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2023-03-31-accounts

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Company registration number: 06548122 Charity registration number: 1163955

LIBERDADE COMMUNITY DEVELOPMENT TRUST

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 March 2023

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Liberdade Community Development Trust

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 10
Independent Auditors' Report 11 to 13
Consolidated Statement of Financial Activities 14
Consolidated Balance Sheet 15
Balance Sheet 16
Consolidated Statement of Cash Flows 17
Notes to the Financial Statements 18 to 34
Comparative Consolidated Statement of Financial Activities 35

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Liberdade Community Development Trust Reference and Administrative Details

Trustees S Peace A L Golding N Forrest S Ripley D Shaw (resigned 12 December 2022) E J Denham T J Goodill (resigned 30 June 2022) J Pearce (resigned 30 June 2022) M A Geffre (appointed 30 June 2022) Registered Office Gosforth Civic Theatre Regent Farm Road Gosforth Newcastle upon Tyne NE3 3HD The charity is incorporated in Wales. Company Registration Number 06548122 Charity Registration Number 1163955 Solicitors Muckle LLP Time Central 32 Gallowgate Newcastle Upon Tyne Tyne And Wear NE1 4BF Bankers Lloyds Bank plc London 63 Lincoln's Inn Fields London WC2A 3JW Auditor Azets Audit Services Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

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Liberdade Community Development Trust

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2023.

Our purposes and activities

Liberdade's mission is ‘To raise everyone’s expectations about what people with learning disabilities (pwld) can achieve’. We raise our own expectations and the expectations of society in general.

Liberdade ( Lib – er – dar – jie) has a soul, it cares for people and pushes them to excel, it always goes above and beyond and doesn’t know the meaning of can’t. People with learning disabilities come to Liberdade to work, to train others, to expel old misconceptions but mostly to belong.

We work by using the arts and Gosforth Civic Theatre as tools for change. The change happens both within our participants and society as a whole, we use the process of performing, working, and being a member of a company as a mechanism for personal and social development.

What we do

We deliver training and provide opportunities for young people and adults with learning disabilities, the training covers; performing arts; health and wellbeing; sport; employment skills; and more. The opportunities we provide include; work experience; community engagement; leading an organisation; volunteering; and performing in front of a public audience. We also share our learning by publishing detailed information on our organisational development, and partner with a large number of other organisations and individuals.

We take part in regional, national and international events representing the learning disabled community and have set up and supported new organisatations to create further opportunities for people with learning disabilities across the region.

In 2016 we took on an asset via a community asset transfer. Gosforth Civic Theatre is an arts venue that is open to all.

Historically society has created places for people with learning disabilities to go, at Gosforth Civic Theatre, people with learning disabilities have created a place for everyone to come together.

“We wanted to provide something for the community instead of it being the other way around, here people can see that we’ve got skills, that we can be useful”

Ed (founding company member)

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Liberdade Community Development Trust

Trustees' Report

Gosforth Civic Theatre is an amazing place where a group of people with learning disabilities are bringing the local community together to generate understanding, creativity, and change. We believe that if you bring people together in a positive and creative way then the barriers that can exist in communities are overcome.

Artistic values

Producing performance platform events, performing, and creating films enables our members to have a collective voice. It instils confidence and creativity, it promotes valuable life and work skills but most importantly it promotes social value. At Liberdade its not about how talented you are or what you can do, it is about belonging first and then finding and honing your skills to contribute to the organisation as a whole.

Our working practices have always strived for social change by raising our own expectations, those of our learning disabled members and members of the public we engage with. Using this very simple model we aim to demonstrate to society that learning disabled people are able, skilled and valuable members of a community whilst breaking down old misconceptions that hinder progress.

We use commonality in the creation of our artistic work to build connections between our performers and their audiences, we also use humor in our performances to further break down barriers.

Achievements and performances

This year we have focused on three major objectives:

We have developed successful partnerships with regional and national organisations, these included:

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Liberdade Community Development Trust

Trustees' Report

Our income streams

We generated earned income in a number of different ways, these were:

The current programmes and activities we deliver for our core beneficiaries

Dance Outreach

These are arts, participatory and learning projects delivered in local SEND Schools and Colleges with young people aged 12-24. The projects are usually 10 weeks long and provide opportunities for young people to create and perform artistic work. They include fun creative classes which introduce learners to dance technique and choreography. Learners are encouraged to be creative and work towards creating a performance piece.

Contemporary Dance and Youth Dance

Our Contemporary Dance Class is open to young people who enjoy dance. Liberdade Youth Dance is for young people who have participated in Outreach projects and want to continue their interest outside of school. Both activities are for young people aged 16 to 24 years and offer: Weekly dance technique classes with learners from local SEND Schools and Colleges who are committed to developing their skills; Opportunities for those in Youth Dance to create higher level performance work.

Skills Development

This programme is designed for young people aged 18-25 years who have participated in Liberdade Youth Dance and want to develop further, and for School and College leavers who have participated in dance elsewhere. It offers: Dance technique class - training in strength and flexibility, developing coordination and discipline; Creative tasks – learning to use bodies to express narrative, feelings and emotions, working together as a team; Choreography – making group decisions about themes and narratives to develop a dance/performance project, taking direction, inputting ideas and giving direction.

Performance Ensemble

This programme is for young people aged 20+ who have completed the Skills Development programme and have shown commitment and potential to further their performance career. It includes: Professional level classes in technique, creative tasks and choreography; Opportunities to tour work and represent the company at national performances.

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Liberdade Community Development Trust

Trustees' Report

Health and Wellbeing

These programmes for 18-30’s and 30+ are designed to support participants to lead a healthy lifestyle. They involve changing eating and exercise behaviours ln a fun and engaging way with support & encouragement from others. They include: Helping each individual to find the right balance; Learning about how well and often participants move compared to how much and what they eat; Learning about food and discovering how what is eaten affects feelings; Learning about healthy meals; Exploring new ways to get & keep fit; Using local facilities to try new activities and work with fitness professionals; Setting personal goals; Doing meditation and improving emotional well-being through stress management and mindfulness.

GCT Gaming Social

Our super-relaxed gaming social is somewhere young people are welcome to come along, game, play, and socialise through their love and passion for all things video game.

Future plans

We have now (January 2024) significantly updated the building by improving its environmental performance, internal and external aesthetics, theatrical infrastructure, and increasing its capacity. We are now working on fine tuning our business model to maximise our earned income, this is increasingly important because of the competitive funding environment and not being awarded National Portfoilio Investment from Arts Council England.

We will continue to develop the activities and performance programme to maximise the buildings capacity to provide a service, earn income and most importantly create positive social change.

We are looking to build financial resilience over the coming years by building on our reserves (Emergency Fund), and increasing the amount of funding we are seeking from both organisations and individuals.

We are wanting to improve our organisational systems, to help deliver this change we have employed an office manager, and we are working on fundraising to improve all of our digital systems to boost efficiencies and effectively use data to drive social impact and sales.

We are currently working with the National Youth Agency to write our Youth Development Plan, this will formalise how we work with young people and will lead to an exciting youth board who will work with our SEND Shadow board to advise the board of Trustees.

Structure, governance and management

Liberdade Community Development Trust is a Charity and Company Limited by Guarantee and not having a Share Capital, governed by its articles of association dated 05/10/2015. Prior to this the organisation was known as Liberdade North East CIC and was a community interest company also limited by guarantee and not having a share capital.

Membership of Liberdade

We have increased the diversity of our board this year by recruiting new trustees with lived experience of a learning disability, and lived experience of being part of the LGBTQ+ community. We also plan to recruit a number of other new people to join our Trustee Board as we embark on an exciting stage in our development.

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Liberdade Community Development Trust

Trustees' Report

We were looking for people who can strengthen our Board and enable us to fully realise our plans for the future, We are planning to recruit trustees with one or some of the following skills, knowledge and experience:

Facilities Management (arts/hospitality) – Although we have good skills within our staff team we would like to find a trustee who can bring facilities management skills to the board.

Fundraising Events and Philanthropy - To support our fundraising strategy. Some of our income will need to come from our community and we need someone on the board who can help us to build relationships with high net worth individuals and corporate donors.

Digital and Data – To support the development of our digital systems and social impact measurement we would like to recruit someone with experience of CRM systems, and digital best practice within cultural organisations.

Governance of membership

The Role of the Board

The Board of Trustees is the governing body of the Charity, and has overall legal responsibility for all that the Charity does. Members of the Board are the Trustees of the Charity.

The Board meets at least four times a year, but will meet more frequently as required. There are also currently some sub-group meetings in addition to Board meetings to cover specific topics.

Trustees Responsibilities

Trustees have ultimate responsibility for directing the affairs of the Charity, and ensuring that it is solvent, well-run, and is delivering the charitable outcomes for which it has been set up.

There are three key duties as specified by the Charity Commission:

Duty of Compliance – Trustees must ensure the charity complies with all relevant laws and regulations, including charity law. They must ensure that Liberdade CDT does not breach any of the requirements set out in the Articles of Association and that it remains true to the charitable purpose and objects set out.

Trustees must also act with integrity, and avoid any personal conflicts of interest of misuse of charity funds or assets.

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Liberdade Community Development Trust

Trustees' Report

Duty of Prudence – Trustees must ensure that the charity is and will remain solvent. They should use charitable funds and assets reasonably, and only in furtherance of Liberdade CDT objects. They should avoid undertaking activities that might place the charities funds, assets or reputation at undue risk and take special care when investing the funds of the charity, or borrowing funds for the charity to use.

Duty of Care – Trustees must use reasonable care and skill in their work as trustees, using their personal skills and experience as needed to ensure that the charity is well-run and efficient and consider getting external professional advice on all matters where there may be material risk to the charity, or where the trustees may be in breach of their duties.

These duties are explained further in the Charity Commission Publication CC3,

The Essential Trustee. It can be read in full at ( - http://www.charity commission.gov.uk/publications/cc3.aspx )

The Board may establish committees, advisory councils or working groups as appropriate to help it to fulfil its remit.

Membership of the Board

The minimum size of the Board is 3 and the maximum is 13

The Trustees shall use all reasonable endeavours to facilitate the creation of an informal group of service users of the Charity. The Trustees shall ensure that the views of such group are reported back to the Trustees on a regular basis, as they shall determine.

The first Trustees shall be those persons named in the statement delivered pursuant to Section 12(1) of CA 2006 who shall be deemed to have been appointed under the Articles of Association. Future Trustees shall be appointed as provided below.

A Trustee may not appoint an alternate director or anyone to act on his or her behalf at meetings of Trustees.

Eligibility to be a Trustee - Any person who is eligible to act as a Trustee may be appointed to be a Trustee by the existing Trustees.

No person may be appointed as a Trustee, unless he or she is a Member of the Charity and is in support of the Objects, and that person is willing to serve as a Trustee and has attained the age of 18 (eighteen) years, or if (had he or she already been a Trustee) he or she would have been disqualified from acting as a trustee by virtue of section 178 of the Charities Act 2011.

Appointment and Retirement of Trustees

Trustees shall be appointed by a decision of the Trustees. Trustees shall serve for a term of four years but shall be eligible for re-appointment by the Trustees. There shall be no limit on the number of terms in office that a Trustee may serve.

Disqualification and Removal of Trustees -A Trustee shall cease to hold office if:

He or she ceases to be a director by virtue of any provision in the Companies Acts or the Insolvency Act 1986 or is disqualified from acting as a Trustee by virtue of Section 178 of the Charities Act 2011,

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Liberdade Community Development Trust

Trustees' Report

He or she is deemed by HM Revenue & Customs not to be a fit and proper person to be a manager of a charity.

The Trustees reasonably believe that he or she has become physically or mentally incapable by reason of illness or injury of managing and administering his or her own affairs and they decide to remove him or her from office.

The Trustee resigns from his or her office by notice to the Charity (but only if at least the minimum number specified ie. 3 will remain in office when the notice of resignation is to take effect).

The Trustee is absent without the permission of the Trustees from all their meetings held within a period of 6 (six) months without good reason and the Trustees decide that his or her office be vacated.

The Trustee has a bankruptcy order or an order is made against him or her in individual insolvency proceedings in a jurisdiction other than England and Wales which has an effect similar to that of bankruptcy.

The Trustee is removed from office by the Trustees on the grounds that it is in the best interests of the Charity to be so removed. A decision to remove a Trustee from office may only be passed if, the Trustee has been given at least 21 (twenty one) Clear Days' notice in writing of the meeting of the Trustees at which the decision will be made and the reasons why it is to be proposed; and the Trustee or, at the option of the Trustee, the Trustee's representative (who need not be a Trustee) has been allowed to make representations to the meeting.

The Trustee will cease to be a trustee if he or she ceases to be a Member of the Charity for any reason whatsoever, retires from office and is not re-elected or is removed from office in accordance with Section 168 of the CA 2006.

Public benefit

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’. We endeavour to encourage all within our community to take part in our activities and to attend our theatre and workshops.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

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Liberdade Community Development Trust

Trustees' Report

Financial review

Policy on reserves

The calculation of free reserves is based on the definition included in the charity statement of recommended practice (SORP), which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charity to hold free reserves those - reserves not invested in tangible fixed assets, excluding long term liabilities, or designated for a particular purpose. The Trustees considered it would be appropriate to hold the equivalent of three months expenditure, which would equate to holding between £100,000 and £125,000 in free reserves.

The trustees have released the previously designated emergency funds of £31,000 back into general funds, such that at the year end free reserves were reported as £64,453 (2022: £37,320) an increase of £27,133 in the year. Note 25 – Analysis of net assets between funds gives the detail of the movement of free reserves.

Included within Fixed Assets are tangible capital additions of £468,420 and intangible (website) capital additions of £7,380 a total of £475,800. The £475,800 capital spend in the year has been funded by restricted grants from both the Arts Council and YIF – which you can reference in the charity’s funds (note 25). Having received restricted funding the charity has carried out these capital works (which were still ongoing after the year end) and to recognise that monies have been spent - and therefore the restriction met – has made a restricted to unrestricted fund transfer equal to the value of the capital additions £475,800.

The Balance Sheet at the year end 2023 shows Net Current Assets of £343,637 (an increase from the prior year of £247,222). However, it should be noted that whilst this gives the charity sufficient liquid reserves to continue its ongoing capital works, the restricted funds are currently bloating this Net Current Asset figure, with £279,184 being the restricted funds within the Net Current Assets – hence the balance of Free Reserves of £64,453.

The reason for the above increase in free reserves is due to the release of the designated fund and the restricted funding support for wages relating to the project, despite the curtailed activities of the charity prior to the commencement of the capital project (which saw the charity closing its doors towards the end of its financial year whilst the planned capital works commenced). Restricted funding provided by both Arts Council and The Clothworkers’ Foundation totalling £82,046 (to the 31 March 2023) was claimed against wages costs related to the project.

Key Management Personnel

The board, who give their time freely and no trustees received remuneration in the year, have considered who the Key Management Personnel (KMP) of the charity, as noted in the Reference and Administration section. Together with the board, these KMP are those in charge of directing and controlling, running and operating the activities of the charity on a day to day basis. The pay of the KMP is reviewed annually and normally increased in accordance with average earnings. The trustees benchmark against pay levels of other charities and similar organisations within the sector and the region. Pay levels are set using this information together with the budget and forecast information, ensuring that the charity can afford any proposed increases. The board then agree any uplift to remuneration.

Statement of trustees' responsibilities

The trustees (who are also the directors of Liberdade Community Development 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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Liberdade Community Development Trust

Trustees' Report

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 parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group 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 parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditor

Azets Audit Services Limited, trading as Azets Audit Services, were appointed auditor to the company following the charity breaching audit thresholds. The prior period was not audited.

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the charity is to be proposed at the forthcoming Annual General Meeting.

The annual report was approved by the trustees of the charity on 12/03/2024.................... and signed on its behalf by:

Amy Golding 12 Mar 2024 15:34:55 GMT (UTC +0)

......................................... A L Golding Trustee

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Liberdade Community Development Trust Independent Auditor's Report to the Members of Liberdade Community Development Trust

Opinion

We have audited the financial statements of Liberdade Community Development Trust (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other matter

We note that the prior year financial statements were not audited. Consequently ISAs (UK) require the auditor to state that the corresponding figures contained within these financial statements are unaudited. Our opinion is not modified in respect of this matter.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Liberdade Community Development Trust

Independent Auditor's Report to the Members of Liberdade Community Development Trust

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities (set out on page 9), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Liberdade Community Development Trust

Independent Auditor's Report to the Members of Liberdade Community Development Trust

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; employment laws, and compliance with the Charities Act.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK). For instance, the further removed non-compliance is from the event and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Brown 12 Mar 2024 15:49:54 GMT (UTC +0)

...................................... Simon Brown BA ACA DChA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountants Statutory Auditor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

12/03/2024 Date:.............................

Azets Audit Services is a trading name of Azets Audit Services Limited.

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Liberdade Community Development Trust

Consolidated Statement of Financial Activities for the Year Ended 31 March 2023 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Other income
6
Total Income
Expenditure on:
Raising funds
7
Charitable activities
8
Total Expenditure
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
25		 Unrestricted
£
22,289
233,466
35,189
163,864
454,808
(138,302)
(354,739)
(493,041)
(38,233)
475,800
437,567
175,479
613,046		 Restricted
£
-
993,408
-
-
993,408
-
(278,509)
(278,509)
714,899
(475,800)
239,099
299,727
538,826		 Total
2023
£
22,289
1,226,874
35,189
163,864
1,448,216
(138,302)
(633,248)
(771,550)
676,666
-
676,666
475,206
1,151,872		 Total
2022
£
50,799
380,929
39,268
114,161
585,157
(118,812)
(589,215)
(708,027)
(122,870)
-
(122,870)
598,076
475,206

All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 25.

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Liberdade Community Development Trust

(Registration number: 06548122) Consolidated Balance Sheet as at 31 March 2023

Note
Fixed assets
Intangible assets
16
Tangible assets
17
Current assets
Stocks
19
Debtors
20
Cash at bank and in hand
Creditors: Amounts falling due within one year
21
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
22
Net assets
Funds of the group:
Restricted
Unrestricted income funds
General funds
Total funds
25		 2023
£
7,380
828,355
835,735
868
121,412
618,216
740,496
(396,859)
343,637
1,179,372
(27,500)
1,151,872
538,826
613,046
1,151,872		 2022
£
-
411,291
411,291
3,883
20,127
117,914
141,924
(45,509)
96,415
507,706
(32,500)
475,206
299,727
175,479
475,206

The financial statements on pages 14 to 35 were approved by the trustees, and authorised for issue on ....................12/03/2024 and signed on their behalf by:

Amy Golding 12 Mar 2024 15:34:55 GMT (UTC +0) .........................................

A L Golding Trustee

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Liberdade Community Development Trust

(Registration number: 06548122) Balance Sheet as at 31 March 2023

Note
Fixed assets
Intangible assets
16
Tangible assets
17
Investments
18
Current assets
Debtors
20
Cash at bank and in hand
Creditors: Amounts falling due within one year
21
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
22
Net assets
Funds of the charity:
Restricted
Unrestricted income funds
Unrestricted funds
Total funds
25		 2023
£
7,380
828,355
100
835,835
121,237
604,307
725,544
(459,911)
265,633
1,101,468
(27,500)
1,073,968
538,826
535,142
1,073,968		 2022
£
-
411,291
100
411,391
19,837
110,570
130,407
(55,648)
74,759
486,150
(32,500)
453,650
299,727
153,923
453,650

The financial statements on pages 14 to 35 were approved by the trustees, and authorised for issue on ....................12/03/2024 and signed on their behalf by:

Amy Golding 12 Mar 2024 15:34:55 GMT (UTC +0) ......................................... A L Golding Trustee

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Liberdade Community Development Trust

Consolidated Statement of Cash Flows for the Year Ended 31 March 2023

Note
Cash flows from operating activities
Net cash income/(expenditure)
Adjustments to cash flows from non-cash items
Depreciation
7
Working capital adjustments
Decrease/(increase) in stocks
19
(Increase)/decrease in debtors
20
Increase in creditors
21
Increase in deferred income
22
Net cash flows from operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
16
Purchase of tangible fixed assets
17
Net cash flows from investing activities
Cash flows from financing activities
Repayment of loans and borrowings
21
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2023
£
676,666
51,356
728,022
3,015
(101,285)
325,001
30,460
985,213
(7,380)
(468,420)
(475,800)
(9,111)
500,302
117,914
618,216		 2022
£
(122,870)
50,188
(72,682)
(1,111)
14,240
9,241
-
(50,312)
-
(39,254)
(39,254)
(3,389)
(92,955)
210,869
117,914

All of the cash flows are derived from continuing operations during the above two periods.

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Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

1 Charity status

The charity is limited by guarantee, incorporated in Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Gosforth Civic Theatre, Regent Farm Road, Gosforth, Newcastle upon Tyne, NE3 3HD

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Liberdade Community Development Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 March 2023.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a surplus after tax for the financial year of £620,318 (2022 - deficit of £160,646).

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Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Going concern

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group.

Estimation uncertainty and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the group has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

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Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

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.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Intangible assets

Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Amortisation method and rate Website costs over 5 years

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Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

Tangible fixed assets

Individual fixed assets costing £300.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Plant and machinery 20% reducing balance Fixtures and fittings 20% straight line Computer equipment 33.33% straight line Leasehold property over the term of the lease

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the group.

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.

Pensions and other post retirement obligations

The group operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 Income from donations and legacies

Donations and legacies;
Donations
Donations and legacies;
Donations
Grants, including capital grants;
Government grants - CJRS
Grants		 Unrestricted
funds
General
£
22,289
22,289
Unrestricted
funds
General
£
18,192
16,607
16,000
50,799		 Total
2023
£
22,289
22,289
Total
2022
£
18,192
16,607
16,000
50,799

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Liberdade Community Development Trust Notes to the Financial Statements for the Year Ended 31 March 2023

4 Income from charitable activities

User income
Ticket income
Grants receivable
User income
Ticket income
Grants receivable
5
Income from other trading activities
Event income
6
Other income
Income from trading subsidiary
Rental income		 Unrestricted
funds
General
£
101,467
30,752
101,247
233,466
Unrestricted
funds
General
£
101,837
30,473
5,097
137,407
Unrestricted
funds
General
£
35,189
35,189
Unrestricted
funds
General
£
153,768
10,096
163,864		 Restricted
funds
£
-
-
993,408
993,408
Restricted
funds
£
-
-
243,522
243,522
Total
2023
£
35,189
35,189
Total
2023
£
153,768
10,096
163,864		 Total
2023
£
101,467
30,752
1,094,655
1,226,874
Total
2022
£
101,837
30,473
248,619
380,929
Total
2022
£
39,268
39,268
Total
2022
£
100,534
13,627
114,161

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Liberdade Community Development Trust Notes to the Financial Statements for the Year Ended 31 March 2023

7 Expenditure on raising funds

a) Costs of trading activities

Trading subsidiary costs
Costs of performances/events		 Unrestricted
funds
General
£
75,864
62,438
138,302		 Total
2023
£
75,864
62,438
138,302		 Total
2022
£
62,758
56,054
118,812

8 Expenditure on charitable activities

Unrestricted

Note
Staff costs
Allocated support
costs
9
Governance costs
9
Charitable Activities
Governance costs		 General
£
253,543
87,673
13,523
354,739
Activity
undertaken
directly
£
454,627
-
454,627		 Restricted
£
201,084
77,425
-
278,509
Activity
support
costs
£
165,098
13,523
178,621		 Total
2023
£
454,627
165,098
13,523
633,248
2023
£
619,725
13,523
633,248		 Total
2022
£
410,395
173,852
4,968
589,215
2022
£
584,247
4,968
589,215

In addition to the expenditure analysed above, there are also governance costs of £13,523 (2022 - £4,968) which relate directly to charitable activities. See note 9 for further details.

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Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

9 Analysis of governance and support costs

Governance costs

Unrestricted
funds
General
£
Audit fees
Audit of the financial statements
7,500
Other fees paid to auditors
5,248
Independent examiner fees
Examination of the financial statements
-
Other fees paid to examiners
-
Other governance costs
775
13,523
10 Net incoming/outgoing resources
Net incoming/(outgoing) resources for the year include:
Audit fees
Other non-audit services
Depreciation of fixed assets
Independent examination fees		 Total
2023
£
7,500
5,248
-
-
775
13,523
2023
£
7,500
5,248
51,356
-		 Total
2022
£
-
-
1,800
3,168
-
4,968
2022
£
-
3,168
50,188
1,800

11 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the group during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

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Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

12 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2023
£
419,478
27,309
7,840
454,627		 2022
£
378,214
24,979
7,202
410,395

The monthly average number of persons (including senior management / leadership team) employed by the group during the year expressed as full time equivalents was as follows:

Full time
Part time		 2023
No
14
9
23		 2022
No
7
15
22

No employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the group were £78,784 (2022 - £71,726).

13 Independent examiner's remuneration

Examination of the financial statements
Other fees to examiners
All other services
14 Auditors' remuneration
Audit of the financial statements
Other fees to auditors
All other non-audit services		 2023
£
-
-
2023
£
7,500
5,248		 2022
£
1,800
3,168
2022
£
-
-

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Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

15 Taxation

The group is a registered charity and is therefore potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

16 Intangible fixed assets

Group and charity

Cost
Additions
At 31 March 2023
Amortisation
At 31 March 2023
Net book value
At 31 March 2023
Charity		 Website
costs
£
7,380
7,380
-
7,380		 Total
£
7,380
7,380
-
7,380

17 Tangible fixed assets

Group and charity

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the
year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Long
leasehold
property
£
359,674
455,183
814,857
88,043
11,989
100,032
714,825
271,631		 Fixture and
fittings
£
89,580
-
89,580
55,222
17,916
73,138
16,442
34,358		 Computer
equipment
£
28,558
-
28,558
22,916
4,307
27,223
1,335
5,642		 Plant and
machinery
£
181,276
13,237
194,513
81,616
17,144
98,760
95,753
99,660		 Total
£
659,088
468,420
1,127,508
247,797
51,356
299,153
828,355
411,291

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Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

Included within Long Leasehold property is capital spend to date on the refurbishment of the Gosforth Civic Theatre. These costs, included as additions, will be depreciated once the refurbishment works are complete.

18 Fixed asset investments

Charity

Shares in group undertakings and participating interests 2023
£
100		 2022
£
100

Shares in group undertakings and participating interests

Cost
At 1 April 2022
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Subsidiary
undertakings
£
100
100
100
100		 Total
£
100
100
100
100

Details of undertakings

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:

Country of Proportion of voting Proportion of voting Principal
Undertaking incorporation Holding rights and shares held activity
2023 2022
Subsidiary undertakings
Operating a
Liberdade Trading
Limited		 England and
Wales		 Shares 100% 100% bar and cafe
at
the
theatre.

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Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

Subsidiaries

The profit for the financial period of Liberdade Trading Limited was £77,904 (2022 - £37,776) and the aggregate amount of capital and reserves at the end of the period was £78,004 (2022 - £21,656).

19 Stock

Group
2023
£
2022
£
Stocks
868
3,883
20 Debtors
Group
2023
£
2022
£
Trade debtors
24,543
12,339
Prepayments
3,149
1,681
Accrued income
93,640
-
Other debtors
80
6,107
121,412
20,127
21 Creditors: amounts falling due within one year
Group
2023
£
2022
£
Bank loans
10,000
10,000
Trade creditors
331,566
10,063
Other loans
-
4,111
Due to group undertakings
-
-
Other taxation and social
security
7,136
7,632
VAT
18
-
Other creditors
4,405
2,835
Accruals
13,274
10,868
Deferred income
30,460
-
396,859
45,509		 Charity
2023
£
2022
£
-
-
Charity
2023
£
2022
£
24,368
12,258
3,149
1,681
93,640
-
80
5,898
121,237
19,837
Charity
2023
£
2022
£
10,000
10,000
331,222
7,348
-
4,111
65,084
12,854
7,136
7,632
18
-
2,717
2,835
13,274
10,868
30,460
-
459,911
55,648		 Charity
2023
£
2022
£
-
-
Charity
2023
£
2022
£
24,368
12,258
3,149
1,681
93,640
-
80
5,898
121,237
19,837
Charity
2023
£
2022
£
10,000
10,000
331,222
7,348
-
4,111
65,084
12,854
7,136
7,632
18
-
2,717
2,835
13,274
10,868
30,460
-
459,911
55,648
55,648

Bank borrowings

Bounce back loan is denominated in sterling with a nominal interest rate of 2.5% (2022 - 2.5%), and the final instalment is due on 9 June 2026. The carrying amount at year end is £37,500 (2022 - £42,500).

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Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

Other borrowings

The loan with Social Investment was settled in full within the year.

Deferred income

Group and charity

----- Start of picture text -----
2023 2022
£ £
- -
Deferred income at 1 April 2022
-
Resources deferred in the period 30,460
Amounts released from previous periods - -
Deferred income at year end 30,460 -
----- End of picture text -----

22 Creditors: amounts falling due after one year

----- Start of picture text -----
Group Charity
2023 2022 2023 2022
£ £ £ £
Bank loans 27,500 32,500 27,500 32,500
----- End of picture text -----

23 Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £7,840 (2022 - £7,202).

Contributions totalling £1,282 (2022 - £1,282) were payable to the scheme at the end of the year and are included in creditors.

24 Commitments

Group and charity

Capital commitments

The charity was undergoing a building refurbishment as at the year end.

The total amount contracted for but not provided in the financial statements was £198,474,050 (2022 - £Nil).

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Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

25 Funds

Group

Unrestricted funds
General
General
Designated
Emergency Fund
Total unrestricted funds
Restricted funds
Arts Council
Property Fund
NCIF
Lloyds Foundation
Lottery - Sport fund
Community Foundation
Grant (Covid)
Community Funds Main
Grant
Percy Hedley Charitable
Trust
The Rothley Trust
Foyle Capital Project
NCC CICC Starter Grant
Power to Change
School for Social SESF
National Lottery
Community Fund
YIF Capital Project
The Clothworkers'
Foundation
Total restricted funds
Total funds		 Balance at
1 April
2022
£
144,479
31,000
175,479
-
271,631
-
14,440
5,473
-
7,083
500
600
-
-
-
-
-
-
-
299,727
475,206		 Incoming
resources
£
454,808
-
454,808
109,970
-
30,000
27,250
-
12,500
-
-
-
75,000
13,135
10,000
40,000
30,000
610,000
35,553
993,408
1,448,216		 Resources
expended
£
(493,041)
-
(493,041)
(46,493)
(11,989)
(30,000)
(41,690)
(5,473)
(12,500)
(7,083)
(500)
(600)
-
(13,135)
(10,000)
(36,364)
(27,129)
-
(35,553)
(278,509)
(771,550)		 Transfers
£
506,800
(31,000)
475,800
(63,477)
-
-
-
-
-
-
-
-
-
-
-
-
-
(412,323)
-
(475,800)
-		 Balance at
31 March
2023
£
613,046
-
613,046
-
259,642
-
-
-
-
-
-
-
75,000
-
-
3,636
2,871
197,677
-
538,826
1,151,872

31

VirtualSignature Transaction Ref. Q4WB-TKCD-NMDN 12 Mar 2024 15:49:56 GMT (UTC +0) D 5/5 P 34/37

Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

The specific purposes for which the funds are to be applied are as follows:

• Property Fund – Fund set up to account for the 50 year lease taken out on 15th January 2023 at Gosforth Civic Theatre, the premises in which the charity operates.

• Newcastle Cultural Investment Fund (NCIF) – Amounts received to be used for core costs of Gosforth Civic Theatre.

• Awards For All (Community Funds Main Grants) – Amount received towards the costs of conducting user research and the development of digital services/products.

• Foyle Foundation (Capital) - Amounts received to support the delivery of the Capital Project, with particular focus on Theatrical Infrastructure.

• National Lottery Community Fund (Capital and Revenue) - Amounts received to be used for core costs, and towards the delivery of the Capital Project.

32

VirtualSignature Transaction Ref. Q4WB-TKCD-NMDN 12 Mar 2024 15:49:56 GMT (UTC +0) D 5/5 P 35/37

Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

26 Analysis of net assets between funds

Group

Intangible fixed assets
Tangible fixed assets
Net current assets/(liabilities)
Creditors over 1 year
Total net assets
Tangible fixed assets
Net current assets/(liabilities)
Creditors over 1 year
Total net assets		 Unrestricted
General
£
Designated
£
7,380
-
568,713
-
64,453
-
(27,500)
-
613,046
-
Unrestricted
General
£
Designated
£
139,659
-
37,320
31,000
(32,500)
-
144,479
31,000		 Restricted
£
-
259,642
279,184
-
538,826
Restricted
£
271,632
28,095
-
299,727		 Total funds
£
7,380
828,355
343,637
(27,500)
1,151,872
Total funds
at 31 March
2022
£
411,291
96,415
(32,500)
475,206

27 Analysis of net funds

Group

Cash at bank and in hand
Debt due within one year
Debt due after more than one year
Net debt
Cash at bank and in hand
Debt due within one year
Debt due after more than one year
Net debt		 At 1 April
2022
£
117,914
(14,111)
(32,500)
71,303
At 1 April
2021
£
210,869
(8,333)
(41,667)
160,869		 Financing
cash flows
£
500,302
4,111
5,000
509,413
Financing
cash flows
£
(92,955)
(5,778)
9,167
(89,566)		 At 31 March
2023
£
618,216
(10,000)
(27,500)
580,716
At 31 March
2022
£
117,914
(14,111)
(32,500)
71,303

33

VirtualSignature Transaction Ref. Q4WB-TKCD-NMDN 12 Mar 2024 15:49:56 GMT (UTC +0) D 5/5 P 36/37

Liberdade Community Development Trust

Notes to the Financial Statements for the Year Ended 31 March 2023

28 Related party transactions

Charity

During the year the charity made the following related party transactions:

Liberdade Trading Limited

(The charity owns 100% of the subsidiary, Liberdade Trading Limited. The company runs the bar and cafe at the theatre. )

During the year, the subsidiary gifted its profits from the prior year totalling £21,556. At the balance sheet date the amount due to Liberdade Trading Limited was £65,084 (2022 - £12,854).

34

VirtualSignature Transaction Ref. Q4WB-TKCD-NMDN 12 Mar 2024 15:49:56 GMT (UTC +0) D 5/5 P 37/37

Liberdade Community Development Trust

Comparative Consolidated Statement of Financial Activities for the Year Ended 31 March 2022 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
25		 Unrestricted
£
50,799
137,407
39,268
114,161
341,635
(103,228)
(343,283)
(446,511)
(104,876)
(104,876)
280,355
175,479		 Restricted
£
-
243,522
-
-
243,522
(15,584)
(245,932)
(261,516)
(17,994)
(17,994)
317,721
299,727		 Total
2022
£
50,799
380,929
39,268
114,161
585,157
(118,812)
(589,215)
(708,027)
(122,870)
(122,870)
598,076
475,206

35