COMPANY REGISTRATION NUMBER: 05120656 CHARITY REGISTRATION NUMBER: 1107991 Craghead Development Trust Limited Company Limited by Guarantee Unaudited Financial Statements 31 March 2025 3S ACCOUNTANCY Chartered accountants
Craghead Development Trust Limited Company Llmlted by Guarantee Flnanclal Statement8 Year ended 31 March 2025 Pago 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 the financial statements The following pages do not fomi part of the financlal statements Detailed statement of financial activities 18
Craghead Development Trust Limited Company Llmlted by Guarantee Trustees, Annual Report (Incorporatlng th• Dlrector's Report Year ended 31 March 2025 The trustees. who are also the ditOrS for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025. Reference and admlnlstrative details Reglstered charlty name Craghead Development Trust Limited Charity registratlon number 1107991 Company reglstratlon number 05120656 Prlnclpal office and reglstered Bumside Famity Centre office Mendip Terrace Stanley Durham DH9 6QP The trustees G Hunter F Mitchell T Bowman Company secretary G Hunter Accountants 3S Accountancy Chartered Accountsnts Structure¥ governance and management Craghead Developrnent 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 infomi 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 fili the vacancy the retiring trustee director is deemed re-appointed. The Management Committee can co-opt certain members to the Board, to a maximum of 40% of the Management Committee being Co-opted. The Management Committee delegates responsibility for the day to day wnning 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 Dlrectorf8 Report) (contlnued) Year ended 31 March 2025 Objectives and activitles The objects of the charitable company are.. 'To promote the benefit of the inhabitants of Craghead and surroundlng 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 generation 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, businesses and initiatives that will seNe to improve the quality of life of local residents. The trustees have complied with the duty in section 4 of the Charities Act 2006 to have due 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 ommunity the Nursery provides both fee paying and funded early education places for local children. Burnslde Famlly Centre The Trust has continued to develop services and activities at Burnside Family Centre working in partnership with local organisations and directed by the local community of South Stanley. Local Houslng Project The Trust has continued to offer affordable rents as landlord for three properties in Craghead. Long- term tenants remain in these properties.
Craghead Development Trust Limited Company Llmlted by Guarantee Trustees. Annual Roport Ilncorporatlng the Dlrector's Report) (contlnued) Year ended 31 March 2025 Objectives and activlties (contlnu¢d) Trust management We have continued to develop existing serViS and activities at Burnside Family Centre. The Trust Manager continues to actively encourage work placements for those seeking employment working in partnership with the local Job Centre. Achievements and performance The charity continues to review its areas of operation in consideration of community priorities. service sustainability, financial implications and Trust capacity to improve the Trust's financial position. The Trustees are satisfied with performance for the year however are also conscious of the continuing financial pressures facing the Trust and the Charity sector in general and as such we continue to monitor the impact, viability and future potential of all service areas. Flnancial revlew and reserves The Trustees are satisfied with the financial performance for the year and that the Trust has sufficient resources to cover likely cash requirements and contingencies for the forthcoming year. It does, however. remain the Trust's intention to further improve its financial position and thus allow the development of existing or new projects to support the charity's objectives. The Trustees have maintained a designated operating fund to cover core running costs in the event of a fvnding shortage, equivalent to 3 months, salary costs. The housing fund represents the value of local housing assets and is notavailable for the day to day running ofthe charity without selling the properties. Rlsk Management An ongoing review process is undertaken to identify funding opportunities available to the Charity and also any risks to which it is exposed. The Management Committee reviews financial activities regularly, with remedial action taken to compensate for any projected shortfall or overspend. Intemal risks are minimised by a system of internal control.
Craghead Development Trust Limited ompany Llmlted by Guaranlee Trusiees, Annual Report (Incorporatlng the Dlrectovs Report) {contlnued) Year ended 31 March 2025 Small company provlslons This report has been prepared In accordance with the provisions applicable to companies entiiled lo the small companies exemption. The trusiees, annual report was approved on otcefftberf 202f and slgned on behalt ol the board ol irustees by: G Hunter Trustee Director
Craghead Development Trust Limited Company Limited by Guarantee Independent Examlnerfs Report to the Trustees of Craghead Development Trust Llmited Year ended 31 March 2025 I report on the financial statements for the year ended 31 March 2025, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes. Respectlve responslb515tles of trustees and examlner The trustees (who are also the 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 examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: examine the accounts under section 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 examlnerfs report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The prOdureS undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a'true and fair view, and the report is limited to those matters set out in the next ststement. Independent examlnerfs ststement In connection with 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 which accord with the accounting records, comply with 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 Charities have not been met, or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. CF MILBANKE FCA 3S Accountancy 5-8 Priestgate Darlington DL1 1NL Date: /&a
Craghead Development Trust Limited Company Llmlted by Guarantee Statement of Flnanclal Actlvltle8 (Includlng Income and expendlture account) 31 March 2025 2025 Unrestricted 2025 2025 2024 Restricted Total funds Total funds Nots Income and endowments Donations and legacies Charitable activities Investment income 22,749 4,159 22,749 326,148 9,200 250,023 38 321,989 Total Income 321,989 26,908 348,897 259,261 Expendlture Expenditu on charitable activities Total expenditure 285,326 5,433 290,759 290,759 273,128 273,128 285,326 5,433 Net income Transfers 36,663 9,448 21,475 (9,448) 58,138 (13,867) 17 Net movement In funds 46,111 12,027 58,138 (13,867) Reconcillation ol funds Total funds brought forward Total funds carrled forward 200,445 246,556 13.927 25.954 214,372 272,510 228,239 214,372 17 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 8 to 16 fonn part of these financial statements.
Craghead Development Trust Limited Company Llmlted by Guaranlee statemerbt of Flnanclal Poslllon 31 March 2025 2025 2024 Flxed assets Tangible fixed assels 14 138,339 138,210 Current assets Debtors Cash at bank and in hand 15 2,227 143,650 145,8 8,412 78,604 87,016 Creditors: amounts falling due wlthln one year Nei current asseis 16 11,706 10,854 76,162 214.372 214,372 ,.) 134,171 272,510 272,510 Total assets less cutTent Ilabllltles Net assets Funds of the ¢hartly Unrestricted funds Restricted lunds 246.556 25,954 272,510 200.445 13,927 214,372 Total ¢harlty tunds 17 For the year ending 31 March 2025 Ihe charity was entitled to exempilon from audit under section 477 of the Companies Act 2006 relating to small companles. Trustees, responsibillties: The members have not required the charity to obtain an audit of its financial statements for the year in quesiion in accordance wilh section 476: The trustees acknowledge Ihelr responsibililies for complying wilh the requirements of the Act with respect to accounting records and the preparation ot linanciat staiements. These. financial statements have been prepared in accordance with the provisions applicable to companies subiecl to the small companies. regime. These financial staiements were approved by the board of trusiees and aulhorised for issue on . and are signed on behalf of the board by: . G Hunter Twstee Director Company registration number 05120656 The notes on pages 8 to 16 form part ol these tlnanclal statements.
Craghead Development Trust Limited Company Llmlted by Guaranteo Notes to the Flnanclal Statemonts Year ended 31 March 2025 General Infomiatlon The charity is a private company limited by guarantee, registered in England and Wales and a gistered charity in England and Wales. The address of the registered office is Burnside Family Centre. Mendip Terrace, Stanley, Durham DH9 6QP. Statement 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 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) (Charities SORP (FRS 102)) and the Charities Act 2011. Accountlng pollcles Basis of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue for the foreseeable future. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked 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 terms of an appeal.
Craghead Development Trust Limited Company Llmited by Guarantee Notes to tho Flnanclal Statements fcontlnu Year ended 31 March 2025 Accountlng pollcles (conrfnued) Incomlng resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from 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 mpractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised 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 relates: expenditure on raising funds includes the costs of all fundraising activities, events. non- charitable 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, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. otherexpenditure includes all expenditure that is neither lated to raising funds forthe charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible 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 impairment losses.
Craghead Development Trust Limited Company Llmlted by Guarantee Notos to tho Flnanclal Statements (contlnu Year ended 31 March 2025 Accountlng poll¢le8 (eontlnu•dJ Tanglble asset8 (contlnued) An IncaSe in the carrying 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 expenditure within the statement of financial activities. 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 activities. Depreclatlon Depreciation is calculated so as towrite off the cost orvaluation ofan asset, less its residual value, over the useful economic life of that asset as follows: Housing properties Climbing wall Other equipment over 20 years over 2 years over 3 years Impalrnient of flxed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Vthere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting 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 Cashenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash infiows that largely independent of the cash inflows from other assets or groups of assets. Flnanclal Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Currentassets and current liabilities are subsequently measured at the cash orother consideration expected to be paid or received and not discounted. Debt instruments are subsequentty measured at amortised cost. 10-
Craghead Development Trust Limited Company Llmlted by Guarantee Notes to the Flnanclal Statemonts (conllnued) Year ended 31 March 2025 Accounting pollcles (contlnuedj Flnanclal Instruments (contlnued) ere investments In shares are publicly traded or thelr falr 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 impairment. Other financial instruments. including derivatives, are Initially recognised at fair value, unless payment for an asset Is deferred beyond nomial business terms 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 a similar debt instrument. Llmlted by guarantee The company is limited by guarantee, the members guaranteeing to contribute up to £1 in the event of the company winding up. There is no ultimate controlling party. Donatlons and legacles 2025 Unrestricted 2025 2025 Restricted Total Funds Grants Grants receivable Donations 22,749 22,749 2024 Unrestricted 2024 2024 Restricted Total Funds Grants Grants receivable Donations 9.200 9,200 9,200 11
Craghead Development Trust Limited Company Llmlted by Guarantee Notes to the Flnanclal Statements (contlnu Year ended 31 March 2025 Income from charltable actlvltles 2025 Unrestricted 2025 2025 Restricted Total Funds Bumside Nursery Trust Housing 1,505 306,544 1,505 310.703 4,159 13,940 13,940 326,148 321,989 4,159 2024 Unrestricted 2024 2024 Restricted Total Funds Bumside Nursery Trust Housing 13,500 222,588 13,500 222,588 13,935 13,935 250,023 250,023 Investment Income 2025 2025 2024 2024 Unrestricted Total Funds Unrestricted Totsl Funds Bank interest receivable 38 38 Expendlture on charltable actlvStles by fund type 2025 Unrestricted 2025 2025 Restricted Total Funds Direct charitable activities 272,128 5.433 277.561 Support costs 13,198 285.326 13,198 290,759 5,433 2024 Unrestricted 2024 2024 Restricted Total Funds Direct charitsble activities Support costs 257,035 13.615 2,478 259,513 13,615 270,650 2,478 273,128 12-
Craghead Development Trust Limited Company Llmlted by Guaranlee Note8 to the Flnanclal Statements (contlnued) Year ended 31 March 2025 Expenditurn on charltable actlvltles by actlvlty type 2025 2024 Bumside Nursery Trust Housing 15.058 224.256 46,408 5,037 12,054 213,402 44,307 3,365 273,128 290,759 10. Net Income Net income is stated after chargingl(crediting): 2025 2024 Depreciation of tangible fixed assets 485 210 11. Independent examlnatlon fee8 2025 2024 Fees payable to the independent examiner for.. Independent examination of the financial statements 1,450 1.350 12. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2025 2024 Wages and salaries Social security costs Pension contributions 220,776 10,285 3,271 234,332 207.123 8,093 4,841 220.057 The average head count of employees during the year was 12 (2024.. 13). The average number of employees during the year is analysed as follows.. 2025 No. 2024 No. Trust manager Nursery 11 12 12 13 No employee received employee benefits of more than £60,000 during the year (2024.. Nil). 13. Trustee remuneratlon and expenses No remuneration or expenses were paid to trustees during the year (2024: £nil>. During the year fees for accountancy services of £1.835 (2024: £2,425) were paid to TLB Accountancy sen41$, a business controlled by T Bowman. 13-
Craghead Development Trust Limited Company Llmlted by Guarantee Notes to the Flnanclal Statements (¢ontlnu•d) Year ended 31 March 2025 14. Tanglble fixed assets Houslng properties Equlpment Climbing wall Total Cost or valuatlon At 1 Aprll 2024 Additlons 138,000 61,752 614 16,938 216,690 614 At 31 March 2025 138.000 62.366 16,938 217,304 Dèpreclatlon At 1 Aprll 2024 Charge 61,542 485 16,938 78,480 485 At 31 March 2025 62,027 16,938 78,965 Carrylng amount At 31 March 2025 138,000 339 138.339 At 31 March 2024 138,000 210 138,210 Housing properties are included at directors valuation as at 31 March 2025. The original cost of the properties was £69,100. In 2017 the charity entered into a 30 year lease at peppercorn rent for Burnside Resource centre from Durham County Council. 15. Debtors 2025 2024 Trade debtors Other debtors 6,000 2,412 8,412 2,227 2,227 16. Creditors: amounts falling due within one year 2025 2024 Trade creditors Social security and other taxes other creditors 2,337 3,304 6,065 11,706 2,917 2,801 5.136 10,854 -14-
Craghead Development Trust Limited Company Llmlted by Guarantee Notes to the Flnanclal Statements (contlnued) Year ended 31 March 2025 17. Analysls of charltable funds Unrestrlcted funds 1 Aprll 2024 Income Expendlturo Transfern 31 March 2025 General funds (free reserves) Deslgnated funds: Operating fund Housing fund 27,445 321.989 (285,326) 9,448 73,S56 35,000 138,000 200,445 35,000 138,000 246,556 321,989 1285,326) 9.448 The trustees have designated an operating fund to be set aside to cover core running costs in the event 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 sellin9 the properties. Within the housing fund is £68,900 (2024: £68,900) in respect of revaluations. Restrlcted funds 1 Aprll 2024 Income Expenditure Transfers 31 March 2025 Homes England Womens group Youth group Mens group Mental health Wellbeing Welcome Spaces Cooker LED Lighting Pupil Premium 9,469 (842) 2,923 1244) 2,621 11,900) {3) 1644) (96> (136) {100) (132) (1.866) 7.S69 255 1,029 10 985 1,460 4,416 127 6,500 3,603 25,954 3,250 12,150) (1,250) (2.650) (1.500 {4401 (1,458) 3,000 2,000 6.006 1,993 6,500 4,159 26.908 {556) 15.433) 13,927 19.448) Transfers between funds repsent internal rent re-charged. management harge and $tricted funds expended on capital items. Homes England - to support the maintenance of the housing properties. Womens, Mens and Youth groups - monies held on behalf of these groups. for their specific use. 14Nhere balances are overdrawn, this is supported by the Trust until funds become available. 15-
Craghead Development Trust Limited Company Llmlted by Guarantee Note8 to the Flnanclal Statements {¢onllnued) Year ended 31 March 2025 17. Analy818 of ¢harltable funds (contlnued) Net assets are split as follows: 2025 Unrestricted Restrlcted 2024 Unrestrlcted Restrlcted Total Total Fixed assets Current assets other than cash Cash at bankl in hand Current liabilities 138,339 138,339 138,210 138,210 2,227 2,227 8,412 8,412 117,696 25,954 143,650 64,677 13,927 78,604 (11,706) (11,706> (10,854) (10,854) Total net assets 246,556 25,954 272,510 200.445 13,927 214.372 16-