Shoreham Community Trust Limited Charity No. 1070530 Company No. 03567456 Trustees, Report and Unaudited Accounts 31 March 2024 Shoreh
Shoreham Community Trust Limited Contents Pages Trustees Annual Report Independent Examiner's Report Statement of Financial Activities 2to15 16 17 Summary Income and Expenditure Account Balance Sheet 18 19 Notes to the Accounts 20to27 Detailed Statement of Financial Activities 28to29 Page 1
Shoreham Trustees, Annual Report (Including Dirertors, report)fvr the period 5t l Apri12023 to 31"March2024 Charity name: Shoreham Community Trust Charity Registration No.: 1070530 Company No.: 3567456 Page 2 Shoreham Community Trust
SHOREHAM COMMUNITY TRUST ANNUAL REPORT YEAR ENDED 31 MARCH 2024 Contents Page Introduction Purpose of the Charwty 4t05 Main Activities 5t06 Public Benefit Statement Contributions made by Volunteers Main Achievements 6t07 Action Plan 7t09 Fundraising Objettives 9tolO Reserves Policy io io. Principal Risk io ii. Structure, Governance & Management IOto13 12. Financial Review 13 13. Long Term Achievements 13 14. Related Parties & Trustee Responsibilities 14 15. Declarations 15 16. Annual General Meeting 15 Page 3 Shoreham Community Trust
Introduction The Shoreham Centre building is a focal point in the town, bringing the community together through multiple activities. It is owned by the local authority and leased to the Shoreham Community Trust (SCTJ, and in 2015/16 was substantially refurbished by Adur District Council (ADCJ with three objectives in mind: Firstly, to improve the scfs offer to the community, enhancing its quality and ability to be used by a wide range of hirers, community groups and voluntary organisations. Secondly, to accommodate the local authority as its strategic base, serving the Adur Distritt with customer council services. Thirdly, to support a number of charitable bodies including Citizens Advice and 4Sight, by housing their business activities within the complex. The net result is a lively hub for the town which offers leisure, civic and professional services of all kinds, being at the very heart of the town, district and wider community. The trustees, who are also directors of the charityforthe purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of Accounting & Reporting by Charitie5: Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard, applicable in the UK and Republic of Ireland. The Trust's constitution reflects the requirements of modern charity legislation and recommended good practice for a Charity. Responsibility for the overall control of the Trust's affairs rests in the board of managing trustees. elected each year by the membership at the AGM. The Trustees herewith present their report, together with the Independently Examined Financial Statements of the Trust, for the financial year beginning on 1st April 2023 and ending on 31st March 2024. Purpose of the Charity The principal activity of the Trust in the period under reviewwas that of runningThe Shoreham Centre in line with the Charity's objects which are to- "Promote for the benefit of the inhabitants of Shoreham-by-5ea and neighbourhood without distinction of sex. colour. race or of political. religious or other opinions by associating the local authorities, voluntary organisations and inhabitants in a common effort to advance education and to provide facilities in the interest of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life of the said inhabitants." Page 4 Shoreham Community Trust
Also "to co-operate with any statutory local authority in the maintenance and management of the premises known as The Shoreham Centre, 2 Pond Road, Shoreham by Sea. West Sussex. BN43 SWU. for attivities promoted by the company and its constituent bodies in the furtherance of the above objects." Main Artivities Room Hire We hire out room space to local community groups to further our Charity objectives where people can come together to play, learn and celebrate. Pond Cafe Our Pond Cafe is a community cafe offering refreshments for those using and visiting the Centre. The finances of the cafe are held in a designated fund with any surplus used, as determined by the trustees. to further our primary charity objectives. The Pond Cafe offers a popular service of refreshments and lunches for users of the Centre. addition, the staff provide an outside catering service when requested and occasionally cater for larger community events held in The Shoreham Centre. Our hospitality portfolio continues to increase and is becoming a key part of the cafe's offering to local businesses and community groups who use the centre. After a period of team building and planning. Skyway gallery was launched on 16th September 2016 and formally became part of the Shoreham Community Trust on 15th August 2017. Skyway Gallery is a contemporary community-centre gallery space, which provides a flexible and affordable context for the promotion of art and culture. Skyway Gallery has two main purposes: The advancement of the arts & culture and the advancement of education in the arts. Our aim is to stimulate creatlvity, diversity and activity in the visual arts, as well as strengthening and promoting the well-being of the wider community. Skyway Gallery exists within a public shared Space and has a weekly average footf311 of 1,000 to 1.500 people, therefore providing the opportunity for people who wouldn't normally be exposed to the visual arts to engage with a varied and changing body of work. The Gallery also provides hire space with exhibition opportunities for art groups and clubs. educational establishments and individuals to exhibit, promote and on occasion sell their work during their exhibition period. Other re ular artivities at The Shoreham Centre include: Arts and crafts Dance Drama Fitness classes & training Education Preschool activities Page 5 Shoreham Community Trust
Music Public meetings Blood Donation Wednesday Market Martial arts Choir Skyway Gallery Wedding receptions Themed events Church services Public Benefit ststement The Trustees pay full regard to the Charity Commission's guidance on public benefit. They apply it in their general overview of the Trust's affairs and have done so direttly in relevant areas of decision- making during the year. Contributions made by Volunteers The Trust has members who volunteer for a range of roles including preparing and running social events, distributing publicity, attending Skyway Gallery Exhibitions and maintaining the premises. The management committee would like to record its great appreciation for the continued support given by unpaid volunteers who assist with the running of all aspetts of The Shoreham Centre. Main Achievements General The building is in continuous use throughout the week by the local community, including the weekends. It is full of many diverse community groups making great use of the space. The variety of these groups is in itself testament to the flexibility, affordability and quality of what the Centre can offer our community. Princi al Fundin sources The principal funding source is from room lettings to local community groups. Fundraising events are held during the year and include a weekly Wednesday indoor market, craft fairs and other events held by local charities and community groups. The Pond Cafe, whilst not a principal funding source, exists, however, within our funding forthe users of the Centre. Skyway Gallery. although again is not a principal funding source. however, it exists within a public shared space and has a weekly average footfall of 1.000 to 1,500 people. Page 6 Shoreham Community Trust
Pond Cafe The Pond Cafe has grown in its reputation in providing a meeting place for the community- Mothers with their babies meet friends regularly in the cafe area for drinks and chats. Due to the ever- increasing costs to run the cafe we have worked hard to keep any price increase5 to a minimum and the cafe is now back to pre-pandemic usage levels and is an affordable place for the community to eat and drink. Sk Galle Listed below are the many Exhibitions and workshops that occurred during 202312024. A new newsletter has been introduced which is sent out electronically. SCTTradin Limited This is a subsidiary company of Shoreham Community Trust. It was set up during 2019 to provide a licenced bar service for the users of Shoreham Community Trust to hire for their events. Any surplus foreach year is gifted to Shoreham CommunityTrustto improvethe building and servicesSCT provides to the community. Approval for any gift transfers is attioned at the formal Annual General Meeting. Action Plan Artion Plan Artion Plan 2024- 2025 l. Target: Continue to negotiate a new lease with Adur District Council as a High priority. ction: Chair of trustees & team When: 30th Sept 2024 2. Target.. Maintain a minimum of 3-6 months expenditure in reserves with the aim to achieve 6 months in reserves in the coming two years. ction: reasurer When: Ongoing 3. Target.. Set up quarterly review meetings between AWC officers and Trustees to discuss subjects o mutual interest. ction: Chairman/ Centre manager Treasurer to agree timetable with AWC When: Upon completion of lease agreement Page 7 Shoreham Community Trust
Target: Trustees to annually review hire fees for all Spa5. Action: Manager & Treasurer When: End of third Quarter 5. Target: Hirers and tenants to have direct access to the Centre manager to discuss any problems issues. In addition, regular review meetings with Centre staff can be arranged to discuss future needs and opportunities. Action- Centre manager / Vice Chair When: ith immediate effett 6. Target: Create agenda timeforTrustees, Awcand other stakeholdersto discuss new opportunities, including long-term building development aspirations for the Centre, and to assess barriers to uccess. ction: WOT analysis with Trustees, ADC representatives - AWC, Centre Manager When: Upon completion of lease agreement 7. Target.. Determine an integrated media, advertising and promotional strategy and implementation plan. ttion.. Trustees & Marketing sub-committee . Target.. Examine ways to further develop'skyway Gallerf activities following the appointment of a Curator to manage the facility. Action: rustee Board & Skyway Gallery sub-committee When: Ongoing When: pril 2024 Previously not achieved due to the passing of John Griffin (former trustee) and he need for an additional trustee to take on this role . Target: Formulate the long-term building development aspirations. ction: rustees and Capital sub-committee in conversation with ADC AWC When: Upon completion of lease agreement Page 8 Shoreham Community Trust
- Target: Continue commitment to train staff in appropriate skills and draw up suitable programmes o accomplish individual progress. Action: t3Ing sub-committee When: Ongoing
- Target- For 2023124 we are reviewing and updating all our governance documents and policies held on file. Action rustees and Centre Manager Ongoing Fundraising Objectives General Our fundraising activities allow us to put on events that are free for the public. We invite local, talented and inspirational people who want to contribute. being part of a community hub and part of the entertainment on event days. These events have been well received and grow every year. and we will continue to provide them. In previous years we had provided a Christmas Lunch on Christmas Day. which wasfree of chargeto anyone who wishesto comealong. The day is provided byvolunteers, trustees and staff working together. Pond Cafe We provide good quality food and drinks at an affordable price and compare favourably with other providers in the community. We ensure our Pond Cafe provides regular meals for senior citizens in the community at an affordable community price. Sk Galle Pro ramme 2023 Date Exhibitions and worksho April May June Coastal Forms - exhibition Intertwinings exhibition Adur Arts Trail- exhibition A Collaboration exhibition Making Room- charity exhibition Lancing Arts Club - exhibition Steyning Creatives- exhibition Celebrating Colour- exhibition Winterset Group- exhibition July September October November December Page 9 Shoreham Community Trust
Mixed Media Art- workshop Sk Galle Pro ramme 2024 Date February Kathryn Matthews- exhibition Reserves Policy The Directorsnrustees endeavourto maintain sufficient reserves in order to ensurethat funds remain available to enable the Centre to continue to operate in the furtherance of the objectives of the charity. The reserves held are 3 months, worth of annual expenditure in line with Charity Commission recommendations. Policy approved by Trustees 15th August 2017. With all the unforeseen disruption caused by the pandemic season a few years ago, our Reserves Policy has proven to be a vital cushion in surviving the financial challenges of this season. io. Principal Risk Shoreham Community Trusys principal risk is that we still have no lease in place with Adur District Council. We requested to have a lease offering us 20-25 years but have only been offered 15 years in the draft documents so far. We will also need the management document to be workable for us if we are able to grow and not be restricted. The Trust is currently working on how to acknowledge and celebrate its 50th anniversary and planning for this is underway. We recognize this is some achievement to have survived for 50 years with many challenges overcome. and we look forward to celebrating this with hirers, staff. trustees and local partners, old and new. ii. Structure. Governance & Management The charity is controlled by its governing document, a deed of trust. and constitutes a limited company (limited by guarantee) as defined by the Companies Att 2006. Shoreham Community Trust is a company limited by guarantee governed by its Memorandum and Articles of Association dated 20th May 1998. It is registered as a charity with the Charity Commission. During the year, our Trustees considered issues relating to membership of the Trust and how to encourage this amongst hirers of the Centre. alongside individual membership. At a meeting of Trustees, it was proposed to offer all hirers membership, without charge. If not already members, larger organisations or groups would be encouraged to organise representation from amongst their membership. Anyone over the age of 18 can become a member of the charity. Please note. however. that voting rights at the AGM are restricted to the representatives who have signed the relevant documentation, Page10 Shoreham Community Trust
stating they uphold the objectives of the Charitynrust. Forms are available from the office at The Shoreham Centre Trustee Selection At the AGM Trustees willing to stand may be reappointed by rotation for a further term by fellow Trustees. The optimum term is nine years. but Trusts can decide their own length of service criteria as appropriate. When contemplating Trustee selection, the Board will actively consider aspetts of diversity and inclusivity for the Board to be fully representative of the local community. Trustee Induction & Trainin New Trustees are obliged to undergo a systematic induction programme overseen by existing Trustees. This includes the provision of a comprehensive data pack and facilities tour of the Centre, including introductions to managers and staff. Training programmes are available and offered on an ad hoc basis as required and appropriate. Governance All Policies and Documentation are electronically captured in the Governance Archive. This is updated on an ongoing basis and includes Charity Commission rules and guidelines and stafflemployee policies. Day-to-day management of The Shoreham Centre is carried out by our small office team, supported by cleaners and caretaking staff who are confident and happy to deal with visitors, questions and enquiries. The Centre Manager provides a tour of the building, during which time they meet key employees. Health & Safety and Safeguarding training are provided by the appropriate officer of the Trust. The Mana ement Committee Trustees Members of the Management Committee. who are directors for the purpose of company law and trustees for the purpose of charity law. and who served during the period and up to the date of this report are: Matt D vis Chair Val Garland Vice Chair (resigned 18 March 2024) Treasurer Janice R berts Kate Green Committee Member Madeleine Empson Tony Bourne Committee Member Committee Member {appointed 25 September 20231 Page11 Shoreham Community Trust
Paul Comber Committee Member (appointed 25 September 2023 Committee Member Danny McBride (resigned 22 September 2023) Registered Charity No. 1070530, Address". Theshoreham Centre. 2 Pond Road, Shoreham by Sea, West Sussex, BN43 SWU. -to-da Mana ement Management of The Shoreham Centre is carried out by our small team in the office, plus cleaners & caretaking staff, who are pleased to deal with questions and enquiries. To get in touch. please see our contact page on our website: www.shorehamcentre.co.uk stsff Members Shoreham Centre Manager Jeremy Charlton Zara Spanton Deputy Manager Events & Administration Michele Pape Receptionist & Administration Skyway Curator Caretakers Vacant Crimson Trebar Lee Pomfrey Laura Fontana Julian Beecher Jamie Fontana Catering Manager Cafe Assistant Jennifer Moore Karen Hibbert Cafe Assistant Jacqueline Martin Karen Sando Cafe Assistant Cafe Assistant Maia Terry Vacant Weekend Catering Manager Cleaners Joyce May Debra Watson Chelsea Watson Page 12 Shoreham Community Trust
Inde endent Examiner Accountants Marsh & Co Accountants Limited, 254 Upper Shoreham Road, Shoreham-by- Sea, West Sussex BN43 6BF. Bankin Barclays Bank PLC Worthing. Chapel House. I Chapel Road. Worthing. West Sussex, BNII IEX. 12. Financial Review The financial statements indicate that the charity achieved a small loss of £1,696 during the year, compared to a surplus of £20,796 for the previous year. Total income was £313,482, and total expenditure was £315,178. Our Financial loss for the year was mainly due to increases in employee costs and premises costs. All the Trust's current assets and liabilities relate to delivery of its charitable aims and objectives. The Trust's dirett expenses in providing charitable services are the personnel and other costs involved in running The Shoreham Centre and in making its facilities available for community activities. A detailed account of the activities and workings of The Shoreham Centre, along with information aboLrt its facilities, management and history, can found on website www.shorehamcentre.co.uk. our 13. Long Term Achievements The most Visible improvement over recent years has been the extension to The Shoreham Centre and the substantial refurbishment to the interior of the building that Adur District Council has provided. The Shoreham Centre building is a focal point in the town, bringing the community together through multiple activities across the district. The introduction of the Skyway Gallery has provided the building with a real cultural flourish of which the team are very proud. and the Pond Cafe is a wonderful gathering point for refreshments of all kinds throughout the week. Surrounding land which holds future development potential will only add to the long-term goal of the building being very much at the epicentre of this vibrant town. Adur and Worthing Council, as part of their pledge to be carbon neutral by 2030 is using part of a grant of more than £1.8m from the Public Settor Decarbonisation Scheme to install a series of environmentallyfriendly air source heat pumps. These heat pumps have been installed to provide the bulk of the heating and hot water to the building which will result in lower carbon emissions. Finally, we look forward into the next financial year in celebrating 50 years of The Shoreham Centre welcoming the whole local community through its doors. Page13 Shoreham Community Trust
14. Related Parties There have been no related party transactions in the financial year ending 31st March 2024. ststement of the Trustees, Res onsibilities Company Law requires Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company for that period. In preparing those financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charity SORP,. make judgements and estimates which are reasonable and prudent; prepare the financial statements on a "going-concern" basis (unless it is inappropriate to presume that the charitable company will continue in operation). The Trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charitable company. which enables them both to ascertain the financial position of the charitable company and to ensure that the financial statements comply with the Charities Act. The Trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The trustees declare that they have approved the Annual Report at their board of trustees meeting, and it is signed on its behalf by Matt Davis (ChGirJ and Janice Roberts (TreGsurer). See Section 15. Page 14 Shoreham Community Trust
15. Declarations The company has taken advantage of the small Companie exemption in preparing the report above. The trustees declare that they have approved the trustees, report (including directors, report) above. Signed on behalf of the chariVs trustees/directors Signature Full Name Matt Davis Position Chair Signature Full Name Janice Roberts Position Treasurer Date 13 January 2025 16. Annual General Meeting The next Annual General Meeting IAGM} of Shoreham CommunityTrust will be held in January 2025 The AGM is open to anyone who has an interest in The Trust and The Shoreham Centre. Anyone over the age of 18 can become a member of the charity. Please note, however, that voting rights at the AGM are restricted to the representatives who have signed the relevant documentation stating they uphold the objectives of the Charitynrust. Forms are available from the office at The Shoreham Centre. Page15 Shoreham Community Trust
Shoreham Community Trust Limited Independent Examiners Report Independent Examiner's Report to the trustees of Shoreham Community Trust Limited I report to the charity trustees on my examination of the financial statements of Shoreham Community Trust Limited for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the company {and also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'the 2006 Att,). Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Att and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 {bl of the 2011 Act. Independent examiner's statement As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination. I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in accordance with section 386 of the 2006 Act . or the financial statements do not accord with those records: or the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair, view which is not a matter considered as part of an independent examination- or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Marsh & Co Accountants Limited 254 Upper Shoreham Road Shoreham by Sea West Sussex BN43 6BF 30January 2025 Page 16
Shoreham Community Trust Limited Statement of Financial Activities for the year ended 31 March 2024 Unrestricted funds Restricted funds Total funds Total funds 2024 2024 2024 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities (i) 302,198 6.298 4,987 li} 302,198 6,298 4,987 269,691 7,880 2,067 Other trading attivities Other Totsl 313.482 313,482 279,640 Expenditure on: Other 314,434 744 315,178 258.844 Total 314,434 744 315,178 258.844 Net gains on investments Net (expenditure)/income Transfers between funds (9521 17441 {1,6961 20,796 Net (expenditure)/income before other gainsl(losses} (9521 17441 11,6961 20,796 Other gains and losses Other Gains Net movement in funds {9521 17441 (1,6961 20,796 Reconciliation of funds: Total funds brought forward 206,080 11.710 217,790 196.994 Total funds carried forward 205,1258 10,966 216,094 217,790 Page 17
Shoreham Community Trust Limited Summary Income and Expenditure Account for the year ended 31 March 2024 2024 2023 Income 313,482 279,640 Gross income for the year Expenditure 313,482 279,640 308.666 251,890 Depreciation and charges for impairment of fixed assets 6.512 6.954 Totsl expenditure for the year Net lexpenditurellincome before tax for the year 315,178 258,844 11,696} 20.796 Net (expenditure )/income for the year 11,696} 20,796 Page 18
Shoreham Community Trust Limited Balance Sheet at 31 March 2024 Company No. 03567456 Notes 2024 2023 Fixed assets Tangible assets Investments li 12.466 16,488 12 12.466 16.488 Current assets Debtors Cash at bank and in hand 13 20.073 187,640 207,713 {4,0851 19,558 185,185 204.743 13,4411 Creditors: Amount falling due within one year Net current assets 14 203,628 201,302 Total assets less current liabilities 216,094 217.790 Total net assets 216,094 217.790 The funds of the charity Restricted funds Restricted income funds 15 10,966 10,966 11,710 11,710 Unrestricted funds General funds 15 205,128 206,080 205,128 206,080 Totsl funds 216,094 217,790 These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 March 2024 the company was entitled to exemption under settion 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 29 January 2025 And signed on its behalf by.. M. Davis Trustee M Davis Page 19
Shoreham Community Trust Limited Notes to the Accounts for the year ended 31 March 2024 l Accounting policies Basis of preparation The 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 applicable in the UK and Republic of Ireland {FRS 1021- (Charities SORP IFRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. Change in basis of accounting or to previous accounts There has been no change to the accounting policies {valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund accountin8 Unrestricted funds General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Restritted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted f und is set out in the notes to the financial statements. Restricted funds Income Recognition of income All incoming resources are included in the Statement of financial activities when the company is legally entitled to the income and the amount can be quantified with reasonable accuracy. Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Donated services and facilities Income tax recoverable Expenditure Recognition of expenditure All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities, they have been allocated on a basis consistent with the use of the resources. Governance costs are those incurred in connection with administration of the Governance costs company and compliance with constitutional and statutory requirements. Taxation The charity is exempt from corporation tax on its charitable activities. Page 20
Shoreham Community Trust Limited Notes to the Accounts Tangible fixed assets and depreciation Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life- Freehold property Computer and website design Fixture5 and fittings IO% Straight line 25% Straight line 25% Reducing balance Pension costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when theyfall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separatelyfrom the company in independently administered funds. Receipt of donated goods. facilities and services All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. 2 Company status The company is a private company limited by guarantee and consequently does not have share capital. Page 21
Shoreham Community Trust Limited Notes to the Accounts 3 Statement of Financial Activities- prior year Unrestrirted funds Restrirted funds Total funds 2023 2023 2023 2023 Income and endowments from: Donations and legacies Charitable activities 269,691 7,880 2,067 269,691 7,880 2,067 Other trading attivities Other Total 279,640 279,640 Expenditure on: Other 258.100 744 258,844 Total 258,100 744 258,844 Net gains on investments Net income 21,540 1744} 20,796 Transfers between funds Net income before other 8ainsl(losses) Other gains and105se5: 21,540 (744} 20,796 Net movement in funds 21.540 1744} 20,796 Reconciliation of funds: Total funds brought forward 184.540 12,454 196.994 Total funds carried forward 206,080 11,710 217,790 4 Income from donation5 and legacies Unrestricted Restricted Endowment Total Total 2024 2023 Donations li} li} ii) {1) 5 Income from charitable artivities Unrestrirted Restricted Endowment Total Total 2024 2023 Lettings and rentals Cafe 175,435 89,106 175,435 89,106 157,387 75,571 Centre running costs 37,657 302,198 37,657 302.198 36,733 269,691 Page 22
Shoreham Community Trust Limited Notes to the Accounts 6 Income from other trading artivities Unrestrirted Restrirted Endowment Total Total 2024 2023 Income from trading subsidiary 6,298 6,298 7,880 6.298 6,298 7,880 7 Other income Unrestrirted Restrirted Endowment Total Total 2024 2023 Misc income 147 147 465 Interest received 4.840 4.987 4,840 4,987 1.602 2,067 8 Other expenditure Unrestrirted Restrirted Endowment Total Total 2024 2023 Skyway expenses Cafe supplies and machine hire 16.133 16.133 2.580 36,734 36,734 29,475 Adur District council premises Costs 42,151 42,151 31,858 Employee costs Premise5 costs 185.219 7,812 185,219 7,812 164.560 8,565 Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 5,768 744 6,512 6,954 11.278 9,339 314,434 11.278 9,339 315,178 12.256 2,596 258,844 Legal and professional costs 744 9 Net (expenditure)/income before transfers 2024 2023 This is stated after charging- Depreciation of owned fixed assets 6.512 6.954 Page 23
Shoreham Community Trust Limited Notes to the Accounts 10 Staff costs 2024 2023 Salaries and wages Social security costs Pension costs 160.444 21,333 3,432 137.560 23,573 3,282 Staff io 145 training 185.219 164.560 No employee received emoluments in excess of £60,000. Total employee benefits received by key management personnel The average monthly number of full time equivalent employees during the year was as follows.. 2024 Number 2023 Number Staff 25 21 25 21 11 Tangible fixed assets Land and buildings Computer and website design Fixtures and fittings Equipment Totsl Cost or revaluation At l April 2023 Additions 42,538 6,787 72,617 2.490 121,942 2,490 Disposals At 31 March 2024 42.538 6.787 75,107 124.432 Depreciation and impairment At l April 2023 Depreciation charge for the year Disposals At 31 March 2024 32,332 6,419 66,703 105,454 4,254 157 2,101 6,512 36,586 6,576 68,804 111,966 Net book values At 31 March 2024 5,952 10.206 211 6,303 5,914 12,466 16,488 At 31 March 2023 Page 24
Shoreham Community Trust Limited Notes to the Accounts 12 Investments Investment in Subsidiaries The company has the following subsidiary undertakings: Capital and reserves at Profit/(loss end of the ) for the relevant relevant Country of incorporation Class of (rf not UK) shares held %a8eof shares held Name of company year year England and Wales s Trading Limited Ordinary 13 Debtors 2024 2023 Other debtors 15,197 4.876 20,073 14,110 5,448 19,558 Prepayments and accrued income 14 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals 334 4,085 4,085 3,107 3,441 15 Movement in funds Incoming resources At31 March (including At l April other 2023 gainsllosses) Resources Gross expended transfers 2024 Restricted income funds: 11,710 (744} 10,966 Unrestricted funds: General funds 206.080 313.482 1314,4341 1315,1781 205,128 Total fund5 217.790 313.482 216,094 Page 25
Shoreham Community Trust Limited Notes to the Accounts 16 Analysis of net assets between funds Unrestricted funds Restrirted Endowment funds funds Total Fixed assets 9.491 203.628 213,119 2.975 12,466 203,628 216,094 Net current assets 2,975 17 Reconciliation of net debt New HP/Finance leases At31 March At l April 2023 Cash flows 2024 Cash and cash equivalents Bank overdrafts 185.185 2.455 187.640 185,185 2,455 187,640 Borrowings Net debt 185.185 2.455 187.640 18 Commitments Annual commitments under non-cancellable operating leases are as follows: 2024 Land and 2024 2023 Land and 2023 Other Other buildings buildings Operating leases with expiry date: Within one year In the second to fifth years inclusive Over five years 1.115 1.115 1,115 1,115 Pension commitments 2024 2023 The pension cost charge to the company amounted to: 3,432 3,282 Page 26
Shoreham Community Trust Limited Notes to the Accounts 19 Dissenting view from one trustee Included in Letting and rental unrestritted income, (disclosed in note 5), is income from exhibition sales held at the Skyway Gallery £18,891 (2023- £2,630). The Independent examiner and all the trustees. apart from one, believe that Shoreham Community Trust Limited have complied with all relevant company and charity Standards regarding this income stream disclosure to ensure that these accounts give a true and fair view. They are happy they are compliant, after referring to the SORP, . 'that all income has been reported gross when raised by the charity {or by volunteers working at the charitvs direction) or its agents. Any fee charged for fundraising by a third party and dedutted from the amount colletted before it is remitted to the charity must not be offset against fundraising income recognised in the accounts but be reported as a fundraising expense,... All exhibitors have an agreed contract in place before their exhibition starts and each contract shows the commission that is owed per sale to each individual artist. Each sale goes through the charities bank account and is dealt with by an employed staff member of the charity and a sales receipt is issued to the purchaser. The commissions payable to exhibition artlsts, as agreed in each contract, are shown and separatelv recorded in expenses (note 8. part of Skyway expenses). Commission of £15.86912023: £913} were expended. The dissenting view from one trustee was that this income and expense should be shown net. 20 Related party disclosures Controlling party The company is limited by guarantee and has no share capital; thus no single party controls the company. Page 27
Shoreham Community Trust Limited Detailed Statement of Financial Artivities for the year ended 31 March 2024 Unrestricted funds Total funds Total funds 2024 2024 2024 2024 2023 Income and endowments from: Donations and legacies Donations iii li} li} iii Charitable activities Lettings and rentals Cafe 175,435 89.106 37,657 302.198 175,435 89,106 37,657 302.198 157,387 75.571 36,733 269,691 Centre running costs Other trading activities Income from trading subsidiary 6,298 6,298 6,298 6,298 7.880 7,880 Other Misc income 147 147 465 Interest received 4.840 4,987 4,840 4,987 1,602 2,067 Total income and endowments 313,482 313,482 279,640 Expenditure on: Other expenditure Skyway expenses Cafe supplies and machine hire Adur District council premises costs 16.133 36,734 16,133 36,734 2.580 29,475 42.151 42,151 31,858 95,018 95,018 63,913 Employee costs Salarieslwages Employer's NIC Pension costs 160,444 21.333 3,432 io 160,444 21,333 3,432 io 137,560 23,573 3,282 145 Staff training 185,219 185,219 164,560 Premises costs Rates 2,836 2,888 2,836 2,888 3,713 2,992 Premises cleaning Premises repairs and maintenance 2,088 2,088 1,860 7.812 7.812 8,565 General administrative costs, including depreciation and amortisation Page 28
Shoreham Community Trust Limited Detailed Statement of Financial Artivities Depreciation of land and buildings Depreciation of Computer and website design Depreciation of Fixtures and fittings Bank charges Equipment expensed Equipment le35ing and hire charges General insurances 3,510 744 4,254 4,258 157 157 725 2.101 2,101 1,971 2.176 1,354 2,176 1,354 2,060 789 1,115 1,115 1,350 1.363 206 1,363 206 1.705 134 Information and publications Postage and couriers Subscriptions Sundry expenses Telephone. fax and broadband 500 603 2.557 329 2,557 329 3,468 276 1.678 17,046 1,678 17,790 1.871 19,210 744 Legal and professional costs Auditllndependent examination fees Accountancy and bookkeeping Consultancy fees Other legal and professional costs 1.260 1,700 1,260 1,700 900 1,643 6.379 6,379 53 9.339 9.339 2.596 Total of expenditure of other costs 314,434 744 315,178 258,844 Total expenditure Net gains on investments 314,254 744 314,998 258,844 Net (expenditure)/income Transfers between funds 1952) (744) 11,6961 20,796 Net (expenditure)/income before other 8ainsl{losses) Other recognised gains and losses Other Gains (952} (744) (1.6961 20,796 Net movement in funds 1952) {744) 11,6961 20,796 Reconciliation of funds: Total funds brought forward 206.080 11.710 217,790 196,994 Total funds carried forward 205,128 10,966 216,094 217,790 Page 29