Charlty Reglstratlon No. 1188475 BUDLEIGH COMMUNITY WORKSHOP TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Lentells Chartered Certified Accounianis
BUDLEIGH COMMUNITYWORKSHOP TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tw$t•¢$ hAr William McDèm)ott Mrs Katherine MCDeMli-DarIeY Mr Marc Jobson hAr Philip Oakley Mr Stephen mayc(k Mr R Bingham (Appointed 11 April 2022} (Appointed 14 February 20231 Charlty numbor 1188475 Prin¢ip81 add$$ The Old Fire Station 4-5 Station Road Budleigh Sallerton Devon EX9 6RJ Independent examiner Lente115 Limtted 17- 18Lea¢h Road Chard Business Park Chard Somersel TA20 1FA
BUDLEIGH COMMUNITYWORKSHOP TRUST CONTENTS Page Trustees. report Independent examine¢s report ststemenl of financial 8¢tiwties Balance sheet Notes to the finanal statements 6-13
BUDLEIGH COMMUNITYWORKSHOP TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Thè trusteès prèsent their annual rep and finanual statemènts for the yèar ended 31 Decembèr 2022. The financial stsleTNenls have been prepared in accordan with the accounting policies set out in note 1 to the financial statements and comply wrth the charity's constitution, the Charities Act 2011 and "Accounting and Reporting by Ch8rities'. Stslernenl of Recommended Practi applicable lo Gharilies preparing their 8Gcounls in 8c¢ordan¢e with the Fin8ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191.. Objectives and activities The charity's objects are lo provide or assist in the provision of facilities in the interests of SOCAal welfare for recreation or other leisure lime occupation of individuals in Budleigh Salterton and the surrounding area who have need of such facilities by reason of their youth. age. infirmty or disability, financial hardship or social circumstances with the object of improving their conditions of Itfe. The trustees have paid due regard to guidan issued by the Charity Commission in deuding what activities the charity should undertake. The charty believes that its objectives, achievements and perfomiance provide a significant public benefrt wthin Budleigh Salterton and the surrounding aa. Achievements and performance The Budleigh Comrnunity Vvorkshop Trust IBCWtI continued wrth the success established in 2021 by creating a more sustainable model lo manage and operate the Community Workshop. Creative activities take pla five days a week in the main Workshop with a range of WCK)dworking-based opportunities and an array of well attended craft sessions in the Community Loft. In addition, other l(ul charities and societies rent space for events in the Loft, which works well for all. The Community social enterprise project has relied more heavily on gener8ting in¢ome from activities and services Ih8n through grant 8pplications, although it has 1Ved grants from a variety of sources during the period in¢luding The Coop Local Community Fund 1£2.555}, The Masoni¢ Lodge of Devonshi Wake Fund 1£1,5001 as well as donations from local individuals. The Bc1 bank anI opened with a balan of £25,899 and ended the year with £33.757 having undertaken considerablè improv8m8nts and equipment purchases. In 2023, BCWT is working to expand their creative offerings, recruit more volunteers and expand its servIs. There are also plans to install solar power to offsel the cartn footprint as well as enhanang savings on energy. Financial vIeW It is the policy of the charity that nStriCted funds whi¢h have not been designated for a speryfic use should be maintained at £10,000 for contingencies and this is to be reviewed regulady as funds allow. This equales to reserves at a level equivalent to befvleen three and six month's expenditure. The trustees have assessed the major risk5 to which the charity 15 exposed, an¢J are satisfied that systems are in place lo mitigate exposure to the major risks. structure. govemance and management The charity is a Charitsble Incorporated Organisation ICIOI. It was registered on 11 March 2020 wth the charity commission.. charity number 1188475.
BUDLEIGH COMMUNITYWORKSHOP TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Thè trusteès who setvèd during the year and up to the date of signaturè of the finanaal statèments wèré.. Mr William McDermott Mrs Katherine McDermott-Dartey Mr Mar¢ Jobson Mr Desmond Bennett Mr Philip Oakley Mr Stephen mayck Mr R Bingham {Resigned 14 February 20231 {Appointed 11 April 20221 {Appointed 14 February 20231 Apart from the fir51 diarTty trustees. every tfU51ee must be appointed (for a term of 3 years) by a resolution passed at a properly convened meeting of the chanty trustees. In selecting individuals for appointment as charity trustees, the charity trustee5 must have regard to the Skills. knovAedge and experien needed for the effective administration of the CIO. There musl be at least 3 tharty trustees and the maximum number 15 12. The charity trustees will make available to each new charity truslees. on or before his or her first appointment lal a copy of the Current version of the ¢onstitution- and Ibl a Copy of the CIO'S latest Trusteess Annual Report and ststement of accounts. Any person retiring as a charity trustees is eligible for reappointrnent. Any trustees serving for 3 ¢onse¢utive terms may not be reappointed for a 4th temi but may be reappoinled after an interval ol at least 1 year. None of Ihe trustees has any beneficial interest in the tharity- Decisions are made by the b08rd of Trustees. either at a meeting of the charity ttuslees. by resolution in writing. Any Charity trustees may call a meeting of the Charity ttuslees. subject to that. the Charity twslees shall decide how their meetings are lo be called. and what noti is required_ No decision shall be taken unless there is a quorum12 ¢harity Iruslees or the number nearest to one third of the totsl number of ¢harity tnjstees, whichever is gater) al the lime when the decision is taken. A d)arity trustees shall not be counted in the quorum present when any de¢ision is made about a matter upon whith he or she is not entiued to vote. The trustees. report was approved by the Board of Trustees. Signed on 18107fid 09-.13 Mr Stephen Maycock Trustee Dale..
BUDLEIGH COMMUNITYWORKSHOP TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BUDLEIGH COMMUNITYWORKSHOP TRUST I r8POrt to th8 trusteas on my examination of the ffinanaal statements of Budleigh Community Workshop Trust (the charityl for the year ended 31 December 2022. Responsibilities and basis of report As the trustees of the Charity you are responsible for the preparation of the financial ststements in a¢¢ordan¢e with the requirements of the Charities Art 2011 (the 2011 A¢tl- I report in respect of my examination of the charrty's ffinanaI statements carried out under section 145 of the 2011 Act. In carrying out my exaTninalion I have followed all the applicable Direckn"on5 gwen by the Charity Commission under section 14515llb} of the 2011 Act. Independent examinerfs statement Your attention is drawn lo the fact that the charity has prepared financial statemen15 in accordance wth Accounting and Reporting by Charitie5 preparing their ac(x)unts in a¢xx)rdance with the Financial Reporting Standard appliGable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extsnt regulations but has now been withdrawn. l understsnd that this has been done in order for finanoal ststements to provide a true and fair view in a¢¢ordan¢e with Generally Accepted Accounting Pra¢ti(t effe¢live for repo.ng periods beginning on or after 1 January 2015. I have completed my examination. I conffimi that no rnatte have ¢xJme to my attention in connection with the exarnination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial statements do not accord with those records. or the financial slalements do not comply with the applicable requirements concerning the form and content of accounts sel out in the Chanties IAc(y)unls and Reports) Regulations 2008 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. I have no concems and have come across no other malters in a)nnection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the finanual statements to be reached. Robert Wegner FCCA Lenlells Limited 17-18 Leach Road Chard Buisness Park Somerset TA20 1 FA SyJn&lcpn 1PdD7123 @ 11". Dated..
BUDLEIGH COMMUNITYWORKSHOP TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrostrlclad R•strlct•d funds funds 2022 2022 Total Unrnstrlct•d Rostrlctèd funds funds 2021 2021 Total 2022 2021 Notes Income from: Donations and legacies Charitsble a¢tivities Other trading a¢bvities Investments 11,713 18.6 11,713 18.600 30,128 2,895 150 5.500 35,628 2.895 150 29 Total In¢omo 30,342 30.342 33.173 5,500 38,673 Ex nditure on- Raising funds 431 431 357 357 Charitsble a¢tivitios 24.256 850 25.106 35.437 18,403 53.840 Total expenditure 24.687 850 25.537 35,794 18.403 54,197 Net incomellexpenditurel for the yearl Net movement in funds 5,655 18501 4,805 {2,6211 112,9031 115,5241 Fund balances al 1 January 2022 385,894 850 386,744 388,515 13.753 402,268 Fund balancès at 31 D8cemb&r 2022 391,549 391.549 385,894 850 386,744 The statement of financial activities indudes all gains and10&8es recognised in the year. All income and expendtture derive from wntinuing actiwties.
M Jobson S R Maycock Signed on 18/07/23 @ 09:13 Signed on 05/06/23 @ 12:38
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollelès Charity infomiation Budleigh Community Workshop Tmst is a Charitablè Incorporated Organisation {CIOI with 3 eonstitution as its governing document. It was registered on 11 hAarch 2020 wth the charty commission." charity number 1188475. The prinupal a(Jdress is The Old Fire Ststion. &5 Ststion Road. Budleigh Salterton, Devon, EX9 6RJ. 1.1 Accounting convention The financial ststements have been prepared in aC(XYdan with the charity's CIO constitution, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102,1 and the Charities SORP "Accounting and Reporbng by Charities.. Statement of Recommended Practi applicable to charilies pparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effective 1 January 20191. The tharity is a Public Benefil Entity as defined by FRS 102. The charity has taken advantage of Ihe provisions in the SORP for charities not to prepare a Statement of Cash Flows. The finanaal ststements have departe(J from the Charities lACnts and ReKK)rtsl Regulab'ons 2008 only to the extent required to provide a tme and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Ststement of Recommended Practice which is referred to in the Regulations but which has Sin been withdrawn. The financi81 statements 8re prep¥red in stsding. which is the functional currency of the charity. Monetary amounts in these financial stslemenls are rounded lo the nearest £. The financial statements have been prepared under the hislorical o)st wnvention, Imodified to include the revaluation of freehold properties and to indude inveslment properties and certain financial instruments at fair valuel. The principal accounting w)lic?es adopted are set out below. 1.2 Going concern Al the lime of approving the financial statements. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going conrn basis of accounting in preparing the financial stalemenls. 1.3 Charitable funds Unrestricted ftjnds are available for use at the disuetion of the trustees in ftJrtheran¢e of their charitsble objectives. Restricted funds are subject to speafic conditions by donors as to how they may be used. The purposes and uses of the restricted fvnds are set out in the notes to the financial statements. Endowment funds are subject to specffic conditions by donors that the capital musl be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entiued to it after any pèrfomiance conditions have been met, the amounts Can bè measured reliably, and it is probablè that income will bè received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been nolified of the donation, unless perfomiance conditions require deferral of the amounl. Income tax recoverable in relation to donab'ons received under Gift or deeds of covenant is recognised at the time of the donalion.
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (Continued) Legacies are recognised on receipt or otherwise if ihe charity has been notified of an impending distribLJtion, the amount is known, and receipt is expecled. If the amount is not known. the legacy is treated as a contingent asset. The value of services provided by volunteers is not incorporated into Ihese finanual statements. Further details of the contribution made by volunteers can be found in the trustees. annual reF)Ort. Grants are recognised on reipt or olhermse rf the chanty has been nottfied of an impending award, the amount is known, and receipt is expected. If the amount is not known. the grant is treated as a conlingenl asset. 1.5 Expenditu Income and expenses are included in the finanual slatements as they become receivable or due. There is no netting off of income and expenditure. Since Ihe charity is not VAT registered. all expenses indude irrecoverable VAT where applicable. Charitable expenditure comprises Ihose costs incurred by the charity in the delivery of its activities and services. It includes both (x)sls Ihat can be allocaled direcuy to such activities and those of an indirect nature necessary to support them. 1.6 Tangible fixed assets Tangible fixed assets are initially measure(l at cost and subsequenuy measured at Cost or valuation, net of depre¢ialion and any impaimient losses_ Depreryation is recognised so as to write off the (xjst or valuation of assets less their sIdal values over their useftjl lives on the following bases.. Freehold land and buildings Fixtures and fittings 2% straight line 20% reducAng balan The gain or loss arising on the disposal of an asset is determined a5 the drfferen(E between the sale proceeds and the carrying value of the asset, arKI is recognised in the ststement of financial actmties. The charity's freehold property is ststed in the financial statements at its original Cost less depreaalion. The followng classrfications of expènditure arè treated as fixed asset additions- Improvements of freehold propety that add G3Pital value to the propèty, othèr than thosè which arè incidental to the repair or maintenance of the propety Individual items of equipment having a useful life of more than one year, other than those which replace existing assets. 1.7 Impairmant of fixed assets Al each reporting end date, the charity reviews the caryng amounts of its tangible assets lo determine whether there is any indication that those assets have SLfftred an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to delemiine the extent of the impairment loss Irf any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (Continued) 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Finanaal Instruments. and Section 12 'Olher Financial Instruments Issues. of FRS 102 to all of ts financial instruments. Financial instruments are recognised in the thariWs balan sheet when the charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are off5el. wth the net amounts presented in the financial slalernenls, when there is a legally enforceable right to set off the recconised arnounts and there is an intention lo setue on a nel basis or lo realise the asset and settle the liabilty simultsneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balan¢e5, are initially measured al transaction price including lransacb.on costs and are subsequently carried at arriorb"5ed cost using the effective interest method unless the arrangement constitules a financing transaction, where the transaction is measured al the present value of the future reip1S disCOUnte(l al a market rale of interest. Financial assets dassified as re1vable wthin one year are not arwK)rb"5ed. Basic financial liabilities Basic financial liabilrfcies. including creditors and bank loans are initially recognised al transaction price unless the arrangement constitute5 a finanGing transaction. where the debt instrument is measured al the present value of the future payrnents discounted at a market tate of interest_ Finan(ial liabilities classified as payable within one year are not amortised. Debt instruments a subsequendy carried at amortise(l cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, ihey a presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al aM0.sed cosl using the effective interest method. Dere¢ognition of fin•n¢i•l liabilities Financial liabilities are derecognised when the tharity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entiuement is recognised in the period in which the employee's seNices are received. Terminats'on benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide temiinatson benefits. 1.11 Taxatlon The charity is exempl from lax on ils income and gains to the exlenl Ihal these are derived from its charitable objectives. No lax charges have arisen in this finanual period. 1.12 Funds The charity's funds during the year were all unrestricled other than a grant from the local council towards refurbishment expenses, which has been trealed as restricted. There are no endowment funds.
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Crltleal aecountlng ostlmatos and Judg•m•nts In the application of the charty's accounting policies. the trustees are required to rllake judgements, eslimales and assumptions about the Garrying amount of assets and liabilrties that are not readily apparent from other sources. The estimates and ¥ssoGialed assumptions are based on historic81 experience 8nd other f8¢tors that are considered to be relevant_ Actual $11$ may drffer from these esbmates_ The eskn'mates and undedwng assumptions are reviewed on an ongoing basi5. Revisions lo accounting estimates are recognised in the period in whith the e5b.mate is remsed where the revision affects only that period. or in the period of the revision and luture riodS where the revision afftrcls both current and future periods. Donations and legacies Unrestricted Unrestricted funds funds Restricted funds Total 2022 2021 2021 2021 Donations and gifts 11.713 30,128 5.500 35,628 Charitable activities Provision of Provision of communty community facilities facilities 2022 2021 Sales within charitable activitses- course and hire charges 18,600 2,895 Other trading activities Total Unrestricted funds 2022 2021 Fundraising events 150
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Invèstmènts Unrestricted fund$ Total 2022 2021 Interest receivable 29 Raising funds Unrestricted Unrestricted funds funds 2022 2021 Fundraisin and ublici Other fundraising costs 431 357 431 357 Charltablo actlvltlas Provision of Provision of Communty ¢ommunity facilities facilities 2022 2021 Depreciation and impairment Provision of community facilities 9,468 4,085 8,406 2,996 13,553 11,402 Share of support cosis {see note 9} Share of governan costs (see note 9) 10,923 630 41,880 558 25,106 53,840 Analysis by fund Unrestricted funds Reslricted funds 24.256 850 35,437 18,403 25.106 53,840 10-
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Support costs Support Govemance costs costs 2022 Support Governance costs 2021 Insurance Property repairs and refurbishment Sundries Website & computer costs Bank charges Water Lighl & heat Telephone Pedestrian a$$ Iicence including legal fee contribub.on 1.324 1,324 1,158 1,158 4.013 4,013 954 36,292 621 36,292 621 619 533 1f7 2,165 538 619 533 177 2,165 538 1,578 226 329 914 212 1,578 226 329 914 212 600 550 550 Accountancy 630 558 558 10,923 11.553 41.880 558 42,438 Analysed between Charitsble a¢tivities 10,923 11.553 41.880 558 42,438 Governance Costs indudes payments to the independenl examiners of £63012021- £5581 in totsl for a¢¢ounts preparation and independenl examination. 10 Trustees None of the trustees {or any persons connected with them) received any expenses, remuneration or benefits from the charity during the year. Trustees donated offerings to the charity without condition and the aggregate value of those transactions in the period ending 31 December 2022 was £40012021.. £700)- 11 Employees The average monthly number of employees during the year was: 2022 Number 2021 Numbor Totsl There were no employees whose annual remuneration was more than £60,000. 11
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 12 Tanglblè fixed ass•ts Freehold land Flxtures and and buildings fittings Total Cost At 1 January 2022 Additions 371,429 5,018 5,526 376,447 5,526 At 31 Dember 2022 371.429 10,544 381,973 D¢pre¢latlon and Impalmient Al 1 January 2022 Depreryation Charged in the year 14,858 7.429 1,108 2.039 15.966 9,468 Al 31 Dember 2022 22,287 3,147 25,434 Carrying amount Al 31 Dember 2022 349,142 7,397 356,539 At 31 Dember 2021 356,571 3,910 360,481 The freehold land and buildings consist of the fomier fire station. 4-5 Station Road, Budleigh Salterton, Devon, EX9 6RJ bought on 4 September 2020. which has been refijrbished to fulfil the charity's objectives. 13 Debtors 2022 2021 Amounts falling due within one year: Other debtors Prepayments and accrued income 242 941 1.640 2,485 1,183 14 Credltors: amounts falllng due wlthln one year 2022 2021 Other creditors Accruals and deferred income 614 618 300 558 1,232 858 12-
BUDLEIGH COMMUNITYWORKSHOP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 15 R•strlct•d funds The income funds of the charity irhclude reslricled funds comprising the following unexpended balanS of donations and grants held on trust for specffic purposes.. Movement in funds Incoming Resour8 Balance at expended1 January 2022 Balance at 1 January 2021 Resou8$ Balance at expended 31 Dec8mber 2022 Budleigh Sallerton Town Council freehold refurbishment grant 13.753 {13.7531 14,6501 5.500 850 18501 13,753 5,500 {18,4031 850 18501 Included within income in 2021 was a restricted donationlgift of £5,500 lowards Ihe inslallation of a stair-lift. Restricted expenditure on the stair-lift during 2021 was £4.650 and during 2022 was £850 and dosing balance carried forward at 31 December 2022 of £0. 16 Analy$l$ of net a$$ets between fund$ Unrestricted Restricted funds funds 2022 2022 Total Unrestricted funds 2021 Restricted funds 2021 Total 2022 2021 Fund balances at 31 December 2022 are represented by.. Tangible assets Current assetsl{liabilitiesl 356,539 35,010 356.539 35,010 360,481 25.413 360,481 26,263 850 391,549 391.549 385,894 850 386,744 17 Flnanclal commllments, guarantses and contlngenl Ilabllltles A donation of £25,000 was included in the accounts lo 31 December 2020 from Budleigh Sallerton Town Council as a debtor and [1Ved in 2021. Should the charty be forced to close within 10 years of receiving this donation. il would need to be repaid lo the ¢x>un(yl. A donation of £100.000 was included in the accounts to 31 December 2020 from The League of Friends of The Budleigh Salterton Hospital {charity number 1028245). Should the charity be closed or the freehold premises at the fom)er fi station. 45 Ststion Road. Budleigh Salterton. Devon, EX9 6RJ be sold, the funds would need lo be paid to the League of Frien(ls. 18 Related party transactions There were no disclosable related paty transactions during the year12021- none). 13-