Midsomer Norton Community Trust Charity No. 1180809 Company No. 08604585 Trustees, Report and Unaudited Accounts 31 March 2024
Mldsomer Norton Community Trust Contents Pages 2to3 Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Statement of Cash flows Notes to the Accounts 8t016 Oetailed Statement of Financial Activities 17to18 Page I
Midsomer Norton Community Twst Trustees Annual Report The trustee5, who are also direttors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statement5 of the charity for the year ended 31 March 20, REFERENCE AND ADMINISTRATIVE DETAILS Company No. 08604585 Charlty No. 1180809 Registered Offi Midsomer Norton Town Hall The Island Midsomer Norton BA3 2HQ Directors and Trustees The Director5 of the charitable company are it5 Trustees for the purposes of charity law. The following Directors and Trustees served during the year.. M. Auton A. De Pughe N. Errington P. Flagg B. Iles R. Jordan R. Jordan G. Mackay S. Mèrtin P. Mocock M. Plant S.L. Plumley L Robertson A. Slade (Resigned 16 May 20231 (Resigned 31 July 20231 (Resigned 31 July 20231 Accountants The Waldron Partnership Ltd 30 Circus Mew5 Bath BAI 2PW OBJEcfivES AND ACTIVITIES The Midsorner Norton Community Trust was incorporated as a limited company on the 10th July 2013. It was registered as a Charity on 23rd November 2018. As laid out in the Articles of SOcIatiOn The Object5 of the Charity are.. Page 2
DocusbJn ETrvÈlDPè ID". 26699216_1 E3843EA.A454.8AEFgF4EOC15 Mid50mer Norton Community Trust Trustees Annual Report The provision, for the benefit of the inhabltants of Midsomer Norton in Somerset and the surrounding area, of facilities in the interest5 of social Welfa for recreation and other leisure-time occupation for individuals who have need of such facilities by reason of their youth. ase infirmity or disabilityi financial hardship or social circumstances with the objective of improving their conditions of life. The advancement, for the benefit of the inhabitants of Midsomer Norton in Somerset and the surrounding area, of such other object5 or purposes which are exclusively charitable accordin8 to the law of England and Wales in such manner as the Trustees may in their absolute discretion think fit. The Midsomer Norton Community Trust aims to build a vibrant community in the town offering 5pace5 for groups and running events ourselves to provide recreational activitie5 and othe¥ leisure-time occupation for individuals who have need of such facilities by reason of their youth. age infirmity or disability, financial hardship or social circumstances with the objective of improving their conditions of life. ACHIEVEMENTSAND PERFORMANCE The Community Trust continued to run the Orchard Hall and Unit 14, with significant community groups continuing to use the Space. FINANCIAL REVIEW The Community Trust had anticipated a phased return to the Town Hall from February 2023, with dull reoccupation in the summer. However due to Significant delay5 in the building project the Community Trust were unable to occupy the for the entire financial year, removing it's largest Sour of letting income alongside key event strearns such a5 the comrnunity Clnema and NT Live programme. The Comrnunity Trust ran a number of high profile Community Events in this financial ear. Most notably the Midsomer Norton Music & Arts Festival and Midsomer Norton Fayre, which both attracted around 3,000 visitors over the course of the afternoon, and brought together large ntsmbers of the town's community groups. The Community Trust also relaunched the town'5 Chri5trnas Lights Switch-on event, working alongside High Street trader to bring mLtsic, entertainment and late night shopping back to the Town Centre's festive celebrations. It also brought the town Wassalllng In February. The Trustees are responsible for keeping proper accounting record5 that disclose with reasonable accuracy at any time the financial posttion of the chartty and to enable them to ensure that the financial statements comply with the Companies Art 2006. The Trustees are also responsible for safeguarding the asset5 of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the srnall companie5 regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP IFRS 1021. Signed on behalf of the board B. Iles Trijstee 31 January 2025 9A68ED8ice704FT.. Page 3
Midsomer Norton Community Trust Independent Emaminers Report Independent Examiner's Report to the trustees of Mldsomer Norton Community Trurt I report to the charity trustees on my examination of the financial statements of Mid50mer Norton Community Trust for the year ended 31 March 2024. Responslbilities and basis of report As the charity's trustee5 of the compaiiy laiid also its direitOTs for tl)e pui poses uf coi)Ipaihy lawl you are responsible for the preparation of the financial statement5 in accordance with the requirements of the Companie5 Act 20061'the 2006 Act. Having satisfied myself that the financial statements of the Charity 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 vour charity's financial statements as carried out under section 145 of the Charities Act 20111.the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent examiner's statement I have completed my examination. I can confirm that no material matters have Come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in accordance with section 386 of the 2006 Act - or the financial statements do not accord with those records- or the financial statements do not comply with the accounting requirement5 under Section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair, view which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recomrnended Prattice for accounting and reporting by charities applicable to charities preparing their accoursts in atcordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. M Martin ACCA The Waldron Partnership Ltd 30 Circu5 Mews Bath BAI 2PW 31 January 2025 Pa6e 4
Midsomer Norton Community Trust Statement of Financial Activities for the year ended 31 March 2024 Unrestricted funds 2024 Restricted fund5 Total funds Total fvnds 2024 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Other trading activities Other 24,120 39,848 20,913 685 23,338 47,458 39,848 20,913 685 76,663 76,611 19.468 620 Totsl 85.566 23,338 108,904 173,362 Expenditure on: Raising funds Charitable artivities Other 1,543 51,745 56,349 1,543 78,095 57.(199 6,918 94,320 74,844 26,350 750 io Total 109,637 27,100 136.737 176.082 Net gain5 on investments Net expenditure Transfer5 between funds li 124,0711 13,7621 127,8331 12,7201 Net expenditure before other 8ains/llossesl 124,0711 13,7621 127,8331 12,7201 Other 8alns and losses Net movement in funds 124,0711 13,7621 127,8331 12,7201 Reconciliation of funds: Total funds brought forward 38,676 33,402 72,078 74,798 Total funds carrled forniard 14,605 29,640 44,245 72,078 Page 5
Docusign Envelope ID.. ¢6784601454E4F7A-82-3lFES0284CsE Midsorner Norton Community Trust Balance Sheet at 31 March 2024 Company No. 08604585 Notes 2024 2023 Fixed assets Tangiblè assets 13 597 4,353 4.353 597 Current assets Stocks Debtors Cash at bank and in hand 14 575 33,406 20,156 54,137 110,4891 43,648 575 25,632 54,045 80.252 112,5271 67,725 15 Creditors: Amount falling due within one year Net current assets 16 Total assets less current liabilities 44,245 72.078 Net assets excluding pension asset or liability 44,245 72,078 Total net a55ets 44,245 72,078 The funds of the charity Restricted lunds Restricted income funds 17 29,640 29,640 33,402 33,402 Unrestricted funds General funds 17 14.605 38,676 14.605 38,676 Reserves 17 Total fvnds 44,245 72,078 These accounts have been prepared in accordance with the special provision5 of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 March 2024 the company was entitled to exemption under settion 477 of the Companies Act 2006 relating to Small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companie5 Act 2(6. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respett to accounting records and the preparation of accounts. Approved by the board on 31 January 2025 And signed oll its behalf by.. 5kn•dby: B. Iles Trustee gKI8EDBtCe704Fr 31 January 2025 Page 6
Midsomer Norton Community Trust Statement of Cash flows for the year ended 31 March 2024 2024 2023 astr flowi li Oi operatiils activltirs Net expenditure per Statement of Financial Activities 127,8331 12,7201 Adjustments for: Depreciation of property, plant and equipment Dividends. interest and rents from investments Other gains/losses Decrease in stocks Ilncre3sel/Decre3se in trade and other receivables IDecreasel/lncrease in trade and other payables 4,255 16851 9,649 16201 296 389 3,326 17,7741 12,0381 Net cash (used inllprovided by operating activities 134,0751 10.320 Cash flows from investing activities Payments for property, plant and equipment Dividends, interest and rents from investments 14991 685 620 Net cash from Investlng activSties 186 620 Net cash from tinancing artivities Net Idecreasellincrease in cash and cash equivalents 133,8891 10,940 Cash and cash equlvalents at the beginning of the year 54.045 43,104 Cash and Cash equlvalents at the end of the year 20,156 Components of cash and cash equivalents Cash and bank balance5 20.156 54.045 20,156 54,045 Page 7
Midsomer Norton Community Trust Notes to the Accounts for the year ended 31 Marth 2024 l Accounting poll¢les Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: the Fin3ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I January 20151 (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Change in basis of accounting or to previous accounts There has been no change to the accounting policie5 (valuation rules and method of accounting) since last year and no changes have been made to account5 for previou5 years. Fund accountin8 Unrestricted fund5 These are available for use at the discretion of the trustees in furtherance of the general objects of the charitv. These are Ltnrestricted funds earrnarked by the trustees for particular PUTposes. These are unrestricted funds which include a revaluation reserve reprèsenting the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charity become5 entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliabilitv. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gr05S Ill the SOFA. Donations and legacies Voluntary income reoived by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charsty has unconditional entitlement to the income. Tax reclaims on Income from tax reclaiTll5 is included in the SOFA at the same time as the donations and gifts giftldonation to which it relates. Donated services These are only included in income Iwith an equNalent amount in expenditurel and facilities where the benefit to the Charity is reasonably quantifiable. measurable and material. Volunteer help The value of any volunteer help received 15 not included in the accounts. Investment income This is included in the accounts when receivable. Gainslllossesl on Thi5 includes any gain or Ioss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/llossesl on investment assets This includes any gain or1055 on the sale of investments. Page 8
Midsomer Norton Communlty Trust Notes to the Accounts Expenditure Recognition of expenditLJre Expenditure is recognised on an accfuals basis. Expeniliture includes any VAT which ¢annot be fully recovered, and is reported a5 part of the expenditure to which it relates. These comprise the costs associated with attracting voluntary income, fundraising Expenditure on Expenditure on These comprise the costs incurred by the Charity in the delivery of its attivities and charitable activitie5 services in the furtherance of its object5, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basi5 plus an accrual for grant5 that have been approved by the tru5tee5 at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any auditlindependent examination fees, costs linked to the strategic management of the Charlty, together with a share of other administration costs. These are support costs not allocated to a particular artivity- Grants payable Governance costs Other expenditure Taxation The charity is exempt from corporation tax on its charitable activities. Tangible fixed assets and depreciation Depreciation is provided at the following annual rates in order to write off each asset over it5 estimated useful life.. Fi)rtures, Fittings & EqLtipment 25% straight line Cineffia equipment 25% straight line Stocks Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the Items on the open market. Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade dlscount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equivalent5 Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other 5hort-term highly liquid investments with original maturitie5 of three months or less and bank overLtrafts. In the statement of financial p051tion, bank overdraft5 are shown within borrowings or current liabilities. In the Statement of Cash Flow5, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Page 9
Midsomer Norton Community Trust Notes to the Accounts Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has 8 present obligation resulting from a past event that will probablv result in the transfer of funds to a third party and the amount due to seltle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement dmounl alter allowii)g loi aiiv Lrade di5Luunls due. Pension costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recogni5ed as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held Separately from the company in independently administered fund5, Receipt of donated goods, facilities and services All donated goods. facilities and 5etvices received are recognised within incoming resource5 and expenditure at an estimate of the value to the charity. 2 Company status The company is a private company limited by Buarantee and consequently does not have share capital. Page 10
Midsomer Norton Community Trust Notes to the Accounts 3 Statement of Financial Activities- prior year Unrestricted fund5 Restricted funds Total funds 2023 2023 2023 Income and endowments from: Donations and legacies Charitable activities Other trading activities Other 5.627 68,611 19,468 620 71.040 8.000 76,667 76,611 19,468 620 Totsl 94.326 79.040 173,366 Expenditure on.. Raising funds Charitable activities 6,918 61,976 61,554 6.918 94.320 74,848 32,344 Other 13,294 Total 130,448 45,638 176,086 Net incorne 136,1221 33,402 12,7201 Net incorne before other 8alnslllossesl Other gains and losses: Net movement In funds 136.1221 33.402 12,7201 136,1221 33.402 12,7201 Reconciliation of funds: Total funds brought fonard Total funds carried forward 74,798 74,798 38,676 33,402 72,078 4 Income from donatlons and lega¢les Unrestrirted Restricted Total Total 2023 2024 Town Council Management Grant 10,000 10,000 9,996 Orchard Trust 4,881 746 Donations 3,622 3,622 Other grants including HAZ culture 20,498 13,338 33,836 61,040 24,120 23,338 47,458 76,663 Page 11
Midsomer Norton Community Trust Notes to the Accounts 5 Income from charitable activities Unrestrirted Total Total 2024 2023 Events 17,440 17,440 25,630 Cinema 5,940 8,OLK) 37,041 76,611 Youth Hall and room hire 22,408 39,848 22,408 39,848 6 Income from other trading activities Unrestricted Total Total 2024 2023 Rental income Unit 14 19,320 1,453 140 19,320 1,453 140 11,403 5,507 2,558 19,468 Cafe Bar Adhoc Events 20,913 20,913 7 Other income Unrestricted Totsl 2024 Total 2023 Sale of items 685 685 620 685 685 620 8 Expenditure on raising funds Unrestricted Total Total 2024 2023 Fundroising trading costs Midsomer Norton Town Fayre Quiz Cafe Bar 1.461 1,012 531 1.012 3,647 1,810 6,918 Adhoc Events 531 1,543 1,543 Page 12
Midsomer Norton Community Trust Notes to the Accounts 9 Expenditu on charitable a¢tivities Unrestricted Restricted Total Total 2024 2023 Expenditure on choritoble octivities Events 31,858 850 16,619 48.477 55,202 8,032 8,000 23,086 Cinema 850 Youth Hèll and room hire 19,037 9,731 28,768 51,745 26,350 78,095 94,320 10 Other expenditure Unrestricted Restricted Total Total 2024 2023 Employee costs Premises costs 20,113 11,044 20,113 11,044 26.814 11,818 4,255 4,255 9,649 Depreciation of fixed assets General adrninistrative costs 12,297 8.640 56,349 750 13.047 15,758 10,805 74.844 Legal and professional costs 8,640 57,099 750 11 Net expenditure before transfer5 2024 2023 Thi5 is stated after tharging- Depreciation of owned fixed assets 12 Staff cost5 4,255 9,649 2024 2023 26,(X)O 814 Salaries and wages Pension costs 20,113 20,113 26.814 No employee received emoluments in excess of £60.000. Page 13
Mid50mer Norton Community Trust Notes to the Accounts 13 Tangible fixed assets Fixtures, Flttings & Equipment Cinema equipment Total Cost or revaluation At l April 2023 Additions At 31 March 2024 Depreciation and impairment At l April 2023 Depreclation tharge for the vear At 31 March 2024 16,519 33.119 499 49,638 499 50.137 16,519 33.618 12,166 33,119 45,285 4,130 125 4,255 16,296 33,244 49,540 Net book values At 31 March 2024 At 31 March 2023 14 Stocks 223 374 597 4,353 4,353 2024 2023 Finished goods 575 575 575 575 Carrying value analy5ed by activitie5 2024 2023 Events 575 575 575 575 15 Debtors 2024 2023 Trade debtors 25,815 7,591 33,406 23,272 2,360 25,632 Prepayments and accrued income 16 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxes and social sec(Erity Other creditors Accruals Deferred income 8,792 47 10,810 47 372 1,093 185 10,489 392 1,093 185 12.527 Page 14
Mid50mer Norton Community Trust Notes to the Accounts 17 Movement in funds Incorning resources At31 Resources expended (including At l April other 2023 8ains/lossesl March 2024 Restrlcted fvnds: Restricted income funds.. Community Trust Grant HAZ Culture B&NES Make spa Warm spaces 33,402 iO,(KY) 12,342 iio,0001 16.6211 110.4791 33.402 5,721 110.4791 996 Totul 33.402 23.338 127.1001 29.640 Unrestricted funds: General funds 38,676 85,566 1109,6371 14,605 Total funds 72,078 108,904 1136,7371 44,245 Purposes and restrictions in relation to the funds: Restricted funds: Community Trust Grant The Commissioning Grant is put towards the overall management of the Community Trust and the management of the town's community spaces- notably the Town Hall and Orchard Hall. a5 well as the Youth Hubs. The grant helps the volunteer led organi5ation to fulfil its purposes in the community. This is the sponsorship grant for the Norton Youth Club initially approved in 2019. The sessions run on Thursday evenings throughout the year, including school holidays. The se55ions will be primarily run in the Town Hall. alongside outreach se55ions (again using the Town Hall as a basel. B&NES Make space Grant to irnprove Spa$ Warm spaces From National grid to provide warm spaces for residents in need 18 Analysis of net assets between fvnds HAZ Culture Unrestricted Restricted funds Total fund5 Fixed assets 223 14,382 14,605 374 29,266 29,640 597 43,648 44,245 Net current assets Page 15
Midsomer Norton Communlty Trust Notes to the Actount5 19 Reconciliation of ftet debt At31 March 2024 At l April 2023 Cash flows Cash and cash equivalents 54,045 54,045 133,8891 133,8891 20.156 20,156 Net debt 54,045 133,8891 20,156 Page 16