CASTLE CAVENDISH FOUNDATION Acom an Ilmltad b uarant8• NSOLIDATED FINANCIAL STATEMENT R THE YEAR ENDED 31 T MARCH 2024
CASTLE CAVENDISH FOUNDATION IA company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH 2024 CONTENTS Trustees, Annual Report 10-13 Independent auditor's report 14-15 Consolidated statement of finan¢lal actlvities 16 Consolidated balance sheet 17 Charity balance sheet 18 Consolldaled cash flow stst8m8nt 19-36 Notes to the consolidated financial ststements
CASTLE CAVENDISH FOUNDATION (A company Ilmlted by guarantoe) TRUSTEES, ANNUAL REPORT Th8 Trustèes, who are also directors of the charity for the purposes of the Companies Act, submit their annual report and th8 audited financial statements for the year ended 31 March 2024. The Trustoos have opted to prepare the accounts using the Financial Reporting Stsndard applicable in the UK and the Republic of Ireland {FRS 1021 and follow the Charities SORP (FRS 1021. GOVERNING DOCUMENT Castle Cavendlsh Foundatlon Is a company Ilmlted by guarantee govemed by Its Memorandum and Articles of Associ8tion as amended on 15th November 2023. It is registered as a Charity wlth the Charity Commission. Anyon8 over the age of 16 can become a member of th8 Company, each of whom agrees to contribute a maximum of £1 In the event of the Charity winding-up. COMPANY REGISTRATION NO. The company reglstration number 6$ 04209702. CHARITY REGISTRATION NO. The company is also regist8r8d wlth the Charlty Commlssion. Thè r8glstration number is 1119003. ANI ATIONAL STRUCTURE Castie Cav8ndl8h Foundation {the Charity) has 8 Board of Trustees that governs and administers th8 organisatlon. Up to 15 Trustees are allowed on th8 Board at any one time. The Board meets every 6 weeks, and has Ihe ability to appoint a Chief Executive to manage th8 day-tO-d8y oper8tion8 of the organisalion. To facllitste effective operations, the Chlef Ex6cutiv6 has delegated authority, wlthin lenns of delegation approved by the Trustees, for operational m8tters including flnance and hum8n resources. The Charlty has estsblSshed a wholly owned trading subsidlary, Castl8 Cavendish Limlted Ith8 Trading Amil. This Is administered by non-executlve dirèctors, and operates on a commercial basis to maximise Income, whl¢h is then donated through to the Charity. PUBLIC BENEF Th8 Trustees have r8ferred to the guidance In the Charlty CommlssSon's g8ner81 guidance on publlc benefit when r8v18wing their aim and oblectiV8s and in planning Ihelr future activities. In partScular, the Trust8e8 Consider how planned actlvltles will contribute to the alm and objectives they have set. In 2023-24, Castle Cavendlsh continuèd to provide a slgnlficant public benefit to the communities within th8 Charlty's area of op8ration. MISSION & KEY AIMS & OBJE TIVES Castle Cavendish is a 'not for profit, organisation and cèrtified social enterprf88. It sees itself as a social impact company supporting some ofthe most diverse and disadvantaged Gommunities of Nottingham. Its mission is to improv8 people's lives by supporting the voluntary and business sectors to grow and develop in an elhical and sustainable way. We believe that worf(ing with local communllies and businesses to help them build their capacity, capability and resilience is vital if we arè to tackle societal challenges, achieve a just transition to Net Zero and help us progress as a society in a way that reduces in8quality and leads to better WO and healthier. happier lives.
CASTLE CAVENDISH FOUNDATION {A company Ilmllad by guarantee) TRUSTEES, ANNUAL REPORT TRUSTEES Members of the Board of Trusteés and also directors for company law purposes. The Trustee5 during the year ended 31 March 2024 We as follows.. Mark Spouge Shoaib Khan PaNeen Begum Zane Powers Jay Ludditt Fadzai Gamban9a John Ydlibi Benglsu Sahin Natslie Rebecchi Andrew Atherton (Retired 151fy November 2023) (Chair) (Appointed 151h November 2023) (Appointed 3111 January 2024) During 2023124, Craig Elder, John Ydlibl and Dave Brennan acted as nonwexecutive directors of the trading ami (CCLI. Mark Spouge was appolnted as a non-executive director on 24th January 2024. PRINCIPAL OFFIC The pdnclpal office Is Castle Cavendish Wort(s, Dorklng Road, Radford, Nottingham, NG7 SPN. RELEVANT ORGANISATI nk8 Naest PIC 536 Valley Road Basford Nottingham NG5 1LF Rogers Spencer Newstead House Pelham Road Nottlngham NG5 1AP
CASTLE CAVENDISH FOUNDATION (A company Ilmlted by guarantee) TRUSTEES. ANNUAL REPORT ANNUAL REVIEW In 2023124 Caslle Cavendish made a signlficant contribution to supporting the organisations and communities it serves. Even considering the challenging times the global turfoulenc8, an economic depression, higher utility ¢osts and the cost-of-living crisis- we have continued to make an impact, locally, by managing our plac6s and spaces effectively, generating a net surplus, and combining our resources wlth grant funding to support a range of local voluntsry and community groups. ortln our Communl AS In previous years, a large proportlon of our extemal fundlng has b88n provlded by Nottingham Clty Council, via the Area Based Grant IABG}. Unfortunatgly, this suffered a further reduction in 2023124. Yet despite Ihis, we have continued to work effectively with our trusted delivery partners to achieve a I6v81 of outputs that has dèlivered real outcomes for our communities. Youn 18: There has been continued focus on support6ng actlvit188 for ChSldren and Young People (C&YP). Last year, w8 W8r8 abl8 to work with 23 trusted VCS deliv8ry partners to provide more'things to do and pla¢es to go. for local C&YP than ever before. From youth groups, playschemes, sports clubs and physical activity sessions to forestry schools, dance classes. fitness boot camps and much more, we developed and support8d 33 x Play (for 5-11 yr olds) or Youth (for 11-17 yr olds) projects across the clty, offering an unmatch8d range of out-of-school activities for C&YP throughout school term-llmes. Complementing this has been our support for familles ov8r the school holidays through the Holiday Activity & Food {HAFI programme. The HAF programme is funded by the Department for Education for tsckling holiday hunger, targeting the support towards low-lncome households wlth chlldr8n eliglble for Free School Me8ls. Once again, by working closely with our trusted VCS partners we have d81ivered over 560 hrs of holiday provlsion and over 3,620 free meals to some of our city's most vulnerable families. ment & Also seen as a top Priority is supporting Ioc81 Jobsè8kers lo overcome probl8m$ of poor Ilt8fdCy and numeracy, enhance their language and IT skills, and access tralnlng opportunities designed to help improve Ihelr employment prospects. We have therefore worked closely with several specialist VCS providers, utilising ABG funding as match, 8nabling them to access European Social Funding {ESFI and deliver a high-quality intenslve support offer for 16-24 yr olds. Overall, 136 local jobseekers have been supported into Sustainable, long-temi employment of 6 month8 or more. We also worked In partnership to dellv8r a rdnge of open access weekly 'Work Club$. from the neork of local libraries. These sessions provide both group and 1-2-1 support for lo1 jobseekers not eligible for the ESF supported projects 8nd were able to support a further 230 loGal jobseekers, with many moving on Into wo, tralning or education. Alongslde thls, we also offer8d a range of accredited and informal ESOL (English for Speakers of Other Languages) classes, IT literacy courses, a community Jobs Fair and various other inltiatives that all helped local communities overcom8 th8ir barriers to employment. Health & Wèllbein Last year saw a further emphasis of our work towards Improving the health and wellbeing of our resldents. We successfully secured additional grant funding from Nottingham City Council to support a range of health and wellbeing activities, using this funding to support our trusted VCS delivary partners Ihal are embedded within those communities to develop a number of unique and innovative projects, including.. seated 8xercise classes,. walking football., bespoke community cricket and netball projects; community eating projects; creative arts sessions; along with proj8Cts that helped people access local parks, green spaces and nature reserves. All these acliviti85 were particulady succ8ssful in helping those with limited mobility, loneliness and isolation, social anxiety and other low-level mentsl health issues to improve their overall health and Wellbeing.
CASTLE CAVENDISH FOUNDATION {A company Ilmlted by guarantee} TRUSTEES, ANNUAL REPORT ANNUAL REVIEW conllnued Communi Grou We also provided bespoke advice and support for 42 local ¢ommunlty groups over the last year. This ranged from responded to questions and qu6ries over govemance and procedural matters, to providing more in4epth support and guidanc& enabling them to draft up a working constitution, guide them through the CIO, CIC or Charitable Trust application process andlor support them in bidding for funds. Indeed, we assisted and supported sevèral local VCS groups to access funding. including: Slgnpost to Polish Success {SPS} who were awarded £249k from the National Lottery Community Fund; Nottingham Health Education Support {NHES) who werè awarded a £45k grant from BBC Childrén in Need; and The Lenton Centre was successful in applying for £147k from the Gov8mm8nts Community Ownership Fund to repair the Centres roof. an ur Pro rtle8 Castle Cav6ndish, through its trading ann {Castlé Cav8ndlsh Ltd). continued to manage ts property base through tough economic conditions. Although the posl-pandemic world and the economic downtum had led to temporary reduction in occupancy rates, thls has now been reversed. Th8 increaslng role of remotelhybrid working has ensured that our business centres Castle Cavendish Works & Castle Cavendish Enterprise Centre - provide th8 right flexible approach, with easy-in and easy out terms. Both business canlres now having occupancy rates over 900/0. Alongside this has been the increasing use of our meeting spaces, with the hust18 and bustlo of our communal areas once again making them idaal places to do business. Recently, we also launched a new Business Assist Membership that provides a small business with all the things they need, without a¢tually renting a physical office spa¢e. Although our businéss centres ar8 matching up to business needs and priorities, it was also felt right that Castle Cavendish should also spOnd to th6 developing Environment, Social and Govemance IESG} agenda. Followlng the fomal launch of caSe C8vendish Works as Nottingham's Ethical Business Centre In 2022, we have adopted a range of measures in the way w8 operate and manage our facilities. This puts in place new policies that supports our 8thical stance.. how we select new busln8SS t8nants with a social purpos8; how we procure our supplies from local sour$,. how we try to reduce our environmental impact.. how we support B2B workshops,. and how w8 exp8Ct our businesses to act and operate with each olh8r. All with the focus of achieving the tripl8 bottom line of social. environmental and financial retums. This has now culminatèd with 'The Good Ethlcal Stand8rd', which was fomally launched in April 2024 by Lillian Greenwood MP. This Standard s8ts out 10 key principles in how we manage our bulldlngs In an ethlcal way, ensuring good policy and practice in the way that we do Ihlngs. Importantly, a key component of The Good Ethical Standard is to reduce our negatlv8 Impact on th8 environment. We are now tsking steps lo minimise our energy usage. water consumption, waste and C02 emissions, whilsl switching to sustainable products and materials and promoting Sustainable transport. Our Cy¢le Sh61t8rs, our EV charging points, our electric van and the conversion to 750/0 renewable energy rates are notable signs of progress in our quest lo achieve Net Zero. In regards our other properties, we have continued to S88 hlgh occupancy levels. Tennyson Hall, a renovated Victorian school, is currently 1000/0 occupied by 2 VCS Organisations - Belong and Slgnpost to Polish Succoss - who have both benefited frorn our patronage and who have secured future grant from national funders. Close nearby on Alfreton Road, our retail units make up a very impressive shopping parade. Through r8furtiishment of the Boden Street unit, the parade Is now 100% occupied. In August 2023, w8 took over the management of Haydn Road Pavilion & Sports Ground. Following 18 months of negotiations and due diligence, we ent8red into an innovative, 50-year Lease Agre8m8nl with The Lady Carol Djanogly Memorial Fund to manage the site and re16ase its potential. With a partnership with Djanogly Leaming Trust and Nottinghamshire County Cricket Club, and through a User Agreement with Nottingham Free School, we hope to develop the site as a thriving community Sports facility for young people and marginalised groups. Earty discussions with Sport England and the National Lottery Heritage Fund on the potential for future investment and support seem highly promising. In March 2024, we also took possasslon of Forest Fields Play Centre from the City Council. We are now working with a local VCS partn8r in supporting young people that have been, or are close to, excluded from mainstream 8ducation.
CASTLE CAVENDISH FOUNDATION (A company Ilmllod by guarante0} TRUSTEES, ANNUAL REPORT ANNUAL REVIEW contlnued D vol In hl As part of our role as Area Lead Organisation for Nottingham City Council, our extemal work with key stakeholders and community partners has been ongoing throughout the year. This has certainly benefitted out daveloping relationship with new delivery partners associated with our HAF programme. Through our relationship with Nottinghamshire County Cricket Club. initiated from the HAF programme, we are now in detailed discussions with Sport England land their agents) on the future redevelopment and use of Haydn Road Pavilion & Sports Ground. As part of this process. Sport England commissioned a Health Ch8ck on Castle Cavbndish, and we have matched their requirements. We are now having dialogue with them on other pot8ntlal fundlng opportunlties. Mor8ov8r, Haydn Road Pavilion & Sports Ground ha8 al80 been the subject of a bld for funds from the National Lottery Heritage Fund, following the uncoverfng of ils rfch sporting past- it hosled an Intemational Hockey Match beeen England and Wales in 1926. We are now developing a heritage-based project to bring back to life the historical importanc8 of Haydn Road on ¢ivi¢ life, and we have recently secured funds from th8 National Lottery Heritsge Fund for the fir8t phase. Our prevlous work around health and wellbeing projects, along wlth our developing community-based sporting facility at Haydn Road. has been recognised by the Active Notts (the Local Sports Partnership) along with Nottingham City Place Bas8d Partnership (the Health and Wellbeing Partnarshlp). Hopefully, some of our knowledg8 and intelligence Gan be included into new ways of working that are more user-led, rather than 8ervlc8-orlontsted. Having b88n recently certified a8 a 'Social Ent8rprfs8' by Social Enterprise UK, w8 are now working with them on the concept of developing 'The Good Ethical Standard, Into an approach that Is transferrable to other similar propety-based, social enterprises. Perf rmln Flnanclall In 2023124, our trading subsidiary g8n8rated an overall revenue of lust under £670k. This Is really go¢ given the difficult economic conditions. In eff8Ct, this has provided us a yl8ld of 430/0. At the same tlme, our charitable side was ablè to attract a total of £423k of grant from various funding streams. Therefore, 2023124 has se6n a total combined income of£1.093m. This comparès to £1.134m in the previous year. The incom8 generated by our trading activities represents 61 Q/0. Wlth 39 % of income received for our charitable actlvities. This compares with th8 previous year of 54Qh and 460/0, respectiV81y. In regards costs, 2023124 saw us spend £645k on our trading activities, and has had to deal wlth the higher cost of supplies and ener9y Costs. Our grant programme expenditure, along wlth support costs, has lotalled £524k in 2023124, with 30 trusted VCS delivery partners supported by grant funding. Our overall combined spend, therefore, amounts to £1.169m, compared to £1.078m in 2022-23, with our trading ¢osts equating to 550/0 and 45% on our charitsble Costs, compared to 8 50150 split In 2022123. Taking into a¢¢ount depreciation and other accountancy entries, our trading arn (Castle Cavendish Ltd} has made a net profil of £24k, with a n8t return of 3.7¥0. In regards our core management and 9ovemance costs, we have worked hard to ensure that this is as low as possible. For 2023-24, we have spent £112k on core management costs, and oncè taken into account project fees, this results in a nel cost of 50k. In tems of governance costs, this has been £45k in 202&24, compared to £42k In th8 previous year. Dellvèrln Good Goveman In temis of governance, the Board of Trustges met throughout the yèar. and made a number of key decisions. Here are just a few ofthem- In May 2023. the Board agreed a detailed Flnancial Plan for 2023-24, along with Key Actions & Activities and an associated Risk Assessment.
CASTLE CAVENDISH FOUNDATION IA company IlmSted by guarante0} TRUSTEES, ANNUAL REPORT ANNUAL REVIEW conllnuod In August 2023. the Board reviewed the prcoress and perfomiance in the quarter 1 period. In September 2023, the Board approv6d the Draft Consolidated Accounts & Trustees Report for 2022-23, and agreed a Business Plan for Haydn Road. In November 2023, the Board reviewed progress and perfomance for the quarter 2 pèriod. In November, Castle Cavendish held its Annual General Meeting, where the Charity's Company Accounts were passed, following the Audit by Rogers Spen¢er. In January 2024, the Board considered its future options for delivering its charitable objectives. and reviewed the progress and performance in thè quarter 3 period. In March 2024, the Board agreed an outline financial plan for 2024-25. Ensurln Com Castle Cavendlsh has m81 all Its repong r8qulr8m8nts, Includlng its audited Company Account & Financial Statement through lo Companies House, ils Annual Report through to the Charfty Commlsslon, and Grant Claims to extemal funding bodies. such as Nottingham City Council. Goln Forward: As we progress through these challenglng times, Castle Cavendlsh's tradlng actlvltl8s has managed to improve its occupancy levels to close to pre-pandemic levels and increase its revenu8. However, its cost base has increased significantly ovar th8 last f8w years, partly due to increasing energy costs. That sald, It is still posting a reasonable profil, and is likely to increase thèsè profits now an uplift in charg8s has been agreed. As in previous years, this profit is transferred (via a dividend) to support Castle Cavendish's charitable activities. Th8 net proceeds from our tradlng actlvities comblnes with our extemal grant income to fund our charftsble activities. Previously, this has been focused on ¢o-ordlnating and distrfbuting grant to local VCS groups. Howevèr, from April 2024 a malor sourc8 of funding from Nottingham City Council - the Area Based Grant - has been withdrawn. Fortunately, our successful management of the HAF programm8 over recent years has paid divldends wlth Castle Cavendish awarded fundlng of £131 k to deliver a HAF programme In 2024. With the removal of a major source of fundlng. the Board of Trust888 has revlewed Its future 'op8ratlng model,. It has agreed to transition from a 'grant distribullon, approach to a direct provision role, in line with the prionlies of funders. In effect, this will translate into a business plan that will see Castl8 CavendSsh chang8 its approach and deliver more of an 'Sn-house' Community Progr8mme, whilst continuing to distribute grant, where appropriate. to local community partners. The intention is to fund this new Communlty Programm8 through the HAF progrdmme, alongside successful bids from the National Lottery Heritage Fund. National Lottéry Community Fund and other, yet to be identified, funding sources. Thè Community Programme will be delivered primarily at Haydn Road Pavilion & Sports Ground with som8 work taking place at Forest Fields Play Cenlre, and will focus on C&YP provlslon, supportlng marginalis8d groups and delivering heritage-based a¢tivitl8s and 8V8nts. It has been recognised that there will be a level of risk attached to this approach, as only a proportion of the funding has currently been secured. However, this 1$ mitigat8d by the flexibility of the scope and scale of the proposed approach which, at best, could well be circa. £120k, but could easily be scaled down to a morg realistic £1 Ook, but will be much less in magnitude than in previous years. With a reduced budget and a change in operating model, it is inevitable that staff changes needed to be made. Following a staff review. a restructuring took place that ensured we are now more streamlined than previously, with the focus on 6nsuring we have the right capacity and capabililies to manage our expanding property base and deliver the Community Programme. As we plan for 2025126, our primary aim is to continue to effectively and efficlently manage our property baso, through our trading am, with the intention of generating a net retum of al least 6 /4, whilst al the
CASTLE CAVENDISH FOUNDATION (A company Ilmlted by guaranlee) TRUSTEES, ANNUAL REPORT ANNUAL REVIEW contlnuad same time develop a Community Programme that releases the full potential of the Haydn Road Pavlllon & Sports Ground. In regards the latter, we already have secured Heritage Lottery Funds to 6xplore. record and celebrate the sltss history and heritage, and we anticipale accessing HAF funding once again in 2025 to support holiday activity sessions. More importantly, 2025126 should see our déveloping relationship with Sport England pay dividends, and lead to further funding to support the renovation and gnhancement of the Pavilion, as well as delivering sossions for marginalised groups. Overall, a programme worth approx. £250k is estimated. PAY POLI NIOR TAFF The Board ofTrustees and the senior management team comprise the key managèmènt personnel ofthe Charity in charge of directing, controlling mnnlng and operating the Foundation on a day-tt>day basis. All Trustees give their lime freely and no Irustee rec8lV8d muneratIon in the year. Details of Trustees, expenses and related paty transactions are disclosed in note 15 to the accounts. The pay of senlor staff is r8vlew8d annually and nomially Increased In ac¢ordance with average eamlng8. In vlew of the nature of the charlty, the trustees benchmark agalnst pay18vels in similar sectors. 10. ISK MANAGEMEN The Tru8t8e8 have a risk management 8trat8gy which comprises: an annual VIeW of the prfnclpal rlsks and uncertainties that the Charity and its subsldlary Castle Cavendlsh Limited face,. the establishmènt of pollcies, 8yStems 8nd procedures to mltigate th08e risks Id8ntlfied in the annual review. and the Implementation of procedures designed to mlnSmise or manage any polentlal impact on the Charity should those risks materiali88. This work has Identified that financial sustainabillty is the major financial risk for both the Charity and its subsidlary. A key element in the management of financlal risk is a regular review of avallable liquid funds lo settle debts as they fall du8, regular liaison with the bank, and actSv8 management of trad8 d8blors and credltor ba18nces to ensure sufficient workSng capital by the Charity and Its subsidiary company. RESERVE Ll The Charfty holds a general reserve from income r8cèlved in previous years, along with Income generated from its trading subsidiary and donat8d through. It has th8 ability to use these reserves each year to contribute to investments, grants and the running of the organisation, In line with the Charity's Reserye Policy. As of 3111 March 2024, the organisation's Current Ass6ts are made up of'Deblors' (£107k) and 'Cash in Bank, (£91 k), amounting to £199k. This is offset by Liabilities (falling in one yearl of £189k. The approved Reserves Policy identifies that, under the current circumstances, the eslimated level of resernes should be at least £1 Ook. and action is being taken to increasa current assets and reduce our liabilitl8$, thereby increasing our level of reserves.
CASTLE CAVENDISH FOUNDATION {A company Ilmlt8d by guarantee) TRUSTEES, ANNUAL REPORT 12. TRUSTEE INDUCTION & TRAINING New Trustees are provided with a Trust86 Handbook, and undergo an orientation process to brief them on the Charity and their role as a Trustge, in¢luding- legal obligations under Charity and company law; the content of the Memorandum and Articles of Association; the committee and dacision-maklng process., the latest business plan., and the performance of the Charity. Trustees are encouraged to attend appropriate extemal trainlng 8V8nts wh8r8 th888 wlll facilltste th8 undertaking of their role. 13. RELATE PARTIE In 2023-24. C8Stle Cavendish had a strategic relationship with Nottingham Clty Councll, as the main fund8r of the ABG Programmè. From an opèrational polnt of vlew, M had contractual relationship, through grant agreements, with 30 VCS groups. 14. TATEMENT FTR TEE 'RE IBILITIE The Trustees (who ar8 also directors of Castle Cavendlsh Foundatlon for the puseS of company lawl are responslble for preparing th8 Truste8s' R8POrt and the financial statements in accordance with applicab16 law and Uni18d Kingdom Accounting Standards (United Kingdom Generally Acc8Pted Accounting Practice). Company law requires the Twstees to prepare financlal statements for each ffinanclal year, whlch glve a true and fair view of the state of affairs of the charitable company and of the incoming resources and applicatlon of resources, Includlng the incom8 and expenditure, of the charitable company for the year. In preparfng financial statements, th8 Trust8es 8r8 required to: select suitable accounting policies and then apply them conslslentty; observe the methods and principles in the Charities SORP FRS 102; make judgements and estimates that are reasonable and prudent., state whether appIlble UK accounting standards have been followed, subject to any matedal departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it Is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with r8asonabl8 8ccura¢y at any lime the financial position of the charitabl8 company and enable them to ensure that the finanGial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable company and hence for taklng r8asonab18 Steps for the prevention and detection of fraud and other irregularities. In so far as the TNstees ar8 aware: there is no relevant audit infomation of which the charitable cornpany's auditor is unaware: and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infornation and to establish that the auditor is aware of that information. 10
CASTLE CAVENDISH FOUNDATION {A Gompany Ilmlted by guarantee) TRUSTEES, ANNUAL REPORT 14. STATEMENT OF TRUSTEES, RESPONSIBILITIES contlnued The Board of Truste8s adopted thè Charity Govemance C(Kle in October 2018. Thls sets out seven key principles of good gov8mance: 1. Organisational Purpose.. The Board is clear about the charity's alms and ensures that these are being dellvered 8ff8¢tively and sustsinably. Lead8rshlp'. The Board provldes effective, strategic leadershlp in Ilne with the charity's aims and values. Inlegrlty: The Board acts wlth Integrfty adopting values and Creang a culture which help achleve the organisalions charltable purposes. The Board is aware of Ihe importance of the public's confidence and trust in charities, and Trust8es undertake their duties accordingly. Decislon-maklng, rfsk and control-. The Board makes sure that its d8¢ision-making process8s are infonned, orouS and timely and that effectlve d8legation, control and rfsk assèssment and managèment systems are s8t up and monrtored, 808rd effectivenegs: The Board woths a$ an effectlve team, uslng the approprlat8 balance of 8k1118, exp8rlén¢e, backgrounds and knowl8dge to make infomi8d d8ci$lon$. D5versity: The Board's approach to diversity support8 Its effectivene88,18adership and d8clsion-making. 7. Openness and a¢¢ountabillty'. The Board leads the organisation In b8ing transparent and accountable. The charity18 OP8n in its work, unless there is good reason for il not to be. 15. DITOR A rèsolution will be proposed at th8 Annual General Meeting that Rogers Spenc8r be re-appointed as auditors to the charity for the ensuing y8ar. Approved by the Board of Trustees on 13 November 2024 and signed on Its behalf by Shoalb Khan Chalr of Trustees li
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLE CAVENDISH FOUNDATION IA company Ilmlted by guarantee) Independent Audltor's Report to the member8 and Trust8e8 of Ca8110 Cavendlsh Foundatlon (a company Ilmlted by guarantM} Oplnlon We have audited the financial statements of Castle Cavendish Foundation (the 'parent charilable company,) and its subsidiary (the 'group'l for the year ended 31 March 2024 which comprise the group stat6m8nt of financial activlties, the group and parent charitsble company balancè shèat. the group cash Ilow statemènt and notes lo the financial sL9tements, includlng a summary of slgnlficant accountlng policles. The financlal reportlng framewoth that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard 8pplicable in lh8 UK and Republic of Ireland (United Kingdom Generally Accept8d Accounting Practice). In our opinion the financlal statsments.. give a true and falr vl8w of the state of the group's and panI ¢haritable company's affairs as at 31 March 2024, and of the group's incoming resourc88 and appllcation of resources, Including Its Incom8 and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accept8d Accountlng Practlce: and have been pr8par8d In accordanc8 wlth the requlrements of the Companles Ad 2006 and the Charities Act 2011. Bas18 for oplnlon We conducted our audit in accordance wlth Intemauonal Standards on Audlting (UK) IISAS {UK)) and applicable law. Our responsibilities under Ihose stsndards ar8 further described in the Audilols responsiblllties for the audit of the financial statements section of our report. We are independent of the group and parent charitable company In accordance with the elhi¢al requirements that are relevant lo our audit of the financial stalemenls in the UK, Includlng the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in 8ccor(lance wlth th888 requirements. We belleve that the audlt evidence we have obtsined is Sufficient and appropriate to provlde basis for our opinion. Matorlal uncertalnty relatlng to golng concern In audlting the financial stat8m8nls, w8 have concluded that the tmstee$' use of the going concem basis of accounting In the preparation of th8 financial slatem9nls is appropriate. We draw attention to Note 1 in the flnanclal statements, whlch Indlcales thal the charftable group incurred a deficit of £76,038 during the year ended 31 March 2024 and, as of that date, the charitsble group's current net assets were £9,647, with free reserves of1£8,972). As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1. indicate that a material uncertainty exists that may cast significant doubt on the charitable group's ability to continue as a going concem. Our opinion is not modified in respect of this matter. Our responslbilitl88 and the responsibillties of the trustees with respect to going concem are described In th8 re18vant sections of this report. Emphasls of matter As mentioned within the Inveslments note (note 81, the long-tenn investment properties, which rèpresent 97Q/o of fixed assets and 860/0 ofgross assets, have been valued by the Trustees as at 31 March 2024. The last professional valuation was undertaken by Savills in 2013. We do not modify our opinion with regard to this matter. 12
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLE CAVENDISH FOUNDATION (A company Ilmlted by guarantee) Other Infomiatlon The other information comprises the information included in the trustees, annual report, other than the financial stalements and our auditorfs report thereon. The trustees are responsible for the other infonnation contained within thè annual report. Our opinion on the financial statements does not cover th8 Other infornalion and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurancè conclusion thereon. Our responsibility is to read the other infomation and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtsined in the course ofthe audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we ar8 required to detemiine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have perfonned, we conclude that there is a material mi8St8tement of this other infomatlon, we are required to report that fact. We have nothlng to rèport in this regard. Oplnlons on othar matter• pr•8crlbod by the Companles Act 2008 In our opinlon. based on th8 work undertaken in the course of the audlt.. the infomiation glv8n in the trustees, annual report lincorporatlng the directors, report) for th8 flnanclal year for whlch the financial statements are prèpared is conslstent with the financlal statements; and the trustees, annual r8POrt has been prepared In accordance wlth appllcable legal r8qulr8m8nts. Matters on whlch w• ar• roqulrod to r•port by axcèptlon In the Ilght of our knowledge and und8rstandlng of the group and par8nt charitsblg company and Its 8nvlronment obtalned In the course of the audlt, W8 have not Identified material mlsststement$ in the trustees, annual report. We have nothing to r8POrt In respect of the followlng matters in relation to which the Companles Act 2006 and the Charities Act 2011 requires us to report to you If, in our opinlon.. adequate accountlng records have not b88n kept by the parent ch8rltable company, or relums adequate for our audlt hav8 not been recelv8d from branches not vislted by u$., or the parent charitable company's financial statements are not in agreem8nt wlth the accountlng records and retums; or certain disclosures of dlrectors, remuneratSon speclfied bylaw are not made; or we have not receiv8d all the information and explanations we require for our audit., or the trustses were not entitled to prapare the financial ststements in accordance with the small companles, reglm8. 13
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLE CAVENDISH FOUNDATION (A company Ilmltad by guarantee) Responslbllltles of truslees As explained more fvlly in the trustees, responsibilities statement set out on pag8s 8 & 9, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they giv8 a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the pr8paration of financial statements that are free from material mlsstatement, whether due to fraud or 8rror. In preparing the financlal statements, the tru8t8es are responsible for assessing the group's and parent charitsble company's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concem basss of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no reelistic altemativa but to do so. Audltor's ro8pon8lbllltles for Ihe audll of tho flnanclal statements We have been appolnted auditor under the Companies Act 2006 and 88Ctlon 151 of the Ch8rlUes Act 2011 and report In accordance with thos8 Acts. Our objectlves are to obtain reason8ble assurance atK)Ut whether the flnanclal statements as a whol8 arè fr88 from material misstatgment, whether due to fraud or error. and lo issue an auditor's report Ihat includes our opinlon. Reasonable assurance is a hlgh level of assurance but is not a guarant68 that an audit conducted in accordance with ISAS {UKI will always d8tect a mat8rtal mlsstatement when It exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably b8 8xp8Cted to Influence the economic decisions of users taken on the basis of these financial statements. IgUlaritIeS. induding fraud, are Instances of non-compllance wlth laws and r8gulation8. We d88ign procedur88 In lin8 wlth our responsibilitSes, outlined above, to detect material misstatements in respect of irregularilies, Including fraud. The extent to vthlch our procedures are capable of detecting irregularities, including fraud is detailed below. The oxtsnt to whlch tho audll wao con8ldorod capablo of detectlng Irr•gularltl•8 Includlng fraud Our approach to identlfying and assessing the rfsk of matedal mlsststement In respect of irregularities, includlng fraud and nonrycompliance with laws and regulations, was as follows.. The engagemènt partner ensured that the engagement team colleclively had the appropriate competence, capabililies and skills to identify or cOgnIse non-compllanc8 Wlth applicab18 laws and r8gulations' We identified the laws and regulations applicable to the group through dlscusslons wlth trustees and other management, and from our knowledge and experience of the charity sector and grant providers. We focused on specrfic laws and regulations whi¢h we considered may have a dlrect material effect on the financial statements or the operations of the group. including the Companies Act 2006, taxation legislation and data protection, antl-bribery, employment, environmental and health and safety legislation- We assèssed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting18gal correspondence. and Identified laws and regulations were communicated within the audit t88m r8gularfy and the team remained alert to instsnces of non-Gompliance throughout the audit. We assessed the susceptibility of the group's financial stst8m8nts to material misstatement, including obtaining an understanding of how fraud might occur, by: Making enquiries of manag8m8nt as to where they considered there was susceptibility to fraud, thoir knowledge of actual, suspected and alleged fraud; 14
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTLE CAVENDISH FOUNDATION (A company Ilmlted by guarante8) Considering the intem81 controls in place to mitigate risks of fraud and non-compliance with laws and regulations. and Understanding the design of the group's r8mun8fatlon poll¢les. To address the risk of fraud through management bias and override of controls, we: Perfomed analytical PredureS to identify any unusual or unexpect6d r8lationship3', Tested loumal entries lo Identify unusual transactlons., Assessed whether judgements and assumptions mad8 In detsmiining the accounting estimates set out in note 2 Vre indicative of FQtenlial bias; and Investigated th8 rational8 b8hlnd significant or unusual trdnsactions. In respon88 to th8 rlsk of Irregularities and non-compliance wlth laws and regulations, we designed procedur88 whlch Included, but were not limited to: Agreelng financlal statement disclosures to underlylng 8UPPOrtlng documentation; Reading the minutes of meetings of thos8 chargèd with govemance; Enquiring of management a$ to actual and polential litigation and claims,. and Reviewing correspondence wlth HMRC, relevant regulators and the company's lagal advisors. There are inherent limitstions in our audit procedu$ described above. Th8 more removed thal laws and regulations are from financial transactions, the less likely It is that we would become aware of non-compliance. Audlting standards also limit the audit procédures required to identify non-compliance with laws and regulations to enqulry of th8 trustees and other management and the inspection of regulatory and legal correspondence, If any. Material mlsstalem8nts that aSe due to fraud can be harder to detecl than thos8 that arise from error as th8y may Involve deliberate concealm8nt or collusion. A further descrlptlon of our responsibilitles for the 8udit of the financlal statements is located on the Flnancial R8POrting Council's websit8 at: www.frc.org.uklaudltorsresponsibilities. This description forms part of our auditor's report. Use of our r•port Thls report is made solely lo the company's members, 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 company's members thos8 matters w8 are required lo ststè to them in an audilorfs report and for no other purpose. To the fullest extent p8mitted by law, w8 do not accept or assume responslblllty to anyone olher than the company and the company's members, a$ a body, for our audlt work. for thls r8POrt, or for the opSnlons we have fomed. Dato Melvln Balloy FCCA DChA (Sonlor Statutory Audltorl For and on b•h8lf of Rogers Sponcer Chartered Certlfled Accountsnt Statutory Audltor Newstead Hou8• Pelham Road Nottlngham NG5 1AP Rogers Spencer is 811gible to act as an auditor In tenns of section 1212 of the Companies Act 2006 15
CASTLE CAVENDISH FOUNDATION (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2024 Totsl 2024 Total 2023 Nol• Unrestrlcted Ro8trlctad INCOME AND ENDOWMENTS FROM Income from charitablè acb'vitSes- Grants receivable 38 423 18 Income from trading actlviti8S'. Rent and room hire Other propety income SeNice charges Other grants receivable 507,762 100,881 61.260 507,762 100,881 61,260 464,971 104,831 46,498 TAL INCOME 669 903 423 305 EXPENDITURE ON Raising fijnds Charitsble activitigs 4a 4c 3,294 3,294 12,215 TOTAL EXPENDITURE 24 85006 1 169246 NET INC ME EXPENDIT RE BEF TRAN 1114,337) 38,299 176,038) 56,155 Transfers betsveen fund8 44 NETM VEMENT IN F NDS (15.891) (60.147> 176,038) 56.155 Fund b8lanc88 brought foNard ND BALANCE ARRIED F RWAR The consolidated ststement of flnancial activities contsins all the gains and Ioss88 recognls8d in current and pr8ViOUS period. All actlvitles are contlnuing activitl88. Th8 notes on pages 19 to 36 form part of these financial statements. 16
CASTLE CAVENDISH FOUNDATION (A company Ilmlted by guarantèe) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2024 PRIOR YEAR ONLY: Tolal 2023 Note Unrn$trlctod R8$trlcted IN OME AND ENDOWMENTS FROM Income from charilable activities: Grants r6C8ivable 3b Income from trading activities: Rent and room hire Other propety income Service charges Other grants recelvabl8 464,971 104,831 46,498 464.971 104.831 46,498 616 TOTAL INC 518 303 EXPENDITURE Raising funds Charitable activities 4b 4d 12,215 12,215 TAL EXPENDIT 12 ETIN OMEI EXPENDIT RE BEFORE TRANSFER 3.938 52,217 56,155 Transfers beeen fund8 MENT IN F ND 3,938 52,217 56,155 Fund balanc88 brought lorward FUND BA ARRIE RWARD All activit188 are Continuing activltles. Thè notes on pages 19 to 36 fom part of these financial stat8ments. 17
CASTLE CAVENDISH FOUNDATION (A company Ilmltod by guarantee CONSOLIDATED BALANCE SHEET AS AT 31 ST MARCH 2024 Noto 2024 2023 FIXED ASSETS Tangible fixed assets Investments 7a 48,682 548 48,458 1,596,734 1.596,510 URRENT ASSETS Debtors Cash at bank and In hand 107,809 105,448 199,427 228,387 IABILITIES: Amounts falling due within one year 10 NET CURRENT ASSETS I LIABILITIE 64 TALA SET LE URRENT LIABILITIE 1,606.381 1,694.061 IABILITIES: Arnounts falling due after ffl0 than one year 78 NET ASSETS FUNDS Unre8trlctod General fund8 13 1,500,084 1.515,975 Rostrlct•d 12 Total funds The financial ststements are pr8pared In accordanc8 With the provisions applicable to companies subject to the small companl8s r8gime wlthln Part 15 of the Companies Act 2006. Approved by the Board of Trustees on 13 Nov8mb8r 2024 and signed on its behalf by Shoalb Khan Chalr of Trustses Company Number 04209702 The notes on pages 19 to 36 form part of these financial statemènts. 18
CASTLE CAVENDISH FOUNDATION (A company Ilmlted by guaranté•) BALANCE SHEET AS AT 31 ST MARCH 2024 (CHARITY ONLY) Note 2024 2023 FIXED ASSETS Tangible fixed assets Invèstmgnts 7b 18.766 20,404 1548 152 1,566,918 1,568,556 CURRENT ASSET Debtors Cash at bank and In hand 54,301 104,096 43 72,691 147,129 LIABILITIES: Amounts falllng due wlthin one year 10 628 NET RRENT ASSETS LIABILITIES TALA ET ESS CURRENT IABILITIES 1,599.981 1,687,661 LIABILITIE one year Amounts f811ing due after more than 87 32 NET ASSETS ND Unrèslrlclod G8néral funds 13 1,493,684 1.509,575 Re8trfeted 12 Total funds As peitted by s408 of the Companies Act 2006, the parent charltablo company has not presented Its own statement of financial activities and related notes. The parent charitable company's deficit for the year was £76,038 (2023.. £56,155). The financlal statements are ppared In accordance with th8 provlsions appllcable to companles subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by h Boar(l of Trustees on 13 November 2024 and signed on its behalf by Shoalb Khan Chalr of Trustees Company Number 04209702 The notes on pages 19 to 36 forn part of theso financial statements. 19
CASTLE CAVENDISH FOUNDATION IA company Ilmltod by guarantee) CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2024 Not• 2024 2023 Cashflows from operatlng actlvltlgs Cash generated froml{absort)ed by) operations Interest paid 18 1,032 62,902 Net cash (oufflowl Ilnflow from opgrallng actlvltl88 81 Investlng actlvltles Purchase of tangible fixed ass8ts Net cash (u8•dl Irac•lvad In Inv8stlng actlvStles Flnanclng actlvltles Repayment of bank loans Net cash Iu8edl Irocolvod In flnanclng actlvltle8 Net Increa801{docrnaso) In cash and cash equlvalènt• (31,321> 34,400 Cash and cash equivalents at beginning of the year 122 Cash and cash oqulval•nt8 Ot ond of yoar 20
CASTLE CAVENDISH FOUNDATION (A company Ilmltod by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING P LICIES Basls of accountln The charity constitutes a public benefit enlity as defined by FRS 102. The charfty Is limiled by guarantee and was incorporated in England & Wales. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordanc6 With the Financial Reporting Stsndard applicable in the UK and Republlc of Ireland IFRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted PractlC8 as it applies from 1 January 2015. The financial 8tatem8nts a prepared in sterfing which Is th8 functional currency of th8 charfty 8nd rounded to the nearest £1. The slgnlficant accounting pollc18$ applled In the preparation of these financial statements are set out below. These pollcles have been conslst8ntly applled to all years presented unless othefwlse stated. Ball8 of c tlon The consolidated financial ststernents include the ffinancial 5tstements of th8 parent charitabl8 company and Its sub8idiary company Castle Cavendish Limited. Goln con The financial statements are pr8pared on a golng concem bas18 under the historical cost convention, modified to include certain items at falr value. The charltab18 group incurred a deflcll of£76,038 durfng the year ended 31 March 2024 and, as ofthal date, the ¢haritsble group's Current nel ass8ls We £9.647, with free reserves of1£8,972}. This combined with the loss of the local authority grant has resulted In a restricted cash flow which is monitored on a daily basis. As mentloned above, although th8 Charitsble Group has praviously drawn upon grants from the Local Authority and other potential funders, it equally has generated a significant amount of income {61 •/ol through Ils trading subsidiary. As grant income reduces in 2024125, and trading actlvities contlnue to expand, It Is antlcipated that this figure will Increa88 to over 70%. The trading activit188 of the Group is therefo becoming more and more important. Focused on flexible workspace opportunities at both Castle Cavendish Woths and Castse Cavendish Enterprise Cenlre. along with retail and offic8 space at Alfrelon Road Shopping Parad6 and Tennyson Hall, the demand for worksp8ce held by Castle Cavendish Is contirbuing to b8 buoyant. Moreover, its management of Haydn Road Pavilion & Sports Ground and Forest Fields Play Centre fits in to the developing ag8nda around health and wellbeing and support for marginalised groups. With User Agreements in place and funding secured, It is antiGipated that th8se sites will not just be the key delivery sites for a new Community Programme and the way we can deliver its charitable objects, but will also ensur8 a reasonable lev81 of revenue generatsd for the trading subsidiary. In May 2024, the Board of Trustees approvèd a Financial Plan for 2024-25 whlch incorporates a trading income and 8xpenditure forecast that results in a projected net profit of £50k, alongside a reduced Community Programme, directly facilitated by the Group. Although all the exlemal funding to support this new Community Programme has not been securèd as yet, the approach is deSn8d to be able to sca18-up or scale4own so as to reduce the level of risk. As prèviously not8d, if the trading subsidiary matches up to optimum levels in 2024-25, and Ihere is no reason why this should not be achieved gtven the current trends, then trading profits wlll ensure that the govemance costs and management r8sponsibilities for the Group will be prop8rfy supported on an ongoirwJ basis. In 2025126. the aim of Castle Cavendish is to continue to effectlV81y and efficienY manage its propety base through its trading ami, with the intention of generating a net retum of at least 6%, whilst at the same time develop a Community Programme that releases the full potential of the Haydn Road Pavilion & Sports Ground. In regards the latter, Heritage Lottery Ftsnds have already been s8cured and it is anticipate that HAF funding will once again be in place to support holiday activty sessions. More importantly, 2025126 should see the developing relationship with Sport England pay dividends, and lead to further funding to support the renovation and enhancement of the 21
CASTLE CAVENDISH FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES contlnuod Pavilion, as well as delivering sessions for marginalised groups. Overall, a programme worth approx. £250k is estimated. Fund accountin General funds are unrestricted funds whlch are available for use at the diScreOn of the Trustees In furtherance of the general objeclives of the charity and which have not been designatod for other purposes. Designated funds compris8 unr8Strict8d funds that have been set aside by the Trustees for partlcular purposes. The aim and use of each designated fund is s8t out In the notes to the financial stalements. Restricted funds are funds which ar8 to be used in accordance with specific restriction imposed by donors or which have been raisèd by th8 charity for particular purposes. The Cost of raising and administering such funds are charged against the specific fvnd. The aim and us8 ofeach restricted fund is set out in the noles to the financlal statements. Restricted funds represent grants, donations and legacies recelved whlch ar8 allocated by the donor for speciflc purposes. Incomo All income Is Included in the SOFA when the charity Is legally entit18d to th8 income, any perfonnance condltions attached to the items of income have been met, It Is probable that the income will be received and the amount Can be measured reliably. Income from govemm8nt and olher grants, whether'capitsl, granls Or.VenUe grants., Is recognised when the charity has entitlement to the funds, any perfomiance Gonditions attached to the grants have been mel, it is probable that the income will be received and the amount can be measured reliably and is not defeed. Glfts In klnd donated are included al valuation and recognised as Income when they are dislribuled to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at Ihe value to the charity where this Can be quantified and a thlrd party is bearing the cost. No amounts are Included In th8 financlal statements for services donat8d by volunteer8. All capital grants rec8iv8d in r88P8Ct of any depreciated assets are credrted to deferr8d Income and amortlsed to the profit and1088 account over the useful economic life of the assets to which they relate. Interest on funds h81d on deposlt Is Included when receivable and the amount can be measured rellably by the charity. thls is nomally upon notification of the interest paid or payable by th8 bank. ndl and Irracovorable VAT All expenditure is accounted for on an accruals basis and has been classified under headings that agggate all costs related to the category. Where costs cannot b8 directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources. Expenditure is r9cognised onc8 there is a 16gal or construclive obligation to mak8 a paym8nt to a thlrd paty, it18 probabl8 that settlement will be required and the amount of the obligation can be measured reliably. Expenditure Is classlfied under the following activity headings: Costs of raising funds ¢omprfs8 the promotional costs to the charity. Expenditure on charitsble activities includes all costs undertaken to further the purposes of the charity and th8ir associated support costs. induding Gosts of govem8nc8. Irrecoverable VAT is charged as a cost against the acllvity for which the expenditure was incurred. The Trust is a registered Charity and is exempt from taxation. Its subsidi8ry company. Casle Cavendish Limited. Is liable to corporation taxation on its profits however. Any tax incurred is ¢harged to resources expended. 22
CASTLE CAVENDISH FOUNDATION (A company limlted by guaranlee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES contlnuèd Flxed assets and de reclatlon Tangible fixed assets are statod at the lower of cost less accumulated depreciation and valuation. Depreciation 15 charged on a straight-line basis over th8 expected economic usefvl lives of the assets at the following annual rates: Computer equlpment Flxturès, fittings, vehlcles and equipment 33 1130A straight line basls 159/0 straight linè basis Invastman ro rt108 Investment property, which 18 property held to 8am r8ntsl$ andlor for capital appreciation.18 m8asur8d using the fair valu8 model and stsled at its falr valu8 as thé reporting end date. The surplus or deficSt on r8valuatlon 1$ recognised in the profit and loss account. Where fair value cannot be achieved without undu8 ¢08t or effort, investment property18 accounted for as tangible fixed assets, DGEMENT AND KEY S UR IMATI N UNCERTAINTY In the appllcation of the group's accountlng polici6S, the trustees are required to make judgements, estimates and assumptions about th8 carying amount of assets and Ilabllities that are not readily apparènt from other sources. The 88timates and associated assumptions are based on historical èxperience and other factors that are consldered to be re18vant. Actual result8 may dlff8r from these e8tim8tes. The estimates and underfylng 8ssumptions ar8 revlewed on an ongolng ba818. Revlsions to accounting 8slmales are recognisad in the penod In which the estimate is revised where the revision affects only that period, or In the period of the revision and future perlods whèrè the revision affects both current and future p8riods. 23
CASTLE CAVENDISH FOUNDATION (A company IlmSted by guaranlee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 3a. GRANTS RECEIVABLE Unrestrlcted R8Strlcled funds fund8 Total 2024 Total 2023 Area Based Grent- Ar8a 2 Area Based Grant- Area 4 Area Based Grant- Area 5 Holiday Activity Fund Community Vaccine Champions NCC Ward Councillors Budget The BeSoOd Partnership 116,891 96,259 84,587 111,143 3,990 10,435 116.891 96,259 84.587 111,143 3,990 10,435 134,520 110,776 97,344 117,243 45,000 3b. GRANT RE EIVABLE Prlor Unrn8trlctod Restrlctod fund• funds Total 2023 Area Basèd Grant- Area 2 Area Based Grant- Area 4 Area Based Grant- Area 5 Holiday Actlvlty Fund Community Vaccine Champlons Th8 BeS00d Partnership 134,520 110,776 97,344 117,243 45,000 134,520 110,778 97,344 117,243 45,000 42 RAISING FUN Unrostrlcted Re8trfctad funds fund8 Total 2024 Advertislng and promotlon 294 4b. RAISING FUNDS Prl ar Unr•8trfcted Reslrlcted funds funds Total 2023 Adv8rtislng and promotion 24
CASTLE CAVENDISH FOUNDATION (A company Ilmlled by guaranteo) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CHARITABLE ACTIVITIES Unrostrlcted fund8 Restrlcted funds Total 2024 Total 2023 Staff costs Repairs and maintenance Premises secudty Computer costs Heat, light, water and telephone Insurance Motor and travel PrintSng, postag8 and stslion8ry Training Service chargès Legal and professional fe8S Accountancy fees Equlpm8nt188slng Rent and rates Sundry expgn8es Bad debts Bank charges Grant payments (Note 41) Loan interest Govemance {Note 4el Depreciation Unrecoverable VAT 278,877 94,345 10,465 1,020 75,710 22,311 5,720 12.023 300 56,005 10,260 4,875 8,281 110,470 758 15,786 1,177 40,892 319,769 94,345 10,465 1,020 75,710 22,311 5,720 12,023 300 56,005 10,260 4,875 8,281 110,470 758 15,786 1,177 344,114 4,084 45,828 16,401 303,953 75.179 11,225 317 69,076 15,201 3,440 13,347 43,467 16.671 4,080 6,860 85.371 1.582 {12,290) 1,257 362,530 4,084 41,941 15,560 344,114 4.084 45.828 16,401 25 25
CASTLE CAVENDISH FOUNDATION (A company Ilmlted by guarant8è) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 4d. CHARI BLE ACTIVITIES Unrestrlcted funds Restrlctod funds Total 2023 Staff costs Repairs and maintenance Premises security Compul8r costs Heat, light, water and telephone Insurance Motor and travel Printing, postage and ststionery Service charges Legal and professlonal fees Accountancy fees Equipment18asing Rènt and rates Sundry expense8 Bad debts Bank charges Grant payments {Not8 41> Loan interest Gov8mance (Note 4Q Depreciation Unverable VAT 200,397 75,179 11,225 317 69,076 15,201 3,440 13,347 43,467 16,671 4,080 6,860 85,371 1,582 {12,2901 1,257 103,556 303,953 75,179 11,225 317 69,076 15,201 3,440 13,347 43,467 16,671 4,080 6,860 85,371 1,582 (12,2901 1,257 362,530 4,084 41,941 15,560 362,530 4,084 41,941 15,560 OVERNANCE TS Unrestrlctod funds R•strlcted fund8 Total 2024 Tolal 2023 Staff costs Audit fees 36.812 36,812 34,841 4f. GOVERNANCE TS Prlor oar Unrnstrlcted fund8 Re8trlctod funds Totsl 2023 Staff costs Audit fees 34,841 34,841 26
CASTLE CAVENDISH FOUNDATION (A company Ilmltod by guaranloe) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 4g. TOTAL RESOURCES EXPENDED 2024 2023 Cost8 dlr•¢tly allocated to actlvltles staff costs Advertising Premises costs Travel Hlre of equlpment Printlng, stationery etc Dapreciation Legal and professional Bank chargès Bad and doubtlul debt8 Grant payments Unrecoverable VAT Other costs Direct Dire Direct Direct Dir8¢t Direct 94.661 1,279 15,992 176 225,109 2.015 354.333 5,544 8,281 10,956 9,518 12,548 1.169 15.786 36,812 356,582 3,294 370,325 5,720 8,281 12,023 16,402 24,151 1,179 15.786 344,114 6,250 338,794 12,215 299,836 3,441 6,860 13,347 15,559 27,851 1,257 112,2901 362,530 3,381 1,067 6,884 2.587 10 Dirèct Direct Oir8Ct 9,016 Dlr8Ct Direct Direct Dlr8 344,114 6,250 27
CASTLE CAVENDISH FOUNDATION {A company Ilmlted by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 4h. TOTAL RESOURCES EXPENDED Prlor oar 2023 Costs dlrectly allocatod lo actlvltles Staff costs Advertising Pr8mlse8 Costs Dlrect 97,094 7,951 3,549 110 206,859 4,264 296,287 3.331 6,860 13,195 8,263 13,657 1,212 (12,290} 34,841 338,794 12,215 299,836 3,441 6,860 13,347 15,559 27.851 1.257 (12,290) 362,530 3.381 Direct Direct Direct Direct Direct Travel Hir8 of 8qulpment Printing, stationery etc Depre¢iatlon Legal and professional Bank charges Bad and doubtful debts Grant payments Unrecoverable VAT Other costs 152 Direct 7,296 7,094 45 Direct Dir8ct Direct Direct Dlr8Ct Dlr8Ct 7,100 362,530 3,381 28
CASTLE CAVENDISH FOUNDATION IA company Ilmlled by guarantoo) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 41. GRANT PAYMENT Grants were awarded to the following organlsatlons during th8 year.. 2024 2023 Rastrlctod Grant•'. Take 1 Studios Signpost to Polish Succe88 Notts Club for Young P8opl8 The Lenton Centr8 Switch Up CIC Greenfields Community School Growing Forward CIC Hyson Green Youth Club Building Bridges Breaklng Barr6er8 East African Educatlon Centre Chay8h Development Project Communities Unlte Freedom Foundation Helping Kids Achlev8 8a$ford Rd Baptist Church The Toy Library Edwards Lane Support Through Sport Posltivèly Empowered Klds Emp180 Notts County Football In the Communlty Communlty Based Fltness Sherwood Playgroup Sikh Communlty & Youth Servlces Quèan's Walk Community Association The Vine Communlty Centre 5,540 8,500 16,063 5,950 7,940 600 1,600 17,000 7,180 3,000 5,525 1,476 2,500 5,352 200 94,516 1,925 7,180 12,600 10,450 4,180 7,960 9.525 9,300 8,000 3,000 9,205 5,000 750 62,615 2,100 19,100 4.700 4,415 6,400 1,900 595 2,500 8,450 22,342 4,625 5,700 Restrlct8d grants carded forward 233,164 184,295 29
CASTLE CAVENDISH FOUNDATION (A company Ilmlted by guarantee) NOTE5 TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 41. GRANT PAYMENTS contlnued 2024 2023 Restricted grants brought fOard 233,164 184,295 Belong Hoop Dreams Basketball Club When Woman Gather AJ Sports Wild Things Windmill Community Gardens Women in Tandem The Bridges Community Trust The BeS00d Partnershlp Djanogly Lettings Vanclaron CIC AKA Health Wealth & Oneness St Aidan's Church Nottingham Health & Education Centre Nottinghamshire County Crickel Club Nottingham For651 Community Trust Trent Bridge Community Trust Total Rostrlcted Grants 29,750 4,000 20,000 5,500 1,900 22,235 8,700 2.000 2,180 10,500 21.500 940 3,320 24.080 2,010 7,520 2.660 8,550 34,640 362,530 7,180 8,700 16,660 18,245 940 12,000 7,000 6,475 344,114 30
CASTLE CAVENDISH FOUNDATION (A company Ilmlled by guarantoe) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 STAFF OST AND TRUSTEES REMUNERATI Total 2024 Total 2023 Wages and salar18S Social security costs Pension costs 322,771 22.536 302,151 25.683 The number of employ88s whose annual r8mun8ration (staff costs and penslon contributlons) was £60,000 or more were: 2024 Number 2023 Number £80,001- £70,000 Av8ragè number of employees, calculated on a full-time equivalent ba818, analys8d by fiJn¢tion was: Number 2024 12 Number 2023 12 Charltab18 activitie8 Govemance Non8 of the Trustees recelved r8mun8ratlon during the ye8r. No Truste8 exp8nses were Incurred in the year. Remunerallon of koy management personnel Remuneration of key management p8rsonn81 is as follows: Total 2024 Total 2023 Aggregate compensatlon TRUSTEES INDEMNITY INSURANCE The charity paid £665 {2023: £465) durfng th8 y8ar In respect of indemnlty Insurance for Trustees. 31
CASTLE CAVENDISH FOUNDATION (A company Ilmlted by guarantee} NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 7a. TANGIBLE FIXED ASSETS Grou Flxtur•8, fittlng8, vehlcles & equlpment Computor oqulpmonl Total COST Brought forward at 1 April 2023 Transfer to investment property Additions Disposals At 31 March 2024 56,712 228,592 285,304 4,029 12,597 16,626 741 DEPRECIATIO Brought forward at 1 Aprfl 2023 Transfer to investmént propety Charge for the year Eliminal8d on di8posa18 At 31 March 2024 54,251 182,595 236.846 1,858 14,544 16.402 24 NET BOOK V At 31 March 2024 Al 31 March 2023 7b. AN XED AS ETS Charl Flxtures, flttlng8, vohlcles & •qulpm8nt Computer equlpmonl Total Brought forward at 1 April 2023 Additions Dlsposals At 31 March 2024 19,024 99,231 5,245 118,255 5,245 12 DEPRECIATION Brought forward at 1 April 2023 Charge for the y8ar Eliminated on disposals At 31 March 2024 18,511 362 79,340 6,521 97,851 6,883 861 104 734 NET BOOK VALUE Al 31 March 2024 At 31 March 2023 32
CASTLE CAVENDISH FOUNDATION (A company Ilmltgd by guarantoe) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 INVESTMENTS Group 2024 Group 2023 Charlty 2024 Charlty 2023 FIXED ASSET Investment Propertiès: Cosvvaluation blf Additions Disposals Revaluations Transfer to current assets Cosvvaluation cjf 1,548,052 1,548,052 1,548,052 1.548,052 1,548,052 1,548,052 1,548,052 1,548,052 Shas In Subsidiary Undertaking.. The properti08 wer8 last prof8881onally revalued by Savills in 2013. The Trustees b81i8V8 that ther8 would be undue cost involved in attalnlng a further prof8sslonal valuation and have instead opted to valu8 th8 propgrties themselve8 Indlvldually at open market value as at 31 March 2024. The shares re18te to one hUndd sha8(2023.. one hundred shares) of £1 In Castle Cavendish Llmlted (company registration number 06113675) whlch Is a wholly owned subsldiary of Castle Cav8ndlsh Foundatlon and the shares are ststed at cost. DEBT Group 2024 Group 2023 Charlty 2024 Charlty 2023 Trade debtors Amounts owed from 8ub8idlary undertakln98 Other debtors 58,091 62,405 3,500 23,532 21,733 33
CASTLE CAVENDISH FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Group 2024 Group 2023 Charlty 2024 Charlty 2023 10. LIABILITIES: Amounts falling due Wlth one year Trade creditors Taxation and social security Accruals and defead Income Bank loans and overdrafts Other ¢ditorS 84,100 8.028 62,078 12,041 53 37,428 12,020 47,656 11,559 19.565 772 7.250 12,041 9,193 772 6,500 11,559 Dgfeffed Income of £11,978 (2023.. £19,227118 Included within accruals and deferred income and represents the amounts prepaid by tenants. Group 2024 Group 2023 Charlty 2024 Charlly 2023 IABILITIE 11. . Amounts falllng due after one year Bank loan$ and overdrafts Amounts included al)ov8 whlch fall due after five years are as follow8: Payable by instslrngnts The bank loans and overdrafts are secured by way ofalegal charge dated 2 June 2016 over the Castle Cavendlsh Works prop8ty and a debenture dated 25 January 2016 over all assets of the company. 34
CASTLE CAVENDISH FOUNDATION {A company Ilmlted by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 12. RESTRICTED FUND At 1 Aprfl 2023 At 31 March 2024 Income Exp•ndlturn Transfers Area Based Grant (Areas 2, 4 & 5) Community Vaccine Champions NCC Ward Councillors Budget Holiday Activity Fund 68,061 9,185 297,737 3,990 10,435 272,432 8,075 10,435 (93,366) (5,080) RESTRICTED FUNDS Prlor ear Al 1 Aprll 2022 At 31 March 2023 Income Exp•ndltur• Tran8fors Area Based Grant (Areas 2, 4 & 5) Community Vaccln6 Champlons Thè BeS00d Partnership Holiday Activity Fund 26,549 342,640 45,000 13,420 117243 301,128 40,155 68,061 9,165 4,320 (13,420) 124803 Nottingham City Councll has provid8d grant fijndlng to ¢overAreas 2, 4 & 5's ABG Programmes that will fund th8 associated costs of delivering a range of community-b8sed activities that wll support chlldren & young ppIe, train and support people into work, support the elderfy and most vulnerable, and support the growth and development of the local communlty and voluntary sector. mm am The Community Vaccin& Champlons fundlng was from Nottingham City Council with the aim of supporting the delivery of innovative approaches to engaglng members of the communlty to increase the uptake of vacclnatlons and to proactively address health inequalities. The Be8twood Partn hl Throughout 2022-23 we developed and dellvered several lointly-funded proj8Cts In partnership wlth 8 fellow Area- Lead Organisation, The BesoOd Partnershlp. This work focused on supporting the Holiday Activity Fund provision for children & young people, along with Jolnl Inltiatlv8s lating to the Communlty Vaccine Champions fundlng. Hollda Actlvlt Fund This is a City-wide programme 8UPPOrted by the Department of Education's Holiday Activity & Food Programme, which is almed at tackling child hunger during the school holSdays. Th8 programme is focused on providing free activities and food for children in receipt of fre8 school meals and is delivered in partnership with Play & Youth community partners. NCC Ward Counclllor8 Bud et This funding has come from the budget held by Ward Councillors of Nottingham City Council. It was award8d to support additional youth provision in the Berridge and Shernood Wards and at the Edwards Lanecommunity Centre. 35
CASTLE CAVENDISH FOUNDATION {A company Ilmlted by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 13a. ANALY F NET ASSETS BETWEEN FUNDS General Restrlctod funds fund8 Total RO Tangibl6 ffixed assets and inve$tm8nts Net currenl assetsl{liabllltl8s) Long term liabilities 1,596,734 18,9721 1,596,734 9,647 87 78 18,619 CHARITY Tangible fixed assets and investm8nts Net current asselsllliabilities) Long lem liabilities 1,566,918 14,444 1,566,918 33,063 18.619 13b. ANALYSIS OF NET A ETS BETWEEN FUND rlor ear General Re8trlct•d fvnd8 funds Total GROUP Tangible fix8d assets and investment8 Net current ass6tsl{Ilabillties) Long tenn liabilities 1,596.510 18.785 1,596,510 97.551 78,766 HARITY Tangible fixed assets and investments Net current asselsl{liabilities) Long term liabilities 1,568.556 40,339 1,568,556 119,105 78,786 14. BSIDIARY COMPAN The Charity owns the whole of the issued ordinary share ¢apltal of Castle Cavendish Limited, a company registered in England & Wales, company number 06113675. All activities have been ¢onsolldated on a line- by-line basis in the SOFA. Any total net profits will be gifted to the charity as and when the company begins to make a profit. A summary of the results of the subsidiary is shown b610w'. astle Cavondl8h Llmlt d 2024 2023 Income 669.905 616,300 Other income Administrative expenses 620 362 Trading profft Other op8fdting costs 25 Net operating profit Distribution to charity ICCF) Profit for period 36
CASTLE CAVENDISH FOUNDATION (A company Ilmltad by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 14. IDIARY COMPANY contlnu 2024 2023 The aggr8gate of the assets. liabilities and funds was: Asset5 LlabllSt18S 180.890 204,974 474 Funds (r8pr8s9nting 100 ordinary shares of £11 15. RELATED PARTY TRAN ACTIONS During the year, various transactions took place be88n Castle Cavendish Foundation and Castle Cavendish Limited, a wholly owned subsidiary. There were also related paty transactions outside of the group. Thè subsldiary Is a tradlng ami of th8 Charity and commerclally manages Its propety porffollo, recelvlng income from property rentals, conference bookings, trainlng sessions and room hire, whSlst also a¢ting as agent for the management of the $t of the investment property portfolio. At the balance sh86t dale £23,53212023: £21.7331 was owed from Castle Cavendlsh Llmlted to the Charity. During the year, Castle Cavendish Limlted has donated profits lotalllng £24,239 (2023: £73,931). £24,239 12023: £73,931) of Ihls r8mains due to C8Stle Cavendish Foundation al the balance sheet date, in addition lo the above amounts. C Elder, on8 of the dlrectors of the 8ubsldlary, Is a partner at Browne Jacobson. Browne Jacobson provided legal seNices to Castle Cavendish Limited but C Elder was not involved in the s8rvlces provlded. The servlc8S provided during thè year totalled £nll12023'. £5,139). Z Powers, who Is a trustee of Castle Cavendish Foundation, provides marketing seNl¢es through his busln8s8 Altennata. This company provided matheting support to Castle Cavendlsh Lirnlted and Castle Cavendish Foundation during the year totslling £638 (2023.. £10,202). 16. FINAN IAL COMMITM NT As at 31 March 2024. the company was committed to making the following paym8nts under non-canc8llable operating leases relating io leased properties: 2024 2023 Operating leases which expire: Within one year Be88n two and fve years In over five years 4,367 2,547 4,367 6,914 The above includès an annual charge payable of £63,885 on a 125-year lease to 8 October 2131 with Nottingham City Council. The totsl amount payable is therefore £7m. 37
CASTLE CAVENDISH FOUNDATION IA company limSted by guarantee) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 17. PENSION COSTS Defined Contrlbutlon Schome: The charity Operates a defined contribution scheme in rèspect of some stsff. The scheme and its assets are held by Independent managers and contributions wère made from April 2016. Totsl contributions made during the year were £11,274 (2023.. £10,960). 18. CASH GENERATED FROM OPERATION 2024 2023 Surplus l{Deficit) for the year (76,038) 56,155 Adjustments for. Interost paid Depreciation of tanglb18 assets 4,084 16,401 4,084 15,561 Movem8nts In working capital: Increase in debtors Increase in crèditors 12,361) 58,946 {21,767} 8,869 Cash generated froml(absorbed by) operatlon8 1,032 62,902 38