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2024-03-31-accounts

Charity registration number 1163955

Company registration number 06548122 (England & Wales) (A company limited by guarantee)

Liberdade Community Development Trust

Annual report and financial statements

For the year ended 31 March 2024

LIBERDADE COMMUNITY DEVELOPMENT TRUST

CONTENTS

Page
Reference and administrative details 1
Trustees’ Report 2 - 9
Independent Auditors Report 10 – 12
Consolidated Statement of Financial Activities 13 - 14
Consolidated Balance Sheet 15
Charity Balance Sheet 16
Consolidated Cash Flow Statement 17
Notes to the Consolidated Financial Statements 18 - 33

LIBERDADE COMMUNITY DEVELOPMENT TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees S Peace
A L Golding
N Forrest
S Ripley
E J Denham
M A Geffre
J Blackett (Appointed 13 December 2023)
K Rhys-Jones (Appointed 13 December 2023)
L Snowball (Appointed 13 December 2023)
H Walkinshaw (Appointed 13 June 2024)
Company Registration Number 06548122 (England & Wales)
Charity Registration Number 1163955
Registered office Gosforth Civic Theatre
Regent Farm Road
Gosforth
Newcastle upon Tyne
NE3 3HD
Bankers Lloyds Bank plc
London
63 Lincoln's Inn Fields
London
WC2A 3JW
Solicitors Muckle LLP
Time Central
32 Gallowgate
Newcastle upon Tyne
NE1 4SN
Auditors Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
NE2 1TJ

1

LIBERDADE COMMUNITY DEVELOPMENT TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are directors for the purposes of company law, present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

OBJECTIVES 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)

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.

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LIBERDADE COMMUNITY DEVELOPMENT TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

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.

External context - summary of major changes

We closed the building in January 2023 for essential capital redevelopment. The original timeline for the capital project was 26 weeks. We partially reopened the building in late August 2023 and spent the following 4 months with builders still working at GCT to complete the works. This proved challenging and difficult for all involved. It has significantly affected our earned income for this financial year. We received a completion certificate in March 2024, 31 weeks late.

Internal context – summary of major issues

We had been aware for some time that we had been operating in ‘survival mode’, our need to carry out planned organisational development to build resilience over the closure of the building was much needed. Unfortunately, our CEO and Development Manager’s capacity to carry these developments was taken up managing the complexity of the capital project.

They also were unable to dedicate capacity to essential fundraising to cover the shortfall left by the failure to secure NPO core support from Arts Council England. The delays in the capital project further compounded this issue. Fortunately, Youth Investment Fund who funded 65% of the build (£1.5 million) stepped in with a further £190,000 to support us to complete the project and cover core costs. However, we were still facing a significant shortfall in funding.

Other challenges include increases in the National Living Wage, which has had a £50k negative impact on expenditure year on year, and next year the impact will be even greater. The cost of utilities and materials (Stock, etc) has also had a huge impact on our expenditure, increasing our overall expenditure by 14% year on year, and our forecast predicts it will rise again next year by a further 18%. In real terms that means we will have faced an increase of £300k per year within a 24 month period (and our output and staffing level hasn’t varied particularly).

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 regards to the public benefit guidance published by the Charity Commission for England and Wales.

3

LIBERDADE COMMUNITY DEVELOPMENT TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

ACHIEVEMENTS AND PERFORMANCE

This year we have focused on the following:

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.

4

LIBERDADE COMMUNITY DEVELOPMENT TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

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.

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.

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 £130,000 and £160,000 in free reserves.

At the year end free reserves were reported as £159,870 (2023: £64,453) an increase of £95,417 in the year. Note 22 – Analysis of net assets between funds gives the detail of the movement of free reserves.

Included within Fixed Assets are tangible capital additions of £2,155,766 and intangible (website) capital additions of £4,920 a total of £2,160,686. £1,624,728 of the 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 21). 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 of £1,942,046.

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LIBERDADE COMMUNITY DEVELOPMENT TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

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.

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 have recruited new members to the board this year with experience in:

There are a number of skills we are looking for which can strengthen our Board and enable us to continue our plans for the future. These include:

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. A greater proportion 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.

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.

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LIBERDADE COMMUNITY DEVELOPMENT TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

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.

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.

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LIBERDADE COMMUNITY DEVELOPMENT TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

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, 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.

PLANS FOR THE FUTURE

We have now (December 2024) settled into our new building after significantly updating the building by improving its environmental performance, internal and external aesthetics, theatrical infrastructure, and increasing its capacity.

In light of the continued increase to the National Minimum Wage, and employers NI we are again developing our income model to remain viable in the financial environment, this is increasingly important because of the competitive funding environment and continued increased expenditure in most areas.

We have a good plan to diversify our charitable and trading income sources. We will develop paid for membership schemes, corporate memberships, High Net Worth donations, and community appeals. To support this we will create a new role to manage this work. We are also working internally to maximise our earned income and find efficiencies within our expenditure.

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

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

We will also develop and publish the next iteration of our Theory of Change in mid 2025. This is an important project which includes the voices of our beneficiaries, staff, board, and community. It enables us to communicate with the wider sector and share everything we have learnt and plan to develop over the next five years.

Although times are challenging, we have a plan, and a continued passion to create the world our company members want to live in.

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LIBERDADE COMMUNITY DEVELOPMENT TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also Directors of Liberdade Community Development Trust for the purposes of company law) are responsible for preparing the Board of Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate 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.

In so far as the Trustees are aware:

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.

AUDITOR

Robson Laidler Accountants Limited were elected as auditor for the ensuing year at the Annual General Meeting in accordance with section 487 of the Companies Act 2006.

Approved by the Board on …16/12/24……. and signed on their behalf by:

A L Golding Trustee

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LIBERDADE COMMUNITY DEVELOPMENT TRUST

INDEPENDENT AUDITORS 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 subsidiary (the ‘group’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Group and Charitable Company Balance Sheet, the Cash Flow Statement 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 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 reIating 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 and the parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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LIBERDADE COMMUNITY DEVELOPMENT TRUST

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF LIBERDADE COMMUNITY DEVELOPMENT TRUST

Opinions on other matters 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 parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 group’s and parent charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of 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.

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

The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit be performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.

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INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF LIBERDADE COMMUNITY DEVELOPMENT TRUST

LIBERDADE COMMUNITY DEVELOPMENT TRUST

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team;

The risk of management override of controls was also considered an area of potential misstatement due to fraud. Audit procedures performed included testing of manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

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

Use of this report

This report is made solely to the charitable company’s members, 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 charitable company's members 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 company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Thomas Moran BA FCA (Senior Statutory Auditor) For and on Behalf of Robson Laidler Accountants Limited

Statutory Auditor Fernwood House Fernwood Road Jesmond Newcastle Upon Tyne NE2 1TJ

Date: 16 December 2024

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LIBERDADE COMMUNITY DEVELOPMENT TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES)

Current financial year
Notes
Unrestricted
funds
£
Income and endowments from:

Donations and legacies
2
5,356
Charitable activities
3
342,949
Other trading activities
4
43,393
Other income
5
159,759
Total income
551,457

Expenditure on:

Raising funds
6
224,961
Charitable activities
7
245,089
Total expenditure
470,050

Net income/(expenditure)
81,407

Gross transfers between funds
21
1,942,046

Net movements in funds
2,023,453

Reconciliation of funds

Fund balances at 1 April 2023
21
613,046

Fund balances at 31 March 2024
21
2,636,499		 Restricted
funds
£

194,813
1,819,463
-
-
2,014,276


-
150,219
150,219

1,864,057

(1,942,046)

(77,989)


538,826

460,837		 Total
2024
£

200,169
2,162,412
43,393
159,759

2,565,733


224,961
395,308
620,269

1,945,464

-

1,945,464


1,151,872

3,097,336		 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

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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LIBERDADE COMMUNITY DEVELOPMENT TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES)

Prior financial year
Notes
Unrestricted
funds
£
Income and endowments from:

Donations and legacies
2
22,289
Charitable activities
3
233,466
Other trading activities
4
35,189
Other income
5
163,864
Total income
454,808

Expenditure on:

Raising funds
6
138,302
Charitable activities
7
354,739
Total expenditure
493,041

Net income/(expenditure)
(38,233)

Gross transfers between funds
21
475,800

Net movement in funds
437,567

Reconciliation of funds

Fund balances at 1 April 2022
21
175,479

Fund balances at 31 March 2023
21
613,046		 Restricted
funds
£

-
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

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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LIBERDADE COMMUNITY DEVELOPMENT TRUST

CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024

Notes
Fixed assets
Intangible fixed assets
13
Tangible assets
14
Current assets
Stock
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within 1
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due in more
than one year
19
Net assets
Reserves
Unrestricted funds
21
Restricted funds
21
Total reserves		 2024
£





6,485
129,198
211,500
347,183
(171,841)









 2024
£

12,300
2,924,117
2,936,417






175,342
3,111,759

(14,423)

3,097,336


2,636,499
460,837
3,097,336		 2023
£





868
121,412
618,216
740,496
(396,859)










 2023
£
7,380

828,355

835,735







343,637

1,179,372


(27,500)


1,151,872



613,046

538,826

1,151,872

These financial statements were approved by the Board of Trustees on 16/12/24…and are signed on their behalf by:

A L Golding Trustee

Company registration number: 06548122

The notes on pages 18 to 33 form part of these financial statements

15

LIBERDADE COMMUNITY DEVELOPMENT TRUST

CHARITY BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024

Notes
Fixed assets
Intangible fixed assets
13
Tangible fixed assets
14
Investments
15
Current assets
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within 1
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due in more
than one year
19
Net assets
Reserves
Unrestricted funds
Restricted funds
Total reserves		 2024
£






175,751
157,077
332,828
(164,672)










 2024
£

12,300
2,924,117
100
2,936,517





168,156
3,104,673

(14,423)

3,090,250


2,629,413
460,837
3,090,250		 2023
£






121,237
604,307
725,544
(459,911)










 2023
£
7,380
828,355

100

835,835






265,633

1,101,468


(27,500)


1,073,968



535,142

538,826
1,073,968

These financial statements were approved by the Board of Trustees on 16/12/24…and are signed on their behalf by:

A L Golding Trustee

Company registration number: 06548122

The notes on pages 18 to 33 form part of these financial statements

16

LIBERDADE COMMUNITY DEVELOPMENT TRUST

CONSILDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities
Net cash provided by (used in) operating activities
23
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of loans and borrowing
Change in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
24
Cash and cash equivalents at the end of the year
24		 2024
£
1,765,647
(4,920)
(2,155,766)
(2,160,686)
(11,677)
(406,716)
618,216
211,500		 2023
£
985,213
(7,380)
(468,420)
(475,800)
(9,111)
500,302
117,914
618,216

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

17

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. Accounting policies

Liberdade Community Development Trust is a private company limited by guarantee incorporated in England and Wales. 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 registered office is Gosforth Civic Theatre, Regent Farm Road, Gosforth, Newcastle upon Tyne, NE3 3HD.

1.1 Basis of preparation of financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on a going concern basis. The trustees consider that there are no material uncertainties about the group’s abilities to continue as a going concern nor any significant areas of uncertainty that effect the carrying value of assets held by the group.

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

1.2 Basis of consolidation

The group financial statements consolidate the financial statements of the charitable company and its wholly owned subsidiary undertaking, Liberdade Trading Limited, on a line-by-line basis. A separate Statement of Financial Activities for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

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.

1.3 Fund structure

The charity has restricted funds to account for the donor requiring that the donation must be spent on a particular purpose. All other funds are unrestricted income funds. The funds held in each of these categories are disclosed in the Reserves Notes.

Unrestricted funds comprise those funds which the trustees are free to use for any purpose to furtherance the charitable objectives.

Designated funds are amounts which have been put aside at the discretion of the trustees and are therefore not available for other purposes.

Restricted funds represent grants, donations, legacies and assets which are allocated by the donor for specific purposes.

18

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1.4 Income

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

Grants receivable are recognized when the charity has 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 recognized as a liability and included on the balance sheet as deferred income to release.

Donations and legacies are recognized when the charity is notified in writing of both the amount and settlement date. In the event a donation is subject to conditions that require a level of performance by the charity, the income is deferred and not recognized until those conditions are met.

Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.

Where a gift in kind is given to the charity and it can be reliably measured, the gift is shown in both voluntary income and charitable activities.

Investment income is recognized on a receivable basis, when the amount can be measured reliably. This is normally upon notification from the bank.

Income from charitable activities includes income received under advance contract or where entitlement to grant funding is subject to specific performance conditions is recognized as earned (as the related goods or services are provided). Grant income included in this category provides funding to support client service activities and is recognized where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Income is deferred where related grants are received and the performance conditions relating to its entitlement are not met.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. 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.

All expenditure is inclusive of irrecoverable VAT,

19

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1.6 Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website costs - 20 % straight line

1.7 Fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery - 20 % reducing balance Fixtures and fittings - 20 % straight line Computer equipment - 33 % straight line Leasehold property - over the term of the lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the statement of financial activities.

The group has a policy not to capitalise individual assets costing under £300.

1.8 Fixed asset investments

Investments in subsidiaries at valued at cost less provision for impairment.

1.9 Impairment of fixed assets

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared against its carrying amount. Where the estimated recoverable amount is lower, an impairment loss is recognised immediately in profit and loss.

1.10 Stock

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

1.11 Trade debtors

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

20

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1.12 Trade creditors

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business. 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. Trade creditors are initially recognized at transaction price.

1.13 Cash at bank and in hand

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14 Corporation tax

As a charity, the company is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

1.15 Pensions and other post-retirement obligations

The group operated 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 recognized in the Statement of Financial Activities when they are due.

1.16 Estimation uncertainly and judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

2. Donations and legacies

Donations
Donations		 Unrestricted
funds
£
5,356
5,356
Unrestricted
funds
£
22,289
22,289		 Restricted
funds
£

194,813

194,813
Restricted
funds
£

-

-		 Total
2024
£
200,169
200,169
Total
2023
£
22,289
22,289

21

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. Income from charitable activities

User income
Ticket income
Grants receivable
User income
Ticket income
Grants receivable
4. Other trading activities
Event income
5. Other income
Income from trading subsidiary
Rental income
6. Expenditure on raising funds
Trading subsidiary costs
Costs of performance/events		 Unrestricted
funds
2024
£
121,265
46,684
175,000
342,949
Unrestricted
funds
2023
£
101,467
30,752
101,247
233,466
Unrestricted
funds
2024
£
43,393
43,393
Unrestricted
funds
2024
£
153,329
6,430
159,759
Unrestricted
funds
2024
£
146,245
78,716
224,961		 Restricted
funds
2024
£

-

-

1,819,463
1,819,463
Restricted
funds
2023
£
-
-
993,408
993,408
Total
2024
£

43,393

43,393
Total
2024
£

153,329

6,430

159,759
Total funds
2024
£

146,245

78,716
224,961		 Total
2024
£
121,265
46,684
1,994,463
2,162,412
Total
2023
£
101,467
30,752
1,094,655
1,226,874
Total
2023
£
35,189
35,189
Total
2023
£
153,768
10,096
163,864
Total
2023
£
75,864
62,438
138,302

22

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. Charitable activities

Charitable activities
Charitable activities
Analysis per fund
Unrestricted
Restricted		 Activities
undertaken
directly
2024
£
194,890
194,890
Activities
undertaken
directly
2023
£
454,627
454,627		 Support
costs
(note 8)
2024
£
200,418

200,418
Support
costs
(note 8)
2023
£

178,621

178,621
2024
£
245,089
150,219
395,308		 Total
2024
£
395,308
395,308
Total
2023
£
633,248
633,248
2023
£
354,739
278,509
633,248

8. Analysis of support and governance costs

General support costs
Audit fees
Other fees paid to auditors
Legal and professional		 Support
Costs
2024
£
174,969
-
-
-
174,969		 Governance
costs
2024
£

-

11,680

3,310

10,459

25,449		 Total
2024
£

174,969

11,680

3,310

10,459

200,418

23

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Analysis of support and governance costs (continued)

8. Analysis of support and governance
costs (continued)
General support costs
Audit fees
Other fees paid to auditors
Legal and professional
9. Net incoming / outgoing resources
Audit fees
Other non-audit service
Depreciation
10. Staff costs
Wages and salaries
Social security costs
Pension contributions		 Support
Costs
2024
£
165,098
-
-
-
165,098		 Governance
costs
2024
£
Total
2024
£

-
165,098

7,500
7,500

5,248
5,248

775
775

13,523
178,621
Total
2024
£
Total
2023
£
11,680
7,500
3,310
5,248
60,004
51,356
2024
£
2023
£
432,327
419,478
27,834
27,309
8,532
7,840
468,693
454,627		 Total
2024
£

165,098

7,500

5,248

775

178,621
2024
£
432,327
27,834
8,532
468,693
454,627

9. Net incoming / outgoing resources

10. Staff costs

The average number of persons employed by the group during the year was as follows

Full time
Part time		 2024
No
16
10
26		 2023
No
14
9
23

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

The total employee benefits of the key management personnel of the group were £84,647 (2023 - £78,784)

11. Trustees’ remuneration and expenses

During the year, no trustees received any remuneration or other benefits (2023: £nil).

During the year ended 31 March 2024, no trustees’ expenses have been incurred (2023: £nil).

24

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Taxation

The charity is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

13. Intangible fixed assets

Group and charity

Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Amortisation
At 1 April 2023
Charge for the year
Eliminated on disposals
At 31 March 2024
Net book value
At 31 March 2024

At 31 March 2023		 Website
costs
£
7,380
4,920
-
12,300
-
-
-
-
12,300
7,380		 Total
£

7,380

4,920

-

12,300

-

-

-

-
12,300

7,380

25

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. Tangible fixed assets

Group and
charity
Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
Eliminated on disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
15.
Fixed asset investments
Charity
Cost or valuation
At 1 April 2023
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Long
leasehold
property
£
814,857
2,122,358
-
2,937,215
100,032
32,917
-
132,949
2,804,266
714,825		 Fixtures and
fittings

£

89,580

25,490

-

115,070

73,138

6,311

-

79,449

35,621

16,442		 Computer
equipment

£

28,558

7,918

-

36,476

27,223

2,972

-

30,195

6,281

1,335		 Plant and
machinery
£

194,513

-

-

194,513

98,760

17,804

-

116,564

77,949

95,753		 Plant and
machinery
£

194,513

-

-

194,513

98,760

17,804

-

116,564

77,949

95,753		 Total
£

1,127,508

2,155,766

-

3,283,274

299,153

60,004

-

359,157
2,924,117

828,355
Subsidiary
undertakings
£
100
100
100
100

26

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Fixed asset investments (continued)

Subsidiaries

The following was a subsidiary undertaking of the charity:

Name of undertaking Nature of business Class of
shares		 % Held
Direct
Liberdade Trading Limited Operation of bar and cafe facilities Ordinary 100
Registered office address (UK unless otherwise indicated):

Gosforth Civic Hall, Regent Farm Road, Newcastle Upon Tyne, Tyne And Wear, NE3 3HD

The financial results of the subsidiary were as follows:

2024 2023
£ £
Income 153,329 153,768
Expenditure (146,245)
 (75,864)
Profit / (loss) for the year 7,084 77,904
Net assets
7,184		 78,004
16. Stock
Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Stocks 6,485 868 - -
17. Debtors
Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Trade debtors 39,655 24,543 33,159 24,368
Prepayments and accrued income 88,701 96,789 88,701 96,789
Amounts owed to group undertakings - - 53,049 -
Other debtors 842 80 842 80
129,198 121,412 175,751 121,237

27

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. Creditors: amounts falling due within 1 year

Bank loans
Trade creditors
Amounts owed to group undertakings
Taxation and social security
Other creditors
Accruals and deferred income		 Group
2024
£
11,400
18,750
-
15,665
5,522
120,504
171,841		 Group
2023
£
10,000
331,566
-
7,154
4,405
43,734

396,859		 Charity
2024
£

11,400

16,664

-

14,657

1,447

120,504
164,672		 Charity
2023
£
10,000
331,222
65,084
7,154
2,717
43,734

459,911

Included in accruals and deferred income is the following amount received where entitlement has not been met in the current year:

Group
2024
£
Deferred income at 1 April 2023
30,460
Amounts released from previous
periods
(30,460)
Income deferred in the year
17,637
Deferred income at 31 March 2024
17,637
Creditors: amounts falling due after 1 year
Group
2024
£
Bank loans
14,423
14,423		 Group
2023
£
-
-
30,460

30,460

Group
2023
£
27,500

27,500		 Charity
2024
£

30,460

(30,460)

17,637
17,637
Charity
2024
£

14,423
14,423		 Charity
2023
£
-
-
30,460

30,460
Charity
2023
£
27,500

27,500

19. Creditors: amounts falling due after 1 year

20. Borrowings

Bank loans
At 31 March 2024
Payable with one year
Payable after one year		 2024
£
25,823
25,823

11,400
14,423		 2023
£
37,500
37,500
10,000
27,500

The group entered into a bounce back loan agreement which carries an interest at a rate of 2.5% per annum with the final instalment due on 9 June 2026.

28

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21. Statement of funds

Group – current year
General funds
Designated funds
Capital refurbishment fund
Total unrestricted
Restricted funds
Arts Council
Property Fund
NCIF
Community Funds Main
Grant
Foyle Capital Project
School For Social SESF
National Lottery Community
Fund
YIF Capital Project
The Clothworkers’
Foundation
The Wolfson Foundation
Total funds		 Balance at
1 Apr 2023
£
613,046
-
613,046
-
259,642
-
-
75,000
3,636

2,871
197,677
-
538,826
1,151,872		 Income
£

551,457

-

551,457

390,027

194,813

30,000

80,000

-

-

50,000

1,079,989

114,447
75,000

2,014,276

2,565,733		 Expenditure
£

(470,050)

-

(470,050)

(23,827)

(9,090)

(30,000)

(64,528)

-

(3,636)

-

(19,138)

-

-

(150,219)

(620,269)		 Transfers
£

(416,855)

2,358,901
1,942,046

(366,200)

-

-

-

(75,000)

-

(52,871)

(1,258,528)

(114,447)

(75,000)

(1,942,046)

-		 Balance at
31 Mar 2024
£

277,598

2,358,901

2,636,499

-

445,365

-

15,472

-

-

-

-

-
-

460,837

3,097,336

Transfers

Transfers amounting to £1,942,046 (2023: £475,800) were made during the year in respect of funds capitalised.

29

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21. Statement of funds (continued)

Group – prior year
General funds
Designated funds
Emergency fund
Total unrestricted
Restricted funds
Arts Council
Property Fund
NCIF
Lloyds Foundation
Lottery – Sport Fund
Community Foundation
Grant
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 funds		 Balance at
1 Apr 2022
£
144,479
31,000
175,479
-
271,631
-
14,440
5,475
-
7,083
500
600
-
-
-
-

-
-
-
299,727
475,206		 Income
£

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		 Expenditure
£

(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 Mar 2023
£

613,046
-

613,046

-

259,642

-

-

-

-

-

-

-

75,000

-

-

3,636

2,871

197,677

-
538,826

1,151,872

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

30

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21. Statement of funds (continued)

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

Restricted funds:

Arts Council (Capital)

Amounts received to support the delivery of the Capital Project.

Property Fund

Fund set up to account for the 50 year lease taken out on 15[th] January 2023 at Gosforth Civic Centre, the premises in which the charity operates.

Newcastle Cultural Investment Fund (NCIF)

Amounts received to be used for the core costs of Gosforth Civic Theatre.

Lloyds Foundation

Amounts received to be used against core costs.

National Lottery - sports fund

Amounts received to be used on sporting activities within the charity.

Community Foundation Grant

Amounts to be used for core costs.

Percy Hedley Charitable Trust

Amounts received to be used for core costs.

The Rothley trust

Amounts received to be used for core costs.

Foyle Foundation (Capital)

Amounts received to support the delivery of the Capital Project, with particular focus on Theatrical Infrastructure.

NCC CICC Starter grant

Amounts received to be used in creating an inclusive, confident community.

Power to Change

Amounts received to be used for core costs.

Social Enterprise Support Fund (SESF)

Amounts received to be used for core costs.

National Lottery Community Fund

Amounts received to be used for core costs and towards the delivery of the Capital Project.

Youth Investment Fund (YIF)

Amounts received to support the delivery of the Capital Project, including core costs during the project.

31

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21. Statement of funds (continued)

The Clothworkers’ Foundation

Amounts received to support the delivery of the Capital Project.

The Wolfson Foundation

Amounts received to support the delivery of the Capital Project.

22. Analysis of net assets between funds

Intangible fixed assets

Tangible fixed assets

Net current assets/(liabilities)

Creditors over 1 year

Total net assets
Intangible fixed assets
Tangible fixed assets
Net current assets/(liabilities)
Creditors over 1 year
Total net assets		 Unrestricted
General
2024
£
12,300
2,478,752
159,870
(14,423)
2,636,499
Unrestricted
General
2023
£
7,380
568,713
64,453
(27,500)
613,046		 Restricted
2024
£

-

445,365

15,472
-
460,837
Restricted
2023
£

-

259,642

279,184
-

538,826		 Total Funds
2024
£

12,300

2,924,117

175,342

(14,423)
3,097,336
Total Funds
2023
£

7,380

828,355

343,637

(27,500)

1,151,872

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income / (expenditure) for the year
Adjustments for:
Depreciation
Increase / (decrease) in deferred income
(Increase) / decrease in stocks
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities		 2024
£
1,945,464

60,004
(12,823)
(5,617)
(7,786)
(213,595)
1,765,647		 2023
£
676,666
51,356
30,460
3,015
(101,285)
325,001
985,213

32

LIBERDADE COMMUNITY DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

24. Analysis of changes in net debt

Cash at bank and in hand
Loans due within 1 year
Loans due more than 1 year		 At 1 April
2023
£
618,216
(10,000)
(27,500)
580,716
Cash flows
£

(406,716)

(1,400)
13,077

(395,039)
Other non-
cash changes
£

-

-

-

-
At 31 March
2024
£

211,500

(11,400)

(14,423)

185,677

25. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £8,532 (2023: £7,840) in the year. At the balance sheet date amounts were payable to the fund of £1,447 (2023: £1,282) which are included in creditors.

26. Related party transactions

Charity

During the year, the group 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 totaling £77,904. At the balance sheet date, the amount due from Liberdade Trading Limited was £53,049 (2023 - £65,084 due to the subsidiary).

27. Capital commitments

The charity had a capital commitment in respect of the total amount contracted for but not provided in the financial statements for a building refurbishment of £nil (2023 - £1,984,740).

33