Company No. 08562575 Charity No. 1156607 ST GORAN CLT LTD A COMPANY LIivirrED BY GUARAwfEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMEKrs 30 JUNE 2024 CHARTERED ACCOUNTANrs REGISTERED AUD￿oRs ST AUSTELL Page I ST GORAN CLT LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 CONTENTS Trustees and Advisers Trustees, Annual Report Independent Examinefs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements Income and Expenditure Account- u￿esti]Cted Funds 7-11 12 Page 2 ST GORAN CLT LTD TRUSTEES AND ADVISERS 30 JUNE 2024 PRINCIPAL AND REGISTERED OFFICE St Goran CLT Ltd Benhurden Farni Gorran ST AUSTEIL Comwall PL26 6LQ Registered Nutnber: 1156607 Company Number". 08562575 TRUSTEES Christopher Lobb (Chairman) Geoffrey Hayhurst Paul Grinunett Paul Grose Katy Ratty Thomas White HeIen Bar(lle (Resigned 30/06/2024) INDEPENDE1￿ EXAMINERS Phillips Frith Lt 9 Tregarne Te￿ce ST AUSTELL Cornwall PL25 4DD Page 3 ST GORAN CLT LTD TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2024 The trustees present their report and accounts for the year ended 30 June 2024. OBJECTIVES AND ACTIVITIES The chariry continues to operate as a Community land Trust, providing affordabIe accommodation to people from the Iocal area, as well as facilities for community activities and meetings. During the year the Trustees terminated the management contract held by Comwall Rural Housing Association and has since managed the tenancies of the flats directly. resulting in a substantial cost saving. On 3 June 2024 the Trust accepted the ￿ of a two-bedroom house in Gorran Haven from a very generous benefactor who wishes to remain anonymous. The house is let to a single lady at £550 per month, so very much in line with the tenancies of the flats (whose rents were increased during the year to £475 per month each). In the year ended 30 June 2024, the Trust was able to make a £IO.000 capital repayments to Triodos Bank ahead of schedule. At the year end the outstandmg loan was reduced below £200,000. FINANCIAL REVIEW St Goran CLT Ltd is in a healthy financial position with adequate reserves. TRUSTEES The charity is run by a board of trustees and during the year these were as follows". CElllStopher Lobb (Chairnian) Geoffrey Hayhurst Paul Grimmett Paul Grose Katy Ratry Thomas White Helen Bardle (Resigned 30/06/2024) Trustees are appointed as ne￿SSary from the communities of Go￿n and sum)unding areas. Registered address Benhurden Farni Gorran St Austell Cornwall PL26 6LQ SIGNED ON BEHALF OF THE TRUSTEES Mr C Lobb Chairman Date:.... I￿r G Hayhurst 202< Page 4 ST GORAN CLT LTD INDEPENDENT EXATrUNER'S REPORT TO THE TRUSTEES OF ST GORAN CLT LTD I report to the tn￿teeS on my eXamI￿tion of the financial statements of St Goran CLT Ltd for the year ended 30 June 2024. Responsibilities and basis of report As the charitvs trustees of the Company (who are also the directors of the cornpany for the purposes of company Iaw), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 ACYJ. Having satisfied myself that the accounts of St Goran CLT Ltd are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Ch￿7t￿5 accounts as callied out under section 145 of the Charities Act 2011 ("the 2011 ACV,). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145 (5) (b) of the 2011 Act. As the Trustees of St Goran CLT Ltd you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). Independent examiner's statement The CoMpan￿S gross income exceeded £250,000 and I am qualified to undertake the examination being a qualified member of the ICAEW. I have completed my examination. I confirni that no matters have come to my attention in connection with the examination which gives me cause to believe that." accounttng records were not kept in accordance with sectton 386 of the Companies Act 2006. or the financial statements do not accord with those records. or the financial statements do not comply with the relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirernent that the accounts give a true and fairf view which is not a matter considered as part of an independent examination" or the acco ts have t been prepared in accordan￿ with the Charities SORP (FRS102) I have no conce should be and have in this rep ome across no other matters in connettton with the examination to which attention rt in order to enable a proper understanding of the accounts to be reached. Ian Chalmers FCA Independent Examiner For and on behalf of: PHILLIPS FRITH LLP CHARTERED ACCOUNTANrs 9 Tregarne Te￿ace ST AUSTELL PL25 4DD Date: 2 C/(5 Page 5 ST GORAN CLTLTD STATEMENT OF FINANCIAL AcfIvTfiES FOR THE YEAR ENDED 30 JUNE 2024 INCLUDING INCOME AND EXPENDITURE ACCOUNT Total funds restricted Restricted Endowment Notes funds funds funds Total funds 30 2023 INCOME FROM: Donations, grants and legacies Charitable acttvities Investments 351.313 34,726 95 351,313 34,726 95 1,639 32,770 96 TOTAL INCOME 386.134 386.134 34,505 EXPEiwrruRE ON: Charitable activities 23,011 23,011 27,195 TOTAL EXPENDITURE 23,011 23,011 27,195 NET INCOME/(EXPENDITURE) AND NET MOVEME￿ IN FUNDS 363,123 363.123 7,310 RECONCILATION OF FUNDS: Total funds brought forward 198.007 198,007 190,697 TOTAL FUNDS CARRIED FORWARD 561,130 561,130 198,007 The statement of financial activities indudes all gains and losses recognised in the year. The notes on pages 7 - 1 I forni part of these accounts. Page 6 ST GORAN CLT LTD BALANCE SHEET AS AT 30 JUNE 2024 2024 Notos 2023 FIXED ASSETS Tangible fixed assets 745.380 394,519 CURREWT ASSETS Debtors Cash at bank and in hand 988 15.629 16,617 22,646 25,090 Creditors: amounts falling due within one year 10 2.427 4,293 NET CURRENT ASSETS 14,190 20,797 TOTAL ASSETS LESS CURRENT LIABILITES 759.570 415,316 Creditors: amounts falling due after more than one year 11 (198,440) (217,309) NET ASSETS 561,130 198,007 FUNDS Unrestricted funds 561,130 198,007 TOTAL FUNDS 561,130 198,007 The company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies, regime and in accordance with FRS 102 SORP. Approved by the Trustees and authorised for issue on behalf by". 2025 and signed on their Mr C Lobb Mr G Hayhurst Company Registration Number 08562575 The notes on pages 7 to I I forni part of these financial statements. Page 7 ST GORAN CLT LTD NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNllNG POLICIES Charity Infomation St Goran CLT Ltd is a private clwitable cornpany limited by guarantee and has no share capital, incorporated in England and Wales. The principal address is St GoTan CLT Ltd. Benhurden Fam, Gorran, St Austell, Cornwall, PL26 6LQ a) Basis of preparation and compliance with statutory requirements These accounts have been prepared under the historical cost convention with items recognised at cost or transattion value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard appltcable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011. The accounts are prepared in sterling, which is the functional currency of the Ch￿lty. Monetary amounts in these financial statements are rounded to the n&qrest £. The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value. The Principal accounting policies adopted are set out below. The financial statements have been prepared on the assumption that the Charity is able to carry on as a going concern. The Trustees have no material uncertainties about the Chariws ability to continue. b) Income Income is recognised when the Charity has entitlement to the funds, any perforniance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. i) GRANTS AND DONATIONS Grants and donations are recognised when receivable. Grants and do[￿tionS received for the general pU￿oseS of the Charity are induded as unrestricted fl￿ds. ii) GRAWFS AND GOVERNMEwf GRAwrs Income from government and other grants. induding capital grants, is recognised when the Charity has entidement to the funds, it is probable that the income will be re￿iVed and the amount can be measured reliably, except as follows:. When donors specify that grants given to the Charity must be used in future accounting years, the income is deferred until those years. When donors impose conditions which b2ve to be fulfilled before the Charity becomes entitled to use such income, the income is deferred and not induded in incoming resources until the pre-conditions for use have been met. A grant received before the recognition criteria are satisfied is recognised as a liability. Page 8 ST GORAN CLT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 continued I ACCOUNTING POLICIES (continued) ill) CHARITABLE ACTIVITIES Income from charitable activities comprises of rentsl incoTne and room hire. These are accounted for in the year in which the service is provided. e) Donated goods and services Donated fixed assets are included in income at the estimated value of the to the ch￿lty when received, with the other entry being capitalised in fixed assets. In accordance with the Charities SORP (FRS 102), the general volunteer time provided to the Charity is not recognised. d) Expenditure Expenditure is recognised once there is a legal or constructed obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and is dassffied under the following activity headings: Expenditure on Ch￿itable activities includes the costs incurred by the Charity in meeting the charitable pury)oses. Other expenditure represents those items not falling into any other heading. e) Tangible fixed assets and depreciation Tangible fixed assets are capitalised and induded at cost induding any incidental expenses of acquisition if in line with the donor documentation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost over their expected economic lives as follows: Freehold property Fixtures, fittings and equipment - Not depreciated - 20 % per annum on the reducing balance method fj Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial insmiments. Basic financial instruments are initially reCO￿lSed at transactton value and subsequendy measured at their settlement value. Page 9 ST GORAN CLT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 continued 2 INCOME FROM DONATIONS 2024 2023 Donations) grants and legacies Donations and gifts General gifts provided by the government 350,095 100 100 Membeismp subsoiptions and spJnsorslll'PS 100 1,118 TOTAL 351,313 1.639 The income received from donations included the gift of a two-bedroorn house in Gorran Haven with an estimated value of £350.000. 3 CHARITABLE AcfIviTIES 2024 2023 Rental income Old School Rooms room hire 28,395 26,685 6,085 34,726 32,770 4 INVESTMENT INCOME 2024 2023 Bank interest receivable 95 96 5 TOTAL RESOURCES EXPENDED Activities undertaken direetl Support Governance costs costs 2024 Total 2023 Total Expenditure on charitable artivities Building management costs Financing costs Company administration Depreciation Propcrty repairs and malntenance Accountancy 4,455 14,472 4,455 14,472 4,039 14,585 74 240 8,257 192 3,412 192 3,412 480 Total resources expended 23,011 23,011 27,195 Page 10 ST GORAN CLT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 continued 6 TAXATION St Goran CLT Ltd is a re￿tered charity and is thus exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its Ch￿Itable objects. No tax charges have arisen in the Charity. There was no UK Cory)oration Tax payable by St Goran CLT Ltd in 2024 or 2023. 7 NET MOVEmE1￿s IN FUNDS Net movement in fl￿d5 is arrived at after charging." 2024 2023 Depreciation of tangible fixed assets Independent examiners fee 192 240 8 TANGIBLE FIXED ASSETS Freehold land and buildings Equipment Total Cost: At l July 2023 Additions At 30 June 2024 393,559 351,053 744,612 3,984 397,543 351,053 748,596 3,984 Depreciation: At l July 2023 Charge for the year At 30 June 2024 3,024 192 3,216 3,024 192 3,216 Net Book Value: 30 June 2024 744,612 768 745,380 30 June 2023 393,559 960 394,519 Page 11 ST GORAN CLT LTD NOTES TO THE FINANCIAL sTATEmE￿s FOR THE YEAR ENDED 30 JUNE 2024 continued DEBTORS 2024 2023 Trade debtors Other debtors 2,069 375 988 988 10 CREDITORS: AMOUNTS FAUJNG DUE THIN ONE YEAR 2024 2023 Trade creditors Accruals Bank loans and overdrafts 281 946 1,200 539 10 3,744 2,427 4,293 I I CREDITORS: AMOUNTS FALIJNG DUE 2024 2023 Bank loans and overdrafts Other creditors 196.151 2,289 215,019 2,290 198,440 217,309 Page 12 ST GORAN CLT LTD INCOME AND EXPENDITURE Accouwf - UNRESTRIcfED FOR THE YEAR ENDED 30 JUNE 2024 Year ended 30 Y&2r ended 30 2023 INCOME Donations and gifts General grants Membership subscriptions and sponsorships Rental income Old School RooTh￿ room hire Interest received 350.095 100 1,118 28.395 6,331 95 386,134 100 100 1,439 26,685 6,085 96 34,505 EXPENDITURE Building management costs Financing costs Company administration Depreciation Propety repairs and maintenance charges Accountancy 4,455 14,472 4,039 14,585 74 240 8,257 192 3.412 23,011 27,195 SURPLUS FOR YEAR 363.123 7,310