COMPANY REGISTRATION NUMBER: 04793697 CHARITY REGISTRATION NUMBER: 1099610 Carlisle Key Company Limited by Guarantee Unaudited Financial Statements 31 March 2024 Carlisle Key Company Limited by Guarantee Flnancial Stalements Year ended 31 March 2024 Page Trustees. annual report {incorporating the directorfs report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to Ihe financial statements Carlisle Key Company Limited by Guarantee Trustees. Annual Report (Incorporating the Di￿¢t0￿$ Report) Year ended 31 March 2024 The trustees, who are also the directors for Ihe purFM)ses of company law, present their report and the Jnaudiled financial slalements of the charty for the year ended 31 March 2024 _ Rèference and adminlstratlve details Registered charity name Charity registration number Company registration number Prlncipal offico and registered 12>127 Botchergate office Carlisle Carlisle Key 1099610 04793697 CA1 1RZ The trustees PM Colla J Sutherland (ReswJned 14 April 20231 (Died 17 October 20241 GL RKJgewell S March Mr ME Vose (Apw1n￿￿ 24 Oclober 2024} Independent exarniner Mr RW Gordon. FCA Briar Lea House Brampton Road Longtown Carlisle Cumbria CA6 5TN Structure. govemance and manag9ment Carlisle Key was established as a registered charity in 2003 under the name Communty Projects Cadisle and officially incorporated as a charitable company later that year. 11 was in 201fj that the charity was rebranded as Carlisle Key lo reflect its mission of supporting young people aged 1&25 who are experien￿ng homelessness or are al risk of becoming homeless. Youth homelessness in the Norih Wesl. as across the UK. has reacFied critical levels. with the latest figures from Centrepoinl showing 136.OQO young people facing homelessness in the past year. This represents 8 marked increase. with the North West being especially impacted. recording 77.000 cases-the second-highest in the country. To addie5s these challenges, Cadisle Key is actively working along￿de CerbtreFMiint. New H￿1ZOn Youth Cenler. and over 140 other organizations as part of the PlanForThe136k campaign. a national initiative advocating for policy reform lailored to the needs of young people. There have been some gains, suGh as a planned increase in the Minimum wage to £10 per hour for 18-20-year-olds. progressing toward fair pay for young adults. There's also a push for more affordable and social houslng lo provlde stable housing oplions. However. crllical issues remain una¢¢ressed, Including the laper rate differences in housing benefits for young people in supported housin*a focus of the campaign's MakeWorkPay initiative. The coalition continues to advocate for a Youth-spe￿￿C chapter irb the Government's homelessness strategy lo ensure young people's unique r￿dS are priorib"zed. In addition lo homelessness, Carlisle Key also addresses a broader range of issues young people face, Ir)cluding mental health challenges. financial instability. education and employment barriers. The charity's services, particularly its drop-in centre and supported accomm￿lation. are cruoal in prowding vulnerable young people with the necessary tools to achieve independent living. This increase in youth homelessness highlights Ihe critical need for cOn￿nUed and expanded support to prevent further escalation of the crisis. Staff and Volunteer Support Carlisle Key is led by 8 Chief Executive off￿er ICEOI. supported by managers who oversee the operation81 and strategic fur)ctigns of the charity- The management team ensures the charfys mission is effectively executed, providing leadership and direction to the staff and volunteers. The charity employs one full-time and two part-time support workers. whose roles are crucial in delivering direct assistance to the young people we support. Given the increasing need for our seryices, particularly as homelessness rates rise, there are plans to expand t￿e team in the near future lo meet growing demand. In addition lo our employed staff, Carlisle Key benerrts trom the ongoing contributions of volunteers. numbering beiween three and len each year. These volunteers, alongside support from local businesses who volunteer their tiThe. play a key role in enhancing our ability kn provide comprehensive services to the young people in our care. Directors and Method ol *ppointrnent The Directors of the Charity.. who also serve as Tts Trustees. are typically ap￿inted by the existing Trustees rather th￿ through an AGM. The Board may appoiit new rnembers at any point dumg the year. with fomial confimiation at th@ nèxt 8oard m88ting. W8 actively se8k Individuals with relevant skills, 8xperienc8, or interests align8d with the Charity's 8Ctivitie5 through public advertisements. collaboration wtlh specialist recnjilment agencies, and re￿MMendatIOnS from local organisations. Trustees serve an initial term of up lo three years, after which they are eligible for re-appointment. However, it is not uncommon for trustees to seNe for extended periods, partiGularty Whe￿ there has been ongoing dedication and leadership. The Chief Executive is a pemianent non-voling member ol the B(k4rd. attending all Board meelings unless a conflict of interest arises. The Board meets monthly to oversee the charty's gi)vernance. New Trustees undergo an induction process, which indudes leaming about the Charity's histcry, values, and operations. as well as their specific responsibilities and conduct. This induction is typically faciltialed by the Chaiman, with support from other Trustees and the Chief Executive. Truslees are 8150 encouraged to attend training relevant to Iheir roles. The Charity's daily operations are manapd by Iha Chief ExeculNe, with support from the Management Team and stsff. while volunieers play an integral role in supporting the young people we serve. Objectives and activities As outlined in our Memorandum of AsSociat￿n. the core objective of Carlisle Key is to relieve the need. hardship, and distress experienced by young people aged 1&25 in Carlisle and ils suThounding dislricls. We achieve this through the prOVi￿On of emergency ovemight accornmodation and a rarhge of related services designed to guide th￿ towards inde￿ndent INing. Our mission is to empower young people and prevent hoMelessn￿s. We aim lo do this by providing tailored support services that promote long-term stability and independence. These services include not only accommodation bul also early intervention programs and various other pathways to help young people overcome barriers and reach their full potential. Our comprehensive services are adaptable to the unique needs of each individual we Serve. They include our local Drop-ln Centre. sUPPOrted accomrnimjation. well-being programs. counselling. and holistic adm￿ services. At Carlisle Key, we offer an array of support Services such as.. Drop-ln Centre: A safe space offering practical and emotional 5upFKKi. Homeless, Housing. and Tenancy Advice: Guidance and adV(￿¢Y for securing and maintsinirkg stable housing. Weltare Benetits Advice and Money Management: SuptM)rt with managing finances and securing enlitlemenls. support with debt, and arrears managemenL Employability Services: Assislance with finding training, job applications, CV writing, locating coursesl8pprenticeships and preparing for employment. Mental Health Counselling and Support: Ongoing, flexible counsellirKJ seNices for mental well-being. Practical Assistancg: Access lo essential resources like computers, telephones. food parcels. clothing. and toiletries. Online Support via Social Media: Extending our reach and accessi￿.1￿ to young people through digital platforms and support via telephone. Throughout the year, our aclivilies-primarity delivered thrwgh our KEY Drop-ln Cenlre-benefrt the public by providing vrtal, life-changing assistance to young people. The centre also offers practical resources sL￿h as fiKId, cjothing. and loiletries. Managed by a dedicated team of staff and volunteers, our Drowln Centre offers help and advice on housing, benefits, debt, arK1 other pressing issues faced by young people. We cor)linue lo engage with an average of 11 young people each day through our drop-in centre. The Charity collaborates with many local organizalions wicluding aulhorit'es. volLniary sector bodies, the NHS, Mind, Mental health serwces, and youth services lo further the in".erests of the young people we serve. Major funders include Charitable Irusls, foundaliorE. local authorities. and other charllies. as well as voluntsry donations from individuals, churches, schools. and local organizations. The Trustees express their thanks on behalf of the young people and families we serve. In addition lo our Drop-ln Centre, our Supported Accommodation project provides 11 rwms a￿)s$ properties, offering daly SUPFM)rt Monday to Friday. Young iesidents benefft from structured activities and excU￿10n5, which are critical lo their well-being and personal growth. These oul ngs, complele wth transport, fofyj, and staff support, introdu¢e yourng people to local areas such a$ the Lgke Distri¢t snd C8rli$le'$ $urrounding region, offering experiences that they rnay not othetwise have had. Outside of our programmes. each young person receives tailored support through a weekly support plan that engages them in becoming independent and reaching independent living. Moreover, our advocacy Services ensure that young people re￿7Ve the support they need at appointments for mental health, healthcare, welfare beneffts. criminal justice, and education. Our housing project collaborates with local organisations like Cumbria Youth Alliance, Carfisle Refugee Athon Grixjp, PHX Training, Meal Bank, Food bank, Citizens Advice. Oak Tree, and Riverside, as well as community spaces like Tullie House and The Sands Centre. These partnerships enhan￿ the well-being of the young people we serve. Our unique Drop-ln Centre allows us to maintain regular wntacl with yoJng people and Ihoroughly assess their needs. helping thew navigate complex support systems. The high demand for mental health serVI￿S in particular is met by our in-house counsellor and university student placements who help provide additicnal support. Our local drop-in centre not only provides with service5 but also buil(Js a safety comrrunity. a space that young people can access where they are provided with teajcoffee. lunch or breakfast. positive interactions and refuge. Public Benefit The Trustees confirm they have complied with the Charities Act 2011, taking due regard of the Charity Commission's guidance on public bwefit. The "Chartbes and Public Benefft" guidan￿ highlights two key principles- rirsl, the benefit musl be identifiable. and second. it must serve the public or a sedion of it. The Trustees are confident that Carlisle Key fulfils these critena, as demonstrated by the charity's achievements and its direct work with young people aged 16-25. In the year under rèview. Carlisle Key engaged with 198 Y￿ng people. delivering 12.105 recorded acuons and supporting 379 young people overall within the 16-25 age group. An additional 55 individuals aged out of our service range by luming 26. Our work indudes supporfing young people through various challenges, such as mental health issues, court cases. financial instability. homdessness. and relationship breakdowns. Achievements and perfomiance Key achievements include.. Improved Mental Health Support.. 155 young people accessed serVI￿S lo manage mental health issues, with 387 acb'or)ed outcomes. Housing Suptx)rt'. 147 young F*ople received housing advice. 57 secu￿￿ suitabl8 housing, and 36 were placed into lemporarylemergency a￿COmmc*ati0n. Financial Assislance. 161 young people accessed benefits advice, 93 re￿Ned money marbagemert advice. and 80 iTnproved their budgeting skills. Employment and Education Support. 130 young people accessed employment advi￿, with 60 finding work and 27 entering education. General Wellbeing.. 1 ?4 young people reported improvements in their general wellbeing. supported by 1-tO•15UPPOrt sessions. counselling services. arml safety inlervenlions. Our supported accommodation project played a pivotal role, providing housing and tailored support to 14 young people, five of whom successfully transitioned into private aCcomr￿￿81l0n. Additionally, our Drop-ln Centre served as a crucial resource. offeriro a wide range of practical suptM)rt such as lo￿ parcels, hygiene products. and access lo services like mental health counselling and employability training. We also facilitated aclivib.es like bike rides and hikes. focusing on both physical arbd mental well-being. The team are looking lo expand this project in the new year and include young people that access our drop-in cenlre. Despite challenges, including staffing turnover. we successfully rroinlained our services with the support of volunteers and a new a(Jminislrative apprentice. The counselling service expanded, with 35 young people accessing sessions at our centre, compared lo 27 in the previous year. Based on the services provided and the out(x)mes athieved. the cost to the public or ￿Vernment of not supporting our work WOLJld be significant. Wrthout Ihe Iniervenlions Carfisle Key provides. many of the young people we support would likely require more costly public seNices. such as emergency fh)using, NHS mental health services. and social welfare assistance. By improving menlal health. securing stable housing, and helping young people get employment or education, we reduce the strain on public resources. Our proactive approach lo supporting vulnerable youth delivers long-term benefils. ulbmately sawng public funds. Financial review This year, Carlisle Key experienced its fitst finan￿al defficit. a direct result of unique challenges that we addre55ed throughout the year. Despite Ihis. we remain committed to maintaining and expanding our vital services for young people. The d8ficit is larg8ly attributabl8 to a one-tim@ housing b8n8fit repaym@nt and a t8mpDrary reduction in income re18ted to our supported 8ccommodation project. Thi5 ￿paYment will be split between this year and the next. For the financial year ending March 2024. we ￿Corded an income of £216,196 and an expenditure of £274,720, resulting in a deficit of £58.524. This shortfall was driven by Iwo key factors.. 1. Housiro Benefit Overpayment.. We had to repay £34,888.38 due lo a historical housing benefit overpayment for Nighl Security al our Supported AccommiKlation. This issue has since been resolved. We implemented a new On-call System for our Supported Accommodation, developed in Colla￿ratIon with ou. staff and approved by the housing benefit authorities. This system will be more cost-effective and sustsinable moving fo￿ard. 2. Reduced Housing Income.. For half of the year, we experienced a significanl r￿lUctiOn in inconE from wr housing servI￿s. amounting to over £10,000. This was due to delays in housing benefit adjuslments during the transiti)n to the new On-call System. This income stream is now reslored, ensuring future stabilty. To cover the deficit, we utilised surplus funds from Ihe previous year. amounting to £21,416 and £2, 219.62 from our reserves. These reserves have allowed us lo weather the finanaal impact without compromising the level of service provided to young people. Despite the finanoal challenges this year. we remain focused on strengthening our fLJnding strategy and diversifying our income streams. Our CEO, together wtih the Board of Trustees, is 8clively w(Kking on developing longer-terni financial stability through grants, contracts. and new partnerships. We have already implemenled ost-saving measures and will continue to monitor expenditLres closely to ensure that our ServI￿S are delivered efficiently and effectively. Despite the challenges this year, Carfisle Key still holds a healthy reserve. After covering Ihe deficit, our remaining reseNes stand al £244.590. Our pdicy remains to maintain reserves that cover three to six months ol committed 8xpendituro, and wa will continue lo monilor our resetvas dosely to ensur8 the charitys long-tarm financial h8alth. The use of our previous yearfs surplus allowed us lo absorb this yearfs exceptional costs without compromising seNices. Going forward, we will rebuild our reserves Ihrough 8 targeted ir)corne strategy. Our financial planning indudes the development of a new three-year strategic plan aimed al expanding our supported housing semces, growing our team and impromng support for young people in need. This will be particularly important as natKJNal funding for homelessness services continues lo face reductions. We remain deeply grateful lo our funders and partners for their conlinued support. Their contributions allow us to provide much-needed services lo vulnerable young people. and we are confident that with careful planning and ongoing collaboration, Cartisle Key will emerge strO￿er and more resilEnt. Small company provisions This report has been prepared in aCcOrdar￿e with Ihe provisions appliroble to companies enliued lo the small companies exemption. The trustees. ann￿￿ report was approved on 18 December 2024 and signed on behalf of the board of trustees by.. PM Colla Trustee Carlisle Key Company Limited by Guarantee Independent Examinerfs Report to the Trustees of Carlisle Key Year ended 31 March 2024 I report to the trustees on my examination of the finanual statemenls of Cadisle Key I'the charity'l for the year ended 31 March 2024. Responslbilitiès and basis of report As the trustees of the company land also ils direclors for the purposes of company lawl you are responsible for the preparation of the financial statements In accordance with the requirements of the Companies Act 20061'the 2006 Acl'l. Having satisfied myself that Ihe accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charit*s Act 2011 1.the 2011 Act,). In carrying out my examination I have followed the Directions given by Ihe Charity Commission under section 145(5Hb) of the 2011 Act. I￿lePendent examIne￿S statemènt I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to beI￿ve.. 1. accounting records were not kept In respect of the chartty as required by section 386 of the 2006 Act: or 2_ the financial statements do not accord with those records. or 3. the fillancial slalements do not comply wth the ￿countI[￿j requirement5 of section 396 of the 20￿ Act other than any requirement that the accounts give a 'true and fai¢ view which is not a matter consKlered as pari of an independent examination., or 4. the financial statements have not been prepared in accordan￿ wilh the me1hod5 and principle5 Of the Statement of Recommended Practice for accounting and reportiig by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicab￿ in Ihe UK and Republic of Ireland IFRS 102}. I have no concerns and have corne across ro other matters in connection wilh the examinatic￿ to which attention should be drawn in this report in order to enable a proper understanding of the accounls to be reached. Mr RW Gordon, FCA Independent Examiner Briar Lea House Bramploll Road Longlown Carlisle Cumbria CA6 5TN 18 De￿mber 2024 Carlisle Key Company Limited by Guarantee Statement of Financial Activities (Including Income and expenditure account) Year ended 31 March 2024 2024 2023 Unrestricted funds Restricted funds Total funds Total funds Note Income and endovrnents Donations and legacies other trading activities Investment income 60.176 105.272 50.742 110,918 105,272 146,619 139,501 380 Total Income 165.454 50.742 216,196 286.500 Expendlture Expenditure on charitable aclivilies 223,978 50,742 274.720 265,084 Totsl expenditure 223,978 50,742 274.720 265.084 Net lexpenditure}fincome and net movement in funds 158,524) (58,524) 21,416 Reconciliation of funds Total funds brought forward 303.114 303.114 281,698 Total funds carrfed forward 244.590 244.590 303,114 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing acbvtties. Carlisle Key Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Nole Flxed assets Tangible fixed assets Current assets Cash al bank and in hand 12 279,599 295.691 220.5C 278,077 Creditors: amounts falling due wlthin oneyear 13 6,040 12,367 Net current assets 214,468 265,710 Total assets less Current liabilitie$ 494.067 561,401 Cr•dltors: amounts falllng du• after moro Ihan one year 14 249.477 258,287 Not assets 244,590 303,114 Funds ofihe charity Unrestricted funds 244,590 303,114 Total charfty funds 18 244,590 303,114 For the year ending 31 March 2024 Ihe chgrity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating tQ small compar)ies. Directors. responsit¥'lities'. - The members have not required the CoMp￿Y to obtain an audtt of its financial statemer)ts for the year in question in accordance with section 476 ", The directors acknowledge their responsibilities for complwng wilh Ihe requirements of the Act with respect to accounting records and the preparatK)n of finantial statements . These financial statèments havo bèèn prepared in accordancè with th8 provisK)ns applicabl8 to companies subj8ct to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 18 December 2024 . and are signed on behalf of the board by.. PM Golla Trustee Carlisle Key Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 1. General infomiation The charity is a public benefit enb'ty and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 123-127 Botchergate, Carlisle. CA1 1 RZ. 2. Statement of eompllanc• These financial stslements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of IrekrKI'. the Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicaL4e in the UK and Republic of Irgland IFRS 1021 (Charities SORP {FRS 102)) and the Companies Act 2￿6. 3. Accounting policies Basis of preparation The financial slal8ments hav8 b@en prepared on th8 historirAI cost basis, as modiffed by the revaluation of cerlain financial assets and liabilities and inveslmenl properb.es measured at fair value through Income or expenditure. The financial statements are prepared in sterting, whid) Is the functional CUrre￿Y of the entity. Going concern There are no material uncertainties about the chanvs abilty tr) continue. Disclosure exemptions The enlity satisfies the criteria of being a qualrfying entsty as defined in FRS 102. Its financial stalements are consolidated into the financial statements of lenter name of group financial stslemenls) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102.. lal No cash flow statemenl has been presented for the company. {bl Disclosures in respect of financi81 instruments have not been presented . Judgements and key sources of eslimatlon uncertalnty The preparation ol the financial s¢alemenis requires managemenl to make judgements, eslimales and assumplions that affect the amounts reported. These eslimales and judsements are continually reviewed and are based on experience and other factors, including expedations of fulvre events that are believed to be reasonable under the circLJm5tances. Fund accounting Unrestricted funds are available for use at the discretion of the truslees to further any of the charity's purposes. Desigr)aled fLJnds are unreslricled fvnds earmarked by the tnjstees for particular future project or commitment. Resthcted funds are subjected lo restricbons on their expenditure dedared by the donor or through the terms of an appeal. and fall into one of two sub-dasses". restricted income lunds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed lo the charity: it is probable that the economic benefits associated wtth the transaction will flow to the charity and the anKJunl can be reliably measured. The followng specffic poI￿leS are applied to partiCLJlar categories of income.. income from donations or grants is recognised when there is evidence of enlillemenl to the gift. receipt is probable and its amount can be measured reliably. legacy In￿Me is recognised when receipt is probable and entitlement is established. income from donated goods is measu-ed al the fair value of the goods unless Ihis is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and serVI￿S are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the conlributson of general vdunteers. Income from contracts for the supply of Services 15 recognised with the delivery of the corbtracted service. This is classrfied as unreslricled funds unless there is a conlraclual requiremenl for il lo be spent on a parbcular purpose and returned if UnS￿nI. in which case il may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is dassified under healings of the statement of financ￿1 acttvities to which it relates.. expenditur& on raising funds indudes the costs of all fundraising activities. events. non-charitable trading activities, and the sale of donated goods. expenditure on tharilat4e activities includes all costs incurred by a charity in unijertaking activities that further Its charitsble aims for the benefit of ils beneficiaiies, including those support costs and costs relating to the governance of the tharity apportioned to charitsble activities. other expenditure includes all expenditure Ihat is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories ref ecling the use of the resource. Direct costs 3ttribLrtable to a single activity are allocated directly to Ihal actsvity. Shared costs are apportioned belween the adivilies they contribute lo on a reasor)able. jusbfiable and consistent basis. Tangible assets Tangible assets are inttially re(x)rded at cosl, and sUbSequen￿Y Stat￿ at cost less any accumulated depreciation and impaimient losses. Any tsngible assets tsrried at revalued amounts are recorded al the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulaled impaimienl losses. An increase in the carying amount of an asset as 8 result of a revaluation, is recogr)ised in other recognised gains and losses, unless it reverses a charge for impaimienl that has previously been recognised as expenditure within the statement of financial activities. A decrease in Ihe carrying amourt of an asset as a result of revaluation, is recognised in other recognised gains and losses. ex￿pt to it offsets any previous revaluation gain, in which case the loss is shown within other rec¢yJnised gains and losses on Ihe statement of financial activities. Depreciation DepreG13t1￿ is calculated so as to write off the or valuation of an asset. less its residual value, over the useful economic life of that asset as follows= Freehold property Fixtures and ffltings Equipment Impairment of fixed assets A review for indicators of impaimient is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the csrrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impaimienls are also reviewed for possible reversal al each reFK>rting date. For the purposes of impairment 18sting. when it is not possible to esl'mate the r8coverable amount of ar) individual asset, an estimate is made of the recoverable amount of Ihe cash4JeneTating unit to which the asset belongs. The cash-generaling unil is the smallest idenlifiable group of assets Ihal ircludes the assel and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodTMII acquired in a business combination is, from the acquisition date. allocated to each of the cash-generating units that are expecled to benefit fr?m the synergies of the combination. i￿espe￿ive of whether other assets or liabilities of the charty are asS￿ned to those units. Govarnm&nt grants Government grants are recognised al the fair value of the assel re￿iVed or receivable. Grants are not recognised until there is reasonable assurance Ihat the charity wll comply with the condttitsns attaching tts them arbd the grants will be recwved. Where the grant does not impose specified future performan￿-relaIed conditions on the recipient, it is recognised in income when the giant procee(Js are received receivable. Where the grant does impose specified future perfomiance-related cOnd￿on$ on the recipient. il is recognised in ine(xne Only when the performance-relaled conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liabilty- 2% straight line 25% straight line 250/0 straight line Financial instruments A financi31 asset or a financial liability is recognised only ￿hen the charity becomes 3 party to the contractual provisions of the instrument. Basic fir)ancial instruments are irmtially recognised al Ihe amount receivable or payable includiT)g any related transaction costs. Current assets and current liabiltties are subsequently measured at the cash or other consiéeralion expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publidy traded or their fair value can otherwise be measured reliably. Ihe investrnent is subsequently rr*asured al fair value wtth changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivab'ves, are inilially recognised * fair value, unless payment for an as5el is deletred beyolld normal busines5 tetms or financed at a rate of intere51 that Is not a market rate, in which case the asset is measured al the present value of the future payments discounted at a marf(el rale of interest lor a similar debt instrument. Other finanoal instruments are subsequently measured at fair value. with any changes r8cognised in the st8lemeNt of finanaal activities. with the exception of hedging instrument5 in a designated hedging relationship. Flnancial assets that are measured al cost or amortlsed cost are revlewe¢ for oblectlve eviden￿ of Impalrmenl at the end of each reporting date. If there is objective evidence of impairment. an impairment loss is recognised under the appropriale heading in the statement of financial acknvities in which the initsal gain was recognised. For all equity instruments regardless of significance, and other financial asset5 that are ir)dividually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk tharacteristics. Any reversals of impaimieit are recognise(l immediately, lo the extent that the reversal does not resutt in a carying amounl of Ihe finanual asset that exceeds what the carrying amount would have been had the impaimienl not previousty been rec(onised. Deflned contrlbutlon plans Contributions to defined contribution plans are recognised as an expense in the peri(Ml in which the related service is provided. Prepaid contributions are recognised as an assel to the extent that the prepayment wll lead to a reduction in future payments or a cash refU￿1_ When contributions are not expected to be settled wholly within 12 m￿thS of the end of the reporting date In which the employees rendw the related service. the liability is measured on a discounted present value ba￿s. The unwinding of the discount is reccrfJnised as an expense in the period in which il arises. 4. Limited by guarantee The liability of the members is limited. Every member of the company undertakes to contribute to the assets of the company in the event of the same being wound up while he is a member. or within one year after he ￿aSeS lo be a member. for payment of the debts and li8bililies of the company contracted before he ceases lo be a member and of the costs, charges and expenses of wnding up and for the adjustment of Ihe rights of the Contribut￿￿$ among thwnselves, such amount as may be required not ex(Eeding £1. 5. Donations and lggacies Unrestricted Funds Restricled Total Funds Funds 2024 Donations Donations Grants 4.116 4,116 Grants receivable 4.500 4.500 9,097 1.423 5.000 Release of hdding granls Co-op Community Fund Hadfield 9,097 1,423 5,000 Communty Foundation Tyne & Wear and Northumberfand Cumberland County Council National Lottwy bert Hunt Trust 6,782 28.440 6,782 28,440 Francis C Scott The Hellry Smith Charty Lloyds Bank Foundab'on 51.560 51,560 60,176 50,742 110,918 Unrestricted Funds Restrided Futxjs Total Funds 2023 Donatlons Donations 7,323 7,323 Grants Grants receivable Release of hc4ding grants Co-op Community Fund Hadfield Community Foundation Tyne & Wear and Northumberland Cumberland County Council National Lott 5,949 5,949 9.097 9,097 4,500 15,500 4,500 15,500 Albert Hunt Trust 7,000 7.000 20,000 50.000 27.250 F￿n¢19 C Scott The Henry Smith Charity Lloyds Bank Foundab'on 20.OIXI 50.OCKJ 27.250 110,522 36,097 146,619 6. Other trading actlvitles Unrestricted Funds Total Funds Unrgstricted Funds Total Funds 2023 2024 Studènt placemenls Young pe￿on$ Income Rent 4,400 6.463 128,638 4,400 6,463 128,638 5,171 100,101 5.171 100.101 105,272 105.272 139.501 139,501 7. Invèstm•nt Incom• Unrestricted Total Funds Funds 2024 Unreslricled Funds Total Funds 2023 Bank interest receivable 380 380 8. Ngt lexpgnditurgyincomg Nel lexpenditurellinGome 15 stsled after chargingllcrediting): 2024 2023 Depreciation of tangible fixed assets 16,092 16.082 9. Independent Èxamination fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 2(KJ 200 10. Staff Costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Employer contributions to pen5KJn plans 137.915 6.614 115.730 5,158 144.529 120.888 The average head count of employees during the year was 8 (2023.. 10 ). The average number of full-lire equivalent employees during the year is analysed as fdlows= 2024 2023 No. No. Number of staff No employee received employee benefits of more than £60.000 during the year (2023.. Nill- 11. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 12. Tangible fixed assels Freehold property Fixtures and fittings Equipment Total Cost At 1 Aprll 2023 and 31 March 2024 277,417 60.841 16.322 354,580 Depreciation At 1 April 2023 Charge for the year 22.077 5.551 22.137 8.894 14.675 1,647 58,889 16,092 At 31 March 2024 27.628 31,031 16.322 74,981 Carrying amount At 31 March 2024 249.789 29,810 279,599 At 31 Marth 2023 255,340 38,704 1.647 295,691 13. Credltors: amounts falllng duewlthin one year 2024 2023 Bank loans and overdrafts 6.040 12.367 14. Creditors: amounts falling due aftgr more than one year 2024 2023 Bank loans and overdrafts 36.860 212.617 36.573 221.714 Accruals and deferred income 249,477 258,287 15. Deferred income 2024 2023 At 1 April 2023 212.617 221.714 16. Pensions and other post retirement beneffts Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribulion plans was £ 6.61412023.. £ 5.1581. 17. Government grants The amounts recognised in the financial statements for government grants are as follows= 2024 2023 Recognised in ¢￿ditorS-. Deferred govemmenl grants due after mre Ihan one year 212.617 221.714 18. Analysis of charitable funds Unrestrlcted funds At 31 March 2024 At 1 April 2023 Income Expendtture General funds 303.114 165.454 1223.978 244.590 At 31 March 2023 At 1 Aprtl 2022 Incorne Expenditure General funds 193.330 250.403 {140.619) 303.114 Restricted funds At 31 March 2024 At 1 April 2023 Income Expendilure Restrict8d Funds 9.097 19,097 St James Place Nationwide Tudor Trust Cumberland CC 6,782 (6,782 Cumbria Community Fund Homeless Link Ctrop Local Fund Hadfield Trust National Lottery 1.423 5,000 28.440 (1.423 15,OLYJ {28,440 50.742 {50.742 At 31 March 2023 Al 1 April 2022 Income Expenditure Restricted Funds 20,597 120.5971 16,9691 19.4211 13,500) 158.9101 17,000) 114.CN)01 14,068) St James Place 6,969 9.421 3.500 43,410 7,000 14.000 4.068 Naliorwide Tudor Trust Cumberland CC Cumbria Community Fund Homeless Link 15,5txi Co-op L￿21 Fund Hadfield Trust National Lottery 88.368 36,097 {124,4651 19. Analysis of nel assets between fvnds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current 3SSets 279,599 220.508 (6.0401 (249.4771 279,599 220.508 16,040} 1249.477) Creditors less than 1 year Creditors greater than 1 year N•t assèts 244,590 244,59Q Unrestricted Funds Total Funds 2023 Tangible fixed assets Current assets 295,691 278.077 112.3671 1258,28TI 295.691 278.077 {12,3671 {258,287) Creditors less than 1 year Credrtors greater than 1 year Net assets 303,114 303.114 This document was delivered using electronic communications and authenticated in accordance with ihe registrar's mles relating to electronic fomi, authenticatior and manner of delivery under sectioi) 1072 of the Companies Act ?006.