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 2024
CASE COMMUNITY TRUST (A Company Limlted by Guarantee) CONTENTS Page Reference and Adminlstrallve Details of the Charity, its Trustees and Advisers Trustees, Report Independent Audltors. Report on the Financial Statements Statement of Financlal Actlvltles 10-13 14 Balance Sheet 15-16 Statement of Cash Flows 17 Notes to the Flnanclal Statements 18-31
CASE COMMUNITY TRUST (A Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees S Baird M Russell R Gray S Patterson A Barnes (nee Jackson) D James {appointed 13 June 2023> V Malone (appoinled 6 July 2023, resigned 15 July 20241 Y St. John (appointed 13 June 2023) J N Young {appointed 6 July 2023) K Collins (resigned 6 July 2023) Company reglstered number 09360904 Charity reglstered number 1166966 Reglstered office The Lyons Community Centre 33a Mallard Crescent Luton Bedfordshire LU14FG Company secretary K Collins Independent auditors Streets Audit LLP Basepoint Business and Innovation Cenlre 110 Butlerfield Great Marlings Luton LU2 8DL Page 1
CASE COMMUNITY TRUST (A Company Llmfted by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audited financial slalemenls of the charity for the year 1 April 2023 10 31 March 2024. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm thal 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 ISORPI 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 charity qualifies as small under section 382 of the Companies Act 2006, the Stralegic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omilted. Objectives and activlties Pollcles and objectives The principal objective of the charitable Company as sel out in the governing documenl 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 selting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, induding the guidance 'Public benefi't.. running a charity (PB21'. b. Actlvltles undertaken to achieve objectlves The activities to be und8rtaken to achieve the charilable Companys objectives include.. Ihe provision of housing for those who are in conditions of need and the improvemenl of housing in the public sector or in charitable ownership provided that such power shall not extend lo relieving any local aulhorities or other bodies of a slatulory duly to provide or improve housing; the maintenance, improvement or provision of public amenities., the provision or assistance in the provision of community facilities to be available lo all sections of the community without distinction induding use for meetings, leclures and classes andlor other forms of recreation and leisure time occupations with the object of improving the conditions of life for all those who use Ihe faolilies.. the provision or assistance in the provision of recreational facilities for the public at large andlor those who, by reasons of their youth, age, infirmity or disablement, poverty Of 50Gial and economic circumstances, have need of such facility.. the protection or conservation of Ihe environment- the creation of Iraining and employment opportunities by the provision of workspace, buildings andlor land for use on favourable terms- the provision of financial assistance. technical assistance. or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help in setting up their own business or to existing business,. and such other means as may from lime lo time be determined subject lo prior consent of the Charity Commission. Page 2
. CASE COMMUNITY TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities (contlnuedl c. Strategles for achlevlng objectlves Strategies actively deployed during the year under review.. to own and procure the managemenl of affordable housing. to own and manage the community facilili8s in the short andlor long term., to own and maintain a multi-use games area. lo manage open spaces, footways and cycle ways. to work in conjunction with a local provider to agree the routing and frequency of a local bus service and fund the operation of that servi, and employ and pay full-lime and part-time slaff (who shall not be trustees) to Supervise, organise and carry on the work of the charity and also to advise and assist the board of Irusleesldireclors. Strategies not actively deployed in the year bul considered for the future: to more actively manage and reshape our woodland., and to repurpose and maintain ancillary buildings within Trust ownership. General strategies noted as available foi use by the board at their discretion.. to acquire or hire property of any kind. and any interests in or rights over property of any kind,. to sell, dispose of, let, mortgage or charge any property of the company and lo grant licences, options, righls and privileges in respect of. or otherwise deal with. all or any parl of the property and rights of the company,. to construcl, maintain and alter buildings or erections,. and to co-opeiate and enter into arrangements with any authorities, international, national, local or othemise. Achlevements and performance a. Review of aGtivitles The Caddington Woods estate has been fully buill out for some time now. although the developers have not yet completely exiled the estate in as much as the local authority has not yet adopted the main highway and some open space remains to be legally transferred. The Trust is recognised as a central part of the community, and continues to develop its role both within the estate itself and wilhin the wider community of the two civil parishes. In the financial year under review, it has.. continued lo refine the organisalional structure, policies and procedures. engaged with various hirers lo ensure that a rich and varied mix of activities take place at the Communily Centre and promoted both the building and the activities within to the wider community; liaised with the Parish Councils of both Slip End and Caddington and the local aulhority (Central Bedfordshire)., sustained the bus seniice as an all-day. 6 days per week, service and maintained a dialogue with the volunteer Bus Users Group in the area., continued our maintenance of the play area, multi-use games area and the woodland in the ownership of CaSE. Our stewardship of Ihese areas encompasses making sure they are kept safe and altra¢live bul also considering future opportunities for enhancement,. and further development of our working relationship with Ihe managing agent (Central Bedfordshire Council's °LetsRent" private lettings team) to look after our forty-six rental properties on Ihe estate and the tenants living in those properties. Page 3
CASE COMMUNITY TRUST (A Company Llmlted by Guarantee) TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance {continued) b. Fundraising activit(es and Income generatlon The trust owns a total of 46 residential properties, in line with the original intentions. As the estate is now fully buill out, our housing stock portfolio is considered lo be complete. Income generation is primarily from affordable housing donated to the charitable Company. The total amounl received from rental income was £461.27012023-. £462.169). The secondary source of income is the hire charges generated by the Lyons Community Cenlre, which tolalled £79,959 (2023.- £75,020). The trust also rebills the cost of the Saturday service on the 230 bus lo Central B8dfordshir8 Council, receiving support tolalling £21,329 {2023.' £5,662). c. Investment pollcy and performance As sel out in the goveming document, the charitable Company can invest the monies of the charitable Company not immediately requirèd for ils objectives in investments, securities or property as May be thought fil. The Trustees had previously placed £200.000 in a low-risk investment fund. The value of these investments as at 31 March 2023 was £145,222 due to a combinalion of additions and disposals in previous years, plus an additional £76,649 was held by the investment manager as a cash balance. During the year under review, the investment manager reviewed their minimum thresholds for client portfolios and the Trust's investment fund was cashed out. Whilst the Iruslees have made tenlalive enquiries with a local financial adviser, they decided against reinvesting the funds in a dedicated investment vehicle at this moment in time. Of the increased balance retained as cash, a selection of reserve accounts and notice-required deposits have been opened to generate interest on the cash balance5 held. Subsidiary companies can also be established to assist or acl as agents for the Company and Can acquire and hold shares, stocks, debentures, debenture stock or other securities or obligations of any other company. Financlal revlew . Golng concern Usage of the community ¢enlre 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 lo attract whilst maintaining steady income levels. The bus service re-launched wilh ils new timelablè al 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 charity has adequate resources to continue in operational existence for the foreseeable future. For Ihis reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding Ihe adoption of the going concern basis can be found in the accounting policies. Page 4
. CASE COMMUNITY TRUST (A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 b. Reserves policy The charitable Company will hold suffiaent reserves to meet its needs. The total cash fttnds held by the charity at 31 March 2024 were £815.936 (2023.. £638.0481. 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 £19.463.059 {2023'. £19.300,5261. Of these reserve5, there is a designated fund of £18,650,25512023.' £18,481.2981 which relates to inveslmenl properties and other fixed assets donated. The remaining level of free reserves are £812,804 {2023: £819.228}. The Trustees have acknowledged that a minimum level of free reserves is required against unfLfnded salariesl core running costs in a period of recovery should Ihere be a significant incident which impacts on income. The appropriate level of reserves is considered lo be one year of relevant costs which has been assessed al £85,000 (2023.. £100,000). The Trust is aware in its medium-term planning that it has discreet projects which may well require significant funding when implemented, which are.. Overhaul of the woodland area. consideration of removal of old or damaged trees whilst also considering fresh plantings., Renovation or removal of the old peiimeter fence around the estate., Refurbishment and repurposing of the redundant brick buildings nearer the north8rn entrance to the estate. 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 lo the major projecls ciled above, it is also acknowledged that our income generating assets (the housing stock and the Communily Cenlrel are anticipated lo 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. c. Prlnclpal risks and uncertainties Since the risk register was last updated, the Trust has taken on increased scope of activities and responsibilities. Consequently. a fundamental review and update of the risk regisler is planned for completion in 2024125. d. Prlncipal 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 tranthes during earlier years. Rental income from these houses will be used to meet the charitable Company's objeciives. Structure, governance and management Page 5
CASE COMMUNITY TRUST (A Company Llmlted by Guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management {contlnued) a. Constltutlon The cornpany 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 Lyon5 Communily Centre 33a Mallard Crescent Caddington, Luton Bedfordshire LU14FG b. Methods of appolntment or electlon of Trustees The management of the charitable Company is the responsibility of the Truslees who are elected and co-opted under the terms of the Artides ofAssociation. The Trust has now completed the "transitional period.. such that the Board shall now consist of at least thre8 and not more than eleven individuals Comprised as foll0v.. up to two Central Bedfordshire Council trustees.. one Slip End Parish Council trustee., one Caddington Parish Council trustee. and up to seven community Iruslees. The charitable Company must ensure that the community trustees shall at all times be in the majorily. Trustees are nominated by Ihe different groups mentioned above and the period of appointment is decided at this lime. The appointment becomes effective when it is given in writing to the Chair. The trustees pul forward by Central Bedfordshire Council or either of Ihe two Parish Councils will not be subject to the retiremenl by rotation provisions sel out in the Act and shall continue to act as a trustee until- a new trustee has been nominaled in their pla¢e', they have reached the end of the period of appointment- or they resign or are disqualified or removed pursuant to the Articles. 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 Governmenl and Public Involvement in Health Act 2007. Any person who is willing to act as community trustee, and is permitted by law and Ihe Articles to do so. may be appointed by. ordinary resolution., or decision of Ihe trustees. In selecting persons to be appointed as community trustee5, the Trustees will take into consideration the benefils of appointing a person who is able to, by virtue of their personal or professional qualification5, make a conlribution to the pursuit of the objectives or the management of the charitable Company. Page 6
CASE COMMUNITY TRUST (A Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 structure, govetnan¢e and management (continued) Trustees will follow best practice in relation to trustee recruitment, including any guidance issued by the Charity Commission from time lo time and will ensure that the process includes an open advert placed on community notice boards in the Paiishes of Slip End and Caddinglon. as well as local communily facilities. Community trustees may be re-appointed by the Board al the end of each term of office c. Pollcles adopted for the Induction and tralnlng of Trustees Trustees are inducted and trained on a one-on-one basis within a standard framework according lo their needs and experience. d. Organlsatlonal structure and decision.making policies 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 Ihe charitable Company as requir8d. 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 unlil 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 lo 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-commiltee. The Trustees who served during the year were as follows.. steven Baird Alison Barnes {née Jackson) Kevin Collins (regned 6 July 2023) Robert Gray Debbie James (appointed 13 June 2023) Victoria Malone (appointed 6 July 2023. resigned 15 July 2024) Simon Patterson Mark Russell Yasmin St.John (appointed 13 June 2023) J Nigel Young (appointed 6 July 2023) e. Flnanclal rlsk management The Trustees have assessed the major risks to which the charity is exposed. in particular Ihose related to the operations and finances of the charily, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. These include: Preparation of an annual budget. plus regular consideration of financial resulls 8nd monitoring those results against budgets. Monitoring and review of the performan of our managing agent in dealing with our residential properties and the tenants. Policies for the Health and Safety of all people at the Lyons Community Cenlre, including slaff, hirers and their customers or guests and all other visitors. Contingency plans in the event of major disruptive events. Page 7
. CASE COMMUNITY TRUST (A Company Llmited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 structure, governance and management {contlnued) Plans for future perlods The Community Centre now has a diverse range of regular bookers and irregular hirers, and the Trust is keen lo maintain this variety of different Uses. The appointment of a new Trust Manager has been key lo the ongoing review and enhancement of how the Trust function5 and supporting the Board in their governance role. In 2023. the bus service was relaunched wilh a much more comprehensive and predictable service., this continued wilhoul modification into 2024 and we are keen to maintain Ihis well used roule and timetable. With all of our anticipated Properties now in the ownership of the Trust, we are looking al 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. Statement of Trustees, responslbllltles The Trustees (who are also the dlrectors of the charity for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and Uniled Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year, Under company law, the Trustees m ust not approve the financial statements unless they are salisfied that they give a true and fair view of the slate of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statemenls, the Trustees are required to.. sele¢l suitable accounting policies and then apply them consislenlly., observe the methods and principles oflhe Charities SORP (FRS 102)- make judgments and accounting estimates thal are reasonable and prudent., state whelher applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial stalements on the going concern basis unless tt is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the chaflty and enable them to ensure that the financial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are Trustees al the time when this Trustees, Report is approved has confirmed that: so far as that Truslee is aware. there is no relevant audit infomiation of which Ihe charity's auditors are unaware, and thal Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be awafe of any relevant audit informats-on and to establish that Ihe Charity's auditors are aware of that information. P8ge 8
CASE COMMUNITY TRUST (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Audltors The auditors, Streets Audit LLP. have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of Ihe Trustees. App ved by order of the members of the board of Trustees and signed on their behalf by.. R Gray Chair Date.. Page 9
CASE COMMUNITY TRUST IA 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'l for the year ended 31 March 2024 which comprise the Statement of Finanaal Aclivilies, 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.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of ils incoming resources and application of resources, including its income and expenditure for the year Ihen ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance with the requirements of th8 Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI {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 accordanc8 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 lo provide a basis for our opinion. Conclusions relating to golng 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 cOnM are described in the relevant sections of this report. Page 10
.. CASE COMMUNITY TRUST IA Company Limlted 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 Ihereon. The Trustees are responsible for the other information contained wilhin the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled 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, consicler whether the other inform8tion is materially inconsistent with Ihe financial statements or our knowledge obtained in the course of the audit, or otheiSe appears to be materially misstated. If we identify such material inconsislencies or 8pparent material misstatements, we are required to determine whether this gives rise lo a malerial misslatemenl 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 lo report that fact. W8 have nothing lo report in this regard. Matters on whlch we aro required lo report by exceptlon We have nothing to report in respect of the following matters where Ihe Charities {Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion.. the information given in the Trustees, Report is incon51Stent in any material respect with the financial slalements.. or sufficient accounting records have not been kept: or the financial statements are not in agreement with the accounting records and returns.. or we have not received all the informatson and explanations we require for our audit. Responslbllltles 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 slalemenls 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 stalements that are free from material misstatement, whether due to fraud or error. In preparing the financial slatements, the Trustees are responsible for assessing the charitable company's ability to continue as a going con¢ern, disclosing, as applicable, matters related lo going cOnM and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Page11
. CASE COMMUNITY TRUST (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CASE COMMUMITY TRUST (CONTINUED) Audltors, responslbllltles for the audit of the flnanclal statements We have been appointed as auditor under seclion 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effecl thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue an Auditors, Report Ihal 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 alway5 detect a material misstatement when il exi515 Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial staternenls. Irregularities, including fraud, are inslances of non-compliants with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of rregularilies. including fraud. The extent to which our procedures are capable of detecting irregularitie5, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance wilh laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and seclor in which it operates; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company. including the Companiès Act 2006, taxation legislation, data protection, anti-bribery. employment, environmental and health and safely legislation., we assessed the exlenl of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of nOn-mpl1an throughout the audit. We assessed the susceptibility of the company's financial statements to material misstalemenl, including obtaining an understanding of how fraud might occur. by.. making enquiries of management as lo where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud. considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: performed analytical prOdureS to identify any unusual or unexpected relationships- tested journal entries to identify unusual Iransa¢tKsn5- investigated the rationale behind significanl or unusual transactions. In response to the risk of irregularities and non-compliance wilh laws and regulations. we designed procedures which included. but were not limited to.. agreeing financial statement disclosures lo Undering supporting documentation.. reading the minutes of meetings of those charged with governance., enquiring of management as lo actual and potential litigation and claims,. and reviewin9 correspondence wtth HMRC. relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed Ihal laws and regulations are from financial transactions, the less likety it is that we would become aware of non-compliance. Page 12
CASE COMMUNITY TRUST {A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASE COMMUNITY TRUST (CONTINUED) Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatemenls that arise due to fraud can be harder to detect than those thal arise from error as they may involve deliberate concealment or collusion, A further description of our responsibilities for the audit of the financial statements is located on the Financia Reporting Council's website at". www.frc.or uklauditorsres onsibilities. This description forms parl of our Auditor's Report. Use of our report This report is made solely to the charitable company's trustees, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charitable company's trustees those matters we are required to state lo them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audil work, for this report, or for the opinions we have formed. Alan Endersby FCA Streets Audit LLP Chartered Accountants and Statutory Auditor Basepoint Business and Innovatbon Centre 110 Butterfield Great Marlings Luton LU2 8DL Date.. c 1,,12o£* Streets Audit LLP are eligible to act as auditors in terms of sectÈon 1212 of the Companies Act 2006. Page 13
CASE COMMUNITY TRUST (A Company Llmited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Total fund$ 2024 ToÉal funds 2023 Note Income from: Donations and legacies Charilable activities Investments 21,789 93,949 461,270 21,789 93,949 461,270 5, 358 76, 095 462, 169 Total Income 577,008 577,008 543, 622 Expendlture on: Raising funds Charitable activities 99,044 491,931 99,044 491.931 92,960 396,016 Total expenditure 590,975 590,975 488, 976 Net movement In funds before other recognlsed galnslllosses) 113,967) (13,967) 54,646 other recognised gainsl(losses): Gains on revaluation of fixed assets 176,500 176,500 772, 662 Net movement In funds 162,533 162,533 827,308 Reconclllatlon of funds". Total funds brought forward Net movement in fund5 19,300,526 162,533 19,300,526 162,533 18,473,218 827,308 Total funds carried forward 19,463,059 19,463,059 19, 300, 526 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 18 to 31 form part of these financial statements. Page 14
. CASE COMMUNITY TRUST (A Company Llmited by Guarantee) REGISTERED NUMBER: 09360904 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments Investment property 12 995,255 1,037,205 145,222 17,478.500 13 17,655,000 18,650,2S5 18,660,927 Current assets Debtors Cash at bank and in hand 14 74,697 814,124 71,117 638, 048 888,821 709, 165 Creditors.. amounts falling due within one year {76,0171 (69, 566) Net current assets 812,804 639,599 Total assets less current liabililles 19,463,059 19,300,526 Net assets excludlng penslon asset 19,463,059 19,300, 526 Total net assets 19,463.059 19, 300, 526 Charlty funds Restricted funds Unrestricted funds 16 16 19,463,059 19,300, 526 Total funds 19,463,059 19,300,526 The entily was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have nol required the ents'ty to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance wilh section 144 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requiremerits of the Act with respect to accounting records and preparation of financial stalemenls. The financial statements have been prepared in aCcordar with Ihe provisions applicable lo entities subject to the small companies regime. Page 15
CASE COMMUNITY TRUST (A Company Llmlted by Guarantee) REGISTERED NUMBER: 09360904 BALANCE SHEET {CONTINUED} AS AT 31 MARCH 2024 The financial statements were approved and authotised for issue by the Trustees and signed on their behalf by: £-tW R Gray Chair Date: 1,4z4cY£ The not8s on pag8s 18 to 31 form part of these financial statements. Page 16
CASE COPIIMUNITY TRUST (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities Net cash used in operaling activities 34,175 106, 832 Cash flows from Investlng acllvltles Purchase of tangible fixed assets Proceeds from sale of investments (3.3211 145,222 (19,307) 75, 693 (28,433) Purchase of investments Net cash provlded by Investlng actlvltles 141,901 27,953 Cash flows from flnanclng actlvities Net cash provlded by flnanclng actlvltles Change In cash and Cash equlvalents In the year Cash and cash equivalents at the beginning of the year 176,076 134,785 638,048 503, 263 Cash and cash equivalents at the end of the year 814,124 638,048 The notes on pages 18 to 31 form part of these financial statements Page 17
CASE COMMLINITY TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information Case Community Trust (company number.. 09360904), having its registered office and trading address al The Lyons Community Centre. 33a Mallard Crescent, Caddington, Luton, Bedfordshire, LU1 4FG, is a private chaiilable company limited by guarantee. incorporated in England and Wales. Accountlng poll¢les 2.1 Basls of preparatlon of flnanclal statements The financial slalements have been prepared in accordance with the Charities SORP (FRS 1021 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 IFRS 102) (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Case Community Trust meets the definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised at histoncal cost or Iransaction value unless otherwise stated in the relevant accounting policy. 2.2 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income included grants and income from investments which included rental income. Grants are included in the Statemenl 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 Sheel. Where income is received in advance of entillemenl of receipt, ils recognition is deferred and included in credilors as deferred income. Where entitlement occurs before income is received, the income 15 accrued. Income from investments is recognised to the extent that it 15 possible that the economic benefits will flow lo the charity and the turnover Can be reliably measured. Income is measured as the fair value of the consideration received or receiveable. Incoming resources from charitable Irading activity is accounted for in the period in which is it receivable k)eing when the hire of the community cenlre lakes place. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of Ihe 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 cosls attribLJlable lo a single activity are allocated directly to Ihal 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 wlh Ihe use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Page 18
CASE COMMUNITY TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (continued) 2.3 Expendlture (continued) Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its Charilable purposes and includes cosls of all fundraising activities evenls and non-charitable trading. Expenditure on charilable activities is incurred on directly undertaking the activities which furlher the harity's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon nolification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tangible flxed assels and depreclallon Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate Ihe cost of langible fixed assets less their residual value over their estimated useful lives. Deprecialion is Provided on the following basis= Long life assets Fixtures and fittings Electrical equipment 40A straight line 300A reducing balance 400A reducing balan 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cosl and subsequently measured at fair value at the Balance Sheet dale, unless the value cannot be measured reliably in which case il is measured al cosl less impairmenl. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Statement of Financial Aclivities. 2.7 Debtors Trade and other debtors are recognised at the setllement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 19
CASE COMMUNITY TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (contlnued) 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments wilh a short maturity of three months or less from Ihe dale of acquisition or opening of the deposit or similar account. 2.9 Llabilities 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 thal a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the charily anticipates il will pay to settle the debt or the amount il has received as advanced panentS for the goods or services it musl provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.10 Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at Iheir settlement value with the exception of bank loan5 which are subsequently measured at amortised cost using the effective interest method. 2.11 Fund accountlng General funds are unreslricted lunds which are available for use at the discrelion of the Trustees in furtherance of the general objectives of the charity and which have nol been designated for other purposes. Investment income. gains and losses are allocated to the appropriate fund. Income from donations and legacles Unrestri¢ted funds 2024 Total funds 2024 Tof81 funds 2023 Local council grants 21,789 21,789 5,358 Total 2023 5,358 5,358 Page 20
. CASE COMMUNITY TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activities Unrestrlcted funds 2024 Total funds 2024 Total lunds 2023 Income from community centre lettings Other income 79,959 13,990 79,959 13,990 75,074 1,021 93,949 93,949 76,095 Total 2023 76,095 76,095 Investment income Unrestrlcted funds 2024 Total funds 2024 Tolal funds 2023 Local investment property income Interest income 454,802 6.668 454,602 6,668 461,808 361 461,270 461,270 462, 169 To¢al 2023 462, 169 462, 169 Page 21
. CASE COMMUNITY TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment management costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Management fees Repairs and maintenance 64,305 34,739 64,305 34,739 71,899 21,061 99,044 99,044 92. 960 Total 2023 92,960 92,960 Analysis of expendlture on charltable actlvltles Summary by fund type Unrestrlcted funds 2024 Total 2024 Tofal 2023 Facilities management Community centre Community services Bus services Support cosls 71,980 98,275 71,980 98,275 86,544 107,009 153 174,938 146,738 174,938 146,738 107, 705 95, 205 491,931 491,931 396,016 Tofal 2023 396,016 396,016 Page 22
.. CASE COMMUNITY TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities Activitles undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 FaGililies management Community centre Communily services Bus services 71,980 98.275 71,980 98.275 86,544 107,009 153 174,938 174,938 146,738 107. 105 95,205 Support costs 146,738 345,193 146,738 491,931 396,016 Tot812023 300,811 95, 205 396,016 Analysls of dlrect costs Facilities managemen Communlty Community centre servlces 2024 2024 Bus services 2024 Total funds 2024 Total funds 2023 2024 staff costs Insurance Community initiatives Landscape management Centre operation Depreciation Bus Service Legal and profesional 39,913 236 39,913 445 49, 797 198 209 153 67,492 67,492 16,220 45,272 174,938 82, 105 17,640 43, 654 107, 105 16,220 40,993 4,279 174.938 913 913 159 71,980 98,275 174,938 345,193 300,811 Tot812023 86,544 107,009 153 107,105 300,811 Page 23
CASE COMMUNITY TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expendlture by activities Icontlnued) Analysls of support costs Support costs 2024 Total funds 2024 Total funds 2023 Staff costs Insurance Council lax 3,235 1.009 103 63.643 13,030 1.273 3,438 3,764 5,184 780 3,235 1,009 103 63,643 13,030 1,273 3,438 3,764 5,184 780 49,236 1,359 Legal and profesional Auditors, remuneration Trust insurance Sundry expenses Marketing & webhosting Office and stationery Volunteer training and expenses Repairs and maintenance Heal and light Consultancy fees 6,381 7,400 f,257 4,655 8,449 4,641 311 2,742 9,057 39,480 2,742 9,057 39,480 2,819 8,697 146,738 146,738 95,205 Total 2023 95,205 95, 205 Audltors. remuneratlon 2024 2023 Fees payable to the charitys auditor for the Sudil of the charitys annual acGounts 6,500 5,610 Page 24
CASE COMMUNITY TRUST (A Gompany Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 42,429 95,122 2, 435 1,476 719 43,148 99,033 During the year, a sum of £22.050 was paid to an employee in full and final settlement following an employment tribunal claim. It should be noted thal there was no admission of liability by the Charity. The trustees took the decision lo setlle the daim based on legal advice. consideration of the time commitment that would be placed upon unpaid voEunteer truslees. the potential cost of professional assistance and the unpredictabilily of a hearing. The average number of persons employed by the charity during the year was as follows: 2024 2023 No. Employees No employee received remuneration amounting to more than £60,000 in either year. 11. Trustees, remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024. no Trustee expenses have been incurred (2023 - £NIU. 12. Tangible fixed assets Long Ilfe Fixtures and assets flttlngs Electrical equipment Total Cost or valuatlon At 1 April 2023 Additions Disposals 1,131,968 29,165 3,021 28,331 300 (4701 1,189,464 3.321 {470) At 31 March 2024 1,131,968 32,186 28,161 1,192,315 Page 25
CASE COMMUNITY TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tangible fixed assets {continued Long life Fixtures and assets flttlngs Electrical equipment Tolal Depreclatlon At 1 April 2023 Charge for the year On disposals 122,833 34,278 18,607 3,665 10,819 7,328 14701 152,259 45,271 1470} At 31 March 2024 157,111 22,272 17,677 197,060 Net book value At 31 March 2024 974,857 9,914 10,484 995,255 At 31 MarGh 2023 1,009, 135 10,558 17,512 1,037,205 Included within Freehold property is freehold land al a cost of £150.000 (2023.. £150,000) which is not depreciated, 13. Investment property Freehold Investment proparty Valuation At l April 2023 Surplus on revaluatlon 17,478,500 176,500 Al 31 March 2024 17,655,000 The value of the properties have been considered by the Trustess in reference to external valuations and market dala, Page 26
CASE COMMUNITY TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Debtors 2024 2023 Due wlthin one year Trade debtors other debtors Prepayments and accrued income 40,882 22,674 11,141 43,213 20,512 7.392 74,697 71,117 15. Credltors: Amounts falllng due within one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 28,911 8,606 38,500 31,035 7,441 31,090 76,017 69, 566 Page 27
CASE COMMUNITY TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. statement of funds Statement of funds - current year Balance at 31 March 2024 8alance at I April 2023 Transfers Inlout Galnsl {Lossesl Income Expenditure Un restricted funds General Funds Designated social investments fund Designated other assels fund 819,228 577.008 (556,6971 (26,7351 812,804 17,478,500 176,500 17,655,000 1,002,798 {34,278) 26,73S 995,255 19,300,526 577,008 (590,975) 176,500 19,463,059 statement of funds - prlor year 8alanre al 31 March 2023 Balance al 1 April 2022 Gain (Loss8s) Income Expendiliire Unrestrlcted funds General Funds Designated social investments fund Designated other assets fund 729.017 550,900 (452, 601) (8,088) 819,228 16,697.750 1,046,451 780, 750 17, 478, 500 1,002, 798 (43, 653) 18,473,218 550,900 (496, 254) 772, 662 19, 300,526 Page 28
.CASE COMMUNITY TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Analysls of net assets between fund5 Analysls of net assets between funds - current period Un restricted funds 2024 Total funds 2024 Tangible fixed assets Inve51menl property Current assets Creditors due within one year 995,255 996.255 17,655,000 17.656,000 888,821 888.821 176,0171 {76,0171 Total 19,463,059 19,463,059 Analysls of net assets between funds prior period Unrestricted funds 2023 Tolal funds 2023 Tangible fixed assets Fixed asset investments Inveslmenl property Current assets Creditors due wilhin one year 1,037,205 1,037,205 145,222 145, 222 17,478,500 17,478,500 709, 165 709, 165 (69,566) (69, 566) Total 19,300, 526 19,300, 526 Page 29
CASE COMMUNITY TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Reconciliation of net movement In funds to net cash flow from operating activltles 2024 2023 Net incomelexpendilure for the period {as per Statement of Financial Aclivilies) (13,9671 54.646 Adjustments for: Depreciation charges Increase in debtors Increase in creditors 45,271 (3,5801 6,451 43, 653 (13,28t) 21,814 Net cash provlded by operating activltles 34,175 106,832 19. Analysls of Cash and cash equlvalents 2024 2023 Cash in hand 814,124 638,048 Tolal cash and cash equlvalents 814.124 638,048 20. Analysis of changes In net debt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and in hand 638,048 176,076 814,124 638,048 176,076 814,124 Page 30
..CASE COMMUNITY TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Related party transactions During the year, the Charity has engaged the services of Village Garden SeNices Limited for ongoing maintenance services lotalling £65,830 (2023.. £53,313). One of the Trustees, M.Russell, is a director of this company. The Iiansactions were at arms length. At 31 March 2024 there was £4,324 outstanding included within trade creditors (2023.. £3,197). During the year, the Charily received income from Embrace & Encourage Education CIC for room hire totalling £17,909 {2023.' £17,016). One of the Trustees, D James, is a director of this company. The transactions were at arms length. At 31 March 2024 there was no outstanding balance included within trade credilors12023'. £Nil). Page 31