Company registration number.. 03975065 CILqrity registration number.. 1086907 The Deepings Community T￿￿t 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 Pete￿orOUgh 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 Ballicy 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 fu￿￿la1 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 m￿Uled reliably. Donalions 4￿d 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 re￿rting 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 perf0rn￿lCe 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 a￿1 notification been received of the dividend due. Expendithre All expenditure is Tecognised onc¢ there is a legal or constructive obligation to t￿￿t 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 Co￿81St¢￿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 n￿de1 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$￿ts. Grants relating to revenue are recognised in income over t1￿ period in which the rclated costs arc r¢cognised. Grants relating to assets are recognised over the expected uscfui lif¢ of the asset. Wh¢r¢ part of a grant relating to an asset is deferred. it is reco￿lsed as def¢￿ed income. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets tk definition of a chariiabl¢ company for UK corporation t&x p￿ry￿seS. Accordingly, the charity is ￿tentIallY exempi from taxation in respwt of i￿)Me or capital gal￿$ 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 excl￿siVelY 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 T￿de 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 t￿re is an unconditional right to d¢f¢r settl¢meni for at least iwelve montlL8 after the Trporting date. they are presented as non