Charity registration number 1135162 Company registration number 07013525 {England and Wales) EXETER COMMUNITY CENTRE TRUST LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
EXETER COMMUNITY CENTRE TRUST LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms H M Reynolds Mr R Coram Ms G Richards Ms J C Reynolds Mr E J Glazier (Appointed 22 June 2023) Charity number 1135162 Company number 07013525 Principal address 17 St Davids Hill Exeter Devon EX4 3RG Registered offjce 17 St Davids Hill Exeter Devon EX4 3RG Accountants Darnells Chartered Accountants 3rd Floor The Forum Bamfield Road Exeter Devon EX1 1QR
EXETER COMMUNITY CENTRE TRUST LTD CONTENTS Page Trustees, report Independent examinerfs report Statement of finanGial activities Balance sheet Notes to the accourrts 8-19
EXETER COMMUNITY CENTRE TRUST LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accountinq policies set out in notes to the financial statements and comply with the trust's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Stsndard applicable in Ihe UK and Republic of Ireland IFRS 102)" published in October 2019, Objectives and activities The trust's objects are to further or benefit the residents of Exeter and In partlcular the neighbourh¢)od of St. David's without distinction of gender, sexual orientation, race or of political. religious or other opinions by associating together with the said residents and the local authorities, voluntsry and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation leisure time occupation with the objective of improving the conditions of life for the residents. There has been no change in these during the year. The trustees have paid due regard to guidan issued by the Charity Commission in deciding what activities the trust should undertake. The aGtivity of the charity is that of the running and maintenance of the Exeter Community Centre at 17 St. Davids Hill, Exeter in furtherance of its objectives as detailed above. The trust's policy is to consult and discuss with employees and at meetings. matters likely to affed employees, interests. Information of matters of concem to employees is given through information bulletins. meetings and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the centre's perfomiance. Achievements and performance This year our focus has been on rebuilding our sessional Income base. By the end of March 2024 we had reached our sessional income target match to MarGh 2020. before the pandemic closed the Centre for a year. We kept our laase fees to 2019 levels again for this current year to help our tenants. Our tenants help vulnerable people across a diverse range of support including refvgees and asylum seekers, and those with physical, mental and sensory health issues. Although this year of Covid recovery has been difficult financially for them we are fortunate that none had to leave us and we have this year welcomed another tenant organisation to the Centre. In May 23 we carried out our annual 'how are we doing ' suNey. of Centre users and tenants with a one-day online survey backed by paper copies available in the building. The results (142 responses) showed us: 25 /v of responders are frequent users of the Centre 55 % of those who responded use the Centre sometimes For 20Yo of those who responded this was theirfirst visit 160/0 of users consider they have a health or leaming issue - physical, mental, sensory. neurodlvergent or learning disability 250/a of users are aged 19- 40 490/0 of users are aged 41- 65 26 % are over are aged over 65 Most people are visiting the Centre for meetings or classeslworkshops.
EXETER COMMUNITY CENTRE TRUST LTD TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Although we do have users of Ihe Centre aged under 19. in the main these are Saturday classes bookings and therefore did not feature in this survey. The 'friendliness of the staff and volunteers. was overwhelmingly the key thing that users like about the Centre - fed back by trustees with gratitude to the Centre Manager and other staff. 'Characterful, historic building, and its 'accessibility' were also key reasons for positive responses. As the trustees have carried out a major heritage re- development of the Centre building over the last 10 years. it was h8artening to hear that this was welcomed by local people and other user5 of the building. We have continued this year with our on-going maintenance of the fabric of the building. Despite our efforts with minor roof repairs, the many 'valley gutters, of such a large building can let in water when it rains heavily. The Centre Manager is constantly vigilant for any signs of re-appearance of dry rot, with builders replacing any suspect wood before rot spores spread. We carry out regular roof inspections for slipped tiles or missing cement fillet. We have a re-painting programme for the ground floor of the building and a maintenance programme of professional support in the garden to assist the garden volunteers wilh more technical aspects of the garden's maintenance. We have this year also commissioned an environmental assessment of the building with the support of a grant from Groundwork. A5 the building is Grade 2 listed and huge at 1800 sq. metres. there is little we can do in terms of insulation above what insulation we have already put in the roof space. We have concentrated on making the building as energy efficient as we can by deciding to replace the blinds to the windows to keep heat in and reduce the draw on electrlcity, reduclng our carbon footprint whilst at the same time keeping our electricity bills down as much as we can. Following the findings from our energy survey we have made application for funding to repla our lighting. throughout the building with LED bulbs and await the decision. Full fibre broadband cabling has now been made into the building, enabling our users and tenants to have a faster digital connection. This year we held a combined AGM with our local sister organisation. St David's Neighbourhood Partnership - both to report back the year's progress at the Centre and also to report and discuss other matters of interest to the local community. 63 people attended this 'twilight' meeting. Although no additional volunteers came foNard for the Centre. which was one aim of the meeting. the founder trustees and committee members of both organisations re-iterated their commitment to remain in role for another year. We contlnue to have an open invitation to local people to loln our board and have been fortunate this year to recruit a new trustee who is also a new resident in St David's. His enthusiasm and practical help has been instrumental, with the Centre Manager's assistance. in the painting of both our adopted K6 phone boxes and the acquisition of a defibrillator which is now installed in one of the phone boxes. We are now negotiating the siting of a heritage interpretation board to give information to passers-by about these as part of the street heritage of Sl David's. We have been able also to bring back our Book Exchange Corner. which was removed during building work. By resiting the Book Exchange Comer nearer the front door, with new shelves, it is getting increased engagement by the community. We engaged once again in the Exeter'Heritage Week, events, with tour5 of the Centre, St David's and the local 'painted lampposts, conducted by our trustees. These have given us an opportunity to engage with local people as well as tourists. showing off the St David's area and the Centre. Our veg box garden has been ended again this year by the pupils of next door St David'5 Primary, maintsining our good links with the sGhool. As always, it is the continuing commitment of the staff which keeps the day to day operation of the Centre running. improving, going from strength to strength. The trustees thank them and in particular the Centre Manager - for another year of their hard work. l. as Chair also thank the trustees. as alway5, for their vision, humour and support.
EXETER COMMUNITY CENTRE TRUST LTD TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Financial review Cash Flow The current account bank balance at the end of March 2024 was £51k with the deposlt accounts at £199k which is broadly in line with the balance at the previous year end. BudgetslSOFA Income Sessional hire income has continued to grow in 2024 and lease income has also continued to improve. Grant income was minimal this year but post year end. the trustees have successfully applied for project specific grants. Expenditure SIB interest continued to be charged at an interest rate of 0.5Y. to March 2024. Grant expenditure is not technically operational so should be monitored against the grant income. Balance sheet The SIB Loan has decreased by £19k due to a capital repayments made (balance £911k at end of Mar 2024). No property improvements were made during the year. Trade debtors This figure has increased by £2.6k to £11.6k when compared to March 2023 which is due to the increase within customer invoicing due to centre being open more. Reserves It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to six month's expenditure. The trustees considers that reserves at this level will ensure that. in the event of a significant drop in funding, they will be able to continue the trust's current activities while consideration is given to ways in which additional funds may be raised. Risk management The trustees have assessed the major risks to which the trust 15 exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The charity plans to continue the activities outlined above in the forthcoming years. In particular to remain the centre for the local community where individuals and groups c3n make the m05t of the wide variety of spaces and activities offered. Structure, govemance and management The trust 15 controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee. as defined by the Companies Act 2006. The trustees. who are a150 Ihe directors for the purpos8 of company law, and who served during the year and up to the date of signature of the financial statements were: Ms H M Reynolds Mr R Coram Ms G Richards Ms J C Reynolds Mr E J Glazier
EXETER COMMUNITY CENTRE TRUST LTD TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Recruitment and appointment of trustees lJndp.r thp. rp.qiiirpmp.nt.q of the Articles of Association. trLlStees are elect&d for a period of three years after which they must be re-elected at the nextAnnual General Meeting. Trustees annually review the period of service. The board of trustee5 regularfy discusses the recruitment of new trustees for their experience, empathy and knowledge of the charity, and to keep the skills and composition ofthe trustee body as a whole and succession planning under review. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed by the trustees from the charity are set out in notè 8 to the financial statements. Organisational structure The charity Is administered by a board of directors who are also trustees. The day to day running of the charity is overseen by the Centre Manager, who reports to the trustees. The trustees met for business meetings in December, March, May. July and September. The trustees, report was approved by the Board of Trustees. Ms H M Reynolds Trustee 13.1.kn2*
EXETER COMMUNITY CENTRE TRUST LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EXETER COMMUNITY CENTRE TRUST LTD I report on the financial statemenls of the trust for the year ended 31 March 2024, which are set out on pages 6 to Respectlve responslbllltles of trnstees and examiner The trust's trustees. who are also the directors of Exeter Community Centre Trust Ltd for the purposes of company law. are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charilies Act 2011 {the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £25,000 and l am qualified to undertake the examination being a qualified member of ICAEW. Having satisfied myself that the charity is not subject to audit under company law and is eligible for Independent examination, it is my responsibility to: examine the financial statements under section 145 of the 2011 Act: (li) to follow the procedures laid down in the general Dire¢lions given by the Charity Commission under section 14515){b) of the 2011 Act.. and (iii) to stste whether particular matters have come to my attention. Basis of independent examinerfs report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting COrdS kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements. and seeking explanations from you as trustèes conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a 'true and fair view, and the report is limited to those matters set out in the next statement. Independent examinerfs statement In connection with my examination, no matter ha5 come to my attention: (a) which gives me reasonable cause to believe that in any material respect the requirements: (i) to keep accounting record5 in accordants with section 386 of the Companies Act 2006: and (li) to prepare financial statements which accord with the accounting records. comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities; have not been met or Ib) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Damells Chartered Accountants ,hi 14iw Sean Murphy FCA 3rd Floor The Forum Bamfield Road Exeter Devon EX11QR Dated..
EXETER COMMUNITY CENTRE TRUST LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Total 2024 2023 Notes Income from: Donations and legacies Charitable acttvities Investments 350 33 350 243.335 4,870 79.169 200.345 1,329 243,302 4,870 Total income 248.172 383 248.555 280,843 nditure on: Charitsble activities 215.909 12,745 228,654 303,340 Exceptional impairment losses 488.553 Total resources expended 215.909 12.745 228,654 791,893 Net In¢omel(expenditure) for the yearl Net movement in funds 32,263 (12,362) 19,901 1511,050) Fund balances at 1 April 2023 127,791 702.343 830.134 1.341.184 Fund balances at 31 March 2024 160,054 689.981 850.035 830,134 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recogni5ed in the year. All income and expenditure deriv8 from continuing activities. The statement of financial activities also complies with the rèquirements for an income and expenditure account under the Companies Act 2006.
EXETER COMMUNITY CENTRE TRUST LTD BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 12 1,537,902 1,541,222 13 20,173 251.055 16.356 249,875 271,228 266,231 Creditors: amounts falling due within one year 15 (48.173) (46,947) Net current assets 223,055 219.284 Total assets less current liabilities 1,760,957 1.760,506 Creditors: amounts falling due after more than one year 16 (910.922) (930,372) Net assets 850,035 830.134 Income funds Restricted funds Unrestricted funds 18 689.981 160,054 702.343 127.791 850.035 830,134 The company is entitled to the exemption from the audit requirem8nt contained in section 477 of the Companies Act 2006. for the year ended 31 March 2024. 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 oblain 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 prowsions applicable to Gompanies subject to the small companies regime. The financial statements were approved by the Trustees on . Mr E J Glazier Trustee Company Reglstration No. 07013525
EXETER COMMUNITY CENTRE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charlty Information Exeter Community Centre Trust Ltd is a private company limited by guarant88 incorporated in England and Wales. The registered office is 17 St Davids Hill, Exeter, Devon. EX4 3RG. 1.1 Accounting Conventlon The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts ar¢d comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Rapublic of Ireland published in October 2019.° The financial statements are prepared in sterling. which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. 1.2 Going concern The accounts are prepared on a going concern basis which means that the charity can pay its debts as they fall due for the next twelve months. The charity is reliant on the continued positive support of its only lender. The Social Investment Business, who have being extremely supportive of the project. In the last few years The Social Investment Business have provided a temporary restructuring of the loan interest payable and a capilal repayment holiday. This support is still ongoing. The Trustees of the Charity work extremely closely with The Social Investment Business and have no reason to question their continued support to the project and hence feel it is appropriate to prepare the accounts on a going concem basis. The stsff and trustees are working very hard to steer the Trust through these uncertain times and believe that with the continued support of key stakeholders the Trust will survive and prosper. 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 trusL 1.4 Incoming resources Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that inGome will be received. Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount.
EXETER COMMUNITY CENTRE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Continued) All incoming resources are recognised once the charity has entitlement to the resources. it Is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Income from donations and granls, including capital grants. is included in incoming resources when these are receivable, except as follows: when donors specify that donations and grants given to the charity must be used in future accounting periods. the income is deferred until those periods- and when donors impose conditions which have to be fulfilled before the charity becomes entled to use such income; the income is deferred and not included in incoming resources until the pre-conditions for use have been met. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business and net of discounts. 1.5 Resources expended Liabilities are recognised as resourceoe expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on the accruals basis and includes irrecoverable VAT. Expenditure is allocated to activities on the direct usage basis. Costs incurred wholly or mainly in support of generating funds. or in support on the objects of the charity and being an integral part of the cost of carry out those activities, are included within Ch81itsble Expenditure as appropriate. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequentty measured at G05t 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.. Land and buildings Plant and machinery Not depreciated 25010 reducing balance The gain or loss arising on the disposal of an asset 15 detemined as the difference beeen the sale proceeds and the carying value of the asset. and is reGognised in the statement of financial activities. There is no depreciation provided against the carying value of the freehold land and buildings. This not in accordance with the Ststement of Recommended Practice applicable to charities preparing their accounts in aGcordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. The Trustees believe that given the nature of the building and the impairment in 2023, Ihe residual value will always equal or exceed the carying value in the accounts. 1.7 Impairment of fixed assets At each reporting end date. the trust reviews the carrying amounts of its tsngible assets to determine whether there is any indication that those assets have suff8red 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.
EXETER COMMUNITY CENTRE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (Continued) 1.9 Financial instruments The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with th8 net amounts presented in the financial statements, when there is 8 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 dassified as receivable within one year are not amortised. 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 seNices 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 noL 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. Derecognltlon of financial liabilities Financial liabilities are derecognised when the trust's contraclual obligations expire or are discharged or cance118d. 1.10 Retirement benefits Payment5 to defined contribution retirement benefit schemes are charged as an expense as they fall due. Donations and legacles Restricted Unrestricted Restricted funds funds funds Total 2024 2023 2023 2023 Donations and gifts Grants reGeivable 26 26 79.143 350 79,143 350 26 79,143 79.169 10-
EXETER COMMUNITY CENTRE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Room hire Lease & service charges 133,092 110,243 123,000 77.345 243.335 200.345 Analysis by fund Unrestricted funds Restricted funds 243,302 33 200,345 243,335 200.345 Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 4,870 1,329
EXETER COMMUNITY CENTRE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Staff costs Depreciation and impairment Rates and water Security and facilities Insurance Telephone Heat and light Cleaning and hygiene Printing. postage. stationery and computer Consultancy and subcontractors Repairs and maintenance Bad debt expense Subscriptions Motor and travelling Bank charges and loan interest Sundries 114,630 12,632 2.884 3,094 6,484 1,180 30.561 27.082 2.007 953 17.873 386 228 190 4,651 339 123.218 62,891 2,995 2,401 5,712 983 30,514 23,081 2,092 14.179 26.341 411 120 4,586 233 225.174 299.757 Share of govemance costs (see note 6) 3.480 3,583 228.654 303,340 Analysis by fund Unrestricted funds Restricted funds 215.909 12,745 247,760 55,580 228.654 303,340 Support cost5 Support Governance costs costs 2024 2023 Basis of allocatlon Accountancy and bookkeeping 3,480 3,480 3.583 Govemance 3,480 3.480 3,583 Analysed between Charitable activities 3,480 3,480 3,583 Governance costs includes payments to the independent examiners of £2,830 (2023- £2.903) for independent examiners fees.
EXETER COMMUNITY CENTRE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement in funds 2024 2023 The net movement in funds is stated after chargingllcrediting)= Depreciation of owned tangible fixed assets Impaimient of owned tangible fixed assets 12.632 62,891 488.553 Trustees None of the trustees (or any persons connected with them) recéived any remuneration during the year, and none of them were reimbursed for mileage. Employees The average monthly number of employees durlng the year was: 2024 Number 2023 Number Centre Manager Support Staff Totsl Employment costs 2024 2023 Wages and Salaries Social security costs Other pension costs 109,352 2,294 2.984 116.976 3,398 2,844 114.630 123,218 There were no employees whose annual remuneration was £60.000 or more. 10 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
EXETER COMMUNITY CENTRE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Impalrments Impaimient tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss.. 2024 2023 In respect of: Property, plant and equipment 488.553 As part of the process to refinance the loans provided by the Social Investment Business Bank the trust property was independently valued by Stratton Creber Commercial in January 2023. A fair value of the property was concluded to be £1.5m. The 2023 accounts reflect an impairment of £488.553 to reduce the carrying value in the accounts to £1.5m. 12 Tanglble fixed assets Land and buildings Plant and machinery Total Cost At 1 April 2023 Additions 2,457.483 176.266 2,633,749 9.313 9,313 At 31 March 2024 2.457,483 185,579 2,643,062 Depreciation and impairment At 1 April 2023 DePClatiOn charged In the year 957.483 135.045 1.092.528 12.632 12,632 At 31 March 2024 957,483 147.677 1.105.160 Carrying amount At 31 March 2024 1.500.000 37.902 1,537,902 At 31 March 2023 1,500,000 41.222 1.541,222 There is no depreciation provided agalnst the carrying value of the freehold land and buildings. This not in accordance with the Statement of ReGommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. The Trustees believe that given the nature of the building and the impairment in 2023, the residual value will always equal or exceed the carrying value in the accounts. 14.
EXETER COMMUNITY CENTRE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued inGome 11,289 8,884 8,982 7,374 20,173 16,356 14 Loans and overdrafts 2024 2023 Bank loans 930.315 949,763 Payable within one year Payable after one year 19,393 910.922 19,391 930,372 The long-term loans are secured by fixed charges over the propety in which the charity operates from. Bank loans are amounts borrowed from the Social Investment Business (Community Builders Fund) for the refurbishment of the Centre. The bank is being very supportive and only charging a minimal interest rate and has agreed a lower repayment of £2.000 per month, which is significantly less than its original contracted amount. The Trustees and the bank are working on the basis that the loans will need to be refinanced In 2026. 15 Creditors: amounts falling due within one year 2024 2023 Notes Bank loans Other taxation and social security Trade creditors Other creditors Accruals and deferred income 14 19.393 1,866 12,038 19.391 1.867 11.850 329 13,510 14,876 48,173 46,947 16 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank loans 14 910.922 930,372
EXETER COMMUNITY CENTRE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to proftt or loss in respect of defined contributlon schemes 2.984 2,844 The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund. ifi-
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EXETER COMMUNITY CENTRE TRUST LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Unrestricted funds The unre%trirtp.d fiJnd8 nf thp. rthxrity c.nmprisp the une.xpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resources At 31 March expended 2024 General funds 127,791 248.172 (215,909) 160,054 Previous year: At 1 April 2022 Incoming resources Resources At 31 March expended 2023 General funds 173.851 201,700 (247,760) 127,791 20 Analysis of net assets between funds Unrestricted Restricted 2024 2024 Total Unrestricted 2024 2023 Restricted 2023 Total 2023 Fund balances at 31 March 2024 are represented by.. Tangible assets Current assetsl(liabilities) Long term liabilities 1.537,902 223,055 (910,922) 1.537.902 1,541.222 223.055 219.284 (910,922) (930,372) 1,541,222 219,284 (930,372) 850.035 850,035 830.134 830.134 21 Related party transactions Remuneration of key management personnel The key management personnel of the charity comprise the managers. The total remuneration of key management personnel during the period was" 2024 2023 Aggregate compensation 32,984 35,146