Charlty RegIstrnOn No. 1096822 Company Registrdtion No. 04625597 (England and Wales CHERRYfREE SUPPORT SERVICES LIMITED UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CHERRYfREE SUPPORT SERVICES LIMITED LEGAL AND ADMINISTRATIVE INFORMATION D1ctOrS Steve Walker (Chair) Alan Brovm Jon Dunn John Fuller Janice Hoole Liz Murray Jon Smith Lynne Urpeth Secretary Jon Smith Charlty number 1096822 Company numbor 04625597 Prlncipal address Mickley Lana Totley Stteffield S17 4HE Reglstered offlce Mlckley Lane Totley Sheffidd S174HE Indepondent Examlner Sutton McGrath Hartley 5 Westbrook Court Sharrow Vale Road Sheffield S118YZ Bankers Royal Bank of Scotland PLC 5 Church Street Sheffield S11HE
CHERRYfREE SUPPORT SERVICES LIMITED CONTENTS Pago Trustees, report Independent examiners, report Statemenl of financial activities Balance sheet Statement of Cash flows Notes to the accounts 8-19
CHERRYfREE SUPPORT SERVICES LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The directors present their report and accounts for the year ende(131 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the company's Memorandum and Artides of Associats"on, the Companies Act 2006 and "Accounting and ReportÉng by ChaTities'. Statement of Recommended Practice applicable to charities pparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of IrelarKI (FRS 102) (effective 1 January 2015). Objectlves and actlvftles The company's objectives are to.. provide a safe pla for homeless single young people to live. provide support and life skills training- help young people re-establish thelr lives and move either into thelr own accommodation or baGk to their family home. The company meets its objectives by offering accommodation, support and in-house counselling. Accommodation comprises a twenty-bed hostel on Mickley Lane in the Sheffield suburb of Totley and an eight-room house on Granville Road, near the city centre. The directors recognise their responsibilities by ensuring that the company continues to provide a service of publlc benefit and to this end, refer to Charity Commission guidelines. Achlevements and performance During the year, occupancy rates were 89% for Mickley Lane (2022-22 - 87%) and 93% for Granville Road (2022- 23- 95%). 29 young ppIe were moved on In a positivé manner during the year. A new post of Home & Health Worker was filled in Aprll 2021 for a fixed term of a year, using the six months, deferd income rfngfenced in the previous year's Homeless Link grant, followed by a matching amount from Cherrytree. This role provides much needed support to young people moving from the company's accommodation to their own properts'es, both before and after the move. The role has proved so valuable that Cherrytree agreed to extend its funding of the post until 31 March 2026. Flnan¢lal revlew The decreaso of £19,780 in fund balances resulted in unrestricted funds of £19,626 at the year end. The company's main fundlng Sou8 are Sheffield City Council's Supporting People Grant and rents paid by the Beneffts Agew for residents in the company's accommodation. The principal risk to the company is the loss of the contract with the Council. In order to mitigate this risk, the company ensures that the service provided to young people 1$ a positive expersence, Covering their needs through 8 dedicated team of professionally trained staff. The contract was renewed with effect from 1 April 2022 for a period of five years. The Chaiman and Chief Executive Officer met with the Council in January 2024 to explain the company's issues with the level of support being reived, vthich had not increased in line with costs in recent years. In particular, it was stated that in the medium term, the company may be unable to meet its commitments and be forced to make difficult decisions about its futur8. The company continued to receive financial support from CheTrytree, which. in addition to its regular contributions, provided resources of £50,000 during the year to help overcome cash flow drfficulties.
CHERRYTREE SUPPORT SERVICES LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management The company is limited by gu£rantee (charity registration number. 1096822 and company registration number: 04625597). It is govemed by the Memorandum and Articles of Association. Trustees and directors who seN6d during the period were: Steve Walker (Chair) Alan Brown Jon Dunn John Fuller Janice Hoole Lti Murray Jon Smith Lynne uth None of the directors have any beneficial Snterest in the company. The members of the company may by ordinary resolution appoint any indbvidual to fill any vacancy In the directorship. All directors must retire at each Annual General Meeting but are eligible for re-election. Induction and training of new directors is undertaken by the company secretary and existing directors. The board of directors considers and formulates the company's policies. It is also responsible for the actual management of the company, making or altering rules and regulations and authorising expenditure. The directors have delegated the daY-tlaY management of the company to the Chief Executive Officer. The directors review pay rates annually. The directors have assessed the major risks to 1¢h the company is exposed and are satisfied that Sy8t8m8 8r6 in place to mitigata exposure to these rfsks. Chefv (registered charity number 232351) is the sole member of Cherrytree Support se1 Limited. Cherrytree pays grants to Cheryte Support Services Limited. Reference and admlnlstratlve d•talls The prinGipal DfftGe cf Chenwree Support SeTh*i¢es Limited is Cherrytree, Mi¢kley Lane, Totley, Sheffield, S17 4HE. The company number is 04625597 and the charity registration number Is 1096822. Oetalls of the dlrectors that served during the year and the delegation of day-ttrday management of the company are provided under the heading 'Structure, govemance and mana9ement' above. Future plans During the ongoing challenging financial environment, interim additional support from Cherrytree stabilised the position during the year. Further support may be needed during the next year, which Cherrytree has agreed to provide as nessary.
CHERRYfREE SUPPORT SERVICES LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Asset cover for funds Note 17 sets out an analysis of the assets attributable to the various funds. These assets are sufficient to meet the company's obligats.ons on a fvn&by-fund basis. Statement of dlrectors. responslbilities The directors, who also act as trustees for the charitable activities of Chetyree Support Services Limited, are responsible for preparing the directors, report and annual accourrts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the directors to prépare accounts for each financial y8ar whlch give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, induding the income and expenditure, of the charitable company for that year. In preparlng these aOUnt8, the dlrectors are required to: select suitsble accounting policies and then apply them consistently; - observe the methods and principles In the Charities Ststement of Recommended Practice; - make judgements and estimates that are reasonable and prudent: state whether appllcable UK Accounting Stsndards have been followed, subject to any material departures disdosed and explained in the acc¢)unts; and prepare the accounts on the going concem basis unless it is Inapproprtate to presume that the company thrtii continue in operats'on. The directors are responsible for keeping adequate acwuntlng records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They arè also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other iegUlaritieS. The directors are responsible for the maintenance and integrity of the company and Ilnancial information included on its website. Legislation in the United Kingdom goveming the preparation and dissemination of accounts may differ from legislation in other jurisdictions. The directors. report was approved by the Board of Directors. gfo Steve Walker (Chainnan) Date
CHERRYTREE SUPPORT SERVICES LIMITED INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF CHERRYfREE SUPPORT SERVICES LIMITED FOR THE YEAR END 31 MARCH 2024 I report on the accounts of the company for the year ended 31 March 2024, which are set out on pages five to seven. Responslblllties and basis of report As the charity's trustees (and also the directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charitable company is not subject to audÈt under company law and is eligible for independent examination, I have examined your charitys accounts as required under section 145 of the CharÉties Act 2011 ('the AGV). In carrying out my examination I have followed the DI¢.0$ given by the Charty Commission under section 145(5)(b) of the 2011 Act My role is to stats whether any material rnatters have come to my attentlon glving me cause to believe,. 1. that accounting records were not kept as required by section 386 of the Companies Act 20(X8; or 2. that the accounts do not accord with those records. or 3. that the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland,. or 4. that there is further infomiation needed for a proper understanding of the accounts. Indèpendent examlnerfs statement I have completed my examination and have no concerns in respect of the matters {1) to (4) listed above and, In connection with ft)Il¢)wing the Directions of tha Charity Commission I have found no matter3 that require drawlng to your attention. Jonathon Dickens FCA Sutton McGrath Hartley 5 Westbrook Court ShaOW va Road Sheffield S118YZ Date;
CHERRYTREE SUPPORT SERVICES LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds general Unrestrlcted funds designated Restricted funds Total Total 202>24 2022-23 Incorne and endowments from: Charitable activities 711,942 773 62,222 774,164 686,179 Investments Donations and other income 773 2,853 2,853 4,902 Total income 715,568 62,222 777,790 691,387 enditur8 0 Charitable activit 735,348 62,222 797,570 766.634 Total resources expended 735,348 62,222 797,570 766,634 Net outgolng resources beforn transfers Gross transfers betsveen funds (19.780) (19,780) (75,247) Net expenditure for the year I net movement In funds Fund balances at 1 April 2023 Fund balances at 31 March 2024 (19,780) (19,780) (75,24n 39,406 39,406 114,653 19,626 19,626 39,406 The statement of financial activities includes all gains and losses reGognised in the year. ASI income and expenditu is derived from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
CHERRYTREE SUPPORT SERVICES LIMITED BALANCE SHEET AS AT 31 MARCH 2024 31 March 2024 31 March 2023 Fixed assets Notes Tangible assets Current assets Debtors Cash at bank and in hand 13 42,280 27,692 18,406 26,683 60,686 54,375 Credftors: amounts lalling due within one yoar 14 (41,060) {14,969) Net current assets 19,626 39,406 Total assats loss current liabilities 19,626 39,406 Income funds Restricted funds Unrestricted funds: Designated funds General unrestricted funds 15 16 19,626 39,406 19,626 39,406 19,626 39.406 The accounts were approved by the directors on 1 July 2024. For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordan with section 476 of the Companies Act 2006.The directors aGknowledge their responsibilty for complying with the requirements of the Act with respect to accounting records and for the pparation of accounts. These accounts have been prepared in accordan viith the provisions applicable to companies subject to the small companie Steve Walker (ChaimBn) Date: Company registration number: 04625597
CHERRYfREE SUPPORT SERVICES LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 202>24 2022-23 Note Cash flows from operatlng actlvities Cash absorbed by operations 20 (9,050) (92,808) Investing activltles Interest received 773 306 Net cash generated from investlng activltles 773 306 Net decrease In cash and Cash equivalents (8,277) {92.502) Cash and cash equivalents at beginning of year 26,683 119,185 Cash and cash equlvalents #t end of year 18,406 26,683
CHERRYTREE SUPPORT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles Company inforniatlon Cherree Support Services Lim6ted is a private company limited by guarantee incorporated in England and Wales. The registered offsce is Mickley Lane. Totley, Sheffield, S17 4HE. 1.1 Accountlng converrtlon The accounts have been pr&pared in accordance with the charity's Memorandum and Articles of Ass¢xiation, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pParing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)° (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102, The accounts are prepared in sterling, 1¢h is the functional currency of the company. Monetary amounts in Ihese financial statements are rounded to the n8arest pound. The accounts have been prepared under the historical cost convention. The principal accounting pollcle8 adopted are set out below. 1.2 Golng concern At the tlme of approving the accounts, the dlrectors have a reasonable expectstion that the company has adequate resour8 to continue in operational existen for the foreseeable fuiure. Thus the dlrectors continue to adopt the 90ing concem basis of accounting in preparing the arxounts. 1.3 Charftable funds Unrestricted fund9 are available for use at the discretion of the directors in furtherance of their charitable objectives unless the funds have been designated for other purposes. Deslgnated funds are part of unrestricted reserves, but have been set aside by the dlrectors for a specific purpose. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in tt)e notes to the accounts. 1 A Incomlng resources Income is recognised en the company is leg8lly entitled to it after any perforniance conditions have been met, the amounts can be measured reliably, and it is probable that income viill be received. Grants 8re credited to revenue when receivable. They are considered receivable when the conditions for reIpt Qf Ihe grant are deemed, by the directors, to have been met. Rents are credited to revenue when receivable. Interest on funds held on deposit is induded en receivable and this is noMllY upon notification of the interest paid or payable by the bank. No income is shown net of expenditure.
CHERRYfREE SUPPORT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles 1.5 Resources expended All expenditure is accounted for on an accruals basis. Costs relating IrectlY to the objects of the company. or support costs. are Ireated as costs in the furtherance of the company's objects. Govemance costs include expenditure for compliance and managemerrt of the company. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently rneasud at cost or valuation. net of depreciation and any impairment losses. The policy is not to capitalise items below a cost Df £1,000. Depreciation Is recognised so as to vKit8 off the cosi or valuation of assets less their residual values over their useful lives on the following bases: Motor vehicles 25% Reducing balance The gain or loss arfslng on the disposal of an asset 1$ determined as the difference between the sale proceeds and the carrying value of the assét, and is recognised in net incomel (expendrture) for the year. It is the policy of the company not to caiytslise fumiture and equipment as this is deemed to be a malntenance cost and as such, 1$ charged to expenditure. 1.7 Impalrmont of fixed assets At each reporting end date, the chwity reviews the carying amounts of its tangible assets to detennlne wheth8r there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the exient of the impairment10&8 (rf any). 1.8 Cash and Gash oqulvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tefm liquld investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments The company has elected to apply the provisions of Section 11 'Basic Financial Ingtrurnents, and Sectlon 12 'other Financial Instruments Issues. of FRS 102 to all of its finanaal instwments. Financial instruments are recognised in the company's balance sheet when the charity becomes paty to the contractual prcvisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statemerrts, when there is a legally enforceable right to set off the recognised amounts and the Is an intention to settle on 8 net basis or to reajtse the asset and 88ttle the liabilty simultaneousty.
CHERRYTREE SUPPORT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles Basic flnanclal assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transadion Pri including transaction costs and are subsequently carried at amortiseL1 cost usin9 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. FinanLaal assets classified as receivable within one year are not amortised. Impalmient of financlal assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impainnent at eath reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that oCcUed after the initial recognition of the finala1 asset, the estimated future cash flows have been affected. If an asset is impaired, the impaimient loss is the difference between the carrylng amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impaimient loss is recognised in net incomel (expenditure) for the year. If there is a decrease in the Impainnent loss arlsing from an event occurring after the impaiment was recognised, the impairment is reversed. The reversal is such that the cuffent carying 8mount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The ImpalmnI reversal is recognised in net incomel (expenditure) for the year. D•rncognlUon of flnanclal assets Financial assets are derecognised only when the contrdctual rights to the cash flows from the asset explre or are settled. or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another ents'ty, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its ents.rety to an unrelated third party. Bask financial liabllhles Basic financial liabilities, including creditors and bank loans are initially recognlsed at transaction price unless the arrangement constitutes a finanGing transaGtion, 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 ithin one year are not amortised. Debt instruments a 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 nonwcurrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltlon of financial Ilablllties Financial liabilities are degnised when the charitys contractual obligations expire or are discharged or cancelled. 1.10 Employee beneffts The cost of any unused holiday entitlement is recognised in the period in which the employee's SeNiS are received. Termination benefits are recognised immediately as an expense when the chartty is demonstrably committed to temiinate the empSoy7nent of an employee or to provide tennination ben8frts. 10-
CHERRYTREE SUPPORT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountlng poli¢les 1.11 Retlrement benefits Payments to def5ned contribution retirement benefit schemes are diarged as an expense as they fall due. These contribulions are invested separately from the c¢)mpany's assets. 1.12 Value Added Tax Value Added Tax is not re¢Xsverable by the company and as such is induded in the relevant costs in the Statement of Financial Activities. 1.13 Leases Rentals payable under operdting leases, induding any lease incentives received. are charged to expenditu on a straight-line basis over the term of the relevant lease. Crltlcal accountlng estlmates and Judgements In the appllcatlon of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilib'es that are not re8dily apparent from other sources. The estimates and associated assumptions are based on historical experience arKI other factors that are considered relevant Actual results may differ from these egts'mate8. The estimates and underlying assumptions are reviewed on an ongoing basis. Revlslons to 8ccountlng estimates are recognised In the perfod in which the estlmate is revised where the revision affects only that period, or in the period of the revision and future perlods where the revision affects both current and fvture periods.
CHERRYfREE SUPPORT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 3 Charitable activities 2023-24 2022-23 Supporting People Grant Residents, rents Benefits Agency rents Cherrytree grants 315,626 24.804 321,512 112,222 315,093 12.786 290,327 67,973 686,179 774,164 For the year ended 31 March 2024 Unrestricted funds - general Restricted funds 711,942 62,222 774,164 For the year ended 31 March 2023 Unrestricted funds- general Restricted funds 618,206 67,973 686,179 The Supporting People Grant funds the provision of housing to those who need support Cherrytree grants contribute towards the costs of a project Yrker, counselling and resldents, acts"vitles on an ongoing basis, and the Horne & Health Worker for a fixed term from 1 October 2021 to 31 March 202e. During the year, a further £50,000 was granted to help the company overcome cash flow difficulties. 4 Investments 2023-24 2022-23 Interest receivable 773 In the prior year. all investment income related to unrestrictsd funds. 12-
CHERRYTREE SUPPORT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 5 Donatlons and other income 2023.24 2022-23 4,902 Donations and other income 2,853 In the prior year, all clonations and other income related to unrestricted funds. 6 Charltable actlvities 2023-24 2022-23 staff costs Securty Depreciation Motor vehicle expenses Repairs, renewals and maintenance Lighting, heating and cleaning Rates and insurance Staff tralning Rentsl of properties Homeless Link system General expenses Skills initiative 376,988 57,494 385,695 49,652 998 5,724 26.169 86,780 13,798 1,452 45,794 4,644 200 24,473 645,379 6,243 18,218 114,293 16.372 1,012 51,048 4.732 414 22,922 669,736 127,834 Share of govemance costs (see note 7) 121,255 797,570 766,634 In the prior year £68,801 of expenditure on charitable activities related to restricted funds. 7 Support costs 2023-24 2022-23 Basls of allooatlon Govemanc Governance Goveman Governan Govemance Staff costs Independent examinerfs fee Postage, stationery and telephone Computing costs Legal fres 97,468 2,340 21,704 4,422 1,900 90,472 2.040 24,823 3,920 127,834 121.255 13-
CHERRYTREE SUPPORT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 8 Independent examlnerfs remuneration The analysis of independent examinels remuneration is as follows Fees payable to the Independent examiner: 2023-24 2022-23 Independent examination of the annual accounts 2,340 2.040 9 Dlrectors None of the directors (or anyone connected with them) received any remuneraticjn, beneffts or expenses from the company during the year. Directors, indemnty insurance cover is included in the overall insurance premiums paid. 10 Employees Number of employees The average monthly number of employees during the year was: 2023-24 Number 2022-23 Number Managerial Administrative Project work 14 17 15 17 Employment GQ15ts 202>24 2022-23 Wages and salaries Social security costs Other pension costs 435,208 33,565 5,683 474,456 438,161 31,687 6,319 476,167 During the year there were 3 part time staff <2022-23 - 3). The estimate of the equivalent number of fvll-time staff is 16 employees (2022-23 - 15). No employee recelved remuneration of £60,000 or more (2022-23 - Nil). 14-
CHERRYTREE SUPPORT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Tangible fixed assets vehicles Cost At 1 April 2023 At 31 March 2024 29,100 29,100 Depreclatlon and Impalmient At 1 April 2023 Depreciation charged in the year At 31 March 2024 29,100 29,100 Carying amount At 31 March 2024 At 31 March 2023 12 Flnancial instruments 2023-24 2022-23 Carrylng amount of financial assets Debt instruments measured at amortised cost 30,438 14,547 13 Debtors 2023-24 2022-23 Amounts falllng due wlthin one year Other debtors Amounts owed by Cherrytree Prepayments and accrued income 10,910 3,637 13,145 27,692 24.907 5,531 11,842 42,280 14 Credltors 2023-24 2022-23 Amounts falllng due wlthin one year Accruals and deferred income 41,060 14,969 As at the previous balance sheet date, were no accruals relating to deferred income at 31 March 2024. 15-
CHERRYTREE SUPPORT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 IS Restrlcted funds The income funds of the company indude restricted funds comprising the following unexpended balances of donations and grants held on trust for specAfic purposes: ovement in funds - current year Incomlng Resources resources expended Balance at 1 Aprll 2023 Balance at 31 March 2024 Cherrytree fund Motor vehicle fund Homeless Link fund 62,222 (62,222> 62,222 (62,222 Movement in funds - prevlous year Balance at 1 Incomlng Resources April 2022 resources expended Balance at 31 March 2023 Cherrytree fund Motor vehicle fund Homeless Link fund 67,973 (67,973) (828) 828 828 67,973 68,801 The Cherrytree fund contributes towards the cost of a project worker, counselling and residents, activities on an ongoing basis, and the Home & Health Worker for a fixed tem from 1 October 2021 to 31 March 2026. The motor vehicle fund contributed to the cost of an all-purpose vehide for the transportation of residents during their a¢tivities. In 2020-21, Homeless Link awarded a grant of £38,675 to support costs and income loss arislng from the COVID-19 pandemic. £8,250 of this was deferred to match the first months. costs of the Home & Health Worker post, for which recruitment was delayed until 2021-22. 16-
CHERRYTREE SUPPORT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Deslgnated funds Th& income fund of the company represents the following designated fund which has been set aside out of the unrestricted fund by the trustees for specific purposes: Movèment in funds - current year Incomlng resources Balance at 1 Aprll 2023 Resources expended Balance at 31 March 2024 Transfers Major repairs fvnd Movement in funds - previous year Incoming Resources resources expended Balance at 1 April 2022 Balance at 31 March 2023 Transfv Major repairs fund 83,564 83,564 (83,564) 183.564) The major repairs fund was established to recognise that major repairs to the propety occur over extended periods and a fund should be set aside to meet these costs as and when required. L)uring 2022-23, the directors decided that the fund was no longer required and transferred the balan to unrestricted funds. 17-
CHERRYTREE SUPPORT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Anatysis of net assets between funds Current yèar Unrostrlcted Funds Designated funds Restrfct¢d funds Total Fund balances at 31 March 2024 are represented by: Tangible assets Net current assets 19,628 19,626 19,626 19,626 Prevlous year Unrestricted funds Designated funds Restricted funds Total Fund balan$ at 31 March 2023 are represented by: Tangible assets Net current assets 39,408 39,406 39.406 39,406 18 Oporatlng lea8e wmmitments At the reporting end date. the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows: 2023-24 2022-23 Within one year 17,200 19 Related party transactlons Debtors (nots 13) included £5.531 (2022-23 - £3.637) owed by Cherrytree. Cherrytree Support Seprfices Limited is a company limited by guarantee and Cherrytree is the sole member. 11 the company is dissolved, CherWee promises to pay £1 towards the cost of dissolution and the liabilities incurred by the company while Cherrytree is a member. During the year. Cherrytree Support SeNices Limited received £112,222 {2022-23 - £67,973) from Cherrytree to meet its charitable expenditure costs. The company pays Cherrytree rent for Ihe use of Mickley Lane via Target, which in the year amounted to £12,000 (2022-23 - £12,000). Miscellaneous expenditu totalling £200 (2022-23 - £200) vras paid by Cherytree on behalf of Cherrytree Support Services Limited. Consolidated accounts have not been prepared as the trustees of Chetyree do not believe they direct the operations of Cherrytree Support Services Limited. 18-
CHERRYfREE SUPPORT SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Cash generated from operations 2023-24 2022-23 De¥t for the year (19,780) (74,749) Adjustments for. Investment income recognised in statement of financial 8Ctivities Depreciation and impairment of tangible fixed assets (773) (306} 500 Movements in working capital: Increase in debtors Increasel(decrease) in credltors (14,588) 26,091 (6,636) (11,617) Cash absorbod by operations (9,050) (92,808) 19-