KEYSTONE DEVELOPMENT TRUS'r FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2025 CONTENTS AND CHARITY INFORMATION CONTENTS PAGE Trustses Report Independent Exaujiners Report Statement of Financial Activities Balance Sheet Statement of Cash Flow Notes to the Financial Statements 9-19 TRUSTEES Jeremy Stone (Chair) Brenda Canham Charles Watt (resigned J8lluary 2025) Ryan Windsor Clive Wadham-smith Rob Pugh (T¢signed January 2025) Fiona Walker Martyn BTomley Jennifer Hollis REGISTERED OFFICE Abbey Neighbourhood Centre Exeter Way Therford Norfolk IP24 IEB CHARITY REGISTRATION NUMBER 1093162 COMPANY REGISTERBD NUMBER 04346470 INDEPENDENT EXAMtNERS lan Shipley FCCA For and on behalf of,, Prentis & Co LLP Chartered Accountauts 115¢ Milton Road CambTidge CB4 IXE BANKERS HSBC Bank PIC 18 London Sireet Norwich NR2 ILG
KEYSTONE DEVELOPMEFrr TRUST PAGE I FANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 TRUSTEES REPORT The Board of Tru8tees, who are also the directOTS for the purposes of Company lawj PTesent thetr report and the fjllancial statements of the charity forthe year ended 31 March 2025, The fmaacial statements have beenprepared in accordance with the aGcounting policies set out in notes to the accounts alld comply with the charity's governing documenL the Charities Art 2011 and Companies AGÉ 2006 and Accounting and Reporting by Charities: Statement of Recommended PTa¢tice applicable to Gharitles preparing their &ccount8 in aLcordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019 (effective l Jalluary 2019). Since the Charity quallfies as srnall under section 383, the ¥trategiG T¢POrtrequired of medium and large corttpanies under The Compauies Act 2006 (Strategic Report alld Director's Report) Regulations 2013 is not required. Obj¢ctiv¢s, Strategles, Aims and Activities Keystone DeveloprnentTrnst is a Community Resouree and Support Organisation committed to improving the quality of life andopportllniti for people who live, study and work in the Thetfordand SuOundIng eas, through SLL4tainable, conimunity led regeneTation. As a Development TrusL Keystone aims to build con]muDity Gapital in its area: empowering individuals, groups and communities to tackle need5 and issues by creating their own solutions, services, organisatiolls or entsrprises. In order to achieve this, the TTU5t seeks to identify n¢eds through research, muRtation and discussion withpth]er.g, other organisations and Rocal residents. Keystone provides building space, professional expertise and acts as all mbrella or resource body to enable the individuals and groups to deliver activities and services needed. Delivery of ObjeGtive5, StrategiL Aims and Activities is roviewed by the Board of Truste¢s and Senior Management &8 part of our standing agenda at each full board meeting throughout the year, and undein5 all activities considered and ulldertakenby tBa members of Keystone Oll a dailybasis. Th¢ OrganisatAon's dirertion, what it stands for and its evolving journey ts) deliver this strategy is so strong and focusedthatits nnpact on enabling significont comn]Ullity initiative5 has begn felt embraced greatly since the elld of 2019 when our Strategic Direction was communicated much widgr. These aims. and the work underpinning tbem, demollstrnte the Public Benefit as T¢quir¢d bythe Charities Art 2006. The Trnstees confjrni that they have had due regard to Charity Conllnission guidance on public benefiL During 2024n5 Keystone's operation5 fell Into two broad categories: l. Themanagement of its owned propertkes to produce income forthe provision of social eDterprise activities. 2. The provision of belp 8nd support to our local community across a brovld range of activitie5 and proj¢cts, Keystone Properties These are split into two categories. Those we own amd those we lease. Exc¢pt from the residential properties, we provide services assistaDce to a broad rdnge of organisations &ud individuals. Freehold The Enterprise Factory St John's Community Centre Mildenhall Abbey Neighbourbood Celltre York Way Shop unit 3 residential dwellings Leasehold RiveTsdale Mangged by: ke Brandon Centr
KEYSTONE DEVEI,OPMENT TRUST PAGE 2 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2025 TRUSTEES REPORT The future Followingthe sale of tbe IDnovation Centre in 2023, an additionalresidentialpTopety was purchased to support the sustainability of the charity's objectives. Keystone Development Trust wilE look to purc1Se an additional resid¢ntial propety within the next f]nancial year. £350,000 has been invested in various short aud longer-tenn fixed rate bigh interest accounts. Fundralslng Keystone may seek funds from local or government funding bodies if the criteria rnatches the charity's aims and objectives. Flnanclal result The board of Keystone Dcveloprnent TnLSt are reporting a deficit of £197,036 (2024: £276,120). The deficit for 2024125 w&5 made up of unrestriGted funds only (san]e for 2023124). R&8erves policy The reserves policy is reviewed annualty. Koyston¢'s balance shee,t as at 31 March 2025 thows reserves totalling £2,209.377. (2024., £2,406,413) of which £150,167 are restricted incotne funds (2024., £151,979), not tied up in fixed assets. The current policy is tu hold six months operating costs in reserves. Free reserves currently stand at £765 {2024,. £844 and designated funds, as agreed by Trustees can be seen below: The Trustses remain committed to a policy thal the charfity hold Tlnrestrlcted fu)Jds (excluding those funds repreyented by Ilxed assets (SU]elellt to cover): Contingency fund to cover 6 months, organisational running costslincome was to cease. Total Unrestrletsd Fund$ (Contillgeney) £226,000 De9ignated fullds hAve been estsbltshed and agreed by the Roard of Tru5tee5 at the followlng levels: Redundancy - potential redundanw payments COSt it the charity were to be wound up 20,000 Property sinking fund to meet the annual repair and maintenaDC¢ costs of all buildtng5 52,500 Residential Property investhent 180,000 Investment Fund for longer term holdings - to generate earned income (bank interest / propety rental) to support Community Charitable Exp¢nditLwe 200,0011 Total Desigllated Fund £452,500 Total Reserves Policy Designated £678,500 This reserves policy and y8sociaÉed performanLe to maiDtaiD tbese levels Is revlewed by the Board ofTrustses on an anUal bR515,
KEYSTONE DEVELOPMENT TRUST PAGE 3 FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 TRUSTEES REPORT Going eoncern Full nanage]nent accounts, including a budget to actua] cornpwison, are woduCedOnthty and are usedby the team to make operational and fjnancial decisions. The trustees have reviewed the current fanciaL position, They have a goodexp¢ctation that the oharitywill be able to meet its obligation8 in a good and timely rnalln for the foreseeable future. Thus, they Continue to adopt the going concern bwis of accounting in preparing the fn¢la1 ststements. Prineipal risks and ullcertaiDties The Keystone BO has ultimate responsibility for management of risk across the TTUSt, The Board rne¢ts throughout the year to review the potential risks across ajl aspects of the organisation to deteTmine the probability and impact of each significant risk. Financial risk, namely generating suffiGient income to meet our goals, objectives andLommitted costs is always an area of high risk, scrutiny planning. The decision in 2019 to couvert high value propety asset8 into cash, witb the sale of one such asset now has given the Board the cotnfort of long-tenn fmOJAcial sustainability and a wider rea¢h of our aims. Noted in our R¢serves Policy above is the agreed designation of fund5 that provide a fmarLcial contingency for both known ana potelltial expenditUTe, thus mitigating the iLnpact of Ios5 of income. Risk assessments across all prop¢rties are undertaken throughout the year, with the support of "Worknest" trusted healthy and safety management OTganisation. This helps Keystone ensure compliance and illforni planned preventative maintenance. Face to face ining in the following area5: SafegLwdiDg, First Aid andFire Safety is providedto all staffto ensure they are awaTe of and able to manag¢ risks during their working day. Other training such as GDPR and data Iwidling, manual handling, display screen equipment, lone WOTking etc are a]£0 pyovided througb "IHasco" a trusted trailling PTavider. structur4 goverDance and management Constitutio The charity 15 constituted under a Trust deed and is a r¢ered charity ThUber 1093162. Method ol appointment or election of Tru5tee5 Th¢ management oflhe Charity is theresponsibility ofthe Trustees wbo are elected and co-opted underthe terms of the Trust deed. Policies adopted for the induction alld tr&lning of Trustees Th¢re aTe currently nine TrusQes. Trustees are draw] from a vaTÈety of backgrounds and skill sets. Details of the trustees and other comparjy information are contained on page one. Trnstees ar¢ appointsd tbrough a robust process. Tbe Chair is appointed by the11ustees. Allnew trustees undertake an induction process, This will familiarise them with all aspects of the Charity's operations and the risks therein, both operational and finallGial. A Program ib being intrOdced during 2024 to ensure that both exlsting 8nd new trustees are offered appropriate trainitkg for tbeir roles, Pay policy for senior staff All Trustees give of thell. tillle freely and no Trustee received remuneration during the course ot tbe year. Ile pay of senior personnel is reviewed annually and approved by the Trustees.
I(EYSTONE DEVELOPMENT TRUST PAGE 4 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 TRUSTBES REPORT Organisational structure and decision inaking The Board of Trnstees adn]inisters the Charity. A Chief Operating Officer is appointed by the Trustees to rnanage and develop the day to day operations of the Charity. To enable efficient manageLnent and developinent of the organisation to the Chief Opei'ating Officer has delegated authority, within tern]s of delegation approved by the stees, for operational matters iiicluding finance, etnployment and operatioiis. Risli management The changes iii operational and finallcial procedui'es over the past year togethei with the sale of the Innovation Cents'e has substantially reduced the ongoing fiiiancial and Op.ational risks to which the Cliarity is exposed. Trnstees are fitlly conscious of the responsibilities in this area. Trustees, responslbilitles statement The Trustees (who 'e also directors of Keystone Developnient Trust for the piuyoses of company law) are iesponsible for preparing the Tiustees, report and tbe fiiiallcial statements in accoi'dance with applicable law and Uiiited Kingdotn Accounting Stalldards (United I(inEdom Generally Accepted Accowiting Practice). Company law requires the Trustees to prepare financial staten]ents for each financial year. Under cornpany law the Tntstees n]ust not approve the fin1claI st&ternents unless they are satisfied that they give a true and fair view ofthe state of affairs of tlLe charitable cOmp]Y and of the incotll5ng resources and application of resources, including tbe income and expenditui'e, of die ch&ritable company for that period. In pi'eparing these fjnancial statemellts, the Ttilstees e required to.. select suitable accounting policies and dien apply them consistentlys observe Ihe illeihods and piinciples in the Charities SORP. mal<c jiidgments and accounting estimates that are ieasonable and prudent. piepare the fInancial statements on the going concern basis unless it is inappropii&tc to presume that the charitable eompany will continue in operation. The Trustees are respO91blL for keepiiig ad¢qiiat¢ a¢coiillling records that Are sufficient to show and explain the Charitable company's transactiorls <1nd disLlose with i'easonabl¢ accuracy al. aLiy time the fancIal position of the charit&bl¢ Company and enable them to engLire ttLat the financial stateiiieiits coniply willi the Coillpanies Act 2006, They are also responsible for safeguarding the assets ot the charitable cojnpany and Iienee for taking reasonable steps for the preventioll alld det¢ation of fraud and otlier irregularities. This report W<iS approved by e I'nistees, on I i 0[2JJ and Sied ott tbeir behalf by.. BietLd1¢ Canham
KEYSTONE DEVELOPMENT TRUS r PAGE 5 FANCIAL STA TEMENTS FOR TItE YEAR ENDED 3 1ST MARCH 2025 rNDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KEYSTONE DEVELOPMENT TRUST ('THE COMPANY) report to the charity trust¢es my examination of the accounts of the company for tbe year ended 31st March 2025, RESPONSIBILITES AND BASIS OF REPORT As tlke charitys tmstees of the company (and also its directors for tbe Plryoses ot company law) you are responsible for the preparntion of th¢ accounts in accord&nce with the requArements of the CoEupanies Act 2006 ('the Act,). Having satisfied myself that tbe &GGounts of the company are not required lo be audited under Part1.6 of the 2006 Act and eligible for independent exarnination, I report in respect of my examination of your charity's accounts as &vried out under section 145 of the Charitics Act 2011 ('the 201 l Act), In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5)(b) of the 201 l ACL INDEPENDENI EXAMtNER'S STATEMENT Since the company's OsS income exceeded £250,000 your examiner mLLSt be & member of a body listed in section 145 of the 201 l Act, I confjrni tIt l am qualified to undertake the examination because l am a member of The Association of Chartered Certified AccountaD.ts which is one of tbe listsd bodies. I have completed my examination. I confm that llo matters have come to my attention in connection with the examination givillg me Cause to believe: accounting records were not kept in. respect of the company as required by section 386 of the 2006 Act. or 2. the accounts do not accord with tbose records- or 3. the accounts do not comply with the Counting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which i5 not a lltter considered as part of an independent examinatioi4 or 4. the dccounts have not been PTepared in accoi'dance with tbe methods and prillciples of the Statement of Recommended Practice for accounting and reporting by tharities (applicable to charities PTep8ring their own account¥ in accordance with the Financial Reporting Standard applicable in tl]e UK and RepubliL of Sreland (FRS 102)). IAN SHtPLEY FCCA FOR AND ON BEHALF OF.. PRENTIS & CO LLP CHARTERED AccouwfANTS & INDEPENDENT ExAERs 115c Milton Road Cambridge CB4 IXE
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IYSToNE DEvELOPNNT TRUST PAGE 7 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 SY lARCH 2025 BALANCE SHEET 2025 2024 Notes FIXED ASSETS Tangible fixed assets Investrnellt Property 12 13 1,024,869 520,000 1,019,043 350,000 TOTAL FJXED ASSBTS 1,544,869 1,369,(M3 CURRENT ASSETS Stocl(s Debtors Cash at bank and in hId 14 499 41,774 714,577 756,850 500 60,724 1,067,196 1,128,420 TOTAL CURRENT ASSETS CREDITORS,, amounts falling due witLin one ye 16 (92,342) (74,523) NET CURRENT ASSETS 664,508 1,053,897 CREDITORS.. amount8 falling due after more than olle year TOTAL NET ASSETS 16 (16,527) 2,406,413 2,209,377 T51. E FUNDS OF THE CFTARITY Uni'ests'icted fid8 Designated ftinds 1,067 700,000 844 890,000 701,067 890,844 Restricted funds Reslyicted fixed Asset Fuiid 150,167 1,358,143 151,979 L,363,590 1,508,310 2,209,377 1,515,569 2,406,413 TOTAL CHARITY FUNDS 17 Th¢ trLtee8 consider that tLie charitable company is etltitled to exemption fi'om the requirenient t'o have an audit under the provisions of Section 477(1) of the Companies Act 2006. Members liave not required the chai'itable coiiipany Lmder Section 476 of ll]e Conipanies Act 2006, to obtaill an audit for the year ended 3 1st March 2025. The director knowledge their responsibilities for ensuring tkLat the ch<1 ritable eorllpany kceps accounting records which coinply wi Section 386 and 387 of the Comptu]ies Act 2006 and for preparing lin]cial stateinents which give a trLie attd fail view of the state of affairs of the GILaritable company as 3 1st Mar¢h 2025 ancl of its deficit for the year then ended in accoidance with the reqiiirenLents ot Section 396 and which othcrwisc ooinply with the ie(tLiirernents of thc Act relilting to the fllLancilc I statemcnts as f. as applicable to the ckLarit1< ble company. Tbe financial st&tements, which bgive been prepared in accordanc¢ with th¢ sp¢¢ial provisions telciting to LOmPaLLies subject to the stnall companies regime within Part 15 of the Conipanies Act 2006, weie approved by the board on g¢k o cJokJ4f and signed on its behalf. 636 _[ 14RENDA CANELIM TRUSTEE The notes on pages 9 to 19 foriii Pllll OF these financial statements.
KEYSTONE DEVELOPMENT TRUST PAGE 8 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST MARCH 2025 STATEMENT OF CASH FLOWS 2025 2024 Notes CASH FLOWS fROM OPERATNG ACTIVITIES Net cash used in operating activities 19 (199,256) (295,755) CASH FLOWS FROM INVESTING ACTIVIT'IES Ijjveslment incojne Purchase of tangibl¢ fixed assets Purchase of investment property Proce¢ds on disposal of tallgible fixed a8sets NET CASH PROVIDEDI(USED) BY INVESTtNG AcTIVITs 39,918 (23,281) (170,000) 28,738 (43,319) 1,500 (13,081) (153,363) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR (352,619) (308,836) CASH AND CASH EQUIVALENTS AT THE BEGINNfNG OF THE YEAR CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 1,067,196 1.376,032 714,577 1,067,196 The llOte5 oll pages 9 to 19 form part of these fanCIal statements.
KEYSTONE DEVELOPMENT TRUST PAGE 9 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS ACCOUNTING POLICIES BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial stateellts have been prepared in accordance with the Charities SORP (FRS 102) - ALcounting and Reporting by Charities: Statement of Recommended Practice applicable to oharities preparing their accounts ill accordance with tbe Financial Reporting Staudard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019, th¢ Finallciv41 Reporting Standard applicable in the UK and Republic of tTeland (FRS 102) and the CompleS Act 2006. Keystone Development Trust meets the derltiOll of a public benefit entity under FRS 102. Assets èmd liabilities are initially reCOlSed at historical cost or transaction valu¥ unless otberwise stV4ted Én the relevant accounting poliry. GOING CONCERN The trustees have considered the fllRncial position of the charity including the forecasts and projections for 2024125 which show that the Gharity call continue to operate. Funds have been inve5tod and WIKI continue to be monitored over the coming months. The trteeS have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable futur¢, Thus, th¢y continue to adopt tbe going conrern basis of accounting in preparing the fllwicial statements. tNCO All income is recogllised once the charity has entitlement to the in¢ome, it is probable that the income will be received al the amount of income receivable can be Enea5ured reliably. Grants are included in the Statement of FiE)ancial Activities on a receivable basis. The balance of income received for specific Purposes bul not expended during the period is shown ill the r¢l¢vant fldS oll the balance sheet. Where income is i'¢Geived in advance of entitlement of Teceipl its rcGognition is defeed and included in creditors as deferred income. Where entitlement occurs before income is received, the income is a¢cru¢d, WheTe the donated good is a f¢d a8SCt, it is Measured at fair value, unless it 18 impractical to measure thRS reliably, in which case the cost of tbe item to the donor should be used. The gain is recognisod as income from donations and a CO#spOnding anlount 15 included in the appropriate fixed asset class and depreciatsd over the useful economic life in accordance with the ciwity's accounting policies. On receipt, donated professiotl services and facilities are r¢cogDised on the basi5 of the value of the ft to the charity which is the arnount it would have been willing to pay to obtain services OT facilities of equivalent economic benefit on th¢ open market, a conesponding amount is then re¢ognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received der Gift Aid or Deeds of Covenant is recognised at the ti]ne of the donation. Income tax recoverable in relation to inve5tmeth income is recogni8ed at the time the inveslment inco]ne is receivable. Other incorne is recognised in the period in which it is receivable and to th¢ extent the goods liave been provided or on completion of the service. EXPENDITURE Expendille is recognised once there is a legal or constructive obligation to transfer economic benefi.t to V4 third paty, kt is probable that a tran,8fer of economie benefits will be requtred in settltsrnent and the amount of the obligation can be measure re]iably. Expenditure on raising funds include all expenditure incued by the charity to raise fund5 for its haritsble purposes and includes costs of all fi(]SIng activÈties events and non-clwitable trading. Expcnditure on charitable activities is Èncurred on directly undertaking the activitie5 which fher the charitys obje¢tives, as well as any a8SOClated suppi)rt costs. All expenditure is inclusive of irrecoverable VAT.
KEYSTONE DEVELOPMENT TRUST PAGE 10 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2025 NOTES TO THE F]NANCIAL STATEMENTS GOVERNMENI. GRANTS Government relating to tangible fixed assets art treated as deferred income and released to the Stalement of Financial Aotivities over the expected usefiLI lives of the ass¢ts conGBmrd. Otber grants are credited to the Statement of Financial Activities as the relatsd expenditure is incurred. TEREST RECEIVABLE Interest on funds held oil deposit is included when receivable and the amoLmt can be measured reliably by the ¢harity' this 18 nonnally upon notification of the interest paid or payable by the instithtion with whom tim(Ls are deposited. TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £250 OT more are capitalised. Tangible fjxed assets, otber than Freehold Land and Buildings, ar¢ initially Tecognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and ally auMUlated impairment lossgs. All Gosts incurred to bring a tengible fixed asset into its intended WOTking condition should be included in the measurement of cost. Freehold Land and Buildings had been recognised under the cost model however, during 2020 the Board decided to adopt the revaluation model. Under the revaluation model Freehold Land and Buildings aTe initially recognised at cost but thereafter will be stated at fair value where this can be measured reliabty. Revaluations are made with sufficient regulwity to ensur¢ tbat the cYing amount doos not differ matsri&lly from that which would be detern]ined using fair value at the end of the reporting date. Fair values are determined from market-based evidence by appraisal that is nomllY undertaken by professionally qualified valuers. Gains and losses on revaluation &re recognised in the Statement of Financial Activities, with a separate revaluai'ion reserve being showing in the Statement of Funds note. Depreciation is provided on th¢ following bases.. Improvements to propety - 10 y¢ars Straight line Plant and rnachinery 5 years strgt line Motor vehicles - 4 years straight line Computer equipment - 3 years straight line INVESTMENTS Fixed assets investments are a forrn of fwcial instnunent and are initially reco13¢d at their transaction cost and SubSu¢tIY nieasured at fair value at the balance sheet date, unless the valu¢ cannot be measured reliably in whicb case it is measured at cost less impairment. Investment gains and lossos, whether realised or unr¢alised. are combined and presented as'gainsl(losses) on illvestinents, in the Statement of Fin8J]cial Actkvities. STOCKS Stocks are valued at the lower of c05t and net realisable valu¢ &fter nkU)g due allow&llce for obsolets and slow-moving stocks. DEB TORS Trade and other debtors are recognised at the settletnent amoullt after any tr&de discount offered. Pr¢paynents are valued at the aOUnt prepaid net of ajiy trdde dtSCOUllts due. 111. CASHAT BANKANDIN Cash at bank and in hEJnd llicludes cash and short-tenll highly liquid investments with a short ttlty of three months or le85 from the date of acquisitioll or opening of the deposlt or similar account.
KEYSTONE DEVELOPMENT TRUSI, PAGEII FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 1.12. LIABILITIES AND PROVISIONS Liabilities al'e recognised where there is an obligation at the balance sheet date as a result of a past evenL it is Probable that a transfer of economic benefit will be required in settlemenL and the amount of th¢ settlement can be estin]ated Teliably, Liabilities are recognised at the amount that the cbarity anti¢ipats5 It will pay to settle the debt or the amount it has reGeived as advanced payments for the goods or Services it n]ust provide. 1.13. FINANCIAL INSTRUMENT8 The charity only bas fuLancial assets and financial liabilities of a kind that qualify as basic fin8ncial instruments, Basic fmanGial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 1.14, PENSIONS The Gharity operates Y4 defmed contribution pension scheme and the pension charge r¢pTesents the amoEmts payable by the charity to the fund in respect of the year. l.l5. FUND ACC,ouYrrNG GeneTal fimds are uNestri¢ted fJJnds which are available for Lse at the discretion of the trutees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted fLmds are fiukds which are to be used in accordance with specific restrictions imposed by doDors or which have been raised by the charity for particular purposes. The costs of raising and administerillg such fld5 are charged ugain5t the Specific fund. The aim and we of ea¢h restrictsd fund 15 set out in die notes to the fmancial staten]onts. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JIJDGEMENT Estin]ates and judgements are continually evaluated and are based on historical experience and other fa¢tors, illcluding expectations of futur¢ events that are believed to be reasonable under the circumstances. Critical a¢cuunting estirnate5 and assumptions.. The charity makes estimates and assumptions concerning the fiitwe. The Tesulting accounting estimates and assun]ptions will, by definition, seldojn equal tbe related actual results. The estimates and assumptions that have a sigllificant risk of causing a material adjw%thent to the carrying amounts of assets and liabilities within the next fmallcial year are discussed below. Critical areas of judgement.. In assessing the carrying value of langibl¢ f¢d assets the tnLStces e,stimale the anticipated useful lives and residual value of the assets. INCOME FRO.M. DONATIONS siND LEGACI.ES - CURFN'f YEAR Unrestricted Restricted Fund5 FLLnds 2025 2025 Total Funds 2025 DonatÈOllS 745 500 1,245 - PRIOR YEAR Unrestricted Restricted Funds Funds 2024 2024 Totsl Funds 2024 Donations 280 600 880
KEYSTONE DEVELOPMEN I TRUST PAGE 12 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST MARCH 2025 NOTES TO T14E FINANCIAL STATEMENTS INCOME FROM CHARITABLE ALTIVITIES . CURRENT YEAR Unrestrioted Restricted Funds Fun( 2025 2025 Total Fund5 2025 GraDts Rental inwme and service chaTge Room hire Green bikeslThetford shed Recharges Miscellaneous 1.880 1,880 122,199 39,049 50 16,716 2.852 122,199 39,049 50 16,716 2,852 180,866 1,880 182,746 - PIUOR YEAR Unrestricted Restricted Funds Funds 2024 2024 Total F"unds 2024 Grants Rental incorne and service chae Room hire Green bil(eslThetford shed Recharges Miscellaneous 78,654 78,654 124,134 20,692 2,957 19,721 1,270 124.134 20,692 2,957 19,721 1,270 168.774 78,654 247,428 INVESTMENT INCOME - CURRENT YEAR Unrestricted Restricted Funds Funds 2025 2025 Total Funds 2025 Rental income - St Johns BaDk interest received 17,829 17,829 22,089 39,918 22,089 22,089 17,829 . PRIOR YEAR Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Rental income - St Jolm5 Bank interest received 12,520 12,520 16,218 16,218 16,218 12,520 28,738 INCOME FROM OTHER TRADING ACI'IVITIES . CURRENT YEAR Unrestricted Restricted Funds Funds 2025 2025 Total Funds 2025 Café 1,874 1,874 - PRIOR YEAR Unrestricted Restricted FuTLd8 Funds 2024 2024 Total Funds 2024 Café 389 389
KEYSTONB DEVELOPMENT TRUST PAGE 13 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2025 NOTES TO THE FINANCJAL STATEMENTS EXPENDITURE ON RAISNG FUNDS . CURRENT YEAR Unr¢stricted Restricted Funds Funds 2025 2025 Total Funds 2025 Café - food Café - other Bikes and sheds 1,821 2,357 2,727 1,821 2,357 2,727 6,905 6,905 EXPENDITURE ON RAISING FUNDS - PRIOR YEAR Unrestricted Restricted Funds Fullds 2024 2024 Total Fuuds 2024 Café - food Café - other Conferencing - pr¢mises costs Bikes 8nd sheds 10.790 740 135 5,382 10,790 740 135 5,382 17,047 17,047 ANALYSIS OF EXPENDITURE B Y ACTIVITIES Activities undertaken dir¢¢tly 2025 Support costs 2025 Toial funds 2025 Charitable activities 290,339 125,575 415,914 - PRIOR YEAR Activities undertaken dirertly 2024 Support costs 2024 Total fitDds 2024 Charitable activities 351,993 186,015 538,008 ANALYSIS OF DIRECT COSTS Totsl Funds 2025 Total ELd8 2024 Staff costs Rent, rates and utilities Premises costs Insurance Repairs and n]nteDD¢e Technology costs Oiber direct costs Travel costs Advertising Staff training Vehicle costs R¢valuationslimpairmcnts Depreciation Loss on disposal of fixed asset investrnent Sundry expenses 87,476 67,304 23,869 23,400 20,289 6.217 86,061 88.375 68,269 21,549 21,168 8,983 61 3.128 2,406 232 5.477 4,450 10,430 3,914 13,879 14,418 250 11,444 351.993 17.456 31,763 290,339
KEYSTONE DEVELOPMBNf TRUST PAGE 14 FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2025 NOTES TO THE FTNANCIAL STATEMENTS ANALYSIS OF SUPPORT COSTS Total Funds 2025 Total Funds 2024 Staff cost5 Financtt and professional fees General office Communications and IT Goverrw)ce costs Postage and stationery 7L,572 11,818 22,131 5,398 12,752 1,904 125,575 80.000 58,189 21,594 8,874 13,366 3,992 186,015 INDEPENDENT EXAMINER AND AUDITORS REMUNERATION 2025 2024 Fees payable to the charitys independent examiner 3,003 2,650 io. STAFF COSTS 2025 2024 Wages and salarie5 Social security costs Colltribution to defed colltribution pension schemes 151,251 5,048 2,749 159.048 158.591 3,550 3,920 166,061 2025 No. 13 2024 The average number of personti enployed by the charity during the year 15 No enployee received remuneration arnolting to more than £60,000 in either year. The total amount of employee benefits (including ¢mployer pension contributions) received by key managem¢llt pcrsollnel for their services to the charity was £69,658 (2024.. £C)4,879) The managem¢nt tcam 18 Ricky Aylott {Chief Operations Officer) and Alison Jueno (Deputy OpeTation Officer). ii. TRUSTEES REMUNERATION AND EXPENSES During the yeaT, no ts'ustees received my remuneration or other b¢nefit5 (2024: £NIL), During the year ended 3 1st March 2025, £67 woith of expenses were rein)bursed or paid dItlY to 2 tThstees (2024: £209)
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KEYSTONE DEVELOPMENT TRUST PAGE 16 FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 ST MARCH 2025 NO fES TO THE FINANCIAL STATEMENTS 13. INVESTMENT PROPERTY FT¢ehold InveStent Property 2025 Freehold Investment Property 2024 VALUATION At IstApril 2024 Additions 350,000 170,000 350,000 At 3 1st March 2025 520,000 350.000 The 2024 and 2025 valuations were made by the directors with reference to the relevant SOUTces. I'he values are fair value, based on open nwket value. 14. STOCKS 2025 2024 Raw materials and consutnables 499 500 15. DEBTORS Due within one year Trade debtors Other debtors Prepaynlents and accrued income 2025 2024 23,448 13,009 5,317 36,530 6,300 17,894 60,724 41,774 16. CREDITORS An)ounts falling due wtihin one year.. Trade creditors Other taxation and social security Other creditors Bank loan due in one year Accruals Deferred income 2025 2024 43,805 2,122 17,124 3,388 495 10,086 28,202 15,228 74,523 33,527 12,888 92,342 CREDII'ORS Amounts falling due after l year,. Bank loall Duc 1- 2 years Due 2 - 4 years 2025 2024 10,347 6,180 16,527 2025 2024 Deferred income at 1st April 2024 Resources deferred during the year Aznounts released from prevAOUS periods Deferred income at 31 Marth 2025 15,228 12,888 (15,228) 12,888 12,067 15,228 (12,067) 15,228 Deferred income comprise8 renl.s for periods in advance and rental deposits held.
KEYSTONE DEVELOPMENT TRUST PAGE 17 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2025 NOTES TO THB FINANCIAL STATEMENTS 17, STATEMENF OF FUNDS Balance at Ist April 2024 Balance Trausfers at31st tn/(out) March 2025 In¢orne Expendittre UNRESTIUCTED FUNDS Unrestricted funds Designated funds 844 890,000 205,574 (395,351) 190,000 (190,000) 1,067 700,000 890,844 205,574 (395,351) 701,067 RESTRICTED FUNDS Keystone Conllnunities Keystone Resources 100,245 51,7.34 2,380 17,829 (4,192) (17,829) (22,021) 98,433 51,734 151,979 20.209 150,167 RESTIUCTED FIXED ASSETS FUNDS Keystone Property TOTAL RESTRICTED FUSIDS 1,363,590 (5,447) (27,468) (422,819) 1,358,143 1,515.569 20,209 1,508,310 TOTAL OF FUNDS 2,406,413 225,783 2,209,377 STATEMEwf OF FLfNDS . PIUOR YEAR Balance at 1st April 2023 Balance Trausfers at31st inl(out) March 2024 1r.come Expenditure UNRESTRICTED FUNDS Unrestricted funds Designated funds 53,405 1,137,206 1,190,611 187,161 (471,906) 232,184 (247,206) (15,022) 844 890,000 890,844 187,161 (471,906) RESTIUCTED FtrNDS Keystolle Communities Key8tolle Resources 85,917 51,734 79,254 12.520 (70,379) (12,520) (82,899) 5,453 100,245 51,734 151,979 137,651 91,774 5,453 RESIIUCTF.D FLXED ASSETS FUNDS Children and Youth Keystone Propety 5,453 1,348,818 (5,453) 15,022 (250) (250) (83,149) (555.055) 1,363,590 1,354,271 1,491,922 9,569 15,022 1,363,590 TOTAL RESTRICTED FUNDS 91,774 278,935 1,515,569 2,406,413 I'OTAL OF FUNDS 2,682,533 DESIGNATED FUNDS A breakdown of the designated fiEnds ran be found within the Trustees Report in the i'eserve policy on page 2. KEYSTONE COMMUNITIES 'rhe fimds Provide support for communities and groups to help tb¢mselves build the capacity of neighbourhoods. KEYSTONE RESOURCES A divetse portfolio of buildings owned by the Trust througb which income is generated and space provided to projects for them to Carry out their work. The restriction was lifted following the disposal of properties in the current year and accordillgly a transfer of tbose fullds made to our unrestricted funds.
KEYSTONE DEVELOPMENT TRUST PAGE 18 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2025 NOTES TO TFIE FINANCIAL STATEMENTS 18. ANALYSIS OF NET ASSETS Unre8tricted Funds (incl.. designated) 2025 Restricted R¢stricted Fixed Asset Funds Funds 2025 2025 Total Funds 2025 T?11b]e fjxed a5S¢ts Investment propety Current assets Creditot3 838,143 520,000 186,726 L,024,869 520,000 756,850 (92,342) 2,209,377 150,167 606,683 (92,342) 150,167 1,358,143 701,067 - PRIOR YEAR Unrestricted Fund5 (incl: designated) 2024 Restricted Restricted Fixed Asset Fun(ts Funds 2024 2024 Totaj Funds 2024 Tangible red assets Investrnent property Current 1ssets Creditors 1,013,590 350,000 5,453 1,019,043 350,000 ,128,420 (91,050) 2,406,413 151,979 976,441 (91,050) 890,844 151,979 1,363,590 19. RECONCILIATION OF NET MOVEMENTS IN FUNDS Ta NET CASH FLOW FROM OPERATING ACTIVITIES 2n25 2024 Net (expenditureyintsome for the period (as per Statement of Financial Activitie5) Adjuslrngnts for., Depreciation charges Investment illcome Revaluation of fixed assets Profit on sale of fixed assets (Increase)Idecrease in debtors Incr¢as¢ in creditors (197,036) (276,120) 17,456 {39,918) 14,418 (28,738) 13,879 (1,250) 4,439 (22,383) (295,755) 18,950 1,292 Net ca8h used ij) operating activities (199,256) 20, ANALYSIS OF CASH AND CASH EQUtVALENTS 2025 2024 Cash in hand Cash at bank 984 713,593 4,449 1,062,747 Total cash cash equivalents 714,577 1,067,196 21. PENSION COMMITMENTS The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fimd. The pension cost charge repr¢sents contributions payable by the charity to the fund alld amounted to £2,749 (2024- £2,630) Contributions totalling £nÈl (2024 - £495) were payable to the lld at the balance sheet date and are included in credilors.
KEYSTONE DEVELOPMENT TRUST PAGE 19 FINANCIAL STATEMENTS FOR THE YEAR ENED 3 1ST MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS 22. RELATED PARTY TRANSACTIONS During the year, the charity purchased PTofe5sional services totalling £1,400 (2024: £2,400) from Ante Lirnited. a company which Cliv¢ Wadham-smith, a trustee, is a director. As at 3 1st March 2025 £nil (2024.. £200) was owed to Ante Limited,