Company registration number.. 03975065 CILqrity registration number.. 1086907 The Deepings Community Tt Ltd kmwn as The Deepings Community Tmst Ltd (A company limited by guarani¢e) Amiual R¢port and Financial Statements for the Year Ended 31 July 2024 CTax Management Ltd 13 Locks Close Deeping Si James PeteorOUgh Lincolnshire PE6 8RA
The Deepings Comn]unity Trust Ltd Contents Reference and Administrative Delails Twstees, Re)rt 2to5 Independent Examincr's R¢tK)rt Statement of FinaLKial Activities Bal<mce Sheet Nolcs to th¢ Financial Statements 9lo 19
The Deepings Community Trust Ltd Reference and Administrative Details Chief Executive Officer Garth Perry Charity Registration Number 1086907 Company RegistratlOD Number 03975065 The clwity is incoryx)rdted in England. 2 Douglas Road Markel Deeping Petejbotough Lincolnshire PE6 8PA Registettd oifice Princip#l Olee 2 Douglas Road Market Deeping PeteO)ugh Lincolnshire PE6 8PA Independent Examiner CTax Management Ltd 13 Locks Close Deeping St James PeteOn)llgh Lincolnshire PE6 8RA Page I
The Deepings Community Trust Ltd Trustees, Report The trustees, who are directors for the pU)SeS of company law. present annual port together with tt flljancial statements of the charitable company for the year eIed .3 l July 2024. Objectives and activities Objeets aimg Thc principal object of the company is to promole th¢ benefit of the inhabitants of "Deepings" and the neigl]bourhood togettr d¢flld by the ¢lecloTal wards of ma¢t Decping. Deeping St Jam¢s. West Deeping, Frogll, Langtoft aNI Baslon (area of benefit) without the distinction of age. ability. sex, sexual orientatioLL race or of polilical, religious or other opinions by associating together a[ said inhabiLints and the local authorities, voluntary and other organisations in a common effort lo advance education, health and local heritage and to pmvide facilitics in t]K interest of social welfare for recreation and leisure time occupation with Ihe object of improving the conditions of life for the said inhabitants. Fundrdising d&sclosur Th¢ Tn¢s 2nd Volunteers are responsible for rnising all the funds to nintain and develop the building and the progrdmmes. The charity relies on the letting of rooms within the Centr¢ lo a wide spectrum of organisations, commercial and non-profii making. with a vi¢w to wver its costs and to allow the Centre lo be uscd to meets its objectives. Public benef The tntreS confrn thai th¢y have complied witr. the requirements of section 17 of the Cl)arities Act 201 I to have duc regard to the public benefit guidance published by the CIF2fAty Commission for Engld and Wales. Chair's Report for the 2024 accounts. The Comniunity Centre has had another busy year, continuing to provide facilities for a vaTiety of regular user groups, iIKluding wveral U3A groups, Sense, Diabetes groups, Deepings Camerd Club, and various COunlI1ng support groups. W¢ also continued to provide space for clubs, and a rdiige of privatcly dance and fLtness Iasscs, as well as special interest groups, including classcs for th¢ very young, the ¢ld¢rly, al various parent arKI baby groups. The Centre has been supportive to the Community Library, providing a venue for some of its outreach activilies. and has also been used by a number of organizations for charitable ¢v¢nis. In addition il has been a meeting venue for Local Couiicils arn1 other organizations. and Ikis b¢¢n used Ls a Polling Station for National a1 Local El¢ctions. Att¢ndan¢es and bookings bave continued to skadily increase over th¢ past year. The IMrtant services of our full-time Clinics continue, as do our efforts to pronK)te and eOTage small alth-re12ted businesses to take on part-tirnc, pern]ancni clinics at the Centre. Currently we have two praclitioners taking up and expanding their business use of this part time option. The Li0$ Chariiy group of volunteers continue to work on lI1r Sewry Garden ptoject, and add new feathres from time to time, and generally mainlaiii ivhole of garden. 'fhis booLqble facility l]as been used throughout the y&2r by se1, and otlier local organisations. for the benefit of those with Sensory Impairnieni. They have had tremendous support from vaTiOUS other local organisations, sucli as The Rotary ]d The Round Table, and we ar¢ very grateful to t1M all for their efforts and support. The comnllty Library, that forn part of the D¢epings Community TrusL continues to thrAve. The J.ibrdry has held a number of events this year to make people moff aware of the facilities and activities available, and this Iw resulted in a growing involvement of the community. It is recognized by the Councils as one of thc rnosl successful Community Libraries in the County. Implementation of the approved extension to the building is continuing. bul because of the Protected of the building. involvement of Councils. and the proccsses of obthining extenwl funding. this is taking time. Pag¢ 2
The Deepings Community Trust Ltd Trustees, Report The fillala1 position of the Deepings Community Trnst renInS strong and stable, despite the infiation in the costs of employmenL the cost of materials, and services. notsbly energy. Our Finance Director. keeps an ¢agl¢ eye on thc energy market, and has kept us on the best laTiffs thal she can find. This monitoring is v¢ry imponanL as we have to avoid runni at a loss, but we will try to keep our hire trs, as they are now, competitive with the other hirable spaces in the aa. Our energy rating has been improved by the recent inst2llation of a new boiler. The Board of Directors continue to ensure that th¢ faciliti¢s and building standards of the Community Centr¢ and the Library are maintained and improved. in conjunction wilh the Leascholders. Negotiation over the early renewal of the leas¢ on the Community Centre have been in prOg5S over th¢ past two-and-a-haif years. The draft of th¢ lease is now wilh our solicitors. The lease will N)t be signeAI until they are satisfied that it is in line with our negotiated P)sitiO and it is approved by the Board. Early renewal was sought in order to incorporate the former SKDC oifice area, and give confidence of continuity. ASsud security of tenure will give the Trust confidence to shoulder som¢ of the subsiantial and necessary capital eXndIture, and will lluke it more likely that we will be able to obtain ext¢llwl funding io assist in this. For this re&8on we need lo maintain and protect our existing reserves. The Deepings Community Trnst provides a variety of services and benefits to the Deepings Community. The Centre and Library are staffed almost ¢ntir¢ly by l]ardworking voluntee, without whotn the DCT would not surviv¢. We thank all our staff, volunteers. and helpers, for their seryice and support. The level of volunte¢ring at the Library is cUentlY satisfaciory, but the level at the Centre has been badly affected by ill-health. The sad death of one of our longest seIng volunteers in January was a big blow to us all at the Centre. and left a large hole in the bookings administration systenL We aTC very grateful to the team of Trmaining volunteers, WIM) have taken over the booking system Garth Peny Use of volunteers Overall management of the charlty is the responsibility of the trnstees who are elected and Co-opt urKkr the tern of the rnemorandum 2nd articles of association but day to day project activity is carried out by and SUpeIsed by voluntee. The Board of Diffctors Tecognises that the success of the Trust dendS entirely on the commitment of the volunteers who work in the centre and the library. The volunteers are supported by five staff members. The Board would like to express its continued gratithde to all, volunteers and the paid staff, whose ongoing contribution is also most appreciated. Page 3
The Deepings Community Trust Ltd Trustees, Report Trn$tees and officers The tSte¢S atKI officers scrying during the year and since the year end We as follows: TnL8tees'. Garth P¢ny Amy Rebecca Hunnings Jcremy DubbeT Susan Elizabeth Hartis Joan Marie McCornLick (Retired 24 November 2023) Elizabeth Margaret Noble David John Shelton Michael Jonathan Staincs Dr Pamela Pauline Byrd Helen Louise Major Fiona Catherine Srnith Chief Executive Officer.. Garth Pcny Structur& governance and management Financial instrnment$ Objectives andpolicies The charity's activities cxpose it to a number of financial risks including credit risk. cash floiv risk and liquidity risk. The use of fmancial derivatil'es is governed by the cljarity's policies approved by the board of iNstees. which provide written principles on lh¢ use of financial derivatives to manage these risks. Thc charity does not use derivative fmanciai irLsiNments for speculative pury)ses. C4yhJ7ow risk Interest bearing assets and liabilities where ld are at fixed rate to ¢nsur¢ certainty of cash flows. Credit risk The cEwity'S principal fjnancial assets are bank balances and casty trade and other ffceivables, and investments. Th¢ C1]ty'S credit risk is primarily attributable lo its trade e11'ables. The arnolts presented in the balance sheet rrt of allowances for doubtful receivables. An allowance for impainnent is n]ad¢ wher¢ there is an ideiitified loss event whiclL based on previous Cxperie¢, is evidee of a reduction in the recov¢rability of the cash flows. The credit risk on liquid funds and derivative fuwicial ilLStruments is limlfrd becaus¢ the Counterparties are banks with high ¢redit-fdtings assigned by international ¢r¢dAt-rating agcncies. The cE4rity has no significant concentration of credit risk, with exposure spread over a large number of ount¢rparties and customers. Page 4
The Deepings Community Trust Ltd Trustees, Report Liquidtiy rk In order to maintain liquidity to ensure that sufficient fimds are available for ongoing operations and future developments, the charity uses a mixture of long-tenn and Srt-tern1 debt fll]2nce. Further details regarding liquidity risk can be found in the S12temenl of accounting polici¢s in the fiin¢la1 statements. Statement of trnstees, responsibilities Th¢ Imstecs (who are also thc dircctors of Th¢ Deepings Community Tnjst Ltd for the purposes of company law) are sEx)nSible for preparing the tNstees' report and the financial stat¢ments in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepied Accounting Practice), including FRS 102 "The FitwKial Reporting Slandard applicable in the UK and Republic of Ireland" The report and accounts been PJEpaTed in accordance with the provisions in the Companies Act 2006 relating to small companies. Company law requires the trustees to prepare finala1 statements for each financial year. Under company law the trnstees must not approve the finar¢ial slatements unless they are satisfied that thcy give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including its incom¢ and eXndliure, of the cljaritable company for that Iriod. In preparing these fir1ala1 statements, the truste¢s are required to: select suithble accounting policies and apply them consistenlly. obse¢ the methods and principles in the Charities SORP" makc judgements and estimates that are reasonable and pnKlent; state wh¢th¢r applicable accounting stsndards, cornprising FRS 102 have been followed, subject to any material d¢partur¢s disclosed and explained in the fllwKial sthiements. and PT¢pare the finawial stalemenls on the going concern basis unless it is irjappropriafr to presume that the charitable company will continue in business. The trnstees are resp)nsible for k¢¢ping prOT accounting records that can disclose with reasonable accuracy at any time the financiaI posilion of the cl)ari12ble company and enable them to ensure that the ruWla1 stalenntS comply with the Companies Act 2006. They aff also responsibl¢ for safeguarding the assets of the cl]aritsble company and hence for taking reasonabl¢ stcps for the prevention and detection of fraud and other Irregul1ties. Th¢ twslees arc reswnsible for the MaInternCe and integrity of the COOrate and financial infornlation included on th¢ ¢R]arilabl¢ cotnpany's websit¢. Legislaiion governing the preparation and disseminalion of finataL statements may differ from l¢gislation in other jurisdictions. Small companies provision statement This report has been ppad in accordance with the small companies regime under the Companies Act 2006. The annu21 report was approved by the imstexs of the charity on 14 November 2024 and signed on its bel)21f by.. Garth Perry Chief Ex¢rutiv¢ r and Trnstee Pagc 5
The Deepings Community Trust Ltd Independent Examiner's Report to the trustees of The Deepings Community Trust Ltd ('the Company,) I report to the charity trustees on my examition of tk accounts of th¢ Company for year ended 31 July 2024. Responsibilities and basis of report As cl]arity'S lrnste¢s of the Cornpany (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 t Companies Act 2006 ('the 2006 Act.). Having satisfied myself tlkqt the accounts of the Company ar¢ not requir¢d to be audited under Part 16 of t 2006 Act and are eligible for independent examinatioo I report in r¢sp¢¢t of my exa[nItiOn of your Charity S accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In canying out my examination I have followed the Directions given by the Charity Commission under section 145{5)0)) of t 2011 Act. Indepenqlent exanjiner's statement I have completed my examination. I confinn that no matters have come to my attention in connection with the examination givAng me cause to believe." l. accounting records were not kept in spect of The Deepings Community Trnst Ltd as required by section 386 of the 2006 Act: or 2. the accounts do not accord with those records. or 3. the accounts do not ¢omply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is t a 11¢[ considered as part of an independent exanunation; or 4. the accounts have not been prepared in accordance with tk methods and principles of the Statement of Recommended Practice for accounting aNI reporting by charities lapplicable to clwities preparing their accounts in accordance with the Financial Reponing Standard applicabl¢ in the UK and Republic of Iland (FRS 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 cDable a proper undersL1nding of the accounts lo be reached. CTax Management 13 tL)cks Clos¢ Dcq)ing Sl James PeteorollEh Linco11h1rC PE6 8RA 13 November 2024 Page 6
The Deepings Community Trust Ltd Statement of Financial Activities for the Year Ended 31 July 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Note Income and Endowments from: Donations and legacies Investment income her income 21,448 7.394 115,755 21.448 7,394 115.755 Total incom¢ 144.597 144,597 Expenditure on: Other expendith (121,275) (121,275) Total expcnditute Net income (121,275) (121,275) 23,322 23.322 Net movement in funds 23.322 23,322 Reconciliation of funds Total funds brought forward 300,823 1,821 302,644 Toial funds carried fonvard 15 324.145 UnstriCted funds 1.821 Restricted fullds 325,966 Tolal 2023 Note Income and Endowments from: Dorotions and legacies Investsnent income Other income 25.007 221 118,123 13,196 38,203 221 118,123 Total income 143,351 13.196 156,547 Expenditure on: Other expenditur¢ (106,977) (11,375) (118,352) Total expenditure Net income (106,977) (11,375) (118,352) 36,374 1,821 38,195 Nct movement in funds 36,374 1.821 38,195 Reconciliation of funds Toi21 funds brought forward 264,449 264,449 Total funds carried foThvard 15 300.823 1,821 302,644 All of th¢ clwity's aclivitics derive fmrn continuing operations during the abov¢ two periods. The ndS breakdown for 2023 is slK)wn in note 15. The notes on pagcs 9 to 19 form an Integr part of these fmancial statem¢nts. Page 7
The Deepings Community Trust Ltd (Registration number: 03975065) Balance Sheet as at 31 July 2024 2024 2023 Nole Fixed assets Tangible assets 8.591 5,715 Current assets Debiors Cash atbank and in l]and 12 13 6.628 316.487 6.887 294.391 323,115 101,278 Creditors: Anwunts falling due within one year 14 (5,740) (4,349) Net current assets 317,375 296,929 Net assets 325,966 302.644 Funds of the charity: Restricted income funds Rcstricted funds 1.821 1,821 Unrestricted income thnds unstrICted fimlts 324.145 300,823 Total ndS 15 325,966 102,644 For the financial year ejing 31 July 2024 the chatity was entitled to exemption from audit under s¢ction 477 of the Companies Act 2006 lating to srnall companies. Directors, reS)nsIbIlitieS. The members luve not required the charity to obtsin an audit of its accounts for the year in questÉon in accordance with section 476. and The directors acknowledge tlrir respon8ibilities for complying with tk requirements of the Act with r¢spccl to accounting r¢cords and the preparation of accounts. These financial slatements have b¢¢n prepared in accordance with the special provisions relating io companies subject to the small companies regime within Part 15 of the Companies Act 2006. The fllLqncial stakments on pages 7 to 19 were approved by tk trustees. and authorised for issue on 14 November 2024 and signed on ttrir belulf by: Garth P¢ Chief Exccutive Offi er and Trnstee The notes on pages 9 to 19 forni an integral part of these financial slatements. Page 8
The Deepings Community Trust Ltd Notes to the Financial Statements for the Year Ended 31 July 2024 I Charity status Th¢ cEwity is limited by guarantee, incorpordtcd in England, and consequently does not l]ave share capital. Each of the tmste¢s is liabl¢ to Contribute an amount not exc¢Ing £1 towards the assets of the charity in the event of liquidation. The address of its registered offic¢ is: 2 Douglas Road Market Deeping Petedjorough Lincolnshire PE6 8PA The PTincipaJ place of business is.. 2 Douglas Road Market Deeping PeteoroUgh Lin¢olnshir¢ PE6 8PA Th¢se financial slatements were authorised for issue by the trustees on 14 Nov¢mber 2024. 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting ]x)lici¢s applied in the preparation of these fllMn¢ial statements aff set out low. These rK)lici¢s have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The finala1 statements have been prepared in accordance with Accounting and Reporting by Chatiti¢s'. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with th¢ Financial R¢F¥)rting StsndaTd applicable in the UK and Republic of Iieland (FRS 102)) (issued In October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard appli¢2ble in th¢ UK and Rq)ublic of Ireland (FRS 102) and th¢ Companies Aci 2006. Basis of preparation The Deepings Community Trust Ltd rnects the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cosl or transaction value unless otherwise stated in the levant accounting EK>licy not¢s. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continu¢ as a going concern nor any significant areas of uncertainty that affect the carrying value of &8sets kld by the charity. Exemption from preparing a cash flow statement The charily opted to early adopt Bulletin I published on 2 Fcbruary 2016 and have therefore not included a cash flow ststement in these fula1 slatements. Page 9
The Deepings Community Trust Ltd Notes to the Financial Statements for the Year Ended 31 July 2024 Income endowments All income is recognised once the charity has entitlernent to the income, it is probable that tk income will be ceived and amount of incomc receivable &gn bc mUled reliably. Donalions 4d legacies Donations are recognised when ik charity has been notified in witing of both the amount and s¢ttl¢m¢nt date. In the ¢v¢ni Ilut a donation is subject to conditions that require a l¢vel of performance by the charity before th¢ kwity is entiiled to Ik funds, th¢ incomc is deferred and nol recognis¢d umil either those conditions are fully met, OT ihe fuifilmenl of those conditions is wlK)lly within the control of the charity and it is probable that these conditions will be fuifllied in the rerting period. Grants receivable Grants arc recognised when tk cl]arity has an entitl¢m¢nt to the funts and any conditio$ linked to the grants have b¢¢n m¢t. Where perf0rnlCe conditions are attached to the grant and are yet to be rnet, tk income is recogniscd as a liability and included on the balance S¢t as d¢f¢rr¢d inwme lo b¢ leased. Inveslment incon Dividends aff recognised once the divid¢nd Iws been declanl a1 notification been received of the dividend due. Expendithre All expenditure is Tecognised onc¢ there is a legal or constructive obligation to tt expendithre, it is probable settlement is required and the amount can be measured reliably. Ail costs arc allocaled io applicable expendilure heading that aggregafr similar costs to that Catrgory. Where Costs cannot be directly attributed to particular headings tIKy have bcen allocated on a basis Co81St¢t with th¢ use of resources, with central staff costs allocated on basis of timc spcnL and depreciation charges allocated on tk portion of the asset's use. Other supp)rt costs are allocated based on the spread of staff costs. Government grants Governmern grants ar¢ recognised based on t accrual nde1 and are measured at thc fair value of the ass¢1 r¢ceived or receivable. Grants are classified as relating either to revenuc or to a$ts. Grants relating to revenue are recognised in income over t1 period in which the rclated costs arc r¢cognised. Grants relating to assets are recognised over the expected uscfui lif¢ of the asset. Wh¢r¢ part of a grant relating to an asset is deferred. it is recolsed as def¢ed income. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets tk definition of a chariiabl¢ company for UK corporation t&x pryseS. Accordingly, the charity is tentIallY exempi from taxation in respwt of i)Me or capital gal$ received within catcgori¢s covered by Chapfrr 3 Part I l of the Corporation Tax Act 2010 or Section 256 of Taxation of Ch2rge2ble Gains Act 1992. lo extent that such income or gains are applied exclsiVelY to ¢haTitsble punxises. Tangible fixed assets Individual fix¢d assets costing £0.00 or rnore are initially recorded at COSL less any subsequent accumulated depreciation and subsequent accumulated impainncnt losses. Page 10
The Deepings Community Trust Ltd Notes to the Financial Statements for the Year Ended 31 July 2024 Depreciation and amortisation Depreciation is provided on Lwgible fixtd assets so as to write off the cost or Valuatio less any estimated residual val, over their expected us¢ful economic life as follows: gset class Plant and n]achinery Depreciation method and rate Straight line basis over 2 to 5 years Trade debtors Trade debtors are amounts due frorn customers for merchandise sold or services perfomied in the ordinary course of business. Trade debtors ar¢ Trcognised initially at the transaction price. They are subsequcntly measured at amortised cost using the effective interest melhod, less Provision for impairnient. A provision for the impaimient of trade debtors is established wkn there is objective evidence that the charity will not be able to collect all amounts due according to the original tern of the rec¢ivabl¢s. Cash and cash equivalents Cash and cash equivalents compris¢ cash on hand and call deposits, and other short-tenn higmy liquid itwestments that are readily convertible to a kmwn amount of cash and are subject to an insiwficant risk of change in value. Trade creditord Tde creditors are obligations to pay for goods or scrviccs that Iwle been acquired in the ordinary cours¢ of business from supplie. Accounts payable are cl&gsified cutrent liabilities if th¢ clwity does not have an unconditional righl at the end of the r¢porting period, lo d¢fer seltlement of the creditor for at least twelv¢ nKtrnths after the pOrting date. If tre is an unconditional right to d¢f¢r settl¢meni for at least iwelve montlL8 after the Trporting date. they are presented as non<urr¢nt liabilities. Trade cRditors are recognised initialty at the trai]saction price and subs¢qucntty measured al amortised cost using the effective InteSt metlKTrd. Borrowings Inlerest-bearing borrowings are initially recorded at fair value, net of trasaCtIon costs. Interest-beaTing borrowings are subsequently carried at amortised cost, with the drffer¢nc¢ between the proceeds, net of transaction Costs, and the amounl due on redemption being recognised as a clwge to the Statemcnl of Financial Activities over the pcriod of the relevant borrowing. Interest ex$¢ is r¢cognised on the basis of the effective interest method and is included in interest payable and similar Charges. Borrowings are classified as Current liabilities unless the Chlty has an unconditional right to defer s¢tllement of the liability for at least twelve nx)nths after th¢ reporting date. Fund strncture Unreslricled income funds are general funds that are available for use at the tNstees discretion in fithrance of the objectives of the clwity. Restricted iome funds are those donated for usc in a particular atea or for speciflc pu4)oses. the e of wl)ich is reslricted to that ar¢a or puryx)se. Page 11
The Deepings Community Trust Ltd Notes to the Financial Statements for the Year Ended 31 July 2024 Financial instrnments C&usificalion Financial &sscts atKI financial liabilities are recognised when charity becomes a paty to the COntctU provisions of the instrument. Finarcial liabilities a1 cquity instnunents are classified according to th¢ substance of the contractU21 aangementS entered into. An equity igInnent is any contract that evidences a residual interest in the assets of tk charity after deducting all of its liabilities. Recognition and measurement All fmancial assets liabilities are initially measured at Iransaclion price (including transaction costs), except for those financial assets classified Ls at fair value through profit or loss. which are initially rneasur¢d at fair value (which is nortnally the transaction price excluding transaction costs), unless the arrangement constitUS a financing transaction. If an arrangement Co$t1(UleS a financing transactioo financial asset or fllwicial liability is measured at the present value of thc futtw¢ payTrnts discounl¢d at a market rats of interest for a similar debt instnunent. Financial assets and liabilities ar¢ only offs¢t in tk stat¢m¢nt of financial position whefy and only when there exists a legally enforccablc right to set off tk recognised amounts and Ihe charity intends either to settle on a net basis. or to realise the asset and settle tk liability simultaneously. Finarrial assets are derecognised when and only wn a) tk contrdctual rights to th¢ cash flows frotn th¢ fllLqncial &8set expire or are settled, b) the charity transfers to another paty subs12ntially all of the risks and rewards of ownership of the fllLqncial asseL or c) charity, despite Iiaving rdained soll. but not all. sI1f1cant risks and rewards of ownership, has transferred control of asset to another paty. Finala1 liabilities are derecognised only when obligation specified in contract is discharged, carttlled or expiffs. Page 12
The Deepings Community Trust Ltd Notes to the FinAnci&l Statements for the Year Ended 31 July 2024 Debt instrunnts Debl instnllnents which meet the following conditions are subsequently nusuffd at amortised cost wing the effective Inte$1 method: (a) The contractual return to the holder is (i) a fLKed amount; {ii) a wsitive fixed te or a positive variable rnte; or (iu) a combination of a positive or a negative red rate and a sItiVe variable te. (b) Th¢ conlraci may provide for raYMents of the principal or the return to the IK)Id¢r (but not both) to be linked to a single relevant observable index of general pric¢ infiation of the currency in which the debt I$t[m¢nI is detMinated. provided such links ar¢ not Ieraged. (¢) The contract may provid¢ for a d¢t¢rniinabl¢ variation of the retum to the holder duTing the lifc of thc ]trument, Provided that (i) th¢ new rate satisfies rondition (a) and th¢ variation is nol wniing¢nt on future ¢v¢nts olh¢r than (l) a change of a contractual variable rat¢; (2) to protect th¢ holder agaitLSt Credit deterioration of the issuer. (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law. or (li) the new rate is a market fdte of interest and satisfies condition (a). (d) Thcr¢ is coniractual provision thai could, by its t¢rnRS, ffsull in the holder losing the principal amount or any interest attributabl¢ to th¢ GUent period or prior riodS. (e) Contractual provisions that perniit the issuer to prepay a debt instrument or perniit the holder lo pul li back to the issuer bcfore malurity are not contingent on futurc events, other than to protect the holder agairst the credit deterioration of the issuer or a change in control of the issuer, or to protect the Ilder or issuer agaIl changes in levies applied by a central bank or arising from changes in relevant taxation or law. (D Contractual provisions llLqy pemiit the extension of the terni of the debt instrumenL provided thai the return to the holder and any other contrnctual provision8 applicable during the extended terni satisfy the conditions of paragraphs (a) to (c). Debt inslrnments that aT¢ classified as payable or CeiVable within one year on initial CognItion and which meet the above conditions are measured at the undiscountrd amount of the cash or other consideration expected to be paid or received. of impairnient. With the exception of some hedging instsilln¢nts, other debt instrnments rn)t meeting these conditions are measured at fair valu¢ through profil or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impa1rnnt. Investments Investmenis in noertib1e preference shares and n-puttable ordinary or preferenc¢ shaS (Whe shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value canTrJt be measured reliably. inVestnntS are n]¢2slld at cost less impairnnL tnv¢stm¢nts in subsidiaries and associates are measured at cost less impainnent. For investments in subsidiaries acquired for consideration Including the issue of shares quaIifying for merger Telief, cosl is measured by XEference to the nominal value of the shares issued plus fair value of other consideration. Aty pr¢miurn is Igred. Page 13
The Deepings Community Trust Ltd Notes to the Financial Statements for the Year Ended 31 July 2024 Derivalivefanelal inslruments The charity uses derivative financial instnjrnents to rll¢¢ exposure lo foreign exchange risk and InteSt rnte movements. Th¢ charity docs noi Ix)Id or issue derivative fmancial iA8truments for speculative purwses. Derivatives are initially recognis¢d at fair value at date a derivative contract is entered into and are subsequently rcmeasured to their fair value at each rewrting date. The resulting gain or loss is recognised in statement of financial activities immediately unless th¢ d¢rivative is designated and effective as a hedging instrnmenL in which event the timing of the recognition in statement of financial activities depends on I ture of the hedge relat10hlp. Fair v(thie measurement The best cvidence of fair value is 2 quoted price for an identical asset An an active market. When quoted prices are unavailable. price of a recent transaction for an identical asset provides idence of fair value as long &$ ther¢ bas not been a significant change in econornic circumstances or a SAlfIcant lapse of time since the transaction look place. If the mthet is not activ¢ and recent transactio$ of an identical asset on their own are not a good estimate of fair value, tIK fair value is estimated by using a valuation techniqu¢. 3 Income from donations and legacies Unrestricted funds General Restricted funds Total funds Donations and legacies: Donations fron] community groups Grants. including capitsl grants: Governmenl grants 1,282 1.282 20.166 20,166 Total for 2024 21,448 21.448 Total for 2023 25.007 38.203 4 Investment income Unrestricted funds General Total funds Interest receivable aNI similar income: Interest receivabl¢ on bank d¢tK)Sits 7,394 7,394 Total for 2024 7,394 Tolal for 2023 221 221 Page 14
The Deepings Community Trust Ltd Notes to the Financial Statements for the YeAr nded 31 July 2024 S Other income Unrestricted funds General Total funds Fees and supplies Rentsl income 20.112 95.643 20.112 95,643 Total for 2024 115,755 115.755 Total for 2023 118.123 118,123 6 Other expenditure unstricted funds General Restricted funds Total funds Note Siaff costs Wages and salaries Legal and professional fees Marketing and publicity Depreciatio amortisation and other similar co$ Other OUrceS ¢xpended 53,462 7,997 1,302 53,462 7,997 1.302 2,787 55,727 2,787 55,727 Total for 2024 121.275 121,275 TotAI for 2023 106.977 11.375 118,352 7 Net incominOtg0lng resources Net incoming resources for the year IlUde.. 2024 2023 Depreciation of f¢ assets 2,787 2,544 8 Trustees remuneration and expenses No tiustees, Th)r any [sO$ connected with the have received any Rmunerdtion from the charlty during the year. No trnstees l]ave received any rinthursed expenses or any other bencfits from thc chlty duTing thc year. 9 Staff costs The aegate payroll costs We &$ follows: Page 15
The Deepings Community Trust Ltd Notes to the Financial Statements for the Year Ended 31 July 2024 2024 2023 Staff costs during the year Ivere: Wages and salwies 53.462 52,596 The monthly average number of persons (including senior management I leadeTship team) employed by t cl]arity during the year expressed &$ full tin* equivalents w&$ &$ follows.. 2024 2023 Comllllty Centre Library 4 (202.1- 4) of the above employees participated in t Deflld Contribution Pension Schemes. Contiibutions to the employee pension schem¢s for the y¢ar tolalled £1.391 (2023 - £1.357). No employee received emoluments of llK)re than £60,0(M) during the year. Pag¢ 16
The Deepings Community Trust Ltd Notes to the Financial Statements for the Year Ended 31 July 2024 10 Taxation The cknity is a registered cl)arity and is therefore exempt from taxation. 11 Tangible fixed ¢t$ Furniture and equipment Total Cost At l August 2023 Additions 118.436 5.663 118,436 5.663 At 31 July 2024 124.099 124.099 Depretiation Ai l Aug1 2023 Charg¢ for th¢ year 112,721 2,787 112,721 2,787 At 31 July 2024 115,508 115,508 Net book value At 31 July 2024 8,591 8.591 At 31 July 2023 5,715 5,715 12 Debtors 2024 2023 Trade debtors Prepayments 5.962 666 6,443 444 6,628 6,887 13 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 120 294,271 316,487 316,487 294.391 Page 17
The Deepings Community Trust Ltd Notes to the Financial Statsments for the Year Ended 31 July 2024 14 Creditors: amounts falling due within one year 2024 2023 Trdde creditors Accruals 1.449 4,291 1,852 2,497 5.740 4,349 IS Funds Balance at I August 2023 Incoming resourccs Resouttes expended Balance at 31 July 2024 Unrestricted General 300,823 144,596 (121,274) 324,145 Restrictcd 1,821 1.821 Total funds 302,644 144.596 (121,274) 125,966 Balance at I August 2022 Incoming resources Resources expended Balance at 31 July 2023 Unrestricted General 264,449 143,350 (106.976) 300,823 Restricted 13.196 (11,375) 1,821 Total funds 264,449 156.546 {118.351) 302,644 16 Analysis of net assets between funds Unrestricted funds General Total funds at 31 July 2024 Tangible fixed assets Cuent assets Currcni liabilities 8,591 323,115 (5,740) 8.591 323,115 (5.740) Totsl ttt assets 325,966 325.966 Page 18
The Deepings Community Trust Ltd Notes to the Financial Statements for the Year Ended 31 July 2024 Unrestricted funds General Total funds at 31 July 2023 Tangible fixed assets Current assets Current liabilitAes 5,715 301,278 (4.349) 5,715 301,278 (4,349) 302,644 Total net assets 302,644 17 Related party transactions Page 19
The Deepings Community Trust Ltd Detailed Statement of Financial Activities for the Year Ended 31 July 2024 Total 2024 Total 2023 Income and Endowments from: Donations and legacies (analysed below) Investment income (analysed below) Other incom¢ (analys¢d b¢low) 21,448 7.394 115,755 38,20.3 221 118,123 Total inconle 144,597 156,547 Expendilure on: Other expenditure (analysed below) (121,275) (118,152) Total expenditure (121.275) (118,352) Net incon 38,195 Net nVernent in funds 38,195 Reconciliation of funds Total fund8 brought fonvard 302,644 264,449 Total funds carried forward 325,966 302,644 This page do¢s not form part of th¢ statutory fllwicial statements. Page 20