THE DURNFORD SOCIETY TRUST LIMITED Acom an limited b uarantee REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 COMPANY NUMBER: 03758632 REGISTERED CHARITY NUMBER: 1077847 HOUNDISCOMBE CONSULTANTS LIMITED A CONDY MATHIAS CHARTERED ACCOUNTANTS PLYM THE DURNFORD SOCIETY TRUST LIMrrED CONTENTS Page Trustees Report and Financial Statements Ito4 Statement of Financial Activities Balance Sheet Notes to Financial Ststements 7t09 Independent Examiner's Report 10 THE DURNFORD SOCIEfY TRUST LIMITED TRUSTEES REPORT AND FINANCIAL STATEMENTS istered Office The Barn 31 Parkstone Lane Plympton Plymouth Trustees Council of Mana ement P S Rose - Chairman (resigned 9 May 2023) R Baker - Treasurer C Rai - Secretary N Pankhurst- Chairman (appointed 9 May 2023) Accountants Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 6 Houndiscombe Road Mutley Plymouth Solicitors Wolferstans DeptFord Chambers 66164 North Hill Plymouth Bankers National Westminster Bank PIC St Andrews Cross Plymouth THE DURNFORD SOCIETY TR ST LIMITED TRUSTEES REPORT AND FINANCIAL STATEMENT The Trustees are pleased to present their annual Trustees Report together with the financial statements of the charity for the year ending 31 March 2024 which are also prepared to meet the requirements of a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Att 2011, the Companies Att 2006, and Accounting and Reporting by Charities: Statement of Recommended Practice 2019 as applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the Financial Reporting Standard (FRS 102) 2019. STATUS The Trust was incorporated under the Companies Acts 1985 to 1989 on 23 April 1999. It is a company limited by guarantee (Registered Number: 03758632) and does not have a share capital. The Trust is a registered charity (Registered Number: 1077847) and constituted by its Memorandum and Articles of Association as amended by special Resolution on the 23 September 1999. OBJECTS The main object of the Trust is to provide, manage and maintain property for people with learning difficulties. PUBLIC BENEFIT In shaping our objectives for the year the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'Public benefit: running a charity (PB2)'. MEMBERSHIP Membership of the Trust is open to all individuals. New members must be approved by the Council of Management. COUNCIL OF MANAGEMENT The Trust is run by the Council of Management. There are no maximum or minimum number of members for the Council. The following served as Council of Management members during the period:_ MrPSRose Mr N Pankhurst Mr R Baker Miss C R Rai Chair (Resigned 9 May 2023) Chair (Appointed 9 May 2023) Treasurer Secretary No expenses were paid to any of the Council of Management during the current or preceding year. THE DURNFORD SOCIETY TRUST LIMITED TRUSTEES REPORT AND FINANCIAL STATEMENTS ANNUAL AND FINANCIAL REVIEW The Trust managed two properties during the year. The Trust's incoming resources for the year were £66,604 (2023 £79,030). Resources expended were £52,915 (2023 £87,252). Consequently net incoming resources were £13,689 (2023 outgoing resources £8,222). RISK MANAGEMENT The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to its operations and finances, and are satisfied that systems are in place to mitigate any exposure to these risks. TRUSTEE INDUCTION AND TRAINING New Trustees are invited by the existing Council of Management to attend an informal "introduction to the Durnford Society Trust Limited" day. The day includes a trip around the properties and a detailed discussion of the aims and objettives of the Trust. All new trustees are informed of their legal obligations as a trustee under both charity and company law. RESERVE The total funds held by the Trust at 31 March 2024 amounted to £18,468 of which £17,899 were unrestritted funds and £569 restricted funds. RESERVES POLICY AND GOING CONCERN The Trust needs to hold reserves for the following principal reasons: a) To meet major items of unforeseen expenditure b) To enable the Trust to continue its operations for a period of at least three months, even in the event of a major withdrawal of external funding. The Trust will not operate a "rainy day" policy of setting aside part of its income for unspecified future purposes. Any surpluses arising from its operations will be used either for the purposes of meeting future deficits or for the further development of its operations. The Trust considers its present level of reserves satisfy the criteria set out above, and no attion is deemed necessary at the present time to change these levels. The Trust will review both the level of its reserves and its policy on reserves annually. The financial statements have been prepared on a going concern basis. RE TRicfED FUNDS The Trust has restricted funds. For further details see note 5 to the Financial Statements. THE DURNFORD SOCIETY TRUST LIMITED TRUSTEES REPORT AND FINANCIAL STATEMENTS RELATED PARTIES Two members of the Council of Management, Richard Baker and Cindy Rai, are also Trustees of The Durnford Society Limited. One other member of the Council of Management, Nigel Pankhurst, is employed by The Durnford Society Limited. The Trust rents two properties from the Society. TRUSTEES. RESPONSIBILITIES The charity trustees (who are also the directors of The Durnford Society Trust Limited for the purposes of company law) are responsible for preparing a trustees, annual report and financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) Company law requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the period. In preparing those financial ststements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable 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 business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They have general responsibility for tsking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detett fraud and other irregularities. In preparing this report, the Trustees have taken advantage of the small companies exemption provided by se on 415A of the Companies Act 2006. This report w oved by the Trustees on and signed on their behalf by: Mr R Baker - Treasurer THE DURNFORD S IEfY TRUST LIMITED STATEMENT OF FINAN IAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDrruRE ACCOUN FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Total Funds Unrestricted Funds Restricted Funds Total Funds Notes INCOME Rents receivable Other contributions 56,111 56,111 69,309 TOTAL INCOME EXPENDThURE Charitable activities TOTAL EXPENDThURE INCOME (EXPENDrruRE) FOR THE YEAR BALANCES AT I APRIL 2023 BALANCES AT 31 MARCH 2024 £17 £1 There were no recognised gains or losses other than the results for the year. All income and expenditure is derived from continuing activities. The notes on pages 7 to 9 form an integral part of these financial statements. THE DURNFORD SOCIETY TRUST LIMITED BALANCE SHEET AS AT 31 MAR H 2024 Notes 2024 2023 Em lo ment of Funds CURRENT ASs￿s Trade debtors Bank and cash 4,954 526 CREDThORS: Amounts falling Due within one year Sundry Creditors £1 Funds Em lo RESERVES Unrestricted funds Restricted funds 17,899 569 4,210 569 £1 The Trustees consider that the company is entitled to exemption from the requirements to have an audit under the provisions of Section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtsin an audit of its accounts for the year in question in accordan￿ with Section 476 of the Aci. The financial ststements have been prepared in accordan￿ with the provisions applicable to small companies within Part 15 of the Companies Act 2006. The financial statements were approved by the Trustees on Signed on behalf of the Trustees: Mr N. Pankhurst Mr R Baker The notes on page 7 to 9 form an integral part of these financial ststements. THE DURNFORD SOCIETY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2024 I) ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Trust's financial statements. Basis of preparation: The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Durnford Society Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transattion value unless otherwise stated in the relevant accounting policy note. b) Going concern: The financial statements have been prepared on a going concern basis. Income: Rents receivable represent Housing Benefit and service charges due in relation to the properties managed by the Trust. They are accounted for on an accruals basis in the period to which they relate. d) Expenditure: Charitable expenditure represents expenditure incurred directly to support the particular charitable activities of the Trust. Cash at bank and in hand: Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less than the date of acquisition or opening of the deposit or similar account. Financial instruments: The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transattion value and subsequently measured at their settlement value with the exception of bank loans, which are subsequently measured at amortised cost using the effective interest method. THE DURNFORD SOCIEfY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS I MARCH 2024 2) CHARITABLE EXPENDrruRE Unrestricted Unrestricted 2024 2023 Provision of housing Rent Council tsx and water Heat and light Insurance Repairs and maintenance Refuse collettion Cleaning Sundry expenses 13,800 6,565 7,465 19,500 8,542 17,171 3,600 18,212 2,749 830 159 8,782 3,344 340 159 Support costs Management charges Bank charges Professional fees 11,355 105 15,342 147 3) CREDITORS: Amounts falling due within one year 2024 2023 Sundry creditors 4) RELATED PARTY TRANSACTIONS One member of the Council of Management who received remuneration was Richard Baker, as Treasurer. During the year Condy Mathias Eldercare Limited of whom Richard Baker is a director, was paid £1,000 (2023 £1,000) as remuneration for these services. Nigel Pankhurst and Cindy Rai received no remuneration from the Trust. Two members of the Council of Management, Richard Baker and Cindy Rai are also trustees of the Durnford Society Limited. The Trust rents two properties from the Society and rent of £13,800 (2023 £19,500) was paid during the year. The Society charged the Trust management fees of £11,355 (2023 £15,342) during the year. One member of the Council of Management, Nigel Pankhurst, is employed as the Finance Officer by The Durnford Society Limited. THE DURNFORD SOCIETY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2024 5) FUNDS Unrestricted Designated Restricted Funds Funds Funds Total Balances at l April 2023 Income for year Balance at 31 March 2024 4,210 569 4,779 Restrirted funds represent income grants received from South and West Devon Health Authority to fund professional fees incurred. 6) ANALYSIS OF NEf ASSETS BETWEEN FUNDS Unrestricted Restricted Funds Funds Total Represented by: Bank and cash Debtors Creditors 17,949 4,954 569 18,518 4,954 7) CONTROL The charitable company is controlled by the board of Trustees. THE DURNFORD SOCIETY TRUST LIMITED 31 MARCH 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DURNFORD SOCIETY TRUST LIMITED. I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 which are set out on pages 5 to 9. RESPONSIBILrrIES AND BASIS OF REPORT As a charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 Cthe 2006 Act?. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 (the '2011 Att?. In carrying out my examination I have followed the Directions given by the Charity Commission under Settion 145(5)(b) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT The company's gross income exceeded £25,000 and I am qualified to undertake the examination by being a qualified member of ACCA. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respett: accounting records were not kept in respect of the company as required by Settion 386 of the 2006 Act; or the accounts do not accord with those accounting records. or 3) the accounts do not comply with the accounting requirements of Section 396 of the Companies Att 2006 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the Charities SORP (FRS102). I have no concerns and have come across no other matters in connettion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. J L Two 6 Houndiscombe Road Plymouth PL4 6HH i71121 -10-