Company regisiratiort nuTnbw". 10894512 Charitabl¢ eompanv rcgistrO1iots nutnbcr.. 1180431 Chelmsford Cultural Development Trust IA company limited by guaranlc¢l Annu31 R¢port and Financial StstenJents for the Ye8r Ended 31 Mareh 2024 Ldmund Carr LLP Chartered Accounianis & Staiuiory Auditor 146 New l.ondon Road Chelmsford Essex C.'M2 OA W,
Chelmsford Collural Development Trust Contents RefeTence and AdministratiN¢ tkratls Trusl¢¢s' Report 210 5 Independent F.xamineVs Report Slal¢menl of Financial Aclii'ilies Balance Shttt Noi¢s io ihe Financial Stslernen15 9t0 17
Chelmsford Cultural Development Trust R¢ferenee and Administrative Detail$ Chairma Mr Mark Walmslev TTUStet5 Mr Benjamin BacLhouse Miss Sarah Ilarfiioi MT Elliot Boakes Mrs Julia Fra$¢<)tta Klr.£ Si¢'ph#nie Milch¢n¢r Ms Caroline Parter Nlr Mark liatrgtl IResi¥ned 051121231 Mrs Marie Cioldman IComm¢D¢cd 1010712.11 Mr AIJN. Pabial IR¢signed 041121231 SeDioT fvfahAgeMt¢ l Le4dtrshlp Ms Clair¢ G¥iJux. CEO Team Reglstered Offict Cii'ic Lentr¢ Dukc Sirtet Chelmsli>rd CMI IJI .1 he chyritable ¢i)rnpany is inLvrpsirB¢ed in England and Wales. ChJkritabIE company Regi$lraiion Number Comp#nv Retlsir4tion Number 10894512 lkndependtni Examintr Edinund c.arr LLP Chartered Accountants & Sidlulory Auditor 146 Nei4" London Ruad ChtlmsfoTd Ess¢¥ CM2 OAW Pag¢ I
Chelmsford Cwltural Development Tru$t Trustees, Report The Iru5tees, M'ho are direLiers for tht puryy)s¢s of cornpany law.. pres¢ni the 3nnug1 rewrt together wilh the financial .qtstem¢nLq gnd Independ¢nl r.xaminers TCPOrt of th¢ ¥hgritable cornpany for tht year end¢d .31 March 2Q24. Objertive5 and activttie5 Public ljenefil I'he Lompany ha5 ken esthblished foT Ihc publi¢ i)enetil for Ihe a(h'ancemenl of ans and culture in Chelmsford. Tru51ees are prL)i ided th¢ Charity Ci)mmik4inn trustee guidaL kn read 3% Part 01. their induction, alorgside the Articles of A%socialiDn and rele&1 tmilicies. The Articles nf Associaiion e%lablish that the charity t% up tOT public benelii. and th¢ clauses haTr'e regaTd 10 Trustees adopted a neiv Sulk of px)lieies for ihe chgrity. having regard 10 publtc benefit. These include.. . Trustec Code of Conduct . Tru.%te£ F.XnW Policy Due Dil&gence, Risk Mana8etn¥nl and Donations Poli¢ie5 Political ALiiVity & Campwgning Policy Trusl¢es #ls(I reiain¢d Ih¢ir existing CnntliL*s of Inietesi Polio. reflecting the Arti¢les ofAsx)¢iaiion. Trustces declare and file theiT inleresls eiery six monih%. Page 2
Chelmsford Cultural Development Trllst Trnstees, Rtport Athltvemellts #Dd ptrformante We d¢K'elop Iht firsi knroughv14.ide Cultural Strat¢gy lor Chelmsford.. ChelTll5ford Cultural l)ci'Llopm¢ni Trust cotnmissioned consulian15 and engaged cotnmuniiies to develop the first knrDu8h•ivid¢ Culiural StraleBI und¢rtwk actility lo protllole awareness and bul. in to Ihis. Proi iding a shared undcr51anding of borough's Slrtngihs &nd iliallen8es, Thiih three defin¢d priorities for CommilOn¢rS and CommnitIeS to tocus elltirts on. Foundational foT ihe deN'Elopmeni for ih¢ Ch£lmsford Cultural Compau, and shared in&¢stmeni. We speni £28.888 on C.ulmral Siralegy devtlopm¢Dt and consulialion, whith includes £2.%88 on loLal Lrealiv pmducers. W¢ devised and rBn Nal I communiN' Ln8¥enienl hub for three months.. Culture Chelmsford also set Lip and ran a commllnit)" engagetneni hub. knoivn as Nol l. in the ¢entre for three Tnonih5, 10 50cialise the Cultural Strale¥)' and Lmbed thi% in conimunities. DC131ised and 3clii-ated the Culiural stra1c.. giving shared sensv ol'owiership in communities. Strengthened partnership rel#iion$hips, imwrtBnl lii fortning CUlira1 Compact. C.uliure Chtlmsford worked wilh 10 oih¥r local chgrilv, busine55 and public SLyr bLx1i¢s ID deliver Ihe PTojecl. Nine freelan¢¢rs commissioned and paid to provide conlenl, and 16 culiurnl proi'id¢rs prOlded conieni Isume paid SQTne in kindl 3524 membcrs of the public Inok p3 213 p¢iiple prjided R cullural slury from their life J5 Part vl'ihv proj¢u 30 La5¥ 51uJits ere r¢wrded, i¥iih al l¢as1 stx participanls reflecling un lh¢ impa¥t of th¢ prujed fur Iheni a lear or more on. We speni £20.532 1)n th¢ Ncil I venue and lmmunit) en8oBemenl uLliviliLry, iluding £9,439 on local cr¢aiiv¢ producers. W¢ d¢i'is¢d ynd s¢¢ur¢d si¥n up in PTinciple t() a Lultural LL)mpdei fvr Lhelmsfor(l.. Wilh key in prinL'iple signaturies iniludin¥ Anglia Ruskin Ilni%ersi¢>. Ch¢lmsfiiT(I Ciillege. Chelmqford City C'.uunLil and Lh¥lmsfiiTd for You Ibusine&s impD)vemLni districll. ¢¢ur¢J in prin¢iple agreernenl frum thesi tn fund u CuliuTdl SiralY¥) prv8rdmm¢ fur Lhelm5furd Ito to ppruxiTnalel!. 1361.000 for th¢ fingncial vearb 2024n5- 2V261271_ AnQ in prin¢iple agreement ID.. S¥ek nalivnal maiLh funding fi?r ihis InVL£m¢lll o Work N'ith cummunilies )'LTrullg plp]e to Jevise the CtJliurJl Sitategj prvgrJmm¢ We scoped and in5tigat¢d r¢seBrch and projects io activaie the Luliural Strategy.. Secud £25.000 VKSPP fundIDg Irom Lhelmsford Lily Cotsncil for 2023124. and in principle agreemeni to pa). a lurthLY £25,UUII in 2024125. ta tund C'ulture and Heolth r¢5earch and pilots (Social Prescribing). rorni¢d g r¢sear¢h partnership '11h Anglia Ruskin and local cxperts to r¢s¢arch social PTescribin8 in LhelmsloTd. Sccurcd an Innovation Vouchci Irom Anglia Rusk"in Univttsiiy worth £4,935.75 in kind, tor ihc universii), to tnop CTealiN'c skills in Ch¢lmsford. Pag¢ 3
Cbelmsford Cultural D¢veloptnent Trust Tru$lees' Report Flnantlal rthtw Th¢ ehariiN' has end¢d th¢ financial year funds tnlallin8 £63,1)Dl, of whi¢h £20.601 was unrcstricted llnd £43,(JIX) ro4lricled. Grani and doiior tunding of £63.700 was r¢ceived during ihe period. Cims4 ¢Npendilur¢ af £99,322 wgs incurred. The trust¢¢s consider thai th¢r¢ gre no m3t¢rial uncert3inlies about the Charitv's gbility to continue as a Boing Concern. Ptslic)r resérves Truslees agreed via Board meeting resolutiun that the Chariiy should airn io hold thr¢¢ months staff salatv co.qis in untcstri¢i¢é fTt¢ rLs¢rvcs.'I'his cquates to around £9.000. This 1$ lor ihc purpt)se uf¢sun8 any $tsff redundancy costs be paid if the chanty ¢cascd. A5 ai 31 Marth 2024. th¢ iharity knlding £20,601 io tr¢¢ rcscrvcs. Strntture) govtr#an¢e attd man*Etmtnt Ivttlure ofgoverNinK Memorandum and Articles ol'Associ&iion- incoryx)ral¢d 01108117. as amended b). SpeLial R¢solulion r¢8islered al Companies House on 05110118 as amended on 12107122. Th¢ charii! may apwinl Tru4t¢e.q. Ihe minimum number of TTU51ee3 is three and ih¢ maximum Iw'e1c, hoN4"ei'¥r the Board mav delertnine a highu nutnber. Chelmsford Cil) CounLiI is enliiled 10 llurninaii on¢ indi%'idug1 to the Bodrd as 3 LoLal Authority Nominee and d¢cide Iheir periixl i)f gpwinlmenl. The Articl&% slal¢ ihal ¥ppoinlmeni shall b¢ %'ikTr Iransparenl and ri¥orou$ reLruilm¢ni and seleclion PTY)ce55. in IIILI)rdanLe %%iih C'harity Cvmtnissivn Liuidartct and b¢st prBclice 8enerall)'. This shall include g fotTnal inter¥'ieiv b% exisling dIreLT£. InLluding Ilie LDul AuihoTilI N()minee. Thi.% pn)¢¢ss has been fulluiv¢d ltir apNTrtnitnenlS. A Charitsblc Companv Limitcd by Cru2rantcc. M¢mb¢rs of the ¢ompan>' hav¢ provided g guarantee faPPEd at £1 eaeh. Pgg¢ 4
Chelmsford Cultural Development Trus¢ Trustees. Report Stitemtnt oftrustee$' responglbllltle$ Th¢ irusiees lii'ho are also th¢ dirL*iofi i)f Chclmbf(Ird Cultural Devel(Trpmenl TTUSI fnr the purp)s¢% nf Cnmpanv lawl are r¢%wnsibl¥ fDT preparing the Trustees, Report and the financial .113lernenLs in accordance Ivitli applicable lllm, and lJniicd Kingdvtn Accoiinling 51andards (United Kingdom Ci¢n¢i?Ily Ac¢epitd Ac¢vuniinE Prneli¥¢l. iniluding FRS 102 'The Fingn¢ig1 RL'lX)rting Stsndard applicable in the IIK and Repuhlic of Ir¢lgnd". The Teport and accounts have been pretyared in JLcord3nce 14.itli the proi'isions in ihe C.ompaAies Act 2006 relaiihg io stnall LmpanIeS. Company law requires the tru$tee5 10 prepwe financial siaiemenTS for each financial i'e3r. Ilnoer wmpany la the trust¢¢s mull nol approve the fjnancial Stsl¢menls un1¢55 the!. are satisfied Ihai the) gil'e a true and fgir vi¢ of Ihc stale of atlairs of ihc Charlble cornpan). and of the incomin8 f¢$ouT¢es and applicaiiorj of resources, including tis in¢omc and expenditure. of ih¢ chariiable compan), for Ihai wiod. In preparing these financial staiem¢nls. the Irust¢¢s are required to.. lecl suitabl¢ 8¢YouniinB poliLies and appli. Ehem con51$1enll}': Dbsern'e th¢ methiJd5 and principles in the Charilie%.SnRP.. make judgements and e5timaies ihg18re reasonable and prudeni., siatt ¥%.h¥iher appliLabl¢ aecounitng siandard%. iomprising FRS 102 have been followed. subj1 to anv maleri31 depariur¢g dt$¢105ed and explained in ilie Iinancial slalemenls: and pr¢pgr¢ ihe fjnancial 5tat¢m¢nts on the going concern basis unl¢ss li is inapprvpriaie to presume that th¢ charitable compan). will continue in business. Thc Iru51c£s arc rcswngibl¢ for k'ccping proper ateounling recoTds thllt can disclosc 'Ith rcasonabl¢ a¢¢ura¢>' ai any tsm¢ th¢ financial position ot'lh¥ Chariiabl¢ ¢ompan> and cnknlc Ih¢m tv ensure Ihal thc tinancilll stsicmcnls eompl). with th¢ Comp#nics ALI 2006. Thci are also rcsw)nsibl¢ tor salcgugrding thc of ihe LhaTilablc comp2n}' and hcncc lor tak"in8 rca8onabl¢ slcp.% lor Ihc prcvcniion and dcieeiion ol'lrJud and othcr irregulariiio4. Th¢ irusives aTe respon£ibl¢ for the mdiniLnan¢e and inie¥rii)' of ihe ¢otporale and fingnLia iDforn)gtion includeil on lh¢ iharildble cofflparJy'$ M'£bsil¢. Legislation governin¥ lh¢ preparaliLTrn and di5semin&tion ol. riDanLial slalemenls mav ditr¢r frvm le¥islaliLlll Ill LiihLT jUrI1ClIn. CompliiDtt with prevailing Jaws and r¢gulatlons The financi31 sialem¢nL% havL b¢cn preparLTrd ITT JLecTrrd3nce Nvith the accounting policics set out in noies to the
wounis and ci)mpli Ivith the ch8riiv's gov¢ming di)¢umeni. the Charilies Ad 201 l and Accnunling and
R¢porting bv C'harili¢s'. StJtemeni of Re¢onitnendL'd PraLLice &ppliLable to charili¢s preparing their aiLounis in accfrTdan¢¢ with (he Financial R¢porting Siandard gppli¢&ble in th¢ LIK and Rcpublic ol'lreland published on 16 July 2014 Small toJnpaDies PTOV151011 StaItmtt Thi.% Tepi)ri has been Prepared in a¢eordance Ihe small companies Tegime under the Compani¢5 Aet 2(. The annual r¢port ivas apprul'ed bi the trustees of th¢ charltable company on1711212024 and signed on ils bchall'by.. Matk Mr Mork Walm51ev CthairniJn Mrs Stephanie Milchener Trus¢e¢ Ptsge S
Chelmsford Cultural Development Trust IDdepelldent ExamiDer's Rewirt to the trustces of Cbelm5ford Cultural Development Trust ('the Company,) I repMIrt lo the charilable company Iruslees on my examinaiiun ol"Ih¢ accL)unls ufih¢' Lwnpanv fur the Y end 31 MarLh 2U24 whiLh arv sel OUI lin pJ¥v8 7 10 17. Rcsponsibilitits bA$i$ of report As Ihe tharily trustees of the cotnpanv land also its diTeclor5 for the purposes of Compan lawl you are responsible tor the PT¢paration of the arcounls in aL¢ordanct with the r¢quiremenls ol'ihe C(mipani¢s Ad 2006 I'ihe 2006 Act-l. Having salistied myselt. that ihe account% ol. Ihe eompan). ar¢ not required 10 bc audil¢d under Part 16 of the 2(K)6 Act onJ are eligibl¢ fnr Indernent examination, l T£rt in resp¢¢i nf m> examination of Jour companv, accounts a$ carried out under section 14) of ihc Charities Att 2(Ji I i-lhc 2011 Aci-l. In carrying oul my ¢xaminaiion I hai'¢ followed the Didin$ given b) ¢he Charit), C4wnmis4inn under 5e¢tion 14515Nbl of the 2DII Act. Independent ex4mlDer'$ $tatem¢nt I hai'e ¢tsmpleitd my ex#minaiion. I confim that nu mallers havv iom¢ lo m! attention in Lxinrteciion with Ihe examin8tion 82vin8 me cause to lI,e.. a¢¢ouniing r¢¢orJs were noi kipi in re5pecl ol'ihe Compan), as required by 5eclion 380 ofihe 200h Act., or 2. the a¢counts do not accord ivith ih05¢ record5: or 3. Ihc accounts dv nul Lnip1). Hiih Ihc thccounlin8 requirL'mcnis ol. section 396 of th¢ 2006 Aei other than an). rcquiremcnt thai thc accounts gii"e a 'lruc and l#ir vicw which 15 not a mailer considcr¢d as pm indcpendtni examinaiion.. OT 4. the accounts have not been prepared in decordance w2th the methods and principles ot" the Staletnenl of Re¢ommLnJ¢d Pra¢ii¢¢ for a¢¢ounlin8 and rewrting M. ¥h&ritie% gpi)liEable to chJTilies preparing Iheir accounts in accurdanc¥ Th'iih ihe Finan¢ig1 RepN)rting standard appli¢ahlt in tht UK and Republic lit. Ireland IFRS I(J21. I havL no ¥oncerns and hai'¢ thm¢ a¢ross no olher maller5 in Lonn¢'¢iion with the exaniinalion liTr ¥%.hiLh #ll¢niion should be drown in Ihi5 report in order Iv endble a proper underslanding ofihe a¢wunis to be reached. Sandra Mfirrell FCCA 146 New London Road Chelmsford CM2 OAW D*it'. 1811212024 Pg8¢ 6
Chelmsford Cultural Development Trust StattmeDt of Financial Aetivities for the Year Ended 31 Mareh 2024 Ilncluding Income and Expenditure Aceoynt and Other Comprehen$iwe IDcome) Total Stpttmber 2022 to 31 March 2023 Total 31 lre 2024 UDre$trl¢itd Restrieted Note ID¢omt and Endowments from: FJnnatii)ns dnd legg¢i¢ 12.500 12.500 51.2VU 12.500 81,0( 51.200 Total ineomc 12.5QO 51.200 63.700 93,500 Expendlture on.. 17.472 81.850 99.322 69.930 Total expendilure 17.472 81.850 99.322 69.930 lexpendilurellincom¢ Translers between funds 14.9721 2.555 liO,6501 12.555 135.6221 23,570 Nci moi'¢m¢ni in tiinds li3,2051 135.6221 23,570 Retoncilialion of fund% Tutal lunds brou8hi lor¥4*rd Toial funds carried fomard 23.018 76,205 9().223 75.653 20.601 43.QOO 63.6111 99.223 All of th¢ charitsble company s activities derive from ¢onlinuing op¢r&iions durin8 th¢ above tKriods. Pag¢ 7
Chelmsford Cllltural Development Trust (Rcgistration numbeT: 10894512) Bal#nce Sheet as at 31 March 2024 2024 2023 ote Filed assets T&n8iblc SSetS Current as$¢ts Dehiors Cash ai bank and in hand io 500 66,782 45,000 62.076 67,282 107.076 Creditorg: A0t% falllDg withiD one yellr 12 17.8531 Net cMrreDt a$$tts 63.601 99,223 Net assets 63,6UI 99.223 Funds of the charitablt CoMpnY.. Re5triettd income funds Ke5tricted lunds 43,000 76,205 VDrestricted illcome Ilnreslricled lunds 20,601 23,018 Total thnds 63.601 99.223 ur Ihc financial )'ear endinB 31 March 2024 Ihe LhJriiabl¢ compan) enliiled lo exempiion from Judii under SLKlion 477 ofihL' Cvmyanits Act 2006 r¢lalin¥ to smull companies. Dir¢Ltors' rel>Th51b1I1l1¢S.' Th¢ mcmbers havc not rcquircd the charitabl¢ compan> lo obtsin audit ol- IL% accounts lor Ihc >ear i qutsiion in #ccordanee %¥iih sceiion 476., and l-hE direclois #Lkni)ii.l¥d&pe their re$rK)n$ihilities for complying 'ith the re411ir¢ni¢nL4 of the Act M'ith pe to accountin8 records and the preparation of alctsunts. These finanuial siaiements havt been pr¢par in 2ccordJnLe iht special Provisions r¢13tin8 to companies subje io th¢ small compaLli¢S regime within Part 15 of the Compani¢s Aa 2006. I'he linancial 51aiements on pages 7 10 17 M'ere approved b) the trustees. and authori%ed tor issue on .171..12R4... and signed on th¢ir b¢haifby'. Mr Mgrk Walmsley Chairtnan Page 8
Cbelmsford Cultural Development Trust Notes to the Financial Statements for the Year Ellded 31 Marrb 2024 I Chritablt compan) 5tgtus The charitable companv 15 limited b> 8uardnltc. incorSMirai¢d in En8land and Wales. and cons¢quenilv does noi hav¢ Share capital. l.ach of (he Irusiecs is liable lo ¢oniribule an gmourtl nul ex¥¢edin8 £1 toiiard& the asstis of the chariiable companv in the eveni ol'liquidatiott. 2 Ac¢ounling polltits Stsm]n8ry of5ignifi¢ni accouniirtg politie$ kcv accounting e5tim2tes The principal accounting polict¢s applied in thc prcparalion of Ihese fingneial statements are set oui b¢l•iv. The$¢ polities havL been consisientl). appliL'd io all ihe v¢aTS preseni¢d. unless (>thernise 51ated. Statemtknt of ¢otnpli#nce llie finanLial Fialem¢n15 hgve been prep#Ted in ac¢ordan¢e with Ai¢ounling 8nd Reporttrng bi C'harili¢s'. SiaiLm¥nl af Kecomm¢nded PraciiL¢' IdppIic8bl¢ 10 ¢harilies prL'paring iheir aLcounls in ?L*vrdance '11h Ihe Financial Rewriing Siandard applicable in Ihe L',K and R¢publTC of Ir¢land IFRS 10211 (issued in Ollober 20191 IChdriLies 8CIRP IFRS 10211. lh¢ Trin£1 R¢w)rttng Slandard dpplic8bl¢ in Ihe UK and Republic of Ir¢land IFRS 1021 and lh¥ C'umpani¢s ALI 2006. B95is of prtpllritlo Chelmsford Cultural D"elopMent Tru51 meeis the definition of a public benefit eniit) under fRS 102. A55¢1s and liabilili¢s are iniiiall% rccognised al hi51oricg1 losi or transaLlion value Ltnless olhcrwise Stat in ihe relei'ani accouniing policy notes. Golhg ¢on¢trn 'rhc ttuste¢b Liinsider ihai there nu rndl¢rial uniL'rtainlies aboui the cli8riubl¢ £umpan>'s bill1V tv Lonlinue a giiin¥ Lon¢¢rn dn), sikinifJcant ?r¢Jb (if uncertain. Ihal aff¢¢l Ihv Larr) ing ialue Dt. as.qeis held by th¢ charilable company. Incomt 2nd eDdowThtnts All in¢urne is recogni.¢ É)nce th¢ Charilable compan> enliiltmenl lo the inthim& ii ts probable Ihai the ine will be rec¢ii'ed and th¢ arni>unt of Ihe incotne receii'able can he MeTed reliably. Dunaiion¥ JTe reiu¥nised the chdriuble wmpan) been notified in 1STilin¥ uf b(kih the arnount and settlernent Ilal¥. In the ty1 IhHI a JÉ)naliun 1% bubj¢LI Iii Lll)ndiiivns Ihal requirv J la el of perlvnnan¢e by Ihe LhJTilablL' iumwdn% befi)re Ihe iharilJhl¢ Lvnipany Is eniiiled lu the funds. the inwTne is deferred and nt)I reco¥nised unlil eilher ihobe Londitions dr¥ fully m¢1. ur Ihe fullilment ol'lhi15¢ iondiliong i¥ whull} Iv&thin Ihe conlriil of the charitable a)mpan)' and IL is prsibable that Ihesc. CL)nditiiins will be fuifillL'J in the r¢i)iirting p¢riu¢J. Page 9
Chelmsford Cultural Development Trust Note5 lo the Finaneial Statemellts for th¢ Year Ended 31 M¥rcb 21124 Exptnditu All expenditu. is reiognised there is B legal LoDstructiNe obligdlion lo that ¢xpendiiure, il ig proi)abl¢ s¢lll¢ment is rL'quired and the ainouni ¢8n b¢ measuTed reliabl>'. All ¢i)sl% gre alluLJled 10 th¢ applicable expendilure heading Ihal ag¥re¥aie similar costs lo Ihdl ¢aiegory'. Where costs £annol b¢ direcilN allTibuied li) partiuular hLJdings Ihe) haNe been allocled lin a basis consislenl wilh ihe USL of r¢source5. wilh ¢¢nlral stsfl. cosls alluialed on ihe basis vf lime sp¢ni. gnd depTeLialiun ihar8¢4 allocaled on Ihe portion of the assel's use. oiher suppvrt W5ts art allotyattd bBsed on the sprva4J Urs17.¢51s. Ch4riidble a¢riwiies Charitsblc l'XndiIUr¢ compriscs ¢hov costs incUed by Ihc charitablc company in ihc dclivcry ol. its aciiviiics and services for lis b¢nefi¢i8ries. Il includes both c05ts Ihat be gllocatcd dir¢clly to such LIVI11¢S and thTrse cos15 oran indircLI naiure nc¢essar)' to support Ihcm. ¢o$ts 'I"hese include thi wsts 8ttribul3ble lo the ch3Til&ble wmpgD} S Cotnpliance with CODsiilutional and atulry requirements, including audil. slrdl¥Bi¢ manag¢m¢nt and Iru5tees meetings and reimbursed (xn5¢S. The charitable compan). is considercd 10 pa55 the tests sei vui in Paragraph I Schedule 6 (>f the finance ALI 2010 and therefore it meets ihc dclinition of a charitable compan> for IIK wrporalion ¢ax purp(>ses. Accordingl. the ¢hariiabl¢ eompany 1% wtentially L'xtmpi from Lqxation in respect ol. income or cdpit31 ¥ain.% receii'¢d I1(hIn cate8t>ries coi'eTed b! Chaplcr 3 Pari I l of the Corporaiiort Tax Act 2010 or Sc¢iion 256 of the Taxaiion of Chargeable Gains ALI 1992. 10 the extenl ihai such income or Bairts are appli¢d exclusiNclN' 10 ¢harithbl¢ puryx)ses. T¥ible fixed a55ets Indii idual fixed Lus1in¥ 5011.011 or mure are initsllv LUrLXrf ai ¥osl. less any subb¢qu¢nl gccumulali'(J depreviation and 4ubsryuent aiLumulaled imP4iimLnt losses. Depre¢latloD oniortisation l)eprwiation is prDI'ided on langible fixed assets 50 85 to write off thc cost or i'alualion. less any ¢siirn4led Tesidual N'alue. oier their ¢Xp¢e useful econoTnic life as folloivs.. A5Stt (1*55 Fixtur¢5 & Fiitings DtpretlAtlon method xnd rAtt Rtstarth and deVelop¢t Rcs¢arch and d£i'clupn)illi Lypcndiiurc is wriii¢n otl'as incurred. Trade deblor5 I'rad¢ dLbtiiYs are amounts due trom customers for merchandi£e $(>ld nr serviccg performed in Ihe ordinary. course t)f husiness. Tre debtors are Tetogni8ed iniiiallv ai the Irans3cIIon PTl¢¢. The). are %ubsequ£nil) mtssured at 2Monised c()si sing lh¢ eff¢Lll%'e interesi metho(L les5 provision for imp3i17nenl. A pruiiision tor the impdirmeni of trade debtors is e51ahlished when ther¢ is ohj¢ciive evidence that Ihl Lharit8ble companv i%ill noi h¢ ghle lo colleLI all ainounis du¢ awordittg to the original lerms ofihl receiirables. Pag¢ 10
Cbelmsford Cultural Development Trust ll'otes to the Financial St4t¢ments for the Year Ellded 31 Mareh 2024 Cllsh ad tX5h equiw8ltnts Cash and Lash ¢quival¢ntS [tPrise ¢ash on hand and £all del5115. Ind oiher short.l¢rm highlv liquid invLyltnents Ih¥t art readilv th)nv¥rtible lo a knOTr aniounl of Lash and are subj¢d 10 dn in5ignitic3nt risk of changt in idue. Fund slrurtllrt Unrestricted incL)me fund5 are general funds th*1 are available for us¢ at (he iruslees's diKTetion in furtherJnc¢ of Ihe objectives ufthe chBritsblt eompan>. Resiricled inwmL fuTLds are those (knnaled tor us¢ in a partiLul&r area OT for 5)xYifiL PUTposes, the i)f 'hich is r¢striLied lo Ibai area or purpose. Finall¢lal iDStrumtllts CIAFsifi¢oiio rin3ncial as%eis and tinancial liabiliii¢s art recognised th¢ chariiable companv becomes a part>. lo th¢ c4)niractual proi isions ol'ihe instrument. Financial liabilities and equity in51rumen15 are cla5sifi¢d LOrding lo the substsn¢e of the conlrgciual arrangemenis eniercd inio. An e4Ult%' instrumeni is an), conirdd that evid¢nc¢s a residual inieresi in ihe asseis ot. Iht chaTiLabl¢ company after deduciing all of its liabilili¢5. 3 from donations and legaeles Unrestrltted runds Restritted d5 Tolal funds Donation.q rc¢cii ablc Gift aid reclaimed 111,0 2.500 2,500 Total for period endtd 31 March 2024 12.5UO 12.500 Total for ptrlod ended 31 #Tb 2023 12.500 12,500 Pagt 11
Chelm$ford Cultural Dev¢lopmeni Trusl Notes lo the Financial Statement$ for the Year Ended 31 Mareb 2024 4 In¢ome froDJ tharitable activities Unrestricttd futtds Restri¢ied fund5 Total luDd5 Funding tu supp(irt chariiablc activities 51.200 51,200 Total for period ended 31 Mrch 1024 Total for ptriod ended Jl Mrth 2023 51,200 51,200 81.000 81.000 ExptndÉturt OL ¢hArhtiblt ¢tli'ltles Unrtsirleted fund5 Reatricted funds Tothl fvnd5 Note Programme Dtlivery. Proj¢cis Pr()gramme Lleliv¢ry- firanLs Made 11.845 47,500 47,500 Support ¢osts (hhcr cxp¢nscs 1,702 1.702 35,863 2,412 17.472 Goi'eTnance ccis15 2,412 Total for period tthd¢d 31 M&r¢h 2024 17.472 81,850 99.322 Total for ptrlod tnded 31 Mar¢b 2023 (?9.930 69.930 6 Attly$i$ ofgovtrni#¢e iDd support to$ts Govtrnanee tost$ Total 1 Septernbtr 2022to31 March 2023 Toial 31 M*rth 2024 Independeni txaminer fees xaEninalion vf Ihe financial $thi¢menL% Pajroll lees Other 8uI'eTnancc LSt$ 1.800 612 610 296 1,000 2.412 1,90(1 Page 12
Ch¢lmsford Cultural Development Trust Notes to the FiDallei#l Statements for the Year Ended 31 March 2024 7 Tru$tee$ rernuDerilott eAptDsts No Iru%lees. nor any persons wnnecled i¥ilh Ihem. have ieceii'ed an). r¢muneraiion froni the charithblc con]pany durin¥ Ihe >¢ar. No irusle¢s hai'e reeeiv¢d any r¢imburs¢d expenses or atty oiher benetits from ihe charil) during Ihc year. 8 Staff to$t$ Th¢ aggregat¢ pavroll costs were as follows.. 2024 2023 Staff costs duriDE tbt year wtre= Wagc5 and salarics PtnsiDn costs 35,UOU 863 26.777 35,86) 26,777 No emplov¢¢ releiied emolumenis ofmnTe than £60,000 during the year. The average number of eniployees during (he year. b) head couni, was I1202J.' I I The total emploi"e¢ b¢nefiis of ihe key managemenl PCT50nnel of th¢ charithble company w¢r¢ £35,863 12023- £26.7771. 9 Tangible fixtd a$s¢ts Furniture •nd equipment Totgl Cost At l April 2023 Disry>sals 779 17791 779 17791 Al 31 Mar¢h •024 Deprecillon Ai l Aprl 2023 F.limina*d Dn dispn%als Ai 31 Mar¥h 2024 779 17791 779 17791 Nti book value Ai 31 March 2024 Al 31 March 2023 Pdge 13
Chelmsford Cllltural Development Trust No¢e5 to th¢ Financial Statements (OT the Year Ended 31 M4rcb 2024 10 Debtots 2•24 2023 Accrued income 500 45.000 I I C$h nd ¢#sh equh'alents 2024 2023 Cash al twik 66.782 62.076 12 Creditor5.' *mOlllIts (allittg due wiihin one year Z024 2023 Other taxalion and social stcurit> Pension 5cherne creditor Accrua15 1.659 168 2,436 168 5.249 1.854 3.681 7,853 13 Funds B&lance gt JI Mareh 2024 IntomikTrg rtsOU¢S Re50urtt$ txptnded Aprll 2023 Tr&5ft UnresiriL¥edf#Nds I Inr¢%irici¢d CJ¢n¢r#l 23.018 12.500 2.555 20.601 R¢4trl¢ttd Ch¢lmstord Citv Council Scl up & corc sLLllin¥ 5UPWrt grant Ro)'al Opera Ilouse Bfidg¢ ChelTn%fiird Cily C.'ouncil Strategy Lhtlmsfi)rd Cit). Council Mappin¥ SoLial PTeb¢ribing and Culwr?l Opportunilics Resedrch Chelmstord City, Council IJKSPF Number I l The M¢gdiii4 76.205 122.2451 147.5(KJl 15).9(1O1 47.51N) 2.500 2.500 14,000 12451 11.Ix)01 16.000 15.0(KJ 5QO 500 25,UOO 9.200 25,1)00 I In.8601 1.660 Pa8e 14
Chelm$ford Cultural Development Trust Notcs to the FiDancial Statements for th¢ YeoT Ended 3] Mareb 2024 Balance at 31 lrth 2024 B4IaThet 91 1 Aprll 2023 In¢omint resources Rtsourit$ exptnded I'*#ts$fttrS Total re.%lritted 70.205 51.200 181,8501 12,5551 43,000 Totil funds 99,223 63.700 199.3221 63,601 Prlbr Jeor.. Bxlance 4t I September 2022 Intoming rtSDuree$ Resourtts expthdtd Bilitrjct at 31 Mgrcb 2023 Ilnrestrl¢ttd funds uresI11edInd Unrestricl¢d General 10.518 12.500 23,018 Rtslrieltd Clielmstoro C.il)' Council $¢1 up ore stallin8 %uppiirt grant Rol Opera House Bridge ChLlrnsfoTd Cl, Council SirJte&v Essex Communiry, Foundalion ChL'lmslord C.iiN' C'ouncil EU WelLI)mL' Back wgnl Totlll rtStrltted funds 52,730 42,500 17.500 119.0251 117.5001 76,205 16,000 5,000 Il6,0001 15.OOVI 12.405 112,4051 65,135 ((bg.9301 76.205 Totli fund$ 75.653 93,5(KJ 169.9301 99.223 P¥g¢ 15
ChelmsfoTd Cultural Development Trust Notes to the Fina¢]1 Ststements for the Year Ended 31 M*r¢b 2024 The spcLifi¢ purwses for which ihe funds ar¢ lo be applied ar¢ as folloMs= 11 'rhe Chelmsford Ctti. Couneil Set up & core siafling sUPFX)rt 8r3nl was funding to ¢stsblish the sell-sustainabiliiv of ih¢ charitv. 21 'fhe Rol'al Opera Ili)use liridge gyani 38reed kn fund ihe Local Luliural Lducaiion Partn¢rship. The funding was lai¢r provided lo Chelmsford Cili Council lo proi.ide the LCCP. 31 The Chelmsford Cliv Council Strategv 8raDI I¥?5 a cottiribuiion tO%4'3rds the devtlopment of chelnJsfrd Culiural Siraiegv. 41 The Chelmsford City Louncil Mapping granl ii?s for the devtlopm¢ni of a Community Cnga8¢menl Framwork. 51 Th¢ Social Prescribing and Culiural Opporiunilie4 Research fund 10 as%isl aecess nttos ol. a tocus group. 61 The Ch¢lmslord City C'ouncil UKspr runding aS for resear¢h and pilots to Stn8then Cultural social prescribing. 71 Th¢ Number I I the MelldO5 a5 funding io run th¢ 'Nol I, projeet, providing g wp up with culiural aciivilies tii adivatt Iht Cultural Siraiegv. 81 F.ss¢x Conimunit). Foundation funding iowards th¢ 'Nol I. projeei. 91-fht Weliome Back gprani was for Th¢ory of Chanbre. fundraising and inve51mtni straiegy for Culture. Idtas Lab S¢¢d funding gnd UK City of Culture 2029 viabilitN' r¢seaTCh. Th¢ Truslces IVe carried out a detailed revjciy of ihe fundinB received and eXnditre incurred over the past couplt ufN"eaT5 and concluded Ihai th¢re '¢re some adjusiments which needed 10 b¢ made 10 correctl}, allLKal¢ Ihe exrKndiiure ggain81 ils relevani funding 5tT¥am. Th¢ Tru5t£es dre eonfideni in ih¢ allocation of expenditure in the 2023124 lear and therefo Ihe earri¢d fonvard funo wsition, 14 AD4lysis ofntt as5tts bttwtell ftsnd$ Tot41 funds at Unre5trltied furlds Restriited nds 2024 Curr¢ni a$$¢ 20.601 46.681 13,6811 67.282 Toial nci ass¢is 20.6fJl 4i.000 63.C)01 Totsl funds it 31 March UDrtstricted fuLd5 Re$tri¢ted Td5 2023 Currenl assels 23,018 84,058 17.8531 107,1)76 17.8531 Total nel as5 23,018 76205 99,223 Page 16
Chelmsford Cultural DevelopmeDt Trust Note$ to tbc Finaneial St#t¢ment$ for the Year Ended 31 March 2024 IS Rtlated party irll54Ctions There were no relaitd partv trdnsactions in iht )rar. 16 Prior y¢¥r Slaitmtut of Fi4gncial A¢ilvitie$ Total 31 Marib 2023 UDrestritted Restrirtsd Note In¢omt #nd Evdowmehts from.. DonatiOD5 and legaiies Charitable activitlC8 12.500 12.500 81,0(M) 81.000 Total in¢ome 12.500 81.000 93,500 Expenditurc un: 69.930 69.930 Totsl expenditure f)9.93Q C>9,93U Nei income 11.070 23.570 Net mowenienl in funds 12.500 11.070 23.570 RteOD¢lJition of fuDd$ Tothl lunds brought 10Thrd Totsl fund5 Caled forward lQ.518 65.135 75,653 23,018 76.205 99,223 Page 17