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2023-03-31-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 2023

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 - 9
Independent Auditors' Report 10 - 13
Statement of Financial Activities 14
Balance Sheet 15
Statement of Cash Flows 16
Notes to the Financial Statements 17 - 34

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 2023

Trustees

S. Baird

M. Russell

R. Gray

S. Patterson

A. Jackson

D. James

V. Malone

Y. St. John

J. Young

Company registered number

09360904

Charity registered number

1166966

Registered office

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

Company secretary

K. Collins

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 2023

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 1 April 2022 to 31 March 2023. 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 Directors' 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, administration of the charity and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit section 4 of the Charities Act 2011.

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 2023

Objectives and activities (continued)

c. Strategies for achieving objectives

In furtherance of the objectives and the above activities, the charitable Company shall have the various powers as mentioned below:

Strategies actively deployed during the year under review:

Strategies not actively deployed in the year but considered for the future:

General strategies noted as available for use by the board at their discretion:

Page 3

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

a. Review of activities

With the Caddington Woods estate now fully built out, the Trust has continued to develop its role within the community. In the financial year under review it has:

b. Fundraising activities/income generation

The trust now owns a total of 46 residential properties, in line with the original intentions. As the estate is now fully built out, our housing stock portfolio is considered to be complete.

Income generation is primarily from affordable housing donated to the charitable Company. The amounts received from rental income was £469,085 ( 2022: £441,530 ).

The secondary source of income is the hire charges generated by the Lyons Community Centre, which totalled £72,533 ( 2022: £58,604 ).

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 I 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 31 March 2023 was £145,222 ( 2022: £200,570 ), due to a combination of additions and disposals within the year. As at 31 March 2023, in addition to the amount stated with the investment fund an additional £76,649 was held by the investment manager as a cash balance.

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.

Page 4

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

d. Going concern

Following the COVID-19 disruption to events in 2021 and the gradual recovery during 2022, activities continued to stabilise during the year under review.

Usage of the community centre is now well established and the trust no longer needs to focus on building hire income but rather on the mix of different hirers that we are able to attract whilst maintaining steady income levels. The bus service re-launched with its new timetable at the start of the 2023 calendar year, has been well received by the community and passenger numbers continue to grow.

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.

Financial review

a. Reserves policy

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

The total cash funds held by the charity at 31 March 2023 were £638,048 ( 2022: £503,263 ). These funds are unrestricted and available for the general purposes of the charity.

The total reserves held by the charity at 31 March 2023 were £19,300,526 ( 2022: £18,473,218 ). Of these reserves, there is a designated fund of £18,481,298 ( 2022: £17,744,201 ) which relates to investment properties and other fixed assets donated. The remaining level of free reserves are £819,228 ( 2022: £729,017 ).

The Trustees have acknowledged that a minimum level of free reserves are required against unfunded salaries / core running costs in a period of recovery should there be a signifiant indicent which impact on income. The appropriate level of reserves is considered to be one year of relevant costs which accumulates to £100,000 ( 2022: £80,000 ).

The Trust is aware in its medium-term planning that it has discreet projects which may well require significant funding when implemented, which are:

Whilst the Board has not created any named restricted reserves to fund these projects, it is acknowledged that they are likely to create a significant draw against the general reserve when these projects are progressed. The accumulation of an increased balance on the general reserve is not considered excessive and will be smoothed out in the medium term.

Additional to the major projects cited above, it is also acknowledged that our income generating assets (the housing stock and the Community Centre) are anticipated to have long lives and will require refurbishment or repair in due course which goes beyond day-to-day budgets for maintenance, for which accumulation of a reserve is entirely appropriate.

Page 5

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

b. Principal funding

The initial principal funding of the charitable company was by way of donations received from General Motors and Redrow plc. Subsequently, certain affordable housing units built by Redrow plc were donated into the charitable Company in three tranches during earlier years. Rental income from these houses will be used to meet the charitable Company’s objectives.

Plans for future periods

a. Future developments

The Community Centre now has a diverse range of regular bookers and irregular hirers, and the Trust is keen to maintain this variety of different uses.

The appointment of a new Trust Manager has led to a review of support staff and their responsibilities, with positive outcomes.

As of 2023, the bus service has been relaunched with a much more comprehensive and predictable service; we are keen to maintain this well used route and timetable.

With all of our anticipated properties now in the ownership of the Trust, we are looking at our relationship with the managing agents and also our tenants to see how we can make this more efficient for all involved and continue to foster a positive sense of community.

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.

Page 6

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management (continued)

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.

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.

Page 7

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management (continued)

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 (resigned 6 July 2023)

S. Baird

M. Russell

D. Bent (resigned 23 March 2023)

The following Trustees were appointed after the year end:

Y. St. John (appointed 13 June 2023)

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 8

CASE COMMUNrrY TRUST {A Company Limlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Trustees, responsibilities statement The Trustees Iwho are also directors of Case Ctsmmunty Trust for the purposes of company lawl arè ¥esponsible for preparing the Trustees. Report and the financial statements in accordance wth applicable law and Unf(ed Kingdom Accountsng Standa￿$ Iunrted Kingdom Gene¥alty Accepted Accounting Practicel. Company18w requirès th& Trusteès to prepare financial 5talements for each financial year. Under company law. the Trustees must not approve the financial statemerrts unless they are satisfied that they gwe a true and fair iew of th8 state tsf affairs of the charitable Company and of the incoming resources and appliotion ol resources, including tts income and expendrtuie. of the charitable Company for that period. In preparing the58 financial statements. the Trustees are iequired to". select suitable acwunb.ng policies and then apply them consistenty. observe the ￿EthodS and principles of the Charities SORP., make judgments and accounting estimates that arè reasonabk and pwdent., and prepare the financial statements on the going conoem basis unlèss rt is inappropriate to presume that the Companywll ¢ontinue in business. The Trustees are responsible for keeping adequale a¢￿untIng records that are sufficient to show and explain the eharitable Compan￿$ transactions and disclose with reasonable accuracy at allytimè the finaneial posf(ion of the charrtable Company and enable thèm to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the Charrtab￿ company and hence for tsking reasonable steps for the preventh)n and detecb.on of fraud and other irregUlar￿.eS. Disclc6ure of inforniation to audrtors Each of thè pèrsofts who are Truslees at the time when this Tnjstees, Report is approved ha5 confirmed that.. so far as that Tnjstee 15 aware. there is no rekvant audit InfOr￿tiOn of which th8 tharitable Company's auditors are unaware. and that Trustee has taken all the steps that ought to have bèen taken as a Trustee in order to be aware of any relevant audrt information and lo establish Ihat the charitable companls auditors are aware of that information. Auditors The audiiors. Wild8r Coe Ltd. have indicated their wllingness to contin¢Je in office. The Oesignated Trustee5 wll propose a motion reappoints.ng the audrtors at a r￿ets'ng of the TTUStees. The report was approved by the Trustees on.... .and signed on their behalf by. R. Gray Trustèe Page 9

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 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the 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 10

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, 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 11

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 unexpected 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 12

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

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

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Charlotte Willmore BFP ACA (Senior Statutory Auditor)

for and on behalf of

Wilder Coe Ltd

Chartered Accountants and Statutory Auditors 1st Floor Sackville House 143-149 Fenchurch Street London EC3M 6BL Date: ..................................12 April 2024

Page 13

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

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 on investments
Net gains 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
2023
£
677
75,021
469,085
361
5,756
550,900
86,566
79,204
91,506
118,673
11,969
108,336
496,254
54,646
772,662
827,308
827,308
18,473,218
19,300,526		 Total
funds
2023
£
677
75,021
469,085
361
5,756
550,900
86,566
79,204
91,506
118,673
11,969
108,336
496,254
54,646
772,662
827,308
827,308
18,473,218
19,300,526		 Total
funds
2022
£
4,278,586
58,604
441,530
2,481
8,460
4,789,661
65,210
13,057
75,651
114,714
17,237
89,169
375,038
4,414,623
601,244
5,015,867
5,015,867
13,457,351
18,473,218

The notes on pages 17 to 34 form part of these financial statements.

Page 14

CASE commuN￿y TRUST IA Company Limited by Guarantee} RE￿STERED NUMBER: 09360904 BALANCE SHEET AS AT 31 MARCH 2023 As rèstated 2022 2023 Note Flxed assets Tangible assets Investments 11 12 1,037,205 145,222 17.478.5(K) 1,061.551 200,570 16,697, 750 Social Investments 13 18.660.927 7 7.959.877 Current assets Debtors Cash at bank and in hand 14 71.117 57. 836 503,263 709,165 561.099 Creditors.. amounts falling due wrthin one year 15 {69.$661 (47, 752) Net current ￿ets 639,599 513,347 19,31)0,526 18.473.218 Charity funds Unrestricted funds 17 19.300.S26 18.473,218 Total funds 19.300.526 18,473,218 The Chantsble Compènls financial State￿￿ntS have been prepared and delNrèd in aecordanee wrth the provisions applicable to companies subject to the small companies ￿gime. The Trustees ackno¥￿edge their responsibil￿"èS for complwng with the {equire￿￿nts of the Ad wrth respect to accounting records and the preparation of financial stslements. The fin8ncial ststennts ￿re approved and authorised for issue by the Trustées tsn.-....- and signed on their behalf by". Lc R. Gray Trustee The notes on pagès 17 to 34 fomi part ofthese financial statewents. Page 15

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Note
Cash flows from operating activities
Net cash provided by operating activities
19
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
20
The notes on pages 17 to 34 form part of these financial statements		 2023
£
106,832
(19,307)
75,693
(28,433)
27,953
134,785
503,263
638,048		 2022
£
194,171
(6,936)
73,089
(45,554)
20,599
214,770
288,493
503,263

Page 16

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charitable 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.

Page 17

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

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.

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.

Incoming resources from charitable trading activity is accounted for in the period in which is it receivable being when the hire of the community centre takes place.

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.

Page 18

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.6 Expenditure (continued)

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 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

2.8 Social investments

Social investments comprise freehold land and buildings. They are initially measured at cost, included related transaction costs where applicable.

After initial recognition, social investments are carried at fair value, based on market value. The changes to fair value and impairments are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.

Associated income is included within investment income and expenditure within investment management costs in the Statement of Financial Activities incorporating Income and Expenditure Account.

2.9 Investments

Investments are measured:

Page 19

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.10 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.

2.11 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.

2.12 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.

2.13 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.

2.14 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.

2.15 Restatement of prior year comparatives

The prior year comparatives on the balance sheet have been restated as an adjustment has been made to show the investment properties as social investments. The full investment properties figure has been reclassified. The trustees consider that this shows a more appropriate classification reflecting the nature of the investments.

Page 20

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Income from donations and legacies

Corporate donations
Local council grants		 Unrestricted
funds
2023
£
-
677
677		 Total
funds
2023
£
-
677
677		 Total
funds
2022
£
4,260,000
18,586
4,278,586

Local council grants include COVID-19 support including business rates grants and business support grants totalling £Nil ( 2022: £18,065 ).

4. Income from charitable activities

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Income from community centre lettings 75,021 75,021 58,604

5. Investment income

Local investment properties
Investment fund		 Unrestricted
funds
2023
£
469,085
361
469,446		 Total
funds
2023
£
469,085
361
469,446		 Total
funds
2022
£
441,530
2,481
444,011

Page 21

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Analysis on investment management costs

Management fees
Repairs and maintenance		 Unrestricted
funds
2023
£
71,899
14,667
86,566		 Total
funds
2023
£
71,899
14,667
86,566		 Total
funds
2022
£
62,118
3,092
65,210

7. Analysis of expenditure on charitable activities

Summary by fund type

Housing Management
Facilities Management
Community Centre
Community Services
Bus Services		 Unrestricted
funds
2023
£
34,521
97,008
149,602
18,846
109,711
409,688		 Total
2023
£
34,521
97,008
149,602
18,846
109,711
409,688		 Total
2022
£
13,057
75,651
114,714
17,237
89,169
309,828

Page 22

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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
2023
£
23,519
91,506
118,673
11,969
108,336
354,003
Activities
undertaken
directly
2022
£
9,312
73,695
89,593
9,896
88,633
271,129		 Support
costs
2023
£
11,002
5,502
30,929
6,877
1,375
55,685
Support
costs
2022
£
3,745
1,956
25,121
7,341
536
38,699		 Total
funds
2023
£
34,521
97,008
149,602
18,846
109,711
409,688
Total
funds
2022
£
13,057
75,651
114,714
17,237
89,169
309,828

Page 23

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Insurance
Council tax
Community initiatives
Landscape management
Heritage path
Centre operation
Depreciation
Bus service
Management
Legal and professional
Bad debt provision
Insurance
Council tax
Community initiatives
Landscape management
Heritage path
Centre operation
Depreciation
Bus service
Management
Legal and professional
Bad debt provision		 Housing
Management
2023
£
6,394
-
-
-
-
-
-
-
9,847
-
7,278
23,519		 Facilities
Management
2023
£
198
-
-
82,105
-
-
4,279
-
4,924
-
-
91,506		 Community
Centre
2023
£
-
-
-
-
-
51,459
39,374
-
27,681
159
-
118,673
Bus Services
2023
£
-
-
-
-
-
-
-
107,105
1,231
-
-
108,336		 Community
Services
2023
£
-
-
5,814
-
-
-
-
-
6,155
-
-
11,969
Total
funds
2023
£
6,592
-
5,814
82,105
-
51,459
43,653
107,105
49,838
159
7,278
354,003

Page 24

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Insurance
Council tax
Community initiatives
Landscape management
Heritage path
Centre operation
Depreciation
Bus service
Management
Legal and professional
Bad debt provision
Insurance
Council tax
Community initiatives
Landscape management
Heritage path
Centre operation
Depreciation
Bus service
Management
Legal and professional
Bad debt provision		 Housing
Management
2022
£
5,613
497
-
-
-
-
-
-
3,202
-
-
9,312		 Facilities
Management
2022
£
448
-
-
58,836
8,460
-
4,279
-
1,672
-
-
73,695		 Community
Centre
2022
£
-
-
-
-
-
30,135
37,605
-
21,477
376
-
89,593
Bus Services
2022
£
-
-
-
-
-
-
-
88,175
458
-
-
88,633		 Community
Services
2022
£
-
-
3,620
-
-
-
-
-
6,276
-
-
9,896
Total
funds
2022
£
6,061
497
3,620
58,836
8,460
30,135
41,884
88,175
33,085
376
-
271,129

Page 25

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

8. Analysis of expenditure by activities (continued)

Analysis of support 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
2023
£
11,002
Housing
Management
2022
£
3,745		 Facilities
Management
2023
£
5,502
Facilities
Management
2022
£
1,956		 Community
Centre
2023
£
30,929
Bus Services
2023
£
1,375
Community
Centre
2022
£
25,121
Bus Services
2022
£
536		 Community
Services
2023
£
6,877
Total
funds
2023
£
55,685
Community
Services
2022
£
7,341
Total
funds
2022
£
38,699

Page 26

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Management
Auditors' remuneration
Trust insurance
Legal and professional
Sundry expenses
Marketing and webhosting
Office and stationery
Volunteer training and expenses		 General
support
2023
£
12,309
-
-
-
3,753
4,689
3,210
-
23,961		 Governance
function
2023
£
14,771
7,400
1,394
6,381
-
-
-
1,778
31,724		 Total
funds
2023
£
27,080
7,400
1,394
6,381
3,753
4,689
3,210
1,778
55,685
Management
Auditors' remuneration
Trust insurance
Legal and professional
Sundry expenses
Marketing and webhosting
Office and stationery
Volunteer training and expenses		 General
support
2022
£
7,839
-
-
-
2,042
4,429
3,062
-
17,372		 Governance
function
2022
£
7,840
6,702
1,568
2,200
-
-
-
3,017
21,327		 Total
funds
2022
£
15,679
6,702
1,568
2,200
2,042
4,429
3,062
3,017
38,699

9. Net income/(expenditure)

This is stated after charging:

2023 2022
£ £
Auditors' remuneration 5,610 5,100

During the year, no Trustees received any remuneration ( 2022 - £Nil ). During the year, no Trustees received any benefits in kind ( 2022 - £Nil ). During the year, no Trustees received any reimbursement of exepenses ( 2022 - £Nil ).

Page 27

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
95,122
2,435
1,476
99,033		 2022
£
56,110
574
2,513
59,197

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

As restated
2023 2022
No. No.
Employees 5 3

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

Employee numbers have been restated in the prior year as it included trustees who are not employees of the company.

Page 28

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Tangible fixed assets

Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
On disposals
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Long life
assets
£
1,131,968
-
-
1,131,968
88,554
34,279
-
122,833
1,009,135
1,043,414		 Electrical
equipment
£
10,647
17,684
-
28,331
6,835
3,984
-
10,819
17,512
3,812		 Fixtures &
fittings
£
28,724
1,623
(1,182)
29,165
14,399
5,390
(1,182)
18,607
10,558
14,325		 Total
£
1,171,339
19,307
(1,182)
1,189,464
109,788
43,653
(1,182)
152,259
1,037,205
1,061,551

Included within long life assets is land and buildings is freehold land at cost of £150,000 ( 2022: £150,000 ) which is not depreciated.

Page 29

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

12.
Fixed asset investments
Market value
At 1 April 2022
Additions
Disposals
Revaluations
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
13.
Social investments
Valuation
At 1 April 2022 (as restated)
Surplus on revaluation
At 31 March 2023
Social investments comprise:
Programme related investments
Housing		 Programme
related
investments
£
16,697,750
780,750
17,478,500
Property
2023
£
17,478,500		 Unlisted
securities
£
200,570
28,433
(75,693)
(8,088)
145,222
145,222
200,570
Total
£
16,697,750
780,750
17,478,500
Total
2023
£
17,478,500

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

Page 30

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
53,572
10,153
7,392
71,117		 2022
£
51,780
-
6,056
57,836

15. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2023
£
31,035
7,441
31,090
69,566		 2022
£
21,457
5,400
20,895
47,752

16. Related party transactions

During the year, the Charity has engaged the services of Village Garden Services Limited for ongoing maintenance services totalling £53,313 ( As restated 2022: £47,199 ). The company is the personal trading company of one of the Trustees, M.Russell. The transactions were at arms length.

At 31 March 2023 there was £3,197 outstanding included within trade creditors ( As restated 2022: £10,992 ).

There are no other related party transactions which require disclosure.

Page 31

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Statement of funds

Unrestricted funds
General Funds - all funds
Designated social investment
fund
Designated other assets fund
Total funds		 Balance at 1
April 2022
£
729,017
16,697,750
1,046,451
18,473,218		 Income
£
550,900
-
-
550,900		 Expenditure
£
(452,601)
-
(43,653)
(496,254)		 Gains/
(Losses)
£
Balance at 31
March 2023
£
(8,088)
819,228
780,750
17,478,500
-
1,002,798
772,662
19,300,526

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.

18. Analysis of net assets between funds

Fixed asset investments
Cash at bank and in hand
Other net current assets
Current liabilities		 General
funds
2023
£
145,222
638,048
71,117
(72,054)
782,333		 Designated
funds
2023
£
18,515,705
-
-
-
18,515,705		 Total
funds
2023
£
18,660,927
638,048
71,117
(72,054)
19,298,038

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
2022
£
200,570
503,263
57,836
(47,752)
713,917		 Designated
funds
2022
£
17,759,301
-
-
-
17,759,301		 Total
funds
2022
£
17,959,871
503,263
57,836
(47,752)
18,473,218

Page 32

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

19.
Reconciliation of net movement in funds to net cash flow from operating activities
2023
£
Net income for the year (as per Statement of Financial Activities)
827,308
Adjustments for:
Depreciation charges
43,653
Gains on investments
(772,662)
Increase in debtors
(13,281)
Increase in creditors
21,814
Fixed assts donated
-
Net cash provided by operating activities
106,832
20.
Analysis of cash and cash equivalents
2023
£
Cash in hand
638,048
Total cash and cash equivalents
638,048
21.
Analysis of changes in net debt		 2022
£
5,015,867
41,884
(601,244)
(21,960)
19,624
(4,260,000)
194,171
2022
£
503,263
503,263
Cash at bank and in hand At 1 April
2022
£
503,263
503,263		 Cash flows
£
134,785
134,785		 At 31 March
2023
£
638,048
638,048

Page 33

CASE COMMUNITY TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

22. Non-adjusting post balance sheet event

During the year under review, an employee lodged an official complaint which was independently investigated and not upheld. The employee then submitted their resignation pending the outcome of an appeal against the first decision; the original decision was reviewed by a fresh independent investigator who agreed with the original outcome and rejected the complaint.

The employee took leave of absence from mid-March and the period of notice expired effective 30 April 2023. They subsequently lodged an Employment Tribunal claim seeking financial compensation for alleged constructive dismissal and discrimination.

The trustees engaged specialist legal advice and submitted a defence rejecting the claim. The trustees also sought guidance from the legal advisors on obligations around attendance at a hearing and the associated legal costs should the case progress all the way to a hearing. Mindful of the time commitment that would be placed upon unpaid volunteer trustees, the potential cost of professional assistance and the unpredictability of a hearing, the legal advisors were authorised by the board to negotiate a settlement if achievable within agreed budget parameters.

A settlement was agreed and paid in January 2024; it was made with no admission of liability and the claim withdrawn.

Page 34