MARCH CIVIC TRUST Financial Statements For the year ended 31 March 2025 Whitings LLP Chartered Accounlants Fenland House 15B Hostmoor Avenue March Cambs PE15 OAX MARCH CIVIC TRUST ANNUAL REPORT AND ACCOUNTS For the rend 31 Mar h202 Truslees, Officers and Advisers: Charity Truslees:. The Trustees of March Civic Trust who have all served in Office during the year are.. Ms K Nightingale (Chairman) Rev A Chandler (Vice Chairman) Mr F J Grounds MsDRae Ms S Lemmon Mr M Louth Mr C Lemmon Officers:. The Clerk to the Trustees: Mrs S A Taylor The Treasurer lo the Trustees: Ms S Lemmon The Charity's Principle Office and Registered Address is: The Town Hall Market Square March Cambs Advisers: Reporting Accountants: Whitings LLP Chartered Accountanls Fenland House 15B Hostmoor Avenue. March Cambs PE15 OAX Bankers: Lloyds Bank PIC 27-31 Wesigale Peterborough, Cambs PE1 1YH Legal Advisers: Fraser Dawbarns 29 Old Market Wisbech Cambs PE13 1NP MARCH CIVIC TRUST ANN AL REPORT OF THE TRUSTEES OF MAR For the ear ended 31 March 2025 H CIVIC TRUST The Trustees of the March Civic Trust present their Annual Report for the year ended 31 March 2025. Reference and Administrative Information The Charity was formed in 2000 and is registered with the Charity Commission under Charity Number 1081320. The Trustees, Officers and Advisers are listed on page 1. Structure, Governance and Managemenl Governing Documenl The Charity is governed by its Trusl Deed dated 27 January 2000 and Supplemental Trust dated 19 April 2000. Governing Bodies The struclure ol the Charity consists of Trustees, details being set out on page 1. Recruitment and Training of Truslees The Trustees are appointed by the existing Trustees based on eligibility, personal expertise, specialist skills and local knowledge. Trustees are recruiled lo bring to the Charity a range of viewpoinls and perspectives. As part of the induction, full details ol the Charity's objeclives are provided and the day-to-day running of the Charity explained. Full reference is made to the obligations, duties and responsibilities of the Trustees. Also. reference is made lo the website of the Charity Commissioners and the need lo become fully familiar with the content and regular reviews for updates. The need for formal Iraining of Trustees is considered to be fairly limited, wilh day-to-day skills being oblained by experience and spreading of knowledge betsveen exisling Trustees and their Advisers. The Trustees keep up-to-dale with legislative and administration mallers by reference lo Ihe website ol Ihe Charilies Commission and consultation with their Advisers. Objecls The Charity's Objects as set out in its Trust Deed, are to promote the benefit of the inhabilants of March in Cambridgeshire, by associaling ihe said inhabitants and the Local Authorities, voluntary and other organisalions in a common ellort to-_ a) advance education- b) relieve poverty, sickness and distress- c) provide facilities in the interests of social welfare for recreation and other leisure time occupation, with the object ol improving the conditions of life of the inhabitants of March. Review of Activities and Fulure Developments The Stalemenl of Financial Activities for the period is set oul on page 6 of the Financial Siatements. A summary ol the financial results and work of the Charity is set out below'.- March Civic Trust was established to acquire. refurbish and manage the March Town Hall as a Town resource. The purchase took place in August 2000, with a generous grant from Joan and Peter Skoulding. Since that date, the premises have been completely refurbished, with the support of many organisations and grants. Ongoing maintenance and repairs continues to be dealt wilh. as arising. The premises are now utilised by organisations wilhin the Aims and Objectives and in the opinion of the Trustees, these include providers of important services to the people of March and Ihe surrounding villages and voluntary organisations, and all provide public benefit lor the Town. addition, an attractive function room with catering facilities is available for use. MARCH CIVIC TRUST ANNUAL REPORT OF THE TRUSTEES OF MARCH CIVIC TRUST For th ear en ed 31 March 2025 CONTINUED The unreslricled general fund has decreased from £25,965 at the beginning of the year. to £25,699 al Ihe end of the year due to an increase in building repair expenses. In planning the Charity's activilies for Ihe year, the Trustees kept in mind the Charity Commissioners. guidance on Public Benefil and consider that the objective in this respect has been achieved. The focus ol the activilies has been to provide facilities as set out in the Objects. lo relevant organisations and inhabitanls of March. Future Plans The premises will continue lo provide rooms for use by organisations within the Aims and Objectives. recreation and calering facililies and a very attractive function room for a wide range of activities. These are likely to include performing arts, visual arts, public meelings. fairs. AGMS. tourist information, all in accordance with the Trust Objects. The ongoing activity will be to manage these facilities, lo ensure that a surplus arises, to achieve the required reserve lunds. Reserves Policy It is the policy of the Charity to maintain unrestricted funds, al a level which would cover rouline management and charilable expenditure budgeted for the next twelve months. The Charity considers that unrestricted funds have now achieved such levels and the Trustees have therefore established a designated Property Maintenance Fund to provide for cyclical and long term maintenance of the premises. The Trustees have agreed to make annual transfers of £5,000 to this fund if there is an available surplus. The premises are allocated lo designated funds and no further changes beyond this are anticipated in the loreseeable fulure. Organlsation and Risk Managemenl The Trustees are responsible lor preparing the Trustees, ReF)Ort and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (UKGAAP). The law applicable to charities in England and Wales requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the slate of affairs ol the Charity and of the incoming resources and application of resources of the Charity for thai period. In preparing these Financial Statements, the Trustees are required to:. select suitable accounting policies and then apply them consistently., observe the methods and principles in Ihe Charities SORP,. made judgements and estimales 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- and prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operalion. MARCH CIVIC TRUST ANNUAL REPORT OF THE TRUSTEES OF MARCH CIVIC TFIUST For Ihe ear ended 31 March 2025 CONTINUED The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any lime the financial position of the Chariiy and enable them lo ensure thal the Financial Slatements comply with the Charities Acl 2011. the applicable Charities (Accounts and Reports) Regulations and Trust Deed. They are also responsible lor safeguarding ihe assels ol the Charity and hence for taking reasonable steps lor the prevention and detection of fraud and other irregularities. The systems of internal control are designed to provide reasonable. but not absolute, assurance against material misstatement or loss. They include:_ formal Agendas for all Truslee meetings,. a strategic plan and an annual budget approved by the Trustees., regular consideration by the Trustees of financial results and variance from budgets. delegation of authority and segregalion of duties- and identification and managemenl of risks. The Trustees have, with advice from their Accounlanls, introduced a formal Risk Management process to assess business risks and implement Risk Management stralegies. This involved identifying the types of risks the Charity faces, prioritising them in terms of potential impact and likelihood ol occurrence, and identifying means of mitigating the risks. As part of this process. the Trustees have reviewecl the adequacy ol the Charity's current internal conlrols. The Truslees are pleased to report that the Charity's internal financial controls. in particular, conform wilh guidelines issued by the Charity Commission. The Trustees have considered the need for a specific internal audit function and have decided not to appoint an inlernal auditor. The Trustees normally meet four times in each calendar year. During the year ended 31 March 2025 they held four meetings to consider and control the progress of the Charity. Signed on behalf of the Trustees on .............--...... by".- Ms S Lemmon MARCH CIVIC TRUST INDEPENDENT EXAMINEFI'S REPORT TO THE TRUSTEES OF MARCH CIVIC TRUST I report on the Accounts ol the Charity for the year ended 31 March 2025, which are set out on pages 6 10 10. Res ec ive Res onsibili ies of Trustees nd Examiner The Charrty's Trustees are resFY)nsible for the preparation of the Accounts. The Charily's Trustees consider that an audil is not required lor this year under Seclion 144 of the Charilies Act 2011 Ilhe Charities Act) and that an independent examination is needed. It is my responsibility to:_ examine the accounts under Section 145 of the Charities Acl" lollow the procedures laid down in the general directions given by the Charity Commission under Section 145(5)(b) of the Charities Act,. and state whether particular matters have come to my attention. Basis of Inde endenl Examiner's Re ort My examination was carried out in accordan￿ WFth the general directions given by ihe Chanty Commission. An examination includes a review of the accounting records kepi by the Charity and a comparison of the Accounts presented with Ihose records. It also includes consideration of any unusual items or disclosures in the Accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the eviden￿ that would be required in an audit, and consequently no opinion is given as to whether the Accounts present a 'lrue and fair view" and the Report is limited to those matters set out in the Stalement below. Inde endenl Examinerfs Slatement In connection with my examination. no matter has come lo my attention:. which gives me reasonable cause to believe that, in any material respect, the requirements-_ to keep proper accounting records in accordance wrth Section 130 of the Charities Act" and to prepare accounts which accord with the accounting records and comply with Ihe accounting requirements of the Charities Act have not been met. or 2. to which, in my opinion, attention should be drawn in order to enable a proper underslanding of the accounts to be reached. Date.. ? f Ben Beech ACA Whitings LLP Chartered Accountants Fenland House 15B Hoslmoor Avenue March, Cambs PE150A MARCH CIVIC TRUST STATEMENT OF FINANCIAL ACTIVITIES For the ear ended 31 March 2025 Note 2025 Total 2024 Reslricted Unrestricted Funds Funds INCOMING RESOURCES Donations and legacies.. Donations Granls 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Charitable Activities-. Rents and Service Charges Received Inveslmenl Income: Bank Deposil Interest 0.00 40.334.65 40.334.65 33,889.21 0.00 211.31 211.31 199.58 Total incoming resources 0.00 40 545.96 40 545.96 34 088.79 RESOURCES EXPENDED Charitable Activities:_ Repairs to Building Rates Insurance Light and Heat and Water Charges Legal and Professional Fees Management of facililies Depreciation 11,701.63 11,701.63 5.505.20 3,863.76 3,863.76 2,812.42 4,677.74 4,677.74 5.209.28 11,460.08 11,460.08 14,402.68 3,613.00 3,613.00 2,359.00 4,740.90 4.740.90 1,621.23 12 573.00 12 573.00 12 573.00 Total resources expended 52,630.11 52,630.11 44.482.81 NET INCOMEI EXPENDITURE 0.00 (12,084.15) (12,084.15) (10,394.02) Transfers between funds Net movement in lunds 0.00 0.00 0.00 0.00 112,084.15) (12,084.15) {10,394.02) Reconciliation of funds: Total lunds brought forward al 1 April 2024 400.00 511941.17 512 341.17 22 735.19 Total funds carried forward at 31 March 2025 400.00 499,857.02 500.257.02 512.341.17 The notes on pages 8 to 10 form part of these Accounts MARCH CIVIC TRUST BALANCE SHEET 131 March 2025 Note 2025 2024 Fixed Assets:. Tangible assets Fixtures and fittings Freehold land and buildings 9,810.00 454 558.00 464,368.00 10,565.00 466 376.00 476.941.00 Currenl Assets:. Debtors Cash at Bank 3,438.90 41 149.89 44,588.77 2,156.97 43 452.72 45,609.69 Creditors: amounts falling due within one year 8 699.77 10 209.52 Net Current Assets: 35 889.02 35400.17 Total Assels less Current Liabilities: £500,257.02 £512,341.17 Total Net Assets: £500,257.02 £512,341.17 Funds of the Charily:" Restricted Funds Unreslricted General Fund Designated Funds 0.00 25,699.02 474 558.00 0.00 25,965.17 486 376.00 Total Funds: £500.257.02 £512,341.17 The Financial Statemenls on pages 6 to 10 were approved by the Truslees on . and signed on their behalf by'.- Ms S Lemmon e notes on pages 8 to form part of these Accounts MARCH CIVIC TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the ear ended 31 March 2025 Accounling Pollcies Basis of Pre aration The Financial Slatemenls have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in Ihe relevant notes to these accounts, in accordance with the Slatemenl of Recommended Practice." Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFFIS 1021 issued on 16 July 2014, and wilh the Financial Reporting Slandard applicable in the UK and Republic ol Ireland {FRS 102), and with the Charities Act 2011. The charity conslitutes a public benefit entity as defined by FRS102. Fund Accountin General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Gharity and which have not been designated for other purposes. Designaled funds are unrestricled funds earmarked by the Trustees for particular purposes. Restricted fLJnds are grants restricted by the donor. Incomin Flesources All incoming resources are included in the SOFA when the Charity is legally entrtled lo the income and the amount can be quantified wilh reasonable accuracy. Gifts in Kind donated for distribution are included at fair value and recognised as income when they are distribuled to the projects. Donated facilities are included al the value to the Charity where this can be quantified and a third party is bearing the cost. No amounts are included in the Financial Statements for services donate(Y by volunteers. Grants Grants received in respect of expenditure charged to the SOFA during the year have been included in SOFA. Resources Ex ended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the calegory. Where costs cannot be directly allribuled lo particular headings they have been allocated lo activities on a basis consistenl with use of the resources. Fund raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activilies. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements. Tan ible Fixed Assels and De reciation Tangible fixed assels are capitalised if they can be used for more than one year and cost more than £1,000. They are valued at cosl including any incidental expenses of acquisition. Depreciation is provided on all tangible lixed assets at rates calculated to wrile off the cost less the estimated residual value on a slraight line basis over their expected useful economic lives as follows:_ Freehold land Freehold buildings Fixtures and fittings over 50 years over 3 to 20 years 2. Management ol Facilitles Independent Examiner's fee Accountancy fees 285 660 270 630 MARCH CIVIC TRUST NOTES F RMIN PART OF THE FINANCIAL STATEMENTS For the ear ended 31 March 2025 CONTINUED 3. Tangible Fixed Assets Freehold land & buildings Fixtures & fittings Cost At 1 April 2024 Additions 31 March 2025 De 691.474 18,654 691474 reciation At 1 April 2024 Charge for period At 31 March 2025 225,098 8,089 755 236916 Net Book Value At 31 March 2024 At 31 March 2025 466 376 454 558 4. Debtors 2025 2024 Trade Debtors Prepayments VAT debtor 3.274 2,156 165 5. CredFtors". amounts falling due within one year Renl Received in aclvance Trade creditors VAT liability Accruals 5.160 889 5.160 2,463 328 6. Designated Funds Designated funds represent funds which are designated lor a specific wrpK)se. The Property Fund of £454,558 represents Ihe carrying value of the Town Hall designated for use in accordance with Ihe Charity's Objects. The Propety maintenan￿ Fund is for major expendilure to the fabric of the building. Balance At1424 466,376 Incoming Resources Expenditure and transfers 11.818 Balan a131325 454.558 Property Fund Property Maintenance Fund MARCH CIVIC TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS For Ihe ear ended 31 March 2025 CONTINUED 7. Analysis of Net Assets between Funds Restricted Funds Designated Funds General Funds Total Tangible Fixed Assets Current Assets Current Liabilities Total Net Assets 454,558 20,000 9.810 24,424 464.368 44,424 500 257 8. Transaclions with Twstees and Related Parties a) Trustee remuneration and benefits The Truslees neither re￿iVed nor waived any emoluments during the year. b) Truslees. expenses The Trustees received no expenses during the year. The Charity has paid a premium for Trustee indemnity insurance in the year. c) Transactions with related parties There have been no relaled paty transaclions in Ihe reporting period. 9. Capital Commilments There were no capital commitments in the year. io