COMPANY REGISTRATION NUMBER: 05120656 CHARITY REGISTRATION NUMBER: 1107991 Craghead Development Trust Limited Company Limited by Guarantee Unaudited Financial Statements 31 March 2024 3S ACCOUNTANCY SERVICES Chartered accountsnts
Craghead Development Trust Llmlted Company Llmltèd by Guarantee Flnanclal Slalements Year ended 31 March 2024 Page Trustees. annual report (incorporating the directorfs report) Independent examinerfs report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to th8 financial statements Tho followlng pagès do not forni part of tha financlal statements Detailed statement of financial activities 18
Craghead Development Trust Limited Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Directorfs Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Registered charity name Craghead Development Trust Limited Charlty reglstratlon number 1107991 Company registration number 05120656 Principal office and registered Bumside Family Centre office Mendip Terrace Stanley Durham DH9 6QP The trustees G Hunter F Mitchell T Bowman Company secretary G Hunter Accountsnts 3S Accountancy Services Chartered Accountants Structure, governance and management Craghead Development Trust Limited (CDT) is constituted under its memorandum and articles of association dated 6 May 2004 and is a registered charity, number 1107991. The company is limited by guarantee, the members guaranteeing to contribute up to £1 in the event of the company winding up. The charitable company is managed by the Management Committee, which comprises not less than three and no more than nine trustees. The opportunity for appointment as a trustee is promoted widely and informal meetings for those who are potentially interested in becoming trustees are undertaken, to inform them of the work of the charity and the role and responsibilities of the trustees. One third of the trustee directors retire by rotation at every annual general meeting. If the company does not fill the vacancy the retiring trustee director is deemed re-appointed. The Management Committee can co-opt rtain members to the Board, to a maxirnum of 40 % of the Management Committee being cOpted. The Management Committee delegates responsibility for the day to day running of the charitable company to the manager, within certain financial and operational limits.
Craghead Development Trust Limited Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) (contlnu•d) Year ended 31 March 2024 Objectives and activltles The objects of the charitable company are: To promote the benefit of the inhabitants of Craghead and surrounding districts without distinction of sex. sexual orientation. race or of political religious or other opinions by associating together the said inhabitants and the local authorities, voluntary and other organisations in a common effort to advance education. provide social and economic regeneration and relieve poverty by providing opportunities in the interests of social welfare for recreation and leisure time occupation with the primary object of improving the conditions of life for the said inhabitants., The charity's mission is to provide opportunities for both social and economic regeneration in the area by undertaking the coordination and management of a range of projects, buslnesses and Inltlats'ves that will serve to improve the quality of life of local residents. The trustees hav8 complied with the duty in section 4 of the Charities Act 2006 to have du8 regard to public benefit guidance published by the Charity Commission. Nursery and Chlldcare provlslon The Nursery continues to meet the demand for places for children. Based In the heart of the Craghead communlty the Nursery provides both fee paylng and funded earfy educatlon places for local children. Bumslde Famlly Centro The Trust has continued to develop servlces and actlvities at Bumslde Family Centre worklng in partnership with local organisations and directed by the local comrnunity of South Stanley. LoGal Houslng Project The Trust has continued to offer affordable rents as landlord for threa properties in Craghead. Long- term tenants remain in these properties.
Craghead Development Trust Llmlted Company Llmlt•d by auar•nteo Trusto•¥' Annual Report (In¢0OratIng th• Dlrectorf8 Report} (C11) Yr •nded 31 March 2024 ObJ•ctI$ and actlvltlo• Trust m•na9ement Wè have )nnUed to devekjp existing seryl¢es and a¢tivitie5 at Bumside Famity Centro. The Trust Manager continues to actNely encourag8 Wa placements for those 8eeklng empknyment workin9 in pather5hip with the kKal Job Centre. Ach5ev•ments and performan¢¢ The charity corrtinue5 to rewiew its weas ol ooerntK)n in consideration ol community priorities. servKe suslainabllity, finan(xal Impl1¢allor and Trust &gpa¢lty ¢0 lrnprove thg Tru51's financial position. Th8 Trustees a satisfied with perfom)an¢e for the year however are also con$¢ious of the continuing finanoal pssUresf80ng theTwstand the Charitysectorin gener818nd as su¢h we continu8 to monitor the lrnpact. viabillty and future potentiql of all Service areas. Flnandal revlew •nd The TDJstees are satisfied the financial perfomwn¢e for Ihe year that Ihe Tnjst has sufficiant resources to cover likely cash requiwements and contingenc$ for th8 forthcoming year. It does, however. rema¢n the Trusts intention to fvrlher Improve Its fina181 posltion and thus allow the d8VeloFnt of existirtg or new projects to $upp)rt Ihe thariV$ objectives. The Tnjstees have maintsined a d8s¢gnated operating fund to cover eore runnlng costs In the event of a funding shortage, 8qUNalent to 3 months. salary costs. Tho IKJusing lund repres*nts the value of Jocal (wsing assets and is nolavailable forthe dayto day running ollhe charitywilhc4Jt sellingthe properties. Rlsk M•n•gom•nt An ongoing revlew process is undertaken lo id8nlify funding opportunths 8vail8ble to the Charity also any rtsks ttswhKh il is exrK)sed. The Management C(mmSttee reviews finan¢lal xtIV8S r8gvl8rty. with remedial action tsken to compensate for 8ny projected shortfall or ovetspend. Intemal rfsks ar8 minirnised by a system ol intemal control.
Craghead Development Trust Limited Company Umlted by Guarantee Trusteos, Annual Raport (Incorporatlng the Dlrectorfs Raport) (coneinu•d) Year ended 31 March 2024 Small Company provlslons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The truslees, annual report was approved on ION %Ql4 and signed on behaff of tha board of trustees G Hunter Trustee Director
Craghead Development Trust Llmited Company Llmlted by Guarantee Independent Examlnerf8 Report to th• Trustees of Craghead Development Trust Llmlt•d Year ended 31 March 2024 I report on the financial statements for the year ended 31 March 2024. which comprise the siatement of financial activities (including income and expenditure account), staternent of financial position and the related notes. Respectlve responslbllltles of trustees and •xamln?r The trustees {who are also tha directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examinatlon Is needed. Having satisfied myself that the charity is not subject to audlt under company law and is eligible for independent examlnatlon, it Is my responsibility to: exarnine the accounts under sectlon 145 of the 2011 Act; to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and to state whether particular matters have come to my attention. Basls of Independent examln•rf8 report My examination was carried out in accordance with the general Dlrectlons given by the Charlty Commisslon. An examlnation Includes a revlew of the accountlng cOrdS kept by the charity and a comparison of the accounts presented with thosa records. It also includes consideration of any unusual ttems or disclosures in the accounts, and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the evldence that vrfould be required in an audit and consequenuy no opinion is given 8S to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the next statement. Indopendent examlnerfs statement In connectlon wlth my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records In accordance with section 386 of the Companies Act 2006, and to prepare accounts whlch accord wlth the accountlng records, comply wlth the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice." Accounting and Reporting by Charitles have not been met, or (2) to which, in my opinion. attention should be drawn In order to enable a proper undersianding of the accounts to be reached. CF MILBANKE FCA 3S Accountancy Services 5-8 Prfestgate Darfington DL11NL Date". Ui
Craghead Development Trust Llmlted Company Llmlted by Guarantee Statement of Flnanclal Acllvltles (Includlng Income and expendlturn account) 31 March 2024 2024 Unrestricted 2024 2024 2023 Restricted Total funds Total funds Nol• Incomo and endowments Donations and legacles Charilable activities Investrnent income 9,200 9,200 250.023 38 13,030 205,533 23 250,023 38 Total Incom• 250,061 9,200 259,261 218,586 Expendlture Expenditure on charitsble actNities Total •xp•ndltur• 270,650 270.650 2,478 2.478 273,128 273,128 264,309 264.309 Net Income Transfers (20,589) 11,585 6,722 (11,585) (13,867) (45,723) 17 Nat movem•nt In fund$ (9,004) (4,863) (13.867) (45,723) Reconclllatlon of funds Total funds brought forward Total funds urrled forward 209,449 200.445 18,790 13.927 228,239 214.372 273,962 228,239 17 The statement of financial activitles Includes all gains and losses recognlsed In the year. All income and expenditure derive from continuing activities. The notes on pages 8 to 16 fomi part of these flnanclal statements.
Craghead Development Trust Limited Company Llmltgd by Guaranteo Statement of Flnanclal Posltlon 31 March 2024 2024 2023 Fixed assets Tangible fixed assets 14 138.210 138.420 Current assets Debtors Cash at bank and in hand 15 8,412 78,604 2.174 96,173 87.016 98,347 Credltors: amounts falllng due wlthln one year Net current assets 16 10,854 8,528 89,819 228,239 228,239 76.162 214.372 214.372 Total ass•ts less current Ilabllltles Net assets Funds of the charlty Unrestricted funds Restrtcted funds 200,445 13,927 214,372 209.449 18.790 228,239 Total charfty funds 17 For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo small companles. Trustees, responsibilities: The m8mbers have not required the charlty to obtain an audit of Its financlal statements for the year in question in accordance with section 476: The trustees acknowledge their responsibilities for complylng with the requirements of Ihe Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared In accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on . and are signed on behalf of the board by: G Hunter Trustee Director Company registration number 05120656 The notes on pages 8 to 16 form part of these flnanclal statements.
Craghead Development Trust Limited Company Llmlted by Guarantee Notes lo the Flnanclal Statements Year ended 31 March 2024 General Infomiation The charity is a private company limited by guarantee, registered in England and Wales and a registered charity In England and Wales. The address of the reglstered office Is Burnside Family Centre, Mendip Terrace, Stanley, Durham DH9 6QP. Statem•nt of compllance These financial statements have been prepared In compliance with FRS 102. The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statem8nt of Recommended Practice applicable to charities preparlng thelr accounts In accordance with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. Accountlng pollcles Basls of preparatlon The financial statem8nts have been prepared on th8 historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at falr value through Income or expenditure. The financlal statements are prepared In sterllng, whlch Is the functional currency of the entlty. Golng concern There are no materfal uncertainlies about the charity's ability to continue for the foreseeable future. Fund accountlng Unrestricted fijnds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds a unrestricted funds eamiarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal.
Craghead Development Trust Limited Company Llmlted by Guarantee Notes to Ihe Flnanclal Statements {conNnuedJ Year ended 31 March 2024 Accountlng pollcles (¢ontlnu•dJ Incomlng resources All incoming resources are induded in the statement of financial acllvities when entitlement has passed to the charity: it is probable that the economic benefits associated wlth the transaction will flow to the charity and the amount can be reliably measured. The followlng specific policies are applied to particular categories of income: income frorn donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy Income is recognised when receipt Is probable and entitlement Is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value Is derived from the cost to the donor or the estimated resale value. Donated facilities and seniices are recognised in the accounts when received if the value can be rellably measured. No amounts are Included for the contribution of general volunteers. income from contracts for the supply of seNices is recognised with the delivery of the contracted seprfice. Thls is classified as unrestricted funds unless there Is a contractual requirement for it to be spent on a particular purpose and retumed if unspent. In which case it may be regarded as restricted. Resources expended Expenditure Is recognlsed on an accruals basis as a liability is Incurred. Expenditure Includes any VAT which cannot be recovered, and is classified under headings of the statement of financial activities to which it relales.. expenditure on ralsing funds Includes the costs of all fundraSslng actlvltles. events. non- charitsble trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further Its charitable aims for the benefit of its beneficiaries, induding those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure Includes all expenditure that is nelther related to raising funds for the charty nor part of its expenditure on charrtable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single actlvity are allocated directly to that actlvity. Shared costs are apportioned between the activities they contribute to on a r8asonable, justifiable and consistent basis. Tanglble assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated Impaimient losses.
Craghead Development Trust Limited Company Llmlted by Guarantee Notes to the Flnanclal Slatements (contlnu•d) Year ended 31 March 2024 Accountlng pollcles (condnu•d) Tanglble assets (¢onUnued) An increase in the carying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expendilure within the statement of financial activilies. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss Is shown within other recognised gains and losses on the statement of financial actlvities. D•proclatlon Depreciation is calculated so as to vuite off the cost or valuation of an asset, less its residual value, over the useful economlc life of that asset as follows: Houslng properues Climbing wall Other equlpment over 20 yea over 2 years Over 3 years Impalrnient of flxed assets A review for Indicators of ImpaSrnient Is carrled out at each reportlng date. with the recoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amount, the asset is impaired accordingly. Prior Impalmients are also reviewed for possible reversal at each reportlng date. For the purposes of impairment testing, when it Is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit lo which the asset belongs. The cash4Jenerating unit is the smallest identifiable group of assets that indudes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. Flnanclal Instruments A financial asset or a financial liability is CogniSed only when the charity becomes a party to the contractual provisK)ns of the Instrument. Basic financial instruments are initially recognised at th8 amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other conslderation expected to be paid or received and not dlscounted. Debt instruments are subsequently measured at amortised cost. 10-
Craghead Development Trust Limlted Company Llmlted by Guarantee Notes to the Flnanclal Slatemonts (conelnu•d) Year ended 31 March 2023 Accountlng pollcles (contlnu•d) Flnanclal Instruments (ntInued) Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairynent. Other financial instruments. including derivatives, are initialty recognised at fair value, unless payment for an asset is deferred beyond nomial buslness tenns or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for 8 similar debt instrument. Llmlted by guarantee The company Is Ilmited by guarantee, the members guaranteelng to contrlbute up to £1 In the event of the company winding up. There is no ultimate controlling paty. Donatlons and legacles 2024 Unrestricted 2024 2024 Restricted Total Funds Grants Grants recelvable Donations 9,200 9,200 9,200 2023 Unrestricted 2023 2023 Restricted Total Funds Grants Grants receivable Donations 13,030 13,030 13,030 13,030 11
Craghead Development Trust Limited Company Llmlted by Guarantee Notes to the Flnanclal Statements (contlnued) Year ended 31 March 2024 Income from charitable activities 2024 2024 2023 2023 Unrestricted Total Funds Unrestricted Total Funds Bumside Nursery Trust Housing 13,500 222,588 13,500 222,588 363 193,820 363 193,820 13,935 13,935 11,350 11,350 250,023 250,023 205,533 205,533 Investment income 2024 2024 2023 2023 Unrestricted Total Funds Unrestricted Total Funds Bank interest receivable 38 38 23 23 Expenditure on charitable activities by fund type 2024 Unrestricted 2024 2024 Restricted Total Funds Direct charitable activities Support costs 257,035 13.615 2,478 259,513 13,615 270,650 2.478 273.128 2023 Unrestricted 2023 2023 Restricted Total Funds Direct charitable activities Support costs 234,109 17,539 12,661 246,770 17,539 264,309 251,648 12,661 Expenditure on charitable activities by activity type 2024 2023 Bumside Nursery Trust Housing 12,054 213,402 44,307 3,365 9,104 200,979 49,494 4,732 273,128 264,309 12-
Craghead Development Trust Limited Company Llmlted by Guarantee Notès to the Flnanclal Slatoments (contlnued) Year ended 31 March 2024 10. Net Income Net income is stated after chargingl(crediting): 2024 2023 Depreciation of langible fixed assets 210 210 11. Independent •xamlnatlon fees 2024 2023 Fees payable to the independent examiner for Independent examination of the financial statements 1350 1,300 12. Staff costs The total staff costs and ernployee benefits for the reportlng perlod are analysed as follows: 2024 2023 Wages and salaries Soclal securfty costs Pension contributions 207.123 8,093 4,841 220,057 192,708 7,010 4.700 204,418 The average head count of employees during the year was 13 (2023: 16). The average number of employees during the year Is anatysed 85 follows: 2024 No. 2023 No. Trust manager Nursery 12 15 13 16 No employee recelved employee benefits of more than £60,000 during the year (2023: Nil). 13. Truste• rnmuneratlon and oxponsas No remuneration or expenses were paid to trustees during the year (2023: £nil). During the year fees for accountancy sep4ices of £2,425 (2023: £1.175) were paid to TLB Accountancy Services, a business controlled by T Bowman. 13-
Craghead Development Trust Llmlted Company Llmlted by Guarantee Notes to tho Flnanclal Statements (¢ontlnu•dJ Year ended 31 March 2024 1& Tanglbl• fixed assets Housing propertles Equipment Cllmbing wall Total Cost or valuatlon At 1 Aprll 2023 Addltlons 138,000 61.752 16,938 216,690 At 31 March 2024 138,000 61.752 16,938 216,690 Depreclatlon At 1 Aprll 2023 Charge 61.332 210 16,938 78,270 210 At 31 March 2024 61.$42 16,938 78,480 Carrylng amount At 31 March 2024 138.000 210 138,210 At 31 March 2023 138,000 420 138.420 Housing properties are Included at dlrectors valuation as at 31 March 2024. The orlglnal cost of the properties was £69.100. In 2017 the charity entered into a 30 year leasa at peppercom rent for Bumslde Resource centre from Durham County Councll. 15. Debtorn 2024 2023 Trade debtors Other debtors 6,000 2.412 2.174 8,412 2,174 16. Creditors: amounts falling due wlthln one year 2024 2023 Trade creditors Social security and other taxes other creditors 2,917 2,801 5,136 10.854 1.770 2,467 4,291 8,528 14-
Craghead Development Trust Limited Company Llmlted by Guarantee Notes to the Financlal Statements (contlnued) Year ended 31 March 2024 17. Anatysls of charitable funds Unrestrlcted funds 1 Aprll 2023 Income Expendlturè Transfers 31 March 2024 General funds (free reserves) Deslgnated funds: Operating fund Housing fund 36,449 250,061 (270.650) 11,585 27,445 35,000 138,000 35,000 138,000 200,445 209,449 250.061 (270,650) 11.585 The trustees have designated an operating fund to be set aside to cover core running costs in the rfent of a funding shortage, equivalent to 3 months, salary costs. The housing fund represents the value of local housing assets and is not available for the day to day running of the charity without selling the properties. Within the housing fund is £68,900 (2023., £68,900) in respect of revaluatSons. Restrlcled funds 1 Aprll 2023 Income Expendlture Transfers 31 March 2024 Homes England Nursery allotment I outdoor Womens group Youth group Winter resilience Mens group Mental health Bumside repairs Shakers and movers 9,469 9.469 297 1,158 1,248 (297) 3,000 3,200 {5,000) (555) (842) 2,923 (970) (5) {422} {554) (230) 2,178 3,175 230 1,030 18,790 3,000 (5,000) (244) 2,621 (1,030) (2,478) (11,585) 9,200 13,927 Transfers between funds represent internal rent re•charged, management recharge and restricted funds expended on capital items. Nursery Allotment l Outdoor- Funding for resources and eqLJipment needed for the children at the nursery allotment and the renovation of the nursery allotment. Houslng propertles- funding received to purchase. refurbish and maintain Craghead properties. Womens, Mens and Youth groups - monles held on behalf of these groups. for their specffic use. Where balances are overdrawn. this is supported by th8 Trust until funds become available. Burnslde repalrs - income specifically for the improvement of Bumslde Family Centre. 15-
Craghead Development Trust Limited Company Llmlted by Guarantee Notes to the Flnanclal Statements {conllnu•d) Year endéd 31 March 2024 17. Analysls of charltable funds (contlnued) Net assets are split as follows: 2024 Unrestrfcted Restrf¢ted 2023 Unrestrlcted Reslrlcted Total Total Fixed assets Current assets other than cash Cash at bankl in hand Current liabilities 138.420 138,420 138,210 138.210 2,174 8,412 8,412 2,174 64,677 13,927 78,604 77,383 18,790 96.173 18,528) (10,854) (10,854) (8,528) Total net assets 228,239 200,44S 13,927 214,372 209,449 18,790 16-