Charity rngistratlon number 1119003 {England and Wales} Company reglstratlon nurnber 04209702 ADVANCE NOTTINGHAM LTD PREVIOUSLY KNOWN AS "CASTLE CAVENDISH FOUNDATION" ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ADVANCE NorriNGHAM LTD LEGALAND ADMINISTRATIVE INFORMATION Trustees A M Atherton P Begum MSJKhan J P Ludditt Z Powers N Rebecchi B Sahin J A R Ydlibi F Gambanga Sonior management D Brennan Chief Executive Charlty number (England and Wales) 1119003 Company number 04209702 Reglstered offl¢o Castle Cavendish Works Dorking Road Nottingham NG7 5PN Independent examlner Rogers Spencer Newstead House Pelham Road Nottingham NG5 1AP Bankers N8twest PIC 16 South Parade Nottingham NG12JX ADVANCE NorriNGHAM LTD CONTENTS Page Trustees, report Independent examinerfs report Statement of financial activities Balan￿ sheet Notes to the financial ststements 9-24 ADVANCE NorriNGHAM LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Thé Trustees, who are also directors of the charity for the purposes of the Companies Act, present their annual report and financial statements for the year erKled 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document. the Companies Act 2006, FRS 102 "The Financial Reporting Standard appllcable in the UK and Republic of Ireland" and the Charities SORP "knunting and ReportirKJ by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102)" Mlsslon & Key Alms & Objectlves Advano Nottingham (the Charity) is a 'not for profit. organisation. Its vision is for a better Nottingham ￿ere places and spaces thrive, local people reach their fvll potential, and communities are stronger, connected and more resilient than ever before. To bring this vislon to reality, the Charity will oversee a programme and property portfolio that will deliver community renewal in an ethical, inclusive and sustalnable way. Its strategy will focus on.. People - To improve qualty of life conditions by addressing the needs of local people through community-led programmes by: SUppO￿ng programmes and Initiatives th8t add￿sS loo81 need Ihrough a communty-based approach. DiTrctly managing and deliver communily Trnew81 projects, increasing reach 8nd impaGt. Gollalx)￿tIng and wothing in partnership with local. r8gional and natlonal organisations to enhanLS community renewal opportunities. and Places - To manage, develop and expand our property portfolio, supporting the needs of buslness. the voluntary sector and local communities. Achieving high occupancy and usage levels at all its properties, maximizlng net retum. Expanding its property base by transfomiing redundant buildings into communty assets. Ensuring Ih8t all its properties are well maintained and safe and secure, m8tGhing up to 811 rel8vanl regulations, st8nd8rds and good pTrctice. The Charity's main goals are: To be a 'thangemaker' for community renewal - By delivering innovative, yet practical, solutions it will be one of the City's key partners in delivering community renewal. To be financially sustainable - Generating an annual net surplus without relying on wblic grant. To be independent- Having an external funding base that is not dominated or infiuenced by one source. To have excellent Environmental, Soci81 & Govemance credentials Matching UN Sustalnable Development Goals, adoptiro best practice, gaining accreditations and becomlng carbon neutral by 2030. Public benefft The Trustees have referred to the guidance in the Charity Commlssion's general guidance on public benefrt when revIe￿ing their aim and objectives and in plannlng their future activities. In particular, the Trustees consider how planned activities will contribute to the aim and objectives they have set. In 2024-25, the Charity continued to provide a Sbgnlficant public benefit to the communities withln the Charity's area of operation. ADVANCE NorriNGHAM LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Annual review In 2024125, the Charity made a Slgnffi￿nt contribution to supporting the business and voluntsry sector, and the mmunities they serve. Even considering the challenging limes - th8 global turbulence, an economic depression. higher utility o)sts, the cost-of-living crisis and the removal of City Council grants - It continued to make an impact, locally, by managing Its places and spaces effectively, combining its own resources with grant fundlng to support a range of local voluntary and Communty groups. In Following the demise of Cty Council funding through the Area Based Grant (ABG), the Charity's work undeThvent major transition from programme ctrordination through to project delivery. That said. the Charity still secured its role as a major Holiday Actfvity Fund C¢>ordinator for 2024125. Holida Actlvl Fun Pro ramm The HAF programme Is funded by the Department for Education for tackllng holiday hunger, targeting the support towards low-lncome households with children eligible for Free School Meals. In 2024125, the Charity successfully secured £160.872 of grant from the HAF allocation. Through partnership agreements with 10 trusted delivery partners. alongslde its own delivery from Haydn Road Pavilion & Sportsground. it organlsed and delivered 320hrs of hollday provision, across 16 points of delivery and provided over 5,000 free meals to some of our cty's most vulnerable families. Ha Followlng a funding application process with the National Lottery Heritage Fund, the Charity was successful in being awarded a grant of £50k to uncover the rich sportlng and cuftural past of the Haydn Road Pavilion & Sports Ground. The Charity is now looking foThvard to work wrth local residents, volunteers. historians and other stakeholders to develop and deliver a heritage-themed community project, exploring the sporting and social history of the pavilion and sportsground. With key outcomes indudlng raising the profile of the site through soclal medial channels: establishing a Friends of Haydn Rd Pavilion; creating of a multimedia exhibition., developing of an (￿al History archrve; and deliverlng a Centenary Celebration Evenl In 2026. lo in Pavili Through its developing relationship with Nottinghamshire County Crlcket Club, the Charity is now in detalled discussions with Sport England (and thelr agents) on the development of Haydn Road Pavllion & Sports Ground. As part of Ihis pr￿e$s, Sport England commissioned a 5 Year Business & Investment Plan, which vrns comrjeted in November 2024 by Sporting Assets. The Charity is now having dlalogue with them on other potential fundlng opportunities. The Charity's wevious work around health and wellbeing, along with its developing community-based sporting facility at Haydn Road. has been recognised by the Nottingham City Placed Based Partnership. This Strategic health and wellbeing partnership invited the Charity to play a leading role in Its new Integrated Neighbourhocé Iworking Group. Hopefully, some of its kno￿ledge and intelligence can b8 included into new ways of working that S￿ more user-led, rather than servic&orlentated. ndan mme: Nottingham Cty Councils Library Review in 2024 resulted in 3 library buildings - Aspley, Basford and Bilborough - being identffied as redundant and surplus to ￿qUirements. Following consultation with key stakeholders, the Charity was asked to submit an Expression of Interest to take forward the management of these iconic facilities. In January 2025, the Charty was recognised as the Cty Council's preferred partner, and since then it ha8 worked on developing strategic partnerships to take for4vard all 3 library buildings. These partnerships with such bodies as Citizens Advice Service. Nottingham CVS, The 86Stwood Partnership, The Toy Library, and Belong Nottingham signals a new role for th&se library buildings, transforming them Into much needed community hubs. ADVANCE NorriNGHAM LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Charity, through its trading arm (Castle Cavendish Limited), continued to manage its propety base through tough economic conditions and an increasing cost base. The role of remotelhybrid working has ensured that our business centres - Castle Cavendish Works & Castle Cavendish Enterprise Centre - have had to change and have had to deal with high levels of churn. In particular, Castle Cavendish Mlotks has suffered the most with larger than required office space offerings being undermined by Cty Centre competitors. though these business centres match up to the needs and priorities of most small businesses, it was felt right that they should also respond to the developing Environment, Social and Governan￿ (ESG) agenda. Followiro the formal launch of Castle Cavendish Works as Nottingham's Ethical Business Centre in 2022, it adopted a range of measures in the way that it operated. This put in place new policies that supports its ethical stan￿. how it selects new business tenants with a social purpose., how it procure5 supplies from local sources" how it tries to reduce its environmental impact., and how it expects businesses to act with each other. All with the focus of achieving the triple bottom line of swial, environmental and financial retums. This Nvork has culminated y￿th the formation of 'The Good Ethical Standard,. This Standard sets out 10 k8y prlnciples in how a building should be managed in an ethical VRY, ensuring good policy and practice. This was formally launched in April 2024 by Llllian Greenvmod MP. Importantly, a key component of The Good Ethical Standard is to reduce the negative impact on the environment. steps are now being taken to mAnimise energy usage, water consumption, waste and C02 emissions, whilst switching to sustainable products and matwials and promoting sustainable transport. The new Cycle Shelters, EV charging polnts, the EV van and the conversion to renewable energy rates are notable signs of progress In the quest to achieve Net Zero. In regard to the other propertles, high occupancy levels continued to be seen. Tennyson Hall, a renovated Victorian school. is currently 1 OODA occupied by 2 VCS Organisations - Belong and Signpost to Polish su￿eSs - who have both beneffted from the Charity's patronage and who have secured future grant from national funders. Close nearby on Alfreton Road, the Charity's retail units make up a very impre55ive shopping parade. Through refurbishment of the Boden Street unit, the parade is now 88% occupied at the time of vKiting. In March 2024. the Charity also took possession of Forest Fields Play Centre from the City Council on a 'TenanGy at Il, basis. It is now vrforking ￿ryth a local VCS partner- Take 1 Studios- in supporting young people that have been. or are close to, excluded from mainstream education. In order to understand the value of its property portfolio. the Charity commissioned a new Valuation Report in November 2024. This was undertaken by Musson Liggins and rtrset our cu￿ent values for each of the Charity's properties. Details of which can be seen in Note 13. In effect, this recalculates the total property value from £1,548,052 to £2.330,000. The charity incurred an operatlng deficit of £147,163 during the year ended 31 March 2025 and, as of that date, the charity's current net assets were £826,996, with free ￿se￿ieS of £754.772 prior to the net gain on investments of £781,948.. However, this includes £950,000 in relation to a property held for sale and means that cash fiow is restrlcted and is monitored on a daily basis. In order to assist cashflow, an additional loan has been taken out after the year end as indicated in note 30. ADVANCE NOTTINGHAM LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future perlods As we progress through these challenglng tlmes, the Charity realised that a fundamental shlft in its future direction was requlred. As well as belng 'asset rich and cash poor,. Trustees recognised 2 key drivers for change.. Firstly, the realisation that rnarket competition is rapidly affecting the buslness offer presented by Castle Cavendish Works,. and Secondly. the opportunty that presents itself to take forward the library buildings, to use our track record and expertis8 to save them, to redevelop them and to creat8 much need community hubs for the mosl marginallsed and vulnerable in Nottingham's most deprived areas. As a result, th8 Charity revised its Strateglc Prospectus (see Pag8 1) and. in order to fulfil Its new ambitions and aspiratlons, took the significant step of agreeing to dispose of Castle Cavendish INorks. It is anticipated that the sale of Castle Cavendish Works viill provide a significant capltal receipt that will increase the level of unrestricted funds. This will improve the liquidty of the Charity's Balance Sheet. as well 8s enable the Charity to fund some of the redevelopment and transition costs of taking for4vard the library bulldings. Importantly, this new direction focused on developing library buildings Into communty hubs is at the forefront of current policy within public sector partners and civil sodety. This growing momentum has gained further traction having been identified as a key way of developlng social capital within the Final Report of the Inclusive Growth Commission (Sept 2025) set up by the East Midlands Combined County Authority (EMCCA). IAfjth this in mind, It is anticipated that fuiure grant fundiNJ should be attainable. As well as taking forward the Ilbrary buildings through robust business plans and new income streams. the Charity will continue to m8nage it property portfolio supportlng local businesses to deliver their products and services and hosting social purpose type organisatlons and volunlary sector bodies. It will al80 contlnue to delNer a programme focused on Out-of-Temi Children & Young Peopl8 sessions, funded by the Holiday Activity Fund and the Haydn Road Heritage Project, funded by the National Lottery Heritage Fund. In regard to the Haydn Road Pavilion & Sportsground. V￿ ￿111 continue to explore potential funding streams, such as Sport England, on implementing our redevelopment aspirations contained in the Business & Investment Plan. Structure, govomance and management Advance Nottlngham (fonnerly Castle Cavendish Foundation) Is a company limited by guarantee governed by its Memorandum and Articles of Association as amended on 21st May 2025. It is registered as a Charty with the Charity Commission. Anyone over the 8g• of 16 can become a member of the Company, each of whom agrees to contrfbute a maximum of £1 in Ihe event of the Charity wlndlng-up. COMPANY REGISTRATION NO. The company registration number is 04209702. CHARITY REGISTRATION NO. The company is also registered with the Charity Commission. The registration number is 1119003. The trustees, ￿*10 are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: A M Atherton P Begum MSJKhan J P Ludditt Z Powers N Rebecchi B Sahin JA R Ydlibi F Gambanga During 2024125, Mark Spouge, John Ydlibl and Dave Brennan acted as non*xe￿tive directors of the trading arm (CCL). ADVANCE NOThINGHAM LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Organlsatlonal structure Advance Nottingh8m (the Charlty) has a Board of Truste8S that governs and administers the organisation. Up to 15 Trustees are allowed on the Board at any one time. The Board meets every &8 weeks and has the abillty to appoint a Chief Executive to manage the day-to-day operations of the organisation. To facilitate effective operations, the Chief Executive has delegated authority, within temis of delegation approved by the Trustees, for operational matters induding finance and human resources. The Charity has establlshed a wkK)Ily owned trading subsidiary, Castle Cavendish Limited (the Trading Arm). This is administered by non-executive directors, and operates on a commercial basis to maximise Income, which is then donated through to the Charlty. Dellvering Good Governance: In terms of governance. the Board of Twstees met throughout the year, and made a number of key decisions. Here are just a few of them.. In May 2024, the Board agreed a Proposed Business Plan for 2024-25, along with a Draft Asset Investment Plan. In July 2024, the Board reviewed and agreed the 2024125 Communty Programme. In September 2024, the Board approved the Draft Consolidated Accounts & Trustees Report for 202&24 and undertook a financial scenario planning exercise for the remainder of the year. In November 2024, the Board supported the Idea of taking fomard the redundant library bulldlngs. In November, the Charity also held its Annual General Meeting, where the Charity's Company Accounts were passed, following the Audit by Rogers Spencer. In January 2025, the Board agreed to re-orientate bts property base, disFose of Castle Cavendish Works and refresh is strategic direction. In March 2025, the Board agreed an outline financial plan for 2025-26. Th8 trustees, report was approved by the Board of Trustees. MSJKhan Trusteg Date.. i 6[.. IL.(.qfy ADVANCE NOTTINGHAM LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ADVANCE NOTTINGHAM LTD I report to the trustees on my examination of the financial statements ofAdvance Nottingham Ltd (the charity) for the year ended 31 March 2025. Responsibilttles and basis of report As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparats'on of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination. I report in respect of my examination of the charty's financial statement3 carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Dlrections given by the Charity Commission under 8ection 145(5)(b) of the Charities Act 2011. Independent examIne￿$ statement I have completed my examination. I confimi that no matters have come to my attention in connection ￿ryth the examln£tlon giving me cause to believe that In any material respect.. accounting r8cord8 were not kept in respect of the charty as required by sectlon 386 of the Companies Act 2006. the financial statements do not accord wlth those records. or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is nct a matter considered as part of an independent examination; or the financial statements 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concer should be dr and have come across no other matters in connection wth the examination to which attention n this report in order to enab18 a proper understanding of the financial statements to be re8ched. Melvln Balley FCCA DChA Rogers Spencer Newstead House Pelham Road Nottingham NG5 1AP Date.. i?J12/25 ADVANCE NOTTINGHAM LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted RestTlCtod funds funds 2025 2025 Total Unrestrlcted Restrlcted funds funds 2024 2024 Total 2026 2024 Notes Income from: Donations and grants 10 161,046 161.056 24,239 423,305 447,544 Total income 10 161,046 161,056 24,239 423,305 447,544 Expendlture on: Raising funds Charitable activits'es 1,200 149,563 4,236 153.220 5,436 302,783 1,279 137,296 1.279 522,302 385,006 Total expenditure 150,763 157.456 308,219 138,575 385,006 523,581 Net gainsl(losses) on investments 11 781,948 781.948 Net Incomel(•xpendlture) 631,195 3,590 834,785 (114,336) 38,299 (76,037) Transfers between funds 22,209 (22,209) 98,448 {98,446) Net movement In funds 653,404 {18,619) 634.785 (15,8901 (80,147) (76,037) Roconciliatlon of funds.. Fund balances at 1 April 2024 1,493,685 18,619 1,512,304 1,509,575 78,766 1,588,341 Fund balances at 31 March 2025 2,147,089 2,147,089 1,493,685 18,619 1,512,304 The statement of financial activities includes all gains and losses r8cc¥nised in the year. All income and expenditure derive from continulng activities. ADVANCE NOTTINGHAM LTD BALANCE SHEET ASAT31 MARCH 2025 2026 2024 Notes Flxed assets Tangible ass8ts Investment propety Investrnents 13 14 15 12,217 1.380,000 100 18,766 1,548,052 100 1.392,317 1,566,918 Current assets Debtors Investments Cash at bank and in hand 16 17 150 950,000 242 54,302 18,390 950.392 72,692 Credltors: amounts falllng duo within one year 19 (123.396) (39,628) Net current assets 826,996 33,064 Total as$&ts less current Ilabllltles 2,219.313 1,599,982 Credltorn: amounts falling due after more than one year 20 (72,224) (87,678) Net assets 2,147,089 1,512,304 The funds of the charity Restricted fund5 Unrestrlcted funds 23 18,619 1,493,685 2,147.089 2,147.089 1,512,304 The company is entFtled to the exemption from the audit requirement contained in section 477 of the compani￿ Act 2006, for the year ended 31 March 2025. The directors acknowledge their responsibilities for complying with requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The memters have not requlred the company to obtain an audit of its financial statements for the year in queslion in accordan￿ with section 476. These financlal statements have been prepared in accordance with the provisions applic4ble to companies subject to the small companies regime. The financial statements were approved by the trustees on ... .i.F.( 1?]. MSJKhan Trustee Company registration number 04209702 (England and Wales) ADVANCE NOTTINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng polleies Charlty Infomiation Advance Nottingham Ltd is a private company limited by guarantee incorporated in England and Wales. Ttr registered Offi￿ is Castle Cavendish Works, Dorking Road, Nottingham, NG7 5PN. 1.1 Basls of preparatlon The financial statements have been prepared in accordance with the charity's governlng document, Ihe Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charitles: Statement of Recommended Practice applicable to charitles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charlty. Monetary amounts in these financial statements are rounded to th8 nearest £. The financial ststements have been prepared under the historical cost convention, modlfied to include the rev81uation of freehold properties and to indude investment properties and certain financial instrunents at fair value. The principal accounting policies adopted are set out below. 1.2 Golng concern These financial ststements are prepared on the going concem basis. The trustees have a reasonable 8XPeCtation that the charlty will continue in operational existence for the foreseeable frrture. The charty incurred an operating deficit of £147,163 during the year ended 31 March 2025 and, as of that date, the Charty's current net assets were £826,996, with free reserves of £754.772 prior to the net gain on investments of £781,948. This includes £950,000 in relation to a property held for sale at the bala￿e sheet date, which is mentloned below. The sale of Castle Cavendish Works in December 2025 will provide 8 significant capital receipt that will increase the level of unrestricted funds. This will improve the liquidity of the Charitls Balance She8t, as well as enable the Charity to fund some of the redevelopment and transition costs of taking fopward the library buildings. In order to assist cashflow until the sale, an additional loan has been taken out afler the year as indicated in note 30. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherdnce of their charitable objectives. Restricted funds are subject to speafic ¢ondttlons by donors or grantors 8S to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been m8t, the amounts can be measured reliabty, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Ald or deeds of covenant 18 recognised at the time of the donation. Legacies are ￿CogniSed on receipt or otherwise if the charity has been notif5ed of an impending distribution. the amount is known, and re￿Ipt is expected. If the amount is not known, the legacy Is treated as a contingent asset. ADVANCE NOTTINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Contlnued) Income from govemment and other grants, whether 'capital' grants or 'revenue grants,, is recognised when the chaiity has entitlemerrt to the funds, any performance conditions attached to the grant hwrfe been met it is probable that the income will be received and the amount can be measured reliably and is not deferred. Gifts in kind donated are included at valuation arKI recognised as income when they are distriLxJted to the projects. Gifts donated ft)r resale are included as income when they are sold. Donated facilities are included at the value top the charity where this can be quantified arKI a third party is bearing the cost. No amounts are included in th8 financial statements for services donated by volunteers. All capital grants re￿IVed in respect of any depreciated assets are credited to the deferred income and amortised to the profit and loss account over the useful economic lrfe of the assets to which t￿£Y relate. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this Is normally upon notffication of the Interest paid or payable by the bank. 1.5 Expondlture All experKliture is accounted for on an accruals basis arKI has been classified under headlngs that aggregate all costs related to the category. where costs cannot be directly attributed to particular headings, they have been allocatsd to activities on a basis conslstent with the use of the resources. Expenditure Is recognised once there is a legal or constructive obligation to transfer economic benefft to thlrd paty. it is probable that a transfer of economic benefrts ￿111 be required in setdement, and the amount of the obligation can be measured reliably. Expenditure is classified by the following activities.. Costs of raising funds comprise the promotional costs to the charity Expenditure on charitable activities - includes all costs undertaken to further the purposes of the charlty and their associated support costs. indudlng costs of govemance. Irrecoverable VAT is charged as a cost against the activity for which the experKliture was incurred. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at the lower of cost or valuation. net of depreciation and any impairnient losses. Depreciation is recognised so as to wrile off the cost or valuation of asset5 less their residual values over their useful lives on the following bases: FÉxiures and fittings Computers 15% Straight Line 33.33% Straight Line The gain or loss arising on the disposal of an asset is detennined as the difference betwe8n the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Inv￿lMent property Investment property, vthich is property hekl to eam rentsls andlor for capltal 8ppreciation, is initially recognised at cost. thich includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluatlon is rewgnised In profrt or loss. Vthere fair valu8 cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. 10- ADVANCE NOTTINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Continuod) 1.8 Impairrnent of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaiment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basic financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transadion costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing Iransadion, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classffied as receivabl8 Wlthin one year are not amortised. Basic flnanclal Ilabilities Basic financial liabilities, including credltors and bank loans are initially recognised at transactlon price unless the arrangement constitules a financing transaction, where the debt Instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors ar8 obligations to Pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classrfied as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Taxation The Trust is a registered Charity and is exempt from taxation. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are re￿IVed. Tennlnatlon benefits are recognised immediately as an expense when the charity is demonstrably committed tro terminate the employment of an employee or to provide temiination benefits. 1.12 Retlrement benafits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 11 ADVANCE NOTTINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estlmates and Judgements In the application of the charitls accounting policies, the Iwstees are required to make judgements. estimates and assumptions at)out the carrying amounl of &8sets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual result5 may differ from these estimates. The estimates and undertying assumptions ara reviewed on an ongoing basis. Revisions to accountiThJ estimates are recognised in the period in which the estimate is revlsed where the revision affects cnly that period. or in the period of the revision and future periods where the revision affects both current and fuiure periods. 3 Income from donatlons and grants Unrestrlcted Rostrlctsd funds funds 2025 2025 Totsl Unrestrlct•d Restrlcted funds funds 2024 2024 Total 2026 2024 Donations Grants 10 174 160,872 24,239 24,239 423,305 160.872 423,305 10 161,046 161,056 24,239 423.305 447,544 Grants Area Based Grant - Area 2 Area Based Grant - Area 4 Area Based Grant - Area 5 Holiday Actlvlty Fund Community Vaccine Champions NCC Ward Councillors Budget 116,891 96,259 84,587 111,143 116.891 96,259 84,587 111,143 160,872 180,872 3.990 3,990 10,435 10.435 160,872 160,872 423,305 423,305 Exponditure on ralslng funds Unrestricted Restricted funds funds 2025 2025 Total Unrestrlcted Restrlcted funds funds 2024 2024 Total 2025 2024 Fundralslng and publlclty Advertlsing and promotion 1,200 4.236 5.436 1,279 1,279 12- ADVANCE NOThINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditurn on charftable actfvlties 2025 2024 Stsff costs Depreciation and impairment Insurance Repairs & maintenance Printing, postage & stationery Telephone Computer maintenance & support Travelling expenses Legal & professional fees Accountancy fees Bank charges Refreshments Sundry expenses Irrecoverable VAT Grant payments Non-bank interest on loans 94,706 7,214 17,183 9,940 1,524 180 357 63 20,809 2,454 2,282 100 384 9,144 101,348 5,793 94,660 8.883 6.215 8.773 1.067 (17) 1,020 176 2,587 10 153 499 6,250 344.114 4,084 273,481 476,474 Share of support and governance costs (see note 7) Govemance 29.302 45.828 302,783 522,302 Analy51s by fund Unrestricted funds Restricted funds 149,563 153,220 137,298 385.006 302,783 522,302 13- ADVANCE NOTTINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable Restrlcted grants 2025 Restrlcted grants 2024 Grants were awarded to the folloviiry organisations during the year.. Take 1 Studlos Signpost to Polish Success Notts Club for Yiyjng People The Lenton Centre Switch Up CIC Greenfields Communty School Growing Forward CIC Hyson Green Youth Club Buildlng Brldges Breaking Barriers EastAfrtcan Education Centre Chayah Development Project Communities Untte Freedom Foundatlon Helplng Kids Achieve Basford Rd Baptist Church The Toy Library Edwards Lane Support Through Sport Empleo Notts County Footb811 in the Community Community Based Flthess Sherwood Playgroup Belong Hoop Drearns Basketball Club AJ Sports Id Things The Bridges Communty Trust The Bethood Partnership Djanogly L8ttings AKA Health l•Vealth & Oneness Nottingham Health & Education Centre Nottingham Forest Community Trust Elllvision UK Movement Nottinghamshire County Crid FOR THE YEAR ENDED 31 MARCH 2025 14 Investment property (Contlnued) Investment propety comprises of five premises - Castle Cavendish Works, Castle Cavendish Enterprise Centre, Alfreton Road Retail Parade, Tennyson H811 and Haydn Road Pavilion & Sportsground. The fair value of the latter four investment properties has been arrived at on the basis of a valuation carrled out in November 2024 by Musson Liggins Llmlted (Chartered Surveyors), who are not connected with the Charity. The valuation was made on an open market value basis by reference to market evidence of transaction prlces for similar properties. The V81ue of Castle Cavendish Works is the amount it was sold for at auction in Decemb8r 2025. Values are as below.. Castle Cavendish Vvorks Castle Cavendish Enterprise Centre Tennyson Hall Alfreton Road nRo Total Property Valuation The value of Castle Cavendish Works of £950.000 has been transferred to current assets as this was sold post year end. £950,000 £680,000 £520,000 £130,000 £2,330,000 15 Fixed asset Investments Other Investments Cost orvaluatlon At 1 April 2024 & 31 March 2025 100 Carrylng amount Al 31 March 2025 100 At 31 March 2024 100 2025 2024 Other investments comprise.. Not•s Investments in subsidiaries 27 100 100 16 Debtors 202S 2024 Amounts falllng due within one y•ar: Trade debtors Amounts ovRd by subsidiary undertakings Other debtors 3,499 23,532 27,270 150 150 54.302 17- ADVANCE NOTTINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Current asset investments 2025 2024 Investment property 950,000 18 Loans and overdrafts 2026 2024 Bank overdrafts Bank loans 50,738 90.181 99,719 140.919 99,719 Payable within one year Payable after one year 68,695 72,224 12.041 87,678 The bank loans and overdrafts are secured by of a legal charged dated 2 June 2016 over the Castle Cavendish Works propety and a debenture dated 25 January 2016 over all 883ets of the company. 19 Crodltors: amounts falllng due wlthln one year 2025 2024 Notes Bank loans and overdrafts Other taxation and social security Deferred govemment grants Trade credff(ors Amounts owed to subsidiary undertakings Other creditors Accruals 18 68,695 12.041 772 21 36,824 5,839 5,398 1,840 4,800 19,565 7,250 123.396 39.628 20 Credltors: amounts falllng due after more than one year 2025 2024 Notes Bank loans 18 72.224 87,678 21 Government grants Deferred income. relating to govemment grants received within Ihe financial period relating to future periods, is induded In the financial statements as follows: 18- ADVANCE NOThINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Government grants (Continued) 2025 2024 Deferred income is included within.. Current liabilities 36,824 Movements in the year: Deferred income at 1 April 2024 Resources deferred in the year 36,824 Deferred Income at 31 March 2025 36,824 22 Retlrement benefit schemes 2025 2024 Oeflned contrlbutlon 8chem8S Charge to profit or loss in respect of defined contribution schemes 4.059 4,668 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 23 Rèstricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 April 2024 Incomlng resources Resources 8xpend•d Transfers At 31 March 2025 Holiday Activty Fund 18.619 161,046 {157,456) (22,209) Prevlous year: At 1 Aprfl 2023 Incomlng resources Resources expended Transfers At 31 March 2024 Area Based Grants (Areas 2, 4 &5> HolidayActivity Fund Community Vaccine Champions NCC 14Vdrd Councillors Budget 68,061 1,540 9,165 297.737 111,143 3,990 10,435 (272,432} (94,064} (8,075) (10.435) (93.366) 18,619 (5,080) 78,766 423,305 (385,006) (98,446) 18,619 19- ADVANCE NOTTINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 23 Restrfcted funds (Contlnued) Nottingham Cty Council provided grant fundlng to cover Areas 2, 4 & 5's ABG Programmes that funded the associated costs of deliverlng 8 range of community-based activities that supported children & young people, trained and supported people into work, supported the elderfy and most vulnerable. and supported the growth and development of the local communty and voluntary sector. The Community Vaccine Champi¢)ns fundiro w8s from Nottingham City Council with the aim of supporting the delivery of innovative approaches to engaging members of the community to Increase the uptske of va(xinations and lo proadively address heatth inequalitles. This is a City-viide programme supported by the Department of Education's Holiday Activty & Food Programme, whith is aimed at tackllng child hunger during the school holidays. The programrne is focused on providing free activi￿e$ and food for children In re￿Ipt of free school meals and is delivered in partnership with Play & Youth community partners. ud Thls fundlng came from the budget held by Councillors of Nottingham Clty Council. It was avRrded to support additional youth provision in the Berridge and SheThvood wards and at the Edwards Lane Community Centre. Unrestrlctsd funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These Include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2024 Incomlng resources Resources exponded Transfers Galns and At 31 March Iossos 2025 General funds 1,493.685 10 (150,763) 22.209 781,948 2,147,089 Pr•vlous year: At 1 Aprfl 2023 Incoming resources Resources •xpended Transfers Galns and At 31 Mar¢h losses 2024 General funds 1,509,575 24,239 (138,575) 98.446 1.493,685 -20- ADVANCE NOTTINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 25 Analysls of net assets between funds Unrestricted funds 2025 Restrlcted funds 2025 Total 2025 At 31 March 2025: Tangible assets Investment properties Investments Cu￿ent assetsl{liabilities) Long tenn liabilities 12.217 1,380.000 100 826.996 172.224) 12.217 1,380.000 1CM) 826,996 (72,224) 2.147,089 2,147.089 Unrestrictod funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024: Tangible assets Investment woperties Investments Cu￿ent assetsl(liabilitie5) Lon9 tem) liabilities 18,766 1,548,052 100 14,445 (87,678) 18,766 1,548,052 100 33,064 (87.678) 18,619 1,493,685 18,619 1,512.304 26 Operatlng lease commltments Lessee The below indudes an annual charge payable of £63,885 on a 125-year lease to 8 October 2131 Vlith Nottingham City Council. The total amount payable is therefore £7m. At the reporting end date the charity had outstanding commitments for future minimum lease payments under nOn￿ncelIable operating leases, which fall due as follows: 2025 2024 Imthin one year Between I￿v0 and five years In over five years 2.697 4,367 2.547 63,885 63,885 66,582 70,799 21 ADVANCE NOTTINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 27 Subsidlaries These financial statements are separate charity financial statements for Castle Cavendish LimFted. The Charty owns the whole of the issued ordlnary share capital of Castle Cavendish Limited, a cony)any registered in England & Wales, company number 06113675. Details of the tharity's subsidiaries at 31 March 2025 are as follows: Name of undertaklng Reglstered offlce Nature of busin￿5 Class of % Held shares held Dlrect Indlrect Castle Cavendish Ltd United Kingdom Management of real estate on Ordlnary a fee or contract basis 100.00 The aggregate capital and reser4es and the result for the year of subsidiaries exduded from consoh'dation was as follows: Name of undertaklng Profftl(Lo88) Capltal and Reserves Castle Cavendish Ltd (12,960) {6.460) ADVANCE NOTTINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 28 Related party transa¢tions Transactions wlth relatod partles During the year the charity entered into the following transactions with relaled parties: During the year, various transactions took place between Advance Nottingham Ltd and Castle Cavendish Limited, a wholly owned subsidiary. There were also Iwo related paty transactions outside of the group. The subsidiary is a trading arm of Advance Nottingham Ltd and commercially manages its propety portfolio. receiving income from propety rentals, conference bookings, training sessions and room hire, whilst also acting as agent for the management of the r88t of the investment property portfolio. At the balance sheet date £5,398 was owed to (2024: £23,532 owed from) Castle Cavendish Limited from Advance Nottingham Ltd . During the year, Castle Cavendish Limited has donated profits totalling £nil (2024.. £24,239). £Nil (2024.. £24,239) of this remains due to Acfvance Nottingham Ltd at the balance sheet date, In addition to the above amounts. Z Powers, who is a trustee of Advance Nottingham Ltd , provides marketing services through his business Altemiata. This company provided marketing SUPPDrt to Castle Cavendish Limited and Advance Nottingham Ltd during the year totalling £638 (2024: £638). Indemnity Insurance purchased relating to Castle Cavendish Limited totalling £7,030, with £65 of insurance forAdvanc8 Nottingham Ltd being purchased by Castle Cavendish Limited. -23- ADVANCE NOTTINGHAM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 29 Analysls of changes In net Idebt)Ifund8 At 1 April 2024 Cash flowsAt 31 March 2025 Cash at bank and in hand Bank overdrafts 18,390 (18,148) (50,738) 242 (50,738) 18,390 (68,886) (50,496) Loans falling due within one year Loans falling due after more than one year (12,041) (87,678) (5,916) 15.454 (17.95n (72.224) (81,329) (59.348) (140.677) 30 Post balance sheet event The charlty took on a new loan of £240,000 after the year end which is secured on the properties. This loan will initially be used to repay the existing loan of £90,181 shown in note 18 of these financial statements. -24-