Registered number.. 04103670 Charity number: Henderson Trust HENDERSON TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
HENDERSON TRUST (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Trust, its Trustees and Advisers Trustees. Report Independent Auditor's Report on the Financial Statements 10-13 Statement of Flnanclal Activities 14 Balance Sheet 15-16 Statement of Cash Flows 17 Notes to the Financial Statements 18-35
HENDERSON TRUST IA Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees C Brown K Clipsham (resigned 13 December 2023) S Earl C E Eyers (Previously Parry-Jones) N V Harmer P Hutson L E McCartney-Gray J Vilkovitch L J Wilkinson, Chair Company registered number 04103670 Registered office The Henderson Business Centre 51 Ivy Road Norwich Norfolk NR5 8BF Company secretary K Ward (appointed 1 August 2024} N Craig {resigned 31 July 20241 Chlef Executive Officer M Packer (appointed 1 August 2024> N Craig (resigned 31 July 20241 Independent auditor MA Partners Audit LLP Chartered Accountants & Statutory Auditors 7 The Close Norwich Norfolk NR14DJ Solicitors Leathes Prior 74 The Close Norwich NR14DR Page 1
HENDERSON TRUST IA Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audited financial statements of the Trust for the year 1 April 2023 10 31 March 2024. The Annual Report seNes the purposes of both a Trustees, report and a dire¢tors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORP) applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 {effective 1 January 20191. Since the Trust qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectlves and activities a. Pollcles and objectives Henderson Trust's governing document is its Memorandum and Articles of Association which states that ils objectives are .to promote the public benefit of urban regeneration in areas of social and economic deprivation by all, or any, of the following means.. To advance education and provide or assist in providing training To relieve unemployment To provide financial and technical assistance, business advice, training and employment opportunilies To provide facilities, services or assistance to people who are aged, have disabilities, sick or in need To promote good health To provid8 housing (not extending to relieving local authorities or other bodies of their statutory duty} To provide or improve communily, social, recreational and leisure facilities To promote the conservation, prolection and improvement of the physical and natural environment To improve infrastructure and Iransportalion facilities To improve community safety through prevention andlor r8duction of crime, anti-social behaviour, protection of property and support of victims of crime, and promote good community relations., and Such other means subject to the prior written consent of the Charity Commissioners., Henderson Trust's main objectives for the year were to.. Manage various assets to generate income Promote and develop the community park Contribute to community engagement and development Fund andlor support project work in the community Develop and improve the operations of Cadge Road Community Centre b. Strategies for achieving objectives Strategies chosen for achieving the objectives were to.. Maximise the income from the Henderson Business Centre Fund lor continue lo fund) a range of projects and activities Fund projects through external contracts and others through directly employed staff Vvork with partners to undertake Community development Page 2
HENDERSON TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activitles {continued} c. Activities undertaken to achieve objectives Existing directly managed projects were.. The provision of activities and support to vulnerable young people in the community The provision of activities and support to older people in the community The provision of accommodation for local bodies The provision of management support to various local charities and groups The provision of activities and support to local families The management of a local commLtnily centre d. Public beneflt The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charitable company's aims and objectives and in planning future activities and setting the grant making policy for the year. Achievements and performance Review of actlvlties Total incoming resources for the period were £662,031 (2023 - £584, 70n. Total resources expended were £658,61712023- £664,256). C05t of Achlevlng Objectives Community activity costs lotaling £187,74712023 - £200, 768) relate to community grants awarded and projects undertaken directly by the Trust. Impact of Meeting Objectives (including types of outcomes achieved) Improved social cohesion Reduced levels of crime and criminality Increased participation in education, employment and training The Trust Uses a range of performance measures to monitor and manage the business effectively. There are both financial and non-financial, and the most significanl of these are the key performance indicators {KPlsl. b. Key performance indicators The key financial performance indicators are grants receivable and project costs incurred. These KPIS indicate the volume of work the Trust has undertaken as well as the efficiency with which the work has delivered. KPIS for the year, with comparatives, are a5 follows: 2024 2023 Direct costs and grants less voluntary income Investment income less support and governance costs Net movement in funds 1519,4571 (547,181) 522,871 465,996 {491,007) 180,149} Page 3
HENDERSON TRUST IA Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Financial review Going concern After making appropriate enquiries, the Trustee5 have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing Ihe financial statements. Further details regarding the adoplion of the going concern basis Can be found in the accounting policies. b. Reserves policy The total funds of the charity were £5,135,360 at 31 March 202412023 - £5,626,36n. At the balance sheet date the charity had no free reseNes {2023- no free reserves). The Trustees aim to hold £100,000 working capital in the bank account. At the year end dale, the balance was £164.941 (2023 - £154, 781). In addition the Trust holds a portfolio of saleable property assets. There are no plans to sell these assets but they could be realised if required to meet costs or to fund desirable project work. Structure, governance and management Constitutlon Henderson Trust is registered as a charitable Gompany limited by guarantee and was set up by a Memorandum of Association. The company is constituted under a Memorandum ofAssociation and is a registered charity number 1117051. The Henderson Trust is a registered charity and has a designated 'area of benefit,. The area covers the North and West Earlham, Larkman and Marlpit areas of Norwich and comprises approximately 4,000 households and approximately 12,000 residents. Henderson Trust works in participation with residents and wilh providers of services lo the public to reduce levels of disadvantage in the area, specifically those associated with: Crime and community safety Education Health Unemployment The physical environment Henderson Trust- Mission The purpose of Henderson Trust is to.. Enable the community led, long lasting regeneration of Ihe North and West Earlham, Larkham and Marlpil neighbourhoods of Norwich. Page 4
HENDERSON TRUST IA Company Limlted by Guaranteel TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management {continuedl This will be done by.. Helping to build partnerships bebfveen agencies and the community lo benefit the lives of local residents Providing leadership, focus. support, and encouragement of these partnerships, making sure that members of the community feel able lo improve their own lives Developing the skills and knowledge of local people, and creating and supporting buildings and seNices which will contribute lo the long term success of the whole community Making sure that the community focused services are realistic, valuable and achievable as sel down in the long term plans of Henderson Trust b. Methods of appointment or electlon of Trustees The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. Organisational structure and declsion-making pollcles The Memorandum and Articles of Association allow for up lo ten Trustees who are the guarantors of the charitable company. A minimum of six Trustees are lo be local residents. Trustees, and officers, liability insurance is in place. Henderson Trust is governed by a Board of Trustees. The strategic direction and operational activities of the Trust are managed by a Chief Executive Officer who reports directly to Trustees at Board meetings. During the reporting period the following people have acted as Trusle8s'. L J Wilkinson {appoinled Chair in May 2011) C Brown C E Eyers (previously Parry-Jonesl N V Harmer K Clipsham (resigned 13 December 2023) S Earl J Vilkovilch L E McCartney-Gray P Hutson Page 5
HENDERSON TRUST IA Company Limlted by Guarantee} TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management {continuedl Henderson Trust Board What il does... Defines and ensures compliance with the values and objectives of the Trusl Establishes plans lo achieve these Objectives Monitors the Trust's performance in relation to ils plans, budget controls and decisions Approves each year's budget and accounts before publication Makes decisions of funding Satisfies itself that the Trust's affairs are conducted in accordance with generally accepted standards of performance and propriety Decides on policies and procedures for the Trust Establishes and oversees a fram8work of delegalion of ils powers to committees and employees wilh proper systems of control Appoints senior management Takes appropriate legal and professional advice Other Committees Henderson Trust's Board may delegate various powers lo subcommittees. These committees are either empowered to make decisions for and on behalf of the Trust or else are empowered to make recommendations lo the Board for decision. For all the Trust's committees.. Members will be approved by the Board The Chair will be elected by the Board from its members A quorum of four will be established Henderson Trust staff may attend but will not be allowed to be members Members will be allowed only one vole There will be no further delegation of responsibilities Matthew Packer is the Chief Executive Officer ICEOI and Head of Charity. The CEO is aulhorised lo.. Undertake and oversee the day-lo-day management of the charitable company Maintain a positive working relationship with all partners To support and guide the Board on all strategic and operational matters To ensure that financial standing orders are in place and are followed To manage staff and relationships with partners d. Policles adopted for the inductlon and training of Trustees New Trustees are invited lo attend briefing sessions lo familiarise themselves with the Trust and its operational context. A handbook is given to each Trustee which contains key documents and information. Trustees are also supported lo attend relevant, external training events where these will facilitale a greater understanding of their role. Page 6
HENDERSON TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management {continuedl e. Pay policy for key management personnel The Trustee's consider the Chief Executive Officer and the 8usiness Support Manager as comprising the key management personnel of the charity in charge of directing and controlling the charity and the running and operating of the charity on a daily basis. The pay of the Chief Executive Officer is based upon the consideration of numerous factors. These include benchmarking within the charity sector and across occupational classifications locally. The pay of all other staff is based upon nationally consulted and agreed National Joint Council for Local Government SeNices pay rates. Salaries are sel bearing in mind the need lo attract and retain staff and maintain levels of motivation. Salaries also reflect the unusual nature of the Trust's operations in that it is a charity which has some operations in a highly competitive and cost-sensilive sector. All salaries are reviewed at least annually and at this lime the following factors are considered. National levels of pay award or pay reslrainl The relative performance of the employee and the organisation The Trust's ability to sustain payroll costs f. Financlal risk management The Trustees have assessed the major risks to which the Trust is exposed, in particular those related lo the operations and finances of the Trust, and are satisfied that systems and procedures are in place lo miligale exposure to the major risks, The most significant risks to the Trust have been identified as.. Failure of plant and equipment Low demand for business accommodation Loss of existing tenancies IT system failures Destruction of property The viability of the charity For all these risks and all olhers recognised by the Trust there are preventative measures in place and miligaling strategies. Where appropriate this involves seeking professional, external advice and putting in place insurance arrangements. The system of internal control includes: A review al each Board meeting of the risks the Trust may face, as a standard agenda item Six-monthly identification and management of potential risks to the Trust A three year plan which sets out strategic risks An annual budget and quarterly reviews of expenditure against budget Regular review of all policies and procedures Clearly defined limits of authority Page 7
HENDERSON TRUST IA Company Limited by Guarantee} TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods Priorities for 2024125 Experience has shown that the resources of the Charity are insufficient to make a positive contribution to all of the Trust's objectives in any one year. 11 is therefore necessary to identify a smaller number of operational themes which reflect the Charity's ability to make a difference, and the resources and skills al the Charity's disposal. The operational themes are identified in the Business Plan and are reviewed annually. The operational themes for the period April 2024 to March 2025 will be.. Learning Employmenl The Henderson Community Park Social inclusion The Trust adopted a sustainability policy in October 2022 selting out broad objectives and responsibilities regarding the use of energy and the management of waste. Subject to the availability of funding and other resources the Trust has adopted an ongoing programme of movement towards the use of more energy-efficienl equipment, fixtures and fittings and methods of working and has encouraged all tenants of the Henderson Business Centre lo do the same. To this end a rolling programme of replacing lights with LED alternatives has been started. In the coming year the installation of a solar array on the Business Centre will be explored and budget has been sel aside for the installation. Additionally, the Trust will undertake a review of ils governance arrangements to ensure they meet all regulatory requirements and current good practice. Statement of Trustees, responsibllltles The Trustees (who are also the directors of the Trust for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Trust and of its incoming resources and application of resources. including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 102); make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any malerial departures disclosed and explained in Ihe financial statements, prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Trust will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Trust's transactions and disclose with reasonable accuracy at any lime the financial position of the Trust and enable them to ensure Ihal the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 8
HENDERSON TRUST {A Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Disclosure of information to auditor Each of the persons who are Trustees at the lime when this Trustees, Report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Audltor The auditor, MA Partners Audit LLP, has indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. Approved by order of the m8mbers of the Board of Trustees and signed on their behalf by.. L J Wllklnson (Chair of Trustees) Dale.. 24 October 2024 Page 9
HENDERSON TRUST {A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HENDERSON TRUST Opinion We have audited the financial statements of Henderson Trust (the 'Trust'l for the year ended 31 March 2024 which comprise Ihe Statement of Financial Activities, the Balance Sheet. the Stalement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as al 31 March 2024 and of ils incoming resources and application of resources, including ils income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UK)l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqLsiremenls. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities ancl the responsibilities of the Trustees with respect to going concern are described in the felevant sections of this report. Page10
HENDERSON TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HENDERSON TRUST (CONTINUED) Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otheiSe explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or olhefwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which Ihe financial statements are prepared is consistent with the financial slalemenls. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreemenl with the accounting records and returns.. or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled lo prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement lo prepare a Strategic Report. Page11
HENDERSON TRUST IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HENDERSON TRUST {CONTINUED) Responsibilities of Trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable Company for the purposes of company law) are responsible for the preparation of the financial slatements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial slalements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Auditor's responslblllties for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misslalement, whether due lo fraud or error. and lo issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of a5suran¢e, bul is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material misslatemenl when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. Explanation as to what extent the audlt was Considered capable of detecting irregularlties, includlng fraud The objectives of our audit in respect of fraud. are, to identify and assess the risks of material misslatemenl of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due lo fraud, through designing and implementing appropriate responses lo those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered Ihal the most significant are the Charities Act 2011 and UK financial reporting standards as issued by Ihe Financial Reporting Council. We obtained an understanding of how the charity complies with these requirements by discussions wilh those charged with governance. We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how il might occur, by holding discussions with those charged with governance. We inquired of those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Page 12
HENDERSON TRUST {A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HENDERSON TRUST (CONTINUED} Based on this understanding, we designed specific appropriate audit procedures lo identify instances of non- compliance with laws and regulations. This included making enquiries of those charged with governance and obtaining additional corroborative evidence as required. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misslatemenl in the financial slalements or non-compliance with regulation. This risk increases the more Ihal compliance with a law or regulation is removed fram the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment. forgery, collusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklaudilorsres Auditor's Report. onsibilities. This description forms part of our Use of our report This report is made solely to the charitable Company's Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's Trustees those matters we are required lo slate to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed. Alice Lynch Bsc FCA DChA (Senior Statutory Auditor) for and on behalf of MA Partners Audit LLP Chartered Accountants & Statutory Auditors 7 The Close Nowich Norfolk NR14DJ 24 October 2024 Page13
HENDERSON TRUST IA Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tolal fui)ds 2023 Note Income from: Donations and legacies Investments 11,605 578,812 71,614 83,219 578,812 56,330 526, 741 1,036 Other income Total income 590,417 71,614 662,031 584,107 Expenditure on: Charitable activities 577,894 80,723 658,617 664,256 Total expenditure 577,894 80,723 658,617 664,256 Net Incomel(expenditure) before net losses on investments Net losses on investments 12,523 1182,421) (9,109) 3,414 1182,421) (80, 149) Net movement in funds before other recognised galnsl(losses) {169,8981 {9,109) 1179,0071 (80, 149) Other recognised galnsl{lossesl: Losses on revaluation of fixed assets {312,0001 (312,0001 Net movement in funds 1481,898) 19,1091 {491,0071 (80, 149) Reconciliatlon of funds: Total funds brought fomard Net movement in funds 5,292,757 1481,898) 333,610 {9,1091 5,626,367 {491,0071 5,706,516 (80, 749) Total funds carried forward 4,810,859 324,501 5,135,360 5.626,367 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 18 to 35 form part of these financial slalemenls. Page 14
HENDERSON TRUST (A Company Limited by Guarantee) REGISTERED NUMBER." 04103670 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investment property 2,852,807 2,225,384 3, 180.642 2, 407, 805 14 5,078,191 5, 588, 447 Current assets Debtors Cash al bank and in hand 34,596 164,941 30, 052 754,781 199,537 184, 833 Credilor5.' amounts falling due within one year 16 {142,368} (146,913) Net current assets 57,169 37,920 Total assets less current liablllties 5,135,360 5, 626,367 Total net assets 5,135,360 5, 626, 367 Charlty funds Restricted funds Unrestricted funds 18 18 324,501 4,810,859 333,610 5, 292, 757 Total funds 5,135,360 5.626.367 Page 15
HENDERSON TRUST IA Company Limited by Guarantee) REGISTERED NUMBER: 04103670 BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2024 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to enlilies subject to the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. L J Wilkinson (Chair of Trustees} Date: 24 October 2024 The notes on pages 18 to 35 form part of these financial statements. Page 16
HENDERSON TRUST {A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating a¢tivltles Net cash used in operating activities 21 16,718 71,608 Cash flows from investing activities Purchase of tangible fixed assets {6,558) (18,338) Net cash used In Investlng activities 16,5581 {18,338) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 10,160 16,730) 161,517 154,781 Cash and cash equlvalents at the end of the year 22 164,941 154, 781 The notes on pages 1810 35 form part of these financial statements Page17
HENDERSON TRUST (A Cornpany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information Henderson Trust is a company limited by guarantee and registered in England and Wales. The Members of Ihe company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per Member of the company. Accounting policies 2.1 Basis of preparation of financlal statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies AGt 2006. Henderson Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Golng concern The Trustees have a reasonable expectation that the Trust has adequate resources lo conlinue in operational existence for the foreseeable future. For this reason, the Trustees continue lo adopt the going concern basis in preparing the financial stalemenls. 2.3 Income All income is recognised once the Trust has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants {including government granlsl are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Other income is recognised in the period in which it is receivable and to the extenl the goods have been provided or on complelion of the service. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs. Page 18
HENDERSON TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.4 Expenditure (continued) Grants payable are charged in the year when the offer is made except in those Cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment. but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Tangible flxed assets and depreciation Al each reporting date the Trustees assess whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of ils fair value less costs to sell and ils value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Tangible fixed assets are carried at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided al rates calculated lo write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Freehold property Not depreciated Plant and machinery 10 /0 33 % straight line Motor vehicles 20 % slraighl line Fixtures and fittings 100/0 Straight line Play equipment 1 OQ/o Straight line No depreciation has been Charged on the freehold property as the Trustees consider the depreciation charge is not material because the estimated residual value of the assel is not materially different from the carrying value of the asset. 2.7 Investment property Investment property. which is property held to earn rentals and l or for capital appreciation, is measured initially at its cost, including transaction costs. Subsequent to initial recognition, investment property is measured at fair value. Gains or losses arising from changes in the fair value of investment property are included in the Statement of Financial Aclivilies. 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page19
HENDERSON TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {¢ontinued) 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provlsions Liabilities are recognised when there is an obligation al the Balance Sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services il musl provide, 2.11 Flnancial instruments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value, 2.12 PensSons The Trust operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Trust to the fund in fespect of the year. 2.13 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of th8 Trust and which have not been designated for other purposes. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial statements. Page 20
HENDERSON TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and areas of Judgment E51imales and judgments are continually evalLrated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Crilical accounting estimates and assumptions.. Impairments Impairments are re¢ognised where the Trustees believe that there is an indication that the carrying amount of an asset exceeds its recoverable amount. Investment property The Trustees use valuation techniques involving estimation lo determine the fair value of the Trust's investment property. Estimates of fair value between independent external professional valuations are based on a combination of current market conditions. changes in tenure arrangements and guidance from external sources. The Trustees base their assumptions on observable data as far as possible but this may not always be available. Estimated fair value may vary from Ihe actual price that would be achieved in an arm's length commercial sale transaction at the reporting dale. The most significant area of uncertainly that may affect the carrying value of assets and liabilities held by the Trust are markel-driven changes lo property values. Page21
HENDERSON TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total fu17ds 2023 Donations Grants 9,605 2,000 9,605 73,614 13,016 43,314 71.614 11,605 71,614 83,219 56,330 Total 2023 18,532 37, 798 56,330 Page 22
HENDERSON TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total fui?ds 2023 Rental income Bank interest Fir8 Station rental income 363,781 1,266 213,765 363,781 1,266 213,765 312,636 340 213, 765 578,812 578,812 526, 741 Total 2023 526, 747 526, 741 Other incoming resources Unrestricted funds 2024 Total funds 2024 Tolal fiinds 2023 Other income 7,036 Total 2023 1,036 1,036 Analysis of grants Grants are made to community organisations, supporting projects that enhance the local community. Details of grants made during the year are set out below.. 2024 2023 Foodbank Household Support NR5 Community Hub 12,210 1,500 14,600 1,600 500 13,710 76, 700 Page 23
HENDERSON TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 Regenerat'n & Facility Manag'ent Henderson Business Centre Community Delivery Cadge Road Community Centre 352,989 105,330 93,314 26,261 352,989 105,330 174,037 26,261 331,315 128,015 784, 068 20, 858 80,723 577,894 80,723 658,617 664,256 Total 2023 619,357 44,899 664,256 Analysis of expenditure by actSvltles Actlvities Grant undertaken funding of directly activities 2024 2024 Support costs 2024 Total funds 2024 Total fuilds 2023 Regenerat'n & Facility Manag'ent Cadge Road Community Centre Community Delivery Henderson Business Centre 285,169 13,710 54,110 352,989 331,315 24,430 174,037 105,330 1,831 26,261 174,037 105,330 20, 858 184, 068 128,015 588,966 13,710 55.941 658,617 664,256 Total 2023 586,811 16,700 60. 745 664, 256 Page 24
HENDERSON TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities lcontinuedl Analysis of direct costs Regenerat'n Cadge Road Henderson & Facility Community Community Business Manag'ent Centre Delivery Centre 2024 2024 2024 2024 Total funds 2024 Total funds 2023 staff costs Depreciation Operating costs 24,430 174,037 105,330 303,797 22,393 262,776 303, 994 21,362 261,455 22,393 262,776 285,169 24,430 174,037 105,330 S88,966 586,811 Total 2023 256, 063 18,665 184, 068 128,015 586,811 Analysis of support costs Total funds 2024 Total fui?ds 2023 Staff costs Operating costs Governance costs 23,257 20,802 11,882 25.776 22, 840 12, 789 SS,941 60, 745 10. Auditor's remuneration The auditor's remuneralion amounts to an auditor fee of £4,555 (2023 - £4,25Q), and other services of £1,151 (2023- £4761. Page 25
HENDERSON TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Staff costs 2024 2023 Wages and salaries Social security cosls Contribution lo defined contribution pension schemes 287,549 22,215 17,290 289, 358 23, 629 16,723 327,054 329, 710 The average number of persons employed by the Trust during the year was as follows.. 2024 2023 No. Management Adminislralion Project based 10 10 The average headcount expressed as full-time equivalents was.. 2024 2023 No. Management Administration Project based 10 10 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 2023 No. In the band £60,001- £70,000 The total remuneration for key management personnel, including employer pension contributions and employer national insurance contribulions, for the year totalled £92,27312023 - £107. 459). Page 26
HENDERSON TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Trustees, remuneration and expenses DLtring the year. no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023- £NIL). 13. Tangible fixed assets Freehold property Equlpment Motor vehicles Fixtures and flttings Play equipment Total Cost or valuatlon At 1 April 2023 Additions 8,242,849 61,253 2,282 8,540 67,576 3,3S1 144,363 8,524,581 925 6,558 Al 31 March 2024 8,242,849 63,535 8,540 70,927 145,288 8,531,139 Depreciation At 1 April 2023 Charge for the year Impairment charge 5,125,849 48,142 7,016 5,094 1,708 34,234 6,444 130,620 5,343,939 7,225 22,393 312,000 312,000 Al 31 March 2024 5,437,849 55,158 6,802 40,678 137,845 5,678,332 Net book value At 31 March 2024 2,805,000 8,377 1,738 30,249 7,443 2,852,807 Al 37 Maic17 2023 3,177,000 13,711 3,446 33,342 13, 743 3, 180,642 The freehold property was valued on 1 September 2023 by an external valuer, S M L Kingston Bsc (Honsl MRICS of Roche Chartered Surveyors. The valuations were in accordance with the requirements and guidelines sel out in the Royal Institution of Chartered SuNeyors IRICSI Valuation Global Standards 2020 (which incorporate the International Valuation Standards 2017} and the UK national supplement. The Trustees do not believe any further material movement in valuation has arisen since that dale. Page 27
HENDERSON TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Investment property Freehold investment property Valuation At 1 April 2023 Surplus on revaluation 2,407,805 (182,4211 At 31 March 2024 2,225,384 The 2024 valuations were made by the Trustees, based on an external valuation by S M L Kingston MRICS of Roche Chartered Surveyors on 1 September 2023, on an open market value for existing use basis. 15. Debtors 2024 2023 Due wlthln one year Trade debtors 21,850 4,644 8,102 21,914 160 7,978 Other debtors Prepayments and accrued income 34,596 30, 052 16. Creditors: Amounts falllng due within one year 2024 2023 Trade creditors other taxation and social security Other creditors Accruals and deferred income 7,600 27,029 44,532 63,207 1,435 33, 839 46,918 64,721 142,368 746,913 Page 28
HENDERSON TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Deferred income 2024 2023 Deferred in¢ome at 1 April 2023 Resources deferred during the year Amounts released from previous periods 48,844 48,844 148,844) 55, 120 48,844 (55, 120) Deferred Income at 31 March 2024 48,844 48,844 Page 29
HENDERSON TRUST (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Statement of funds Statement of funds - current year Balance at 1 April 2023 Gainsl {Lossesl Balance at 31 March 2024 Income Expenditure Unrestrlcted funds General Funds - all funds 5,292,757 590,417 (577,8941 {494,421) 4,810,859 Restricted funds Capital fund NRS Hub Worker Youth Drop In Covid 19 Response Games Ar8a Outside The Box Opt In Gel Set Craft Connections Kickslart This Girl Can Household Support Fund Community Development Sit Fit Girls Group 262,825 24,867 15,372 6,270 5,396 4,666 4,649 4,035 2,905 1,241 985 262,825 4,538 14,364 6,270 5,396 4,665 5,318 14,611 120,3291 13,9251 2,917 4,500 15,874 (3,8311 (5,2981 (2,9061 1,241 985 550 400 1,600 41,329 2,477 2,917 {1,450} (41,329) {1,366) {290} 1,111 2,627 333,610 71,614 (80,723) 324,501 Total of funds 5,626,367 662,031 1658,617) 1494,4211 5,135,360 Page 30
HENDERSON TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Statement of funds {¢ontinuedl The restricted Capital fund represents restricted fixed asset funding. Fixed asset funding has been treated as restricted as should any grant funded asset be disposed of. part or all of the proceeds may be subject to Clawback by the funders EEDA. NR5 Hub Worker- Funding to employ a worker on a Fixed term contract to deliver community activities to families and young people through the NR5 Community Hub and lo work with Henderson Trust staff lo develop the project with the aim of becoming more self sustaining. Youth Drop In - funding was received to support the youth drop in, an informal youth club which provides a safe place for young people with fun activities and a meal. Covid 19 Response - This fund relates lo funding received to enable the Trust lo run and support Covid related respones, primarily the distribution of meals lo members of the community. Games Area This fund relates lo 8 grant received lo fund new play équipment. Outside Thè Box - ID projeol - funding a sex and relationships course with an emphasis on body positivity and healthy relationships. Opt In - IT and social group for the over 55s. Get Set- Activi118s for 10-16 year old5 during the school holidays. Craft Connectlons England Co-op. This fund is for running a weekly wellbeing group for women. This is funded by East of Klckstart- Government programme to help young people into work. Thls Glrl Can - Fr&8 yoga sessions for women. Household Support Fund - Money lo enable Henderson Trust lo provide food vouchers for local families in need & lo provide Energy lop ups for the over 55$. Communlty Development - the funds received relate to grants specifi'cally r8cèived for the Sorted, Connect and Not About the Bike projects thè charity is running. Sit Flt- the funds received relate to grants reiVed specifically for running a chair fitness for over 50s service. Glrls Group This fund relates lo funding received for a formal youth club with targeted admission, for girls who are more vulnerable and would benefit from the social aspec15 of the group. Page 31
HENDERSON TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Statement of funds (continued) Statement of funds - prlor year 8alai?ce at 37 Marc17 2023 Balai?ce at 1 April 2022 117COI??e Expeiiditure Unrestricted funds General Funds - all funds 5, 365, 805 546, 309 (619,357) 5, 292, 757 Restrlcted funds Capital fund NR5 Hub Worker Youth Drop In Covid 19 Response Games Area Outside The Box Opt In Get Set Craft Connections Kickstart 262, 825 40,000 15,681 6,270 5,396 4,665 262, 825 24,867 75,372 6.270 5,396 4, 665 4,649 4,035 2, 905 1,241 985 (15, 133) (309) 8, 000 4, 683 4.970 (3,351) (3, 846) (2. 065) 3, 798 7,241 7,435 This Girl Can Household Support Fund Community Development (450) (1.600) (18, 145) 2. 000 18, 145 400 340, 711 37. 798 (44. 899) 333,610 Total of funds 5,706,516 584. 107 (664, 256) 5,626.367 Page 32
HENDERSON TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Summary of funds Summary of funds - current year Balance at 1 April 2023 Gainsl (Losses) Balance at 31 March 2024 Income Expenditure General funds Restricted funds 5,292,7S7 333,610 590,417 71,614 1577,894) (494,4211 4,810,859 180,7231 324,601 5,626,367 662,031 (658,6171 1494,4211 5,135,360 Summary of funds - prior year Balanc8 at 31 Marcl? 2023 Balaiice al 7 Ap1712022 Income Expenditure General funds Restricted funds 5.365,805 340, 717 546. 309 37,798 (619,357) 5.292. 757 (44,899) 333,670 5,706,516 584, 107 (664, 256) 5, 626, 367 20. Analysls of net assets between funds Analysls of net assets between funds - current perlod Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Investment property Current assets Creditors due within one year 2,589.982 2,225,384 137,861 (142,368) 262,825 2,852,807 2,225,384 199,537 1142,3681 61,676 Total 4,810,859 324,501 5,135,360 Page 33
HENDERSON TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Analysis of net assets between funds Icontinuedl Analysis of net assets between funds - prior period Uijreslricted R8stricl&d ftii?ds fiii?ds 2023 2023 Total f1117ds 2023 Tangible fixed assets Investment property Current assets 2,977,877 2,407, 805 114,048 (146,973J 262, 825 3, 180, 642 2,407, 805 184, 833 {146,913J 70, 785 Creditors due within one year Total 5,292, 757 333,670 5,626,367 21. Reconclliatlon of net movement in funds to net cash flow from operatlng actlvltles 2024 2023 Net expenditure for the period las per Statement of Financial Aclivitiesl {179,0071 (80, 149J Adjustments for.. Depreciation Charges Loss on the sale of fixed assets Decreasellincreasel in debtors Decrease in creditors Investment property revaluation 22,393 21,362 224 75, 671 (5. 500J (4,5441 (4,5451 182,421 Net cash provlded by operatlng actlvltles 16,718 11.608 22. Analysis of cash and cash equivalents 2024 2023 Cash in hand 164,941 154. 781 Total cash and cash equivalents 164,941 154, 781 Page 34
HENDERSON TRUST (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Analysis of changes in net debt At 1 April 2023 At 31 March 2024 Cash flows Cash al bank and in hand 154,781 10,160 164,941 154,781 10,160 164,941 24. Pension commitments The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund, The pension cost charge represents contributions payable by Ihe company lo the fund and amount to £17,29012023- £16, 7231. 25. Operatlng lease commitments At 31 March 2024 the Trust had commitments to make future minimum lease payments under non- cancellable operating leases as follows, 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 807 135 807 942 942 7.749 26. Related party transactions During the year the charity made purchases of £4,553 12023 - £1,737} from A W Electrical Services Nomich, a business under the control of a close family member of Lynda Wilkinson. Lynda Wilkinson is 8150 a director of A W Electrical Services Norwich. Page 35