965
38,000
11,700
22,864
94,529		 2021
Total
£
316,651
1,461,321
33,931
307
26,735
1,838,945
72,179
1,293,788
1,365,967
472,978
-
472,978
2021
Total
£
149,939
149,262
10,800
6,650
316,651

All income from donations was unrestricted in the prior period.

26

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

4. Income from charitable activities

Community
Fitness, health and wellbeing
Housing and regeneration
Room hire and events
Tenant rent
Training and employment
Youth centre
Total charitable activities		 Restricted
£
176,371
119,238
137,963
-
-
99,008
207,779
740,359		 General
£
63,875
646,108
-
139,560
380,090
-
52,773
1,282,406		 2022
Total
£
240,246
765,346
137,963
139,560
380,090
99,008
260,552
2,022,765

Included within the above is income received as partners from projects funded by the National Lottery Community Fund, comprised of £94,896 (2021: £124,944) from Weston College, being the lead partner for West of England Works.

Prior period comparative
Café
Community
Fitness, health and wellbeing
Housing and regeneration
Room hire and events
Tenant rent
Training and employment
Youth centre
Total charitable activities		 Restricted
£
-
175,500
247,503
47,635
-
-
124,944
61,090
656,672		 £
2,634
34,014
340,212
2,960
48,298
357,706
6,411
12,414
804,649
General		 2021
Total
£
2,634
209,514
587,715
50,595
48,298
357,706
131,355
73,504
1,461,321

5. Government grants

The Charitable Company receives government grants, defined as funding from HMRC (Coronavirus Job Retention Scheme), Bristol City Council, the Department for Work and Pensions and Homes England to fund charitable activities. The total value of such grants in the period ending 31 March 2022 was £584,146 (2021: £424,191). There are no unfulfilled conditions or contingencies attaching to these grants.

27

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

6. Total expenditure

Staff costs (note 9)
Direct costs - community
Direct costs - fitness, health and wellbeing
Direct costs - youth centre
Direct costs - housing
Direct costs - training
Premises costs
Insurance
Depreciation
Office and admin costs
Bank charges and loan interest
Irrecoverable VAT
Audit
Legal, consultancy, professional fees and licences
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
36,013
-
-
-
-
-
-
-
-
-
-
-
-
-
36,013
12,903
48,916		 Charitable
activities
£
859,962
31,842
92,607
118,313
125,472
5,315
162,456
-
86,045
-
-
-
-
-
1,482,012
308,110
1,790,122		 Support and
governance
costs
£
97,224
-
-
-
-
-
-
23,206
-
70,240
8,800
87,008
6,700
27,835
321,013
(321,013)
-		 2022 Total
£
993,199
31,842
92,607
118,313
125,472
5,315
162,456
23,206
86,045
70,240
8,800
87,008
6,700
27,835
1,839,038
-
1,839,038

Total governance costs in the year were £6,700 (2021: £6,500).

28

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

6. Total expenditure - prior period comparative

Staff costs (note 10)
Direct costs - community
Direct costs - fitness, health and wellbeing
Direct costs - youth centre
Direct costs - housing
Direct costs - training
Café cost of sales
Premises costs
Insurance
Depreciation
Office and admin costs
Bank charges and loan interest
Irrecoverable VAT
Audit
Legal, consultancy, professional fees and licences
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
55,771
-
-
-
-
-
-
-
-
-
-
-
-
-
-
55,771
16,408
72,179		 Charitable
activities
£
762,592
53,639
38,564
25,347
5,077
2,327
8,237
94,452
-
79,185
-
-
-
-
-
1,069,420
224,368
1,293,788		 Support and
governance
costs
£
131,083
-
-
-
-
-
-
-
16,377
-
26,338
6,112
22,890
6,650
31,326
240,776
(240,776)
-		 2021 Total
£
949,446
53,639
38,564
25,347
5,077
2,327
8,237
94,452
16,377
79,185
26,338
6,112
22,890
6,650
31,326
1,365,967
-
1,365,967

29

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

7. Net movement in funds

This is stated after charging:

Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration:
Statutory audit (excluding VAT)
Other services (excluding VAT)		 2022
£
86,045
Nil
Nil
6,700
-		 2021
£
79,185
Nil
Nil
6,500
730

8. Taxation

The Charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 2022
£
906,182
62,637
24,380
993,199		 2021
£
868,674
57,896
22,876
949,446

Included in salaries and wages is statutory redundancy costs for two employees totalling £8,140. The redundancy costs have been funded from unrestricted general reserves. No amounts were outstanding at year end.

No employee earned more than £60,000 during the year.

The key management personnel of the Charitable Company in the current period comprise the Trustees, Chief Executive Officer, Senior Operations Manager, Operations Manager, Health and Wellbeing Manager, Business Development Manager and Finance Manager / Director. The total employee benefits of the key management personnel in the current period were £196,854 (2021: £238,246).

Average head count 2022
No.
50		 2021
No.
51

30

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

10. Tangible fixed assets

Cost
At 1 April 2021
Additions in year
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Freehold land
and buildings
£
268,056
-
268,056
106,104
5,585
111,689
156,367
161,952		 Long leasehold
land and
buildings
£
1,103,624
-
1,103,624
353,152
22,072
375,224
728,400
750,472		 Long leasehold
improvements
£
1,851,634
129,588
`
1,981,222
272,933
46,335
319,268
1,661,954
1,578,701		 Fixtures,
fittings and
computers
£
499,715
-
499,715
442,672
12,053
454,725
44,990
57,043		 Total
£
3,723,029
129,588
3,852,617
1,174,861
86,045
1,260,906
2,591,711
2,548,168

31

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

11. Stock

Food and beverages
12. Debtors
Trade debtors
Prepayments
Other debtors
13. Creditors : amounts due within 1 year
Trade creditors
Accruals
Deferred income (see note 15)
VAT
BBLS loan
Other creditors
14. Creditors : amounts due in more than 1 year
BBLS loan
Resonance loan		 2022
£
1,146
2022
£
292,438
8,520
20,133
321,091
2022
£
138,818
19,472
116,592
31,500
-
145,659
452,041
2022
£
-
65,656
65,656		 2021
£
1,146
2021
£
169,458
29,545
12,348
211,351
2021
£
60,063
26,031
162,534
38,712
8,333
194,259
489,932
2021
£
41,667
-
41,667

BBLS loan refers to loan financing held by National Westminister Bank plc and administered under the UK government Bounce Back Loan Scheme. The loan is for £50,000 over six years, at a rate of interest of 2.5%. No capital repayments are made for the first year, and the interest only payments for the first year are paid by the government. The loan was repaid in full on 5 August 2021.

Resonance loan refers to a subscription of loan notes by WCS Nominees Limited. The loan is for £65,656 over six years with a final repayment date of 31 March 2027. No capital repayments are made for the first three years. The interest rate for the interest only period is 2.5%, the interest only period ends on 31 March 2024. From this date, interest will be charged on the balance of the loan at 4.5%.

32

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

15. Deferred income

At 1 April 2021
Deferred during the year
Released during the year
At 31 March 2022		 2022
£
162,534
116,592
(162,534)
116,592		 2021
£
70,874
162,534
(70,874)
162,534

Deferred income relates to rental income, contract fees and performance related grant income invoiced or received in advance.

16. Analysis of net assets between funds

Tangible fixed assets
Net current assets
Non current liabilities
Net assets at 31 March 2022
Prior period comparative
Tangible fixed assets
Net current assets
Non current liabilities
Net assets at 31 March 2021		 Restricted
funds
£
-
275,868
-
275,868
Restricted
funds
£
-
170,628
-
170,628		 Designated
funds
£
2,216,022
382,280
-
2,598,302
Designated
funds
£
2,274,268
329,705
-
2,603,973		 £
375,689
557,956
(65,656)
867,989
£
273,900
424,334
(41,667)
656,567
General
funds
General
funds		 Total
funds
£
2,591,711
1,216,104
(65,656)
3,742,159
Total funds
£
2,548,168
924,667
(41,667)
3,431,168

33

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

17. Movements in funds

Restricted funds
Community projects
Health and wellbeing
Housing and regeneration
Training and employment
Youth work
Total restricted funds
Designated funds:
Greenway Centre
Building fund
Project development fund
Capacity development fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1 April
2021
£
18,434
86,069
38,663
-
27,462
170,628
2,274,268
100,000
50,000
179,705
2,603,973
656,567
3,260,540
3,431,168		 Income
£
196,371
119,238
137,963
99,008
207,779
760,359
-
-
-
-
-
1,389,670
1,389,670
2,150,029		 £
(76,766)
(170,218)
(179,888)
(99,008)
(135,663)
(661,543)
(58,246)
-
-
-
(58,246)
(1,119,249)
(1,177,495)
(1,839,038)
Expenditure		 £
£
1,316
139,355
1,303
36,392
3,805
543
-
-
-
99,578
6,424
275,868
-
2,216,022
52,575
152,575
-
50,000
-
179,705
52,575
2,598,302
(58,999)
867,989
(6,424)
3,466,291
-
3,742,159
Transfers
between
funds
At 31 March
2022

Purposes of restricted funds Community projects

Primarily supporting the implementation of our community plan and a range of community activities such as the Southmead Festival and the historical drama production, Meadows to Meaders.

Health and wellbeing

Primarily supporting and promoting self care, most of our activities would fit within a broad definition of ‘social prescribing’. We also deliver projects around mental health and social isolation.

Housing and regeneration

Primarily supporting the development of community-led housing and the regeneration of the community, commercial and residential facilities and infrastructure in Southmead.

Training and employment

Primarily delivering the West of England Works project and Wider than Work project across North Bristol. This is supporting those furthest away from the workplace to overcome their barriers to work.

34

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

17. Movements in funds (continued) Purposes of restricted funds (continued)

Youth work

Along with our partners providing activities for our young people and ensuring the Southmead Youth Centre is used by our young people.

Purposes of designated funds

Greenway Centre This fund represents the net book value of donated assets to the trust.

Building fund This is a designated fund to support the realisation of long-term planned preventative maintenance work and as preparation for any significant unexpected maintenance work. The transfer into the building fund in 21/22 is to enable the charity to invest in the Greenway Centre as per the energy efficiency audit by insulating the site and changing the lighring fixtures to LED. The funds are expected to be spent over the next two years.

Project development fund This is a designated fund which will be used to seed fund new projects and enable us to trial different services in the future. Capacity development fund This is is a designated fund to help meet the costs of major capital developments of existing buildings that provide increased capacity or usage.

Purposes of transfers

The transfer into the designated building fund is described above. Other transfers into restricted funds are to top up overspent restricted funds.

35

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

17. Movements in funds (continued) Prior period comparative

Restricted funds
Community projects
Health and wellbeing
Housing and regeneration
Training and employment
Youth work
Total restricted funds
Designated funds:
Greenway Centre
Building fund
Project development fund
Capacity development fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds		 At 1 April
2020
£
21,417
18,984
52,021
-
18,797
111,219
2,332,514
10,840
29,705
-
2,373,059
473,912
2,846,971
2,958,190		 Income
£
175,500
247,503
47,635
124,944
61,090
656,672
-
-
-
-
-
1,182,273
1,182,273
1,838,945		 £
(178,483)
(180,418)
(60,993)
(124,944)
(52,425)
(597,263)
(58,246)
-
-
-
(58,246)
(710,458)
(768,704)
(1,365,967)
Expenditure		 £
£
-
18,434
-
86,069
-
38,663
-
-
-
27,462
-
170,628
-
2,274,268
89,160
100,000
20,295
50,000
179,705
179,705
289,160
2,603,973
(289,160)
656,567
-
3,260,540
-
3,431,168
Transfers
between
funds
At 31 March
2021

18. Related party transactions

Geoffrey Williams, a Trustee of Southmead Development Trust, is also a Director of Southmead Rugby Club (SRFC). SRFC are a tenant of Southmead Development Trust and paid £10,058 (2021: £6,289) to the Trust during the year. Amounts owing at the year end were £nil (2021: £16,393).

David Roderick, a Trustee of Southmead Development Trust, is also a Church Leader of Woodlands Group of Churches. Woodlands are a tenant of Southmead Development Trust and paid £12,215 (2021: £19,029) to the Trust during the year. Amounts owing at the year end were £5,989 (2021: £441).

Two of the Charity's Trustees, Helen Godwin and Brenda Massey, are also Councillors at Bristol City Council. Although they have influence in the area of activity that the Charity is involved in, neither are solely involved in financial decision making relating to the Charity. During the year ended 31 March 2022, the Charity received £428,555 (2021: £341,560) of income from Bristol City Council in the form of grants and contracts. Amounts owing at the year end were £150,960 (2021: £67,837).

36

Southmead Development Trust Limited

Notes to the financial statements

For the year ended 31 March 2022

19. Contingent liabilities

In March 2022 the charity received a notice from Carter Construction Limited that they are seeking to recover the costs of some preliminary works carried out in relation to the Glencoyne Square housing project. An agreement was made with the construction company that the works would be provided free of charge if the final construction contract was awarded. At the year end the charity had not yet appointed a contractor for the housing project, as such the costs notified by the contractor are not yet considered to have crystallised. If the costs crystallise the total value is expected to be in the region of £100,000 to £190,000 plus VAT. The charity has received confirmation from Bristol City Council that they will provide funding to cover these costs should they crystallise.

37