CANAAN TRUST (A Company Limited by Guarantee) UNAUDITED REPORT AND FINANCIAL STATEMEiYrs for the Period Ended 30 September 2024 Charity Number 1105657 Company Number 05169595
C*n#an TThst (A Company Llmited by Guarantee) Report of the Trnstees for the Period Ended 30 September 2024 The Trustees are ple&sed to present their annual DIrtor'S Report together with the financial statements of the charity for the period ¢Ekded 30 September 2024 which are also prepared to meet the requ&rements for a Director's Report and accounts for Companies Act purposes. The financial Statements comply with thc Charities Act 2011, the Companies Act 2006, the Memornidum and Articles of Association. and Accounting and Reporting by Ch8ritie5: Statement of Recommended Practice appIlble lo charittes preparing their a¢counts in accordance with the Financial Reporting Stsndard in the UK and Republic of Ireland (FRS102) (effective l January 2019). Chairs, Re ort This has been an incredibly busy year for everyone involved with th¢ Canaan Trust. Having purchased our nei8hlKJring property. now named Aspire House, in order to provide accommodation for homeless females a tremendous amount of planning and fundraising resulted in Quantity Surveyors and Builders being contracted to carry out the physical refurbishment of the property. As I wrifr this report this is nearly complete and we look forward to opening the house to residents. Having recruited n¢w trustees, we have develop¢d a subcommittee StruC[e for the governance of the TTUSL These cover HR. Finan¢e and Buildings. This has spread the workload for our volunteer trtsstees but more importantly allow¢d the managers to have greater face to facc time with trustees to discuss rel¢vant issues. None of ihis has distracted from the ongoing work wilh current residents and those in the Communffity needing our support. As ever the staff have worked tirelessly to overcome all the challenges they have faced. The Trustee$ are ind¢bted to every member of staff for the way they hav¢ wndu¢t¢d themselves in this challen8ing year. As ever the Trust Could not have achieved what it has this year wtthout the amazin8 SUPPOrt of local businesses and a bartd of volunteers. I don't want lo name businesses here bewse l am l)ound to miss one out which would be m051 unfair. However. their contributions are acknowled8¢d on our social media pages so I hope they realise how much their wntributions are valued. Many individuals give much tirn¢ in helping on tssks supporting our work. Whether organising food par¢¢ls. moving furniture. rattling collection buckets or manning our stall at local events we can always rely on someone turning up to help out. Many hardy souls also braved a night on the street at our annual Sleep Out. A Christsnas lunch was organised for peopl¢ in the Community. A fundraising committee h35 been fonned and h&$ already organised a number of events including Fashion Show, QuizNight and Ceilidh. W¢ also received many financial donations from individuals who give regularly. Without such support our activities would be severely cUlled. Sincere thanks to all. This is Ihe last such r¢port E shall write as I am steppin8 down as a trustee at the llt AGM. "Thank you" is r¢ally insufficient to express my gratitude to all members of staff and Truslees, past and presenL who I have had the pleasure to work with over the past years. It has been a great privilege to hold the w)st of Chair of Trustees and I leav¢ nfIdent that the future of Canaan Trust is in safe hands. Ob ects and Activities The objectives of the Gharity are the Telief of poverty. the 8dvancement of Cduution and the provision of a planned programme of high quality housing related services. Looking ahead we have expanded the number of trust¢cs on the Board. These new reuuits bring a wealth of knowledge. experienc¢ and enthusi&sm to the Trust. Over the coming weeks and months we will be developing ways of working to ensure they make a truly p051tive effect on the governanc¢ of Canaan Trust and ensure we continue to provide the vffital support lo homeless individuals and those threatened with homelessness for which we are valued.
Canaon Trust (A Company Limited by Guarantee) Report of the TTUStees for the Period Ended 30 September 2024- Continued Aehlevem¢nts and Perforniance It has been an exciting time as we have developed a new staffing structure that will support the growth and development of the Canaan Trust as we move towards the opening of Aspire House. This has involved consultation with staff across the organisation and as with all proposed changes this has at ttmes b¢¢n challenging. It was really encouraging to interview so many peopl¢ who had a real heart for our work and we are delighted with the appointments we have made and the wtential for growth and development of individuals in th¢ expanding team. This work will be ongoing 85 we work to ensure that we provide the b¢st possible support for new and established stsff by enhancing our current induction processes and r¢viewing training opportunities to reflect our expanding work. Our work as a board has involv¢d a review of all p)licies and procedures to ensure that they better reflect the work of the Trust as we expand. The HRJStaffing group ha5 prioritised a number of key areas such as rruitment and selection. appraisal arrangements etc. We will mntinue to review all th¢ policies and procedures to ensure we are takin8 account of new legislation and Chang within our organisation. In the next few months this will include a review of ternis and condition5 across the whole team and the re-issuing of conlrncts to reflect changes. Whilst the Trust income and res¢rves appear signifiwtly increased compard io the prior year. this is not a trend that we expect to see conltnued. The 18 months to 30 September 2024 have seen a huge effort by the Trust and all of its supporters to raise the funds necessary to renovate Aspire House and take us a step closer to bringing the much needed female homeless service into operation. We feel blessed and truly grnteful thai d¢spite the econornic pressures and cost of living crisis we were able to meet our fundraising targets and commence refurbishment work on the property. We are acutely aware that expartding the Tn.5 services. now operating and maintsining three supported living properties as well as our ongoing work in th¢ community, will require even greater ¢haritable donations and gtants going forward. This oupled with the increased rate of employer's national insurdnce contributions and minimum wage levels announced in the autumn 2024 budget put the Trust under financial pressure. To respond Éo this pressure and the growth of th¢ Trust's operation5 a finance manager h&s b¢en recruited to help mature and strengthen our financial planning and management arrangements. Additionally, we have entered into to a contract with a nsultant specialising in fund raising. We ¢ontinue to foster ¢lose links within the community 8nd Iwond to mlMIse our fundraising potential. The work to bring Aspire Hous¢ into being has not detracted from the ongoing work at Jordan House and Cranmer Street. W¢ have continued to support residents to rebuild their lives and move on into their own accommodation. Demands on our Community work eA)ntinue to grow. As well as providing f(y)d parcels we give advi¢¢ and support io those who are threaten¢d with homelessness. We are pn)ud of the fact that Canaan Trust is seen as a "gold stsndard" for the support we give. A full survey wa8 undertaken on lh¢ Cranmer Street property and work has begun to rectify the issues this brought up. Moving forward a full maintenance schedule will be drawn up to addre55 the remaining issues. The CCTV systeEMS at Jordan House and Cranmer Street hav¢ been upgraded. All the inspections required to operat¢ an HMO hav¢ b¢en carried out. To r¢spond to thts pressure and the growth of the TTUSt'5 operations a finance managv has been recruited to help mature and strengthen our financial planning and management arrang¢mcnts. Additionally. we have entered into to a wntrnct with a consultant specialising in fund raising
Canaan Trnst (A Company Limited by Gu*Antee) Trustees, Report for the Period Ended 30 Sept¢mb¢r 2024 - Continued Public Benefit Our charitable activities focus not just on the street hom¢less but 8Jso the-hidd¢n homeless" who may be sofa surfing with friends and those threat¢n¢d with homelessness for whatever Teason. Those who are referred to us by local authorities often have a number of issue5 su¢h as a history of alcoholldrug abuse. offending, learning difficulties, low self esteem. These Issues are addressed by providing individual programmes of supporL in¢luding counselling. and education on a wide ranse of life skills to equip the clients for independent living &s well as support in dealing with external agencies. Those in the community who arrive at our door oft¢n need short terni help and advice to overcome a Specific issue. The TNst seeks to emb¢d fair access, fair exit, diversty and inclusion within the Culture and perfonnance of its service. All equality and diversity policies and procedures are designed to proactively fvlfil the requirements of the current legislation. Equal access to our services is an important issue for us. We have a constant monitoring process to ensure entry to the project is not discriminatory by disability. religious belief or sexual orientation. The trnstees confinn ihat they hav¢ complied with th¢ir duties under section 17 of the 2011 Charities Ad with regard to Public Benefit. Financial Review The attached financial statemcnts show the current slate of the finane¢s. The company had incoming SOurceS during the period of £I,435.645. Th¢ compaJ)y's revenue reserve Unrestrict fvnd ba13ncc is a surplus of £1.315J70 at 30 September 2024 which is sub5t8ntially held as propety. The company's unrestricted surplu5 for the period totalled £312.777. The principal funding sources of rental income from Housing Benefil together with b)nations have been used to support the key objectives in achievin8 the perfornjance as described above. Investment Powers of Trnst To invest trust money in the purchase of or at interest on the security of such stocks funds shares securities or other investments or property of whatwcr nature and wherever sith5ated as the TteeS in their absolute discretion think fit to th¢ intent that the Trustees shall have the same full and unrestricted pow¢rs of investing and transposing investments as if they were beneficially entitled to the Trust Fund. Grant Making Pollcy At the discretion of the board of Trustees, they may from time to time make donations to other charitie5 which have the s8m¢ objectives as the Trust. Fundraising Activitieg A variety of activities take plarx to raise fvnds for the Charity. All of these funds are used for oharitable purposes. The trustees a grateful for 411 help offered during the year on a voluntary basis.
CAnan Trust (A CompAny Limited by Guaran¢ee) Trustees, Report for the P¢riod Ended 30 September 2024 - Continued Reserves Policy As at 30 September 2024 the tolal funds of the Trust We £1.694,742 (31103r2023: £870,077) a subslantial amount of this being represented by fixed &5sets. The Trust scgregates its funds between those that are re5trict¢d and those that ar¢ UnrtriCted. General ndS r¢present the accumulated Surplus on unrestricted income and expenditure and are availabl¢ for use at the discretion of the Board in pursuing the generdl charitable objectives of th¢ charity. The Directors have adopted a reserves policy that unrestricted fimds held in the general fund should eover 3 months running osts. Designated funds ar¢ funds that have been set aside by the Board ftir a specific purpose. In 2021122 a designated fund was estsblish¢d for the expansion of the Canaan Trust for the future. The DireGtors have d¢temiined that this fund will b¢ dedicated to the Aspir¢ House Women's Project. In 2022123 a designated fr¢ehold propety and fixed asset fund has been established that r¢presents the net book value of the Trust's freehold propety and fixed assets. Ic5s any outstanding debt secured against thos¢ assets. This fund has been 5warated from the generdl fund in recognition of the fact that the freehold Property and fixed a55¢ts used in the Trust. s day-to4ay work, and ihe fund value would not be llY realisable if needed to mcet future liabiliti¢s. Restricted funds represent in¢ome received where the donor or the nature of the appeal generating the tncome has iSed restrictions to how the monies shall be used. Future Plans lft th¢ short terni the refurbishment of Aspire House needs to be completed so we can welcome our first female residents. N¢w staff members will complete their induction and any training needs they require. New trust¢es will be recruited to expand th¢ number of Board members to r¢fie¢t the increawl si7£ of the Charity. In the medium t¢rn] fundrdising opportunities will be identified to ensure the continued viability of the TrusL The will be from Grant awarding bodies and activities organis¢d by our volunteer committee. Poli¢y reviews wtll continue to ensure they satisfy cumt rquirements. Once we are wnfident Aspi House is operating successfvlty and that finances are secure then we can look to longer temi plans to ensure our services continuc to be effective ID relievtng issues of homelessness.
Canaan TTrst (A Comp•ny Limited by Gugrantee) Report of the Trustees for the Period Ended 30 September 2024 Reference and Administrative Information CHARITY NAME: Canaan Trust CHARITY REGISTRATION NUMBER: 1105657 COMPANY REGISTRATION NUMBER: 5169595 REGISTERED OFFICE: Cliffe Hill Hou 22-26 Nottingham Road Stspleford Nottingham NG9 8AA OPERATIONAL ADDRESS: Jordan House 14 Main Streel iA)ng Eaton Nottingham NGIO IGR PATRONS: Andrew James TRusfEES OF THE CHARITY AND DIRECTORS OF THE COMPANY: Mrs D Ross (Treasurer) Mr D Gee (chair) Mr T J Broad Mr A Goulden Mr T Jones Helen Hempshaw (Appointed 29.11.23) Susan Bradley (Appointed 29.11.23) Patricia Eaton (Appointed 29.11.23) PROJEcf MANAGER: (Responslble for day to day running of project) Kevin Curtis ASSISTANT MANAGER: Kate Bassford COMPANY SECRETARY: Not App)inted INDEPENDENT EXAMINER: James Liptrott FCA Chartered Accountant Haines Watts Nottingb4m Limited Cliffe Hill House 22- 26 Nottingham Road Stapl¢ford Nottingham NG9 8AA BANKERS: The cOperative Bank PLC 4- 5 Exchang¢ Walk Nottingham NGI 2NX Barclays Bank PLC SOLICITORS: EIIis-Fernior Negus 35 Derby Road Long Eaton Nottingham NGIO ILU WEBSITE: www.canaan.trust.co.uk
Cnan Trnst (A Company Limited by Guarantee) Trn$1, Report for the Peiiod Ended 30 S¢ptember 2024 - Continued Structure, Governance And ikqanagemtnt Governin Docu ent The organisation is a charitable company limited by guarantee. incorrated on 2 July 2004 8nd registered as a charity on 27 August 2004. The company wa5 established under a Memorandum of Association which established the objects and powers of the charitable eompany and is governed under its Articles of Association. In the event of the company being wound-up members are required to tribute an amount not exceeding £10. Recrttitment and A intment of Mana en Com The directors of the ¢ompany are also chwity trustee5 for th¢ purposes of tharity law 8nd under the company's Articles are known as the Board of Director5. Under the requirements of the Memorandum and Articles of As50¢iation one third of the members of the Board of Direetors ar¢ r¢quired to retire from office annually. The Directors to retire by rotation shall be those who have been longest in office since their last appointment. The Trustees appoinied reprcsent a number of churches and dominations within the locality. Fomiation Canaan Trust fornially eornm¢n¢¢d operation on the l April 2005 when all assets and the operations of The Aspire Trust were transferred to the Canaan Trust by a deed of gift and staff were transferred under TUPE. clion and Trainin Any new trustee undergoes an induction process to brief them on thetr legal obligations under charity and company law. the content of lh¢ Mernorandum attd Article5 of Asswiation. the wmmittee and decision making process, the business plan and the recent financial p¢rfornian¢e of the Charity. During this induction they meet key employees and other trustees. All trustees arc actively encouraged to attend appropriate training events that will facilitste the undertaking of thetr role within the charity. The Board of Directors ha5 conducted a review of the major risks to whith th¢ charity i5 cxposed. A risk register has been established and will be updated annually. Where appropriatE systems or procedures have been established to mitigat¢ th¢ risks the charity fa¢e$. Th¢ Trust has appointed external advisers for Health and Safety. Human Resources and Inforniation Technology to ensure compliance with current legislation and provide expert advice. Sigtiificant external risks to funding have led to the development of a strategiG plan which will allow for the diversification of funding And activities. Internal control risks are minimised by the implementation of pro¢edur¢s for authorisation of all transactions and projects. Procedures are in pla¢¢ to ensure compliance with health and safety of stsff, volunteer4 clients and visitors to the project. Monthly reports are produced to monitor Income and Expenditure enabling steps to b¢ taken early to lessen risk. Internal risks are minimised by the implementation of procedures for authorisation of all transactions by at least 2 iruslees or l trustee and the treasurer. The Treasurer and Pmject Manager monitor all cash transactions and limits are set for monthly amounls of expenditure. The Directors monitor the threshold for the guardnt¢¢ of funds in bal accounts and ensure our bank balances ar¢ allocated to different aouttts to ensur¢ there is no risk to them.
Canaan Trust (A Company Limited by GuAr*ntee) Tntstees, Report for the Period Ended 30 S¢ptember 2024- Continued ani ational Structure Cartaan Trust has a Board of Directors which meets monthly and is reSnSIble for the strdteg&c direction and policy of th¢ charity. At present the Committee has eight members from a variety of professional backgrounds relevant lo the work of th¢ charity. A s¢heme of delegation is in place and day to day responsibility for the provision of the servic¢s rests with the project manag¢r Mr Kevin Curtis. He is responsible for ensuring that the charity delivers the services speGified and that key perfomiance indicators are met. The Manager h&5 responsibility for the day to day operational management of the ProjecL individual supervision of the staff ieam and also ensuring that thc team continue to develop their skills and working pra¢lices in line with good practice. Responsibilit1¢5 of the Trustees Company law requires the Tnjstees to prepare financial statements for each financial year which give a Inje and fair view of the state of the affairs of the charitable company as at th¢ balance sheet date and of its inwming SOurceS and application of resources, including income and expenditure. for the financial year. In preparing those financial statements. Ihe management committee should follow best practice and-. State whether 4)pli¢able UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements. Select suitable accounting policies and then apply them consistently" Make judgements and estimates that arc reasonable and prud¢ and Prepare Ihe financial statements on the going concern basis unless it is inappropriat¢ to assume that th¢ company will eontinue on that b&sis. Observ¢ the methods and principles in the chariti SORP. The Trustees are responsible for maintaining proper accounting rewrds which disclose with rea50nabl¢ accurncy 81 any time the firkancial position of the Charitsble company arkd to enable them to ensure that the financial statements comply with the Companies Ad 2006. The Board of Directors 15 also responsible for safeguarding the assets of the charitable company, hence laking reasonabl¢ steps for the pw¢Dtion and detection of fraud and other irregularities. embers of the Mana ement Committee Members of the Board of Directors who are also truste¢s for the purpose of charity law. who served during the year and up to the date of this report are set out on page 5. Members of the Charitabl¢ Company guardntee to contribute an amount nol exceeding £10 to the a55ets of the charÉtable company in the event of winding up. The total number of such guarantees at 30 September 2024 was 8 (2023- 6). This report been prepared in accordance with the Statement of Recommended Practi¢¢: Accounttng and Reporting by Charities in accordance with the Special Provisions of Part 15 of the Companies Act 2006 relating to small entities. 21J.,,l2 Approved by the Board of Directors on (. and signed on its b¢half by: Si8nature........ Mr D Ge¢ (Director and Chair of Board of Trnstees)
CAnAan Trnst (A Company Limited by Gu*Txntee) Company Number: 05169595 Independent ExAminer's Report to the Trnstees of C8n2an Trnst I report on the charity trustees on my examination of the accounts of the wmpany for the period ended 30 Sepiember 2024. Responsibillties BAsi8 of Report As the charity's tru5t¢es of th¢ Company (and also its directOTS for the purpose of wmpony law) you are responsible for the preparation of the accounts in accordan¢c with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of th¢ Company are not required io be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under se¢tion 145 of the Charities Act 2011 ('the 2011 A¢t')- In carrying out my ex8mination I have followed the dir¢¢tions given by th¢ Charity Commission under section 145(5Xb) of the 2011 ACL Independent Examiner's Statement Since the Company's gmss income exceeded £250.000. your examiner must be a member of a body listed in section 145 of the 2011 Act. l ¢onfinn thai l arn qualified to undertake the examination because l am a member of the Institute of Chartered Accountants, which is one of the listed bodies. I have completed my examination. I confirni that no matters have come to my attention in connection with the examination giving me cause to believe:. l) Accounting records were not kept in respert of the Company as required by section 386 of the 2006 Act: or 2) The accounts do not accord with those r¢o)rds; or 3) The accounts do not comply with the acwunting requirements of section 396 of th¢ 2006 Act other than any requirements that the accounts give a 'true and fair vi. which is not a matter considered as part of an independent examination. or 4) The accounts have not been prepared in accordance with the methods and principle5 of the Siatement of recommended Practice for accounting and reporting by charilies (applicable to chariti¢s preparing their accounts in accordanrx with the Financial Reporting Standard applicable in the UK and R¢public of Ireland (FRS102)). I have no Goncerns and have olm¢ across no other matters in wnn¢ction with the examination to which attention should be drnwn in this rwrt in order to enable a prOr understanding of the aeeounts to b¢ TCh. Dated... }/L]..L- James Liptrott FCA Chartered Accountant Haines Watts Nottingham LTmited Cliffe Hill House 22-26 Nottingham Road Stapleford NottinghaEn NG9 8AA
Cn#n Trust (A Compny Limited by Guarantee) Statement of Financial Acttvitiw {including Income and Expenditur¢ Account) For the Period Ended 30 September 2024 Unru¢rlcted FtsDd 2024 Restricted Totsl Funds 2024 Unrestricted Funds 2023 R#tricted Funds 2023 Total Funds 2023 2024 Notes Income Don#tion$ •nd L¢gaeits 299,328 768.606 1.067.934 79.855 77.118 156.973 Investmtnt ID£ome 9.754 9.754 504 Income from ehAritsble activities: Rent & Utilities Fundraising Other lftcome 312.564 45281 311564 45281 112 196.165 29J37 13 196.165 29.337 13 Tot41 Incoming Resour¢¢s 1435 645 305 874 Expendithre Raising Funds Charstsbk a¢tivities Support Costs 23.1 339.560 113 818 23.IlY) 474,062 113 818 8,437 205.065 8.437 240,313 134.502 35,248 Total Exp¢mdltur¢ 476 478 134 502 010 980 316289 Net ineorneltxpenditure and n¢1 movement in fund 190.561 634.104 824.665 24,833 41.870 66,703 TT4nsfer b¢twttD funds 17 318.578 (318,578) Rt¢or4ciliation of funds Tot1 fund bhnttx brought forward l ApNI 2023 17 63.846 870 077 781398 803 374 Total fuod balances eArried fonvrd 30 September 2024 17 .315J70 379 72 1694 742 870 077 The statement of fin4nci*l aetivitits iDdudes Ill gxlny 2nd losse5 in the year. All Incoming resourtt5 aDd resourees expended derive from continuing 4e¢ivitie&
Canaan Trnst (A Company Limited by Gugrgntee) Balance Shett #$ at 30 September 2024 2024 2023 Not Flxed Assets Tangible Assets ,193.309 879.015 Current Assets D¢btors Cash at bank and in hand 13 11,418 747318 758 736 12.905 234313 247 218 Cr¢dilors: amounts falling due within one year. 14 19.791 Ntt Current Assetsl(Li*bilities) 738,945 236,062 Creditors: amounts falling due over l year 15 237,512 245,000 Net Assets 1694 742 870 077 Unrestrieted fund5 General Funds - General Purposes Designated Fund- expansion of Canaan Trust Designated Fund- freehold property and fixed assets 16 312.777 122.216 50,000 50,000 952.593 634,015 Restricted Funds 16 379J72 63.846 Totsl Charity Funds 17 1694 742 870 077 The Company is entitlcd to exemption frorn audit under Sectlon 477 of th¢ Companies Act 2006 for th¢ p¢riod ended 30 September 2024. The members have not required the company to obtain an audit of its financial statements for the period ended 30 S¢ptember 2024. in accordance with S¢Gtion 476 of the Companies Act 2006. The tNstee5 acknowledge their reswjnsibilities for. Ensuring the company keeps a¢Uting records which wmply with Sections 386 and 387 of the Companies Act 2006. and b) Preparing financial statements which give a true and fair view of the state of affairs of the MpanY as at th¢ end of each financial year in accordance with the requir¢ments of Sections 394 and 395 and which otherwise comply with th¢ requirements of the Companies Act 2006 relating to the financial ststements, 50 far as applicable to the company. These accounts are Prepared in accordance with the special provisions of Part IS of the Companies Act 2006 relating to small cntities. Approved by the Board of Directors on ...... ioz .. and signed on its behalf by: ................................ Mrs D Ross Treasurer and Trust¢eiDirector .. Mr D Gee, Chainnan of Directors and TrusteeiDirector... ..................... io
Canaah Trust (A Comp•Dy Limiied by Guar#ntse) Notes forniing part of the Finanei#l Ststements for the Period Ended 30 September 2024 Atcoun¢ing Polieles The principal accounting polici¢s adopted, judgements and key sources of e5tirnation uncertainty in the preparation of the rinancial statements ar¢ a5 follows:. (a) Basis of pParatIOn and assessment of going concern The financial statements have been in accordance with the Aeeounting and Reporting by Charities. Statement of Recommeftded Prdctic¢ applicable to charities preporing their accounts in accordanc¢ with the Finan¢ia] Reporting Standard applicable in the UK and Republic of Ir¢land (FRS102) (issued IIL January 2019) - (Charsties SORP FRS102). The Financial Reporting Standard applicable in UK and Republic of Ireland (FRS102) and the Companies Act 2006. Assets and liabilities are initially re¢ognis¢d at historical cost or transaction value unless otherwise stated in th¢ relevant accounting policy note(s). The charity constitutes a public benefit entity as defined by FRSIO2. Coing Concern The tru5tees' consider that there Jre no material uncertainties about the Charity's ability to continue as a going wncern. The fvnds of the charity are considered sutTicient lo sustain the charity. The accounts aff PTesented in Sterling £1. Incomlng resour¢es All incoming resources are included in th¢ statement of financial activities when the chartty is entitled to the income and the amount can be quantified with reasonabl¢ auracY. The following specific poli¢i¢5 are applied to particular categorie5 of income: Voluntary InMe is received by way of grants. donations and gifts and is included in full in th¢ Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific perfonnance by th¢ ¢harity, are recognised when the tharity becomes unconditionally entitled to th¢ grdnt. Donated s¢rvices or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met. the receipt of economic benefit from th¢ usc by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recogni5ed on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open markeL a corresponding a]nount is then rero¥ni5ed in expenditure in th¢ period of receipt. Incoming resources from charitable trading activity are accounted for when earned. Incoming resour$ from grants, where related to perfomance 8nd specific d¢liv¢rables. ar¢ accounted for &4 the charity eams the right to consideration by its p¢rfornwice. Interest receivable- Interest on funds held on dcposit is included when receivable and th¢ amount can be received reliably by the charity: this is nornially upon notification of the interest paid or payable by the bank. Legacies are accounted for on a re1vable basis when the following conditions have been met. The final estate accounts have been approved The legacy is ¢apable of measuremenL and There is no reversionary interest
Cin&an Trust (A Company Limited by Gyarantee) Notes forniing part of the Financial Statements for the Period Ended 30 Seplember 2024 - Continued Resources expended Expenditu is regnised on an accrual basis as the liability is tncurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates: Costs of generating funds comprise the costs associated with attracting grants income and donations. Charitable expenditure wmprises th05¢ costs incurred by the charity itTr th¢ delivery of its activiti¢5 and services for its beneficiaries. It includes both costs that can be allocat¢d directly to such activities and those costs of an indirect nare necessary to support them. Governance costs include those costs associated with meeting the wnstitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. All o)sls are allocated between the expendire categories of the SOFA on a basis designed to refled the us¢ of the resource. Costs relating to a particular activity are allocated diffctly. others are apportioned on an appropriate basi5. Allocation of Support Costs- Support costs are those fvnctions that 15t th¢ work of the charity but do not directly undertake charitable activtties. Support costs include back office costs. finance. personnel, payroll and governance costs which support the Trusts programmes and activities. These sts have been allocated betsyeen cost of raising funds and ¢xpenditure on Charitable activities. The bases on which support costs hav¢ been allocated are sel out in note 4. Operating Leases - The charity classiftes the lease of photocopi¢rs and mobile phones a5 opernting leases. Rental charges ar¢ charged on a straight line basis ovcr the terni of the Iwsc. T4nglble Flxed Assets All fixed assets are capitslised at ¢osL where eon5idered appropriat¢ to capifalise. Those purchased by specific gifts and grants hav¢ been vItten off fiilly in the year of gift. Depreciation is provided at the followin8 annual rates in order to write off ea¢h asset over its estimated useful life: Fixture. Fitting and Equipment Property Office Equipment 20% reducing balance No charge for depreciation 25% on cost No depreciation is Gharged on land and buildings as the residu81 valu¢ is believed to be higher than historic cost. Professional and borrowing fees in direct relation trj the renovation of 'Aspire House.. have been capitslised until the property has b¢¢n completed to a standard deemed fit for PUTPOS¢. Total costs capitalised for 2024. £51.504 (2023. £25.521). Pensions The Charity operates a defined ntrIbUtIOn pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered nd. Contributions payable for the year are shown in the statem¢nt of financial activities. Debtors Debtors are r¢cognised at the settlement amount owed to ihe Charity or prepaid. CreditOT5 Creditors and provisions are recogniscd where th¢ Charity has a pr¢sent obligation resulting from a past event that will probably result in the transfer of fiinds to a third party. and the amount due to settl¢ th¢ obligation can be measured or estimated reliably. Creditors and provisions are normally regniSed at their settlement amounL 12
Canaan Trust (A Company Limited by Guaranlee) Notes forming p¥rt of the Financial Ststements for the Period Ended 30 September 2024 - Continued Financial In$truments The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and 5ubs¢quently measured at their settlement value Taxation The Charity is exempt from t&x on its charitable activities. The Charity also rents its rooms to other local Children's activities which satisfy the objectives of the Charity. The Trustees have reviewed the Charity's trading activities and are confidertt that they fvrther the Charity's aims and. &$ suth, are considered io be primary purpose trading. Judgement 4nd Key Sources of Estlm*tion Uncertainty Th¢ preparatiorE of accounts using generally accepted auntIng principl¢5 requires management to mak¢ estimales and assumptions that affect the reported amounts of assets and liabilities at the date of the a¢wunts and the reported arnounts of revenues and expenses during the reporting period. The key estimates and assumptions used in the Finan¢ial Stat¢ments are detailed in the accounting policies. Fund Balan nreslricted Fun Unrestricted funds are donations and other incoming resour5 receivable or generatcd for the objects of the Charity without fvrther specified purpose and are availabl¢ as general nds. esi nated fund Designated fvnds are unrestricted funds eannaTkcd by the m8nag¢ment wmmittee for particular purposes. Restricte nds Restricted funds are to b¢ used for specific purposes as laid down by the donor and are subjected to restrietions of their expenditure imposed by the donor or through the tcrnis of an appeal. Legal Status of tb• Trust The Trust is a comppmy limited by guarantee and has no share capifal: the liability of eaGh member in the event of winding up is limited to £10. 13
Cn8an Trust (A Compxny Limited by Guarantee) Notes fonning part of the FinaneiAI Statements for the Ptriod Ended 30 September 2024 - Continued 2. Dontions ind Leg#eies 2024 Total 2023 Totfil Unrestrided Restricted Beeston Methodists Charitics Trust Community Fund Community Organisaiion Derbyshire RCC Derbyshire Community Foundation East Midlands CF Joan West NGED Community Fund Unite EM 4x4 Properties Asda Foundation Bateman Charity Fund Trust Cardinal Maritim¢ Fine and County Goods Garfield Weston General Donations (Encluding Gift Aid Giving for new prop¢rty Groundwork UK Jefford Weller Grant LEMBA Main Grants M&%onic Charitable Trust MSE Charity N¢i8hbourly Satnsburys Rolls Royce- Small Grant St Ralph Sh¢rwin- Small Grant Sain5burys The 29th May 1961 The Sage Trnst 1.000 60,000 38.464 32,705 3,600 14.221 1.916 4,000 10,000 2.000 1,000 60,000 38.464 32.705 3.600 15,221 1,916 4.000 10.000 2.000 35.030 1.000 5.320 35,030 1,800 loo 500 1.000 25.000 103,542 103.569 loo 500 1.000 25.000 103,542 704269 2.000 58.304 87.973 375 600.700 500 1,500 9.980 500 6,607 1.500 500 1,500 9,980 500 6,607 ijoo 200 501 soo 5,000 1.000 500 i.000 500 Vernon Bower Charitable Trust 299 28 1067.934 3. Income from Charitable Activities 2024 Ttstal 2023 TotAI Unrestricted Restricted Utility Income Rent Housing Benefit 20.901 20,901 16,203 179 962 312,564 Trustee givlng during the year totslled £1.845 (2023: £1,700). 14
Canaan Trust (A Company Limited by GuArantee) Notes foming plrt of the Financial Ststejnents for the Period Ended 30 September 2024- Continued 4. Expenditur¢ 2024 Totil 2023 Totsl Costs directly allocated to activiti Staff Costs Direct 279.590 41483 98,247 377.837 42.483 221,500 8.244 R¢nL Rates and Water Heat. Light & Power Travel and Staff Expenses Insurance Usage Usage Dire 17,176 5,197 12,589 5.509 17.176 7,240 3.332 52 5,249 12,589 6.121 32.954 26 Direct 5,874 2,400 CleaninglHousekeeping Residents Exp¢nses TTaining Costs Prop¢rty Maintenance Healthy Living costs Consultancy Fees and DBS Checks Direct 612 Direct 32.954 26 9,551 495 Direct Direct 29,561 780 29,561 780 8.391 Direct 911 Diteet 23.796 23.796 9.024 276.962 449,661 98.911 548,572 Sypport eosts allOted to *ctivities Fundraising Costs Stationery, photocopi¢r and offi¢¢ wsts 10.116 10.116 2,613 Usage 1.527 3.055 1,528 6.110 7.536 Offic¢ Equipment and Maint¢nance Costs Usag¢ 2,064 4.129 2,065 8.258 1.530 Comput¢r Expenses Telephon4 Mobile and Broadband Sundry Expenses Charitable Giving Bank Charges Accounting and Payroll DepreGiation Usag¢ Usage Usage Direct 4,612 418 9,224 6271 206 4.613 1.673 410 18,449 8,362 1,026 3.150 605 12,289 4.369 382 410 3.150 203 1.925 352 Usag¢ Direct 201 201 5.605 62 623 6.228 3.756 4,575 Usage 42 104 19,348 31,905 481,566 11,155 110.066 62,408 610,980 39,327 316,289 Total Resour¢es Expended 19,348 15
Can8an Trust (A Company Limited by Guarantee) Notes formlng part of the Fln#n¢i21 Ststements for the Period Ended 30 September 2024- Continued S. Net Incoming Re50urces for the year This is stated after charging 2024 2023 Depreciation Reporting Accountants Fe¢ Payroll Pr¢paralion Fees 104 3,366 2,862 4,575 1.890 1.866 6. Staff Costs and Numbers Salaries Pension Costs Employers National Insurance 345,914 15,363 16.560 377 837 202.302 8.923 Average numb¢r of paid full and part time employees in th¢ year 12 16 9 within the pension scheme (2023: 7). The cost for employtt's are partly charged to support costs. Thc others are included in charitable activities. (note 4) No cmployee received emoluments of more than £ 60.000 in the year. Total remuneration of key mana8cment personnel in the period was £126J34 (2023: £75,685). 7. Trustee Remuneration and Related Party Transictions No ernoluments were received by the Trustees either in their capacities os Trustees or as members of the Board of Trustecs. There were no other emoluments or expenses paid io any oiher Charity trustee. or persons connected with such a trustee directly or indirectly from the funds of the Charity or from the prop¢ty of any body COnnted with the Charity. The wife of & Trustee now works on a part time basis for the charity. She is paid at a rate that is in line with other staff members and the appointment was approved by all trustees. There are no other lated paty transacttons. 8. Taxation As a Charity. Canaan Trust is exempt from tax on income arEd gains falling within section 505 of the Te$ Act 1988 or s256 of the TatIon of Chargeable Gains Act l992 to the extent that these are applied to its charitsble objects. No charges have arisen in the Charity. 16
Canagn Trnst (A Company Limited by Guarantee) Notes forniing part of tb¢ Finandal Statements for the Period Ended 30 September 2024- Continued 9. Tangible Fixed Assets Land and BuildinE5 Office Equipment Fixtures 8nd Equipment Van Total Cost Brought forward Addittons 878,496 314.398 5.796 21,702 17.779 923.773 314,398 At 30 September 2024 1192 894 1238 171 Depreciation Brought forward Charge for the year At 30 September 2024 5.796 21.183 104 21.287 17,779 M.758 104 Net Book Value At 30 Seplember 2024 1192 894 415 193 309 At 31 March 2023 878 496 519 879,015 There were no tangible assets donated during the year that were capitalised and all assets are held for the fiJrth¢rance of the Charity's objectives. 10. Financial Commitments The Charity has the following commitments: An anftual commitmeftt to pay a photocopier and print¢r lease. The annual l¢as¢ charge payable is £937.60. A commithient to the cUent insurance company for premiums of at least £3.398 per annum until April 2023. 11. Pension Commitments The Charity operat¢s a defined contribution pension sthemc administered by Standard Lifr. The assets are held separate from those of the Charity in an independently admintstered fund. The pension cost ch8r8e represents contributions payable by the Charity to the fund and amounied to £15 J62 (2023: £8,923). 12. DoD*tions paid during the yeAr were as follows:_ 2024 2023 Bundle of Hope The Footprints Family 3,150 1,050 875 17
CgnAan Trnst (A Company Limited by Guarantee) Notes foming part of the Finlncial Ststem¢nts for the Perlod Ended 30 September 2024- Continued 13. Debtors 2024 2023 Trade Debtor5 Other Debtors and Prepaym¢nts 8,471 8.798 14. Cr¢ditors: Amounts falling due in one yeAr 2Q24 2023 Trade Creditors Taxation and Social Security Other Creditors and AGcruals 3.546 5.554 1.506 3,942 15. Creditors: Amounts falling due aft¢r one year 2024 2023 Bank Loan 237,512 245,000 The Bank holds Surity for the loan in the form of first and only legal charge ov¢r th¢ property to which it relates. These amo¥Jnts are repayable other than by instalments duc more than 5 years from tbc balance sheet date. 16. AnAlyyls of Net Assets between funds Gener1 Fund Restricted Fund Total Funds 2024 Total 2023 Period Ended 30 September 2024 Tangible Fixed Assets Current Assets 1.193J09 1,193J09 879.015 758,736 247.218 (19.791) (11,156) {237.512) (245,000) 1,694,742 870,077 379J64 (19,791) (237,512) 1.315370 379.372 Curr¢nt Liabilities ng Temi Lt8biliti¢s Net Assets at 30 September 379,372 Gener1 Fynd Re5tri¢ted Fund Total Funds 2023 Totsl 2022 Year Knded 31 Mareh 2023 (Restated) Tangible Fixed Assets Current Assets 879.015 183,372 (11,156) (245.000) 806,231 879.015 505,946 308.974 {11,546) 63,846 247.218 (11.156) (245,000) 870.077 Current Liabilities Long Tem Liabilities Net A$sets at 31 March 63.846 803,374 18
C¥naan Tnt (A Company Linyited by Guar#ntee) Notes forniing part of the Financlal Ststements for the Period Ended 30 September 2024 - Continued 17. Movements in Fund5 At 30 September 2024 Period Ended 30 September 2024 At l April 2023 Intoming Reyjutt Outgoitig Resources Tran5feT5 estrfieted fun Property Fund 65,580 (2.040) 600.700 (318,578) 347.702 (2,040) Foundation Derbyshire Tesco Community 375 (69) 375 (69) Sainsburys E&5t Midlands CF 1,916 1,916 Derbyshire Community Fox 14.221 14,221 NGED Community Fund 10.0 io.LH)o Community Fund 38.464 38,464 Community Organisation 32.705 32.705 Unil¢ EMI DE 13 2.000 2,000 Joan West 4,000 4.000 Charities Trust 60.000 32.196 27,804 Beeston Methi)dists 1.000 Derbys R C C 134 502 318578 379 372 Unrestricted funds Designated Fund expansion of CanAan Trus¢ DtsignAted Fund- freehold property and fixed assets 122 216 476 478 312777 50.000 50,000 634.015 318,578 952,593 General Fund Balance 806,231 667.039 476,478 1,315.370 Total Fund Bal4n¢e 870 077 1.435 645 610.980 1.694.742 19
Canaan Trust (A Comp#ny Limited by GuarAntse) Notes forniing part of the Financial Statements for the Period Ended 30 September 2024 - Continued 17. Movements in Funds- Conttnued At l April 2022 At 31 March 2023 Ye*r Ended 31 March 2023 Incoming Resources Outgoing RurCeS Transfers Restritted funds Property Fund National Lottery Community Fund Puddle Lane Trust Foundation Derbyshire HSBC Supporting Community Fund Tesco Community Sainsburys 3,090 70,923 8.433 65.580 9.453 1.200 3,833 9,453 1.200 11.193 5J20 (2.040) 4,400 4.400 375 500 375 69 63.846 569 nrestrieted fun Designated Fund expansion of Canaan Trust Deslgnated Fund- freehold property And fixed assets 621398 305 874 281.041 524015 122 216 160,000 (i 10.000) 50.000 634,015 634.015 General Fund Balance 781.398 305,874 281.041 806.231 Total Fund Balance 803 374 316289 870 077 De5ign•ted Funds sion of Canaan Tru t - The trusteu previously set aside from th¢ general fvnd an amount of £160.(KIO for the expansion of the Cartaan Trust for the future. During the previous year £1 10.000 of this fund was used towards the deposit ror the purchase of Aspire House and as such the fund has been re-desi8nated within the Freehold property and fixed asset designated fund. Freehold Pro and Fixed Assets - During the year the TTUStees have dcsignated fvnds representing the net value of freehold property. fixed assets. less any outstanding debt s¢cured against those sets. for maintenance of such a55ets and the seryicing of debts. 20
Can8•D Trnst (A Company Limited by Guarxntse) Note5 fonning p%rt of the Financial Ststtmtnts for the Period Ended 30 September 2024 - Continued Purpose of Restrieted Funds Fund - A total of £600,700 was received towards the construction, fitting-out and a$Sl1ed costs for the new women's centre at 16 Main Street, tA>ng Eaton. East Midlands F- A totsl of£i.916 for eltrIC rwm meters at Jordan House. ire Communi Fox- A tr)tsl of £14,221 for fd bank c¢)sts. NGED uni Fund- A total of £IO.(KIO for household items and fd bank costs. ommuni - A total of £38,464 for eore costs. anisati n- A total of £32.705 for core wsts. ni EMI DE13 - A total of £2,000 for COVID related Sts. West- A total of £4.000 for food bank costs. harities IDLSt- A total of £60,000 for rVICe m8nager ¢05ts. eston Methodi t- A totsl of £1,000 for food bank costs. RCC- A total of £3,600 towards the pur¢hase of laptops. 18. Future C4pitsI Commitments See prop¢ty fund details in note 17. 19. Negligence InsurAnee The Charity hold Trustee Indemnity Insurance during the year which provides cover of up to £250,000. 20. Prior Year AdJustment- 311312023 ixe before ch Fixed £879.015 after chan £853.494 chan S fA after chan £66.703 £41,182 In relation to the capitalisation of items listed as expenditure within the 2023 accounts to ae with FRS102 (paragraph 25.3A). 21