**REGISTERED COMPANY NUMBER: 04855747 (England and Wales) REGISTERED CHARITY NUMBER: 1100530**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
**----- Start of picture text -----**
FOR
THE CEDARWOOD TRUST
**----- End of picture text -----**
Read, Milburn & Co 71 Howard Street North Shields Tyne and Wear NE30 1AF
**THE CEDARWOOD TRUST**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 6|
|**Independent Examiner's Report**|7|
|**Statement of Financial Activities**|8|
|**Balance Sheet**|9 to 10|
|**Cash Flow Statement**|11|
|**Notes to the Financial Statements**|12 to 25|
|**Detailed Statement of Financial Activities**|26 to 27|
**THE CEDARWOOD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Policies and objectives**
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Cedarwood designs and delivers services to meet people's complex health and social needs, helping them to build happier and healthier lives. We are a regional charity with 16 staff and 30 volunteers, providing services for over 15,000 people. Our specialist services work across the North of Tyne.
Our main specialism is in poverty relief and food insecurity solutions we also specialise in children, young people and families, health and wellbeing, employment, training and education.
Our vision is for people of all ages to develop the human capital to increase their ability to work towards reaching their potential. We support local people to create stronger, better-connected communities.
Health and Wellbeing services including Over 50s groups and activities to promote community togetherness that reduces isolation and loneliness, working alongside NHS community services which include mental health, midwifery, vaccination clinics and smoking cessation.
As part of that vision, and the commitment to supporting communities as well as individual people, we deliver a range poverty and food insecurity services. We are proud to have built up a recognised specialism in poverty proofing interventions and food waste systems, redistribution and Social Supermarkets. However, we understand the importance of intervening early and offering support to divert people away from crisis we therefore also deliver a range of associated advice, information and guidance services including healthier lifestyle and behavioural advice.
## **Young People and Families**
Cedarwood offers support to families through our early years provision specifically in engaging play activities and providing a safe environment for parents and children to engage in play together.
## **Work & Skills**
Cedarwood offers specialist education and employment services. Our provision gives people with multiple disadvantages the valuable opportunity to identify and address the barriers to their employment, to work with employers and to create opportunities which lead to healthier, positive and more stable lives.
Page 1
**THE CEDARWOOD TRUST**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
## **ACHIEVEMENT AND PERFORMANCE**
## **Our Impact**
Examples of our impact in 2022/23 include:
Organisation-wide:
- Cedarwood supported 15,000 people across our services.
- Volunteers across our services gave a total of 11,520 hours; an average of 221 hours for each week of
- - the year.
- 996 attendees to activities in accessing education.
- 750 learning activities provided.
- 7810 wellbeing & mental health interventions.
- 2160 Housing support interventions.
- 4320 life disadvantages resolution interventions.
- 3240 promotions of education.
- 3,400,000 C02 carbon emissions saved by using an electric vehicle.
- Redistributed 67 tons of Food.
- 160 Progression to FE or HE.
- 108 students into employment.
- SORI Independent evaluation by the TOMs Social Value Portal evidenced a social and economic value
- return of £1.88 on every £1 spent on commissioning.
- Learners supported to claim £247,000 in unclaimed benefits.
- OFSTED ready.
## **FINANCIAL REVIEW**
Our focus this year has been to further strengthen and consolidate our financial position. We have monitored potential and actual costs closely to ensure that we continued to meet our charitable objectives as well as strengthening our position for the future. We have also been successful in attracting new business to the group which too which has also contributed to the positive result in the year.
The majority of our funding is still obtained by tendering for the delivery of our specialist services. Our funders include Local Authorities, Community Foundation, NTCA, the Big Lottery, charitable grants and donations.
We have continued to exercise tight financial controls over cash flow and to retain a high level of liquidity that is adequate for us to service our existing commitments and to invest in our growth areas. Late confirmation of successful awards has sometimes posed problems for planning but we seek to mitigate these.
The charity reported a surplus of £35,323 (2022 - £61,202), comprising a surplus on unrestricted funds after transfers of £35,954 (2022 - £40,691) and a deficit on restricted funds of £631 (2022 - surplus of £20,511).
At the balance sheet date, total funds amounted to £674,798 (2022 - £639,475) of which £442,360 (2022 - £442,991) was subject to restriction and a further £55,000 (2022 - £55,000) was designated for specific purposes. The free reserves of the charity amounted to £177,438 (2022 - £141,484).
Page 2
**THE CEDARWOOD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
## **FINANCIAL REVIEW - continued**
## **Reserves policy**
Following the review of our reserves policy, we believe that the target level set continues to be sufficient for the needs of our organisation. Our reserves policy is set at an equivalent to one month of total resources expended.
Such a level of reserves would provide a buffer to enable the organisation to make provisions for the loss of a major service whilst maintaining effective management and administration of the charity. These reserves also provide working capital to enable development of service provision.
## **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity have adequate resources to continue operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **PLANS FOR FUTURE PERIODS**
Cedarwood has continued to grow and to improve the quality of our work delivering poverty interventions, food insecurity relief, adult education and community wellbeing services.
2022/23 has also seen a large amount of consultation within Cedarwood to engage staff, as well as with external stakeholders, to inform and shape our values and strategy.
We have also reviewed and updated the way that we work with - and listen to - the people we support. 'Community Voice' is made up of a wide selection of the community and people we support at different stages in their journeys. Community Voice exists to bring the perspectives and insights of people with lived experiences of all kinds to discuss emerging needs of the communities and will feed directly into our Board.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
Cedarwood Trust (Cedarwood) is a charity and company limited by guarantee - incorporated 4 August 2003 and registered as a charity on 5 November 2003.
The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association. Under those Articles, the Trustees are elected at the Annual General Meeting (AGM). Under the Articles, trustees are to be appointed for a threeyear term and may serve in office for a maximum of six years (i.e., 2 terms).
The Trustees reviewed Cedarwood's Memorandum and Articles in the light of changes to Charity and Company law and have forward planned amendments in 2024. Key changes are in relation to the geographical reach and moving to a CIO status. Cedarwood is working in line with the charity governance code.
Page 3
## **THE CEDARWOOD TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT - continued**
## **Recruitment, training, and appointment of Trustees**
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Board protocol. Cedarwood's governing body is a voluntary Board of Trustees, each of whom sits independently and does not represent any other agencies. The Trustees who held office during the 2022/23 financial year and at the time of writing this report are set out on page 2.
Trustees are recruited using advertisements with potential trustees being invited to complete an application form. Cedarwood recruits Trustees who are able to offer a wide range of experience for the benefit of the group including business, finance, education and quality. A panel of Trustees, together with the chief executive, meet with applicants to discuss Cedarwood's aims and objectives, outline their responsibilities as Trustees and ensure that there are no conflicts of interest and to answer any questions that applicants may have.
Trustees undertake mandatory training annually, including Information Governance, Safeguarding and Equality, Diversity and Inclusion. Regular skills audits and governance reviews also take place to ensure our trustee board has the requisite skills and attributes required to oversee our group and charity.
The Board of Trustees are responsible for the strategic direction and policies of the organisation and are actively involved in strategy development and business planning. The Trustees monitor compliance with the business plan through oversight of our key performance indicators as set out in the plan.
The Chair of Trustees provides supervision and support for the Chief Executive. Responsibility for the day to day running of Cedarwood is with the Chief Executive along with the Leadership Team who are responsible for the operational delivery units which deliver Cedarwood services.
Trustees take a keen interest in OFSTED inspections that have followed our move into Adult Education, and we have established both employee and Trustee expertise in this area.
## **Risk management**
The risk management strategy and risk registers are in place to review, evaluate and minimise any risks facing the organisation. The organisational risk register covers Finance, Operational, Governance and Environmental risks, and is reviewed quarterly by the full board. Quality systems and audit checks are embedded in our service delivery and we comply with the various audit frameworks including OFSTED, Good Work Pledge, Matrix and Governance and Financial Standard of the Regulatory Framework.
The principal risks and uncertainties we face include: reduced availability of contracts, late confirmation of new contracts, and continuing cost pressures; the need for a skilled and committed workforce who we need to ensure to feel motivated and part of Cedarwood; ever-changing and demanding inspection standards and demanding contract targets and outcomes. Management strategies include stringent vetting of bids and any potential liabilities they may bring; consulting with staff and implementing a strong induction program as well as reviewing our vision, mission and values with staff; a clear focus on Quality monitoring and addressing contractual performance and quality standards. Our work going forward into 2023/24 will again build on the strong foundations already laid.
Page 4
## **THE CEDARWOOD TRUST**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT - continued**
## **Employees with disabilities**
The organisation fully complies with the Equality Act 2010. We have achieved Disability Confident Employer and an Equality, Diversity and Inclusion statement of intent. Cedarwood does not discriminate against employees because of mental or physical disability.
## **Public benefit**
From 1 April 2008, section 4 of the Charities Act 2011 required all charities to meet the legal requirement that their aims be for the public benefit. The Trustees confirm that they have complied with the duty to have due regard to the Charity Commission's general guidance on public benefit.
The Charity Commission states that there are two principles to be met in order to show that an organisation's aims are for the public benefit; firstly, there must be an identifiable benefit or benefits and secondly that the benefit must be to the public, or a section of the public. The Trustees are satisfied that the aims and objectives of the charity, and the activities reported on above, meet these principles.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
04855747 (England and Wales)
## **Registered Charity number**
1100530
## **Registered Office**
The Meadow Well Centre, Avon Avenue, North Shields, NE29 7QT
**Trustees**
Dr J Appleby - Chair Mr A Gray Mr A Parker Ms F Marshall Mr C Milburn Rev. H Young Ms S H Willis Retired 27 September 2022 Mr T Dillon Retired 10 January 2023 Mrs C Crossling Retired 1 April 2023 Mrs A O'Donnell Retired 1 April 2023
## **Key Management Personnel**
Mr W Dobson, CEO
## **Independent Examiner**
Read, Milburn & Co., 71 Howard Street, North Shields, NE30 1AF
## **Bankers**
The Co-operative Bank p.l.c., P.O. Box 101, 1 Balloon Street, Manchester, M60 4EP
Page 5
## **THE CEDARWOOD TRUST**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of The Cedarwood Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 17 April 2024 and signed on its behalf by:
Dr J. Appleby - Chair
Page 6
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CEDARWOOD TRUST**
## **Independent examiner's report to the trustees of The Cedarwood Trust ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its 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 ('the 2006 Act').
Having satisfied myself that the 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. 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 those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Nicholas J Liley FCA
Read, Milburn & Co
18 April 2024
Page 7
## **THE CEDARWOOD TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
16,741
**Charitable activities**
4
Grant funded activities
2,900
Other trading activities
3
49,433
Other income
10,410
**Total**
79,484
**EXPENDITURE ON**
**Charitable activities**
5
Grant funded activities
43,530
**NET INCOME/(EXPENDITURE)**
35,954
**RECONCILIATION OF FUNDS**
Total funds brought forward
196,484
**TOTAL FUNDS CARRIED FORWARD**
232,438|Restricted
funds
£
-
684,291
-
-
684,291
684,922
(631)
442,991
442,360|2023
Total
funds
£
16,741
687,191
49,433
10,410
763,775
728,452
35,323
639,475
674,798|2022
Total
funds
£
25,037
547,949
9,462
31,361|
|---|---|---|---|
||||613,809|
||||552,607|
||||61,202
578,273|
||||639,475|
The notes form part of these financial statements
Page 8
## **THE CEDARWOOD TRUST (REGISTERED NUMBER: 04855747)**
## **BALANCE SHEET 31 AUGUST 2023**
|Notes
**FIXED ASSETS**
Tangible assets
11
**CURRENT ASSETS**
Debtors
12
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
13
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**PROVISIONS FOR LIABILITIES**
15
**NET ASSETS**
**FUNDS**
17
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|2023
£
442,360
50,380
261,176
311,556
(78,706)
232,850
675,210
(412)
674,798
232,438
442,360
674,798|2022
£
340,081
23,148
509,068
532,216
(232,128)
300,088
640,169
(694)
639,475
196,484
442,991
639,475|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 9
## **THE CEDARWOOD TRUST (REGISTERED NUMBER: 04855747)**
## **BALANCE SHEET - continued 31 AUGUST 2023**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 17 April 2024 and were signed on its behalf by:
Dr J. Appleby - Chair
The notes form part of these financial statements
Page 10
## **THE CEDARWOOD TRUST**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023**
|Notes
**Cash flows from operating activities**
Cash generated from operations
20
Net cash (used in)/provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash used in investing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end**
**of the reporting period**|2023
£
(113,003)
(113,003)
(134,889)
(134,889)
(247,892)
509,068
261,176|2022
£
227,727
227,727
(45,403)
(45,403)
182,324
326,744
509,068|
|---|---|---|
The notes form part of these financial statements
Page 11
**THE CEDARWOOD TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest Pound (£).
## **Going Concern**
The financial statements are prepared on the going concern basis. In the opinion of trustees, no material uncertainties exist about the charity's ability to continue.
## **Income**
Income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether capital or revenue in nature, is recognised when the charity has entitlement to the funds, any related performance conditions have been satisfied, it is probable that income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Allocation and apportionment of costs**
Support costs relate to functions of the charity which do not directly undertake charitable activities. Support costs are charged to the activity to which they relate; where they relate to multiple activities they are apportioned on the basis of staff time spent on each activity.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost Improvements to property - 4% on cost Fixtures and fittings - 25% on cost and 10% on cost Computer equipment - 25% on cost
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
continued...
Page 12
**THE CEDARWOOD TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
The company also participates in a defined benefit pension scheme. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme, therefore it accounts for the scheme as a defined contribution scheme.
## **Debtors**
Debtors and prepayments are recognised at the settlement amount due or amount prepaid.
## **Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments.
## **Creditors**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
## **Financial instruments**
Other than those mentioned above, the company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
continued...
Page 13
## **THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
|**2.**
**DONATIONS AND LEGACIES**
Donations
**3.**
**OTHER TRADING ACTIVITIES**
Shop and catering income
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Grants
Grant funded activities
Grants received, included in the above, are as follows:
Community Foundation
Tudor Trust
North Tyneside Council - ESF
North Tynseside Council - Step Up into Care
North Tynseside Council - Covid Relief Fund
North of Tyne Combined Authority
North Tyneside Council - Household Support
Kickstart
Kavli Trust
GambleAware
Learning for Life
Other grants|2023
£
16,741
2023
£
49,433
2023
£
687,191
2023
£
37,993
-
1,498
217,000
-
165,000
5,000
1,044
173,371
34,145
30,940
21,200
687,191|2022
£
25,037
2022
£
9,462
2022
£
547,949
2022
£
11,614
34,166
14,546
217,000
6,000
212,438
25,300
18,335
-
-
-
8,550
547,949|
|---|---|---|
continued...
Page 14
## **THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **5. CHARITABLE ACTIVITIES COSTS**
|Grant funded activities
**6.**
**SUPPORT COSTS**
Grant funded activities|Direct
Costs
£
511,075|Support
costs (see
note 6)
£
217,377|Totals
£
728,452
Mgmt and
admin
£
217,377|
|---|---|---|---|
## **7. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
|Depreciation - owned assets
Other operating leases
Independent Examiner's remuneration including irrecoverable VAT
Operating lease payments|2023
£
32,610
7,218
1,950
10,790|2022
£
19,121
-
1,920
5,204|
|---|---|---|
## **8. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.
## **9. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs|2023
£
366,540
21,854
8,264
396,658|2022
£
291,521
18,740
3,872|
|---|---|---|
|||314,133|
Key management personnel, including the trustees, are listed under Reference and Administrative Details. Total employee benefits of the key management personnel were £66,785 (2022 - £64,344).
continued...
Page 15
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **9. STAFF COSTS - continued**
The average monthly number of employees during the year was as follows:
|2023
Key management
2
Other staff
13
15
No employees received emoluments in excess of £60,000.
**10.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
Restricted
funds
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
25,037
-
**Charitable activities**
Grant funded activities
50,166
497,783
Other trading activities
9,462
-
Other income
31,361
-
**Total**
116,026
497,783
**EXPENDITURE ON**
**Charitable activities**
Grant funded activities
29,932
522,675
**NET INCOME/(EXPENDITURE)**
86,094
(24,892)
**Transfers between funds**
(45,403)
45,403
**Net movement in funds**
40,691
20,511
**RECONCILIATION OF FUNDS**
Total funds brought forward
155,793
422,480
**TOTAL FUNDS CARRIED**
**FORWARD**
196,484
442,991|2022
2
13
15
Total
funds
£
25,037
547,949
9,462
31,361|
|---|---|
||613,809|
||552,607|
||61,202
-|
||61,202
578,273|
||639,475|
continued...
Page 16
## **THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **11. TANGIBLE FIXED ASSETS**
|Improvements
Fixtures
Freehold
to
and
property
property
fittings
£
£
£
**COST**
At 1 September 2022
220,000
177,898
34,595
Additions
-
-
134,889
At 31 August 2023
220,000
177,898
169,484
**DEPRECIATION**
At 1 September 2022
52,800
12,605
30,845
Charge for year
8,800
7,116
14,923
At 31 August 2023
61,600
19,721
45,768
**NET BOOK VALUE**
At 31 August 2023
158,400
158,177
123,716
At 31 August 2022
167,200
165,293
3,750
**12.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
Prepayments and accrued income|Computer
equipment
£
7,080
-
7,080
3,242
1,771
5,013
2,067
3,838
2023
£
8,582
41,798
50,380|Totals
£
439,573
134,889
574,462
99,492
32,610
132,102
442,360
340,081
2022
£
11,960
11,188
23,148|
|---|---|---|
||||
||||
||||
||||
||||
||||
continued...
Page 17
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Social security and other taxes
Other creditors
Accruals and deferred income|2023
£
6,174
9,348
63,184
78,706|2022
£
2,402
10,572
219,154
232,128|
|---|---|---|
## **Deferred Income**
Included within Accruals and Deferred Income are the following amounts comprising income received in advance of delivery of the related services or expenditure incurred.
|Balance at 1 September 2022
Released to incoming resources
Amount deferred in year
Balance at 31 August 2023|£
216,245
(204,331)
48,062
59,976|
|---|---|
## **14. LEASING AGREEMENTS**
Minimum lease payments under non-cancellable operating leases fall due as follows:
|Within one year
Between one and five years
**15.**
**PROVISIONS FOR LIABILITIES**
Provisions|2023
£
8,505
9,399
17,904
2023
£
412|2022
£
3,246
2,265|
|---|---|---|
|||5,511|
|||2022
£
694|
continued...
Page 18
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **15. PROVISIONS FOR LIABILITIES - continued**
|**Present Values of Provision**||||
|---|---|---|---|
||2023|2022|2021|
||£|£|£|
|Present value of provision|412|694|6,836|
|**Reconciliation of Opening and Closing Provisions**||||
|||2023|2022|
|||£|£|
|Provision at start of period||694|6,836|
|Unwinding of the discount factor (interest expense)||24|39|
|Deficit contribution paid||(302)|(1,250)|
|Remeasurements - impact of any change in assumptions||(4)|(31)|
|Provision at end of period||412|5,594|
|**Income and Expenditure Impact**||||
|||2023|2022|
|||£|£|
|Interest expense||24|39|
|Remeasurements - impact of any change in assumptions||(4)|(31)|
|||20|8|
|**Assumptions**||||
||2023|2022|2021|
||% per annum %|per annum % per annum||
|Rate of discount|6.04|4.46|0.63|
The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.
continued...
Page 19
## **THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **16. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Unrestricted
funds
£
Fixed assets
-
Current assets
251,580
Current liabilities
(18,730)
Provision for liabilities
(412)
232,438
**17.**
**MOVEMENT IN FUNDS**
At 1/9/22
£
**Unrestricted funds**
General fund
141,484
Contingency Fund
55,000
196,484
**Restricted funds**
Freehold property
167,200
Propety improvements
165,293
Other tangible fixed assets
7,588
Step Up into Care
73,664
Nourish (Food Membership Scheme)
16,088
NTCA - Nurture
8,522
Kickstart
4,636
Asgard Production Project
-
442,991
**TOTAL FUNDS**
639,475|Restricted
funds
£
442,360
59,976
(59,976)
-
442,360
Net
movement
in funds
£
35,954
-
35,954
(8,800)
(7,116)
(16,694)
(66,410)
(16,088)
(6,785)
(4,636)
125,898
(631)
35,323|2023
Total
funds
£
442,360
311,556
(78,706)
(412)
674,798
Transfers
between
funds
£
-
-
-
-
-
134,889
(7,254)
-
(1,737)
-
(125,898)
-
-|2022
Total
funds
£
340,081
532,216
(232,128)
(694)
639,475
At
31/8/23
£
177,438
55,000
232,438
158,400
158,177
125,783
-
-
-
-
-
442,360
674,798|
|---|---|---|---|
continued...
Page 20
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **17. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Freehold property
Propety improvements
Other tangible fixed assets
Elders
ESF - Brighter Futures
Step Up into Care
Nourish (Food Membership Scheme)
NTCA - Nurture
Green Transition
Kickstart
Asgard Production Project
Thrive to Survive
Learning for Life
Other restricted funds
**TOTAL FUNDS**|Incoming
resources
£
79,484
-
-
-
29,630
1,498
217,000
12,631
165,000
8,363
1,044
173,371
34,145
30,940
10,669
684,291
763,775|Resources
Movement
expended
in funds
£
£
(43,530)
35,954
(8,800)
(8,800)
(7,116)
(7,116)
(16,694)
(16,694)
(29,630)
-
(1,498)
-
(283,410)
(66,410)
(28,719)
(16,088)
(171,785)
(6,785)
(8,363)
-
(5,680)
(4,636)
(47,473)
125,898
(34,145)
-
(30,940)
-
(10,669)
-
(684,922)
(631)
(728,452)
35,323|
|---|---|---|
continued...
Page 21
## **THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **17. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|**Unrestricted funds**
General fund
Contingency Fund
**Restricted funds**
Freehold property
Propety improvements
Other tangible fixed assets
ESF - Brighter Futures
NLCF - Covid Support
Step Up into Care
Nourish (Food Membership Scheme)
NTCA - Nurture
Kickstart
**TOTAL FUNDS**|At 1/9/21
£
100,793
55,000
155,793
176,000
131,739
6,060
10,084
9,875
88,722
-
-
-
422,480
578,273|Net
movement
in funds
£
86,094
-
86,094
(8,800)
(7,116)
(3,205)
(10,084)
(9,875)
(15,058)
16,088
8,522
4,636
(24,892)
61,202|Transfers
between
funds
£
(45,403)
-
(45,403)
-
40,670
4,733
-
-
-
-
-
-
45,403
-|At
31/8/22
£
141,484
55,000
196,484
167,200
165,293
7,588
-
-
73,664
16,088
8,522
4,636
442,991
639,475|
|---|---|---|---|---|
continued...
Page 22
**THE CEDARWOOD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **17. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Freehold property
Propety improvements
Other tangible fixed assets
Elders
ESF - Brighter Futures
NLCF - Covid Support
Step Up into Care
Nourish (Food Membership Scheme)
NTCA - Nurture
Green Transition
Kickstart
Other restricted funds
**TOTAL FUNDS**|Incoming
resources
£
116,026
-
-
-
70
14,546
-
217,000
25,300
212,438
1,544
18,335
8,550
497,783
613,809|Resources
Movement
expended
in funds
£
£
(29,932)
86,094
(8,800)
(8,800)
(7,116)
(7,116)
(3,205)
(3,205)
(70)
-
(24,630)
(10,084)
(9,875)
(9,875)
(232,058)
(15,058)
(9,212)
16,088
(203,916)
8,522
(1,544)
-
(13,699)
4,636
(8,550)
-
(522,675)
(24,892)
(552,607)
61,202|
|---|---|---|
## **Contingency fund**
These are funds set aside by the trustees such that they do not form part of the general operations of the charity and will be used to meet presently unforeseen future expenditure.
## **Freehold property and property improvements and other tangible fixed assets**
These funds comprise the reserves of the charity that are represented by fixed assets. During the year ended 31 August 2021 a grant of £35,000 from the Tudor Trust towards property renovations was credited to this fund and an additional £110,228 was transferred from other funds where grant conditions were satisfied by the acquisition of tangible fixed assets.
## **Other restricted funds**
The restricted funds represent the income and associated costs related to the specified project, upon which a restriction has been placed by the donor.
The Elders fund delivers services to the over-55s, including the re-training of staff and volunteers.
Parents Plus delivers parenting classes and related services and includes funding for a full-time coordinator and part-time assistant.
The National Lottery Community Fund provided emergency funding in response to the Coronavirus pandemic, including the Nourish Food Membership scheme via the Power to Change Trust.
continued...
Page 23
**THE CEDARWOOD TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **17. MOVEMENT IN FUNDS - continued**
North Tyneside Council provided funding as part of the Step Up to Care initiative, utilising the resources of local community organisations to provide services to vulnerable residents.
The Kavli Trust provided funding for the Nourish Meals project, including the outfit of the kitchen.
GambleAware provided funding for the Thrive to Survive Project.
## **Transfers between funds**
Amounts transferred to restricted funds represent the (additional) funding of specific projects out of unrestricted reserves, or where funding conditions are met via capital expenditure, as detailed above.
## **18. EMPLOYEE BENEFIT OBLIGATIONS**
The charitable company participates in TPT Retirement Solutions - The Growth Plan (the Scheme), a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the charitable company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.
The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.
The scheme is classified as a 'last-man standing arrangement'. Therefore the charitable company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.
A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m.
## **19. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 August 2023.
continued...
Page 24
**THE CEDARWOOD TRUST**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023**
## **20. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Depreciation charges
Increase in debtors
(Decrease)/increase in creditors
Difference between pension charge and cash contributions
**Net cash (used in)/provided by operations**|2023
£
35,323
32,610
(27,232)
(153,422)
(282)
(113,003)|2022
£
61,202
19,121
(8,575)
162,121
(6,142)
227,727|
|---|---|---|
## **21. ANALYSIS OF CHANGES IN NET FUNDS**
||At 1/9/22|Cash flow|At 31/8/23|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cash at bank and in hand|509,068|(247,892)|261,176|
||509,068|(247,892)|261,176|
|**Total**|509,068|(247,892)|261,176|
## **22. LEGAL STATUS**
The Cedarwood Trust is a company limited by guarantee, registered in England and Wales and has no share capital. The company's registered number and registered office address can be found within Reference and Administrative Details.
The liability of members is limited. Every member of the Charity undertakes to contribute such amount as may be required (not exceeding £1) to the Charity's assets if it should be wound up while he or she is a member or within one year after he or she ceases to be a member, for payment of the Charity's debts and liabilities contracted before he or she ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves.
Page 25
**THE CEDARWOOD TRUST**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Other trading activities**
Shop and catering income
**Charitable activities**
Grants
**Other income**
Rent received
Other income
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Social security
Pensions
Other direct costs
**Support costs**
**Mgmt and admin**
Vehicle hire
Repairs and maintenance
Insurance
Heat, light and water
Telecommunications
Printing, postage and stationery
Advertising
Cleaning and sundries
Training and recruitment
Subscriptions
Professional fees
Carried forward|2023
£
16,741
49,433
687,191
2,641
7,769
10,410
763,775
366,540
21,854
8,264
114,417
511,075
7,218
54,273
5,388
16,807
20,983
4,816
8,850
23,606
5,817
11,540
25,469
184,767|2022
£
25,037
9,462
547,949
24,407
6,954
31,361
613,809
291,521
18,740
3,872
80,912
395,045
-
36,833
5,318
13,285
18,700
4,779
7,349
12,756
10,485
7,511
21,425
138,441|
|---|---|---|
This page does not form part of the statutory financial statements
Page 26
**THE CEDARWOOD TRUST**
**DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023**
|**Mgmt and admin**
Brought forward
Depreciation of tangible fixed assets
Total resources expended
**Net income**|2023
£
184,767
32,610
217,377
728,452
35,323|2022
£
138,441
19,121
157,562
552,607
61,202|
|---|---|---|
This page does not form part of the statutory financial statements
Page 27