**Registered number: 05026647 Charity number: 1102216** 

## **FREEWAYS TRUST** 

**(A COMPANY LIMITED BY GUARANTEE)** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 MARCH 2025** 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 5|
|**Trustees' Responsibilities Statement**|6|
|**Independent Auditors' Report on the Financial Statements**|7 - 10|
|**Statement of Financial Activities**|11|
|**Balance Sheet**|12|
|**Statement of Cash Flows**|13|
|**Notes to the Financial Statements**|14 - 26|





**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025** 

|**Trustees**|F S Morton|
|---|---|
||C C Britton|
||D Y Pincott|
||B E Sawyer (resigned 5 June 2025)|
||N J Morgan (resigned 13 June 2024)|
||K C Gascoigne (appointed 12 August 2024)|
|**Company registered**<br>**number**<br>05026647<br>**Charity registered**<br>**number**<br>1102216<br>**Registered office**<br>Leigh Court Day Centre<br>Pill Road<br>Abbots Leigh<br>Bristol<br>BS8 3RA<br>**Company secretary**<br>R L Burkinshaw<br>**Independent auditors**<br>Bishop Fleming Audit Limited<br>Chartered Accountants<br>10 Temple Back<br>Bristol<br>BS1 6FL<br>**Bankers**<br>Barclays Bank plc<br>86 Queens Road<br>Clifton<br>Bristol<br>BS8 1RB<br>**Solicitors**<br>Burges Salmon LLP<br>One Glass Wharf<br>Bristol<br>BS2 0ZX||



Page 1 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025** 

The Trustees (who are also the directors of the charity 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 2025. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and 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). 

Since the charity qualifies 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 is not needed. 

## **Objectives and Activities** 

## The core objective of the charity, as outlined in its Memorandum of Association, includes **the care and relief of adults with a learning disability by the establishment or acquisition, maintenance and operation of residential houses and hostels and training centres** . 

Freeways Trust fulfils this purpose primarily through the ownership, development, and leasing of high-quality, accessible properties that are used to provide care and support services. Properties are made available either: 

- to Freeways (Charity No. 298603), which delivers direct care services, including residential, supported living, day services and therapeutic facilities; or 

- directly to adults with learning disabilities through supported tenancies. 

The Charity works in close partnership with Freeways, Commissioners, and local stakeholders to ensure that the built environment supports person-centred care, independence, and long-term wellbeing. 

Our work is guided by a shared Vision with Freeways to be “A Provider of Choice” underpinned by our Mission of “Quality, Wellbeing and Evolution.” These values drive our commitment to sustainable, inclusive, and futurefocused property solutions. 

The Trustees confirm that they have complied with the duty to have regard to the Charity Commission’s general guidance on public benefit, “Charities and Public Benefit”. 

## **Structure, Governance and Management** 

Freeways Trust is a company limited by guarantee (Registered no. 5026647) registered in England and Wales and a registered charity (Registered no. 1102216). The company is limited by guarantee having no share capital. In the event of the company being wound up every member undertakes to contribute to the assets of the company up to an amount not exceeding £1. 

Freeways Trust was established in December 1987 under a deed of Trust as a registered charity. From 1 April 2004, the activities of the charity were incorporated. The governing document is the Memorandum and Articles of Association of the company and members of the Board of Trustees are the Directors of the company. 

The Trustees have delegated day to day finance management of the charity to the Company Secretary. In addition, the Trustees have appointed a Strategic Estate Manager to lead the preparation and implementation of an estates 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, one Trustee resigned and one new Trustee was appointed to the Freeways Trust Board. New Trustees invited to join the Board are selected on the basis of their experience and skills. Trustees are encouraged to attend appropriate external training events where these would facilitate the understanding of their role. 

A separate charity, Freeways (Charity no. 298603), mainly has common Trustees to Freeways Trust, but is not under common control and both organisations have similar charitable objects. A small number of staff work across both organisations in a shared office space at Leigh Court. 

Page 2 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** 

All Trustees give of their time freely and none receive remuneration or other benefit for their work with the Charity. Trustees are required to disclose all relevant interests and register them with the Company Secretary and any connection between a Trustee and a related party of any other organisation with which the charity cooperates is disclosed in the same way as any other contractual relationship with a related party. 

Details of Trustee expenditure and related party transactions are disclosed in note 10 of the financial statements. 

## **Risk Management** 

The Trustees are responsible for identifying, assessing, and managing the major risks facing the Charity. A formal risk management framework is in place, underpinned by: 

- a risk register updated annually 

- financial scenario planning linked to estates strategy 

- oversight by the Board and designated sub-committees 

## Principal Risks Identified: 

- Commissioning and funding volatility, particularly in adult social care 

- Inflation and construction cost escalation, impacting strategic projects 

- Rising employment costs, linked to planned NIC changes from April 2025 

- Cybersecurity and data protection, in line with increased digitalisation. 

The upcoming changes to NICs pose a manageable financial risk, given the Charity’s staffing profile and sector constraints. The Executive Team continues to monitor government updates and model projected financial impacts. 

The Charity’s reserves, regular financial reviews, and tight operational controls support a robust risk mitigation environment. 

The charity’s reserves, financial oversight, and financial modelling form key components of its overall risk mitigation approach. The risk management framework is embedded throughout the organisation and reviewed regularly to ensure it remains responsive to both external developments and internal priorities. 

## **Key Management Personnel Remuneration** 

The Trustees consider the Board of Trustees, the Company Secretary and the Strategic Estate Manager to comprise the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. 

The pay of the Company Secretary and Strategic Estate Manager is reviewed annually and can be increased in accordance with average earnings. In view of the nature of the charity, the Trustees benchmark against pay levels in other charities of a similar size and also take into account sector experience. 

## **Main Achievements** 

In 2024–25, the Charity continued to make significant progress across its estate strategy, enabling the delivery of safe, suitable and modern living environments for individuals with complex needs. 

A key success this year was the collaborative work between the Charity, Freeways, NHS England (NHSE), and the BNSSG Integrated Care Board (ICB). This multi-agency approach led to the creation of a bespoke living environment for an individual with significant behavioural needs. Through careful planning, temporary relocation, and construction of a tailored space, this intervention significantly improved outcomes for the individual and enabled capacity for another person returning to the area from residential college. 

The Charity also made progress in digitising property compliance. Working with Freeways, all statutory safety checks are now accessible via a centralised electronic system, allowing for greater transparency, improved maintenance tracking, and real-time access to service-related documentation across locations. 

Page 3 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** 

## **Property Management and Maintenance** 

The Charity continued to own and lease: 

- 7 residential homes (supporting up to 74 individuals) 

- 8 supported living properties (supporting up to 41 individuals) 

- a Day Centre, Hydrotherapy Pool and Head Office space 

A structured repairs and maintenance programme was delivered during the year, encompassing both planned and reactive works. A maintenance service was also provided for the property 4A The Beach. This property, which Freeways Trust previously supported under a service level agreement, was gifted by its owners to the Charity during the year. 

## **Evolution and Future Plans** 

In response to changing demand and sustainability challenges, Freeways made the difficult decision to close one residential home, Kenneth House, in Bristol, which had experienced long-standing vacancies. A sensitive, phased closure plan was implemented over six months to minimise disruption to residents and staff. This closure means that property is due to be sold by the Charity in 2025-26. 

Simultaneously, the Charity advanced the redevelopment of its Whites House site in Bristol, a longstanding residential service nearing the end of its usable life. Following successful planning approval, construction commenced in 2024 on 8 new purpose-built flats and two Positive Behaviour Support (PBS) units, offering sustainable, future-proof housing options. 

The Trust has worked closely with Freeways and North Somerset Council to design a new supported living service in Weston-Super-Mare. Planning approval has been secured and it is hoped that construction will begin in 2025–26. 

## **Key Priorities for 2025-26** 

- Completion of the Kenneth House service closure and sale of the property 

- Ongoing construction at the Whites House site, with completion targeted for late 2025 

- Initiation of building works for the new supported living scheme in Weston-Super-Mare 

- Expansion of PBS accommodation capacity 

## **Investment Policy** 

The funds available to Freeways Trust are intended for the purchase of new, or improvement to existing properties, so Trustees do not consider it prudent to invest monies on a long-term basis. The policy to invest surplus cash in short-term deposits from one week to up to twelve months has been followed during the financial year and Treasury deposits made on behalf of the Trust. 

## **Reserves Policy** 

The Trustees review the reserves policy annually in accordance with Charity Commission and SORP guidance. The policy requires the Charity to maintain free reserves (unrestricted and not designated or tied up in fixed assets) equivalent to at least two months of operational expenditure. 

The current reserves are considered prudent to cover: 

- Short-term fluctuations in income 

- Unexpected cost pressures 

- Planned investment in new services or capital projects 

As at 31 March 2025, the Charity held: 

- Total Free reserves: £12,697,104 (2024: £11,019,321) 

- Designated reserves: £225,912 (2024: £1,702,344) 

- Restricted reserves: £1,175,104 (2024: £519,150) 

The Trustees acknowledge that reserves will be used in 2025-26 to support the redevelopment at Whites House and the proposed Trewartha Park project. 

Page 4 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** 

In light of legislative changes taking effect from April 2025, including the increase in Employer National Insurance contributions (NICs) and reduction in the NIC threshold, staffing costs are expected to rise. These financial pressures are factored into financial modelling and future budgeting assumptions. 

## **Going Concern** 

The Trustees have assessed the Charity’s ability to continue as a going concern. This assessment considered the Charity’s reserves position, forward-looking cash flow modelling, project commitments, and emerging risks, including inflationary pressures and employment cost increases. 

The Trustees are satisfied that there are no material uncertainties and have concluded that it is appropriate to prepare the financial statements on a going concern basis. 

## **Disclosure of Information to Auditors** 

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that: 

- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and 

- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. 

Approved by order of the members of the board of Trustees and signed on their behalf by: 

**F S Morton** Chair 

> Date: 8th October 25 

**C C Britton** Trustee aif 

Page 5 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025** 

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 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles of the Charities SORP (FRS 102); 

- make judgements and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Page 6 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  FREEWAYS TRUST** 

## **Opinion** 

We have audited the financial statements of Freeways Trust (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006 and Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described 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 requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

Page 7 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  FREEWAYS TRUST (CONTINUED)** 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Companies Act 2006 and Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditors' responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can 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 of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

- We have considered the nature of the sector, control environment and financial performance; 

- We have considered the results of enquiries with management and trustees in relation to their own identification and assessment of the risk of irregularities within the entity; 

- We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation; and 

- We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. 

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. 

Page 8 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  FREEWAYS TRUST (CONTINUED)** 

We have also obtained understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants received by the Charity. 

In additions, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity's ability to operate or avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation. 

Our procedures to respond to the risks identified included the following: 

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; 

- Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 

- Review of board minutes; 

- Enquiring of management in relation to actual and potential claims and litigations; 

- Performing detailed transactional testing in relation to the recognition of revenue, specifically grants, with a particular focus around year-end cut off; 

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments. 

We also communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non-compliance with laws and regulations, will not be detected by us. The risk increases the further removed compliance with a law or regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. 

Page 9 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  FREEWAYS TRUST (CONTINUED)** 

## **Use of our report** 

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. 

**David Butler ACA DChA Bishop Fleming Audit Limited** Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL 

## Date: 17 October 2025 

Bishop Fleming Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 10 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Other trading activities<br>5<br>Investments<br>6<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>**Total expenditure**<br>**Net income before net gains on**<br>**investments**<br>Net gains on investments<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>**510**<br>**1,166,028**<br>**47,484**<br>**74,966**<br>**1,288,988**<br>**1,087,637**<br>**1,087,637**<br>**201,351**<br>**-**<br>**201,351**<br>**12,721,665**<br>**201,351**<br>**12,923,016**|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>**667,752**<br>**-**<br>**-**<br>**-**<br>**667,752**<br>**11,798**<br>**11,798**<br>**655,954**<br>**-**<br>**655,954**<br>**519,150**<br>**655,954**<br>**1,175,104**|**Total**<br>**funds**<br>**2025**<br>**£**<br>**668,262**<br>**1,166,028**<br>**47,484**<br>**74,966**<br>**1,956,740**<br>**1,099,435**<br>**1,099,435**<br>**857,305**<br>**-**<br>**857,305**<br>**13,240,815**<br>**857,305**<br>**14,098,120**|Total<br>funds<br>2024<br>£<br>-<br>1,052,288<br>30,391<br>68,938<br>1,151,617|
|---|---|---|---|---|
|||||936,132<br>936,132|
|||||215,485<br>26,500<br>241,985|
|||||12,998,830<br>241,985<br>13,240,815|



Page 11 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:05026647** 

## **BALANCE SHEET AS AT 31 MARCH 2025** 

||||**2025**|**2025**||2024|
|---|---|---|---|---|---|---|
||**Note**||**£**|||£|
|**Fixed assets**|||||||
|Tangible assets|11||**10,968,968**|||9,322,185|
|Investment property|12||**364,000**|||364,000|
||||**11,332,968**|||9,686,185|
|**Current assets**|||||||
|Debtors|13|**223,882**|||51,805||
|Cash at bank and in hand||**2,640,060**|||3,581,301||
|||**2,863,942**|||3,633,106||
|Creditors: amounts falling due within one|||||||
|year|14|**(98,790)**|||(78,476)||
|**Net current assets**|||**2,765,152**|||3,554,630|
|**Total net assets**|||**14,098,120**|||13,240,815|
|**Charity funds**|||||||
|Restricted funds|15||**1,175,104**|||519,150|
|Unrestricted funds|||||||
|Designated funds|15|**225,912**|||1,702,344||
|General funds|15|**12,697,104**|||11,019,321||
|Total unrestricted funds|15||**12,923,016**|||12,721,665|
|**Total funds**|||**14,098,120**|||13,240,815|



The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. 

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. 

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 

**F S Morton C C Britton** Chair Trustee Date: 8 October 25Type text hereType text here Ub ihe 

The notes on pages 14 to 26 form part of these financial statements. 

Page 12 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025** 

|**Cash flows from operating activities**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Interest received<br>Purchase of tangible fixed assets<br>**Net cash used in investing activities**<br>**Cash flows from financing activities**<br>**Net cash provided by financing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>The notes on pages 14 to 26 form part of these financial statements|**2025**<br>**£**<br>**950,531**<br>**74,966**<br>**(1,966,738)**<br>**(1,891,772)**<br>**-**<br>**(941,241)**<br>**3,581,301**<br>**2,640,060**|2024<br>£<br>473,356<br>68,938<br>(310,180)<br>**(241,242)**<br>**-**<br>**232,114**<br>3,349,187<br>3,581,301|
|---|---|---|



Page 13 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **1. General information** 

Freeways Trust is a private company limited by guarantee, incorporated in England and Wales, with the registered company number 5026647 and the registered charity number 1102216. The charity's registered office is Leigh Court Day Centre, Pill Road, Abbots Leigh, Bristol, BS8 3RA. 

## **2. Accounting policies** 

## **2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS** 

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

Freeways Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## **2.2 GOING CONCERN** 

The Trustees have assessed the Charity’s ability to continue as a going concern. This assessment considered the Charity’s reserves position, forward-looking cash flow modelling, project commitments, and emerging risks, including inflationary pressures and employment cost increases. As at 31 March 2025, the Charity had a net asset value of £14,098,120 (2024: £13,240,815) and cash at bank of £2,640,060 (2024: 3,581,301). 

The Trustees are satisfied that there are no material uncertainties and have concluded that it is appropriate to continue to prepare the financial statements on a going concern basis. 

## **2.3 INCOME** 

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 

## **2.4 EXPENDITURE** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Page 14 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **2. Accounting policies (continued)** 

## **2.4 EXPENDITURE (CONTINUED)** 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 

All expenditure is inclusive of irrecoverable VAT. 

## **2.5 INTEREST RECEIVABLE** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

## **2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION** 

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following bases: 

|Freehold property|- 50 years straight line|
|---|---|
|Plant and machinery|- 5-10 years straight line|
|Motor vehicles|- 5 years straight line|



## **2.7 DEBTORS** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **2.8 CASH AT BANK AND IN HAND** 

Cash at bank and in hand includes cash and short-term 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 at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 

Page 15 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **2. Accounting policies (continued)** 

## **2.10 FINANCIAL INSTRUMENTS** 

The Charity 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **2.11 PENSIONS** 

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 

## **2.12 FUND ACCOUNTING** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance 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 purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **3. Income from donations and legacies** 

|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>Donations<br>510<br>Grants<br>-<br>510|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>550,000<br>117,752<br>667,752|**Total**<br>**funds**<br>**2025**<br>**£**<br>**550,510**<br>**117,752**<br>**668,262**|Total<br>funds<br>2024<br>£<br>-<br>-<br>-|
|---|---|---|---|



Page 16 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **4. Income from charitable activities** 

|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>Rental income from Freeways<br>555,864<br>Rental income from supported living properties<br>610,164<br>1,166,028<br>TOTAL 2024<br>1,052,288|**Total**<br>**funds**<br>**2025**<br>**£**<br>**555,864**<br>**610,164**<br>**1,166,028**<br>1,052,288|Total<br>funds<br>2024<br>£<br>534,996<br>517,292<br>1,052,288|
|---|---|---|
||||



|**5.**|**Income from other trading activities**|
|---|---|
||**Income from fundraising events**|



|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>Other income<br>47,484<br>TOTAL 2024<br>30,391<br>**6.**<br>**Investment income**<br>**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>Bank interest<br>74,966<br>TOTAL 2024<br>68,938|**Total**<br>**funds**<br>**2025**<br>**£**<br>**47,484**<br>30,391<br>**Total**<br>**funds**<br>**2025**<br>**£**<br>**74,966**<br>68,938|Total<br>funds<br>2024<br>£<br>30,391|
|---|---|---|
|||Total<br>funds<br>2024<br>£<br>68,938|
||||



Page 17 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **7. Analysis of expenditure by activities** 

|Provision of care services<br>TOTAL 2024<br>**Analysis of direct costs**<br>Staff costs<br>Depreciation<br>Management charge<br>Legal and professional fees<br>Repairs and maintenance<br>Other property expenses<br>Training costs<br>**Analysis of support costs**<br>Governance costs|**Activities**<br>**undertaken**<br>**directly**<br>**2025**<br>**£**<br>1,077,522<br>1,077,522<br>914,616|**Support**<br>**costs**<br>**2025**<br>**£**<br>21,913<br>21,913<br>21,516|**Total**<br>**funds**<br>**2025**<br>**£**<br>**1,099,435**<br>**1,099,435**<br>936,132<br>**Total**<br>**funds**<br>**2025**<br>**£**<br>**161,200**<br>**319,955**<br>**23,152**<br>**72,675**<br>**290,489**<br>**205,569**<br>**4,482**<br>**1,077,522**<br>**Total**<br>**funds**<br>**2025**<br>**£**<br>**21,913**|Total<br>funds<br>2024<br>£<br>936,132<br>936,132|
|---|---|---|---|---|
|||||Total<br>funds<br>2024<br>£<br>121,550<br>311,618<br>22,602<br>73,875<br>236,859<br>148,112<br>-<br>914,616|
|||||Total<br>funds<br>2024<br>£<br>21,516|



Page 18 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **8. Auditors' remuneration** 

||**2025**|2024|
|---|---|---|
||**£**|£|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|**5,410**|5,250|



## **9. Staff costs** 

|Wages and salaries<br>Social security costs<br>Other pension costs|**2025**<br>**£**<br>**134,691**<br>**22,547**<br>**3,962**<br>**161,200**|2024<br>£<br>99,800<br>18,651<br>3,099|
|---|---|---|
|||121,550|



The average number of persons employed by the Charity during the year was as follows: 

|Administration<br>Maintenance|**2025**<br>**No.**<br>**1**<br>**4**<br>**5**|2024<br>No.<br>1<br>5|
|---|---|---|
|||6|



No employee received remuneration amounting to more than £60,000 in either year. 

The key management personnel comprise the Trustees, the Company Secretary and the Strategic Estates Manager. The total employee benefits of the key management personnel of the charity was £89,779 (2024: £32,288). Some of these costs are included in the management charge. 

## **10. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). 

During the year ended 31 March 2025, expenses totalling £Nil were reimbursed or paid directly to 2 Trustees (2024 - £2,008). 

During the year, Trustee indemnity insurance was purchased at a cost of £6,580 (2024: £4,760) to cover Trustees, directors and employees. 

Page 19 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **11. Tangible fixed assets** 

|**COST OR VALUATION**<br>At 1 April 2024<br>Additions<br>Transfers between classes<br>At 31 March 2025<br>**DEPRECIATION**<br>At 1 April 2024<br>Charge for the year<br>At 31 March 2025<br>**NET BOOK VALUE**<br>At 31 March 2025<br>At 31 March 2024|**Freehold**<br>**property**<br>**£**<br>**13,887,219**<br>**839,967**<br>**(312,837)**<br>**14,414,349**<br>**4,622,834**<br>**314,483**<br>**4,937,317**<br>**9,477,032**<br>9,264,385|**Plant and**<br>**machinery**<br>**£**<br>**37,200**<br>**-**<br>**-**<br>**37,200**<br>**37,200**<br>**-**<br>**37,200**<br>**-**<br>-|**Motor**<br>**vehicles**<br>**Assets**<br>**under**<br>**construction**<br>**£**<br>**£**<br>**27,360**<br>**36,824**<br>**-**<br>**1,126,771**<br>**-**<br>**312,837**<br>**27,360**<br>**1,476,432**<br>**6,384**<br>**-**<br>**5,472**<br>**-**<br>**11,856**<br>**-**<br>**15,504**<br>**1,476,432**<br>20,976<br>36,824|**Total**<br>**£**<br>**13,988,603**<br>**1,966,738**<br>**-**<br>**15,955,341**|
|---|---|---|---|---|
|||||**4,666,418**<br>**319,955**<br>**4,986,373**|
|||||**10,968,968**|
|||||9,322,185|



There was a depreciation charge of £11,798 to the restricted fund in the year (2024: £9,870) and a net book value at the year-end of £434,280 (2024: £444,150) in relation to charges held by NHS England over a freehold property. 

During the year £312,837 was transferred from Freehold Properties to Assets Under Construction to recognise the ongoing work at Orchard Cottage and Whites redevelopment. 

Assets under construction relate to the development works ongoing at Orchard Cottage, Whites redevelopment project and Trewartha Park. 

The tangible fixed assets are all used to support Freeways Trust activities. 

Page 20 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **12. Investment property** 

|**VALUATION**<br>At 1 April 2024<br>At 31 March 2025|**Freehold**<br>**investment**<br>**property**<br>**£**<br>**364,000**|
|---|---|
||**364,000**|



Investment property relates to land owned at Leigh Court Farm. The fair value of the land is based on an independent valuation carried out by Nancekivell & Partners in March 2024. 

## **13. Debtors** 

|**TRADE DEBTORS**<br>Trade debtors<br>Amounts owed by group undertakings<br>Prepayments and accrued income|**2025**<br>**£**<br>**175,364**<br>**38,936**<br>**9,582**<br>**223,882**|2024<br>£<br>-<br>-<br>51,805|
|---|---|---|
|||51,805|



## **14. Creditors: Amounts falling due within one year** 

|Trade creditors<br>Other taxation and social security<br>Other creditors<br>Accruals and deferred income|**2025**<br>**£**<br>**36,737**<br>**5,581**<br>**18,259**<br>**38,213**<br>**98,790**|2024<br>£<br>36,378<br>4,271<br>20,218<br>17,609|
|---|---|---|
|||78,476|



Page 21 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **15. Statement of funds** 

## **Statement of funds - current year** 

|<br>**UNRESTRICTED FUNDS**<br>**DESIGNATED FUNDS**<br>Strategic Estate Programme<br>**GENERAL FUNDS**<br>Reserves<br>**TOTAL UNRESTRICTED**<br>**FUNDS**<br>**RESTRICTED FUNDS**<br>NHS Grant<br>Orchard Cottage grant<br>Restricted Asset Fund - 4A The<br>Beach<br>**TOTAL OF FUNDS**|**Balance at 1**<br>**April 2024**<br>**£**<br>**1,702,344**<br>**11,019,321**<br>**12,721,665**<br>**444,150**<br>**75,000**<br>**-**<br>**519,150**<br>**13,240,815**|**Income**<br>**£**<br><br>**-**<br>**1,288,988**<br>**1,288,988**<br>**117,752**<br>**-**<br>**550,000**<br>**667,752**<br>**1,956,740**|**Expenditure**<br>**£**<br>**-**<br>**(1,087,637)**<br>**(1,087,637)**<br>**(11,798)**<br>**-**<br>**-**<br>**(11,798)**<br>**(1,099,435)**|**Transfers**<br>**in/out**<br>**£**<br>**(1,476,432)**<br>**1,476,432**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Balance at**<br>**31 March**<br>**2025**<br>**£**<br>**225,912**|
|---|---|---|---|---|---|
||||||**12,697,104**|
||||||**12,923,016**<br>**550,104**<br>**75,000**<br>**550,000**<br>**1,175,104**<br>**14,098,120**|



8 

Page 22 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **15. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**UNRESTRICTED FUNDS**<br>**DESIGNATED FUNDS**<br>Strategic Estate Programme<br>**GENERAL FUNDS**<br>General Funds<br>**TOTAL UNRESTRICTED**<br>**FUNDS**<br>**RESTRICTED FUNDS**<br>NHS Grant<br>Orchard Cottage grant<br>**TOTAL OF FUNDS**|Balance at<br>1 April 2023<br>£<br>1,702,344<br>10,767,466<br>12,469,810<br>454,020<br>75,000<br>529,020<br>12,998,830|Income<br>£<br>-<br>1,151,617<br>1,151,617<br>-<br>-<br>-<br>1,151,617|Expenditure<br>£<br>-<br>(926,262)<br>(926,262)<br>(9,870)<br>-<br>(9,870)<br>(936,132)|Gains/<br>(Losses)<br>£<br>-<br>26,500<br>26,500<br>-<br>-<br>-<br>26,500|Balance at<br>31 March<br>2024<br>£<br>1,702,344|
|---|---|---|---|---|---|
||||||11,019,321|
||||||12,721,665<br>444,150<br>75,000<br>519,150<br>13,240,815|



**Strategic Estate Programme** -  The Trustees gave designated funds to implement the programme of estate improvements and replacements planned to take place over the next 7 to 10 years. 

**NHS Grant** - a capital grant from NHS England for use in providing supported living accommodation for people with a learning disability. 

**Orchard Cottage Grant** - a capital grant from BNSSG ICB for use in providing and improving specialist supported living accommodation for people with a learning disability. 

**4A The Beac** h - a residential property gifted to support the delivery of supported living accommodation for adults with a learning disability. 

Page 23 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **16. Summary of funds** 

## **Summary of funds - current year** 

|<br>Designated funds<br>General funds<br>Restricted funds<br>**Summary of funds - prior year**<br>Designated funds<br>General funds<br>Restricted funds|**Balance at 1**<br>**April 2024**<br>**£**<br>**1,702,344**<br>**11,019,321**<br>**519,150**<br>**13,240,815**<br>Balance at<br>1 April 2023<br>£<br>1,702,344<br>10,767,466<br>529,020<br>12,998,830|**Income**<br>**£**<br><br>**-**<br>**1,288,988**<br>**667,752**<br>**1,956,740**<br>Income<br>£<br>-<br>1,151,617<br>-<br>1,151,617|**Expenditure**<br>**£**<br>**-**<br>**(1,087,637)**<br>**(11,798)**<br>**(1,099,435)**<br>Expenditure<br>£<br>-<br>(926,262)<br>(9,870)<br>(936,132)|**Transfers**<br>**in/out**<br>**£**<br>**(1,476,432)**<br>**1,476,432**<br>**-**<br>**-**<br>Gains/<br>(Losses)<br>£<br>-<br>26,500<br>-<br>26,500|**Balance at**<br>**31 March**<br>**2025**<br>**£**<br>**225,912**<br>**12,697,104**<br>**1,175,104**<br>**14,098,120**|
|---|---|---|---|---|---|
||||||Balance at<br>31 March<br>2024<br>£<br>1,702,344<br>11,019,321<br>519,150<br>13,240,815|



## **17. Analysis of net assets between funds Analysis of net assets between funds - current year** 

|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>Tangible fixed assets<br>9,832,040<br>Investment property<br>364,000<br>Current assets<br>2,825,766<br>Creditors due within one year<br>(98,790)<br>**TOTAL**<br>12,923,016|**Restricted**<br>**funds**<br>**2025**<br>**£**<br>1,136,928<br>-<br>38,176<br>-<br>1,175,104|**Total**<br>**funds**<br>**2025**<br>**£**<br>**10,968,968**<br>**364,000**<br>**2,863,942**<br>**(98,790**<br>**14,098,120**|
|---|---|---|



Page 24 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

|**17.**<br>**Analysis of net assets between funds (continued)**<br>**Analysis of net assets between funds - prior year**<br>Unrestricted<br>funds<br>2024<br>Restricted<br>funds<br>2024<br>£<br>£<br>Tangible fixed assets<br>8,841,211<br>480,974<br>Investment property<br>364,000<br>-<br>Current assets<br>3,594,930<br>38,176<br>Creditors due within one year<br>(78,476)<br>-<br>**TOTAL**<br>12,721,665<br>519,150<br>**18.**<br>**Reconciliation of net movement in funds to net cash flow from operating activities**<br>**2025**<br>**£**<br>Net income for the year (as per Statement of Financial Activities)<br>**857,305**<br>**ADJUSTMENTS FOR:**<br>Depreciation charges<br>**319,955**<br>Interest received<br>**(74,966)**<br>(Increase)/decrease in debtors<br>**(172,077)**<br>Increase/(decrease) in creditors<br>**20,314**<br>Revaluation of investment property<br>**-**<br>**NET CASH PROVIDED BY OPERATING ACTIVITIES**<br>**950,531**<br>**19.**<br>**Analysis of cash and cash equivalents**<br>**2025**<br>**£**<br>Cash in hand<br>**2,640,060**<br>**TOTAL CASH AND CASH EQUIVALENTS**<br>**2,640,060**|Total<br>funds<br>2024<br>£<br>9,322,185<br>364,000<br>3,633,106<br>(78,476)<br>13,240,815<br>2024<br>£<br>241,985<br>311,618<br>(68,938)<br>18,745<br>(3,554)<br>(26,500)<br>473,356<br>2024<br>£<br>3,581,301<br>3,581,301|
|---|---|



Page 25 



**FREEWAYS TRUST (A COMPANY LIMITED BY GUARANTEE)** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025** 

## **20. Analysis of changes in net debt** 

||**At 1 April**||**At 31 March**|
|---|---|---|---|
||**2024**|**Cash flows**|**2025**|
||**£**|**£**|**£**|
|Cash at bank and in hand|**3,581,301**|**(941,241)**|**2,640,060**|



## **21. Contingent liabilities** 

There is a contingent liability in respect of the capital grant of £493,500 from NHS England to provide accomodation for people with learning disabilities. Should Freeways Trust cease to provide this accomodation or an agreed alternative then the grant would be repayable based on the current value of the property and the original proportion funded by the grant. 

## **22. Related party transactions** 

The majority of the Trustees are also the Trustees of Freeways, a charitable company that provides residential, supported living and day care services for persons with learning disabilities. Freeways leases some of the charity's properties and paid £555,864 (2024: £534,996) to the charity in the year ended 31 March 2025. 

Freeways Trust paid £17,046 (2024: £2,801) to Freeways and received £52,450 (2024: £54,756) in respect of management charges during the year. At the year end, Freeways Trust was owed £38,936 (2024: owed £3,171) by Freeways. This balance is included within debtors (2024: creditors). 

Page 26