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2021-03-31-accounts

Registered number: 09360904 Charity number: 1166966

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 8
Independent Auditors' Report 9 - 12
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 - 32

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees

K. Collins

S. Baird

M. Russell

D. Bent

R. Gray

S. Patterson

A. Jackson

H. Brind (appointed 22 September 2020)

Company registered number

09360904

Charity registered number

1166966

Registered office

The Lyons Community Centre, 33a Mallard Crescent, Caddington, Luton, Bedfordshire, LU1 4FG

Independent auditors

Wilder Coe Ltd, 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BL

Page 1

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees (who are also directors of the charity for the purposes of the Company Act) present their annual report together with the audited financial statements of Case Community Trust (the charitable Company) for the year 1 April 2020 to 31 March 2021. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable Company comply with the current statutory requirements, the requirements of the charitable Company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and activities

a. Policies and objectives

The principal objective of the charitable Company as set out in the governing document is the promotion for the public benefit of urban or rural regeneration in areas of social and economic deprivation (and in particular the parishes of Slip End and Caddington).

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit.

b. Activities for achieving objectives

The activities to be undertaken to achieve the charitable Company's objectives include:

Page 2

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

c. Strategies for achieving objectives

d. Public benefit

The Trustees confirm that they have, in the administration of the charity, paid due regard to the public benefit guidance published by the Charity Commission under section 4 of the Charities Act 2011.

Achievements and performance

a. Review of activities

The Trust has built on its foundations successfully laid during 2019/20, and in the past financial year has:

Page 3

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance (continued)

b. Fundraising activities/income generation

During 2020/2021, income generation has continued to mainly be from rental income obtained from affordable housing donated to the charitable Company.

As well as this main source of income, the Community Centre generated an income of £15,773 during 2020/2021.

c. Investment policy and performance

As set out in the governing document, the charitable Company can invest the monies of the charitable Company not immediately required for its objectives in investments, securities or property as it may be thought fit.

This was considered by the Trustees during 2018/2019 and £200,000 of funds were invested in a low risk investment fund at the year end with an expected 5-6% return going forward. The value of these investments at the year end is £219,611, showing an increase in value of 17% from the previous year, 10% from the initial investment.

Subsidiary companies can also be established to assist or act as agents for the Company and can acquire and hold shares, stocks, debentures, debenture stock or other securities or obligations of any other company.

d. Going concern

In 2020/2021 COVID-19 had an impact on the community centre, staffing, bus service, housing management and facilities management.

The community centre was significantly affected by closures, social distancing rules and the impact of changes in consumer behaviour.

Part-time employees were financially impacted by the requirement for non-essential businesses to remain closed.

The bus service was disrupted with people not travelling to school or work. It was suspended for six months and the timetable reduced when it was re-instated.

Housing management also presented itself some with difficulties with more work being required to monitor rent arrears more closely.

Facilities management was not hugely affected, however there has been some delays in work being completed due to a number of factors, including staffing issues, machinery issues etc.

After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable Company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Page 4

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Financial review

a. Reserves policy

The charitable Company will hold sufficient reserves to meet its needs.

The total funds held by the charity at 31 March 2021 were £288,493 ( 2020: £53,329 ). These funds are unrestricted and available for the general purposes of the charity.

The total reserves held by the charity at 31 March 2021 were £13,457,351 ( 2020: £11,694,026 ). Of these reserves, there is a designated fund of £12,933,335 ( 2020: £11,376,554 ) which relates to investment properties and other fixed assets donated.

b. Principal funding

The initial principal funding of the charitable company is by way of donations received from General Motors and Redrow PLC.

Affordable housing was built by Redrow PLC which has been donated into the charitable Company during the prior year. Rental income from these houses will be used to meet the charitable company's objectives.

Excess funds have also been invested into a low risk investment portfolio which will achieve a 5-6% return which will also be available to utilise by the charitable Company to meet their objectives

Plans for future periods

a. Future developments

In 2021/2022 COVID-19 will have differing impacts in the different areas of the business.

The community centre will thrive with business from new clients who are excited to use the new facility.

There will be developments with staffing, with the employment of a further part-time Caretaker and Project Coordinator to help with the increase in work at the community centre.

There will be real life community events being held at the community centre that will encourage community engagement.

The bus service will continue to run as per the post COVID-19 timetable, but with further reviews taking place to ensure we are providing the service that is required.

We have seen the successful handover of a further twelve new properties in Red Kite Mews, following close working with the managing agent, Central Bedfordshire Council, and the builders, Redrow.

Page 5

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 18 December 2014.

The Company's charitable number is 1166966 and its registered company number is 09360904. The charitable Company is registered at the following address:

The Lyons Community Centre 33a Mallard Crescent Caddington, Luton Bedfordshire LU1 4FG

b. Methods of appointment or election of Trustees

The management of the charitable Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

The Trust has now completed the “transitional period”, such that the Board shall now consist of at least three and not more than eleven individuals comprised as follows:

The charitable Company must ensure that the community trustees shall at all times be in the majority. Trustees are nominated by the different groups mentioned above and the period of appointment is decided at this time. The appointment becomes effective when it is given in writing to the Chair.

All trustees excluding community trustees will not be subject to the retirement by rotation provisions set out in the Act and shall continue to act as a trustee until:

The groups are entitled to remove a trustee by serving written notice to the Chair.

Local authority groups shall not cause the Company to be a "controlled" or "connected entity" for the purposes of the Local Government and Housing Act 1989 or the Local Government and Public Involvement in Health Act 2007.

Any person who is willing to act as community trustee, and is permitted by law and the Articles to do so, may be appointed by:

In selecting persons to be appointed as community trustees, the Trustees will take into consideration the benefits of appointing a person who is able to, by virtue of their personal or professional qualifications, make a contribution to the pursuit of the objectives or the management of the charitable Company.

Page 6

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

Trustees will follow best practice in relation to trustee recruitment, including any guidance issued by the Charity Commission from time to time and will ensure that the process includes an open advert placed on community notice boards in the Parishes of Slip End and Caddington, as well as local community facilities.

Community trustees may be re-appointed by the Board at the end of each term of office.

c. Policies adopted for the induction and training of Trustees

Trustees are inducted and trained on a one on one basis within a standard framework according to their needs and experience.

d. Organisational structure and decision making

The business of the charitable Company shall be managed by the board of Trustees who may pay all expenses incurred in the formation of the charitable Company, and may exercise such powers of the charitable Company as required.

The board will meet at least four times in a calendar year.

Decisions will be made by a majority of the votes.

The Trustees shall elect a Chair who shall hold office until the board meeting following the first anniversary of his appointment unless, by a majority vote, he is removed before that time. The Trustees are permitted to re-elect the existing Chair or select another trustee to act as Chair.

The Trustees may appoint one or more sub-committees consisting of at least one trustee for the purpose of making an inquiry or supervising or performing any function or duty which in the opinion of the board would be more conveniently undertaken or carried out by a sub-committee.

The Trustees who served during the year were as follows:

K. Collins

S. Baird

e. Risk management

The Trustees have assessed the major risks to which the charitable Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Page 7

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASE COMMUNITY TRUST

Opinion

We have audited the financial statements of Case Community Trust (the 'charitable Company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities incorporating the Income and Expenditure Account, Balance Sheet, Statement of Cash Flows and the related notes, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.

Page 9

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASE COMMUNITY TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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, except to the extent otherwise explicitly stated in our report, 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.

Opinion 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 charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which 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, set out on page 9, 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 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.

Page 10

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASE COMMUNITY TRUST (CONTINUED)

Auditors' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify nexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Auditors' Report.

Page 11

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments:
5
Income from investment properties
Income from fixed asset investments
Other income
Total income
Expenditure on:
Raising funds:
6
Investment management
Charitable activities:
7
Housing management
Facilities management
Community centre costs
Community services
Bus services
Total expenditure
Net income before net gains/(losses) on
investments
Net gains/(losses) on investments
Net income before other recognised gains and
losses
Net income
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2021
£
43,150
15,773
348,569
3,766
18,694
429,952
53,087
8,067
73,003
99,632
20,525
32,263
286,577
143,375
1,619,950
1,763,325
1,763,325
11,694,026
13,457,351		 Total
funds
2021
£
43,150
15,773
348,569
3,766
18,694
429,952
53,087
8,067
73,003
99,632
20,525
32,263
286,577
143,375
1,619,950
1,763,325
1,763,325
11,694,026
13,457,351		 Total
funds
2020
£
6,131,991
5,831
283,831
-
3,491
6,425,144
46,483
20,777
56,231
87,353
11,862
119,370
342,076
6,083,068
(12,265)
6,070,803
6,070,803
5,623,223
11,694,026

The notes on pages 16 to 32 form part of these financial statements.

Page 13

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Note
Cash flows from operating activities
Net cash provided by/(used in) operating activities
21
Cash flows from investing activities
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried foward
22
The notes on pages 16 to 32 form part of these financial statements		 2021
£
240,651
(2,501)
14,825
(17,811)
(5,487)
235,164
53,329
288,493		 2020
£
(70,409)
(16,434)
-
-
(16,434)
(86,843)
140,172
53,329

Page 15

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

Case Community Trust (company number: 09360904), having its registered office and trading address at The Lyons Community Centre, 33a Mallard Crescent, Caddington, Luton, Bedfordshire, LU1 4FG, is a private charitable company limited by guarantee, incorporated in England and Wales

2. Accounting policies

2.1 Basis of preparation of financial statements

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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The company's functional and presentational currency is Pound Sterling (GBP).

Case Community 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.

2.2 Company status

The charitable Company is a company limited by guarantee. The members of the charitable Company are the Trustees named on page 1. In the event of the charitable Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable Company.

2.3 Going concern

There are no material uncertainties regarding going concern.

2.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Page 16

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.5 Income

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

Income includes grants and income from investments which includes rental income.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income from investments is recognised to the extent that it is probable that the economic benefits will flow to the charitable Company and the turnover can be reliably measured. Income is measured as the fair value of the consideration received or receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Governance costs are those incurred in connection with administration of the charitable Company and compliance with constitutional and statutory requirements. Support costs are those that are incurred directly in support of expenditure on the objects of the charitable Company and include project management fees.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and governance costs are costs incurred on the charitable Company's operations, including support costs and costs relating to the governance of the charitable Company apportioned to charitable activities.

Investment management costs are those costs directly attributable to the investment income received from rental properties and includes management fees and repairs and maintenance costs. All other associated costs are included within expenses relating to charitable activities.

2.7 Government grants

Government grants are credited to the Statement of Financial Activities incorporating Income and Expenditure Account as the related expenditure is incurred.

Page 17

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.8 Tangible fixed assets and depreciation

All assets costing more than £250 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Electrical equpment - 40% reducing balance Furniture & fittings - 30% reducing balance Long life assets - 4% straight line

2.9 Investment properties

Investment properties are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities incorporating Income and Expenditure Account. Investment properties for the charitable Company are investment properties and share investments.

2.10 Investments

Investments are measured:

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 18

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. Accounting policies (continued)

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.14 Financial instruments

The charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.15 Taxation

The charitable Company 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 charitable company 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.

3. Income from donations and legacies

Corporate donations
Local council grants
Government grants		 Unrestricted
funds
2021
£
-
41,745
1,405
43,150		 Total
funds
2021
£
-
41,745
1,405
43,150		 Total
funds
2020
£
6,131,991
-
-
6,131,991

Local council grants include COVID-19 support including business rates grants and business support grants totalling £40,357 ( 2020: £Nil ).

Government grants are in the form of payments relating to the Coronavirus Job Retention Scheme.

Page 19

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

4. Income from charitable activities

Unrestricted Total Total
funds funds funds
2021 2021 2020
£ £ £
Income from community centre lettings 15,773 15,773 5,831

5. Investment income

Local investment properties
Investment fund		 Unrestricted
funds
2021
£
348,569
3,766
352,335		 Total
funds
2021
£
348,569
3,766
352,335		 Total
funds
2020
£
283,831
-
283,831

6. Analysis on investment management costs

Management fees
Repairs and maintenance		 Unrestricted
funds
2021
£
49,579
3,508
53,087		 Total
funds
2021
£
49,579
3,508
53,087		 Total
funds
2020
£
41,541
4,942
46,483

Page 20

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

7. Analysis of expenditure on charitable activities

Summary by fund type

Housing Management
Facilities Management
Community Centre
Community Services
Bus Services		 Unrestricted
funds
2021
£
8,067
73,003
99,632
20,525
32,263
233,490		 Total
funds
2021
£
8,067
73,003
99,632
20,525
32,263
233,490		 Total
funds
2020
£
20,777
56,231
87,353
11,862
119,370
295,593

Page 21

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Analysis of expenditure by activities

Housing Management
Facilities Management
Community Centre
Community Services
Bus Services
Housing Management
Facilities Management
Community Centre
Community Services
Bus Services		 Activities
undertaken
directly
2021
£
5,833
68,166
78,423
12,341
31,519
196,282
Activities
undertaken
directly
2020
£
17,045
51,685
77,280
8,590
112,942
267,542		 Support
costs
2021
£
2,234
4,837
21,209
8,184
744
37,208
Support
costs
2020
£
3,732
4,546
10,073
3,272
6,428
28,051		 Total
funds
2021
£
8,067
73,003
99,632
20,525
32,263
233,490
Total
funds
2020
£
20,777
56,231
87,353
11,862
119,370
295,593

Page 22

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Property insurance
Council tax
Community initiatives
Landscape management
Heritage path
Centre operation
Depreciation
Bus service
Consultancy		 Housing
Management
2021
£
4,464
11
-
-
-
-
-
-
1,358
5,833		 Facilities
Management
2021
£
-
-
-
43,500
17,094
-
4,279
-
3,293
68,166		 Community
Centre
2021
£
-
-
-
-
-
25,895
38,534
-
13,994
78,423		 Community
Services
2021
£
-
-
6,844
-
-
-
-
-
5,497
12,341
Property insurance
Council tax
Community initiatives
Landscape management
Heritage path
Centre operation
Depreciation
Bus service
Consultancy		 Bus Services
2021
£
-
-
-
-
-
-
-
31,094
425
31,519		 Total
funds
2021
£
4,464
11
6,844
43,500
17,094
25,895
42,813
31,094
24,567
196,282

Page 23

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Property insurance
Gas and electricity
Council tax
Conveyancing fees
Other costs
Landscape management
Heritage path
Community centre - employers agent
Centre operation
Community activity
Depreciation
Bus service
Consultancy
Property insurance
Gas and electricity
Council tax
Conveyancing fees
Other costs
Landscape management
Heritage path
Community centre - employers agent
Centre operation
Community activity
Depreciation
Bus service
Consultancy		 Housing
Management
2020
£
4,686
584
237
1,706
37
-
-
-
-
-
-
-
9,795
17,045		 Facilities
Management
2020
£
-
-
-
-
-
33,765
3,491
-
-
-
2,496
-
11,933
51,685		 Community
Centre
2020
£
-
-
-
-
-
-
-
7,650
8,090
12,507
22,595
-
26,438
77,280
Bus Services
2020
£
-
-
-
-
-
-
-
-
-
-
-
96,070
16,872
112,942		 Community
Services
2020
£
-
-
-
-
-
-
-
-
-
-
-
-
8,590
8,590
Total
funds
2020
£
4,686
584
237
1,706
37
33,765
3,491
7,650
8,090
12,507
25,091
96,070
73,628
267,542

Page 24

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Analysis of expenditure by activities (continued)

Analysis of support and governance costs

The charitable Company identifies the costs of its support and governance functions. The costs are then apportioned between the five main charitable activities undertaken in the year.

Support and governance costs
Support and governance costs
Support and governance costs
Support and governance costs		 Housing
Management
2021
£
2,234
Housing
Management
2020
£
3,732		 Facilities
Management
2021
£
4,837
Facilities
Management
2020
£
4,546		 Community
Centre
2021
£
21,209
Bus Services
2021
£
744
Community
Centre
2020
£
10,073
Bus Services
2020
£
6,428		 Community
Services
2021
£
8,184
Total
funds
2021
£
37,208
Community
Services
2020
£
3,272
Total
funds
2020
£
28,051

Page 25

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Consultancy
Auditors' remuneration
Trust insurance
Legal and professional
Sundry expenses
Marketing and webhosting
Office and stationery
Volunteer training and expenses		 General
support
2021
£
8,836
-
-
-
3,179
5,593
577
-
18,185		 Governance
function
2021
£
8,836
5,070
297
4,215
-
-
-
605
19,023		 Total
funds
2021
£
17,672
5,070
297
4,215
3,179
5,593
577
605
37,208
Consultancy
Auditors' remuneration
Trust insurance
Legal and professional
Sundry expenses
Marketing and webhosting
Office and stationery
Volunteer training and expenses		 General
support
2020
£
6,819
-
-
-
124
1,998
2,265
-
11,206		 Governance
function
2020
£
6,819
4,410
1,923
3,536
-
-
-
157
16,845		 Total
funds
2020
£
13,638
4,410
1,923
3,536
124
1,998
2,265
157
28,051

9. Net income/(expenditure) This is stated after charging:

2021 2020
£ £
Auditors' remuneration 4,500 4,410

During the year, no Trustees received any remuneration ( 2020 - £Nil ). During the year, no Trustees received any benefits in kind ( 2020 - £Nil ). During the year, no Trustees received any reimbursement of exepenses ( 2020 - £Nil ).

Page 26

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. Auditors' remuneration

The Auditor's remuneration amounts to an Audit fee of £4,500 (2020: £4,410 ).

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
44,376
309
1,930
46,615		 2020
£
10,982
-
-
10,982

The average number of persons employed by the charitable Company during the year was as follows:

Trustees
Employees		 2021
No.
8
2
10		 2020
No.
6
1
7

No employee received remuneration amounting to more than £60,000 in either year.

Page 27

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Tangible fixed assets

Cost
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Long life
assets
£
1,131,968
-
1,131,968
19,996
34,279
54,275
1,077,693
1,111,972		 Electrical
equipment
£
9,188
399
9,587
1,538
3,167
4,705
4,882
7,650		 Fixtures &
fittings
£
20,746
2,102
22,848
3,557
5,367
8,924
13,924
17,189		 Total
£
1,161,902
2,501
1,164,403
25,091
42,813
67,904
1,096,499
1,136,811

Included in land and buildings is freehold land at cost of £150,000 ( 2020: £150,000 ) which is not depreciated.

13. Investment properties

Valuation
At 1 April 2020
Surplus on revaluation
At 31 March 2021		 Investment
properties
£
10,253,940
1,591,060
11,845,000

The value of the properties have been considered by the Trustees in reference to external valuations and market data.

Page 28

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Fixed asset investments

Market value
At 1 April 2020
Additions
Disposals
Revaluations
At 31 March 2021
Impairment
At 1 April 2020
Reversal of impairments
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
Debtors
Due within one year
Trade debtors
Prepayments and accrued income		 2021
£
31,188
4,688
35,876		 Unlisted
securities
£
200,000
17,811
(13,771)
15,571
219,611
12,265
(12,265)
-
219,611
187,735
2020
£
74,853
4,269
79,122

15. Debtors

Page 29

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

16. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2021
£
19,581
3,249
797
4,501
28,128		 2020
£
-
-
10
16,901
16,911

17. Related party transactions

There are no related party transactions which require disclosure.

18. Financial instruments

2021 2020
£ £
Financial assets measured at fair value through income and expenditure 12,064,611 10,441,675

Financial assets measured at fair value through income and expenditure comprise investment properties and other investments.

Page 30

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

19. Statement of funds

Unrestricted funds
General funds
Designated investment property
assets fund
Designated other assets fund
Total funds		 Balance at 1
April 2020
£
317,472
10,253,940
1,122,614
11,694,026		 Income
£
429,952
-
-
429,952		 Expenditure
£
(252,298)
-
(34,279)
(286,577)		 Gains/
(Losses)
£
Balance at 31
March 2021
£
28,890
524,016
1,591,060
11,845,000
-
1,088,335
1,619,950
13,457,351

Designated funds are funds related to the donation received of properties and other assets to be held for investment purposes. This reserve will remain for the foreseeable fututure while the assets are still held.

20. Analysis of net assets between funds

Fixed asset investments
Cash at bank and in hand
Other net current assets
Current liabilities		 General
funds
2021
£
219,611
288,493
35,876
(28,128)
515,852		 Designated
funds
2021
£
12,941,499
-
-
-
12,941,499		 Total
funds
2021
£
13,161,110
288,493
35,876
(28,128)
13,457,351

Analysis of net assets between funds - prior year

Fixed asset investments
Cash at bank and in hand
Other net current assets
Current liabilities		 General
funds
2020
£
201,932
53,329
79,122
(16,911)
317,472		 Designated
funds
2020
£
11,376,554
-
-
-
11,376,554		 Total
funds
2020
£
11,578,486
53,329
79,122
(16,911)
11,694,026

Page 31

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Gain)/loss on investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Fixed assets donated
Net cash provided by/(used in) operating activities
22.
Analysis of cash and cash equivalents
Cash in bank
23.
Analysis of changes in net debt
At 1 April
2020
£
Cash at bank and in hand
53,329		 2021
£
1,763,325
42,813
(1,619,950)
43,246
11,217
-
240,651
2021
£
288,493
Cash flows
£
235,164		 2020
£
6,070,803
25,091
12,265
(43,461)
(5,439)
(6,129,668)
(70,409)
2020
£
53,329
At 31 March
2021
£
288,493

Page 32