REGISTERED COMPANY NUMBER: 05750840 (England and Wales) REGISTERED CHARif( NUMBEIL. 1117770 rt of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2024 for South Develo ment Trust Ltd Thorne Wldgery Accujntancy Ltd Chartered Accountants 2 Wyevaie Business Park Klngs Acre Hereford Herefordshire HR4 7BS South W Develo ment Trust Ltd C¢)ntents of the Financial Statements for the Year Ended 31 March 2024 Page Report of the Trustees 1 to 14 Independent Examinerfs ReF 15 Statement of Financial ActivitTes 16 Balance Sheet 17 to 19 Note5 to the Financial Statements 20 to 27 Detailed Statement of Flnanclal Actlvltles 28 South W e Develo nt Trust Ltd rt of the Twstees for the Year Ended 31 March 2024 The tnjstees vtho are also directors of the charity for the purposes of the Companies Act 2￿6, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accountlng and Reporting by Charities: Statement of Recclnmended 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 2019). OBJEcfivES AND AcrivmES Objectives and aims The Trust's mission is To inspire the community to improve their lives, unlock their potential and build healthier lives. Our values, in all that we do, are to ensure that are incLusive and participative, Partnership fc(ussed, and that v deliver valuable and quality outcomes Significant activities The Trust's key physical assets are The Kindle Centre and the (sub-let) SW MedlcallDental Centre. In 202312024 our significant activlty was focussed around developing our leaming and education offer. We now offer a varkty of learnlng to Include dffferent levels of Engllsh Language classes. This followed SWDT securing contracts wlth Herefordshlre COur￿ll, one C￿tract to deliver ESOL to Refugees from Syria, Afghanistan, Ukraine and recently Hong Kong, and communlty ESOL deliverfng ESOL to tho* tho do not have English as a first Language. This was extended in 2024 to offer Multiply. Multiply is the govemment's new £560 million programme to help transfom the lives of hundreds of thousands of adults across the UK and will be delivered through the UK Shared ProsFerity Fund. Numeracy is the ability to understand and use maths in daily life, home, and work. wI￿ther that be improving household finances, tElping children with homework, making more sense of the stats and facts in the media, or Improvlng numeracy skllls speclflc to your Ifne of work. People who improve their numeracy skills are more likely to be in employment, have higher wages, and better wellteing, and wlll be more able to progress to higher levels of free training to secure a skilled job in our economy. Businesses who develop their employees, numeracy skills can b(N)st prtxiuctivityi increase profits, and improve employee retention. That's why we￿e launched the Multiply programme - just one of the ways the government is helping everyone gain skllls. BUSINESS DEVELOPMENT - Our core business continues to grow we now employ 17 meM￿r5 of staff. 6 of the team deliver our learning programme. The South Wye Development Trust's Chlef Officer manages all the Trust's business and acts as Ccthpany Secretary. This has led to us l)eing able to dellver more flexibly and efficiently into the future and we continue to be enterprising¥ forward thinkingi be innovative and work in partnership. In additi￿ to raising income fr￿1 office and rooth rental, the most important and affective use of The Kindle Centre is to provide valued and needed services and suppt)rt to the communlty partlcuiarly around Health and Wellbeing* living well and improving the quality of life of our residents. The centre also acts as a community resource offering intemet access to the public, printing, photocopying, and other administration supwrt services. Covering the core costs of running The Kindle Centre and delivering community actlvltles has been a balancing act at times, but the organisation has worked hard over the years to develop a good community business model, improve efficlency and more resilient. Significant changes have been made to our systems and the infrastructure of the bulldlng to Improve our professionalism, efflciency, xurlty, and safety at The Klndle Centre. The locality's multiple deprivations still offer c¢￿Siderable opportunltles and challenges for the Trust to continue to suprort the community particularly with the cost-of-living crisis. poverty and the other significant events that are haFpening in the world. We have welc(￿ed many people to The Kindle Centre to attend meetings and activities and this year have seen a considerable i￿reaSe in people accessing our support with again over 35,(xxI from April 2023 to March 2024. The Trust has a lease with NHS Property Services Ltd to sub-let the South Wye MEdical Centre, the Trust is ¢)bllgated to charge a pre-agreed rental for the centre as per the terms of the lease. Originally a health-advke centreldental surgery, the I￿lIding provided a hugely valuable community asset. The building Is now the South Wye hAedical Practice delivering a GP servlce for the Moorfields Medical Practice and out of hours support run by Taurus, this se￿ice continues to date and we are working hard to ensure that this practice part of Hereford hledical Group SUFWrts residents of South Wye. Page 1 South W Develo ment Trust Ltd rt of the Trustees for the Year Ended 31 March 2024 OBJECTIVES AND AcnviTIES The Kindle Centre is South Wye Development Trust maln asset, a V￿ll-eStabliShed, welcoming, 'Trlealth and Well Belng hub" delfvering many much-needed preventative se￿Ice$ to the community which will help to address the health inequalities in South Wye and in the long terni reduce the gap in life exFectancies. The Kindle Centre takes an asset- based approach that values the capacity, skills, knowledge, connecticffis, and wtentTal in a c(*nmunity to help find ways to achieve healthier lifestyle outromes. these fit well with the activities of the South Wye Medical Centre and Dental access centre, so ￿tal in taking significant pressure off the County Hospital's A & E departments and local GPS. The Trust has a strong, diverse Board of 9, including one local councillor from the Hinton and HUndert(￿ Ward, all Trustees live locally, and all live in Herefordshire. The Board of Trustees has vast knowledge and experience of what is happening in our community, business knowledge and they are all fully engaged and aware of local issues. The Board of Trustees have a wide nety￿rk of community supporters and contacts. these are strcffig valuable assets, along wlth the good reputation have earned through our exFerience In partnership worklng. We are fortunate too, that Its Ic(atlon and car parking facility provide ready access to both The Kindle Centre, and the South Wye Medical Centre and Dental centre. Page 2 South W Develo ent Trust Ltd rt of the Trustees for the Year Ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE Charltable actlvities The following details some of the various activities the Trust has undertaken during the year: ESOL FOR REFUGEES In the financial year April 2023 - Awil 2024 we have had over 2¢XI Refugees attend our Refugee ESOL Classes, which run across the County. In addition to The Kindle Centre, we delivered classes in Leominster, Ledbury, and R055-on-Wye. Continuously adapting to our students. needs, we started the Tryomen wth Children class- at The Kindle Centre in May 2023, where Afghan, Syrian. Vietnamese mums developed their English language with the help of a volunteer chlidmlnder. We also provided a childminder in one of our Ledbury classes where Afghan and Ukrainian mums are attending with their children. We helped students with no s￿aking or vrriting in English (and in some cases I￿king these skills in their own language) by providing One-to-one sessions from May 2023, which slowly developed into an Absolute Beginner Class. The One-to -one sessions restarted in January 2024. Our student5 are mainly adults. but v welcomed UASC children from Sudan. Afghanistan and Vietnam. 60% of our students were Ukrainian, 2(YX Afghan and 20% other nationality including Hong Kongers, Chinese, Vietnamese, Sudanese, Iraqi, Iranian, Indian. Egyptian, Bangladeshi, Libyan, Brazilian and Lithuanian in the last financial year. COIAMUNrri ESOL (FOR THOSE WHO DO NOT HAVE ENGLISH AS A FIRST LANGUAGE) A successful start to the Community English classes (for those who have English as an additi(￿al Language), in January 2023 w￿ provided 4 classes and by the end of July we had more than 50 students. After the Summer Break we asked to deliver two additional classes {to cater for those vtho can only attend evenings and to accommodate the Asylum Seekers who qualified to attend English lessons after being in the UK for 6 months). We were delivering 6 classes by the end of September 2023 and a new tutor joined the team. The classes have been excellent, and we hit our annual target of 60 in December 2023. In February 2023, after the Three Counties Hotel closed and the Asylum Seekers left the county, we started to build back those additional classes with great success. We had a ￿de range of natlonalltles In these classes: Polish, Sudanese, Iranlan, RC￿an1an, Brazilian, Afghan, Bulgarian, Lithuanian, Turkish, Latvian, Iraqi, Kuwaitis, Spanish, Cuban, Portuguese, Gambian, Eritrean, Egyptian, Amienian and Algerian. Ours student's achievements include: Passlng the British Citizenship Exams Launching their own businesses {nail technician, beautician etc) Passing Accredited English Exams Completlng Preparing to Work in School courses Passing driving tests Passing Fcrf)d Safety and Hygiene course Gaining Employment Case study: G. fs a 29-year-old Lithuanian who presents with a form of cerebral palsy and learning difficulties. His cognitive processing skills and speech appear slow. He lives at home with his mother and younger brother5 in Hereford. G a￿￿arS to be S￿IallY isolated. He does not work but spends all his time at home. He only speaks with his family and uses Lithuanian. He previously attended Petert￿rOUgh college ￿ere he did a carpentry course, the F*)ysical condition of his back does not allow him to do that work now. His English skills levels V￿re initially assessed at pre beginner. Initial Goals G. vra5 enrolled by his mother who attended the first three sessions where she ¥x)ke continuously on his behalf. sat silently and did not ap￿ar engaged. Writing seemed difficult for him. When spoken to directly ￿ seemed to have difficulty articulating words. Following discussions with G. and his mother, it was agreed that G. should try to attend class on his own. The aim was to build his confidence and sense of independence. After three classes, G came on his own and has attended regularly ever since. He has increasingly engaged in the class. He t￿k his tum when Leamers individually read from a text al(MJd. He joined in group and paired activities. He came promptly to class and brought back homework. After meeting ￿Jr advisory team G had several appointments and started trj volunteer at our Big Eat events and not long after at a Charity shop as well. G is now fully engaged with social activities and volunteers at another Charity reguLirly. Page 3 South W Develo ment Trust Ltd rt of the Trust&s for the Year Ended 31 March 2024 "Here 4 You" In Aprll 2024 started a C￿rse called "Here 4 You" to encourage and supp)rt learrers in the communlty to develop positive and effectTve communication, IT and positive language skills needed in daily life. Thls was almed at SUPF*rting people Into work and further learning situations. 2 tutors run this evening cour* successfully throughout 11@y and June 2024. We expanded our leaming OPFK)rtunities this year by offerTng leamers the Government Multiply Programme. Thls programme helps Feople manage their money and upskill their numer￿. We have just launched an Accredited ESOL course to provide qualification in English. suppoirr FOR UKRAINE itr¥fEGRATION Support for Ukraine Integration Fund During this period, V￿ have employed two C(Mnmunity Advisors on part-time IK)urs to deliver Support for Ukrai Integrdtion Grant programme which f(xussed improving life chances of those people and familTes vkno have come to the UK to flee the war in Ukraine. Over this time. we have supported 79 individuals. many viith C￿npleX needs, to move forwards with their lives in Hereford. We have supported 49 individuals Tnto work, 14 into education and 6 ￿￿ople Tnto volunteering. We have provided space on a free-of two compatible devices, 3) adequate WiFi and pht)ne signal. The proce￿ involves multiple reFetitive stepsi and many Feople struggle to complete the application. The Community Advisor team will Cc￿tinue to support people with tIK*ir E-visa applicatic￿S as it ensures people are able to prove their immigration status to access emplO￿nent, study and accommodation. CHARiff SUPPORT AND PARTNER SUPPORT We continue to work wlth several other Charitles and voluntary organfsatl￿S In South Wye and across Herefordshire. Such as The Cracked Slipper Company, Growing L¢xal CIC, Melody Dance Cc*Ttpany, Wiliowdene Rehabilitation. HVOSS. Serylces for Independent Llvfng. HAF SWDT became a HAF partner and has delivered HAF activities throughout the holidays. We delivered 2 x 3 hr sessI￿S per week for 30 children to include fresh healthy food for 4 v￿ekS this year over the summer holldays. School holidays can te pressure p)ints for some families becau* of increased costs (such as food and childcarel and reduced incomes. For some children that can lead to a P￿lIdaY experlence gap, wlth chlldren from disadvantaged families: The free holiday club places hEre targeted at children vtho are eligible for and receiving benefits-reiated free school meals. Page 8 South W Develo ent Trust Ltd rt of the Trustees for the Year Ended 31 March 2024 ACHIEVEMEwf AND PERFORh(ANCE THE KINDLE CENTRE, OUR INCREDIBLE HEALTH AND WELL BEING HUB Our Regular cUst￿erS Pknt of our bookings are from regular customers who are delivering valuable SUPkN)rt to the community, some of our loyal cUstc￿er5 include: Hiring for over 10 years - The Astrc￿oMIc3I Society Writers Circle The Civic Society Friday Prayers Other regular hirers include: lelody Dance CIC -120171 The Arts Appreciation Society120161 Hereford 050 {20161 The Cracked Slipper Company12019 The Kindle Singers120211 Parklnsons Exercise Ciass12019 foll0v￿d by the Canaries in 20211 Parklnsons Canaries Hereford Guild of Guldes Aspire Living HDAA Cranstoun - Men & Maxullnltle5 and 1-1 meetings CPRE The Countryside Charfty Willowde Encore Enterprises Healthwatch Hereford5hire U3A The Offa Group The Arts Society Lccal or National organisation L(￿al organisations such as: Herefordshire Perinatal Services Herefordshire and Worcestershire Health Care and Trust: Healthy Minds Clinic. Dementia Service Diabetes Team Hereford Hospital Talk Community Health and Wellbeirkg Service Healthy Lifestyles Seryice Herefordshire Council Wye Valley NHS Trust SAFFA Capita Shaw Trust How did they find us? Google Busine￿ Profile for our website. For the year: 3,850 google searches and 10,529 viev Lots of business from word of mouth and our reputation. Our FaCet￿k page has over 2000 followers. What they like abxjt us Page 9 South W Develo nt Trust Ltd Re rt of the Trustees for the Year Ended 31 March 2024 ACHIEVEMENT AND PERFORM4NCE le are always greeted affectlonally, and everyone checks that all is y￿lI with our meeting. When we had problems with our memory stKk, superhuman efforts were made to rectify the situation. We are always delighted not only the range of equiFMnent V￿ can loan Lwt with the help are given in using it. Our SocTety has used three venues and the relief of finding somewhere where the lift does not stick, the front door and burglary aiami are not our responsibility, and the furnTture is moved for us never ceases to delight us" -can l just say what an excellent resource The Kindle Centre is. It's the fTrst time I'd used it and will be returning. The space is welcoming and VEII and well equipFed, the Staff vEre delighrful and very ￿coMmOdating and so many other interesting activities were taklng place. It's fantastic! Keep up the excellent workl- Other activities and events: Free Sch(K)l Uniform days Family Ccok Workshops We have also hosted several special large events at the Kindle Centre HEALTH AND WELL BEING HUB AND WORKING W￿H pAKfNERS FROM THE NHS, LOCAL AUTHORITY, COWIUNrrY PARTNERSHIP The Klndle Centre has developed into a thriving Health and Well Eeing Hub utilisTng the Centre as an a55et-based approach that values the capacity, skills, knowledge, cc￿neCtiOns, and p)tential in a community to help find solutic￿S to health inequalities and find ways of mobilising these assets to achleve healthy Ilfestyie change outcomes. We support and enable residents to be independent, enabling them to lead fulfilling lives and helping the community to deliver their ovm services. In South Wye we understand that we needed to encourage our community to act on healthy lifestyle behaviour change particularly as area has a slgnlflcantly hlgher preVaLe￿e of health inequalities and larger prOporti￿S of children (and adults) who are obese than other areas of the county. Although problems were identrfied, both universal mainstream services and initiatives in the area have had limited impact on these issues vthich are complex, involving soclal norns of behaviour and the wider detemiinants of health. We have always approached this by recognisTng that many of the solutlons lie within the community, ability could be released and utilised given sufficient levels of suptK)rt. We continue to work closely with our partners from the NHS and the L(Kal Authority to utilise the Kindle Centre to deliver much needed supp)rt encouraging our community to make healthy lifestyle choices. SOCIAL ISOLATION AND LONELINESS We have always been very mindful at South Wye Development Trust of lonellness and lsoiatlon and It5 significant and growing issue amongst our populaticm, and we *e it daily In South Wye. It is important to recognise that although loneliness and isolation are two different concepts, both relate to ￿Ple'S *nse of connection with others. At South Wye DeveloFfflent Trust, we are all about "Connections,- Isolation refers to separation from social or familial contact, community involvement, or ￿cesS to services. Loneliness, by contrast, can be understrmjd as an individual's personal, subjective sense of lacking the* things to the extent that they are wanted or needed. Loneliness is deeply [￿rSOnal . it5 cause5, con￿qUenceS and its very existence are impossible to determine without reference to individual and their own values, needs, wishes and feelings. We were and still are. all avRre that Covid-19 caused immense issues in our community related to loneliness and S￿la[ isolation that we at SWDT are always i￿kIng to address. South Wye Development Trust at the Kindle Centre are based on the principles of: Wellbeing and placing FEople at the centre of decision-making about t1￿1r lives. Working in partnership with Tndividuals to achieve the outcomes that matter to them. Prevention and early intervention. Our alm as an organTsation is to build: Page 10 South W Develo ent Trust Ltd Re rt of the Trustees for the Year Ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE Communlty reslllence Support communities to combat loneliness and social isoLation from our well known and Ferfectly placed community hub. The Key challenge5 we addre55 are: Prevent or reduce the development of isoiatlon and loneliness. Reach lonely individual5. Understand the nature of an individual's loneliness and develop a personalised response. Support lonely individuals to access appropr?ate Se￿ices. Supwrt and maintain existing relationships. Foster and enable new connections. and Help people to change their thinking abJLrt their social connections. We can identify those at risk, such as those facing or experiencing a life transition We aim to prevent future loneliness by helping indiwduals who are at risk and those on the 'cliff edge. of loneliness {when they are nearing a life event or substantial shift in their daily routine). We will continue to be creative and Icok to address these issues in different ways but predomlnantly by continuing to engage with our community and dellver the supp)rt, activities and services as above. PARThERSHIP WORKING, GROWING LOCAL CIC. HEREFORDSHIRE COUNCIL, NHS, HVOSS, HEALTHWATCH, COAIMUNITY PARTNERSHIP. CRACKED SLIPPER COMPANY, CITh OF SANcfuARY. HEREFORD ELGAR ROTARY. WILLOWDENE FAIUA. MELODY DANCE CO CIC, CLOSE HOUSE AND OTHERS This year we have worked successfully in partnership with several key organisati￿S to deliver events and activltles. We C¢￿tinUe to work closely with Growing Local who deliver our cook clubs, Big Eats, and community lunches. It has been fantastic to see the families and children Learn new skills and share f(K)d together. We are very excited to support Growing Local. Belmont Wanderers FC and Nmite to develop the Southside Project in South Wye which will enable us to grow locally for our ccThmunity, and this year we W￿re very excited when veggie box scheme started delivering the communlty crop share FINANCIAL REVIEW Flnanclal posltlon The charity company's result for the year reported net income of £89,598 {2023: £38,900). Total funds stood at £486,151 12023: £396,553), whlch can be split betsveen unrestricted of £351,580 12023: £350,069) and restrlcted of £134,571 (2023: £46,484). Free reseNes at the year end, being total funds less fixed assets and restricted funds stLX)d at £338,99212023: £339,812). This equates to 12 months12023: 14.5 months) of the Charit￿s annual expenditure. Reserves policy The board is acutely a￿are of the need to hold a reserve of six months running costs and a minimum of £100,IJJ) is kept in the CL¥npany's dep051t account. this sum was designated for use: "as a financial buffer in case of the failure of the business to enable it to be wound up over a six-month period, allowing for staff salaries to be paid and creditors to be honoured. This £1 (X)K represents six months running costs for the c￿npany. The use of the money must be authorised by a meeting of the t()ard and the taking of a resolutTon for the expenditure of the funds. The Trust holds four bank accounts, two current accounts and two deposlt accounts. There are currently two signatories on the CAF bank account and tv￿ signatures are needed for any cheque pa￿nent. Direct debit5 are made only for the payment of fuel bills, water and teLephones. The South Wye Development Trust's Kindle Centre is now a well-established development trust, supporting South Wye and the wider Herefordshire community. It is a provider of meeting rooms, quality community facilities, events and activities, and prides itself on its excellent customer service and competitive pricing. Page 11 South W Develo ment Trust Ltd rt of the Trustees for the Year Ended 31 March 2024 FINANCIAL REVIEW The South Wye Development Trust's Klndle Centre Is now a well-established development trust, supporting South Wye and the wider Herefordshire community. It is a provider of meeting rooms, quality ccthmunity facilities, events and activities, and prides itself cffi Its excellent customer *rvice and competitive pricing. FLrruRE PLANS Our strategic objectlves for 202412025 are set out below: Our strategic aims: what we will achieve: Stronger cc*nmunity organisations for now and for the future Partnerships v•hich improves opportunities for local Pe￿Ie Stronger more sustainable organisation To generate income thr(xJgh our established aS￿t base, and develop bjsiness opportunities which will offer volunteering, V￿rk experience, training, and employment to local people and support our community. Create a sustainable IcKal environment th￿gh developing improved recreation, land management, new infrastructure, and innovative approaches to conseNation. Our values: principles we will work within We challenge oppressTon and prejudice, and prcthote dfversity We are frlendly and make everyone feel welcomed and supported We are creative and find new ways of working and maklng voluntary and crynmunlty action We are a VOTce for the community We are dynamic and V￿rk h￿th purpose to get things done and to achieve lasting impact Our stakeholders.. who VE viill connect with Voluntary and community organisation5 Volunteers Businesses Publfc sector The prfvate sector Our community What we will do Work with local groups, other organlsatTons, and partners to develop their knowledge, skills and experience, and enable them to play their fullest role in the development of a strong, cohesive, and incluswe South Wye community Work with partners to create a healthy c(Knmunity through the establishment and development of Improved health facilities. services, and avrdreness across the neighbouth(M)d Generate income throLryh an established asset base, and develop business opwrtunities which will offer volunteering, Y￿rk ex￿rienCe, training and employment to local people: Work toward5 creating a sustainable local environment through developing improved recreation, land management, new infrastructure and innovative approaches to conservation. srRucfuRE, GOVERNAN￿ AND MANAGEMENT rA>verning document The charity TS constituted as a company limited by guarantee and is therefore governed by the meM￿anduM and articles of asxKiation18th March 2￿161. Board members are adopted through a majority vote of at least a quorum of the iM)ard (no less than 5 members). Page 12 South W Develo ent Trust Ltd rt of the Trustees for the Year Ended 31 March 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees New trustees are recruited by advertisetllent and reaching out to net￿￿rkS to be able to recruit to the skilts needed wlthin the board. The charity follows the charity commissions procedures for onboarding. Organisational structure The Board meets Bi-monthly to monitor the organisation's work activities and finances. Monthly management accounts are presented at each Board rneeting showing the overall financial POSTtion as well as the performance of individual restricted funds. The charity employs 15 members of staff. The Trust now employs its own Chief Officer. Induction and training of new trustees New Trustees are provided wÉth infomiation about The Kindle Centre and the objectives of the charitable company. Charity Commission guidance for new trustees to ensure they are aware of their duties and responsibilities is also provided. REFERENCE AND ADMINISTRATIVE DEfAILS Registered Company number 05750840 {England and Wales) Re8iStered Charlty number 1117770 Registered office The Kindle Centre Asda Superniarket Belmont Road Hereford HR2 7JE Trustees Cllr P Rone - Chair Mrs P Gordon - Vlce Chalr Mrs F Lane Cllr K Tillett Mrs P Southwood Mrs J Griffiths Mr N Small Mrs N Kinson - resigned November 2023 Mr C Chappell Company Secretary Ms M J Evans Independent Examlner Lisa Weaver FCCA Thome Wldgery Accountancy Ltd Chartered Accountants 2 Wyevaie Business Park Kings Acre Hereford Herefordshire HR4 7BS Page 13 South W Develo ent Trust Ltd Re rt of the Trustees for the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Bankers Lloyds 6-8 High Town Hereford HR1 2AE CAF Bank 25 Klngs Hlll Avenue Kfngs Hlll West Malllng Kent ME19 4JQ DIREcfoRS AND TRUSTEES All dlrectors of the cc4npany are also trustees of the charity and there are no other trustees. A list of the tru5tee5 and changes In the year are on the legal and administrative page. Approved by order of the board of twstees on ......... ICI ! I I l L4................... and signed on its behalf by: P,- k@ Cllr P Rone - Trustee Page 14 Inde ndent Examinerfs Re rt to the Trustees of South W Develo ent Trust Ltd Independent examlner's report to the trustees of South Wye Development Trust Ltd ('the CompanW} I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responslbilities and basis of report As the charity's trustees of the Company {and also its directors for the wrposes of company law) you are resrM)nsibie for the preparation of the accounts in accordance with the requirements of the Companies Act 20J61'the 21X)6 A£t'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2￿6 Act and are eligible for independent examination. I report in re￿ct of my examinatTon of your charity s accrAJnts as carried out under Section 145 of the Charities Act 2011 1.the 2011 Act.). In carrying out my examinat70n I have followed the Directions given by the Charity Commission under Section 145(5) Ib) of the 2011 Act. Independent examiner's statement Since your charity's gross income exceeded £250,0￿ your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examInatic￿ because l am a member of the Association of Chartered Certified kcountants, which is one of the listed bodies. I have ccthpieted my examination. I confirm that no matters have come to my attention in connection with the examination giving me ca￿￿ to believe: accountlng record5 were not kept in respect of the Company as requlred by Sectlon 386 of the 2006 Act. or the accounts do not accord with those records; or the account5 do not comply with the accounting requirements of Section 396 of the 2CQ6 Act other than any requirement that the accounts gfve a true and falr view which Is not a matter C¢)nsldered a5 part of an independent examinatlon. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their acC￿ntS in accordance with the Financial Rep(rting Standard applicable in the UK and Republic of Ireland (FRS 1021). I have no concerns and have come across no other matters In connectlon wlth the examlnatlon to whlch attentlon should be dravm in this report in order to enable a proFer understanding of the accounts to be reached. Lisa Weaver FCCA The knociation of Chartered Certified Accountants Thorne Widgery Accountancy Ltd Chartered Accountants 2 Wyevale Business Park Kings Acre Hereford Herefordshire HR4 7BS Date: Page 15 South W Develo ent Trust Ltd Statement of Flnanclal Actlvlties for the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donati￿5 and legacie5 248,338 248,338 149,755 Other trading activities Investment income 170,341 170,341 164,838 Totsl 179114 427 452 EXPENDrruRE ON RaTSTng funds 10,609 10,609 5,629 Charitable actlvltles Community Facilities CtNnmunlty Ccl)eslan Events BBO HAF Funding ESOL Refugee & Community Ukranian Support Fund 166,994 8,962 1,218 9,746 1,979 117,589 175,956 1,218 9,746 1,979 117,589 180,759 50,638 10,9)1 29,594 Total 177.603 160,251 337,854 INCOME 1,511 88.087 89.598 38.(XK) RECONCIUATION OF FUNDS Total funds brought foThvard 350,069 46,484 396,553 357,653 TOTAL FUNDS CARRIED FORWARD 351 580 134571 486 151 396 553 The notes form part of these financial statements Page 16 S¢)uth W Develo nt Trust Ltd Balan￿ Sheet 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Tangible assets 12,588 12,588 10,257 CURREwf ASSETS Debtors Cash at bank and In hand 13,910 349,240 13,910 483,811 15,648 386,480 134,571 363,150 134,571 497,721 402,128 CREDrroRS Amounts failing due within one year 10 (24,158) 124,158) (15,8321 NEf CURRENT Assrrs 338 992 134 571 473 563 TOTAL ASSEfs LESS CURRENT LIABILITIES 351,580 134,571 486,151 396,553 Nrr ASSErs 351,580 134,571 396 553 The notes fonn part of these financial statements Page 17 continued... South W Develo ment Trust Ltd Balance Sheet - contlnued 31 hlarch 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted funds Notes FUNDS Unrestricted funds: Community Facilities BBO 15% UnrestrTCted Building repairs & renewals - designated 301,580 280.193 19,876 351 580 Restricted funds: Community Lunches Heathy Lifestyles Pilot services Community Cthe5ion Events Asda grant Big Lottery Kitrhen and Newgrove Trust Labyrinth Project Hereford Community Fund HAF Fundlng Ukrainian Support Fund ESOL Refugee and Community Household Support Fund 7,369 3.657 7,741 1,759 433 3,341 10,690 4,269 36,955 58,048 309 7,866 3.657 6,231 1,059 433 3,3T2 6,107 2,401 14,CV)2 1,266 134 571 TOTAL FUNDS The charitable company is entitled to exemption fr(￿￿ audit under Section 4T7 of the Companies Act 2￿6 for the year ended 31 P4tsrch 2024. The memLxhrs have not required the company to obtain an audit of its financial statements for the year ended 31 hlarch 2024 in accordance with Section 476 of the CcKnpanies Act 21J)6. The trustees acknowledge thelr responsibilitie5 for la) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2C06 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requlrements of Sectl¢)n$ 394 and 395 and which otherwlse comply wlth the requirements of the Ccmpanles Act 2006 relatlng to financial statements, so far as applicable to the charitable company. Ib> The notes form part of these financial statements Page 18 contlnued... South W Develo nt Trust Ltd Balance Sheet - continued 31 March 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The flna tements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by: Cllr P Rone - Trustee The notes fonn part of these financial statements Page 19 South Develo ment Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 AccoutrmNG POLiaES Basis of preparlng the flnanclal statements The financial statements of the charitable company* which is a public benefit entity under FRS 102, have ￿en prepared in aCcOrda￿e with the Charities SORP IFRS 102} 'Accounting and Rep)rting by Charities: Statement of Recommenikd Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019}', Financial Reporting Standard 102 The Financial ReportTng Standard applicable in UK and Republic of Ireland. and the Companies Act 2(￿. The financial statements have been prepared under tPE hist(xical cost conventi(￿. The Trustees have considered the effect of the current economic climate on the financial future of the Trust and belTeve they are a going concem. The Trustees have reviewed their future ccffnmitments and reserves policy and feel confident with the financial )sition for the fore$￿able future. The Trust had more than £3(KJ,CiK) in the unrestricted bank account at the yearend and free reserves of £338.992 (2023: £339,912}. Income Income is recognised when the charity has entitlement to the funds, any Ferfonnance conditions attached to the itemls} of inccthe have been met, Tt 15 probable that the income will be received and the amount can be measured reliably. Income from government and ot￿r grants, whether 'capital' grants or 'revenue' grants, is recognlsed when the charity has entitlement to the funds, any perforniance conditions attached to the grants have been met, it 15 probable that the Income will be receTved and the amount can be measured reliably and TS not deferred. Donated professional Se￿ICeS and donated facilities are rec￿4n1*d as Income when the charTty has control over the item, any conditions aSS￿lated wlth the donated item have been met, receipt of economic ￿nefit from the use by the charity of the item Is probable and that economic benefit can be measured rellably. Interest on funds held on deF#)Sit is included when receivable and the am￿nt can te measured rellably by the charity" this is nornially UFon notificatTon of the interest paid or payable by the Bank. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructlve oblTgatTon C￿￿MItt1ng the charity to that expenditure, it is probable that a transfer of economic benefits wlll be requlred in settlement and the amount of the obligation can be measured reliably. Expendlture Is accounted for on an accNais basis and has been classified under headTngs that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basTS C￿l51stent with the use of resources. Tangible fixed assets Depreciati(￿ is provided at the following annual rates in order to vffite off each asset over its estTmated useful life. Fixtures and fittings Computer equiprrEnt 20% on cost 50% on cost Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturlty of three months or less from the date of acquisition or O￿ning of the deposit or similar account. Page 20 continued... South W Develo ent Trust Ltd Notes to the Financial Statements - contlnued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - contlnued Creditors and provisions Creditors and provisions are recognised vthere the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Taxation The charity is exempt from cortK)ration tsx on its charitable activities. Fund accounting Unrestricted funds can be used in acc￿dance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the object5 of the char5ty. RestrIct1c￿S arlse then specified by the donor or when funds are raised for particular restrlcted purposes. Further explanatlon of the nature and purpose of each fund ts Included In the notes to the financlal statements. OTHER TRADING AcfiviTIES 31.3.24 31.3.23 Blfftet and ￿freShMentS Rent Room hire Intemet and copies Sundry receipts 13,873 40,370 110,163 824 11,506 40,308 112,113 911 170.341 INVESTMENT INCOME 31.3.24 31.3.23 Dep)sit account interest 2,472 NET INCOMEI(EXPENDITURE) Net incomel{exFenditurel is stated after charging/{crediting): 31.3.24 31.3.23 Depreciation - owned assets Page 21 continued... South W Develo ent Trust Ltd Notes to the Financial Statements - contTnued for the Year Ended 31 March 2024 TRusfEES' REMUNERATION AND BENEFrrs There were no trustee5' remuneration or other beneflts for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. expenses There were no trustees. expenses pald for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF cosrs 31.3.24 31.3.23 Wages and salaries 112894 96,825 112894 The average monthly number of employees during the year was as follows: 31.3.24 13 31.3.23 11 Staff No employees received emoluments in excess of £60,000. There were no high paid staff for the years ended 31 March 2024 and 31 March 2023. COMPARATIVES FOR THE sfATEMENT OF FINANaAL AcnvmES- 31 MARCH 2023 Unrestrlcted funds Restrlcted funds Total funds INCOME AND ENDOWMEKfs FROhl Donat1￿$ and legacles 16,871 132,884 149,755 Other trading activities Investment incc*me 164,838 164,838 Total 184,181 132,884 EXPENDITURE ON Raising funds 5,629 5,629 Charitable actlvftles Communlty Facllltles Community Cthesian Events BBO HAF Funding ESOL Refugee & Community 154,252 26,507 644 50,472 10,IX)1 180,759 166 50,638 10,9)1 29,594 29,594 Total 160,047 118,118 278 165 Nrr INCOME 24,134 14,766 38,9 Page 22 continued... South W Develo ent Trust Ltd Notes to the Financial Statements - continued for the Year Ended 31 March 2024 COMPARATIVES FOR THE STATEMEKf OF FINANCIAL AcllviTIES - continued Unrestricted funds Restricted funds Total funds RECONCILIATION OF FUNDS Total funds brought forward 325,935 31,718 357,653 TOTAL FUNDS CARRIED FORWARD 350,069 396 553 TANGIBLE FIXED ASSETS Fixtures and fittings Comwter equipment Totals COST At 1 April 2023 Additions 119,687 68,074 187,761 At 31 March 2024 119 687 194,71KI DEPRECIATION At 1 April 2023 Charge for year 119,687 57,817 177,504 At 31 March 2024 119687 182 202 NEf BOOKVALUE At 31 March 2024 12,588 At 31 March 2023 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors Prepayments 12,636 1,274 14,456 15,648 Page 23 continued... South W Develo ment Trust Ltd Notes to the Financial Statements - continued for the Year Ended 31 March 2024 10. CREDITORS: AAiouirr5 FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Social security and other taxes Accruals and deferred inc¢Jme 9,461 MOVEMEKf IN FUNDS Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestrfrted funds Community Facilities BBO 15% Unrestricted Building repalrs & renewals - designated 280,193 19,876 1,511 19,876 119,876) 301,580 350,069 1,511 351,580 Restrlcted funds Communlty Lunches Heathy Lifestyles Pllot servlces Community Cthesion Event5 Asda grant Big Lottery Kitchen and Newgrove Trust Labyrinth Project Hereford Comrnunity Fund HAF Funding Ukrainian Suppx)rt Fund ESOL Refugee and Communlty Household Support Fund 7,866 3.657 6,231 1,059 433 3,372 6,107 2,401 14,Cp)2 1,266 {497) 7,369 3,657 7,741 1,759 433 3,341 10,690 4,269 36,955 58,048 309 1,510 700 1311 4,583 1,868 22,863 56,782 309 46,484 134 571 TOTAL FUNDS 396,553 89,598 Page 24 continued... South W Develo ent Trust Ltd Notes to the Financial Statement5 - continLEd for the Year Ended 31 March 2024 MOVEMENT IN FUNDS - continued Net movement In funds. Included1n the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds Community Facilities 179.114 1177.603) 1.511 Restricted funds Community Lunches Community Cohesion Events Asda grant BBO Herefordshlre Funding Labyrinth Project Hereford Communlty Fund HAF Funding Ukrainian Support Fund ESOL Refugee and Community Household Support Fund 2,194 2,728 700 9,746 12,6911 (1,2181 (497) 1,510 700 19,746} 1311 16,1951 11,9791 120.7571 (117,5891 451 {31) 4,583 1.868 22.863 56,782 309 10,778 3,847 43.620 174,371 354 160 251 TOTAL FUNDS 427 452 337 8541 Page 25 continued... South W Develo ent Trust Ltd Notes to the Financial Statements - contlnued for the Year Ended 31 March 2024 MOVEMENT IN FUNDS - contlnued Cornparatives for movement in funds Net movement In funds At 31.3.23 At 1.4.22 Unrestricted funds Community Facilities BBO 15% Unrestricted Building repalrs & renevRis - designated 264,908 11,027 15,285 8,849 280.1963 19,876 325,935 24,134 350,069 Restricted funds Community Lurtrche5 Heathy Lifestyles Pilot services Communlty Cthesion Events Asda grant Big Lottery Kitchen and Newgrove Trust BBO Herefordshire Fundlng Labyrinth Project Hereford Communlty Fund HAF Funding Ukrainian Support Fund ESOL Refugee and Community 5.575 3,657 2.909 1,059 433 328 3,445 14,235 77 2,291 7,866 3,657 6,231 1,059 433 3,322 1328) 173) 18,128) 2,324 14,092 3,3n 6,107 2,401 14,CY32 1,266 TOTAL FUNDS 357 653 38,900 396 553 Page 26 continued... South W Develo ent Trust Ltd Notes to the Financial Statements - continued for the Year Ended 31 March 2024 11. MOVEMENT IN FUNDS - continued Comparatlve net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement In funds Unrestrlcted funds Communlty Facllities BBO 15% Unrestricted 175,332 (160,047 15,285 184,181 (160,047> 24.134 Re#ricted funds Cornmunity Lunches Cofflmunity Coheslon Events BBO Herefordshire Fundlng Labyrinth Project Hereford Community Fund HAF Funding National Lottery Fund Ukrainlan Support Fund ESOL Refugee and Community 4,863 3,966 50,144 12,572) {644) I￿,472) {73) 113,908) 110,931) (9,954) 2,291 3,322 (328) {73) (8,128) 2,324 5,780 13,225 9,954 14,092 30,860 14,092 1,266 129,594) 132,884 118 118 14,766 TOTAL FUNDS 317 065 278 165) 38,￿0 12. RELATED PARTY DISCLOSURES There were no reLated party transactlons for the year ended 31 March 2024. 13. coKrROLLING PARTY The charity is jointly controlled by the Trustees. 14. FUNDS Cornmunlty Faclllties Community Facilitles fund has been establSshed with the twin aims of sustainability and, with tlme, the ability to create a surplus, which can be relnvested Into the South Wye Communlty. The charity is worklng wlth and for the cc*nmunity to provlde resources such as hall space, meeting rojms, internet access. aCtI￿tieS for young people and a buslness support setvice. Buildin8 repalrs and renewals - des18nated fund Durlng 2022, the Trustees have considered th@ future cost of repairs and rene￿al5 at the Kindle Centre, have establlshed a designated fund of £50k from unrestrlcted funds to utillse when necessary. This will also cover general maintenance such as external and internal paintvKrk and repairs and annual deep cleanlng of carFets and fabrlc covered chairs, for example. Restricted Funds Restricted funds Is made up of varI￿S cornmunity projects vthlch funding is received for. Page 27