2024-03-31-accounts

Charity registration number 1087068

SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mr C McKenna
	Mr J Parnell
	Mr D P Jackson
	Mr M J Cole
	Mr T J Bradshaw
Charity number	1087068
Principal address	38 Cross Street
	Spalding
	Lincolnshire
	PE11 2YG
Independent examiner	TC Group
	33 Boston Road
	Holbeach
	Spalding
	Lincolnshire
	PE12 7LR

SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

CONTENTS

	Page
Trustees report	1 - 2
Statement of trustees responsibilities	3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 14

SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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 102)" (effective 1 January 2019).

Objectives and activities

Public benefit

The charity exists to raise funds for distribution to organisations and individuals in the local community of Spalding and district where a genuine need for financial assistance exists.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Grant making policy

All donations and payments are made only as directed by the members of Spalding and District Round Table Club in accordance with the club's own constitution.

Financial review

Policy on reserves

All of the charity's funds are restricted and designated to separate funds for the charity's specific purposes.

Structure, governance and management

Nature of governing document

The charity was created by a declaration of trust made on 26 February 2001 by the representatives of Spalding and District Round Table Club.

Recruitment and appointment of trustees

The charity is administrated by a management committee consisting of trustees. The trustees are appointed by members of Spalding and District Round Table Club in accordance with the governing document.

Financial instruments

Objectives and policies

The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Cash flow risk

The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.

The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the statement of accounting policies in the financial statements.

The trustees report was approved by the Board of Trustees.

Mr C McKenna

Trustee

Dated: 29 January 2025

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

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 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; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

I report to the trustees on my examination of the financial statements of Spalding and District Round Table Charitable Trust Fund (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

• 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Josh Rowbottom

TC Group 33 Boston Road Holbeach Spalding Lincolnshire PE12 7LR

Dated: 29 January 2025

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

		Unrestricted	Unrestricted
		funds	funds
		2024	2023
	Notes	£	£
Income from:
Charitable activities	3	107,575	9,720
Investments	4	-	11
Total income		107,575	9,731
Expenditure on:
Charitable activities	5	88,002	10,022
Total expenditure		88,002	10,022
Net income/(expenditure) and movement in funds		19,573	(291)
Reconciliation of funds:
Fund balances at 1 April 2023		59,526	59,817
Fund balances at 31 March 2024		79,099	59,526

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

BALANCE SHEET

AS AT 31 MARCH 2024

Notes Current assets Stocks 11 Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets The funds of the charity Unrestricted funds	2024 £ 379 8,903 77,817 87,099 (8,000)	2023 £ £ - 17,793 64,403 82,196 (22,670) 79,099 79,099 79,099	£ 59,526
			59,526
			59,526

The financial statements were approved by the trustees on 29 January 2025

Mr C McKenna

Trustee

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Spalding and District Round Table Charitable Trust Fund is a INSERT CONSTITUTIONAL DETAIL.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charge allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

1.6 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Charitable activities

	Charitable	Charitable
	Income	Income
	2024	2023
	£	£
90's Night	-	9,720
Beer Festival	107,575	-
	107,575	9,720

4 Income from investments

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Interest receivable	-	11

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

5 Expenditure on charitable activities

		Charitable		Charitable
		Expenditure		Expenditure
		2024		2023
		£		£
	Direct costs
	90's Night	-		7,247
	Beer Festival	72,613		-
	Bank charges	553		114
	Sundry expenses	96		(106)
	Advertising & promotion	2,842		-
		76,104		7,255
	Grant funding of activities (see note 6)	11,898		2,767
		88,002		10,022
	Analysis by fund
	Unrestricted funds	88,002		10,022
6	Grants payable
		Charitable		Charitable
		Expenditure		Expenditure
		2024		2023
			£	£
	Grants paid	11,898		2,767
		11,898		2,767
7	Net movement in funds	2024		2023
		£		£
	The net movement in funds is stated after charging/(crediting):

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

9 Employees

The average monthly number of employees during the year was:
	2024	2023
	Number	Number
Total	-	-
There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11 Stocks Raw materials and consumables 12 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 13 Creditors: amounts falling due within one year Deferred income Trade creditors	2024 £ 379 2024 £ 8,300 603 8,903 2024 £ 8,000 - 8,000	2023 £ -
		2023 £ 16,588 1,205
		17,793
		2023 £ 22,570 100
		22,670

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14 Designated funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Balance at 1 April 2022 £ Community Services Account Fund 83 Fundraising Account Fund 44,989 Fundraising Reserves Fund 14,745 General - 59,817	Movement in funds Incoming resources Resources expended £ £ - (108) 9,720 (9,914) 11 - - - 9,731 (10,022)	Transfers Balance at 1 April 2023 £ £ 60 35 14,690 59,485 (14,750) 6 - - - 59,526	Movement in funds Incoming resources Resources expended £ £ - (35) 107,575 (87,967) - - - - 107,575 (88,002)	Transfers Balance at 31 March 2024 £ £ - - (1,282) 77,811 - 6 1,282 1,282 - 79,099	Transfers Balance at 31 March 2024 £ £ - - (1,282) 77,811 - 6 1,282 1,282 - 79,099
					79,099

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SPALDING AND DISTRICT ROUND TABLE CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

15	Analysis of net assets between funds
		Unrestricted
		funds
		2024
		£
	At 31 March 2024:
	Current assets/(liabilities)	79,099
		79,099
		Unrestricted
		funds
		2023
		£
	At 31 March 2023:
	Current assets/(liabilities)	59,526
		59,526

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