Reglstergd number.. 05026647 Charlty number: 1102216 FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 ? Bishop Fleming FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEE) CONTENTS Page Rgferenc• and administrative dgtails of the Charlty, its Trustgas and advi5ern Trustees. report Trustee5' responsibllltles statemgnt Independont auditors. report on the financlal statemenls Statsment of flnanclal actlvlties 10 8alanc& sheet 11 statement of cash flows 12 Notes to the financlal statements 13-25 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEEI REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARtrY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees F S Morton C C Britton D Y Pincott E Sawyer N J Morgan Company registered number 05026647 Charlty reglstered number 1102216 R8glst9rod offic8 Leigh Court Day Centre Pill Road Abbots Leigh Bristol BS8 3RA Company socretary R L Burkinshaw Chigf exe¢utiVg officer Claire Hayward Independent audltors Bishop Fleming LLP Chartered Accountanls 10 Temple Back 8rislol BS1 6FL Bankers Barclays Bank plc 86 Queens Road Clifton Bristol BS8 1RB Soliclto Burges Salmon LLP One Glas5 Wharf Bristol BS2 OZX Page 1 FREEWAYS TRUST IA COMPANY LIMrrED BY GUARANTEE} TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees (who are also the directors of the ¢harity for the purpose of the Companies Act) present their annual report together with the audited financial statements of Freeways Trust (the charity) for the year ended 31 March 2023. The Trustees confimi that the Annual Report and financial slalemenls of the charity comply with the current 51atulory requirements, the requirements of the charity's governing document and Accounting and Reporting by Charities.. Slalement of Recommended Pra¢lice applicable to charities preparing their accoijnts in accordance with the Financial Reporting Standard applicatrAe in the UK and Republic ol Ireland IFRS 1021 leffective 1 January 20191. Since the chanty qualrfies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2026 (Strategic Report and Directors, Report) Regulations 2013 15 not needed. Freeway TTUSt's chafitable purpose is enshrined in its objects 'lo promote the educatson and training (including social and physicall and the care and relief of mentally handicapped persons or persons suffer1ng from mental illness or other disorder of the mind by the eslablishmenl or acquisition, mainlefiance and operatson of residential houses and hostels and Ifainin9 centres for such persons" The Trustees ensure that this purpose is carried out for the public benefit by delivering the prowsion of high quality properties lo Freeways (Charity no. 298603- a charity undertaking lo provide direct support to adults with learning disabilities) for use as facilities lor residential homes, supported living properties or as day Cafe and therapeutic facilities for people with learning disabilities., and also directty to adults with learning disabilitie5 for supported living. The Trustees confirm that they have complied with the duty to have regard lo the Charity Commission's general guidance on public benefit, "Charities and Public Benefit.. Structufe, Governance and Management Freeways Trust is a company limited by guar8nlee (Registered no. 50266471 registered in England and Wales and a registered charity (Registered no. 11022161. The company is limited by guarantee having no shale Capital. In the event of the company being wound up every membec undertakes lo contribute lo the assets ol the company up lo an amount not exCe￿Ing £1. Freeways TTUSt was estsblished in December 1987 under a deed of Trust as a registered charity. From 1 April 2004, the activities of the charity were incorporaled. The governing document is the Memorandum and Articles of Association of the company and members of the Board of Trustees are the Directors ol the company. The Trustees have delegated day to day finance management of the chanty lo the Company Secretary. In addition the Trustees have appointed a Slr8tegi¢ Eslale Manager to lead the preparation and implementation of an eslales strategy and also report on the performance of the charity against strategic plans set and agreed by the Trustees. The Trustees meet bi-monthly. During the year, there were no changes to the Trustees appointed lo the Freeways Trust Board. New Trustee5 invited lo join the Board are selected on the basis of their experience and skills. Trustees are encouraged tr) attend appropriate external training events Whe￿ these would facil((ale the understsnding of their role. A separate charity, Freeway5 (Charity no. 2986031, mainly has common TNslees to Freeways Trust, but is not under common control and both organisations have similar charitable objects. A small number of stsff work across both OTganisalions in a shared office space al Leigh Court. All Trustees give of their lime freely and none receive Temuneration or other benefit for their work with the Charity. Trustees are required to disclose all relevant interests and register them with the Company Secretsry and any connection beknn a Trustee and a related party of other Organisations with which the charity co operates is disclosed in the same way as any other conlraclual relatsonship with a related paty. Details of Trustee expenditure and related party transactions are disclosed in note 10 of the financi81 statements. Page 2 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Rlsk Management The Board of Trustees has ￿vieWed during the year an asSeSs￿Ent of the risks to which the charity is exposed. Risks are identified in four key areas as follows.. governance, property management, financial management and external factors. The review looked at the key risks around Freeways Trust's ability to deliver ils strategy. The rOVh8W reduced or removed the risks associated with COVID-19 and also reduced the retained risk relating lo the vacancies within the supported living properties folk)wing the inlroducbon and implementation of the risk￿harIng arrangements between the Tru51 and F￿eways. Kgy Managemont Personnel remuneratlon The Trustees consider the Board of Trustees, the Company sec￿lary and the Strategic Estaie Manager to comprise the key management personnel of the charity in charge of directing and controlling the charity and Nnning and operating the charity on a day-1041ay basis. The pay of the Company Secretsry and Strategic Estate Manager is reviewed annually and can be increased in accordance with average eamings. In view of the nature of the charity, the Trustees benchmark against pay levels in other charities of a similar size and also tske into account sector experience. Actlvitios In th• yoar Strateglc Estate Piogramme Work has been carried out in 2022-23 in relat*on lo the re4evelopment of both Vvhiles House in Bristol and Trewartha Park in Weston-super-mare. Business cases have been developed for both capital projects and independent VAT advice sought where appropriate. Detsiled design plans continue to be developed and shared wtth the Board and it IS intended that the lenders for the projects will be issued during 2023-24. Provlslon of carg facllltlos During the year, Freeways Trust conts'nued lo lease 7 residential hornes, which can accommodate 74 persons, as well as the Head Office, Day Cenlre and Hydrotherapy Pool to Freeways for ils operations in delivering services lo adults with learning disabilities. The Trust also leased 9 supported living properties, accommodating up to 49 persons. lo individual tenants. All properties are geographically spread over Brisiol, North Somerset, South GIoU￿$terShIre and Bath & North East Somersel. R•palrs and malntenancg The Charity is ¢ommilled to improving the standard of all exi5kn.ng properties and the cyclical repairs and maintenance programme continued lo redress delayed works caused by COVID-19 In prior years With both reactive and planned maintenance being completed. All works cairied out conb.nued lo enable Freeways to operate wthin properties suitsbly adapted for adults with leaming disabilib'es and provided Freeways service users with properties they can enjoy living in. F￿eWayS Trust also provides regular maintenance to 4A The Beach as part ol an SLA with the owners of the property. Investment Policy The lunds available to Freeways Trust are intended for the purchase of new. or improvement in existing properties, so Trustees do not consider it prudent lo invest monies on a lofig-lerm basis. The policy Is to invest surplus cash in short-term deposits from one week to up to tsvelve months. During the year short-lerm deposit opportunities in Treasury deposits became available lo the Trust once again and were taken for the second half of the financial year. Reseryes Polley The current policy is to continue lo build cash Teserves in order lo finance future development projects which are part ol the Strategic Eststes Programme. In 2019 the Trustees designated £3,250,000 lo fund the Strategic Estate Programme over the next 7 10 10 years and at 31 March 2023 this fund was £1,702,344 12022.- £1.702,3441. Al 31 March 2023. the general reserves were £10,767,466 12022.. £10,532,627) and reslricled reserves were £529,02012022.. £463,890). The total free reserves were £12.469,810. The Trustees will continue lo ￿VIeW the policy on a regular basis and amend il accordingty dependent on strategi¢ plans and key risks to which the charity is exposed. Page 3 FREEWAYS TRUST {A COMPANY LIMITED BY GUAFIANTEEI TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Plans foT 2023-24 and bgyond The Charity plans lo continue activities in line with its objects and the e5tale strategy. The rèdevelopment works al Whiles House and Trewartha Park will be continued during the year and it is hop@d that the projects will be completed in 2025. Existsng properties in use will continue to be maintained in-line with the repairs and maintenance programme. Flnan¢ial Revlew A surplus of £234,839 was generated on unreslricled funds in 2022-2312021-22.. £304,588). In addition, a deficit lof £9,870) was geneTaled on restricted funds in 2022-2312021-22.. deficit £19,87011 arising from depreciation charged on the asset part-funded by the grant received from NHS England in a previous year. Golng Concem Following the relaxation of the COVID-19 regulations during the year, Freeways Trust has endeavoured to carry out as much ol the planned repairs and maintenance work during the year a5 possible. Income levels during the year remained stable. although some impact was felt from rising inflation and the cost of living crisis expenenced across the UK during 2022-23. The Trustees considered the level of reserves held, the cash held in Treasury deposi15 and the cash-flow of the charity and determined that no significant risk to the long-lerm viability of FTeeways Trust has been identified. Di5clo$ure of Information to auditors Each of the persons who are Trustees at the time when this Trustee5' report is approved has confirmed that." so far as that Trustee is aware, there is no relevant audit informakn'on of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit informab.on and lo establish that the charity's auditors are aware of that information. Appro of the members of the board of Trustees and signed on their behall by". F S Morton Chair C C Brltton Trustee Date.. 26 2rneee 2023 Page 4 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, report and the financial slalemen15 in accordance with applicable law and United lQngdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare ffnancial slalements for each financial year. Under company law, the Trustees must not approve the financial slalemenls unless they are sab'sfied that they give a true and fair view of the 51ale of affairs of the Charity and of ils incoming ￿sOurceS and application of resoufces, including ils income and expenditure, for that period. In preparing these financial statements. the Trustees are r&quired lo". select suitable accounting policies and then apply them consislenlly.. observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., stste whether applicable UK Accounts'ng Standards IFRS 1021 have been followed, subject to any material departu￿$ disclosed and explained in the financial slalements., prepare the financial statements on the goiTrJ concern basis unless it is inappropriate to presume that the Charity will Conkn'nue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transaction5 and disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial slalernents comply with the CoTnpanies Act 2006. They are a150 responsible for SaI￿uardIng the assets of the Charity and hence for taking reasonable steps for the prevenb.on and detection of fraud and other irregularities. Ap ved by order of the members of the board of Trustees and signed on its behalf by.. C C Brltton Tru51ee Chair Dale.. 26 2022 Page 5 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEE} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FREEWAYS TRUST Opinion We have audrted the financial stslemenls of Freeways Trust Ilhe 'charitable company'l for the year ended 31 March 2023 which comprise the slalement of financial activities, the balance Sheet, Ihe statement of cash flows and the related notes, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kirigdom Accounting Standards, including Financial Rewrting Siandard 102 'The Financial Reporting Standard applicable in the UK and Republic of ITeland' (United Kingdom Generally Accepted Accountsng Practice). In our opinion the finanryal slalements.. give a true and fair view of the slate of the charitable company's affairs as at 31 March 2023 and of ils incoming resources and application of fesources, including ils income and expenditu￿ for the year then ended-, have been property prepared in accordance with Unrted Kingdom Ggnorally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in aecord8nce with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibi111ies under those standards are further descnbed in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requiremerils that are relevant lo our audit of the financi81 slalemenls in the United Kingdom, including the Financial Reporting Council's Elhi¢al Standard, and we have fulfilled OLJr other ethical responsibilrtie5 in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis foT our opinion. Conclu$lon$ relating to going concem In auditing the finanual statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not identified any materfal uncertainties relating to events or conditions that, individually Dr collectively, may cast s￿n￿riCant doubt on the charitable company'5 ability lo continue as a going concern for a period of at least ￿e1ve months from when the financial slalemenls are aulhorised lor issue. Our responsibilities and the responsibilities of the Trustees with Tespect lo going concern are described in the relevant 5ecliot)s ol this report. other information The other information comprises the information included In the annual report other than the financial slalements and our audf(ors' report Ihereon. The Trustees are yesponsible for the other Information contained within the annual report. Our opinion on the financial slalements does nol cover the olher infom)ation and, except lo the exlenl otherwise explicidy slated in OLJr report, we do not express any form of assurance conclusion thereon. Our responsibility Is lo read the other information and, in doing so, consider whether the other infomation is materially inconsi51enl wth the financial statements or our knowledge obtsined in the course of the audi( or othewise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstaternenls, we are required to determine whether this gives rise lo a material misstatement in the financial ststemenls themselves. 11, based on the woik we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing to report in this regarij. Page 6 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEE} INOEPENDeNT AUDITORS. REPORT TO THE MEMBERS OF FREEWAYS TRUST ICONTINUEDI Matters on whleh wo aro rèqulred to report by •xc•ptlon We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report lo you if, in our opinion". the inlormalion given in the Trustees, report is inconsislenl in any material respect with the financial ststements", or sufficient accounting ￿CordS have not been kept., or the financial statements are not in agreement with the accounting records and retums", or we have not received all the information and explanab'ons we require for our audit. Responsibilities of trusteès As explained more fully in the trustees, respoT15ibililies statement. the Trustees (who ale also the directors of the charitable company for the purposes of cornpany bawl are responsible for the preparation ol the financial stal&menls and for being sab'sfied that they give a true and fair view, and for such internal control as the Trustees detemiine is necessary to enable the preparation ol financial statements that ale free from material misststement, whether due to fraud or error. In pieparing the financial stslemenls, the Trustees are ￿spOnSible for assessing the charitable company's ability lo continue a5 a goin9 concern, disclosing, a5 applicabbe, matters related to going concern and using the going con￿rn basis of accounting unless the Trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative bul to do so. P487 FREEWAYS TRUST {A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FREEWAYS TRUST {CONTINUEDI Audltors, rgsponslbllllies for the audit of the financial statements We have been appointed as auditor under section 145 of the ChaTitses Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement. whether due to fraud or error, and to issue an audiloTS' report that includes our opinion. R9asonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance wrth ISAS IUKI will always delecl a material misstalemenl when it exists. Misslalements ¢an arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis ol these financial statements. Irregularities, including fraud, are instsnces of non 11.061.597) Cash flows from financing activities Net cash provldod by flnanclng actfvftles Change In cash and Cash gouivalents ID the year Cash and cash equivalents al the beginning of the year 249,728 1397.9281 3,497,387 3,099,459 Cash and cash oqulvalfrnts at the end of the year 3,349,187 3,099,459 The notes on pages 13 10 25 fom part of these financial slalements Page 12 FREEWAYS TRUST IA COMPANY LIMITED B Y GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 General Informatlon Freeways Trust is a private company limited by guarantee, incorporated in England and Wales, wth the registered Company number 5028647 and the registered charity number 1102216. The charity's registered office is Le￿h Court Day Centre, Pill Road, Abbots Leigh, Bristol. BS8 3RA. Accounting policies 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Repo￿.ng by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accoidance with the Financial Reporhng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l JanLtary 20191, the Financial Reporting Stsndafd applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Ad 2006. Freeways Trust meets the definib'on ol a public benef l entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accountlng pollcy. 2.2 GOING CONCERN The Trustees consider that there are no material uncertainb'es about Freeway Trust's ability to continue as a going concern based on the ongoing ¢ashllows ol the Charity. Rental payments continue to be re￿iVed from both Freeways and for tenants in supported living accommodation. 2.3 INCOME All income is recognised onts the Charity has enlillèment lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation lo investment income is recognised at the time the investment income is receivable. 2A EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third paty, il 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 classified by activity. The costs of each acb'vity are made up ol the lolal of dI￿¢t costs and shared CDsls, including support costs Involved in undertaking each aelivity. Direct eosts attributable lo a single activity are allocated directly lo that activty. Shared costs which contribute lo morè than one activity and 5UPPOrt costs which aro not aitribulable to a single acb.vity aTe apportioned befv4een those activities on a basis consislenl with the use of resources. Central staff costs are all￿ated on the basis of time spent, and depreciation charges allocated on the portion of the assefs use. Expenditure on charitable 8clivits.es is incurred on directly undertaking the acb"vities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.6 INTEREST RECEIVABLE Inte￿$t on funds hekl on deposit is included when receNable and the amount can be measured reliably by the Charity,. thi5 is normal￿ upon nolrfication of the interest paid OT payable by the institution with whom the fijnds are deposited. Page13 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcl•s Icontinuodl 2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets eosling £NIL or more are capitslised and recognised when future economic benefits are probable and the cost or value ol the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tsngible fixed assets are measured al cost less accumulated depreciation and any accumulated Impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be Induded in the measurement of cost. Depreciation is charyed so as to allocate the cost of tsngible fixed assets less their residual value over their esbmated useful lives. Depreciation is provided on the following bases.. Freehold property Plant and machinery Motor vehicles 50 years straight line 5-10 years straight line 5 years straight line 2.7 DEBTORS Trade and other debtors are recognised at the settlement arnounl after any trade discount offered. Prepayments are valued al the arnount prepaid nel of any trade discounts due. 2.8 CASH AT BANK AND IN HAND Cash al bank and in hand indudes cash and short-lerni highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation al the balance sheet dale as a result ol a past event, (( is probable that a transfer of economic benefit will be required in settlement, and the amount of the set￿ement can be estimated reliably. Liabilities are recognised at the amount that the Charity anlicipales il will pay lo settle the debt or the amount il has received as advanced payments for the goods or services il must provide. Provisions are measured al the best estimate of the amounts required lo setNe the obligation. Where the effect of the lime value of money is material, the provision Is based on the present value ol those amounts. discounted al the pre-tax discount rdle that feflects the risks specific lo the liability. The unwinding of the discount is reeognised in the statement of fi'nanaal activities as a finance Cost. 2.10 FINANCIAL INSTRUMENTS The Charity only has financial assels and financial liabilities ol a kind that qualify as basic financial instruments. Basic financial instruments are inilialty recounised al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amortised wst using the effective interest method. 2.11 PENSIONS The Charity operates a defined conlribulion pension scheme and the pension charge repTesents the amounts payable by the Charity lo the fund in resped of the year. Page 14 FREEWAYS TRUST IA COMPANY LIMITED B Y GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Ac¢ountlng pollcles Icontlnued) 2.12 FUND ACCOUNTING General funds are unrestricted funds which are available for use al the discretion of the Trustees in fvrtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular PUTposes. The airn and use of each designated fund is Set out in the notes to the financial statements. Reslricled funds a￿ funds which are lo be used in accordance with specific restrictions imposed by donor5 or which have been raised by the Charity for particular purposes. The costs of raising and administering such bjnds are charged against the specific fund. The aim and use ot each restricted fund is set out in the notes tr) the financial statements. Inveslmer¢t income. gains and losses are allocated to the appropriate fund. Page 15 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from donatlons and lega¢les Unrestricted funds 2023 Total funds 2023 Total funds 2022 Donations TOTAL 2022 Income from charitable activities Unrestricted lunds 2023 Total funds 2023 Total fund5 2022 Rental income from Freeways Rental Incorne from supported living properties 5Q9,520 498,321 509,520 498,J21 463,920 466,829 1,OC>7,841 1,007,841 930,749 TOTAL 2022 930,749 930,749 Income from other trading activitlès Income from fundralslng events Unrestrlcted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 other income 39,922 75,0 114.922 24,878 TOTAL 2022 24.878 24,878 Page 16 FREEWAYS TRUST {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Investment In¢om Unrostri¢ted funds 2023 Total funds 2023 Total funds 2022 Bank interest 13,376 13,376 415 TOTAL 2022 415 415 Anatysls of expendSturo by acdvltles Activities undertakèn dlrectly 2023 Support costs 2023 Total funds 2023 Totsl ftjnds 2022 Provision of care services 821,438 14.732 836.170 661,326 821,438 14,732 836,170 661,326 TOTAL 2022 646,984 14,342 661,326 Analysls of dlrgct costs Total funds 2023 Total funds 2022 Staff costs Depreciation Management charge Legal and professional fees Repairs and maintenance Other property expenses Loss on the disposal of fixed assets 118.072 298,954 11,603 41,S23 188,875 151.810 12.601 104.441 275,974 7,769 30,305 149,444 79,051 821,438 646,984 Page 17 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expenditure ty activltles {¢ontinued} Analys1$ of support costs Total funds 2023 Total funds 2022 Govemance costs 14.732 14,342 Auditors. remuneration 2023 2022 Fees payable lo the Charity's auditor for the audit of the Charity's annual accounts 5.000 5.700 staff costs 2023 2022 Wages and salaries Social security costs other pension costs 97.754 17.644 2,674 89,760 12,485 2,196 118,072 104.441 The average number of persons employed by the ChaTity during the year was as follows., 2023 No. 2022 No. Administration Maintenance No employee received remuneration amounting lo more than £60,000 in either year. The key management personnel comprise the Trustees, the Cornpany Secretary and the Strategic Eststes Manager. The total employee benefits of the key management personnd of the charty was £67,50612022'. £64,350). Some of these costs are included in the management charge. Page 18 FREEWAYS TRUST {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. Trustees. remuneratlon and ex￿nseS During the year, no Trustees received any remunerakn.on or other benefils12022 - £NILI. During the year ended 31 March 2023. no Trustee expenses have been incurred {2022- £NILI- During the year, Trustee indemnity insurance was purchased at a cost of £4,76012022'. £5,313) to cover Trustees, dir8Ctors and employees. 11. Tanglble flxed a88ets Assets Motor under vèhicles constructlon Freehold property Plant and machinery Total COST OR VALUATION At 1 April 2022 Additions Disposals 13.355.534 221.SOS 37,200 17,118 27.360 117,1181 13,409.852 285.689 117.1181 36,824 Al 31 March 2023 13,577.039 37.200 27.360 36.824 13.678.423 DEPRECIATION At 1 April 2022 Charge for the year On disposals 4,021,166 295.522 37,200 1,997 3,432 14,517) 4,080,363 298,9S4 {4.5171 At 31 March 2023 4.316.688 37.200 912 4.354.800 NET 800K VALUE At 31 March 2023 9,260,351 26,448 36.824 9,323,623 At 31 March 2022 9,334,368 15,121 9.349,489 There was a depreciation charge of £9,870 to the reslricled fund in the year12022.' £9,870) and 8 net book v81ue al the year end of £454,020 12022. £463,890) in relation to charges held by NHS England over a freehold propety. Assets under con$lruth'on relate lo the development works ongoing al Orchard Cottage. The tangible fixed assets are all used to support Freeways Trust activities. Page19 FREEWAYS TRUST IA COMPANY LIMITED 8Y GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. Invgstment property Freehold investment property VALUATION Al 1 April 2022 337.500 Al 31 M8rch 2023 337,500 Investment property relates lo land owned at Leigh Court Farm. The fair value of the land is based on an independent valuation camed out by David James & Partners in June 2019. 13. Debtors 2023 2022 DUE WITHIN ONE YEAR Amounts owed by group undertakings Other debtors Prepayments and acerued income 3,494 67.056 59,730 70,550 59,730 14. Creditors: Amounts falllng due wmhln ono year 2023 2022 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 52,517 4,329 16,071 9,113 40,007 4,652 102,658 82,030 147,317 Deferred income lor 2023 was £39.66412D22". £76,488). The amounts deferred at 31 March 2023 will be recognised in the 2023124 financial year. Deferred income relates lo rental income re￿iVed in advan and a contribution towards the Cost of adaptab.ons al Orchard Cottage. Page 20 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Statement of funds ststemont of fund8 - current year Balance at 31 March 2023 Bahn¢e at 1 AprS12022 Transfers Inlout Income Expendlture UNRESTRICTED FUNDS DESIGNATED FUNDS Strategic Eslale Programme 1,702,344 1,702,344 GENERAL FUNDS General Funds 10.S32,627 1,061.139 1826.3001 10,767,466 TOTAL UNRESTRICTED FUNDS 12.234,971 1,061.139 1826,3001 12,469,810 RESTRICTED FUNDS NHS Grant Orchard Cottage grant 463,890 19,870) 454,020 75,000 75,01)O 463,890 76,1)00 19,8701 529.020 TOTAL OF FUNDS 12,698,861 1.136,139 {836.1701 12,998,830 Page21 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Statsment of funds Icontlnuedl Stat•ment of funds- prlor year Balance al 31 March 2022 Balan￿ at 1 April 2021 Transfers inloul Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Strategic Estate Programm 2,502,251 1799.907} 1,702.344 GENERAL FUNDS General Funds 9,428,132 956,044 1651,4561 799,907 10,532,627 TOTAL UNRESTRICTED FUNDS 11.930,383 956.044 1651,456) 12,234,971 RESTRICTED FUNDS NHS Grant Orchard Cottage grant 473,760 19,8701 463,890 473,760 19,8701 463,890 TOTAL OF FUNDS 12,404,143 956.044 1661.3261 12,698,861 Strategic Estato Programme - The Trustees gave designated funds lo implement the programme os estate improvements and replacements planned to lake place over the next 7 10 10 years. NHS Grant - a capital grant from NHS England for use in providing supported living accomrrodation for people with a learning disability. Page 22 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. Summary offunds Summary of funds - current year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure Designated funds General funds R8slri¢ted funds 1.702,344 10.532,627 483,890 1.702.344 {826.3001 10.767.466 19.8701 529.020 1.061.139 75,000 12,698.861 1,136,139 1838,1701 12.998,830 Summary of funds- prlor year Balance al 31 March 2022 Balance at 1 April 2021 Transfers inlout Income Expenditu Designated funds General funds Restricted fiJnds 2,502,251 9,428, 132 473,760 1799.9071 1.702,344 799.907 10,532,627 463,890 956,044 16S1,4561 19,8701 12,404,143 956,044 1661,3261 12,698,861 17. Analy$ls of net assets b&twoen funds Analy818 of net assets bet•ieen fund8- current year unre8trlct￿ R88tr1ctod fund$ funds 2023 2023 Total lunds 2023 Tangible fixed assets Investment propety C*Jrrent assets 8,832,779 337,500 3,381,561 182,0301 490,844 9.323.623 337.500 3,419,737 182,0301 38,176 Gredilois due within one year TOTAL 12.469,810 529,020 12,998,830 Page 23 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. Analysls of net assets betwèen funds Icontlnuedl Anafysis of net assets between funds- prior year Unrestricted funds 2022 Restri¢led funds 2022 Total funds 2022 Tangible fixed assets Investment propety CUr￿n1 assets Creditors due within one year 8,885,599 337,500 3,159,189 1147,3171 463,890 9,349,489 337.500 3,159.189 {147,317} TOTAL 12,234.971 463,890 12.698,861 18. R9¢0n¢iliation of net movement in fund5 to net cash fiow from operating activities 2023 2022 Net income for the year las per Slalemenl of Financial Aclivits'esl 299.969 294.718 ADJUSTMENTS FOR: Depreciation charges Interest received Loss on the sale of fixed assets 298,954 113.3761 12,601 110,8201 165,2871 275.974 14151 Decreasellincreasel in debtors Increaselldecreasel in creditors 2,009 91,383 NET CASH PROVIDED BY OPERATING ACTIVITIES 522,041 663,669 19. Analysis of cash and cash equivalents 2023 2022 Cash in hand 3,349,187 3,099,459 TOTAL CASH AND CASH EQUIVALENTS 3.349,187 3.099,459 Page 24 FREEWAYS TRUST IA COMPANY LIMITED BY GUARANTEE> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 20. Analy$i$ of ¢hangg$ In not dgbt At 1 April 2022 Cash flows At 31 March 2023 Cash al bank and in hand 3.099,459 249.728 3.349.187 21. Contingent liabilities There is a contingent liability in respect of the ￿p1￿1 grant of £493.500 from NHS England to provide accommodation for people with leaming disabilities. Shoukl Freeways Trust cease to provide this accommodation or an agreed allernalive then the grant would be repayable based on the current value of the property and the original proportion funded be the granL 22. Relatgd party transactlons The majority of the Trustees are also the Trustees of Freeways, a charitable wmpany that provides residential, supported INing and day care services for persons w(th learning disabilities. Freeways leases some of the charity's properb.es and paid £509.52012022.. £463,920) lo the charity in the year ended 31 March 2023. Freeways Trust paid £Nil12022.' £11,098) to FTeeway5 and re￿iVed £53,58712022.. £39,820) in respect ol management charges during the year. At the year end, Freeways Trust was owed £3,494 12022". £3,239) by Freeways. This balance is included wi(hin trade deblofs12022". trade credilorsl. Page 25