Registered number: 07329283 Charity number: 1144672
REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
UNAUDITED
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
REDCAR DEVELOPMENT TRUST
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details | 3 |
| Trustees’ report | 4 - 7 |
| Independent examiner’s report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 - 11 |
| Notes to the financial statements | 12 - 20 |
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REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JULY 2023
Charity Name Redcar Development Trust Company Number 07329283 Registered Office Coatham Memorial Hall 7 Coatham Road Redcar TS10 1RH Company secretary Mrs Margaret Wales Independent examiner Mr J Gresham FCCA Gresham and Gale Certified Chartered Accountants 14 Fountain Street Guisborough TS14 6PP Directors and Trustees Mrs Margaret Wales, Trustee Mr Graeme Turley, Trustee and Director Ms Lisa Gale, Trustee and Director
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REDCAR DEVELOPMENT TRUST
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023
The Trustees present their annual report together with the financial statements of the Redcar Development Trust for the year 1 August 2022 to 31 July 2023. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective January 2015).
Since the Trust qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
The Trust also trades under the name RDT.
Objectives and activities
Activities undertaken to achieve objectives
The main activities of the Trust in the year to further its objectives and provide public benefit included:
Using Coatham Memorial Hall to support community and social welfare groups by hiring out the Hall. The Hall is in the heart of Redcar and is a beautiful historic building maintained by the Trust. It has disabled access and facilities, a fully equipped kitchen, stage and the licence to operate as a bar. The Trust has established relationships with local nursing homes, social, voluntary and public sector groups, resulting in regular and repeating users of the Hall. Running the activities and projects described above helped benefit the people of Redcar and the surrounding area.
In carrying out these activities the Trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the public benefit guidance issued by the Commission.
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Achievements and performance
Review of activities
Along with grant funding and donations received in the year it was able to use Coatham Memorial Hall to host Intergenerational Days for the older residents, including refreshments and entertainment, supported by younger volunteers. We have seen an increase in attendance to these over the last 12 months.
We also saw the continued development of the events programme ran from Coatham Memorial Hall and hire of the hall to third parties for music events, weddings, and occasions such as birthdays. These events help fund Coatham Memorial Hall's Intergenerational Days and outreach sessions as well as contribute towards the running of the Trust.
The year saw a continued improvement from a management and governance aspect and the year ended 31 July 2023 will show a continued development on these aspects with a business plan established in January 2015 driving forward the focus of the Trust and the Trustees. The business plan was originally a five-year plan and this will be reviewed and updated during the year to July 2023 now all COVID limitations have been removed.
In line with previous years, there is less reliance on donations as the Trust has grown its events offerings which is in line with the objectives of becoming self-sustainable.
Investment policy and performance
The Trust has operated with limited reserves and all funds are currently held in a current account. Financial review
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Reserves policy
The Trust recognises the need to maintain adequate financial reserves and it is the Trust's aim to have a reserves policy with a target level of around £5,000 to help towards its day-to-day operational costs. The Trust shall use any surpluses that are not restricted by its source towards its target level.
The Trust has free reserves at 31 July 2023 of £236,924 and is setting in place a plan to increase this balance.
The Trust's focus over the next 12-18 months is to generate unrestricted reserves. This is to be done by generating more revenue from hire of the Hall and increasing the regular calendar of music events, parties, and weddings after a couple of successful trials. The Trust is also looking at other opportunities for the Hall. Following the success of the outreach work that started in the previous the year the Trust aims to build relationships with the local schools and has regular paid visits rolling out the outreach programme.
The Trust has a 25-year lease on a peppercorn rent for the Hall with Redcar and Cleveland Borough Council. Under this lease the Trust is responsible for the upkeep of the property and therefore the
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Trust continues to aim to set up a 'sinking fund' in the next 12-24 months. This sinking fund will be used to fund future costs incurred with maintaining the Hall and ensuring sustainability to cover overheads for the long-term future of the Trust. A grant for a major refurbishment was received in October 2019 and was completed in early 2022.
Results
Restricted funding from grants has decreased. Funding in the year was received from Ballinger Charitable Trust, a small number of events, the use of the café, the JRS fund and local authority grants. Full details of how the funds have been spent can be found in note 10 to the financial statements.
Unrestricted donations and self-generated income increased, and this has been used to support the general running costs of the charity. There was a deficit on unrestricted funds in the year of £6,280, meaning that unrestricted funds have reduced to £236,924, of which £245,956 is held as fixed assets, meaning free reserves are £(9,032).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The Trust is registered as a charitable company limited by guarantee, constituted under a Memorandum of Association and is a registered charity number 1144672.
The Trust gained charitable status in November 2011 with its objective being to improve the quality of life for people in Redcar and the surrounding area through the provision of leisure and recreational opportunities and social welfare facilities. It has adopted the strap line 'Helping People Help Themselves'.
In the event of the Trust being wound up, members are each required to contribute an amount not exceeding £l.
Methods of appointment or election of Trustees
The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
Organisational structure and decision-making policies
The Trust is governed by Trustees and managed by the Executive Managing Director, Frankie Wales. Frankie reports to the Trustees monthly and there is constant communication between key Trustees. The board of Trustees is being reviewed so we have effectiveness across all areas enabling us to deliver our strategy. We restructured our board during 2022 and aim to strengthen the board with additional Trustees during 2024
This was the eleventh year of the Trust operating and we as Trustees continue to look to strengthen our board and increase our knowledge of the Trust and Frankie's aims for the Trust. Frankie continues to be excellent at networking and drumming up support for the Trust. Through his hard work building relationships between local people and businesses with the Trust we get requests to join the Trust as members and Trustees. The Trustees consider the person and or business for strengths they can bring to the Trust and determine their recruitment and or appointment from these.
6
PLANS FOR FUTURE PERIODS
The future of the Trust is looking positive with the main objectives for the next financial year being:
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Rebuild functions and events pipeline now the hall has been refurbished.
-
To source new sources of donations to fund equipment replacement at the Hall.
-
To increase our funding portfolio and create more real chances for the people of Redcar.
-
To continue working with local employers and associated funding organisations to help the under and unemployed people of Redcar and the surrounding areas.
-
To increase the use of Coatham Memorial Hall by the wider Redcar community.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors of the Trust for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Trust and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102)
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
As a closing statement the Trustees would like to thank Frankie Wales for his continuing hard work and commitment to the Trust.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mr Graeme Turley
Date: 23[rd] May 2024
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REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
INDEPENDENT EXAMINER’S REPORT
FOR THE YEAR ENDED 31 JULY 2023
Independent examiner's report to the Trustees of Redcar Development Trust ('the Trust')
I report to the charity Trustees on my examination of the financial statements of the Trust for the year ended 31 July 2023.
Responsibilities and basis of report
As the Trustees of the Trust (and 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 Trust 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 Trust's financial statements carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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:
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accounting records were not kept in respect of the Trust as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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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
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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.
This report is made solely to the Trust's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Trust's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the Trust's Trustees as a body, for my work or for this report.
Signed:
Mr J Gresham FCCA Gresham and Gale 23[rd] May 2024 Certified Chartered Accountants
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REDCAR DEVELOPMENT TRUST
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023
| Note INCOME FROM: Charitable activities 3 Other trading activities 4 TOTAL INCOME EXPENDITURE ON: Charitable activities 5 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) Transfer between funds 13 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Restricted Unrestricted Total Total Funds Funds Funds Funds 2023 2023 2023 2022 £ £ £ £ - 112,585 112,585 116,855 - - - - - 112,585 112,585 116,855 - 125,885 125,885 132,335 |
|---|---|
| - 125,885 125,885 132,335 |
|
| - (13,300) (13,300) (15,480) (7,020) 7,020 - - |
|
| (7,020) (6,280) (13,300) (15,480) |
|
| 7,020 243,204 250,224 265,704 (7,020) (6,280) (13,300) (15,480) |
|
| - 236,924 236,924 250,224 |
The statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 13 to 20 form part of these financial statements.
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REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
BALANCE SHEET AS AT 31 JULY 2023
| Note FIXED ASSETS Tangible assets 9 CURRENT ASSETS Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 NET CURRENT ASSETS Creditors: amounts falling due after more than one year 12 NET ASSETS CHARITY FUNDS Restricted funds 13 Unrestricted funds 13 TOTAL FUNDS |
1,310 45,198 |
|---|---|
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REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
BALANCE SHEET (CONTINUED) AS AT 31 JULY 2023
The Trust was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mr Graeme Turley
Date: 23[rd] May 2024
The notes on pages 13 to 20 form part of these financial statements.
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REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
1 GENERAL INFORMATION
The Trust is a company limited by guarantee registered in England and Wales. The members of the Trust are the Trustees named on page 1. In the event of the Trust being wound up, the liability in respect of the guarantee is limited to £1 per member of the Trust.
The registered office address is: Coatham Memorial Hall 7 Coatham Road Redcar TS10 1RH
2 ACCOUNTING POLICIES
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) – 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Redcar Development Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical costs or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees, having made due and careful enquiry, are of the opinion that the company has adequate funds to execute its operations over the next 12 months. The Trustees have therefore made an informed judgment at the time of approving the financial statements, that there are no material uncertainties that cast doubt upon the entity’s ability to continue as a going concern. As a result, the Trustees have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
2.3 Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
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REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
2 ACCOUNTING POLICIES (CONTINUED)
2.4 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.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust’s objectives, as well as any associated support costs.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £250 or more are capitalised.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
Long-term leasehold property - over 10-25 years
Office equipment - over 5 years Computer equipment - over 3 years
2.6 Financial instruments
The Trust only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.7 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
3. INCOME FROM CHARITABLE ACTIVITIES
| Restricted | Restricted | Unrestricted | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |||
| 2023 | 2023 | 2023 | 2022 | |||
| £ | £ | £ | £ | |||
| Grants & donations | - |
6,200 | 6,200 | 19,419 | ||
| Room donations | - | 2,870 | 2,870 | 2,991 | ||
| Events | - | 87,015 | 87,015 | 83,419 | ||
| Intergenerational | - | 16,500 | 16,500 | 11,026 | ||
| - | 112,585 | 112,585 | 116,855 | |||
| Total 2022 | 16,752 | 100,103 | 116,855 | |||
| 4. | INCOME FROM OTHER TRADING ACTIVITIES | |||||
| Income from non charitable trading activities | ||||||
| Unrestricted | Total | Total | ||||
| Funds | Funds | Funds | ||||
| 2023 | 2023 | 2022 | ||||
| £ | £ | £ | ||||
| Café income | - | - | - |
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REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
5. CHARITABLE ACTIVITIES
| 5. | CHARITABLE ACTIVITIES | |||||
|---|---|---|---|---|---|---|
| Restricted Unrestricted | Total | Total | ||||
| Funds | Funds | Funds | Funds | |||
| 2023 | 2023 | 2023 | 2022 | |||
| £ | £ | £ | £ | |||
| RDT events | - | 41,752 |
41,752 | 38,014 | ||
| Bank charges | - | 1,495 |
1,495 | 1,350 | ||
| Intergenerational | - | 10,357 |
10,357 | 12,586 | ||
| Refurbishment works and fees | - | - |
- | 752 | ||
| Repairs and maintenance | - | 2,242 |
2,242 | 9,615 | ||
| Telephone and broadband | - | 1,993 |
1,993 | 1,780 | ||
| Insurance | - | 2,426 |
2,426 | 1,093 | ||
| Legal and professional fees | - | - | - | 61 | ||
| Light and heat | - | 6,463 | 6,463 | 6,601 | ||
| Water rates | - | 1,444 | 1,444 | 1,485 | ||
| Office supplies | - | 3,543 | 3,543 | 2,044 | ||
| Wages and salaries | - | 36,957 | 36,957 | 35,270 | ||
| Depreciation | - | 14,903 | 14,903 | 19,626 | ||
| Independent examination | - | 1,656 | 1,656 | 1,404 | ||
| Loan interest | - | 654 | 654 | 654 | ||
| - | 125,885 | 125,885 | 132,335 | |||
| Total 2022 | 752 | 131,583 | 132,335 | |||
| 6. | INDEPENDENT EXAMINER'S REMUNERATION | 2023 | 2022 | |||
| £ | £ | |||||
| Fees payable to the Trust's independent examiner for the independent | ||||||
| examination of the Trust's annual accounts | 1,620 | 1,404 | ||||
| Fees payable to the Trust's independent examiner in respect of: | ||||||
| All other services not included above | - | - |
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REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
7. STAFF COSTS
| Wages and salaries | 2023 2022 £ £ 36,957 35,270 36,957 35,270 |
|---|---|
The average number of persons employed by the Trust during the year was as follows:
| Administrative and management | 2023 2022 No. No. 4 4 |
|---|---|
No employee received remuneration amounting to more than £60,000 in either year.
Total remuneration paid to key management personnel (excluding NI) was £12,480 (2022: £12,480)
8. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL)
During the year ended 31 July 2023, no Trustee expenses have been incurred (2022 - £NIL)
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REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
9. TANGIBLE FIXED ASSETS
| Cost At 1 August 2022 Additions Disposals At 31 July 2023 Depreciation At 1 August 2022 Charge for the year On disposals At 31 July 2023 Net book value At 31 July 2023 At 31 July 2022 10. DEBTORS Other debtors |
Long-term leasehold property £ 279,354 6,100 - |
Plant and machinery Total £ £ 31,659 311,013 - 6,100 - - |
|---|---|---|
| 285,454 | 31,659 317,113 |
|
| 31,439 11,174 - |
24,815 56,254 3,729 14,903 - - |
|
| 42,613 242,841 |
28,544 71,157 3,115 245,956 |
|
| 247,915 | 6,844 254,759 |
|
| 2023 2022 £ £ 1,310 904 |
||
| 1,310 904 |
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REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bounce back loan Other taxation and social security Other creditors |
2023 2022 £ £ 5,556 5,556 - 66 5,784 5,037 |
|---|---|
| 11,340 10,659 |
12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bounce back loan Other creditors |
2023 2022 £ £ 32,870 38,426 11,330 14,155 |
|---|---|
| 44,200 52,581 |
The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:
| Payable or repayable by instalments | 2023 2022 £ £ 10,648 16,204 |
|---|---|
| 10,648 16,204 |
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REDCAR DEVELOPMENT TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
13. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| Unrestricted funds Unrestricted funds Restricted funds Ballinger Charitable Trust Total of funds |
Balance at Transfers Balance at 1 Aug 2022 Income Expenditure in/out 31 July 2023 £ £ £ £ £ 243,204 112,585 (125,885) 7,020 236,924 |
|---|---|
| 7,020 - - (7,020) - |
|
| 7,020 - - (7,020) - |
|
| 250,224 112,585 (125,885) - 236,924 |
Ballinger Charitable Trust
Funding towards the support of older people was spent on running intergenerational days
STATEMENT OF FUNDS - PRIOR YEAR
| Unrestricted funds Unrestricted funds Restricted funds Ballinger Charitable Trust Taskforce Big Lottery Funding Jubilee Total of funds |
Balance at Transfers Balance at 1 Aug 2021 Income Expenditure in/out 31 July 2022 £ £ £ £ £ 254,800 100,103 (131,583) 19,884 243,204 |
|---|---|
| - 15,000 - (7,980) 7,020 10,904 - - (10,904) - - 752 (752) - - - 1,000 - (1,000) - |
|
| 10,904 16,752 (752) (19,884) 7,020 |
|
| 265,704 116,855 (132,335) - 250,224 |
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REDCAR DEVELOPMENT TRUST (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year |
Restricted Unrestricted Total Funds Funds Funds 2023 2023 2023 £ £ £ - 245,956 245,956 - 46,508 46,508 - (11,340) (11,340) - (44,200) (44,200) |
|---|---|
| - 236,924 236,924 |
ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year |
Restricted Unrestricted Total Funds Funds Funds 2022 2022 2022 £ £ £ - 254,759 254,759 7,020 51,685 58,705 - (10,659) (10,659) - (52,581) (52,581) |
|---|---|
| 7,020 243,204 250,224 |
15. CONTINGENT LIABILITIES
The Trust has received a grant of £253,573 from the Big Lottery Fund towards the cost of refurbishing Coatham Hall. The final instalment of this grant was received in February 2021. This grant agreement remains in force for a period of 10 years and the grant may become repayable if there is a breach of the terms and conditions in this period.
16. RELATED PARTY TRANSACTIONS
There were no related party transactions in the year.
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