HEELEY TRUST FORMERLY HEELEY DEVELOPMENTTRUST REGISTERED IN ENGLAND AND WALES UNDER COMPANY NUMBER 3288676 REGISTERED CHARITY NUMBER 1067567 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INDEX Page Referen and administrative details Trustees. annual report Independent auditors, report 10-13 Statement of financial activities and income and expenditure account 14 Balance sheet 15 Statement of cash flows 16 Notes to the financial statements 17-27
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Charity number 1067567 Company number 3288676 Name and registered office Heeley Trust (formety Heeley Development Trust) Ash Tree Yard, 62-68 ThIrell Road, Heeley, Sheffield, S8 9TF Our advisors" Auditors Marriott Gibbs Rees Wallis Limited Unit 4, Broadfield Court, Sheffield, S8 OXF Accountants Tingle Ashmore Ltd Chartered Accountants Enterprise House, Broadfield Court, Sheffield, S8 OXF Bankers Unity Trust Bank PIC Nine BrindleYpIa, Bimingham, B12HB Directors and trustees P Grassick K Irwin S Abram T Askins S Blandy E Chard A Ashton R Thomas T White J Czauderna A V Kersey A Ponsford resigned 23.10.24 resigned 14.11.23 Company secretary S Bartles Key management personnel A Jackson S Bartles T Saunders CM Connolly A Walker T Forman Trust Manager Finance Manager- resigned 24.11.23 Finance Manager- appointed 20.12.23 Learning Manager Cycle Projects Manager Operations Manager Page 1
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 TRUSTEES. ANNUAL REPORT The trustees present their annual directors, report and the audited financial statements of the charity for the year ended 31st March 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011. the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance viith the Financial Reporting Standard applicable to the UK and Republic of Ireland published in October 2019. Legal and administrative information set out on page 1 forms part of this report. Objectives and activities The principal activities of the charity remain to create and manage Heeley Millennium Park (now called Heeley People's Park) for the public benefit within the area of Heeley and Lowfield in Sheffield and also to promote other charitable purposes for the general benefit of the public in that area. Heeley People's Park is approximately 4 hectares of greenspace that Heeley Development Trust secured on a 125 year lease from Sheffield City Council in 1997. The Trust also has a 25 year lease for the Heeley Institute. a refurbished Grade11 listed Wesleyan Chapel, which provides space for community activitr'es. The lease is from Heeley and Gleadless Valley Parochial Church Council and commenced in August 2001. On 27th June 2012, the Trust took a 125 year lease on the Fonner Anns Grove School site. This enabled the first phase of building refurbishment to begin - a 28 Studio managed workspace for creative and digital businesses called Sum Studios. ACHIEVEMENTS AND PERFORMANCE OUR WORK IN 2023-24 CONTEXT: Heeley Trust have developed an approach to Asset Based Community Development over 27 years. We have always delivered projects that underpin a single approach to local place development and economic recovery, increasingly, we have realised our approach is Asset Based Community Development. We are tackling heritage deficit, dereliction and market failure to generate a grant independent income. Our Objects were revisited by the Board of Trustees in this Year and we define our works as a Charity as follows.. Carrying on activities for the benefit of the public, particularly in the Gleadless Valley ward in Heeley constituency, by the following means= The advancement of health, wellbeing and enjoyment, by managing Heeley People's Park {formerly Heeley Millennium Park), by providing facilities for public recreation or other leisure-time occupations, by protecting and conserving the environment, by encouraging access to the natural world, and by promoting active travel especially cycling. The advancement of education and leaming. skills acquisits.on and personal development to improve life opportunities. The advanment of urban regeneration through the preservation of buildings of historic, community or architectural importan. The advancement of health and wellbeing through contributing to the delivery of social and public health care programmes and services. Page 2
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 TRUSTEES. ANNUAL REPORT OUTPUTS IN THIS YEAR: COMMUNITY TEAM: Social Prescribing Link Workers- 698 referrals PKW Total Number of People Supported in 1-ttr1 activity by the Service - 163 Total Number of People Supported in group activity by the Service- 1015 Total Number of People reached through events by the Service - 332 Number of People Referred to the Service - 502 The number of partnerships and forums facilitated - 8 Live Well With Dementia Number of new referrals received - 20 Total number of people receiving 6-monthly dementia well-being I check-in phone calls - 130 Number of any other one-off contacts for advice only- 12 Number of sessions held - 30 Number of attendances at sessions overall - 120 Number of different individuals attending - 36 Green Social Prescribing 27 folk on family sessions 13 on Roshni sessions Community Development Nurturing new groups, lots of visits and the managing of the Gleadless Valley Partnership going well. Our first Community Development Worker on Gleadless Valley VRS in post from Oct 23 to March 24. They did.. 54 visits in this time to registered and non-registered welcome plas. Restarted wellbeing cart- it has been out 3 times and engaged 61 adults and 22 children Heeley Green Community Meal 11 sessions 20-25 attendees at each Events Asset mapping with York Uni, Family Open Day, Handlebards, PAX in the Park, 3 Christmas parties, 1 staff night out paid for by PCNI PARKS TEAM Mowing: 165 hours (Scag and Honda Izy) Strimming.. 80 hours Responsive & Damage Repairs: 110 hours". 48 hours over the year to clear needles 62 hours spent on general graffiti and damage. Litter Picking: 144 hours clearing litter last year. Playground Maintenance: 32 hours (basic repairs and maintenance.. Doesn't include Responsive Repairs) Ash Die Back: This was a major year of works to remove the Ash in the Park most affected. We continue to monitor and gradually remove. Page 3
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 TRUSTEES. ANNUAL REPORT ACTIVE TRAVEL TEAM Bike Recycling: This remains at the core of what we do and how we make cycling acSsible to more people. Thanks to everyone who donated a bike or spares, or who visited us. gave us a great review, took part in an event or joined us learning to ride - you are our lifebloodl Number of bikes donated.. 876 Number of bikes passed on to other organisations- Aid 4 Gambia.. 538 Comac.. 68 Number of reconditioned bikes built for University of Sheffield contract= 121 Number of reconditioned bikes sold to students via University contract.. 101 Number of reconditioned bikes built for sale in shop.. 133 Number of reconditioned bikes sold in the shop.. 149 Average sale price of an adult reconditioned bike.. £258.04 Average sale price of a Child's reconditioned bike.. £106.15 Average length of time a bike is in stock.. 14 weeks Maximum length of time a bike has been in stock.. 112 weeks This Activity Created 2 Full Time Mechanic Jobs and Created 1 Apprenticeship. Sheffield Cycle Boost A Partnership with Sheffield City Council to deliver Bike Loans and Cycle Training to Workers in Sheffield. Bike Loans 63 (Funded Quota- we received 125 applications) Of these.. 43 used their loan bike to get to work 44.4 % of drivers in the scheme switched to active travel after taking part. Cycle Training: 81 Participants: Learn to Ride 32 Cycle Confidence 27 Women Only 17 Road Confidence 13 Bike Buddy {1 to 1 Lesson and route planning) 14 Page 4
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 TRUSTEES. ANNUAL REPORT Rotherham Journey Matters A Partnership with Rotherham Borough Council to deliver Bike Loans, Mobile Cycle Hub and Doctor Bike Services and Cycle Training across the borough. The Hub: 501 completed 4-week loan periods. 38,177 miles cycled in total by our e-bike loanees. An average 76miles a month cycled by loanees. 91 % of loanees continued to cycle after loan period. 89 % of loanees continued cycling 3-6 months after loan period. 65 % of loanees travelled by car, motorbike or scooter as the primary mode of transport prior to borrowing a bike. 90 business and community HUB visits throughout the year. We welcomed 1818 visitors to the Rotherham Hub. We safety checked 471 Bikes. We achieved a 25 % shift in participants to long tem active travel from car driving. The Training: We trained 510 people through family sessions, mixed training groups and women only sessions to improve riding skills and confiden. PLANS FOR THE FUTURE The challenge of sustaining the projects and outputs we have reported here gets bigger every year now. Short term arrangements with a cash strapped Local Authority and NHS make our life very frustrating - it's hard to plan and hard to give staff security. We would like to do so much more and to plan this so much better- but we are where we are. The changes in Government and the National Position will take a long time to arrive in our little comer of the world. Our plan remains to develop our Asset Based Model, bringing Community Hubs to life at Heeley Green, Newfield Green and to work with Partners across Gleadless and Heeley. FORMAL STATEMENTS ABOUT OUR FUNDRAISING AND SALARY DETERMINATION Fundraising: Heeley Trust receives a number of generous donations every year, we have a number of regular subscribers to our Heeley People's Park and we are incredibly grateful. The Trust will always seek to earn the bulk of the income we need and to use grant and donations to add real value. We do not actively seek or organise significant fundraising from Individuals. Salaries.. Senior {Management Team) Staff Salaries are reviewed annually as part of a pay review for all staff. The Trustees operate a Pay Review Committee to scrutinise this. The Trust actively seeks to lead by example on this matter and to keep salaries fair- the ratio between top and bottom of our salary scale is currently 1=2.13 The Trust continues to try and pay Real Living Wage. Page 5
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 TRUSTEES. ANNUAL REPORT Our Funders: Particular thanks to the following funders this year... The Co-op Foundation Heeley Plus Primary Care Nelwork PSF Synergy (Peer Support Framework) Health Education England NHS Sheffield Sheffield Hallam University- We are Undefeatables Good Things Foundation South Yorkshire Community Foundation Voluntary Action Sheffield - Community Champions Rotherham Borough Council Social Investment Business- Continued support with Patient Capital for SUM Studios Sheffield City Council were the major funder and supporter of our work again this year- from PKW and South Area Committee, through support grant for Newfield Green Library to UK Shared Prosperity Fund - we are really grateful for this support. Andy Jackson Trust Manager- on behalf of the Trustees. 2024 Page 6
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 TRUSTEES. ANNUAL REPORT Financial review and reserves policy The Statement of Financial Activities shows total income of £1,470,859 and total expenditure of £1,429,169 for the year. Net income for the year was £41,690 which comprises a deficit on unrestricted funds of £10,468 and an increase in restricted fund balances of £52,158. Total funds at 31 st March 2024 amounted to £2,641,470 of which £2,007,301 lie in restricted funds. These are funds committed to specific purposes or represent the net book value of assets purchased using restricted grant income, with the majority of the latter relating to the leasehold improvement works. As shown in note 16 to the financial statements, the charity's general funds at 31st March 2024 amounted to £228,765. The charity's policy is to hold resep4es of no more than 13 weeks of unrestricted expenditure which would be around £270,000. The trustees acknowledge and continue to monitor the general funds balance and, as detailed above, are developing additional income streams to enable the Trust to increase the general funds towards the level set out in the reserves policy. Principal funding sources The principal funding sources of the Trust are rental income. fees eamed and grants receivable. Public benefit The trustees consider that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charities Commission and that the detailed review of activities, set out above, demonstrates that the charity delivers public benefit. Investment policy In accordance with the company's Memorandum and Articles of Association, the trustees have power to invest monies of the Charity not immediately required for its purposes, as may be thought fit. The management committee will consider suitable investments, securits-es or properties at such time as the level of reserves justifies a change in the current arrangements. Structure, governance and management Governing document Heeley Trust is a company limited by guarantee governed by its Memorandum and Articles of Association It is registered as a charity with the Charity Commission. In the event of the charity being wound up members are required to contribute an amount not exedIng £10. Appointment of trustees All directors of the company are also trustees of the charity. There are no other trustees. All the trustees named on the information page served for at least part of the year. One third of the trustees retire at the forthcoming Annual General Meeting but are eligible for re-appointment. The trustees may appoint a person as a trustee to fill a vacancy or to act as an additional trustee. Trustee training. All our trustees receive a detsiled induction and introduction to the Trust. We deliver regular Policy Briefings and updates. Trustees are made aware of Governance Training opportunities and are aware of Good Governan Guidance offered by NCVO, CAF and Locally via VAS. Page 7
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 TRUSTEES. ANNUAL REPORT Organisation The charity is organised so that the trustees and its finance sub group meet regularty to manage its affairs. The day to day administration of the charity is delegated to employees. Risk management The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate the exposure to those risks. Statement of trustees. responsibilities The trustees (who are also directors of Heeley Trust for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 incoming resources and application of resources, including the income and expenditure, of the charity for the year. In preparing these financial statements, the trustees are required to= select suitsble accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 (FRS 102); make judgments and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible ft)r keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. In so far as the trustees are aware.. there is no relevant audit information of which the charity's auditor is unaware- and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Where appropriate, the trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company's website Members of the executive committee and members of the charity Members of the executive committee, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1. No remuneration or expenses are paid to the directors in respect of their duties as trustees. Members of the charitable company guarantee an amount not exceeding £1 to the assets of the charitable company in the event of winding up. Page 8
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 TRUSTEES. ANNUAL REPORT Auditors Marriott Gibbs Rees Wallis Limited were appointed as the charitable company's auditors and have expressed their willingness to continue in that capacity. Approval This report has been prepared taking advantage of the small companies, exemption of section 415A of the Companies Act 2006. 1710112025 The report of the trustees was approved by the board on behalf by and signed on its P Grassick Trustee Page 9
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HEELEY TRUST Opinion We have audited the financial statements of Heeley Trust (the 'charitable company,) for the year ended 31 st March 2024 which comprise the Statement of Financial Activities and Income and Expenditure Account, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including 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 Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practits). In our opinion the financial ststements give a true and fair view of the state of the charitable companys affairs as at 31st March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practi., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan 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 charitable company 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 concem 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 UnrtaIntieS relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilib-es of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Trustees Annual Report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial ststements themselves. 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. Page 10
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HEELEY TRUST Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees. Annual Report (incorporating the Directors, Report) for the financial period for which the financial statements are prepared is consistent with the financial statements., and the Directors, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report included within 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.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit- or the Trustees were not entitled to prepare the financial statements in accordan with the small companies, regime and take advantage of the small companies exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement set out on page 8, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 the Trustees detemine 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 charitable company's ability to continue as a going concern, disclosing. as applicable, matters related to going conrn and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs 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 auditorfs report that includes our opinion. Reasonable assuran is a high level of assuran, 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 Influen the economic decisions of users taken on the basis of these financial statements. The extent to which our prOdureS are capable of detecting irregularities, including fraud and audit response Irregularities, including fraud, are instances of non-complian 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 extent to which our prOdureS are capable of detecting irregularities, including fraud, is detailed below. Page11
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HEELEY TRUST We have assessed the overall susceptibility of the financial statements to material misstatement due to irregularities as low. At the planning stage we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management, as required by auditing standards. The potential effect of any laws and regulation on the financial statements can vary considerably. There are laws and regulations that directly affect the financial statements {e.g. the Companies Act) as well as many other operational laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. Owing to the size, nature and complexity of the organisation and the applicable laws and regulations to which it must adhere, the risk of material misstatement was deemed to be low, therefore the procedures performed by the audit team were limited to" Communicating identified laws and regulations at planning throughout the audit team to remain alert to any indications of non-compliance throughout the audit. Enquiry of management and those charged with govemance around actual and potential litigation and claims as well as non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. We have assessed the overall susceptibility of the financial statements to material misstatement due to fraud as low because the nature of the charitable company does not particularly lend itself to fraud. Management override is inherently high risk on any audit. Management override, which may cause there to be a material misstatement within the financial statements, may present itself in a number of ways, for example: Override of internal controls (e.g. segregation of duties) Entering into transactions outside the normal course of business, especially with related parties Fraudulent revenue recognition, including fictitious income and income being recorded in the wrong period Presenting bias in accounting judgements and estimates.- In order to reduce the risk of material misstatement to an acceptable level, numerous audit procedures were performed including.. Enquiries of management as to whether they had any knowledge of any actual or suspected fraud Review of material journal entries made throughout the year as well as those made to prepare the financial statements Reviewing the underlying rationale behind transactions in order to assess whether they were outside the normal course of business Reviewing the minutes of meetings held by management. Increased substantive testing across all material income streams Assessing whether management's judgements and estimates indicated potential bias Page 12
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HEELEY TRUST Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected material misstatements in the financial statements, even though we have performed our audit in accordance with auditing standards. Furthemiore, as with all audits, there is a higher risk of irregularities (especially those relating to fraud) being undetected, as these may involve the override of internal controls, collusion, intentional omissions and misrepresentations etc. We are not responsible for preventing non-compliance or fraud and therefore cannot be expected to detect all InStanS of such. Our audit was not designed to identify misstatements or other irregularities that would not be considered to be material to the financial statements. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become avRre of it. 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.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitsble company's 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 charitable company's members those matters we are required to state to them in an auditor's 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 2810112025 Dated ". Tina Havenhand FCCA (Senior Statutory Auditor) For and on behalf of Marriott Gibbs Rees Wallis Limited Chartered Certified Accountants and Statutory Auditor Unit 4, Broadfield Court Sheffield S8 OXF Page 13
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Notes Income from.. Donations and similar income 5,085 5,085 10,675 Charitable activities.. Grants receivable Fees earned Rents receivable 404,391 10,323 404,391 869,233 192,150 241,610 863,565 193,177 858,910 192,150 Total income 1,056,145 414,714 1,470,859 1,309,027 Expenditure on.. Charitable activities 1,073,992 355,177 1,429,169 1,281,653 Total expenditure 1,073,992 355,177 1,429,169 1,281,653 Net (expenditure)lincome for the year (17.847) 59,537 41,690 27,374 Transfers beeen funds 7,379 (7,379) Net movement in funds (10,468) 52,158 41,690 27,374 Total funds brought forward 644,637 1,955,143 2,599,780 2,572,406 Total funds carried forward £634,169 £2,007,301 £2,641,470 £2,599,780 The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Page 14
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 BALANCE SHEET Notes 2024 2023 Fixed assets Tangible assets 2,673,830 2,731,601 Current assets Stock Debtors Cash at bank and on hand 157,905 239.119 379,945 193,427 246,604 267,957 776,969 707,988 Creditors- amounts falling due within one year 10 281,193 302,673 Net current assets 495,776 405,315 Total assets less current liabilities 3,169,606 3,136,916 Creditors- amounts falling due after more than one year 528,136 537,136 Net assets £2,641,470 £2,599,780 Income funds Unrestricted funds General funds Designated funds Revaluation reseNe 16 16 15 228,765 267,740 137,664 227,603 279,370 137,664 634,169 2,007,301 644,637 1,955,143 Restricted funds 16 Total funds 17 £2,641,470 £2,599,780 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime. 1710112025 These financial statements were approved and authorised for issue by the Board on and signed on their behalf by R Thomas Trustee P Grassick Trustee Company number '. 3288676 Page 15
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF CASH FLOWS Notes 2024 2023 Cash flows from operating activities-. Net cash provided byl(used in) operating activities 19 135,899 (85,070) Cash flows from investing activities-. Payments to acquire tangible fixed assets (5,536) (61,492) Net cash used in investing activities (5,536) (61,492) Cash flows from financing activities.. Repayments of borrowing (18,375) (21,500) Net cash used in financing activities (18,375) (21,500) Change in cash and cash equivalents in the year 111,988 {168,062) Cash and cash equivalents at 1st April 2023 267,957 436,019 Cash and cash equivalents at 31st March 2024 £379,945 £267,957 Cash and cash equivalents consists of.. Cash in hand Bank balance 222 267,735 379,945 Cash and cash equivalents at 31st March 2024 20 £379,945 £267,957 Page 16
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Accounting policies Heeley Trust is a company limited by guarantee registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered Offi is given in the charity information on page 1 of these financial statements. The charity constitutes a public benefit entity as defined by FRS 102. These financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard application in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The following is a summary of the more important accounting policies used by the charity. Going concern The financial statements have been prepared on the going concern basis as the trustees believe that there are no material uncertainties. Income All income is accounted for as soon as the charity has entitlement to the income, there is certainty of receipt and the amount can be measured. Shop income is the amount derived from the provision of goods and services, and is stated after trade discounts, other sales taxes and net of VAT. Income is only deferred when- The donor specifies that the grant or donation must only be used in future accounting periods- or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Grants receivable Grants in respect of revenue items are written off to the income and expenditure account in the period to which they relate. Grants in respect of specific projects are credited to a restricted fund, against which relevant expenditure is charged. Grants relating to fixed assets are credited to a restricted fund on the income and expenditure account from which amounts are released to revenue over the same period as the depreciation period of the relevant assets. Fees earned and rents receivable Fees and rents are credited to the period in which they are receivable. Expenditure Expenditure is recognised when a liability is incurred. Charitable activities includes those costs incurred by the charity in the delivery of its activities. Governance costs include those costs incurred in meeting the constitutional and statutory requirements of the charity. Pensions The charity operates a defined contribution pension scheme for its employees. The scheme funds are administered by trustees and are independent of the charity's finans. Operating leases Rentals payable under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease. Page 17
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Tangible fixed assets and depreciation The improvements to the leasehold property are stated at cost, including finance costs to the date of completion on a loan which specifically related to the financing of the project. Other tangible fixed assets are stated at cost less depreciation. Depreciation is calculated to write down the cost of the fixed assets, less estimated residual value over their expected useful lives. The rates used are as follows:_ Freehold property Leasehold property improvements Computer equipment Other equipment Motor vehicle over 50 years in line with the tems of the lease 25 % per annum. straight line basis 25 % per annum, reducing balance basis 250kn per annum, reducing balance basis Stock Stock is stated at the lower of cost and net realisable value. Cost is calculated using the first in, first out (FIFO) basis. Debtors Trade and other debtors are recognised at the settlement amount due after any discount offered. Creditors Creditors are recognised when 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 are normalty recognised at their settlement amount after allowing for any trade discounts due. Financial instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and are subsequently measured at their settlement value. Irrecoverable value added tax Irrecoverable value added tax is written off to the Statement of Financial Activities in the year in which it arises. Termination Benefits Termination benefits are payable when employment is tem)inated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The charity recognises termination benefits when it is demonstrably committed to either (i} terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (li) providing terminats'on benefits as a result of an offer made to encourage voluntary redundancy. Fund accounting Funds held by the charity are either.- Unrestricted funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds - these have been set up to identify those unrestricted funds that are not general funds. These include unrestricted funds earmarked by the charity's trustees to be used for a particular purpose in the future and the net book value of capital assets purchased using the charity's general funds. Revaluation reserve - this represents the differen beeen the market value of the freehold property and its historic cost. Restricted funds - these are funds that can only be used for particular restricted purposes, imposed by the donor or through the terms of an appeal. Page 18
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Grants receivable= Community Development Sheffield City Council Associate Libraries Grant Community Champions Project Community Connections Dementia Project Family Hubs Holiday and Food Programme People Keeping Well Shared Prosperity Fund South LAC Ward Pots Other Arts Council NHS Sheffield - Transformation Fund NHS Sheffield - Dementia Project Good Things Foundation Sheffield Hallam University- We are Undefeatables Sheffield University- Community Contact TrarS South Yorkshire Community Foundation The Places Impact Fund VCSE - Health and Wellbeing Fund Voluntary Action Sheffield - Community Champions Greenspace Sheffield City Council - Heeley People's Park 9.838 9,838 8,838 5,000 2,242 22,400 30,000 16,095 96.300 5,000 9,097 2,242 22,400 30,000 16,095 96,300 5,000 9,097 17,520 57,000 18,568 540 4,980 15,936 2,500 1,500 14,064 14,064 16,664 5,096 16.958 6,859 101,160 5,096 16,958 6,859 101,160 59,571 10,000 2,824 2,824 Cycle Projects Big Bike Revival Grant ESFA Traineeship Funding Community Buildings Architectural Heritsge Fund Power to Change ERDF - Investing for Growth (IfG) Fund Barnsley Metropolitan Borough Council 1,540 1,500 35.000 31,458 35,000 31,458 9,048 10,905 £404,391 £404,391 £241,610 Page 19
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Charitable activities Salaries and national insurance Direct project costs Insurances Repairs, renewals and sundry equipment Stationery and postage Newsletter, advertising and publicity Consultancy and recruitment Miscellaneous expenses Bad debts Bank charges and interest Depreciation Irrecoverable VAT 544,152 453,008 685 2,073 1,864 799 9,515 5,086 5,219 2,129 19,988 6,345 203.235 108,623 747,387 561,631 685 2,073 1,864 799 9,515 5,086 5,219 2,129 63,307 6,345 639,120 591,488 589 1,651 1,232 702 3,716 4,451 949 26,824 3,301 43,319 Governan.. Salaries and national insuran Audit and accountancy 3,629 19,500 3,629 19,500 3,530 4,100 £1,073,992 £355,177 £1,429,169 £1,281,653 Total expenditure Salary costs Direct costs Other costs Total 2024 Total 2023 Management & Development Community Development Greenspace Cycle Projects Community Buildings Governance Irrecoverable VAT 6,459 294,499 49,190 353,741 43,498 3,629 21,229 397 1,051 3.483 64,517 19,500 6,345 27,688 413,115 57,773 639,957 261,162 23,129 6,345 14,106 310,404 47,729 640,782 257,701 7,630 3,301 118,219 7,532 282,733 153,147 £751,016 £561,631 £116,522 £1,429,169 £1,281,653 Page 20
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 2024 2023 Net {expenditure)lincome for This is stated after charging'.- Auditors, remuneration - MGRW+ Depreciation 9,750 63,307 9,750 26,824 Analysis of staff costs. trustee remuneration and expenses. and the cost of key management personnel Salaries Redundancies Employer's national insurance Employer's pension contributions 687,217 265 49,725 13,809 589,101 42,167 11,382 No remuneration was paid nor expenses reimbursed to trustees during either year. The average number of staff employed was 34 {2023- 30). There were no employees with emoluments exceeding £60,000 in either year. The key management personnel of the charity comprise the Trustees, the Trust Manager, the Finance Manager, the Learning Manager. the Cycle Projects Manager and the Operations Manager. The total employee benefits of the key management personnel were £201,68312023.' £194,577). Related party transactions The total amount of donations received from trustees without conditions was £74712023 - £412). Paul Grassick, trustee, is also a director of Lembas Trustees Limited who own 75 % or more of the shares of Lembas Limited. During the year the charity purchased refreshments and cleaning consumables from Lembas Ltd at a cost of £1.535 (2023- £1.434), on normal commercial terms. The balance outstanding by the charity at 31st March 2024 was £403 (2023 - £471). There were no other related party transactions requiring disclosure in either year. Page 21
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Tangible assets Freehold Improvements propety & to leasehold improvements property Computer and other equipment Motor vehicles Total Cost and valuation As at 1st April 2023 Additions 660,337 2,180,317 2,338 176,660 5,536 3,019,652 5,536 As at 31st March 2024 660,337 2,180,317 2,338 182,196 3,025,188 Depreciation As at 1st April 2023 Charge for the year 143,785 18,021 2,297 10 141,969 11,570 288,051 63,307 33,706 As at 31st March 2024 33,706 161,806 2,307 153,539 351,358 Net book value As at 31st March 2024 £626,631 £2,018,511 £31 £28,657 £2,673,830 2024 2023 Debtors Trade debtors Grants receivable other debtors and prepayments 201,620 7,360 30,139 142,477 7,360 96,767 £239,119 £246,604 10 Creditors - amounts falling due within one year Loans Trade creditors Taxation and social security Other creditors Deferred income (see note 13) Funds held on behalf of others 9,000 83,307 52,359 82,111 52,702 1,714 18,375 71,883 35,450 119,907 55,797 1,261 £281,193 £302,673 The funds held on behalf of others comprise £76 held on behalf of South Yorkshire Poli and £484 held on behalf of Cycle for Health. There was no movement in these balances during either year. During the year ended 31st March 2024, there were net reiptS of £453 on behalf of the Sheffield District CTC increasing the balance held on their behalf to £1,154. Page 22
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 2024 2023 11 Creditors - amounts falling due after more than one year Loans £528,136 £537,136 Loans include aggregate amounts of £384.136 (2023- £393.1366) which fall due after five years and which are payable by instalments. 12 Secured liabilities At 31st March 2024, there were secured liabilities of £537,136 (2023 - £546,136). The loan is secured on the leasehold improvements and represents 270/0 of the net book value of that asset. The loan has a term of 25 years. Monthly capital repayments of £750 are being made. The interest rate on the loan is O %. 2024 2023 13 Deferred income Balance at 1st April 2023 Amount released to incoming reSoUrS Amount deferred in the year 55,797 (40,719) 37,624 88,267 (58,981) 26,511 Balance at 31 st March 2024 £52,702 £55,797 Deferred income relates to grants received in the year for expenditure which the donor has specified must take pla in the following year or fees invoiced in advan of the performan of the relevant activity- 14 Operating lease commitments At 31st March 2024 the charity had operating leases with total future minimum lease payments as set out below.. 2024 2023 Amount falling due.. Within 1 year Within 2-5 years 7,248 13,304 262 Page 23
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 15 Revaluation reserve Unrealised surplus on revaluation of the fr&hold property: As at 1st April 2023 and at 31st March 2024 £137,664 Balance at 1 st April 2023 Movement in resources Incoming Outgoing Transfers Balance at 31st March 2024 16 Statement of funds Unrestricted funds.. General funds Designated funds Revaluation reserve 227,603 279,370 137,664 1,056,145 (1,058,192) (15,800) 3,209 4,170 228,765 267,740 137,664 644,637 1.056,145 (1.073,992) 7,379 634,169 Restricted funds.. Management & Development Community Development Greenspace Cycle Projects Community Buildings 17,502 88,290 (550) (275,400) (1,743) {463) (77,021) 16,952 150,943 1,081 46,415 1,791,910 345,432 2,824 (7,379) 46,878 1,802,473 66,458 1.955,143 414,714 (355,177) 17,379) 2,007,301 Total funds £2.599,780 £1.470,859 £(1.429,169) £2,641,470 The designated fund identifies unrestricted funds that are not free funds and comprises £225,673 being the net book value of expenditure on the purchase of the Thirfvell Road building, £41,504 being the net book value of equipment purchased using the charity's own reserves and £563 donations from a fun run which have been earmarked for an event in Heeley People's Park. The restricted funds arise from grants provided for specific projects to fund salaries, other direct charitable costs and the improvements to the leasehold property. The balances carried forward represent the amount of monies received and not expended by 31st March 2024, or the net book value of assets purchased using the grant money. The transfer from restricted to unrestricted funds relates to management fees applicable to some restricted funds. Page 24
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 16 Statement of funds (continued) Prior year comparison.. Balance at 1 st April 2022 Movement in resources Incoming Outgoing Transfers Balance at 31st March 2023 Unrestricted funds.. General funds Designated funds Revaluation reserve 231,339 250,787 137,664 1,067,417 (1,039,614) (5,951) {31,539) 34,534 227,603 279,370 137,664 619,790 1.067,417 (1.045,565) 2,995 644,637 Restricted funds- Management & Development Community Development Cycle Projects Community Buildings 18,235 89,031 47,496 1,797,854 (733) (216,363) (3,658) (15,334) 17,502 88,290 46,878 1,802,473 218,617 3,040 19,953 (2,995) 1,952,616 241,610 (236,088) (2,995) 1,955,143 Total funds £2,572,406 £1,309,027 £(1,281,653) £2,599,780 17 Analysis of net assets beeen funds Fund balances at 31st March 2024 are represented by.. Unrestricted Designated funds funds Revaluation reserve Restricted funds Total funds Tangible fixed assets Net current assets Long term liabilities 736,291 563 (469.114) 137,664 1,799,875 207,426 2,673,830 495,776 {528,136) 287,787 (59.022) Net assets £228,765 £267,740 £137,664 £2,007,301 £2,641,470 Prior year comparison.. Fund balances at 31st March 2023 were represented by: Tangible fixed assets Net current assets Long term liabilities 752,109 563 (473,302) 137,664 1,841,828 113,315 2,731,601 405,315 {537,136) 291,437 (63,834) Net assets £227,603 £279,370 £137,664 £1,955,143 £2,599,780 Page 25
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 18 A detailed breakdown of the 2023 statement of financial activities beeen unrestricted and restricted funds is as follows= Unrestricted funds Restricted funds Total funds Income from" Donations and similar income Charitable activities.. Grants receivable Fees earned Rents receivable 10,675 10,675 241,610 241,610 863,565 193,177 863.565 193,177 Total income 1,067.417 241,610 1,309,027 Expenditure on.. Charitable activities 1,045,565 236,088 1,281,653 Totsl expenditure 1,045.565 236,088 1,281,653 Net income for the year Transfer beeen funds 21.852 2,995 5,522 (2,995) 27,374 Net movement in funds £24.847 £2,527 £27,374 2024 2023 19 Reconciliation of net (expenditur to net cash flow from operating activities.. Net income for the year 41,690 27,374 Adjustments for.. Depreciation charges Decreasel{increase) in stock Decreasel{increase) in debtors Decrease in creditors 63,307 35,522 7,485 (12,105) 26,824 (27,010) (70,578) (41,680) Net cash provided byl{used in) operating activities £135,899 £(85,070) Page 26
HEELEY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 20 Analysis of changes in net debt 2023 Cash flows 2024 Long term borrowings Short term borrowings 537,136 18,375 (9,000) 19,375) 528,136 9,000 Total liabilities 555,511 (18,375) 537,136 Cash and cash equivalents (267,957) {111,988) (379,945) Total net debt £287,554 £1130,363) £157,191 21 Post balan sheet events On 1 Oth December 2024 the charity changed its name from Heeley Development Trust to Heeley Trust. Page 27