**Charity registration number 1126270** **Company registration number 05147976 (England and Wales)** ## **SOUTH SEFTON DEVELOPMENT TRUST** ## **TRADING AS REGENERUS** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2023** ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|N E Bellamy Voluntary Sector Manager| |---|---| ||J R Fairclough Councillor| ||C Hickey Business Advisor| ||L Jones Business Advisor and| ||Entrepreneur| ||J Stancombe Community Representative| ||G Walker Social Enterprise Chief Executive| |**Secretary**|D Dutton| |**Charity number**|1126270| |**Company number**|05147976| |**Registered office**|2nd Floor| ||The Investment Centre| ||375 Stanley Road| ||Bootle| ||Merseyside| ||United Kingdom| ||L20 3EF| |**Independent examiner**|Sedulo Liverpool Limited| ||5th Floor| ||Walker House| ||Exchange Flags| ||Liverpool| ||Merseyside| ||United Kingdom| ||L2 3YL| ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS CONTENTS** ||**Page**| |---|---| |Trustees report|1 - 5| |Independent examiner's report|6| |Statement of financial activities|7| |Balance sheet|8| |Notes to the financial statements|9 - 17| ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ 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 Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". ## **Objectives and activities** ## **Objectives and aims** The objects of the Trust are the promotion for the public benefit of urban or rural regeneration in areas of social and economic deprivation (and in particular the South Sefton area). Regenerus delivers its objectives through four main areas: Community Culture Enterprise Skills The staff and board assess new project ideas against these four areas to ensure we remain aligned to our purposes and aims. - 1 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **Achievements and performance** ## **1. Community** ## **1.1 Context** Charity objectives centre on community regeneration to make a difference to the lives of people living in South Sefton, which includes some of the poorest neighbourhoods in the UK, with 17 of the South Sefton Lower Super Output Areas being in the top 5% nationally. Economic challenges, increases in food and fuel poverty, and the resulting stress all have a significant impact on health and well-being. Regenerus facilitates community-led social action so that local people are empowered to contribute solutions to these local challenges. ## 1.2 Taking Root in Bootle Taking Root in Bootle aims to strengthen community cohesion and improve health and well-being, enhancing local places & spaces, by delivering environmental actions in collaboration with communities, social enterprises, the public and the private sectors. Taking Root connects 49 community growing, food and health projects, Green Sefton (Sefton Council), Hugh Baird College, Sefton Foodbank Network and the Asda Community Champion, now bringing together a total of 53 in our network. We link our members to share resources, knowledge and expertise and connect people across neighbourhoods. Our Taking Root team support existing community growing groups and work with new ones to establish community gardens, learn new skills and grow their own flowers, fruit and vegetables. In addition, collective activities under the Taking Root umbrella, such as greening Bootle’s streets are co-delivered with local people, adding value to the work of our members. We experiment and test innovative ways to encourage our community to think about the positive impact on health and well-being of growing and eating well. ## **RHS In Bloom 2022** Coordinated by the Taking root in Bootle team, South Sefton residents and organisations all got involved in the town’s third entry in the prestigious 2022 Royal Horticultural Society Northwest in Bloom event, pulling together a judging route that included some amazing alleyways, community gardens, wildflower meadows and local heritage areas, and finishing with a walk along the canal. We were delighted to receive a silver award. ## **RHS Tatton Park Flower Show 2022** This year we entered the Greener Front Garden category. The garden “Could Car Less” showed how sustainable design can help transform urban areas into low traffic, clean, safe neighbourhoods. The dedication of our volunteers paid off and we were delighted to receive a Gold award. Everything from the border was returned, re-used or planted in our network of Bootle gardens after the show to make them bloom even more. ## **National Lottery Communities Fund - Together for Our Planet** We were able to add another Community Growing Circle, adding 41 households to our 3rd circle in the Poets Streets area with support from the National Lottery Together for Our planet programme. Community Growing Circles link front yard mini farms to community composting to highlight the benefits of the circular food economy - reducing food miles, packaging and waste and providing families with home grown fresh produce literally on their doorstep. Residents have forged new connections with their neighbours, sharing advice, comparing notes and even being able to pass on some produce, “Having my front garden has been a topic of conversation with a neighbour and I’ve given a bag of own homegrown lettuce to a friend”. - 2 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **SMBC Church Ward Councillors** Following this success we introduced Community Growing Circle 4 with 15 families in Woodlands Road, who also enjoyed making their own garden furniture in our woodcraft workshop, with support from the Church Ward Councillors at Sefton MBC. These projects are designed with sustainability in mind. Now the compost systems are being regularly fed as members continue to bring their compostable waste, volunteers have learnt how to look after them, so completing the circle as the compost is ready for topping up the planters and pots and our front yard growers are all set for the next growing season. Overall we have over helped 150 families in Bootle get growing in their mini front yard farms, a new experience for many, as Sam said, “I have had so much fun growing my veg. I didn't think I would be able to as I can't grow anything”. ## **SMBC Linacre Ward Councillors** As part of Linacre Ward elected members commitment to green up Bootle’s busy Washington Parade Taking Root in Bootle took on the installation of 19 new planters. Western Red Cedar hedging plants were chosen for their carbon absorption properties and were planted in a mixed medium which includes Biochar, an organic product which allows trees to build up their own natural resilience and helps with water retention and drainage. Our community gardeners were helped by children from local school All Saints Catholic Primary who were delighted to come along and get involved with the planting, as they know how important the role of nature is in enhancing air quality. In addition, with support from Linacre Ward members, we installed 2 Air Quality Monitors along Washington Parade, which connected to a University of Liverpool project, which has created a network of sensors to monitor particulate matter pollution in the Liverpool City Region Area. The sensors work wirelessly and use solar panels, with pollution measurements taken every 30 minutes. Data undergo a descriptive analysis: levels of pollution, trends and patterns per site. ## **1.3 Environmental Improvements Fund** The Charity manages this grant fund on behalf of Linacre Ward Councillors at Sefton Council, investing Section 106 funds to encourage local residents to get together to clean up “grot spots”, revitalising and brightening up our local streets and spaces. Community led projects can receive support up to £1,000. ## **2. Culture** ## **2.1 Beautifying Bootle** Taking Root in Bootle continues to maintain the mosaic of wildflower meadows across Bootle, with our group of volunteers Meadow Makers, bringing nature to the doorstep of our residents, bringing beauty, colour and biodiversity. ## **2.2 Bootle Climate Action Festival** This year, Regenerus organised Bootle’s 1st ever Climate Action festival. Attended by over 250 visitors, there was something for all generations, including: the amazing air quality interactive experience from Immersive Interactive, how to reduce your food waste; what we can do to lessen our carbon footprint; better recycling; energy saving tips, understanding air quality, why we should be buying local and sustainable textiles. Bootle Canalside, which is being developed by Sefton Metropolitan Borough Council, was the perfect venue and the support of Linacre ward Councillors is much appreciated as they made the event possible. - 3 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **3. Skills** ## **3.1 Training** A cohort of 10 of our Taking Root in Bootle community growers completed their LJMU Leadership training, achieving Level 2 in the leadership course, ## **3.2 Living Well Sefton Neighbourhood Partnership** This year, the Neighbourhood Partnership grant enabled us to organise educational, fun outings for our community growers, including Southport Flower Show, a breakfast out as a thank you for our Friday Tidy gang, a visit to Gilmoss Recycling Discovery Centre, a trip to visit Manchester Urban Diggers and find out more about their Market Garden in Platt Fields Park and a day out to RHS Bridgewater. In total 58 volunteers enjoyed new experiences. ## **Investment Centre** Following the challenges of recent years, things are looking more positive with the Charity starting to receive more enquiries for office space and two new tenants moving in this year. ## **Investors in People** The Charity successfully completed the annual context review to maintain accreditation against the 6th Generation Investors in People Standard, recognising our embedded organisational culture and how our values drive decision-making at every level, empowering people to deliver exactly what’s needed. ## **Financial review** During the year, the charitable company received income of £296,329 (2022 - £371,531). This income arose from rent and service charge income long with grants for specific projects for both the current and previous year. The principal funding sources during the year were as follows: |pal fundingsources duringtheyear were as follows:|| |---|---| ||£| |The Investment Centre|232,279| |Grant income – SMBC– Section 106 –(Linacre Ward)|23,661| |Grant income – SMBC – Section 106 –(Church Ward)|11,523| |Grant income – LivingWell Sefton|2,943| |Grant income – NLCF, Together for Our Planet
Grant income – Well Sefton
Grant income – Liverpool Growers|9,473
2,849
500| ||| The expenditure incurred in the year was £360,777 (2022 - £427,128). This all relates to charitable activities and is inclusive of support and governance costs. In the year ended 31 March 2023 the charitable company had net expenditure of £64,448 (2022 - income of £340,683). The increase in surplus during the previous year arose from the gain on revaluation of the investment property. ## **Reserves policy** It is South Sefton Development Trust's policy to build and maintain reserves of more than 12 months of the core operating costs (£150,000). The Trust entered the year with £154,012 in unrestricted funds in reserves which, at the end of the year, amounted to £85,233. ## **Structure, governance and management** ## **Governing document** South Sefton Development Trust is a charitable company limited by guarantee (Company no 5147976), incorporated on 8th June 2004 and registered as a charity (no 1126270) on 13th October 2008. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and it is governed by its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1. - 4 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **Recruitment and appointment of new trustees** The Directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association, one third of the Directors must retire by rotation, after which they may stand for reelection. The Board of Trustees regularly review the skills mix of Board members to identify any skills gaps and actively seek to recruit new Board members who bring the relevant skills to. Recruitment is through relevant forums wherever possible, or by approach to individuals. The Charity benefits from its Board of Trustees who contribute relevant experience from a wide variety of backgrounds, including: finance, marketing and organisational management, from the public, private and social economy sectors, and local knowledge of South Sefton. Trustees contribute commercial experience, expertise across all business disciplines and knowledge of the community and social economy sector. ## **Induction and training of new trustees** Directors/Trustees are presented with an induction pack when they first take office, this outlines the roles and responsibilities they face as company directors and charity trustees, together with the aims and objectives of the Trust. We undertake an individual needs audit, and provide additional training for individual trustees should it be required. The Trustees report was approved by the Board of Trustees. J R Fairclough Councillor Date: 18 December 2023 - 5 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF SOUTH SEFTON DEVELOPMENT TRUST** I report to the trustees on my examination of the financial statements of South Sefton Development Trust (the charity) for the year ended 31 March 2023. ## **Responsibilities 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 preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or - 4 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## **Sedulo Liverpool Limited** ## **Hilene Henry BSc (Hons) FCA FCCA** 5th Floor Walker House Exchange Flags Liverpool Merseyside L2 3YL United Kingdom Dated: 20 December 2023 - 6 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**Unrestricted**
**funds**
**2023**
**Notes**
**£**
**Income from:**
Donations and legacies
**2**
-
Charitable activities
**3**
244,880
**Total income**
244,880
Charitable activities
**4**
313,659
**Net income/(expenditure)**
(68,779)
Transfers between funds
-
**Other recognised gains**
**and losses:**
Revaluation of tangible
fixed assets
-
**Net movement in funds**
(68,779)
**Reconciliation of funds:**
Fund balances at 1 April 2022
550,292
**Fund balances at 31 March 2023**
481,513|**Restricted**
**funds**
**2023**
**£**
51,449
-
51,449
47,118
4,331
-
-
4,331
1,501,540
1,505,871|**Total**
**Unrestricted**
**funds**
**2023**
**2022**
**£**
**£**
51,449
-
244,880
248,502
296,329
248,502
360,777
303,594
(64,448)
(55,092)
-
9,148
-
396,280
(64,448)
350,336
2,051,832
199,956
1,987,384
550,292|**Restricted**
**funds**
**2022**
**£**
123,029
-
123,029
123,534
(505)
(9,148)
-
(9,653)
1,511,193
1,501,540|**Total**
**2022**
**£**
123,029
248,502
371,531
427,128
(55,597)
-
396,280
340,683
1,711,149
2,051,832| |---|---|---|---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 7 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS BALANCE SHEET** ## _**AS AT 31 MARCH 2023**_ |**Notes**
**Fixed assets**
Tangible assets
**8**
**Current assets**
Debtors
**9**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**10**
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Restricted income funds
**11**
Unrestricted funds|**2023**
**£**
57,271
71,332
128,603
39,248|**£**
1,898,029
89,355
1,987,384
1,505,871
481,513
1,987,384|**2022**
**£**
70,526
156,561
227,087
73,353|**£**
1,898,098
153,734| |---|---|---|---|---| |||||2,051,832| |||||1,501,540
550,292| |||||2,051,832| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on 18 December 2023 J R Fairclough Councillor **Trustee** Company registration number 05147976 (England and Wales) - 8 - **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** ## **Charity information** South Sefton Development Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 2nd Floor, The Investment Centre, 375 Stanley Road, Bootle, Merseyside, L20 3EF, United Kingdom. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. - 9 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Long leasehold No depreciation Fixtures and fittings 25% on reducing balance Computers 25% on reducing balance Investment property No depreciation The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which 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 revaluation is recognised in profit or loss. ## **1.7 Impairment 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 impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.8 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. ## **1.9 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. - 10 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** **(Continued)** ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes 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 are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified 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 charity is exempt from corporation tax on its charitable activities. ## **1.11 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.12 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **1.13 Irrecoverable VAT** All resources expended are classified under the activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. ## **2 Income from donations and legacies** ||**Restricted**|**Restricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Grants|51,449|123,029| - 11 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **3 Income from charitable activities** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Other income|-|5,029| |Rent and Service Charge|244,880|243,473| ||244,880|248,502| - 12 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ **4 Expenditure on charitable activities** |**Charitable**
**activities**
**Support costs**
**2023**
**2023**
**£**
**£**
**Direct costs**
Staff costs
-
83,570
Depreciation and
impairment
70
-
Hire of plant and machinery
1,488
-
Rates, water, light and heat
47,770
-
Insurance
10,306
-
Advertising
5,760
-
Repairs and renewals
87,128
-
Sundries
2,379
-
Security expenses
39,893
-
Telephone
-
3,815
Post and stationery
-
2,197
Bank charges
-
547
Cleaning costs
-
27,527
Direct charitable expenses
47,118
-
241,912
117,656
**Share of support and governance costs (see note 5)**
Support
(3,097)
-
Governance
4,306
-
243,121
117,656
**Analysis by fund**
Unrestricted funds
196,003
117,656
Restricted funds
47,118
-
243,121
117,656|**Total**
**Charitable**
**activities**
**Support costs**
**2023**
**2022**
**2022**
**£**
**£**
**£**
83,570
-
87,666
70
93
-
1,488
2,794
-
47,770
64,760
-
10,306
11,011
-
5,760
6,755
-
87,128
51,034
-
2,379
3,063
-
39,893
37,515
-
3,815
-
1,044
2,197
-
2,650
547
-
513
27,527
-
28,604
47,118
123,534
-
359,568
300,559
120,477
(3,097)
783
-
4,306
5,309
-
360,777
306,651
120,477
313,659
183,117
120,477
47,118
123,534
-
360,777
306,651
120,477|**Total**
**2022**
**£**
87,666
93
2,794
64,760
11,011
6,755
51,034
3,063
37,515
1,044
2,650
513
28,604
123,534| |---|---|---| |||421,036
783
5,309| |||427,128| |||303,594
123,534| |||427,128| - 13 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **5 Support costs allocated to activities** |**Support costs allocated to activities**||| |---|---|---| |Governance costs
**Analysed between:**
Charitable activities|**2023**
**£**
(3,097)
4,306
1,209
1,209|**2022**
**£**
783
5,309| |||6,092| |||6,092| ## **6 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **7 Employees** The average monthly number of employees during the year was: ||**2023**|**2022**| |---|---|---| ||**Number**|**Number**| |Administrative staff|3|3| |**Employment costs**|**2023**|**2022**| ||**£**|**£**| |Wages and salaries|80,207|83,779| |Social security costs|975|1,460| |Other pension costs|2,388|2,427| ||83,570|87,666| There were no employees whose annual remuneration was more than £60,000. - 14 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **8 Tangible fixed assets** |**Long leasehold**
**£**
**Cost**
At 1 April 2022
47,820
At 31 March 2023
47,820
**Depreciation and impairment**
At 1 April 2022
-
Depreciation charged in the year
-
At 31 March 2023
-
**Carrying amount**
At 31 March 2023
47,820
At 31 March 2022
47,820|**Fixtures and**
**fittings**
**£**
11,098
11,098
11,098
-
11,098
-
-|**Computers**
**£**
6,343
6,343
6,064
70
6,134
209
278|**Investment**
**property**
**£**
1,850,000
1,850,000
-
-
-
1,850,000
1,850,000|**Total**
**£**
1,915,261| |---|---|---|---|---| |||||1,915,261| |||||17,162
70| |||||17,232| |||||1,898,029| |||||1,898,098| The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st March 2022 by ASL 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 prices for similar properties. The historic cost of the property is £1,468,260. ## **9 Debtors** |**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2023**
**£**
44,063
10,524
2,684
57,271|**2022**
**£**
36,867
20,173
13,486| |---|---|---| |||70,526| ## **10 Creditors: amounts falling due within one year** |Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income|**2023**
**£**
1,711
3,965
5,081
28,491
39,248|**2022**
**£**
3,279
32,698
12,654
24,722| |---|---|---| |||73,353| - 15 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **11 Restricted 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**
Restricted funds
**Previous year:**
**At 1**
Restricted funds|**April 2022**
**£**
1,501,540
**April 2021**
**£**
1,511,193|**Incoming**
**resources**
**£**
51,449
**Incoming**
**resources**
**£**
123,029|**Resources**
**expended**
**£**
(47,118)
**Resources**
**expended**
**£**
(123,534)|**Transfers**
**At 31 March**
**2023**
**£**
**£**
-
1,505,871
**Transfers**
**At 31 March**
**2022**
**£**
**£**
(9,148)
1,501,540| |---|---|---|---|---| ## **12 Unrestricted funds** The unrestricted funds of the charity 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. They also comprise of a revaluation reserve with a balance of £396,280 (2022: £396,280). |**At 1 April 2022**
**Incoming**
**resources**
**£**
**£**
General funds
550,292
244,880
**Previous year:**
**At 1 April 2021**
**Incoming**
**resources**
**£**
**£**
General funds
199,956
248,502
**Analysis of net assets between funds**
**Fund balances at 31 March 2023 are represented by:**
Tangible assets
Current assets/(liabilities)|**Resources**
**expended**
**TransfersGains**
**£**
**£**
(313,659)
-
**Resources**
**expended**
**TransfersGains**
**£**
**£**
(303,594)
9,148
**Unrestricted**
**funds**
**2023**
**£**
396,789
84,724
481,513|**and losses**
**At 31 March**
**2023**
**£**
**£**
-
481,513
**and losses**
**At 31 March**
**2022**
**£**
**£**
396,280
550,292
**Restricted**
**Total**
**funds**
**2023**
**2023**
**£**
**£**
1,501,240
1,898,029
4,631
89,355
1,505,871
1,987,384|**and losses**
**At 31 March**
**2023**
**£**
**£**
-
481,513
**and losses**
**At 31 March**
**2022**
**£**
**£**
396,280
550,292
**Restricted**
**Total**
**funds**
**2023**
**2023**
**£**
**£**
1,501,240
1,898,029
4,631
89,355
1,505,871
1,987,384| |---|---|---|---| ||||**Total**
**2023**
**£**
1,898,029
89,355| ||||1,987,384| ## **13 Analysis of net assets between funds** - 16 - ## **SOUTH SEFTON DEVELOPMENT TRUST TRADING AS REGENERUS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**13**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**2022**
**£**
**Fund balances at 31 March 2022 are represented by:**
Tangible assets
396,558
Current assets/(liabilities)
153,734
550,292|**(Continued)**
**Restricted**
**Total**
**funds**
**2022**
**2022**
**£**
**£**
1,501,540
1,898,098
-
153,734
1,501,540
2,051,832|**(Continued)**
**Restricted**
**Total**
**funds**
**2022**
**2022**
**£**
**£**
1,501,540
1,898,098
-
153,734
1,501,540
2,051,832| |---|---|---| |||2,051,832| ## **14 Related party transactions** There were no disclosable related party transactions during the year (2022 - none). ## **15 Limited by Guarantee** The Charity is a public benefit entity and is limited by guarantee Incorporated in England and Wales. In the event of winding up the company, each member is required to contribute £1. The registered office is The Investment Centre, 375 Stanley Road, Bootle, Merseyside L20 3EF - 17 -