REGISTERED COMPANY NUMBER: 10887667 {England and Wales) REGISTERED CHARITY NUMBER: 1174048 Report of the Truslees and Unaudlted Flnancial Statements for the Year Ended 31 August 2024 for The Nell Bank Charitable Trust Kirk N8wsholme Chartered Accountants 4315 Park Approach Thorpe Park Leeds West Yorkshire LS15 8GB
The Nell Bank Charitablo Trust Contents of the Flnanclal Stat•ments for the Year End•d 31 August 2024 Pag• Report of the Trusteos Independent Examlnerfs Report statement of Financial Activitles Balance Sheet Notes to Ihe Flnanclal Statements 8 to 18
The Nell Bank Charilable Trust R•port of the Trustoos for Ihe Year Ended 31 August 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of AeLounting and Reporting by Charities: Statement of Recommended Pradice applicable to charilies preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)- OBJECTIVES AND ACTIVITIES The Charity's objective is to make safe high quality outdoor leaming accessible to all children and young people for the long-term, enriching their love and understanding of the natural wodd. The Nell Bank Outdoor Education Centre, run by the Nell Bank Charitable Trust, provides day and residential outdoor leaming experiences for schools, families and community groups. Additionally, the trust specialises in outdoor learning provision for special schools 2nd families with SEND children {Special Educational Needs and Di5abililies). The trust has also developed a programme of popular fundraising events for local families which are then replicated free of charge for families from deprived communities. When reviewing our objectives and aims and whèn planning our future activities, the Trustee DIOr$ have paid due regard to guidance issued by the Charity Commission on Public Benefit in deciding what activities the Charity should undertake. ACHIEVEMENT AND PERFORMANCE Charftable activities As well as the profound social, emotional. educational and wellbeing benefils of a visit, spending time at Nell Bank also increases children's understanding and appreciation of nature and the environmenl. The Centre has deliVed outdoor learnlng experiences to a record 24,000 visitors, including childr8n and young people, over the past 12 months. The programmes have b88n offered to both mainstream and special schools, community groups and families with an emphasis on inclusion and ensuring accessibilily for all. The inherent benefits of spending time in green open spaces on children's physical and mental wellbeing has been especially important this year as we have again looked lo support the more disadvantaged children and famllles in our district. this is done through both targeting our provision and through the use of our Assisted Places Scheme which has subsidised visits for over 2.555 of the most deprived children in our community. Fund raising activities and external grants are critical to the running of the Cenlre, to either reduce the cost of visits or maintain and improve the quality of the Centre's programmes and infrastructure. During the year, predominantly through external fund raising, we have built a new facility, the Paul Hockney Room, from which our youngest visitors can explore. As a volunteer led organisation, volunteers are integral to the cent,$ achievements. Their phenomenal commitment has been recognised by The Kings Award for Voluntary Service, which was received in November 2024. Fundraising activities The charity raises funds via ticketed events on its own land and premises, on prlvate sites (including market-slyle events} where aCsS to the public is invited by the owner of the related land or premises. online events such as quizzes or via standing order or direct debil agreed with an individual during such events or invited through social media articles. Page 1
The Nell Bank Charitable Trust Report of the Trustees for the Year Ended 31 August 2024 FINANCIAL REVIEW At an operating level, the consequenGe of a high Inflationary environment and the impacl on our cost base, combined with relatively fixed activity income, is that the costs of charitable activities have exceeded income by £93k. During the year. total income including gifts and donations amounted to £784k {2023- £601k). This includes restricted donations recognised in the year of £223k (2023: £39k). The increase from the prior year is primarily due to the recognition of £131k of restricted funds, a combination of grants, donations and gifts. which partly funded our new Early Years building, the Paul Hockney Room. Restricted donations also include the Holiday Activity and Food programme grant. which increased lo £61 k (2023: £51 k). It remains the policy of the Charity that unrestricted funds, vthich have not been designated for a specific use, should be maintained at a defined level. which broadly equates to three months of expected expenditure for the Nell Bank Centre. The pandemic has shown the need to maintain sufficient reserves to allow for the temporary Glosure of Ihe Centre and the Trustee Directors consider that reserves at this level are prudent and appropriate. During the year, general unrestricted funds decreased to £302k {2023.' £311k). which is within the reseNes policy limits. Nell Bank's activities are seasonal in nature. Through the December and January period, costs remain largely fixed bul our income is significantly lower. Our reserves position therefore varies materially depending on the time of y8ar, with August being one of the highest cash points in the year. At 31 January 2024. our unrestricted cash balance was £170k compared to £296k at 31 August 2024. This approach of establishing and maintaining a defined level of general unrestricted funds allows the Trustee Directors to have confidence that NBCT remains a going concern. The Trustee D1ctorS have assessed the major risks to which the Charity IS 8xposed and are satisfied that systems are in place to mitigate exposur8 lo thes8 risks. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charily is a company limited by guarantee, company number 10887667 incorporated on 27 July 2017 and registered as a charity, number 1174048, on 31 July 2017 In England and Wales. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 10887667 (England and Wales) Registered Charlty number 1174048 Registered office Denton Road Ilkley West Yorkshi LS29 ODE Trustee5 R C Bourdon AMDClark N J Hewitt M Hogan DJHorn A D Merrick A Fowler lappointed 14.5.24) New TTUStee Directors are appointed by the existing Trustee Directors by Board resolution and retire for the purpose of member rewelection at th8 first AGM following their appointment. Indemnity insurance costing £773 (2023: £828) was purchased during the year on behalf of the Trustees Directors. Page 2
The Nell Bank Charitable Trust Report of the Twstses for the Year Ended 31 August 2024 REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary A L Moralee Independent Examlner Kirk Newsholme Chartered Accountants 4315 Park Approach Thorpe Park Leeds West Yorkshire LS15 8GB Approved by order of the board of trustees on 20 December 2024 and signed on its behalf by: A Fowler - Trustee Page 3
Independent Examiner's Report to tho Trustees of The Nell Bank Charitable Trust Independent examlnorfs report to the trustoes of The Nell Bank Charitable Trusl ('the Companv) I report to Ihe charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024. Responsibilities and basis of report As the charity's trustees of the Company land also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'}. Having satisfied myself thal Ihe accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Charity's accounts as carried out under Section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145{5) (b) of the 2011 Act. Ind•pondent examlnerfs statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I Gan confimi that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the Ilsted bodies. I have completed my exaTnination. l Confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of the 2006 A¢t', or the accounts do nol accord with those records; or the accounts do not comply with the accounting reqU1MentS of Section 396 of Ihe 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the methods and principles of the Ststement of Recommended PracliGe for accounting and reporting by charities {applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102)). I have no concems and have come across no other matters in connection with the examination to vthich attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Jill Wright BA FCA The Institute of Chartered Accountsnts in England and Wales Kirk Newsholme Chartered Accountants 4315 Park Approach Thorpe Park Leeds West Yorkshire LS15 8GB Date:Ib . January 2025 Page 4
The Nell Bank Charitable Trust statement of Flnancial Activities for the Year Ended 31 August 2024 2024 Total funds 2023 Total nds Unrestricted funds Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 18,431 223,451 241,882 56,825 Charitable actlvltles Charitable activities 526,323 526,323 538,447 Investrnent income 16,246 16,246 6,085 Total 561,000 223.451 784.451 601,357 EXPENDITURE ON Raising funds 349 41,148 41,497 45,453 Charttable activities Charitable activilies Govemance costs 559,821 5.271 54,694 614,515 5.271 608.643 8.287 Total 565,441 95,842 661,283 662,383 Net gains on investments 6,000 6,000 65,000 NET INCOME Transf•r$ between funds 1,559 51,600 127,609 (51,600) 129,168 3,974 15 Net movemenl in funds 53.159 76,009 129,168 3,974 RECONCILIATION OF FUNDS Totsl fvnds broughl forward 334,038 1,101,678 1.435.716 1,431.742 TOTAL FUNDS CARRIED FORWARD 387.197 1,177,687 1,564,884 1,435,716 The notes form part of these financial statements Page 5
The Nell Bank Charitable Trust Balance Sheet 31 August 2024 2024 Total funds 2023 Total fijnds Unrestricted funds Restricted fund Notes FIXED ASSETS Tangible assets 85,212 1,177,687 1,262,899 1.125.188 CURRENT ASSETS Debtors Cash at bank 12 60,743 295,907 3,555 23,082 64,298 318,989 74,654 339,550 356,650 26.637 383,287 414.204 CREDrfoRS Amounts falling due within one year 13 (54.665) (26,637) {81,302) (94.676) NET CURRENT ASSETS 301.985 301,985 319.528 TOTALASSETS LESS CURRENT LIABILITIES 387.197 1.177,687 1.564.884 1.444,716 PROVISIONS FOR LIABILITIES 14 (9.000> NET ASSErs 387,197 1,177,687 1,564.884 1.435,716 FUNDS Unrestricted funds Restricted funds 15 387,197 1,177,687 334.038 1.101,678 TOTAL FUNDS 1,564,884 1,435.716 The charitable company is entitled to eX8mption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024. The members have not required the company to obtain an audit of its financial ststements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that Ihe charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial stalements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirernents of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) The notes form part of these financial statements Page 6 continued...
The Nell Bank Charitable Trust Balan¢e Sheet - continued 31 August 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small rnpanIeS regime. The financi81 statements were approved by the Board of Trustees and authorised for issue on 20 December 2024 and were signed on its beha by: A Fowler - Trustee AMDClark-Tru The notes form part of these financial statements Page 7
The Nell Bank Charltable Trust Notes to the Flnancial Statements for the Year Ended 31 August 2024 ACCOUNTING POLICIES Basis of preparing the flnanclal statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'A¢counting and Reporling by Charities: Statement of Recommended Practice appliGable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).. Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepared under the histOTical cost convenlion. Financial reporting standard 102 - reduced disclosure exemptions The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements. as permitted by FRS 102 'The Financial Reporting Slandard applicable in the UK and Republic of Iland.: the requirements of Section 7 Statement of Cash Flows" the requirement of paragraph 3.17(d)', the requirements of paragraphs 11.42, 11.44. 11.45. 11.47. 11.48(a)(iii), 11.48(a)(iv). 11.48{b) and 11.48{c)' the requirements of paragraphs 12.26. 12.27, 12.29(a), 12.29{b) and 12.29A,' the requirement of paragraph 33.7. Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, Ihe amounts can be measured reliably and it is probable that income will be received. Cash donations are recognised on re¢&ipt. Other donations are recognised once the Charity has been notified of the donation, unless perfom)ance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or conslructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in selllement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classtfied under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Charitable expenditure comprises Ihose costs incuffed by the charity in the delivery of ils activities and services for its beneficiaries. It indudes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Allocation and apportionment of costs Support costs are allocated in full to the sole charitable activity. Tangible fixod assets Tangible fixed assets are stated al purdlase cost. net of depreciation. Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset on a straight line or reducing balance basis over its expected useful lrfe as follows: Leasehold land and buildings Activity equipment Computers Motor vehicl@s - 8-38 years straight line 5-15 years straight line 3 years straight line 20Vo reducing balance Page 8 Continued.,.
The Nell Bank Charitable Trust Notes to the Financial Statements - Contlnued for the Year Ended 31 August 2024 ACCOUNTING POLICIES . continued Tangible flxed assets Residual value repr8senls the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life. The gain or loss arising on the disposal of an 8sset is determined on the differ8nc8 b8tW88n th8 sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. Taxallon The charity is 8X8mpt from corporation tax on Its charitable activities. Fund accountlng Unrestrict8d funds are available for use in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restridions arise when specified by the donor or when lunds are raised for particular restricted purposes. Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense. Where material, the cost of any unused holiday entillemenl is recognised in the period in which the employee's services are received. Retirement benèfits Payments to defined contribution retirement benefft schemes are charged as an expense as they fall due. The cost of provldlng benefits under defined benefit plans is d8t8miined separately for each plan using the projected unit cr8dil m8thod, and is based on actuarial advice. The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments ar8 r8cognised as incued. The nel inlerest elamenl is d8termined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of Contribution and benefit payments. The net interest is recognised in incomellexpenditure) for the year. Remeasur8ment changes comprise actuarial gains and losses, the effect of the asset Ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to incomel {expenditure) in subsequent periods. The net defined b8n8fit P8nsion asset or liability in the balance sheet comprises the total for each plan of the present Value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information. and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limit8d to the amount that may be recovered either through r8duc8d contributions or agreed refunds from the scheme. Flnaneial instruments Financial assets and financial liabilitie5 are recognised vthen the company becomes a paty to the contractual provisions of the inslrument. Page 9 contlnued...
The Nell Bank Charltable Trust Notes to the Financial Statements - continued for the Year Ended 31 August 2024 ACCOUNTING POLICIES - continued Financial instruments Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducling all of its liabilities. All financial assets and liabilit18s are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. If an arrangemenl constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Th8 following assets and liabilrties are classified as basic financial instruments trade debtors, other debtors. cash and bank balances, trade creditors and other creditors. Trade debtors, other debtors. cash and bank balances, trade credilors and other creditors are measured at the amortised cost equivalent to the undiscounted amount of cash or other conslderatlon expected to be paid or received. Impairnient of assets Financial assets and financial liabiliti8s are recognised when the company becomes a party to the contractual provisions of the instrument. Assets are assessed for indicalors of impairment at each balance sheet date. If there is objective evidence of impainnent, an impairment loss is recognised in the statement of financial activities as described b810w. Non financial assets An asset is impaired when there is objective eviden that, as a result of one or more events that occurred after initial recognilion, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and Its value in use. Financial assets For financial assets carried at cost less impairment, the impaimient loss is the difference beeen the asset's carying amount and the best estimate of the amounl that would be received for the asset if it were sold at the reporting date. Where indicators exist for a decrease in impairment loss. and the decrease can be relaled objectively to an event occurring after the impairment was recognised. the prior impainnent loss is tesled to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carying amount higher than the carrying value had the Impalrment loss not been recognised. DONATIONS AND LEGACIES 2024 2023 Donations and gifts Grants receivable for core activities Donated goods and services 180,677 60.617 588 4,956 51,269 600 241,882 56,825 Grants received, included in the above, are as follows.. 2024 2023 Grant Incom8 60,617 51,269 Page 10 continued...
The Nell Bank Charltable Trust Notes to the Flnanclal Statements - continued fi)r the Year Ended 31 August 2024 INVESTMENT INCOME 2024 2023 Interest re1vable Net interest on defined benefit pension scheme 15.246 1.000 7.085 {1.000) 16,246 6.085 INCOME FROM CHARITABLE ACTIVITIES 2024 Charitable activities 2023 Total aclivities Event fees Volunteer memb8r fees Activitie5 Room hire 37.522 2,675 480,168 5,958 38.207 250 498,135 1,855 526,323 538,447 RAISING FUNDS Ralslng donatlons and legacies 2024 2023 Fundraising project costs Marketing costs Catering costs Motor expenses Legal and professional fees Teaching resources Repairs and renewals 28,582 2.024 9,319 21,065 1,554 8.717 1.029 1,812 601 10.675 81 886 605 41,497 45,453 CHARITABLE ACTIVITIES COSTS Support costs {see note 7) Direct Costs Totsls Charitable activities Governance costs 377,974 236,541 5,271 614,515 5.271 377,974 241,812 619,786 Page 11 continued...
The Nell Bank Charitable Trust Not•s to lh• Financlal Statements . contlnued for the Year Ended 31 August 2024 SUPPORT COSTS Govemance costs Management Totals Charitable activities Governan costs 236,541 236,541 5.271 5.271 236,541 5,271 241,812 Support costs, included in the above, are as follows: 2024 Total activities 2023 Total activities Charitable activities Govemance costs Premises costs Insurance Repairs and ren8wals Computer costs Printing, postage and stationery Travel Sundries Subscriptions Legal and professional fees Depreciation Accountancy fees Independent examination 87,304 30,537 37,263 6,359 198 2,197 4,703 2,737 4.120 61,123 87,304 30,537 37,263 6,359 198 2,197 4,703 2,737 4,120 61.123 2.871 2,400 82.979 29,899 35,993 7,414 599 268 5,403 2,857 3,267 54.266 5,887 2,400 2,871 2,400 236,541 5.271 241,812 231.232 NET INCOMEI{EXPENDITURE) Net income is staled after charging: 2024 2023 Depreciation - owned assels 61.123 54,267 TRUSTEES. REMUNERATION AND BENEFITS There wer8 no trustees, remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023. Trustees. expenses There were no tnjstees, expenses pald for the year ended 31 August 2024 nor for the year ended 31 August 2023. Page 12 continued...
The Nell Bank Charltable Trust Notes to the Financial Statements - continued for the Year Ended 31 August 2024 10. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 295,452 21,674 51,048 282.904 20,708 64,937 368,174 368,549 The average monthly number of employees during the year was as follows: 2024 18 2023 18 Charitable activities No employees received emoluments in excess of £60.000. 11. TANGIBLE FIXED ASSETS Leasehold land and buildings Activity equipment Motor vehicles Computers Totals COST At 1 September 2023 Additions 1,230,579 196.130 41,183 1.988 21.938 8,285 716 1.301.985 198.834 At 31 August 2024 1,426.709 43,171 21,938 9,IK11 1,500,819 DEPRECIATION At 1 September 2023 Charge for year 154.408 53,029 10,606 3,798 5,834 3,225 5,949 1,071 176,797 61,123 At 31 Augusl 2024 207,437 14,404 9,059 7,020 237,920 NET BOOKVALUE At 31 August 2024 1,219,272 28,767 12,879 1,981 1,262,899 At 31 August 2023 1,076,171 30,577 16,104 2.336 1.125,188 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade deblors Prepayments and accrued income 39,103 25,195 50,567 24,087 64,298 74,654 Page 13 continued...
The Nell Bank Charltable Trust Not•s to lh• Financlal Statsments - continued for the Year Ended 31 August 2024 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Tr8de Creditors Social security and other taxes Other creditors Accruals and deferred income Accrued defined benefit payments 36,197 5,383 909 31.875 6,938 13,862 5,059 3,456 56,217 16.082 81.302 94.676 14. PROVISIONS FOR LIABILITIES 2024 2023 Retirement benefit obligalions 9.000 Defined contrlbution schemes The charge to the statement of financial activities in respect of pension contribution schemes was £- (2023- £-). Deflned benefit schemes The Nell Bank Charitable Trust is a participating employer of the West yorkshi Pension Fund. Relirement benefits are based upon final pensionable pay. Pension Contributions are charged to the statement of financial acllvities so as to spread the cost over the 8mployees' worklng lives with the Charity. The West Yorkshir8 Pension Fund is a multi-employer scheme and the assets of the scheme are administered by tTUStees in a fund independent from those of the Charity. Pension costs are assessed in accordance with the advice of a qualified actuary using the projected unit method. The most recent fund actuarial valuation was carried out at 31 March 2019. This information is based upon a full actuarial valuation at 31 March 2019 updated to 31 August 2024 by Aon Solutions UK Lld, a qualified independent actuary. Key assumption5 2024 Discount rate CPI inflation Pension increases Pension accounts revaluation rate Salary increases 3.75 Mortality assumptions The assumed life expectations on retirement at age 65 are: 2024 Years Retiring today Males Females 20.8 21.7 Retiring in 20 years Males Females 24.0 24.7 Page 14 continued...
The Nell Bank Charltable Trust Notes to the Flnanclal Statements - continued for the Year Ended 31 August 2024 14. PROVISIONS FOR LIABILITIES - continued Amounls recognised in the ststemenl of financial activities: 2024 Current servlce cost Net interest on defined benefil liabiltyl(asset) 52,01)0 (1,000) Total costs 51,000 Amounts taken to other comprehensive income: 2024 Actual retum on scheme assets Less: calculated interest element (99.000} 41.1)00 Return on scheme assets excluding interest income Acluarial changes related to obligations Adjustment gainl{loss) due to restriction of surplus (58,0001 (3.000) 55,000 Total costsl{income) {6.000) The amounts included in the balance sheet arising from the Charity's obligalions in respect of defined benefit plans are as follows: 2024 Fair value of plan assets Present value of defined benefit obligations 960,000 (905.000) Funded status Unrecognlsed asset 55,000 (55,000) AsseV(liability) recognised on the balance sheet Movements in the present value of defined benefit obligations: Liabilities at 1 September 2023 Current service cost Interest expense Contributions from scheme member5 AGtuarial gains and losses 802.000 52.000 40.000 14.000 {3.000} At 31 August 2024 905,000 The defined benefit obligations arise from plans funded as follows.. 2024 Wholly unfunded obligations Wholly or partly funded obligations (905,000) (905,000) Page 15 continued...
The Nell Bank Charltable Trust Notes to the Financial Slatements - conllnued for the Year Ended 31 August 2024 14. PROVISIONS FOR LIABILITIES - contlnued Movements in the fair value of plan assets: Fair value of assets at 1 September 2023 Interest income Remeasurement gainsl(losses) on assets Contributions by the employer Contributions by scheme members 793.000 41.000 58.000 54,000 14,000 At 31 August 2024 960,000 The fair value of plan assets at the reporting period end was as follows: 2024 Equity instruments Propety Government bonds Corporate bonds Cash Other 761,000 26.000 85.000 38,000 26,000 24,000 960,000 15. MOVEMENT IN FUNDS Net movement in funds Transfers beiween funds At 31.8.24 At 1.9.23 Unrestricted funds General unrestrided funds Designated funds 310,528 23,510 7.989 {6,430) {16.532) 68.132 301,985 85,212 334.038 1.559 51.600 387,197 Restri¢tsd funds Restricted fund 1,101,678 127,609 (51,600) 1,177,687 TOTAL FUNDS 1,435,716 129,168 1,564,884 Nel movement in funds, included in the above are as follows: Incoming resources Resour$ expend8d Gains and losses Movement in funds Unrestrlcted funds General unrestricted funds Designated funds 561,000 {559,011) (6,430) 6,000 7,989 {6.430) 561,000 (565,441) 6,000 1.559 Restrfcted funds Restrided fund 223.451 {95,842) 127,609 TOTAL FUNDS 784,451 (661,283) 6.000 129.168 Page 16 continued...
The Nell Bank Charltable Trust Notes to the Flnancial Statements - continued for the Year Ended 31 August 2024 15. MOVEMENT IN FUNDS - continued Comparatives for movement In funds Net movement in funds Transfers been funds At 31.8.23 At 1.9.22 Unrestricted funds General unrestricted funds Designated funds 207,508 25.121 64,432 (4.010) 38,588 2,399 310,528 23,510 232,629 60,422 40,987 334.038 Restricted funds Restricted fund 1,199,113 {56.448) {40,987) 1,101.678 TOTAL FUNDS 1.431,742 3,974 1,435.716 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General unrestricted fund5 Designated funds 562,364 (562,9321 {4,0101 65,000 64,432 (4,010) 562.364 (566,942) 65,000 60,422 Restricted funds Restricted fund 38,993 {95,441) <56.448) TOTAL FUNDS 601.357 (662,383) 65,000 3.974 During the year £51,600 12023 £40,987) was transferred from the restricted fund to the general unrestricted fund in relalion to the allocation of funding as and when restricted income projects W8re delivered. The designated fund repr8S8nts fixed assets that are not restricted In nature. During the year £68.132 (2023 £2,399) was transferred from the general unrestricted fund to the d8signated fund in relation to the movement in the net book value of these fixed assets. 16. RELATED PARTY DISCLOSURES Remuneration of koy management personnel The remuneration of key management personnel is as follows. 2024 2023 Aggregate remuneration 73,114 70.557 Subsidiaries Country of incorporation or resldency Nature of business Name of undertaking Nell Bank Queen's Jubilee Centre Trust England Charity Page 17 continued...
Th• Nell Bank Charitable Trust Notes lo thg Flnan¢lal Statements - contlnued for the Year Ended 31 August 2024 16. RELATED PARTY DISCLOSURES - continued Control is created by The Nell Bank Charitable Trust being Ihe sole Trustee of Nell Bank Queen's Jubilee Cenlre Trust from 1 September 2019. The aggregate capital and reserves and the result for the year of subsidiaries was as follows: Capital and reserves Profftl (Loss) Name of undertaking Income Expenses Nell Bank Queen's Jubilee Centre Trust Charity number: 510022 17. CAPITAL The company is limited by guar8ntee and has no share capital. The liability of the trustee directors in the event of a winding up is limited to £1 per member. Page 18