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 F￿ANCIAL 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 Su￿OundIng ￿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 unde￿in5 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 purc1￿Se 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 an￿Ual 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 woduCed￿Onthty and are usedby the team to make operational and fjnancial decisions. The trustees have reviewed the current f￿anciaL 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 f￿￿n¢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 ThU￿ber 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 intrOd￿ced 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 fin￿1claI 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 oc 00 V tn r u<< < o