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← Moretonhampstead Development Trust

2024-12-31-accounts

Registered number: 05133939 Charity number: 1105114

MORETONHAMPSTEAD DEVELOPMENT TRUST (A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 9
Independent examiner's report 10
Statement of financial activities 11
Balance sheet 12 - 13
Notes to the financial statements 14 - 31

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees P Harrison, Chair (appointed 23 May 2024)
P Turner
J Willis
R Kelly (appointed 5 April 2024)
R Foxwell
C Thomson
R Jameson (appointed 23 May 2024, resigned 1 March 2025)
J Bates (resigned 14 May 2024)
I Hallam (appointed 2 February 2024, resigned 1 May 2025)
C Caverhill (resigned 23 January 2024)
N Bailey (resigned 30 April 2024)
C Fileman-Wright (resigned 30 April 2024)
J King (resigned 2 February 2024)
Company registered
number
05133939
Charity registered
number
1105114
Registered office
Green Hill
Fore Street
Moretonhampstead
Newton Abbot
Devon
TQ13 8LL
Company secretary
P Nottingham
Key management
personnel
P Nottingham, Finance Officer
C Rooney, Coordinator
R Kelly, Development manager
H White, Administrator
Accountants
Griffin
Chartered Accountants
Courtenay House
Pynes Hill
Exeter
EX2 5AZ
Bankers
Lloyds TSB Okehampton
Fore Street
Okehampton
Devon
EX20 1HJ

Page 1

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the financial statements of the Moretonhampstead Development Trust for the 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) as amended by Update Bulletin 1 (effective January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Vice-Chair’s Introduction

I am pleased to introduce our Annual Report for the year ending December 2024. 2024 saw a general election, a change in government, and most significantly for a rural areas such as ours, a new funding regime for farming . It was a tumultuous year of world events, including the emergence of AI, and average global temperatures hotter than 1.5 degrees Celcius for the first time since pre-industrial times. While these broader events undoubtedly affected how people feel and act locally, Moretonhampstead saw new investments in local businesses, although important public assets such as the Community Hospital and Library felt at risk.

Such an environment sharpens our Trust’s sense of mission, working with others to invest in our community health and wellbeing, creativity and environmental sustainability.

The Moretonhampstead Development Trust is unique in working through three interlocked themes: heath and wellbeing, arts, and environment. There are many good organisations in Devon working individually on these themes, but we believe that there is great strength in their complementarity. Keeping physically and mentally healthy empowers us to relate to others, work, create, and appreciate our environment. Similarly experiencing or creating art can nurture our human spirit, and engage us with others and the issues that affect us. Our expertise around each theme helps us to create synergy between them, as well as recognising that good health, great art and flourishing nature are ends in themselves.

But beyond the benefit to individuals and groups, our mission is to support the flourishing of the community as a whole. We believe that the presence of an art gallery showing internationally renowned artists lifts the town, increases footfall, and thus supports local businesses. Having a quality Art gallery committed to public benefit in a small rural town on the edge of Dartmoor is very special.

We are a small charity supported by public donations, project grants and the income from our shop. A big thank you therefore to our funders, our patrons, and our visitors. We extend an extra-special thank you to our excellent team of volunteers, who give us time, encouragement, and expertise, and without whom we could not function.

The Trustees Report (below) provides details of our activities and benefits over 2024, but as Co-Chair, I am proud to highlight:

Page 2

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

I particularly like the work that joins the strands of our endeavours together, such as:

Objectives and activities

a. Vision, Mission and Objectives

Within the purposes (see Section 5E below) laid out in our Governing Document, our vision, mission and plan objectives for the coming years are as follows:

Vision: A sustainable, connected and inclusive community where people thrive. A community in which individuals and families are healthy and progressively achieving their goals. They are contributing to community life, are proud of Moretonhampstead, and are caring for the local and global environment.

Mission: Identify the needs and aspirations of our community, encourage cultural expression, and work in partnership with others to drive positive change.

Objectives: To establish a strong and sustainable community where all members feel included and supported by:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 3

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Objectives and activities (continued)

b. Purposes

These are the promotion, for the benefit of the public, of rural regeneration in areas of social or economic deprivation (in particular Moretonhampstead Parish) by all or any of the following means:

  1. the advancement of education and training, including to unemployed people

  2. the provision of workspace, buildings and land

  3. the maintenance, improvement or provision of public amenities

  4. the preservation of buildings or sites of historic or architectural importance

  5. the provision of recreational facilities for the public at large, or those who by any reason of their youth, age infirmity or disablement, financial hardship or social and economic circumstances, have need of such facilities

  6. the support and promotion of local small businesses, including the provision for the sale of arts and crafts

  7. the provision of facilities for public health and social care

  8. the provision of facilities for generating renewable energy

  9. the provision of affordable housing

  10. any other means subject to approval by the Charities Commission

Achievements and performance

a. Main achievement of the company

Wellmoor

Wellmoor, our health and wellbeing arm, has developed much new work over the year which has already had an impact in the community. We have prioritised activities which keep people well and out of hospital.

The Cost-of-Living Crisis has impacted on the Community and we have continued with our Community Support Fund to provide small grants to anyone living in or around Moretonhampstead to meet essential and urgent outgoings.

The ‘Friendly Fridays’ programme continues to be very successful, offering a warm space in the Community Club where local people can gather for refreshments and a chat every week between October and March. The “Devon Day Trippers” scheme provided outings and bus trips for over 55s who find getting out and about difficult.

We have been particularly keen to develop sustainable activities for anyone who wants to improve their mental health. So an active group of volunteers is continuing to manage the Community Allotment through regular working days

Other highlights in 2024 are:

Page 4

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance (continued)

Environment

In 2024 the Trust embarked on delivering more environmental projects including the connection of the cycle path to the town through the Community Orchard. This was completed on time and is now being used by 60-100 people per day. The orchard itself has been much improved, with volunteers laying the hedge, maintaining the trees and mowing selected areas. There is an interpretation board and a picnic area. We now have a long lease from Devon County Council.

The Water Meadow has been left for a year to recover from previous grazing, and a plan for its management is being made, with advice from wildlife organisations.

Our Project Manager is supporting the Environment Network of interested local people, organizing talks and visits; sharing news about everyone’s activities, e.g. tree planting, setting up a renewable energy company, home efficiency visits, and preparing a Survey to inform our future priorities.

Green Hill Arts

In 2024 the Arts Team delivered 5 outstanding art shows, 20 workshops and events, exhibitions at the Health Centre, an arts internship, and growing social media and press coverage.

While supportive of the art and the act of creation as ends in themselves, our activities were designed to bring more people through our doors to experience, discuss and learn about art, try out art, improve wellbeing and health through art, and nurture a sense of community.

The year started with ‘How the land lies’. 3 Artist using 3 different media to express the landscape around them. Lisa Wisdom using corrugated roofing, copper and wire to depict her Cornish surroundings, Ray Balkwell gathering remnants of boats, wood and fibreglass complete with historical layers of paint to create images of the surroundings from which they came, and Sally Baldwin using waste silks to recreate her view from where she lives in mid Devon. The tactile, material and earthy sense in these art works resonate strongly with the Dartmoor landscape, encouraging a deeper engagement with landscape, both human and natural.

Next we had an exhibition of 5 artists named ‘Ordinary Worlds’, the reasoning for this title became clear in the paintings, collages and woodcuts on show. This exhibition was about the everyday, community, friendship and potentially longing. We had artists Kushuma Holyoak, Clover Robin, Molly Lemon, Jill Davies and Leslie Hook all with their own take on their subject matter, and feedback from the artists Q&As showed how relevant the themes were to the local audience.

The Green Hill Open 2024 was our biggest yet with five judges selecting through 600 pieces of work from over 200 artists, whittling the number down to 160 pieces on show in the gallery itself.

The Spirit of Place showcased two internationally renowned artists, Rosie Sanders and Dominic Welch, who have exhibited all over the world and who both sell mainly through London galleries.

Page 5

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance (continued)

Rosie Sanders’ work featured intricate monochromatic charcoal and pencil landscapes with light and dark so subtly rendered as to be mistaken for photographs, inviting the viewer to pause and look harder day to day. Dominic Welch’s sculptures of metal and stone normally sit outside in nature, but in the gallery complementing Rosie’s drawings, reminding us of how Dartmoor’s expansive moorlands, ancient stone circles, and rugged tors evoke a profound sense of spirituality and history.

2024 also featured the work of Martin Maxim and two local artists in the Health Centre.

Finally, the Winter Fair was a very rewarding show, with nearly 100 artists and craftspeople exhibiting and selling their creations to a seasonal audience. This reflects Green Hill’s commitment to supporting local artists.

Our program of workshops is linked both thematically to current shows, and to our health and wellbeing goals. For example a collage making workshop created an opportunity for participants to experience techniques and themes arising from the Ordinary Worlds show. A regular ‘Slow Stitch’ workshop combines technique, reflective practice and companionship.

Our Arts Team of part-time Curator, Communications Officer and Administrator totals less that one full time equivalent post. The work could not be done without our Arts Group of 7 volunteers all with an interest in arts who have been instrumental in creating our yearly program and putting on special events such as ‘Dine with Kahlo’, a dinner, talk and fundraiser about the work of Frida Kahlo. In addition we have indispensable volunteers who support the gallery, shop and office.

We look to 2025 to continue to exhibit work which provokes and stimulates discussion, heightens our experience of being human as well as delighting and enriching the imagination. The popular ‘Widdershins’ show of folklore and myth will return. We will capitalise on the intimacy of our gallery space to combine, visual, light, sound and music. And we will celebrate the use of Green Hill as a community space with an exhibition of 100 years of the Moretonhampstead Carnival. We will host more internships to give work experience to young people in the field of arts, and run a National Arts Award program for children. We will also develop a new Business Plan aimed at increasing our footfall, impact and the benefits to individuals and the community, as well as to become more financially self-sustaining.

The Green Hill Building

The Green Hill Centre for Arts, Heritage and Youth is back to capacity and hosts several successful local businesses as well as the Local History Archive, Art Gallery and Studios, Parish Council office, a large training room for hire, and the Yard Youth Club, which is once again running three evenings a week with a great varied programme for young people.

The Green Hill building provides substantial space for the Moretonhampstead History Society to host permanent exhibitions on Moretonhampstead’s cultural, industrial, farming and social history, as well as exhibitions that change throughout the year.

Overall in 2025 we aim to strengthen our governance through recruiting a greater diversity of trustees, improving the ‘lead trustee’ system, and developing new business plans for each strand of our work. We also aim to network and collaborate more with like-minded galleries, and explore partnerships in support of our goals.

Page 6

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Financial review

a. Going concern

The accounts have been prepared on a going concern basis and show a loss for the year. The loss is in part attributable to unplanned works for Fire Safety compliance and the extension of the Development Officer role for the first 3 months of 2024. The continuing rise in costs is also presenting a challenging environment. The Trust, however, continues to meet its liabilities as and when they become due and has satisfactorily resolved the disputed debt with the NHS.

b. Reserves policy

The reserves of the Trust have remained relatively stable and the Trust continues to maintain reserves to cover staff and running costs in the event that the Trust has to close down. If the reserves drop below the agreed level then the Finance committee will agree a plan to remedy the position. Any major decisions such as staff redundancies will be taken to the full Board of Trustees.

A building fund is also maintained to enable routine maintenance and repair on the building can be performed. This fund is topped up from our rental income.

c. Financial review

The charity achieved a net deficit for the year ended 31 December 2024 of £19,140 (2023: deficit of £20,277).

The balance held on unrestricted funds at 31 December 2024 was £51,777 (2023: £51,952).

The balance held in restricted funds at the year-end was £59,032 (2022: £77,997).

d. Principal risks and uncertainties

Our risk analysis has identified the greatest risks to our organisation as being:

  1. Loss of income from tenants and building users – we seek to avoid this by choosing our tenants with care and keeping a waiting list in case they move on.

  2. Insufficient diversity and amount of funding. We will continue to invest in fundraising and cultivation of our patrons group.

  3. Damage to our building, as we have a repairing lease from the County Council – we audit the state of the building every year and maintain a building fund to deal with repairs.

  4. Turnover of staff, trustees, and volunteers. Significant time and financial support are provided by trustees and volunteers. We will ensure that our organizational systems and structures provide the necessary support to use voluntary time efficiently and effectively, and provide them with a rewarding experience.

We maintain a Risk Register, with mitigating actions, which the Trustees review periodically.

Page 7

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

a. Constitution

Moretonhampstead Development Trust is registered as a charitable company limited by guarantee and was set up by a Trust deed.

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Organisational structure and decision-making policies

We are answerable once a year to our members, who can vote at our AGM: they are the representatives of every community organisation and Parish Councillors. And throughout the year, we try to be responsive to community needs and views, and involve local people as members, volunteers and trustees.

We also publish details of our work, our organisation, and the meetings of Trustees on our website, and provide frequent updates in the News in Moreton on social media.

Trustees make the important decisions, have oversight of our operations, and are responsible for finances. We would like our Board of Trustees to be more representative of the community we serve, and are always seeking new Trustees.

We have established a Steering Group for Wellmoor, which has a diverse membership and is now working well: we intend this to widen its remit to cover all our activities. We are also planning a wider community consultation later in the year, on what else we should be doing.

The Board of Trustees meets quarterly, though there will be activities in between as well. It delegates responsibility for Finance and Staffing matters to the Finance and Staffing Committee, which meets quarterly to review income and expenditure for the previous period and proposals for new items and projects; and prepares a report to the quarterly Board meeting. There is a Spend Authority Policy, with Trustees being required to authorise expenditure above certain levels.

This Committee has devised a Policy for Staff Pay, which it reviews annually along with specific pay levels. Specific Trustees on the Committee have line management responsibility for specific members of staff, and there is a system of staff review and appraisal to support this.

d. Policies adopted for the induction and training of Trustees

Trustees are elected at an AGM, though occasionally we may co-opt a new trustee in mid-year pending their election. Our policy on the induction of trustees is: (1) to ensure that anyone who volunteers for the role has a good understanding of what the Trust does and what their responsibility will be; (2) once elected, they are offered time with those working on our different projects, as well as information on our policies and induction training; (3) they are encouraged to participate in trustee training opportunities offered by Locality and NCVO, usually on-line.

We ask all Trustees to take on an area of interest where they can lead or support our staff in the community, as appropriate.

Page 8

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company 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 . 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 Company 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:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

................................................

C Thomson

(Vice Chair of Trustees)

09/19/2025 Date:

Page 9

MORETONHAMPSTEAD DEVELOPMENT TRUST IA company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examlnerfs report to the Trustees of Moretonhampstead Development Trust ('the Company.) I report to the charity Tru8te8s on my examin8tion of the accounts of th6 Company for Ihe year ended 31 December 2024. Rasp¢nsibllities and basis of report As the Trustees of the Company (and its dir8Gtors for the purposes of company law) you ar8 responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satlsfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my éxamination of the Company's 8ccounts carried out under section 145 of the Charlties Act 2022 ('the 2022 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)Ib) of the 2022 Act. Independent examlnerfs statement I have compl8ted my examlnatlon. I confinn that no matters hav8 come lo my attention In connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as r6qulr8d by section 386 of the 2006 Act; or the accounts do not accord with those récords; or the accounts do not comply with th8 accounting requlrements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an ind&pendent examination., or the accounts have not been prepared In acc(Kdanc4 with th8 methc*ds and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicab18 to charit16s praparlng their accounts in accordance with the Financial Rewrting StarKJard applicable in Ihe UK and Republic of Ireland (FRS 102)]. I have no concems and have rA)me across no other matters in connection with the examination to whlch attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to Ihe Companls Truste8s, as a body, In accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that l rnight state to the Companys Trustees those matters l am required to stste to them in an Independent examinerfs report and for no other purpos8. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Cornpany and the Companls Trustees as a body. for my work or for this report. Signed: Laura Waycott (FCA) Griffin Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ Dated.. 141 Iir Page 10

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2024
£
4,435
130,365
-
134,800
153,765
153,765
(18,965)
77,997
(18,965)
59,032		 Unrestricted
funds
2024
£
3,855
70,785
1,571
76,211
76,386
76,386
(175)
51,952
(175)
51,777		 Total
funds
2024
£
8,290
201,150
1,571
211,011
230,151
230,151
(19,140)
129,949
(19,140)
110,809		 Total
funds
2023
£
17,808
171,227
223
189,258
209,535
209,535
(20,277)
150,226
(20,277)
129,949

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 14 to 31 form part of these financial statements.

Page 11

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee) REGISTERED NUMBER: 05133939

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
15
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 2,500
84,755
87,255
(15,996)		 2024
£
78,584
78,584
71,259
149,843
(39,034)
110,809
110,809
59,032
51,777
110,809		 9,726
119,640
129,366
(39,744)		 2023
£
82,915
82,915
89,622
172,537
(42,588)
129,949
129,949
77,997
51,952
129,949

Page 12

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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 on

_______ and signed on their behalf by:

09/19/2025

C Thomson

(Vice Chair of Trustees)

The notes on pages 14 to 31 form part of these financial statements.

Page 13

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

Moretonhampstead Development Trust is a standard registered charity registered in England and Wales. The registered office address is Green Hill, Fore Street, Moretonhampstead, Devon, TQ13 8LL.

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.

2.2 Going concern

At the Balance Sheet date the Charity held total reserves of £110,809. However, the free reserve balance was (£26,807). This figure represents the total unrestricted fund balance of £55,086 less the £78,584 carrying value of fixed assets funded by unrestricted funds. The majority of the Charity's activities are funded by restricted income. Furthermore, given the bank balance at 31 December 2024 was £84,755 the trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

2.3 Income

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

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

Page 14

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

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.

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

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

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 Company; 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 £100 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, using the straight-line method.

Depreciation is provided on the following bases:

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.

Page 15

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

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 Company 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.

2.10 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company 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 Company 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 Company 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.

Page 16

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

There are no critical accounting estimates or assumptions.

Page 17

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Income from donations and legacies

Donations
Donations		 Restricted
funds
2024
£
4,435
Restricted
funds
2023
£
13,838		 Unrestricted
funds
2024
£
3,855
Unrestricted
funds
2023
£
3,970		 Total
funds
2024
£
8,290
Total
funds
2023
£
17,808

5. Income from charitable activities

Centre management
Community services
Arts and heritage
Total 2024
Centre management
Community services
Arts and heritage
Total 2023		 Restricted
funds
2024
£
1,237
127,259
1,869
130,365
Restricted
funds
2023
£
-
100,255
-
100,255		 Unrestricted
funds
2024
£
49,735
547
20,503
70,785
Unrestricted
funds
2023
£
43,590
5,320
22,062
70,972		 Total
funds
2024
£
50,972
127,806
22,372
201,150
Total
funds
2023
£
43,590
105,575
22,062
171,227

Page 18

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Investment income

Investment income
Investment income
7.
Analysis of grants
Grants, Community services
Grants, Community services		 Unrestricted
funds
2024
£
1,571
Unrestricted
funds
2023
£
223
Grants to
Individuals
2024
£
18,587
Grants to
Individuals
2023
£
13,121		 Total
funds
2024
£
1,571
Total
funds
2023
£
223
Total
funds
2024
£
18,587
Total
funds
2023
£
13,121

Page 19

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Analysis of expenditure by activities

Centre management
Community services
Arts and heritage
Centre management
Community services
Arts and heritage		 Activities
undertaken
directly
2024
£
39,330
52,440
39,330
131,100
Activities
undertaken
directly
2023
£
39,913
53,219
39,913
133,045		 Grant
funding of
activities
2024
£
-
18,587
-
18,587
Grant
funding of
activities
2023
£
-
13,121
-
13,121		 Support
costs
2024
£
28,580
29,648
22,236
80,464
Support
costs
2023
£
20,498
24,495
18,376
63,369		 Total
funds
2024
£
67,910
100,675
61,566
230,151
Total
funds
2023
£
60,411
90,835
58,289
209,535

Analysis of direct costs

Staff costs
Direct costs
Publicity and events costs
Training		 Centre
management
2024
£
35,266
1,719
1,306
1,039
39,330		 Community
services
2024
£
47,021
2,292
1,741
1,386
52,440		 Arts and
heritage
2024
£
35,266
1,719
1,306
1,039
39,330		 Total
funds
2024
£
117,553
5,730
4,353
3,464
131,100

Page 20

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Direct costs
Professional charges
Publicity and events costs
Training		 Centre
management
2023
£
29,682
1,446
4,061
3,244
1,480
39,913		 Community
services
2023
£
39,577
1,928
5,415
4,326
1,973
53,219		 Arts and
heritage
2023
£
29,682
1,446
4,061
3,244
1,480
39,913		 Total
funds
2023
£
98,941
4,820
13,537
10,814
4,933
133,045

Analysis of support costs

Depreciation
Finance costs
Miscellaneous costs
Office costs
Professional charges
Property costs
Governance costs		 Centre
management
2024
£
1,527
689
4,362
2,931
10,109
6,800
2,162
28,580		 Community
services
2024
£
2,035
920
240
3,910
13,479
9,064
-
29,648		 Arts and
heritage
2024
£
1,527
689
180
2,931
10,109
6,800
-
22,236		 Total
funds
2024
£
5,089
2,298
4,782
9,772
33,697
22,664
2,162
80,464

Page 21

(A company limited by guarantee)

MORETONHAMPSTEAD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Centre
management
2023
Community
services
2023
£
£
Depreciation
1,607
2,142
Finance costs
740
988
Office costs
3,670
4,889
Professional charges
9,705
12,938
Property costs
2,654
3,538
Governance costs
2,122
-
20,498
24,495
9.
Independent examiner's remuneration
Fees payable to the Company's independent examiner for the independent
examination of the Company's annual accounts
Fees payable to the Company's independent examiner in respect of:
All other services not included above		 Arts and
heritage
2023
£
1,607
740
3,670
9,705
2,654
-
18,376
2024
£
794
1,456		 Total
funds
2023
£
5,356
2,468
12,229
32,348
8,846
2,122
63,369
2023
£
721
1,401

10. Staff costs

2024
£
Wages and salaries
115,925
Contribution to defined contribution pension schemes
1,628
117,553
The average number of persons employed by the Company during the year was as follows:
2024
No.
Employees
9		 2023
£
97,896
1,045
98,941
2023
No.
9

Page 22

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Staff costs (continued)

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

The key management personnel of the charity comprises the management team (see page 1). The total employee benefits of the key management personnel of the charity is £46,720 (2023 - £30,584).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, expenses totalling £ NIL were reimbursed or paid directly to the Trustees (2023 - £ NIL).

Page 23

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Tangible fixed assets

Cost or valuation
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
Debtors
Due within one year
Trade debtors
Other debtors		 Long-term
leasehold
property
£
576,691
-
576,691
496,176
4,026
500,202
76,489
80,515		 Office
equipment
£
71,677
758
72,435
69,277
1,063
70,340
2,095
2,400
2024
£
1,725
775		 Total
£
648,368
758
649,126
565,453
5,089
570,542
78,584
82,915
2023
£
6,154
3,572
2,500 9,726

13. Debtors

Page 24

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Creditors: Amounts falling due within one year

Other loans
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
3,572
7,833
2,341
2,250
15,996		 2023
£
3,399
3,413
5,768
27,164
39,744

15. Creditors: Amounts falling due after more than one year

Other loans
Included within the above are amounts falling due as follows:
Between one and two years
Other loans
Between two and five years
Other loans
Over five years
Other loans		 2024
£
39,034
2024
£
3,751
12,418
22,865		 2023
£
42,588
2023
£
3,569
11,818
27,201

Page 25

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Property maintenance
Contingency fund
General funds
General Funds
Total Unrestricted funds
Restricted funds
Core
Arts
Wellmoor
Total of funds		 Balance at 1
January
2024
£
6,210
2,000
8,210
43,742
51,952
-
13,039
64,958
77,997
129,949		 Income
£
-
-
-
76,211
76,211
4,450
12,307
118,043
134,800
211,011		 Expenditure
£
-
-
-
(76,386)
(76,386)
(4,450)
(14,923)
(134,392)
(153,765)
(230,151)		 Balance at
31
December
2024
£
6,210
2,000
8,210
43,567
51,777
-
10,423
48,609
59,032
110,809

Page 26

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Statement of funds (continued)

The specific purposes for which the funds are to be applied are as follows:

Designated funds:

The property maintenance fund was set up with the money received from the Devon Youth Service for property delapidations when they ended their lease of the youth centre early.

The contingency fund was set up to help absorb any future costs associated with unpredicted events.

Restricted funds:

Core

Core funding relates to the income generated by the letting of offices and studios, complemented by the hire out of the meeting room.

Arts

The Arts funding is from personal donations. Some small revenue is generated by the art classes that take place during the year.

Wellmoor

Projects are funded from a number of sources including Local Authority grants, NHS schemes and National Lottery awards. Wellmoor is a project to help relieve health and social welfare issues not addressed by statutory or other voluntary organisations.

Page 27

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Fixed asset depreciation
Property maintenance
Contingency fund
General funds
General Funds
Total Unrestricted funds
Restricted funds
Core
Arts
Wellmoor
Total of funds		 Balance at
1 January
2023
£
-
6,210
2,000
8,210
42,474
50,684
3,862
14,667
81,013
99,542
150,226		 Income
£
-
-
-
-
75,165
75,165
-
2,725
111,368
114,093
189,258		 Expenditure
£
(5,356)
-
-
(5,356)
(68,541)
(73,897)
(3,862)
(4,353)
(127,423)
(135,638)
(209,535)		 Transfers
in/out
£
5,356
-
-
5,356
(5,356)
-
-
-
-
-
-		 Balance at
31
December
2023
£
-
6,210
2,000
8,210
43,742
51,952
-
13,039
64,958
77,997
129,949

Page 28

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds
Summary of funds - prior year
Balance at
1 January
2023
£
Designated funds
8,210
General funds
42,474
Restricted funds
99,542
150,226		 Balance at 1
January
2024
£
8,210
43,742
77,997
129,949
Income
£
-
75,165
114,093
189,258		 Income
£
-
76,211
134,800
211,011
Expenditure
£
(5,356)
(68,541)
(135,638)
(209,535)		 Expenditure
£
-
(76,386)
(153,765)
(230,151)
Transfers
in/out
£
5,356
(5,356)
-
-		 Balance at
31
December
2024
£
8,210
43,567
59,032
110,809
Balance at
31
December
2023
£
8,210
43,742
77,997
Designated funds
General funds
Restricted funds
129,949

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
78,584
59,032
28,223
-
(15,996)
-
(39,034)
59,032
51,777		 Total
funds
2024
£
78,584
87,255
(15,996)
(39,034)
110,809

Page 29

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Restricted
funds
2023
£
-
77,997
-
-
77,997		 Unrestricted
funds
2023
£
82,915
51,369
(39,744)
(42,588)
51,952		 Total
funds
2023
£
82,915
129,366
(39,744)
(42,588)
129,949

19. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £1,628 (2023 - £1,045). Contributions totalling £336 (2023 - £232) were payable to the fund at the balance sheet date and are included in creditors.

20. Related party transactions

No related party transactions took place during the financial year.

Page 30

MORETONHAMPSTEAD DEVELOPMENT TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Operating lease commitments

At 31 December 2024 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2024
£
1
4
16
21		 2023
£
1
4
17
22

The following lease payments have been recognised as an expense in the Statement of financial activities:

2024 2023
£ £
Operating lease rentals 1 1

Page 31