Company Registration No. 08886550 (England and Wales) Charity Registration No. 1157013
Tibberton CLT Limited (a company limited by guarantee)
Annual report and unaudited financial statements for the year ended 31 March 2024
Tibberton CLT Limited
Annual Report and Financial Statements
Contents
| Page | |
|---|---|
| Company information | 1 |
| Trustees' Report | 2 – 3 |
| Trustees' Responsibilities in Relation to the Financial Statements | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the financial statements | 7 - 12 |
Tibberton CLT Limited
Annual Report and Financial Statements
Company Information
Directors
Dr David J Campbell Mr David Rose ( appointed on 27 July 2023 ) Cllr A Margaret Rowley Mr Brian R Walford Mr Michael White
Company number 08886550 Company type Private Company Limited by Guarantee without Share Capital Charity number 1157013 Registered office St Wulstans Church Lane Tibberton Droitwich Spa Worcestershire WR9 7NW
Page 1
Tibberton CLT Limited
Trustees’ report
For the year ended 31 March 2024
The trustees are pleased to present their annual report and financial statements for the year ended 31 March 2024.
The company registered as a charity with the Charity Commission on 12 May 2014 under registration number 1157013.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Tibberton CLT Ltd is a company limited by guarantee registered on 11 February 2014 under company registration number 08886550 and is regulated by its Memorandum and Articles of Association.
Structure, Governance and Management
The trustees (who are also directors for the purposes of company law) had control of the charity, its property and funds and managed the overall general running of the organisation. The trustees met twice.
All trustees gave their time voluntarily.
The board of directors must consist of between 4 and 10 persons all over the age of 18 years. Members must have been, for at least 6 months, a resident or a local worker within Tibberton Parish. The board of trustees has the power to co-opt any eligible individual as a trustee, but a coopted trustee holds office only until the next AGM. Under the requirements of the Memorandum and Articles of Association one third of the members of the board must retire at each AGM. A retiring trustee may be re-elected providing they are still eligible for election. The trustees who served during the year are shown on page 1.
Objectives and Activities
The aims and objectives of Tibberton CLT include:
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Provision of affordable housing for people with local connections and of open market homes;
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Provision of a new village hall to give a focus for community activities;
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Provision of allotments to encourage people to come together to 'grow their own' and to support a healthy '5 a day' diet;
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Encouragement of and support for other aspects of improving cohesion and feeling of inclusion with the Tibberton village community
Achievements and Performance
There has been a substantial change in the Financial Statements following the opening of the village hall in November 2023. Funds held at the 31[st] March 2023 were £8,939 and at 31[st] March 2024 £69,918. Total income in the year ending 31[st] March 2023 was £4,698 and in the year ending 31[st] March 2024 £70,257. The latter figure includes grant funding of £64,447 plus other charitable trading income of £5,810, whereas the funding in the year ending 31[st] March 2023 was £2,081 and £2,617 respectively.
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Tibberton CLT Limited
Trustees’ report (continued)
For the year ended 31 March 2024
Achievements and Performance (continued)
Regarding the four aims and objectives listed above, the ten affordable homes are owned and managed by Rooftop Housing with preference being given to tenants with links to Tibberton. Rental income was received for the land on which the houses are built, together with a share of the feed-in tariffs for the PV panels on the roofs of the houses.
The eight allotments continue to be managed by the Allotments Management Committee chaired by James Dewhirst.
The opening of the new village hall completed the third of the original objectives of TCLT. The hall is managed by the Village Hall Management Committee chaired by Helen Savage. The official opening took place on Saturday 22[nd] June 2024 with Vic Allison (Chief Executive of Wychavon District Council), Robbie Hazlehurst (Chair of Tibberton Parish Council) and David Campbell (Chair of TCLT) representing three of the main organisations involved in setting up the Trust. The number of events taking place in the hall has steadily grown during the year with the latest regular activity being an After School Club.
Opening the new Village Hall has meant that the Parish Hall is now redundant. A proposal to convert the Parish Hall to a Village Hub, including a café and supplying essential provisions, has received the promise of a grant from Wychavon District Council. It is proposed that the Parish Hall Trust will merge with TCLT which will then manage the facility in accordance with its fourth objective.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Approved by the Board and signed on its behalf by
David J Campbell Director and Trustee
Date: 28 November 2024
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Tibberton CLT Limited
Trustees’ Responsibilities in Relation to the Financial Statements
For the year ended 31 March 2024
The trustees (who are also directors of Tibberton CLT Ltd for the purposes of company law) are responsible for preparing the Trustees' annual report and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure, of the charitable company 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 in the charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements: and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Tibberton CLT Limited
Statement of financial activities
For the year ended 31 March 2024
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | Funds | ||
| Notes | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | £ | £ | ||
| Income and Endowments | |||||||
| Grants received | 2 | 6,391 | 58,056 | 64,447 | - | 2,081 | 2,081 |
| Other charitable trading | |||||||
| income | 3 | 5,810 | - | 5,810 | 2,617 | - | 2,617 |
| Total Income | 12,201 | 58,056 | 70,257 | 2,617 | 2,081 | 4,698 | |
| Resources Expended | |||||||
| Charitable activities | 4 | (3,416) | (5,862) | (9,278) | (1,068) | (2,081) | (3,149) |
| Total Expenditure | (3,416) | (5,862) | (9,278) | (1,068) | (2,081) | (3,149) | |
| Net income / (expenditure) | |||||||
| before transfers | 8,785 | 52,194 | 60,979 | 1,549 | - | 1,549 | |
| Transfers | - | - | - | - | - | - | |
| Net movement in funds | 8,785 | 52,194 | 60,979 | 1,549 | - | 1,549 | |
| Reconciliation of funds | |||||||
| Total funds brought forward | 5,939 | 3,000 | 8,939 | 4,390 | 3,000 | 7,390 | |
| Total funds carried forward | 14,724 | 55,194 | 69,918 | 5,939 | 3,000 | 8,939 |
All of the charity’s activities derive from continuing operations during the year.
The notes on pages 7 to 12 form an integral part of these financial statements.
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Tibberton CLT Limited
Balance Sheet
As at 31 March 2024
| Notes Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Net assets The Funds of the Charity Restricted fixed asset funds 12 Restricted income funds 12 Unrestricted funds 12 Total Charity Funds 14 |
£ 7,207 27,052 34,259 (3,142) |
Company Registration No. 08886550 2024 2023 £ £ £ 38,801 306 250 9,010 9,260 (627) 31,117 8,633 69,918 8,939 36,849 - 18,345 3,000 14,724 5,939 69,918 8,939 |
|---|---|---|
For the financial year ended 31 March 2024, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board of Directors on 28 November 2024 and signed on its behalf by:
D J Campbell Director
The notes on pages 7 to 12 form an integral part of these financial statements
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Tibberton CLT Limited
Notes to the financial statements
For the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the provision of the small companies regime.
Fund Accounting Policy
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by funders, where the asset acquired or created is held for a specific purpose.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Designated funds are unrestricted funds set aside at the discretion of the trustees for specific purposes.
Incoming Resources
Voluntary income including donations and grants that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performance-related conditions, there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued.
Where facilities are provided to the charity as a donation that would normally be purchased from our suppliers, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity where this can be quantified.
The value of services provided by volunteers are not incorporated into these financial statements. Further details of the contribution made can be found in the Trustee's Annual Report.
Income derived from events is recognised as earned (that is, as the related goods or services are provided). Investment income is recognised on a receivable basis.
Income from charitable activities includes income recognised as earned (as the related goods or services are provided).
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Tibberton CLT Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1 Accounting policies (continued)
Resources Expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Costs of generating funds are the costs associated with attracting voluntary income.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance Costs
Governance costs include costs of the preparation and examination of the statutory accounts and the cost of any legal advice to trustees on governance or constitutional matters.
Fixed assets
Assets are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.
Depreciation
Where fixed assets have been acquired with the aid of specific grants they are included in the Balance Sheet at cost and depreciated over their expected useful economic life. The related grants are credited to a restricted fixed asset fund in the Statement of Financial Activities and carried forward in the Balance Sheet. Depreciation on such assets is charged to the restricted fixed asset fund in the Statement of Financial Activities so as to reduce the fund over the useful economic life of the related asset on a basis consistent with the company’s depreciation policy.
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset on a straight line basis over its expected useful life, as follows:
Fixtures, fittings and equipment 20% p.a. Computer equipment 20% p.a.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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Tibberton CLT Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
| 2 Grants Receivable Grants receivable Total 2023 |
Unrestricted Restricted Total Total Funds Funds Funds Funds 31 March 31 March 31 March 31 March 2024 2024 2024 2023 £ £ £ £ 6,391 58,056 64,447 2,081 |
|---|---|
| 6,391 58,056 64,447 2,081 |
|
| 0 2,081 2,081 |
| 3 Other Charitable Trading Income Hire income Rental income PV FiT income Other income Total 2023 4 Charitable Activities |
Unrestricted Restricted Total Total Funds Funds Funds Funds 31 March 31 March 31 March 31 March 2024 2024 2024 2023 £ £ £ £ 2,861 0 2,861 - 2,140 0 2,140 2,269 678 0 678 348 131 0 131 - |
|---|---|
| 5,810 0 5,810 2,617 |
|
| 2,617 0 2,617 |
| Village Hall Expenditure Allotments Expenditure TCLT Governance Costs Depreciation Platinum Jubilee Celebrations Total 2023 |
Unrestricted Restricted Total Total Funds Funds Funds Funds 31 March 31 March 31 March 31 March 2024 2024 2024 2023 £ £ £ £ 2,679 3,205 5,884 421 217 - 217 341 71 - 71 - 449 2,657 3,106 306 - - - 2,081 |
|---|---|
| 3,416 5,862 9,278 3,149 |
|
| 1,068 2,081 3,149 |
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Tibberton CLT Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
5 Trustee Remuneration
No trustee received any remuneration during the year (2023: None) . During the year expenses made on behalf of the company totalling £24 were reimbursed to one Trustee.
6 Employee Remuneration
The company had no employees during the year (2023: None) .
7 Taxation
The company is registered charity and is exempt from taxation on its charitable activities.
8 Tangible fixed assets
| Cost At beginning of year Additions Transfers At end of year Depreciation At beginning of year Charge for the year At end of year Net book value At 31 March 2023 At 31 March 2024 9 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income |
Fixtures, Fittings & Equipment Computer Equipment Total £ £ £ 1,530 - 1,530 39,130 2,471 41,601 - - - |
Fixtures, Fittings & Equipment Computer Equipment Total £ £ £ 1,530 - 1,530 39,130 2,471 41,601 - - - |
|---|---|---|
| 40,660 2,471 43,131 |
||
| 1,224 - 1,224 3,024 82 3,106 |
||
| 4,248 82 4,330 |
||
| 306 - 306 |
||
| 36,412 2,389 38,801 |
||
| 2024 2023 £ £ 312 - 6,895 250 |
||
| 7,207 250 |
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Tibberton CLT Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
10 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | |
|---|---|
| Trade creditors Accruals and deferred income Other creditors |
2024 2023 £ £ 1,460 - 752 - 930 627 |
| 3,142 627 |
11 Members’ Liability
The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
12 Analysis of Funds
| General Funds Unrestricted funds Restricted fixed asset funds Restricted income funds |
At 1 At 31 April Incoming Resources March 2023 Resources Expended Transfers 2024 £ £ £ £ £ 5,939 12,201 (3,416) 0 14,724 - 33,056 (2,657) 6,450 36,849 3,000 25,000 (3,205) (6,450) 18,345 |
|---|---|
| 8,939 70,257 (9,278) 0 69,918 |
Restricted funds at the start of the year represent donations from Worcestershire County Council restricted for the purchase of new equipment and fitting out the new village hall. The restricted funds received during the year related to grants received from Wychavon District Council’s Rural Award Grant £24,956 and match funding from Tibberton Parish Council £8,100 also for the same purpose. Tibberton Parish Hall provided a grant of £25,000 for the purpose of purchasing equipment and fitting out the new hall.
13 Transfers
Restricted income used to acquire fixed assets transferred during the year includes the donation from Worcestershire County Council £3,000 and £3,450 spent from the grant received from Tibberton Parish Hall.
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Tibberton CLT Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
| 14 Net Assets by Fund Fixed Assets Current Assets Creditors: Amounts falling due within one year Total 2023 |
Unrestricted Restricted Total Total Funds Funds Funds Funds 31 March 31 March 31 March 31 March 2024 2024 2024 2023 £ £ £ £ 1,952 36,849 38,801 306 14,629 19,630 34,259 9,260 (1,857) (1,285) (3,142) (627) |
|---|---|
| 14,724 55,194 69,918 8,939 |
|
| 5,959 3,000 8,939 |
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Tibberton CLT Limited
Detailed Income & Expenditure Statement
For the year ended 31 March 2024
| Income Grant income Hire income Rental income PV FiT share income Other income Direct costs Fixtures, equipment & consumables Cleaning contract, materials & equipment Refuse & waste collections Property repairs & maintenance Electricity Water IT software & consumables Subscriptions & licences Platinum Jubilee celebrations Total direct costs Administrative expenses Insurance Printing, stationery & postage Other administration expenses Depreciation Total administrative expenses Operating profit before taxation |
£ 2,545 1,111 428 334 819 131 396 82 - 138 69 119 3,106 |
2024 £ 64,447 2,861 2,140 678 131 70,257 (5,846) (3,432) 60,979 |
£ 163 - - - - 178 - - 2,081 421 - - 306 |
2023 £ 2,081 - 2,269 348 - |
|---|---|---|---|---|
| 4,698 (2,422) (727) |
||||
| 1,549 |
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