ACTES TRUST COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 MARCH 2024 Company Number . 04345294 Registered Charity Number . 1122223 ACTES TRUST COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CONTENTS PAGE The Trustees, report 3-19 Independent auditor's report to the members ststement of Flnancial Activities 20-24 25 Balan￿ sheet 26-27 Statement of Cash Flows Notes to the financial statements 2941 ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORT YEAR ENDED 31 MARCH 2024 The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 St March 2024. Reference and administrative dotails Registered Company Number,. 04345294 Registered Charlty Number: 1122223 Registered Office 99 Acklam Road Acklam Middlesbrough TS5 SHR Sonlor Managemont Team Chlef Executive: Deputy Chief Executive: Details of the BoaTd of Trustees are set out below. The Trustee8 are also known as directors of ACTES TRUST for the purposes of company law. Paul Wales Anne Davies Name Role Date Elected 13.07.2010 25.01.2007 17.11.2008 04.02.2020 09.11.2021 Date Resi ned 26.03.2024 Charlie Rooney Geoff Payne Sharon Stuttard Helen Dudiak Michael Barber Chair from 05.02.19 ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORT(eonlintsedJ YEAR ENDED 31 MARCH 2024 Auditors Anderson Barrowcliff Limited 3 Kingfisher Court Bowesfield Park Stockton-on-Tees TS18 3EX B8nkers National Westminster Bank PLC 250 Bishopsgate London EC2M 4AA Solicitors.. Womble Bond Dickinson St Anns Wharf 112 Quayside Newcastle upon Tyne Tyne and Wear NE13DX Investment Bankers,. C8zenove Capital 1 London Wall Place London EC2Y SAU ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORT(contlnued) YEAR ENDED 31 MARCH 2024 The trustees who are also directorB of the charity for the purposes of the Companies Act 2006. present their report with Ihe financial statements of Ihe charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). Introduction from the Chalr 2023124 has seen the organisation move out of the shadow of Covid19 but staffing levels contlnue to be reviewed ensuring Actes is efficient and effective in its delivery of its charitable community-based setvices and activities. The funding landscape remalns challenging and extremely competitive wllh limited opportunities and the Charity ended the year showing a loss. Throughout 2023124 the Charty facilities continued to provide high quality rental space, supporting a local secondary school, local businesses, sports, and community related activtties. Room bookings and usage at both centres has increased from last year and we annually review our prices resulting in an increase of income and each centres reputation continues to grow. This year the Charity has overseen the completion of the refurbishment of its 3G artlficial sports pitch. Thi8 has been greatly received by the local community, our customers and the local schools allowing the continuation of many more years of sport and healthy activities. Although the Charity still retains its properties which are let to tenants providing an income stream, we have reaffirmed our position that property management is not a core activity. During this year progress has been made to position the charity to dispose of the housing stock, which we expect to be conduded in the next financial year and proceeds will be reinvested so there is a continued income stream to support core adivities. While the financial aspect of the business is disappointing, the Charlty has continued to grow its repulalion, strengthening and developing partnerships. This year Actes became one of four key organisations to develop Middlesbrough Youth Mutual, this resulted in the development and the launch of a strategy for young people. The charity continued to be recognised and this year we were awarded the AIM Group Empowering Futures Award, Quality Mark Cerrtre of the Year for the work we deliver on our Past, P￿sellt and Your Future programme, In addition, the organisation continues to maintsin its quality standards in Customer SeNice Excellence and Matrix accreditation. We have continued to support those furthest from the labour market, Ihose that have complex and multiple barriers, alongside our accredited and non-accredited training programmes. Actes client suptx)rt Servi￿ continue to provide direct support lo beneficiaries, and we deliver this through outreach, location-based provision, diverse communities, young people, and schools. This year we established a work club to help support those needing assistance and move closer to training and employment. ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES, REPORT{conthw YEAR ENDED 31 MARCH 2024 The Charity remains focused on supporting dients in achieving their goals. In ensuring that beneficiaries are not disadvantaged the board authorised the use of the reserves to provide continued support. This year we provided a pl8￿ment for an Intem provided by Teesside University lo work with our beneficiaries to gather key information that will support us in applying for funding. During this year the trustees remain focused, approving the charities annual and three-year business plan. I would like to thank the board of truslees for their continued commitment, their time and support duilng the year and on behalf of them all I would like to Ihank the staff team for their dedication and hard work to ensure our continued development and grovrth and for their professionalism through continued challenging times, ensuring thal the beneficiaries of the Charity continue to receive our support, Geoff Payne - Chairman of the Board 8tructure, Govemance and Managem•nt Actes Trust Is a company limited by guarantee governed by a Board of Trustees and its Memorandum and Articles of Association dated 241h December 2001 and amended 10th September 2010 and 17th September 2012. It is a registered charity with the Charity Commission. The Board of Trustees are appointed by it8 members. The Board of Trustees: Sets the policies of the charity; Is involved in determining the corporate strategy of ACTES, Includlng settlng key strategic objectives. Approves the financial strategy for the organisatlon and authorises major deci8ions about the use of finances; Approves the annual and strategic dellvery plan for ACTES activities; Intsrnal Controls and Risk Management Systerns and procedures have been established to identify, monitor and manage the risks that Actes faces. Slrategic decisions taken by the Trustees include full consideration of risk based on a risk assessment register reviewed quarterly. One of the major risks for Actes is the ￿d￿ctIon in funding opportunities at this time and the inability to fully cover overhead expenditure within grants. In managing Ihis risk, Actes continually reviews ils operating model to ensure expenditure is under control and within budgetary limits. In addition, Actes continually reviews its slaffing struclure to ensure it is not only fit for purpose but also efficienl, effective and affordable. This will be an on-going process for the charity to ensure long term sustainability. Recruitrnent and Tralning of Trustees Trustees are recruited in line with the lerms laid down in the Articles of Association. Trustees serve for an initial term of 4 years after which they can be re-appointed for a further 2 years at any periodic board meeting. There is no limit to the number of 2 year temis that a trustee can serve. ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORT(¢onthJuedl YEAR ENDED 31 MARCH 2024 Individuals wishing to be considered for the role of Trustee are required to submit an applicalion lo the Chair of the Board who will short-list Suitab￿ applicants on the basis of relevant skills and experience, prior to an election process. Following their appointment Trustees are issued with a Trust￿ Handbook and are invited to an induction meeting to updale them on the currenl strategic issues facing the organisation. Organisatlonal Structure & Decislon Making Responsibilty for the day to day management of Actes and the implementation of Board decisions and policy is delegated to Acles Chief Executive, with the support of Deputy Chief Executive, Team Leaders and all other staff. The Board meets a minimum of 4 times per year. Setting Pay and Remunèration The Board are responsible for setting the remuneration of the Chief Executive Officer and the Deputy Chief Executive Offi￿r. The Board take into account similar roles in comparative organisations in determining the salary levels and seek external advice. The Chief Executive offKer is responsible for setting the remuneration level for all other Slaff again benchmarking againsl similar roleg withln comparative organisation8. Relatod Parties None of the trustees receive remuneration or any other benefrt from their work wlth the charity. Any connection btheen a trustee or a senior manager of the charity with an Actes service user or organisation that supplies goods or sepiices to Actes must be disclosed to the board of trustees in the same way any other contractual relationship wilh a relaled party. In the current year no such related part transactions were reported. objectiv￿ & Activlties Actes was established for the promotion for the public benefit of urban and rural regeneration in areas of social and economic deprivation. Actes exists to improve the lives of Ihe communities it serves. It achieves this by providing tsilored services lo meet the needs of individuals, often with complex or multiple needs, and by the provision of high-qualty business and social spa￿S and lettable accommodation. Actes aims to inspire individuals to realise their full potential through supportive engagement and innovative solutions to achieve change. It has adopted a person-centred approach lo service delivery involving coaching. information advice and guidance, accredited and non-acGredited Iraining and workshops. It has a solid asset base including business and communty premises and a small housing portfolio. Actes is continuing to develop its services in supporting with reducing reoffending and working with those clients who have chaotic lrfestyles. Actes strength lies in working with the client to help them progress towards their aims and goals, be that education, training. employment, or a more stable lifestyle. We operate a peer led service to further enhan￿ the support offered to clients. ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORT(contlnued) YEAR ENDED 31 MARCH 2024 Objectlves & Actlvities (continued) In delivering ils objectives, Actes seeks to address a range of broad social issues through an extensive delivery programme which will enable individuals to contribute to society in a positive way. Established as Charity in 2008, Actes operates mainly within the Tees Valley. Actes will meel these objectives by all or any of the following means: a) the relief of povety; b) the relief of unemployment., c) the advancement of education, training or re-training, particularly amng unemployed people, and assisting in the provision for unemployed people of work experience; d) the provision of financial assislance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help.. i. to existing businesses; or 11. In setting up new businesses,. e) the creation of trainlng and employment opportunities by the provlslon of work-space, buildings andlor f) the provlslon of housing forthose who are in conditions of need and the improvement of houslng provided Ihat such power shall not extend to relieving any local authorities or other bodies of a statutory duty to provide or improve housing; g) the maintenance, improvement or provision of public amenities. h) the provision of recreational facilities for the public at large or those who by reason of their youth, age, Infimity or disablement, povety or SOGial and economic circumstances, have need of such facilities; i) the protection or conservation of the environment; j) Ihe provision of public health facilities and childcare; k) Ihe promotion of public safety and the prev8ntion of crime. The progress towards achievement of the Charity's aims and objectives is monitored quarterly by the Board of Trustees and any Corrective action required due to slippage against timescales is documented. The board review the organisation's position both financially 8nd operationally at every meeting and all company policies are reviewed by the board periodically. The Articles of Associalion are reviewed periodically to ensure that recent legislation is incorporated where required. When reviewing the objectives and activities of the Charity the Board of Trustees have referred to Charty Commission general guidance on Public Benefit and is satisfied that Ihe Charity meets Public benefit requirements. ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES, REPoRTi￿nthUedj YEAR ENDED 31 MARCH 2024 Achievements and Performance Clima Action Mlddl brou Climate Action Middlesbrough (CAM) aims lo facilitate reductions in Middlesbrough's carbon footprint and encourage a change towards more sustainabte lrfestyles. Our aims and objectives To facilitate reductions in Middlesbrough's carbon footprint. To create a well-informed social movement supportive of lackling Ihe cllmate crisis, through the combination of education, awareness-raising, increased involvement and connectedness and delivery of practical projects. To create a community - led movement for soclal change towards a sustsinable environment. To enable communities to have a voice on addressing the changing climate. The project Is led by Middlesbrough Environment Cty (MEC) with a range of partners, Linx, Tees Valley Wildlife Trust, The Other PerspectNe {TOP} and Actes. Actes lead on youth engagement a8 well as wider communty engagement including training. Some highlights during this financial year= Yo er nen eme and Ivltles" E8tablished Climate Action Clubs (after school) to several primary school delivering 10-week sessions Covering various topics. Delivered workshops to young people through the Hollday Activity Fund. Engaged wilh 794 young people engaged around CAM. 515 CAM questionaries completed by young people and analysed for 8W8reness campaigns. Engaged with 8 Schools. Engaged with 1 College In addition, the CAM Team attended and deliver8d sesslons at Headslart Conference, Askam Bryan Careers Fairs and Halloween networking event, a Fun Day, litter picks as part of Love Your Parks, Clean Beaches week and The Great Big Green week. ider Communi ement The Climate Action Forum continued to meet monlhly increasing forum members by 14 this year. Meeting topics included subjects on Bee's and theii impact on the environment, Sustainable Architecture as well issues around recycling. transport, engagement, and consumption of energy. Engagement with the communities and community organisations spreading awareness of the recycling process and its importance as well as other climate aclion topics. The team have been involved in delivering 'herbs for health, workshops. community action days (some supporting allotment work), supporting eco-shops as well as regular litter picking and education sessions across Middlesbrough resulting in recycling increase and delivery of information session. ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORTf¢onthued) YEAR ENDED 31 MARCH 2024 Achlevernents and Performance {Gont5nued) This year we piloted the 'Don't Waste It Wear If campaigns - we received unwanted clolhes and rather than them going to landfill we held several events across the lown and invited residents to lake the unwanted items (which indude toys), we esiimated through these events it prevented over ten lon of additional C02 into the atmosphere. Beneficiaries taking part in our project activities Volunteers that have taken part in your project Number of Community Organisations engaged with 290 30 19 Unclaimed Benefit T8k8•U Cam ai The Unclaimed Benefrt CampaignlHUB Servlce funded by Middlesbrough Council continues to support residents from across Middlesbrough. The partnership involving Citizen Advice Bureau (lead), Age UK, Cleveland Houslng Advice Centre (CHAC), Welfare Rtght (MBC) and Actes dellvers the evaluation of the programme. The support service extended its remit and established in more dedicated community facilities across the town ensuring it reached more residents in need of support. Clients wanting support gel appointments with specific dates and times. Advisers provide support across a large spectrum of benefit areas, during thi8 delivery period the main areas of support related to Personal Independent Payments (PIP), Universal Credit (UC), Pen8ion Credits (PC>, Attendance Allowance (AA) and Employment Support Allowance (ESA). Between April 202310 March 2024 Advised 1,282 people of those 560/0 (female), 42 % {male) and 10/0 (other or gender not specrfied). The estimated amounts of benefrt that could have potentially been claimed during this period is £5.344,612 - {amounts are calculaled by rnuttiptying the weekly values by 52 weeks). Arrears and lump sums paid £50,995 Local economic developmenl: the conlribution made by benefrtslwelfare rights advice apptylng a multiplier developed by the New Economtcs Foundation, Ambrose and Stone conclude financial gains through advice and support should have a multiplier effect of 1.7 (viewed as a conservatNe estimate) applied, therefore the value lo the local economy would be: £9,172,552. our Mone &You We deliver this course as part of the Govemments numeracy initiative and funded through the Tees Valley lead for the UK Shared Prosperity Fund (UKSPF) Multipty Programme - Tees Valley. The course is a one day (4 hours) over three weeks and covers IT for beginners and covers Intro to computers and using work, email and internet. The counse also covers money management, benefit checker, and signposting to further educalion or employment. During this year 27 completed the course. 10 ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORT(conlinued) YEAR ENDED 31 MARCH 2024 Achievements and Performance (¢ontlnued) Work Clu This year we established a 'work club,, the service provides the following support to residents accessing this service: Access to Actes IT suite Support in job search Development of a CVS Access to IAG Signposting to wider support During thls year 247 accessed the service. Pa8 Presant & Your Futurn The course is aimed at ex-offenders to provide them with a better understanding of their offences, what they should disclose and how they should disclose offences. We will also work with clients to assist them moving lopNard into further training or employment. Funding for dellvery was secured through National Lottery Awards for All for this 8Stabllshed programme. The programme achieved Ihe following.. Course learners - Progress into employment - Progress inlo educationrtraining - In addltfon, this provision was recognlsed and awarded the AIM Group Empowering Future Award for being Qualty Mark Centre of the Year. 28 completed. 7 achieved. 11 achieved. New Direc Ions P ramme New Directions was a Tees Valley wide Youth Employment Iniliative (YEI). It was a partnership project lead by New College Durham, delivered alongside partners Thirteen Group, Beyond Housing and Actes. It was funded by the European Social Fund (ESF) and match funded through the Tees Valley Combined Authorty (TVCA). Actes, delivery was concentrated on working wilh short and long-term unemployed people (including the economically inactive), aged 15-29 who resided in Middlesbrough and StocktoTrorfrTees, Established in 2016, the programme came to an end in July 2023, with the perK>d of April 2023 - July 2023 being used to identify support or progression opportunilies for the last remaining participants cm the programme. Overall. between 2016 and 2023, Ihe programme supported 1,138 participants, remving at least one barrier foi 945, progressing 275 into employment and 391 into education or training, achieving all agreed outcome targets in the process. ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORT(conllnu841 YEAR ENDED 31 MARCH 2024 Achlevements and Performance (continued) Of the 1.138 participants supported, 478 resided in wards ranked inside the top 100 most deprived in the country {out of 6.904 wards). Of this 478 121 progressed into employment and 171 progressed into education or training, meaning the programme had a strong positive impact in the hardest-to-reach areas of the county. utilising a return-on-investment tool commission by Public Health England (Optimity Advisors - Interactive Tool), based on the projected sustainable employment outcomes achieved, the programme provided an overall financial benefit of £8,530.600. Set against the programme delivery cost of £1,209,483.17, the Actes New Directions YEI programme provided 8 Cost-benefrt ratio of 7.05, meaning that for every £1 spent, £7.05 was returned in value. Firm Foundatlons - Middle8brou The Big Lottery Help through Crlsls programme draws on the strengths and personal experiences of people facing hardship so thal they can overcome immediate difficulties and be ready for opportunities and challenges ahead. This programme continued to impress the Lottery with its approach, delivery model and results and Actes worked in partnership with Middlesbrough and Stocklon Mind and were successful in securing 8dditional funding for a further years delivery of Fimi Foundations but March 2024 was the completion of this project. The project received referrals from a range of 8ource8 including Social Services, Access Team, Stronger Families. Public Health, My Sisters Place, Impact, and the Social Prescribing SeNice. Self-referrals are also received directly from clients or via the admin team. Below is an extract from a report produced by MIND that gives 8 snapshot of work carried out by the leam. The team have mad8 2,423 contacts, including 598 face-to-face appointments with clients. 1,100 hours have been spenl with clients and 133 hours meeting with third parties or professionals lo ensure that a whole collaborative approach of care has been followed. The Flm Foundations team has managed to support clients, directly and indirectly who have been awarded PIP, apply for additional benefits, write off gas and electric bills and council tax refunds. £110,605 awarded in PIP claims. £35,011 in unclaimed benefits £11,324 written off from a gas and electric bill. £5,550 refund for council tax or written off. In total £185.729 of additional gains for residenls of Middlesbrough. 98% of clients who have completed initial and review outcome stars, improved in managing their money better. 97% of clients who completed inÈtial review WEMWBS, improved in their wellbeing. 12 ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORT(¢ontlnued) YEAR ENDED 31 MARCH 2024 Achlevements and Parfonnance (continued) Fa ilitles The facilities business unit comprises the Acklam Green Centre, the Resource Centre, and the rentable properties. Over the course of 2023124 activty has Increased and a pricing review was carried out across the sites lo ensure the centres remain competitive but also cover the increase in costs. During this lime the two centres achieved generated income from extemal sources of £390k and internal sources £20k. The centres also received a £6k grant from Middlesbrough Council to support with the increasing utility costs. The rental properties brought in £41 k which was below previous year's performance due to one propety being empty. 13 ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORT(￿￿t￿l￿adj YEAR ENDED 31 MARCH 2024 Financial Roview In the financial year ended 315t March 2024, total income was £681,947 (2023 £740,580). Total expenditure for the financial year was £933,069 (2023 £939,860). The principal funding sources of income to Actes during the year were provision of recreational facilities, room hire and catering income of £386,668, investment and rental income of £106,765, client led services generated income £17,895, and client led services grants of £158,401. The financial year 2023124 has been challenging overall, but although there were difficulties the charity also saw some positives. The truslees approved the resurfacing of the 3G Sports Pitch which resulted in the local junior football club making it their home ground, bringing additional matches over weekends thus increasing pitch and café income. The facilities business unit performed well during the year with incom& up by 10/0. Which after taking into account that the Sports Pitches were closed for months due to the resurfacing and one of the properties was empty for part of the year means results still compare with previous years, The centres were also supported by the local council with winter crisis grants towards the increase in utility costs. Grant income has fallen again as some projects finished during the year. New funding streams continued to be difficult to access due to increased compelitiveness as more charities were bidding for the same grants. The charity continued to strengthen partnerships and explore new ones to increase its chances of success, the main one being Middlesbrough Youth Mutual whom the partners are in discussions wilh the Nalional Lottery Community Fund to support implementing a youth strategy across Middlesbrough. The charity contlnued to be part of the Multiply contracl as part of the UK Prosperity Fund, which has replaced EU funding along with delivering training funded by the local council. Working alongside the local university the charity was successful in securing a fully funded intern to support the analysis of the Youth Employment Initiative and completing consultations with communty groups to support funding bids. Investments continued to be volatile throughout the year, but income received was on target at 4 %. The operating deficit for the year was £251 ,122 which was an Increase of 25 % compared with 2022-23. There was an increase in the market value of the multi charity investment of £62,457 as at the year end, which was offset by a revaluation of the investment properties which resulted in a loss of £117,000. Therefore, total reserves have reduced by £305,665. The overall financial position remains strong with a rnix of unrestricted reseNes and capital assets. Reserves Policy Due to the changes in income streams and the higher levels of risk that the charity now faces Actes have set the minimum level of reserves to £600,000. This is significantly less than the current level of unrestricted reserves which will redu￿ over the next 3 to 5 years as Actes continues to work towards sustainability. ReseNes will be used fio continue the furtheran￿ of the charity's objectives during times when the funding streams of the charty are not certain or when the income levels fall significantly. At the 3161 March 2024, totsl reserves held were £4,237,071 (2023 £4,542.736). Of this amount £1,884,028 (2023 £1,714,046) was restricted capital funds. The balance of unrestricted reserves £2,353,043 (2023 £2,828,690) comprise of designated funds of £272,000 {2023 £574,717). free reserves of £1,105,453 (2023 £1,223,096) which includes the revaluation reseNe £244,850 (2023 £388,450), and £975.590 (2023 £1,030,877) relating to fixed assets and investment properties. 14 ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORT(conthu YEAR ENDED 31 MARCH 2024 Investm8nts The charty's investment policy requires the board to consider whether any reserves held are freely available to invest in areas that will create a retum to assist wilh the furtherance of the charity's objectives. The board considers the suitability and diversification of any polential investments to ensure that the failure of one investment or instilulion does not have a major impact on Ihe charity. The market value of the Investment in shares is reflected in the charity's annual accounts with any movement recorded in the revaluation reserve. The board seeks professional advice when considering selecting or disposing of investments where they do not hav8 the expertise to do so themselves. Any one investment should not represent mole than 200kn of the overall value of the Investment Funds, or 50Yo in the case of collective fijnds. A balanced approach between income and capital is adopted. The charity's investment objectives are to maintain Ihe capital value of the investment fund at least in line with inflation, with a profile of no higher than a medium risk. The term of the investment is viewed by the board as being on a medium to long temi basis, but if required the investment will be easily aC￿ssible to pay for the annual expenses of managing the charity if needed. The board requires that the funds will not have any direct exposure to tobacco related investments. The board re￿1ve an update from the investment manager reviewing its perfomiance on a quarterly basis and in addition to this rf there is major market change. During 202&24 the charlty made withdrawals from the investment totalling £338,727. This wa8 Used to fund the resurfacing of the charity, 3G sports pitches which cost £287.811 and the balance to assist with cashflow. After taking this into account the performance of the investments in 202&24 has seen an increase in the funds market value of 60/0 giving a year-end position of £1.1 m. The income recelved during the year wa8 £53,651 which has been used to further the charity's overall objectives. Key Risk and Uncortaintios The board recognise that the charity operates in an area whlch has a degree of uncertalnty. Nationally, welfare refonn, and the contraction of public services and budgets conlinue to have a major impact on the way that the charty operates. The implementation of the Prosperity Fund which replaced European funding was signfficantly less and has impacled on the charty's key delivery of services. due to the reduced opportunities. As former public Servi￿ are contracted out. they are commissioned in such a way that staff, TUPE obligations and delivery risks are transferred to potential suppliers. This is combined with the requirement for wtential suppliers to demonstrate a slrong track record in service areas and to meet high financial thresholds to pass contract eligibility criteria. This has presented barriers for market entry into new areas. Actes, approach to overcoming this is to develop and renew strategic partnerships or consortiurns to pool experience and resources, and by doing so, be able to access alternative funding opportunities and other contracts. 15 ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORT(contknued) YEAR ENDED 31 MARCH 2024 Plans for the Future Actes has agreed the following Strategic Objectives to be achieved by March 2027. 1. Acles will be a sustainable and thriving charitable company by delivering services within the Tees Valley area. 2. Actes will build its reputation, brand and relationships with new clients and customers to expand Its range of ServI￿S that adds value to its core deliverables. 3. Actes aims to be recognised for providing high quality, best value services and facilities to meet its stak8holder needs. 4. To be an employer of choice evidenced by a commitment to continuous staff development, increased employee motivation, well-being and retention. 5. Actes will ensure its data processing. storage and technology keeps in lin8 Wlth current digital transfomiation to remain competitive within the sector. 6. Actes will reduce its caibon footprint to recognise and reduce the impacl of climate change. Achieving these objectives will be our key to long term sustalnablltty and success. The Board however recognise thal the effects of the 8vailability and competitiveness of funding such as the reduced Prosperity Fund (which replaced European Funding) is likely to have an impact on these timescales. The annual buGine8s plan which sets out how these objectlves will be achieved is reviewed mid and full tem) by the board. Actes continues to explore grant and partnership opportunities and tender for funding to facilltate change. Although the funding landscape conlinues to be limited and therefore very competitive. It has developed strong working relationships with a wide range of partners including DWP, local authorities, Public Health, The National Lottery Community Fund, Universities and Colleges, and other charitable and voluntary organisations and will continue to explore new beneficial relationships. During 2023124 Actes further e)rtended its networks by being involved with Middlesbrough Youth Mutual 8s one of the main four oiganisations developing and implementing a Youth Strategy for Middlesbrough. This has led to the development of a funding application to support the implementation. Actes is also positioning itself with olher strategic partners through key groups such as Middlesbrough's Children's Trust, Middlesbrough's Young Persons Health and Wellbeing Board, Middlesbrough's Financial Inclusion Group, Catalyst Stockton, Borderlands and SAockton Climate Action Nelwork. Actes has a range of accredited and non4ccredited programmes, focussed on specific needs, or required areas of support. We continue to concenlrate on exploring access to DWP'S and other govemment bodies various portals with the access funding available to be able to deliver these programmes. 16 ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES, REPORT(continue41 YEAR ENDED 31 MARCH 2024 Plans for the Future (continued) Building upon its strengths Actes has established its business model to encompass three key areas of activity which it has classified into independent Business Units. These Units are: 1. Client Led Serrfices,. which consolidates the delivery of coaching, infomation, advice and guidance, training, support and case management services to young people and adults. Funded through a mix of grant support and fee income, services in this Unit will change over time In response to social needs. 2. Facilities; which comprises the Acklam Green Centre, Resource Centre, and currently 8 lettable houses in the western corridor of Middlesbrough, funded through room and space hire, catering and events, longlshort-term leases and rental income. 3. Management and Administration; thls Unit includes all govemanca and management systems, ore organisational functions, and all activities in relation to 99 Acklam Road. 11 is funded by income from the Facilities and Client Led Services business units and reserves. Structuring the business in this way enables similar activities to be grouped together. This enables efficiencies to be introduced throughout the charity by the adoption of common and consistent practices. Our ambition8 for these Units are that by March 2027: 1. Client led services will continue to develop in response to social priorities, opportunities and client needs and deliver to a high standard in appropriate settings. 2. Our facilities, Acklam Green Centre and Resource Centre, will be sustainable independently and collectively, returning operational surpluses to be reinvested into our charitable objectives delivered through our client led services, and the disposal of the houses is complete. 3. Our manag8ment and adrninistration costs will be streamlined and fully recoverable through the preceding business units. 4. Our staff are well trained and competent to deliver across all business units. Collectively, these ambitions complement the strategic objectives for the business, and achieving these will enable our strategic objectives to be met, To measure our progress towards achieving these we have introduced a series of Key Performance Indicators {KPls) across each Unit to demonstrate how progress is being made. The methods we will employ to achieve these objectives will be described in further detsil in the annual Business Plan. 17 ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORTf¢onlinuedJ YEAR ENDED 31 MARCH 2024 Trustees, Responsibilities The trustees (who are also directors of the Trust for the purposes of company law} are responsible for preparing the Trustees. Report and Ihe financial statements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice). Company law require8 the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of Ihe charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial stslements, Ihe Irustees are required to: select suitable accounting policies and then apply them consistently. obseNe the methods and principles in the Charities SORP 2019 (FRS102)' make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explalned in the financial statements; prepare the flnancial statements on the going concem basls unless It is inappropriate to presume that Ihe charitable company will continue In 0￿ration. The trustees are responsible for keeping proper accounling records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure thal the financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charilable company and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable company's website. Legislalion in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in olher jurisdictions. 18 ACTES TRUST COMPANY LIMITED BY GUARANTEE THE TRUSTEES. REPORT(¢onthued) YEAR ENDED 31 MARCH 2024 ststemènt of dlsclosure of informatlon to auditors We, the directors of the company who held office at the date of approval of these Financial Statements, as set out above, each confirm so far as we are aware, that: Ihere is no relevant audil information of which the company's auditors a￿ unaware., and we have tsken all the steps that we ought lo have taken as direclors In order to make ourselves aware of any relevant aLKlil information and to establish that the company's auditors are aware of that information. This report has been prepared having taken advantage of the small companies exemption In the companies act 2006. Registered office., Signed by order of e trustees 99 Acklam Road Middlesbrough TS5 SHR Geoff Payne Chair of the Board of Trustees Approved by the trustees on 18th November 2024 19 ACTES TRUST COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTES TRUST YEAR ENDED 31 MARCH 2024 Opinlon We have audited the financial statements of Actes Trust (the 'charitable companv) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting frameworf( thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial slatements: give a true and fair view of the stale of the charitsble company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordan￿ with Unlted Klngdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance with the requirements of the Companies AGt 2006. Basi8 for oplnlon We conducted our audit in accordance wilh International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financlal statements section of our report. We are independent of the charitable company in accordance with the ethical requirements Ihat are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that lh8 audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statemenls, we have concluded that the truslees, use of the golng concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not Iden￿led any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report 20 ACTES TRUST COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTES TRUST (￿111￿U¢d) YEAR ENDED 31 MARCH 2024 Other information The trustees are reswnsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other Information and, ex￿pt lo the extent otheThvise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infonnation and. in doing so, consider whether the other infomiation is m8terially inconsislent with thè financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material misstatements, we a￿ required to detennine whether this gives rise to a material misstatement in the financial slatements themselves. If, based on the work we have performed. we conclude that there is a material misstatemenl of this Oth￿ informalion, we are required 10 report that fact. We have nothing to report in this regard. Matter8 on which we aro requir&d to report by exceptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports> Regulations 2008 requires us to report to you if, in our opinion: the information given in the Report of the Trustees is inconsislent In any malerial respect with the financial statements; or the charitable company has not kept adequate accounting records,. or the financial statements are not in agreement with the accounting records and returns; or we have not received all Ihe information and explanations we require for our audit. 21 ACTES TRUST COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTES TRUST {con¢inued) FOR THE YEAR ENDED 31ST MARCH 2024 Responsibllities of trustees As explained more fully in the Statement of Trustees, Responsibilities. the trustees (who are also the directors of Ihe charitable company for the purposes of company law) are responsible for the preparalion of the financial statements and for being satIsf￿d that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responslble for assessing the charitable company's ability to continue as a going COn￿rn, disclosing, as applicable, malters related to going concern and using Ihe going concern basis of accounling unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibllllies for the audit of the flnanclal statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevanl regulations made or having effect thereunder. Our objectives are to obtaln reasonable assurance aboul whether the flnancial ststermnts as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Audltors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatemenl when it exists. Misstatements can ari68 from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements, Irregularities. including fraud, are Instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstalements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregular6tles, including fraud Is detailed below. Based on our understanding of the charity, we have considered applicable laws and regulations which may be fundamental to the charity's abilty to operate or to avoid a material penalty, and we considered the extent lo which non-compliance might have a material effect on the financial statements. We considered management's in￿ntiveS and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined Ihal the princip81 risks were related to the posting of inappropriate manual journal entries to manipulate financial perfomiance, management bias in significant accounting estimates and any significant one-off or unusual transactions. We discussed among the audit engagement team the opportunities and in￿ntiVeS that may exist within the organisation for fraud and how and where fraud might occur in Ihe financial statements. 22 ACTES TRUST COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTES TRUST (Gr￿lIn￿ed) FOR THE YEAR ENDED 31ST MARCH 2024 Audltors. responsibilities for the audit of the financial statsments {contlnued) Audit procedures perfomied by the engagement team included: Enquiry of management and those charged with govemance around actual and potential litigation and claims. Enquiry of entity staff to identify any inslances of non-compliance with laws and regulations. Reviewing minLrtes of meetings of those charged with governan￿. Reviewing financial statement disclosures and testin9 to supporting docurn*ntation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside Ihe normal course of business. Challenging estimates and judgements made by management in their significant accounting estimates. Revenue recognition" agreeing a sampl8 of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period, Bec8U8e of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is femved from the events and transactions reflected in the financial siatements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularilles occurring due to fraud rather than error, as fraud involves intentional Con￿lment, forgery, collu8ion, omlsslon or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at WW¥V.frc.org.uklauditorsresponsibilities, This descriplion forms part of our Report of the Independent Auditor8. 23 ACTES TRUST COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTES TRUST (￿ntInued) FOR THE YEAR ENDED 31ST MARCH 2024 Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable companys trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not ac￿pt or assume responsibilty to anyone other than the chartsble company and the charitable company's trustees as a body, for our audit wort( r thls report, or for the opi s we have formed. for and on behalf of Anderson Barrowcliff Limited Statutory Auditors Ch8rtered Accountants Eligible to act as an audttor in terms of Section 1212 of the Companies Act 2006 3 Kingfisher Court Bowesfield Park Stockton on Tees TS18 3EX Date.. 24 ACTES TRUST COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST MARCH 2024 Unrnstkted Restricted Fund5 Capilal Fund8 Total 2024 Total 2023 Inc¢)￿£ from: Donations and legacies DOna￿on$ Incom• from Charltable activit1•• Grants receivad 53 53 166,735 166,735 267,417 1,660 Contracts tn¢om• frcrn other tradNJ actlviii•s libthes for genoraong fund6 Rentsl income Income from Invfy8tmonl8 Interest recelwble and simil2r income Ot￿r In¢tyn• Other Income 2¢ 404,563 40,952 404,563 40,952 360,979 46,000 65.813 66,813 62,630 3,831 3,831 2,904 Total income 515.212 186,736 681.947 740￿80 Expenditure: Exponthture on Ralslng lund8 Exynditure on Inva8tmont Managvment Expondiluro on Charllable Aclivitl•s 367,747 15,097 263,912 5,911 373.658 15,097 544,314 338,805 18,960 584,095 180,824 119,578 Total expenditure 646,766 166,735 119178 933,069 939,860 Net plnBI{Ioss•8) on In￿Stments Netgalnsl(Ioss•8) on Investment woprtiO8 Net In¢owEI{expendlture) 12 62,457 117.000 1186,087) 62,457 (121,405) 117000 12 {119.5781 1306,666) (240,685 Tran8for Botwéon Funds 12,14 1289.660) 289,560 (Xhgr recognlsgd ga*wlllosso6): Netgalnslql￿$eB) on dlspogal of r￿ed a889ts 12 7.402 Net movement in funds (475.647) 169,982 1305,665) 1233.283) Reconclllatlon of funds: Balance at 1 April 2023 2,828.890 1,714,046 4,542,736 4,776,019 Balance at 31 ￿arth 2024 2,353W3 1,884.028 4237,071 4￿42 736 Th8 rth ￿ paggs 29 to 41 form part of Ihese ac¢ountS. 25 ACTES TRUST COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 xèdA*sgts Tangible ass8ts Investmènt Property In%Estm8nt - Schroders Total Kxod Assèts 2,246,818 613,000 1,100.594 3,960.212 2,094,923 730.000 1,376.864 4,201,787 Currént A88èts Debtors Cash at bank and in hand 33.211 326,589 369,800 78,335 397,617 475,952 Total CurrontAs89ts Liabilitles Creditors falllng due within on8 year 10 182,9411 (135,003) Net ¢urrant a880ts 276,859 340,949 Not ￿Sets 4,237,071 4,642,736 funds of tho ¢harSty: lthrestrlcted incom• fund8 Gener81 Funds Deslgnated Funds Revaluation Reserva 12 1,836,193 272,000 244,850 2,353,043 1,885,523 574,717 388,450 2,828,690 12 12 Total Unr&stri¢tsd Funds R•stri¢tad Income Funds Restrlctsd CapStal Funds 13 14 1,884,028 1,714,046 Total ¢harlty funds 4,237,071 4.542,736 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The Members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The notes on pag9s 28 to 39 form part oflhese accounts. 26 ACTES TRUST COMPANY LIMITED BY GUARANTEE BALANCE SHEET (eonllnu•d) AS AT 31 MARCH 2024 The Irustees acknowledge their responsibilities for ensuring that the chaiitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial ststernents which give a true and fair view of the stale of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othetwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statemenls have been audfted under the requiremenls of Section 145 of the Charrties Act 2011. (a) (b) These financial statements have been prepared in accordance with the provisions applicable to charitable companles subject to the 8mall companles regime. The financial stalements were approved ty the Board of Twstees 8nd authorised for issue on 18th November 2024 and were signed on its behalf by: ayne - Trustee Sharon Stuttard - Trustee Company Number- 04345294 Th6 notes on pap 29 to 41 fonn part oflhese accoun 27 ACTES TRUST COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from oprating activitia8; N•t ¢a8h provided by (u8•d In) oporatlng actlvitt•S (228,709) {82,S90) Ca8h flows from knstlng actlvhi•s: Dimdends, Intsrest and rènts from In￿$1ments PrO￿ed8 from the sale of propety, plant and 8quipment Purchas8 ofprop8ty. plantand aquipmant Proceeds from disposal of in*slments 106,765 107,630 28,798 13,400) {287,811) 338,727 Net cash provlded by lus•d in) Inve8tlng a¢tiYftl•8 157,681 133,206 In¢rna•e {d•cr•a•6) In ¢a8h and ¢08h •quival•nts in the yoAr 171,028 60A38 Cash and cash equivalents atthe baglnning of the ￿ar 397,617 347,181 Total¢ogh and ¢a8hoqulvalents atth8 •nd of th•year 19 328￿89 397,617 The note5 on pages 29 to 41 forn part oflhese accounts. 28 ACTES TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 SUMMARY OF SIGNIFICANT ACCOU￿rING POLICIES Genaral infomiation and basis of preparation Actes is a private company limited by guarantee in England I Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity's operations and principal activrties are the provision of recreational facilrties, room hire and catering, rental of investment properties and client led services. The charity constitutes a public benefrt entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity. The significant accounting policies appli8d in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Income recognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the char.ty is legally entitled to the income after any performance conditions have been met, the amount can be measured reliabty, and it is probable that the income will be received. For donations to be recognised Ihe charty will have been notlfied of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of perfomiance before entillement can be obtained, then income is deferred until those conditions are fully met or the fulfilmenl of those conditions is within the control of the charity, and it is probable that they will be fulfilled. No amount is included in the financial statements for volunleer time in line with the SORP (FRS 102). Income from govemmenl and other grants are recognised at fair value when the charity has entitlement afier any performance conditions have been met, it is probable thal the income will be re￿ived, and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred. 29 ACTES TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Icontinuad) Golng Concem The financial statements have been prepared on a going concem basis as the trustees believe that no material uncertainties currentty exist. The trustees have considered the level of funds held ar￿ the expected level of income and expenditure for 12 months from 8Uthorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concem. Expenditure recognition All expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all costs related to the category. Expenditure is recognised where there is 8 legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to reasonable expectation that the recipient will receive the grants. Where grants are conditional relaling to performance then the grant is only accrued when any unfulfilled conditions are outside of Ihe control of the charity, Flxed a88ets All fixed assets are Initially recorded al purchase cost plus the costs of any directly attributsble expendilure. Depreclatlon Depreciation is calculated so as to write off the cost of an asset, less Its estlmated residual value, over the useful economic Srfe of that asset as follows: Property Investmenl Propety Football Pitches Equipment Vehicles 50 years straight line No Depreciation 25 years straight line 4 years straighl line 10 years straight line 30 ACTES TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Investments The Multi Asset Investment is stated at market value at the balance sheet date. Market Value best represents a true and fair view of the value of these assets to the charity. The markel value is obtained from Schroderfs Wealth Management. The SOFA includes net gains and losses arising on revaluations and dlsposals throughout the year. Investment Properties Investment propertles are stated at market value at the balan￿ sheet date. Market Value best represents a true and fair view of the value of these assets to the charity. This is based on the valuation carried out by Michael Poole in July 2024 in readiness for marketing them for sale. The trust88s review the property values by reference to the market and other information on an annual basis and taking that into account along with the surveyors report in their opinion there has been a change in value during the financial year. The SOFA includes net gains and losses arising on revaluations and disposals throughout the year. Flnancial instrum8nts Financial Ilabilities and equity instruments are classified according to the substance of the contractual affangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Debtors and creditor8 receivablè I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising frorn impairment are recognised in expenditure. Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of one year or less from the date of acquisition or opening of the deposit or similar account. Taxatlon The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets Ihe definition of a charitable company for UK corporation tax purposes. 31 ACTES TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {continued) Fund Accountlng General funds are unrestricted funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designaled funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The airn and use of each designated fund is set out In the notes lo the financial statements. The capital fund identifies the funds available for restricted fixed assets. Restricted funds are those which can only be used in accordance with the wishes of the donor. Pension Contributions The charitable company operates a Personal Pension Scheme for the benefrt of tts own staff. Pension contributions to defined contribution schemes are written off to Ihe statement of financial activities in the year to which they relate. Transfer batrnen Funds The transfer between Capital funds and unreslricted fund8 represents movements in fixed assets. Irrecoverable VAT Irrecoverable VAT arising from partlal exemption is shown as a separate item and Included in resources expended in the year in which it arises. Judgements and key sources of estimation unGertalnty There are no judgements (apart from those involvlng estimates) that have had a signifKant effect on amounts recognised in the financlal statements: The estimates and assumptions Ihat could have a significant potential impact on the carrying values of assets and liabilities are as follows: (a) Useful economic lives of tangible fixed assets. These are set out in the depreciation policy note above and are the best estimate based on past experience and expected performance. (b) Valuation of investment properties. Independent professional valuations are obtained every five years and the Board considers whether this valuation is likely to have significantly changed in the intervening years. 32 ACTES TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Income from charitablo a¢twltl?s 2a ¢1w4rs RECBVABLE 2024 2023 National LotteryCommunity- Cllmalektion Fund National Lott8ryCommunity- Help Through Crisls Fund Tho National Lottery Community- Awards For Al European Social Fund - Youth Employrnenl Inltiali European Soci81 Fund- CommunityGrant Toès Valley Comblned ￿thority- Youth Employment Initiati* T888 Valley Combined Authority- ￿ltIPlY Fund OWP. Ki¢kstart OWP. Access To work Youth Endowment Fund Teosside Unl*rsity Mddlèsbrough Council Other Grants 82N04 19,312 9,826 37,288 74.762 19,339 106,704 9,351 20,903 480 14,922 2AOO 1,834 11,014 5.000 2rt40 2,612 11,100 2,S71 166.735 267,417 Th8 grants receivdd weTe tt)e only resthcted Income rnceiwd In 2024 and 2023. 2b COKTRACTS 2024 2023 Client Led SerMce6 - Work IT Out 1,B60 1,660 Thls contraclended In July2022. Incuno from oth•r tradlng aclivliles 2¢ AcrMTl￿ FOR IZERATNG FLTh4DS 2024 2023 Facilities - Room Hire Faciliti'es - 0ffi¢o Rental Faci5itlès - Café & Catering Facilities - Sports Pileh Hire Facilities - Other Income Client Led SeNtss - BenefitTake Up Campaign 189,338 47,658 83.269 63.690 2M13 17,895 170.991 S7￿40 71.846 51,092 9,510 404,563 360,979 33 ACTES TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 3 RESOURC￿ ExP￿DED Goneratlng Inve8tmont Charltable smptfrom Corporatlon Taxon its charitable a¢tiMt6es and thg Board belie￿ that no liability h88 arisen during the yèar. 35 ACTES TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 7 TANGBLE RX&IASSErs Freehold Pro￿rtY Leasehold Property ￿uIpment Vohlc108 Totsl A 1 Npril 2023 Pddltion8 Disposal I,0s4￿28 3,737,672 287.811 67.271 9063 4059,432 287,811 At31 March 2024 I,064￿26 4,026,483 07,271 9,963 S,147,243 t 1 April 2023 Charge for the yaar On Disposal 893,709 2021,877 10,517 119,578 47.678 5W24 1,246 2,764,509 997 136.116 At31 ￿reh 2024 704326 2,141,456 52,702 2,242 2.900,626 NEf BOOKVALi A31 Var¢h 2024 35OJOO 1.884,028 4￿69 7.721 2,246.618 At31 Wrch 2023 360017 1,715,79J5 9,693 ,710 2,094,923 Iditions relats lo the resurfacing ofthe 3G Sports Pltches locatsd on tho N£klam Gmen Centre slts. Atthe balance shèet date, the charitable company had contractsd with tenants for the following futura m inimum loa8e P9￿ments.. 2024 2023 Imthin one sear 30,000 30JlOO 36 ACTES TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 8 INVESTMENT8 Multi Asset Inv•slment Caionove Propertigs Total M#rkai Valuo Al 1 April 2023 Disposals GainslLos$88 1,376,864 1338,7271 62.467 730.000 2.106.864 1338,7271 (54,643) {117,000> At31 Wiarch 2024 1,100.594 613,000 1.713￿94 The Multi-Assat inv&stment is held primarily to provide an Inve8tsnént retum for the charity. It is staled al Falr V8lue as al the Bal8nce Shaot date. During Ihe year ther8 has boon disposals of £338,727 and a gain of £62,457. An ind6p6ndenl valuation was carrled out for the inv8Stment propertie8 in JLFly 2024 by J Michael Poole FNA84 (Hon81 MARLA of Michael Poole Propety Consultants Lirnited. This showed a decrease in markel value of £117,IX)O. The valuation was based on the properties being sold within the next 12 months. If invostment properties had not been revalued thoy would have been Included at the followin historical cost.. 2024 2023 Cost 466,430 466,430 D&preclatEon and Imp8imi•nts 98,280 98,280 DEBTOR8 2024 2023 Trade Debtors Prepaymonls and accrued incom? 18.270 14,941 31,214 47,121 33,211 37 ACTES TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 10 CREDITORS:knouts due within one year 2024 2023 Trad8 Creditors Cth8r taxlion and so¢lal security Oher credltors £cwals and deferred Income 16.631 19,093 12,048 36,169 27,058 27,348 76,196 82,941 135,003 Included wlthln P£crual$ and deferred income IB deferréd incomo amounting to £7,148 which comprises rent and facllltie8 income relating to fulure p8riods. 11 AP14LYBIS OFNEfASSEf8 BEfwEN BJNDS Lknr•strlctsd Capital Tots12024 FIxEd Assets Inbestrtents - Propertiès Inlesknents - Other Not CurrentP88ets 362,590 1084,028 2,246,618 1,100,694 276,859 1.100￿94 276,859 1,740,043 1,884.028 3,624,071 Unr•8trlcted Capltal Tolal 2023 Flx)d N88ats In￿s￿entS - Prop8rUe8 In￿s￿ents- Other NotCurrentA8sets 380,877 1,714,046 730,000 1A76064 340,949 2,094,923 730,000 1,378,864 340,949 2,828,690 1,714.046 4,$42,736 38 ACTES TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 12 LNIE8TRICTED IiIND8 2024 2023 Balanc8 broughtfoThiard Nel Resources Expended boforé In￿Strn￿nt Rerdlualions GainllLossl on 1n￿strnents G8inllLossl on sale of fjxpd assets Transfers tOff￿M Revaluation Reserrd Transfer from Designatsd Fund Transfer to Capital Funds lo65￿23 1.702,818 I131￿44) {107,67S) 62A57 {121AOS) 7A02 26,600 302.717 I289￿60} 384,283 Balance carr(6d forwa 1036,193 1165,523 DES11>4ATED FUNDS 2024 2023 Sport8 Piteh86 kklam Green Centr• Rasource Centr Housas Redundancles Dlspo&als Legal Fees 47.000 126.000 36,000 20,000 10,000 36,000 284,717 110,000 36,000 1 OOJ)00 10,000 361100 272,000 574,717 RevALUATION RES￿£ 2024 2023 Balancè broughtfomard Unrealised GainllLos$) on In*strnont Properties Transfer to unrestricted r8seThes 388,450 (117,000) 126,600) 308N50 80,000 Balan￿ carrS8d lorward 244,660 38BN60 TOTAL OF UNRESTRIrn RINDS 2,353,043 2,828.690 The transfor from unrèstricted funds to capital fund8 relate$ to th8 C08t ofr8surfacing the 3G Sports Pitche8. Designabd fund8 comprise unrestricted fvnds Ihat ha￿ been set asid8 by the truBtees for a 8peclfi¢ PUTPOSO. Thesg funds haNp been set up lo allow replac&m8nt ofandlor mAjor repairs to the charitys fi>Ed assets. ￿ere deemed necessary bythe trustgas thè fund is increased each year a¥ the assets depro¢1ots. Th8 désignatsd fvnds al¥0 include one-off promsions for uneypgcted redundan¢les and legal f88s. Thè 8>pected liming of this e>penditur• 1$ bwo to thr8è ￿ar8. The revaluation resarw relate8 to the gain8 Qn the marftet value oftha In￿$￿￿ent properties. 39 ACTES TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 13 ￿￿TRI￿r￿ FUNDS 2024 2023 Balance broughtforward Fund8 reCeI￿d in year E>pendlture in spar 166,735 267N17 1166,736) {287,417) Balancè cafrled forward 14 CAPITAL FUND8 2024 2023 Balance brought forward Depréciation Transfer fromno Unre¥trictod Funds 1,714,048 1005,751 I119￿78> 191.705) 289,560 Balanee carried forward l 084.028 1.714.046 Nftèr an annual r8Mew the Board considors Ihat th& rèstrictions ollhgse assets 18 8111 in plac8. The balan(* carried forward represents the kklam Green Centro and Sports Pit¢hos. 16 COMPANY LIMITED By￿Par The compgny is Ilmiled byguarantee and doe6 not ho￿ a share capltal. 16 R&AT&) PAirfYTRANSACTIOhS Thore were notran8actions wSth related parues durfng the ￿ar. 17 CAPITAL COMMITMENTS The Trust had no ¢ontractual commilmonts to future capttal eyendilure atthe year ond. 40 ACTES TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 18 RECONCILIATION OF1￿ INCOMEI(EXPENDITIJIP TO h￿￿15H FLOW FROM OPERATINGACTMTIES 2023 2024 Not In¢om•l{exp8nditure for the reportlng pèrlod (a8 par thp ststement of flnartclal actlvltle81 (305h651 (233.283 Alu8lm•nts for: Depreciation charges (GalnsllLosses on Invastment6 (GainsiiLosse8 on revaluation of Fi￿d Assets Dlvidends, Interestand ￿nts from in%E$lments Lossllprofitl on Ihe Balo of fi>Bd assets (Incroaseydocreasg in debtors Incraosellde¢raase) in creditor8 ¢•sh provld•d by I￿0d In) oporatlng actlvltiès 136,116 162A67) 117,000 (106,785} (107,630) 17A02) 75,514 108,139 41AOS 46,124 52,062 228 709 90 19 AP￿LY313 OF CASH AK>CASH EQUIVALEKrs 2024 2023 Cash at bank and In hand Notice d8posits (less than 3 months) Total Cash and caBh oqulval•nts 166,589 170000 326 589 227.817 170 000 397 617 20 COMMrrMEifs UND84 OPERATING LEA8 A31 Vorch 2024, th8 totsl minimum lease payTnents under non-can¢8llable operating leasos were a6 follows.. 2024 2023 ounts due wlthln one ￿•r mounts dug ovaroné year 2P16 86 DI 6.700 11 38 41