Company ￿gIstratiOn Durnber.. 06438248 Cbarity registratioD nullthr. 1126292 North Wealden Community Transport Partnership Limited (A cornpany lirnited by guarnn¢ee) AnDual Re￿rt and Financial Statrmellts for the Year Ended 30 Novetnber 2021 AIMS Chartered Accountsnts The Coach House Warren House Eridge Green Tunbridge Wells TN3 9JR *A8BGIQEX* 3Q10￿2022 COMPANIES HOUSE A15 4168 Contents RefrreDce aDd AdmtDistrdtive Detti15 Strategic Report 2to3 Stst¢m¢ot of Tn￿te¢￿ Responsibilities IndepeDdent Examin&5 Re￿rt Statemet2t of Financial Activiti¢s 7t08 B￿STIce Sheet Noies io ihe Finan¢ial Sthi¢meDts IOto18 Reference and Admillistrative Detalls Trustees Mrs L Grdba Mr MS Tollit Mr TD SpatTOW Mr CG Sio¢ks (resigttd 12 AugusE 2021) Mr David Watson Mr Anthony Allen (apFrt)inted 21 August 2021) Prrntip*l Offjee Suite IA, The Byre Hi)dore Fami Upper Harfjeld Ea51 Su5Stx TN74AR Company Registration 06438248 Cbarity Registration Nurnber 1126292 Independe•t Eumine The Coach House Warren House Eridge Green Tunbridge Wells TN3 9Jk Pa8¢ I Strategic Report for the Year Ended 30 November 2021 The m]stees. who are director5 for the purrA)ses of company law. prr5cnt their strategic reFrt)rt for the year eDded 30 November 2021. in cornpliaDce vrith $414C of the CoAnpath"¢s Art 2006. Aims a*)d Purposes Nortb Weaidett CotllTnutsity Transport Partnership Limited aims to provide affordable and accessible publie traosport to I￿8] Tesidents in North Wealdenand the 5Utrounding Objectives and Activities Th¢ object of the ¢hètity is io provide comtnuDity transport services for the public beDefii in rural area5 for twple WI￿ are vulnerable or disadvaniaged because of age. sickness. disability (rnentsl or physical). poverty. or iwause of # lack of availability of adequate ar￿ appropriate public passenger services. thereby helping them to mbai social isolation aod increase personal independenc The Company seeks to offer 2 Y8rtge of ¢omrnunity transp)rt servi¢es withyn North Wealden and its environs: s may Ln¢lud¢ parts of East Ood West Sussex and North West Kent ¢0 cnablc servtce continuity. Achievements •nd P¢rforni#n¢t Th¢ ￿e1ve months io the end of November 2021 o)ntJnued to be ¢ltoll¢ngin& due to the ongoing CoronaviTUS pandemic, however the Company continued to do its best to rise to the ¢hall¢rtg¢ in order io achieve lis slateAI objectives attd to providt community stsppon. thanks to a stt)all nujnber ot very bard wothg volunteers ajd paid stsff. without whose dedicatioo wJDeTabk people io the Iwal commLJnity would have $uff¢tEd far nwe. The third l(Kkdown ID early 2021 Ibai the core door-io4oor shoppin8 Servi￿ nom]aUy used by eld¢rly and disabled people again replaced by a r￿0￿81 shopping service, brin¥iD8 ￿0centS to the homes of the majority of regular pas5eDgtr5 wbj were wjabk to 80 OUL The four timetabl￿ n￿dI bu5 routes continued to operatc throughout the year. three of wbich are ull¢kr cotttrdct ro East Sussex Cowity CourKil. although pa$5eDgcr Dumbers rulu¢•J 5iDce the rnaiority using these 5¢rv2¢¢s are old¢rFgopl¢ holding conc￿j0nary bus p8sses. ODCC schrKJ15 re-optned, the company w&$ able ￿ offer transwt to Swjnll￿8 sessRons to two local primary schools, but no conunuDity trips took place. The number of voluntecr5 driving during the ytar remained low. however 6 paid ernployees continued worlon& including 4 part-time paid dtiveT5 for the contTaCf work. and the part-time Operdtions and Office Manager5. who played a vital role io managiog the shopping delivery ser¥i¢e with the help of a sm811 number of volunteers. Six unpajd Tnjstees oYeEs•w govenjanre i*ue4 a￿d rnet fow times th]ring thE ycaw. Services were opernted on a fuil4¢OSt-Te¢ov¢ry* profit b&si$ usitig voluoieer4triv¢n a¢¢es$ible minibus on¢ of wly"¢h was doTJated through a Govern￿1 *b¢me in 2016. were funded by ¢hargmg affordable fares, by donaiion4 by contributiolls froa) p8fLsh couo¢ils. and by a thret-year SeTvi¢e L¢vel Agjrement Gtaot with Wealden District Council in an 8mouDr of £5.500 per aonum. paid quarterly on submisston of a monitoring report. Thhs h&5 [￿W beeo renewed for a ￿￿kne1 thff¢ y¢ars. Pag¢ 2 StrAtegic Report for the Year Ended 30 November 2021 ttl SUn]mary, the Corllpany able ty use its resoutces lo conti￿U¢ to provide cornttwnity Irartsport services for the benefit of the publiE particularly those unable to use re8vlar bus services and older people living aJoD¢ or in theltered housiug in Ntsnb Wealden duriog 2021. The tyngible be[￿fits ffom the Cornpanys a¢tivtli&% in this predominantly n￿21 arta are." I¢￿ef of lotteline5s. helpiDg people to iivc iDdependent Itves by delivering c5sential Supplies, or when possible dooi-iithr tra￿port to 5bops: aLso pwviding oppottUTLities (or volunteeJill8 and employmenL on IL5 behalf by.. Mr DMK Graham Ttustee StsterneDI of Trustees, Responslbilities The ttusiees (who are a150 tbe dire¢iots of North Wealden CoEntDUWry TraDSPOrt Par￿[shIp Limited for tbe PUTP05es of company law) are respo￿7￿1e for prqjaring thc fiuancid 5ts1ements in accordance with th¢ Unit Kingdom AccouDtiDg Stattdards (United Kingdom Generduy Acccptcd AccoutLtiDg Pt8tti¢e) and applirable law and re8ulatioDS. Company law r4UiTes the tTUStr& io PTEparc fina￿¢1a1 thiem¢nts for each financial year. Under ¢ompany law ¢be trustees must not approve the financial statetnellts unless they are saiisfied that they give a true aDd fair view of the stale of Èffairs of the charitsble compaDy and of its iDcotDiDg ThUTce5 and applicatioll of resourcc& iucludj.ng its in¢om¢ and ¢xpenditur4 for that puiod. In preparill8 these financial Statetllen￿ the I￿Stee5 are required io: select suitable accounting policies and apply them consis*nlly: observe thE rnetho& and principles ID the Chariti&% SORP. make judgements and estimat¢s thal are wsonable and pn￿en￿ statr whether applicable UK Accounting Standards have been followe4L subjeci to any material d¢parn￿¢s disc105ed and explained in the financial ￿ateMents. and prepare the fLnaneial statements on the goin8 concern b￿lS unless ti is inappmpriate to presume that the charittbl¢ company will continue in b￿l￿eSS. Thr tru5t¢f5 arE rrspO￿%1blc for keepiDg adequate x¢ourfing tt¢ords that art wfE¢i¢nt to slKTrW alld explain the chaTitable companys tramsaction$ and dis¢iose with reasonabl¢ a¢¢ur2¢y at afjy time the finaD¢ial position of th¢ charstable company arjd eDable thctu to ensu￿ that the fmancial swernents ¢omply with the Comp￿1¢$ Act 2￿)6. They arr also Tesponsible for Safrgv#￿itig the assets of the ¢hdritable company hence for takijig reasonknlc slrp5 for thc prrvcntion and dctrction of frJud and other ineguiatiti r DMK Graham Tru$t¢e Page 5 Independent Ex*mlner'$ Report to the tn15tee$ of North Wealden Community Transport Parlnership LAmited I retx)rt on the accowjts of thecharity for the yegr cThJed 30 Novernber 2021 whicb are set out OD pag¢s 7 to 18. Resp¢ttlve responsibRiities of trusttt5 exAmiDer The wusters (wlw are the dirtctvts of th¢ ronwany for th¢ purposes of COTnpany Law) aff respoDsible for the preparation of the aecounts. The trILwees consider that an akndii is not required for this ye4r under section 144(2) of the Charitie5 Act 2011 (the 201 L Arl) and that all ind¢p¢DdeDt exaLniuation is needed. Having s¥tisfied myself thai th¢ ¢horiry is not subject to atylit ullder co]Dpatty taw 8nd is eligible fy independent exajnination, li Is my restx)Dsibility to.. ¢xamint the accounts under section 145 of the 2011 ACL to follow the proctdurc5 laid doFm JD the gencTaJ Di¥t¢tion$ gtVCD by the Charity Commission urtder se¢tion 14515)(b) of the 2011 Act: and to stale whether parti¢ular mattets bav¢ ¢ome to my atttotion. Basi5 Of iJJdtpende￿t ex*miner'$ report My examittation was carried out in accordallcc with thc genctsl Di￿11￿]$ given by th¢ Charity Commt%sion. An examinatioTh include5 a review of thE a¢cowitiDg records kept by tht ¢harity at)d a tomparisoo of the 8¢cowits presented with thos¢ record& It also includ&s considerntion of any unusual itrrns or disclosures in the 8¢¢ount5, and seeking explanatsons frorn you as trustees coDcerning any su¢b m#ftcr5. The pr¢xedurEs undertaken do not Provide all the evidence that would be requi￿1 in att audit and ¢4)nsequent]y no opinion is giv¢Ii as Iv w)wher th¢ ac¢ounts aThJ fair view. and the report is limited to those matteT5 Set out in th¢ statemeot below. ltsd¢peodeot ex•mloer'$ s¢*temtnt conllectiott with my ex3mioaiioN DoJ))aller Jjas CLW lo my attentioD: (l) whi¢b gives me reasonable cause to btlicve that in aDy material respeth the r¢quirernents.' to keep accounting records in a¢¢oTd¥tsce with wion 386 of the Companies A¢t 2006: aDd . to PTeWe ac¢¢xLnts which ar¢oYd wtth the accountin8 recoT&. comply with th¢ accounting requireTnents of S¢¢Liort 396 of the compani￿ Ad 2006 avj with the rneihods and PriTKipl¢s of the Siatem¢ni of Recommended Practice: A¢couDiing and R¢pxtr8 by Charities have not beeft met.. or {2} to which. rtty ¢)PiniOfJ. att￿110￿ sknu]d be dra￿ in order to enable a propeT undtrstsnding of the accounts to be ￿he& Lyt 08ch House House Etidge Gteen Tunbrid8e Wells TN3 9JR Date...... Page 6 ststement of Financial Activities for the Yegr Ende4130 November 2021 (Including Income and Expenditure Account and Statement of Total Reeognised Gains and Losses) Tot81 21121 fuDds Not¢ Income and Endowments frotiL DollatioDS and leg2¢ies Other trading activities Inv&%trnent income 21.864 72282 322 21.864 72282 322 Total Income 94.468 94,468 E.¥pe￿￿Iturt ott: Wages and salaries Staff training Motor expenses Depreciation of motor Vehicles Depreciation of office equipment (Profity]oss on disposal of tangible fixed assets Rent {48,963) {306) {27.720) (11.749) (242) (48.963) (306) (27.720) (11,749) (242) 4.500 12,520) (25l) (9451 (186) (1,477} (104) (742) .607) 12.520) (251) (945) (186) (1.477) (104) (742) .607 Rates Telephone and fax PJiniing, postage and ststionery Sundry eX￿nseS Cltarlillg Light, heat and power Inswan¢e Total Expenditure {94,312) (94.3121 Nei In￿me 156 156 Net movement in fi￿d5 156 156 Reconciliation of fuDds Total futmls brougkn forward Toral funds carried fonvard 156J69 156,369 13 156,525 156,525 Total 2020 Unrestricted IuDdg Note Ineorne and Endowments from: Dooations and legacies Othcr trading actLVlties LDvesmient incotne 17.817 85263 415 85.263 415 Total Income 103.495 103,495 EXpendI￿re on: Raising fi]nds Charitable activities {86.109) 1.063 (86.109) (1.063 Totsl Expenditure (87,172 (87.172 Page 7 Statement of Financial Aetlvltles for the Year Ended 30 November 2021 (Including Income and ExpeDditure Account and StsteTheDt of Total Recognised Gains and Losses) U￿reStricted funds Tot 2020 Net itKome 16.323 16.323 N¢1 n)ovement in fiJnds 16.323 16,323 Recooclllit60tt of fumls Toul fvods brought fonvard 139.684 139.684 Total fund5 carried fonvard 13 156.007 156,007 Alk of the cbaTiiy'S auivTties deriTrt from conlinuing oErrdtions during the abovc two wiods. The fi]nd% bre&kdowm for 2020 is shown in note 13. Page 8 Oiegi5tration number: 06438248) Balance Sheet as at 30 November 2021 2021 2020 N￿¢ Fixed assets Tangible assets Current a￿ets Debtors C&sh at bank and in hand 35214 13.897 489 118.367 490 139.706 18.856 140.196 Creditors: Amounts f*lllng due plthiD ottt year 12 2.455 1.914 Net current assets 142.L 10 Nel ass¢ts 156,525 156.007 Fwids of tbe charity-. Unrestricted incorne funds U]Jrestricted funds 156.525 156,¢)07 Ttstsi funds 13 156,525 IS6,007 For the financial year ending 30 Nov¢Tnber 2021 the clwi.ty was entitled io exemption froD) audit und¢r section 477 of the Companies Act 2C#)6 relating io srnall ¢omp8tiies. Directors, rupoDsibilities'. The Membe￿ hav¢ not required th¢ Cl￿1￿ to obthin gn audit of its acCO￿lts for the yeaF in qU￿10n in accordance ￿th section 476" and The dirt￿0[$ acknowledge their resyonsibilities for complying vrith the rquirements of the Act with rtyct to a￿ountIng records and the prep8r*ion of a¢¢ounts. These a¢counts have tten preparrd in a¢wdanc¢ with tht provisio￿ applicable to companies subjrct to thc small companies regmi¢ ncial swemeots on pag&s 7 10 18 approved by the tnJMee4 and audK)rised for issue on lJttd sigtted on tbethr trxhalf by: Mr DMK Gratham Trnstee Page 9 Notes to the FiDaDcial StatemeDts for ihe Year Ended 30 November 2021 I Cb8rity 5tsts5 The charity is a cbarity limited by guatanttt LY)osWen￿y does not have sh8re capital. E8¢h olthe miste¢s Is liable lo cojjtribute an ¥mryJni exczuJiDg £Nil ￿￿VarI￿ th¢ 855ets of the cbarity in th¢ evenl of liqufftdation. 2 Ae¢ounting policies Summgry of 5ignifiunt accounting policie5 And key actDuTrtin¥ e51iM*te5 Th¢ principal accounttng poltcies applted in the preparation of these financial staterncnts ar¢ set out below. These trt)licie5 have been consistenily applied to all the year5 p￿sented. unle55 otherwisc ststed. Ststem¢Dt of 2 Febnwy 2016 and have therefore not included a cash flow 5t8temeoi rn these firtan¢ial statern￿ts. IDcorne and endowrnents All income is recognised once the charity hds entitlcment income. il is probable that the income will be received atkd the atllouTht of the inrouLe r￿e1vable ¢arn ￿ m￿Ur¥j teliably. Dojrotions And 1¢8anéS DoT)aiion$ are r¢cow]Js¢d ivhen the charity h&% be￿ noiified ID wrilinu of both the 8mounl aJKI seulun¢nt dai¢. In the event that a d(￿￿￿0￿ is subject ￿ conditioos th31 require a tevel of perfomJan¢t by the charity before the ebarity is ¢ntiiled to the fi￿d8. tbe income ts deferred and no¢ reCO￿Ls¢d until either those conditions are fijlly met. or the fidfilmtnt of th¢)se coDditioD5 is wholly withhn th¢ Control of the ¢batity and it is probable that these conditiOD$ will be fulfilled in ihe reporting period_ retetvable Grants are r#o8Aised when th¢ cbariry has an entitlement to the funds and any Condition¥ linked to the grdnts have been mei. Where perfom)ance condÉtions are atyachcd to the grant and arc yet to bc tht Inromr 15 reCo￿lIsed as a liability and in¢ludcd on the balance $hret as defeTT&I income lo be released. Page 10 Notes to the FiDaDci41 Statements for the Year Ended 30 November 2021 Inv£slmentiMcome DivideDds att recognis¢d once the dividend has been d￿laT￿j and [￿lfi¢￿ has been received of th¢ divid due. Expenditure All expendittre is r¢co8nÈsed ¢)nce th￿C is a It￿ or Coxstructive obligaiioll io that ¢xp¢ndittLr¢, it 1$ probabl¢ settlemeai is req￿lled and th¢ arnowii can be tne4sured rcliabiy. All costs a￿ alloca1￿ to tb¢ applicable expenditure heading that xggffgate similar costs to thai eate80ry. Where costs cannot bc dirtctly attribuied to particular hcading5 they have been allocated on a b3Si5 consisient with the use of resources. with central staff costs allocated OD the basis of time and dep¥e¢iWion charges allocated on the porbon of the ￿et'S use. Other support cosL8 are allocated b&sed on thc spread of sthff costs. Rai￿NSI￿ndS These are costs itsctsffed in attraciing voluntsry incom4 the Tnana8emtnt of investments and those inCur￿d in tradin8 adivitics that rnise fund& GoverD*nce costs Tb¢se include tbe costs attriburable to the charity's compliance wsth ¢VDSLibJtional aod srawtory i¢quiremeots. ittcluding 8udi4 strategic mana8ement and M￿,$ mc£tillgs and tEitithutsed expeTLses. Goverthm¢nt grants Government grants are recognised based on accrual m(#Jel and are at the fair value of the asset received or receivablc. Grants are classifi￿ as ￿l81)ng eithtr to revenue or to assets. Grants r¢lating to r¢venue are recognised iti tn¢ome over tbe period io which th¢ reJ2ied costs ate recogtLiStd. Grants relating to assets are recogDi5ed over the expertrd us¢fi￿ l&fe of the &gseL Whert part of a 8rant rdating lo an asset is defert it is rccognised as deferred income. T8K*￿￿n The charity 1$ considered to pa&8 the tests set out in Pawagraph I Schthlc 6 of the Finance Act 2010 and therefor¢ it meets the defjnition of a charitsble company for UK coryyoration tax purpo￿. Accordingly. the chariry is ￿)tentIallY exempt frorn taxation in re5pe£t of income or ¢2pi¢aJ gains received within categori¢s ¢ovettd by Chapter 3 Pon I l of the Cotporation Tax Act 2010 or Section 256 of thc Taxation of Chargeable Gains Act 1992, to the extent that such incorne or 88ins aTe applied exclusivety to charitsble purpose5. TAngible r￿ed assets Individua] assrts fOSting £0.00 or more aft initially r￿Orded at le&$ w)y subwueni a￿um￿lated depreciation and 5ubsequenl accumulated hmpairmeoi 1055e5. Dtprecialioth *nd #mortts*tioo Depreciation 15 provided OD tangible fixed &ssets 50 as to wrile otf the or valuatioJL less aDy ellirn*ed residual value. over their expe¢ted us¢ful e￿￿Orni¢ life a5 follows-. Pagrll Notes to the Financial Ststements for the Ytsr Ended 30 November 2021 Tr*de debtors Trade debtors are amounts due ojstomers for sold or services perfOrn￿d iti the ordinary )urse of busioess. Trade debtors are I￿o80]sed inhtiauy at the tsansaction price. They are subsequently measured at arnottised cost USiDg the effective interest meth(xL provision for impalm￿￿L A provision for the I￿p￿￿ent of trade debtors is established when there is obJe¢ti¥e evideDt¢ that th¢ charity will Dot be abl¢ to collect all amounts due accNdiThg io th¢ 0ri8inal lemis of tlje rt£eiv8ble5. Cash xod ush eqUI￿1¢￿ts Cash and cash couivalents Comprise cosh on haTrd and call deposits, and other short-rerni highly liquid tnv¢stmcnts that are reathly ¢onvertible to a known amount of cash and are subject lo an in5igThificant risk of chaTh8e in valu¢. Borrnw5Trgs Jnteffst-karing bormwin8s are initiafiy recorded at fair Val￿ of trar1￿ctIo￿ Costs. Interest-bearing borrowitw a￿ subsequelltty caffiesj at atDortiscd c05L wilb thE th"ff¢Tty)¢c between the pto¢eeds, net of traDsactiOn Costs. ar￿ the amoullt due ¢)D Tedemption E*itig recO￿￿sed as a charge to the St￿ement of Financial Activitie5 ovei the period of the ffle¥aM ￿rrOw1n& tlltere5t expense is rewgrused the bgsis of the ¢￿￿tIVe inieresL ￿￿thod aad is in¢lude&l in inierest payable and si￿11a[ char￿. BoTrowiogs ar¢ ci&ssJfied as curreni liabilities unless the ch￿lty an u￿)￿dItional right ro defer settlement of the liabitity for at l¢ast twel￿ t￿nthS 8ft¢t the reporttti£ d*e. F￿tsd structure UnTestrictrd income funds a￿ general that are available for use at thc trustecs's discrEtion in fivth¢tanc¢ of th¢ obje¢tives of the chariiy. Flnanclal instrllments Financial assets aDd financial liabilitits art recognIs￿ t4A*o th¢ cban.ty be£omes a party to tbt contractual provisions of the instDJrnenL Financial liabiliti¢$ and instruments are cI￿lfied accoiding ￿ the substhnet of the eonrraetual entered ioto. An equity iA4trument i5 that evideJKes a ttsidual interest in the &sset5 of the ch￿lty after dtductiDg all of its liabilities. Page E2 Notes to the FiDanci41 StstemeDts for the Ye*r Ended 30 November 2021 Reeoxni¢ion ITlld me4suremenk Ail financial assets and liabilitie5 are initially measurcd at trdllS*￿ price {in¢hMling transa¢tion ¢osrs). except for those financial assets classified a5 * fair value througb profit 01 loss. which ate iuitially tneasuted at fair value (which is norniajly th¢ transaction price excluding tran5aclioD costs), unless the arrangemeni constitLEle5 a rinancin8 transaction. If an arrangement Cot]sti￿teS a financing transaclion. the fiDaDcial asset or finattcial liabihty is measured at the pres¢Di value of th¢ future payments discounwi at a matkel ratc of interest for SI￿lIar debt ln5truEuet￿. Financial assets and liabillties ate ornly offset in the st8t¢ment of financial position i*hetL and on]y when there exists a Icgally enforceable Tighi to set off the Trcognised amoLmts and the tharity intends ¢ither to 5tttle on a rtt basis. or to reali5e the asset and settle the liability simulthneously. Financial assets are dtreco8nL￿d when aod only wben al the ¢otrtra¢tual ri8hts to the flows from the fJDan¢ial asset expire or are seltled. b) the charity transfers to another party substantially all of the Ti$ks and rewards of ownership of the flnancial we4 or c) the charity. d&%pite hawn8 retained sorne. bul rtol all. stgnificant risks and rewar(L8 of ownership. h&s transferred control of the a&set to aTWJther party. Fina¥J¢iai liabilities are derec0￿￿Sed only when the obliBalion specificd in the contrxt is discharged, cancelled or expires. Page 13 Notes to the Financial Statements for ibe Year Ended 30 November 2021 Debt ift$tr&meftts Debt i￿tru￿ett￿ whKh the foliowmg cotiditiOnS atE yjbsequently at amonise4 ¢os¢ using the effectivc inttrtst Twbod: (#) The ¢onttaC￿l return to the holder is (i) a fixed amountr. Cli} a positive fixtd rate or a positive variable rate; or (iii) a ¢ombinotion of a Positive or 8 nerdtive fLted Tatr aTbJ a p)sitive Tnriable rate. (b) The contract may pmide for repbyuThts of the prtncipal or the reft￿ kn the holder Qjut not boib) to be lioked to a sin￿¢ relevant observable of gencraj prite inflation of the currency in which the debt instwment is denominat&J. provided such links art rtot levernged. (¢) The rontraa rw pmvidE for a delerminable varialion of the ￿turn to the holder duriojg th¢ lift of the iTlStrurrtnL promded that (r) the Tjew rnte satisfies conth"tiOTJ la) and the varÈation is nor contingent oll ￿¢￿Ie ¢vents other than (l) a change of a ¢onts3rtual wariable rnte. (2) to protrft the holder agaitW ¢rtdit deterioraiiort of the issuer" (3) ¢hanges in levies applied by a ¢eotnJ bank or aTising from chonges in relevoni raxation or law" or (li) the new Tate is a market raie of in*Rst and wisfies ¢onditioo (a). (d) There is no conrractval provision thai cou]¢ by its temLS, rewh in th¢ holder 105ing the princÈpal amount or any itjterest atttibutsble to the turrent period orpriorpeno&8. (e) Contra¢tual provisions th81 th¢ issuer to prepay a debt or perniit the holder to put it back to the issuer before maturity are oot contin8eni on future evell￿ Ot1￿ than to protect the holder a8atnst the credit detuioration of the issuer or a chaD8e ID control of the tS5uer. or to pmtect the holder or iswer agai￿￿t changes in levies applied by a centra] bank or 8rising frotn chaDges in relevam taxatioll or law. (D Contsactual prnvisions tDay permit the extension ofthc trrnj ofthe debf instDJtDeDL provided that thE rclurn to the holder and other CODtractt]aJ provi510D5 4pplitsble during the cxtcnded terni satisfy the ¢onditi¢)DS of paragraphs la) to {¢}. Debt instruments thai are clwified &8 payable or Ttteivable within one year on initial recognition and which meet the above conditions are measured * the uDdiscouDt&a amoum of the or other consideration expected to btpaid or receive41, net of impairmenL With the txcepiion of sorne hedging iD51ruments. oiher debt instruments not meetin8 conditioos are Mc￿T￿l at fair value through profit or to￿. CollJmittneDts to Ttth and receive logns wbith Tr￿1 the c4)DditioD5 rDentioned abovc are M￿U[ed at cost (7•hich may be nil) less impoiTmenL IM￿stMents Inv&stmeDt5 in Don-coDvertible prefcrrnce shar&s and non-puttable orditjary or preference Shar￿ (where shares are publicly traded or their fair va]ue is Trliably measurable) are measured at fair y￿uC through profil or Ioss. Wh¢r¢ fair va]ue be measured rtliably. investhients aTe nJe•sured ai¢osX less impaimienL IDv&stmeDts io 5Yt*A"d￿rie$ and &swiat¢s at cost less impairment For investments in subsidiaries acquired for ¢onsid¢ratioD iDcluding th¢ tssue of shBtts quali￿"ng for merger relief. cost is measwed by refereDce tr) the nomioal value of th¢ sbaffs is9￿1 plus fair vallle of other ¢ooside¥ation. Any premium is ignored. Pag¢ 14 Notes to the FiD4ncial Statements for the Year Ended 30 November 2021 The charity uses derivative fina￿111 irtstr)Jmellts w rvJuce exposure to ftsreign ¢x¢hange risk and iot¢rest rate movements. The cbarity does Dot hold or issuc dcrivarive financial iDStrumettts for spttui*ive purposes. Den"vattves are initially recognised at fair value at the date a derivitive contsaci is entered and ar¢ subsequenily r¢mea5ured to IbeiT fair value at each reporting date. The resuhÉng gain or loss is reCO￿lSed in Statement of fJnats¢ial activities Imm￿latelY unless the derivative is desigTrated and effectivc as a hed8ltL8 instrumell¢ in which evaji thr limitig of th¢ ffeco8tLition in StsL¢meot of financial wiviti¢5 d¢ptnds on th¢ nature of the bedge relationship. Fair value ffteasMTemenl The best evidence of fair value is a quoted price for an identLcal asset in an xtive rrwkn. When quoied prices are unavailable, tbe price of a recent trausaction for an identical assei provides evidence of fair value as loog as there has not been a signif)canL ¢ha¢)ge in ¢¢onomic ¢irtumswi¢¢s or a significant lapse of lime since the trAnsaction took place. Tf the Ma￿et is noi active and re￿t trat￿cli0nS of an identical asset on their own are noi a good estimate of fair value, the faJ"T value is ￿lMattd by using a valuation technique. 3 Incotne from dort*tiDn$ 8nd legacie5 Uttrestricted fund is iberefort ex¢nwt from tsxation. 11 TxTrgible r￿ed a5Stts Motor vehicles cornp￿ter equipment Total Cost At l De¢ember 2020 Additions 175.588 33.308 13,768 189.356 33,308 At 30 November 2021 208.896 13.768 222.664 Depretlado At l December 2020 ajarge for the year 161.964 lJ.749 13.495 242 175.459 11,991 At 30 November 2021 173.713 13.737 187.450 Net book value AI 30 November 2WII 35.183 31 35.214 At 30 NovettLbcr 2020 13.624 273 13.897 12 Creditors: amounts f•lling du¢ wlihlN OD¢ year 2021 21120 VAT grant repayable Accruals {2.455) (2.(164) 150 2,455 1,914 IJ Funds Balance at I December 202 B8lance gt 30 P4ovember 2021 Resources expended resourtes Vnr¢5tricted fuDds General {156J69) (94.468) 94,312 (156,525} Balance ai I Deternber Balance 4t 30 November 2020 I￿OrnIng Resourtes expended 2019 Unrestricted fund$ Getheral 139,684 103.495 87.172 (156. Page 17 Notes to the Financial Ststemenls for the Year Ended 30 November 2021 14 AnHIy5is of net assets between funds Unr¢gtricted fuDd$ General Total fund5 Tan8ible r￿ed &rysets Current assets Current liabilitÈe5 35.214 I 18.856 2,455 35.214 118.856 2,455 Totsl o¢t assets 156.525 156,525 15 An•ly5i$ of n¢t fynd$ Al l December 21120 At 30 November 2021 Cash flow C&sh at bank and in band 139.706 (21.339) 118.367 Net cash 139.706 (21,3391 118.367 Page 18