Upper Dales Community Land Trust Report and Financial Statements For the Year Ended 31 March 2023 Charity number 1195077
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## Upper Dales Community Land Trust Financial Statements For the Year Ended 31 March 2023
## **Contents Page**
Administrative Information Report of the Trustee Board Statement of Financial Activities Balance Sheet Notes forming part of the financial statements
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## Upper Dales Community Land Trust
Report of the Board of Trustees for the year ended 31 March 2023 The Board of Trustees presents its report and audited financial statements for the year ended 31 March 2023.
## Administrative Information
**Charity Name:** Upper Dales Community Land Trust **Charity registration number:** 1195077 **Registered Office and operational address:** Hudson House, Anvil Square, Reeth, Richmond, North Yorkshire DL11 6TB
**Board of Trustees** (referred to in this report as the ‘Board’)
**Chair:** Stephen Stubbs **Finance:** William Fawcett **Secretary:** Julie Fox County Councillor Yvonne Peacock Jason Sharpe
**Auditors:** Momentum Taxation and Accountancy Ltd, 14 Harelands Courtyard, Melsonby, Richmond, North Yorkshire, DL10 5NY
**Bankers:** Unity Trust Bank, PO Box 7193, Planetary Road, Willenhall WV1 9DG **Solicitors** : Richard Nixon, Partner, Muckle LLP, Time Central, 32 Gallowgate, Newcastle Upon Tyne NE1 4BF
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## **Our Aims and Objectives**
Our charity’s purposes as set out in the Constitution dated 27[th] June 2022 are:
_The objects of the Trust are within the Upper Dales of North Yorkshire, for the public benefit, to provide housing and any associated amenities for persons in necessitous circumstances upon terms appropriate to their means._
## **Mission**
The Upper Dales Community Land Trust (UDCLT) recognises there is a critical shortage of affordable, sustainable housing for people born, living or working in the Upper Dales. We want to change this, ensuring our unique community, its history and legacy, lives on.
## **The focus of our work**
Our main objective for the year to March 2023 was to secure sufficient funding to convert Bainbridge Methodist Chapel into two affordable apartments. This has been achieved and we have subsequently obtained a structural engineer’s report and worked with the architect in developing a specification for builders. Following invitations to bid, one preferred builder was recommended to Karbon Homes. The Section 106 agreement (which prioritizes those with a local connection and limited income) was signed in August with the Yorkshire Dales National Parks Authority and Richmondshire District Council.
A development lease agreement with the Responsible Provider (RP), Karbon Homes was being developed when they invited us to partner with a more local organisation, North Star Housing Group. This was a positive move with a Local Letting Policy now close to being finalised, and joint work with the builder taking place. Some other developments have slowed the work down – such as obtaining permission to change the window fabric but we are progressing towards building work starting later in the year.
Aside from undertaking the practical work as above, we have been looking to raise our profile so that more local people are aware of our existence. This has involved developing a website (including short films, photos and the experience of local people looking to remain in the area), providing banners at local agricultural shows and issuing press releases around significant events.
## **How our activities deliver public benefit**
We look to help provide homes for those who cannot afford to buy or rent a home commercially in the Upper Dales, a geographical area in North Yorkshire. In order to do this we need to understand who those individuals are, and connect with them, so that their needs are identified and hopefully later, satisfied. We are exploring how we might undertake a housing needs survey in the Reeth area so that the demand in that area can be accurately assessed.
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## **Financial Review**
## **Principal Funding Sources**
The main source of funding has been from Richmondshire District Council. In March 2023, we received a second grant, thus securing sufficient monies to renovate the chapel. Our partnership, initially with Karbon Homes but more latterly North Star Housing Group, has also enabled monies to be drawn down from central government through Homes England.
Following Local Government Reorganisation in April 2023, the body responsible for housing in the Upper Dales will be North Yorkshire Council.
## **Investment Policy**
At our meeting in December 2022, it was agreed that we should explore investing our funds in a Charity Bank Savings account. We now have two bank accounts, our day to day account and savings account with the Unity Bank and a savings account with the Charity Bank. This has been sensible investment, enabling us to gain interest on the money held from Richmondshire District Council pending the start of building on the chapel renovations.
## **Reserves Policy**
At the moment our organisation is solely run by volunteers who pay most incidentals out of their own pocket and so we have not needed a reserves policy.
## **Structure, Governance and Management**
## **Governing Document**
On 27[th] June 2022 the organisation became a CIO, having previously been registered as a charity on 7[th] July 2021. We are governed under our Constitution which established our objects and powers.
## **Recruitment and Appointment of the Board of Trustees**
The Board of Trustees consist of five individuals. This has been a stable membership over the course of the year. We also have two regular volunteers who undertake work on Marketing & Communications and the role of Board Advisor.
All members of the Board give their time voluntarily and receive no direct benefit from the charity. Declaration of Interests is a regular agenda item with any being recorded. One member currently has an declared interest in a utility company. Where a decision was taken to move to this provider for the chapel, following research regarding costs and service, this was undertaken whilst he absented himself from that item in the meeting.
## **Skills assessment**
The Board Advisor has been collaborating with trustees on the content of a skills audit (i.e. with relevance to our particular work), and exploring where we might obtain
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subsequent training or engage additional trustees who have those skills. This is ongoing but likely to be completed by the autumn.
## **Trustee Induction and Training**
Job descriptions for trustees and their specific roles are being developed along with training as outlined above.
## **Risk Management**
We have undertaken a review of our responsibilities under data protection and this will be finalised in the next few months along with placing various entries on the website. We have buildings insurance for Bainbridge Chapel. The responsibility for this will be part of the transition to the development lease with North Star Housing Group once the document is signed. We have had legal advice regarding the content of the lease. Splitting our monies into two banks this has reduced our financial risk but there are other considerations that we need to address. Further financial, building and other risk appraisals will be undertaken next year.
## **Organisational Structure**
## **Related Parties**
Following the withdrawal of Karbon Homes the UDCLT has partnered with North Star Housing Group, based in Stockton on Tees.
## **Responsibilities of the Board**
Charity law requires the Board to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year.
In preparing those financial statements, the Board should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is not appropriate
to assume that the company will continue on that basis.
The Board is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 1985. The Board is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Members of the Board of Trustees**
Members of the Board who are trustees for the purpose of charity law, who served during the year and up to the date of this report are set out at the start of this report.
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## **Auditors**
Momentum Taxation and Accountancy Ltd were appointed as the charitable company’s auditors during the year and have expressed their willingness to continue in that capacity.
This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in March 2005) and in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small entities.
## **Approved by the Board of Trustees on 19[th] December 2023 and signed on its behalf by:**
Stephen Stubbs (Chair and Trustee)
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## **Statement of Financial Activities (including income and expenditure account)**
|**expenditure account)**||||||
|---|---|---|---|---|---|
||**Note**|**Unrestricted**
**Funds**|**Restricted**
**Funds**|**Total**
**Funds**
**2023**|**Total**
**Funds**
**2022**|
|**Income**
**Income from generated funds:**
Voluntary income: grants & donations|5|50|217,000|125,250|125,250|
|Interest|6|378|-|378|-|
|||||||
|**Total income**||**£428**|**£217,000**|**£217,428**|**£125,250**|
|**Expenditure**||||||
|||-|-|||
|Governance costs|7|1,540|5,832|7,372|8,063|
|**Total expenditure**||**£1,540**|**£5,832**|**£7,372**|**£8,063**|
|**Net incoming (outgoing) resources**
**before transfers**
Gross transfers between funds|10|**(1,112)**
**-**|**211,168**
**-**|**210,056**
**-**|**117,187**
**-**|
|**Net movement of funds in year**
**Reconciliation of funds**
Total fund brought forward||(1,112)
4,314|211,168
118,353|210,056
122,667|117,187
5,480|
|**Total funds carried forward**|17|**£3,202**|**£329,521**|**£332,723**|**£122,667**|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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## **Balance Sheet as at 31st March 2023**
||**Note**|**2023**|**2023**|**2022**|**2022**|
|---|---|---|---|---|---|
|**Fixed Assets**
Tangible assets|12||77,546||79,161|
|**Current Assets**
Cash at bank and in hand||255,177||43,506||
|||255,177||43,506||
|**Liabilities**
Creditors fallingdue within oneyear|15|(-)||(-)||
|**Net Current Assets**|||255,177||43,506|
|**Total Assets Less Current Liabilities**
Creditors falling due after more than one
year|16||-||-|
|**Net Assets**|||**£332,723**||**£122,667**|
|**The funds of the charity**
Restricted income funds
Unrestricted income funds|17||329,521
3,202||118,353
4,314|
|**Total charity funds**|||**£332,723**||**£122,667**|
In preparing these financial statements:
- (a) For the year ended 31[st] March 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies;
- (b) The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006, and
- (c) The Directors acknowledge their responsibilities for:
- (i) ensuring that the company keeps accounting records which comply with the act, and
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- (ii) preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit or loss for the financial year.
- (iii) These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
The notes on pages 12 to 18 form part of these accounts
Signed: Name: Stephen Stubbs
Chairman of Trustees on behalf of the Trustees
Approved by the Trustees on 19[th] December 2023
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## **Notes on the Accounts**
## **1. Accounting policies**
## **a) Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2015) – (charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. There were no adjustments on transition to FRS 102.
## **b) Income**
Voluntary income including donations, gifts and legacies and grants that provide core funding or are of general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or
- The donor has imposed conditions, which must be met before the charity has unconditional entitlement.
Income from the Trust’s activities is recognised as earned (as the related goods and services are provided). Investment income is recognised on a receivable basis.
Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions is recognised as earned (as the related goods or services are provided).
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Grant income included in this category provides funding to support performance activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
## **c) Volunteers and donated services and facilities**
The value of the services provided by volunteers is not incorporated into these
financial statements.
## **d) Expenditure**
Expenditure is recognised when a liability is incurred.
- Costs of generating funds are those costs incurred in attracting voluntary income.
- GMT activities include expenditure associated with the operation of educational programmes and include both the direct costs and support costs relating to this activity.
- Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
## **e) Tangible Fixed Assets**
Tangible fixed assets are depreciated on a reducing balance basis over their estimated useful (economic) lives as follows:-
Property - 2% Straight Line
## **f) Stock**
Stock is included at the lower of cost or net realisable value.
## **g) Funds structure**
The trust has a number of restricted income funds to account for situations where a donor requires that a donation must be spent on a particular purpose or where funds have been raised for a specific purpose. All other funds are unrestricted income funds.
During the accounting period, the following restricted funds were in existence:
- **Bainbridge Chapel Fund** ; Amount received towards the cost of conversion of Bainbridge Chapel into two residential units.
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## **2. Legal status of the Trust**
The Trust is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
## **3. Related party transactions**
The charity has no transactions with any related parties.
## **4. Income from Trust activities**
|**ncome from Trust activities**||||
|---|---|---|---|
||**2023 **||**2022**|
||-||-|
||**-**||**-**|
## **5. Voluntary income**
|**Voluntary income**||||
|---|---|---|---|
||**Total**|**Un-Restricted**|**Restricted**|
|Donations|50|50|-|
|Grants|217,000|-|217,000|
||**£217,050**|**£50**|**£217,000**|
## **6. Investment income**
Bank interest received £378.29 (2022: NIL)
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## **7. Expenditure**
|**Expenditure**|||||
|---|---|---|---|---|
|||**2023**||**2022**|
||**Total**|**Unrestricted**|**Restricted**|**Total**|
|**Costs of generating voluntary income**|||||
|**Cost of Trust activities**|-|-|-|-|
||**£-**|**£-**|**£-**|**£-**|
|**Governance costs**
Publicity
Legal & Professional Fees
Bank Charges
Insurance
Hire of Hall
Subscriptions
Postage
Repairs
Heat and Light
Computer Software
PropertyDepreciation|593
2,547
99
2,067
-
150
-
-
117
184
1,615|557
350
99
200
-
150
-
-
-
184
-|36
2,197
-
1,867
-
-
-
-
117
-
1,615|-
4,498
54
1,600
20
150
14
67
45
-
1,615|
||**£7,372**|**£1,540**|**£5,832**|**£8,063**|
||||||
|**Other resources expended**|-|-|-|-|
## **8. Analysis of staff costs**
|**Analysis of staff costs**||||
|---|---|---|---|
||**2023**
**£**||**2022**
**£**|
|Salaries and Wages
Pension Costs|-
-||-
-|
## **Staff numbers**
There are no staff employed, all positions are undertaken voluntary.
## **Particulars of staff**
Volunteers have and will continue, to fulfil a crucial role in providing support to underpin many of the activities and objectives of The Upper Dales Community Land Trust.
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## **9. Movement in total funds for the year**
||**2023**
**£**||**2022**
**£**|
|---|---|---|---|
|This is stated after charging:
Depreciation|£1,615||£1,615|
## **10. Transfer between funds**
There were no transfers between funds to report.
## **11. Taxation**
The company is a registered charity and no provision is considered necessary for
taxation.
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## **12. Tangible Fixed Assets**
||**Property**||**Other**||**Total**|
|---|---|---|---|---|---|
|**Cost:**
As at 1stApril 2022
Additions
Disposals|80,776
-
-||-
-
-||80,776
-
-|
|As at 31stMarch 2023|80,776||-||80,776|
|**Depreciation:**
As at 1stApril 2021
Charge for the year
Disposals|1,615
1,615
-||-
-
-||1,615
1,615
-|
|As at 31stMarch 2022|3,230||-||3,230|
|**Net Book Value**:
As at 31stMarch 2023|£77,546||-||£77,546|
|As at 31stMarch 2022|£79,161||-||£79,161|
## **13. Debtors**
||**2023**||**2022**|
|---|---|---|---|
|Trade Debtors
Other Debtors
Prepayments and Accrued Income|-
-
-||-
-
-|
||-||-|
## **15. Creditors: amounts falling due within one year**
||**2023**||**2022**|
|---|---|---|---|
|Creditors
Other Creditors and Accruals|-
-||-
-|
||-||-|
## **16. Creditors: amounts falling due after more than one year**
No such balances
## **17. Analysis of charitable funds**
Restricted funds are made up of the following balances:
|estricted funds are made up of the following balances:|||
|---|---|---|
||**2023**|**2022**|
|Bainbridge Chapel Fund|329,521
-|118,353
-|
||£329,521|£118,353|
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## **18. Trustees remuneration and expenses**
Trustees are reimbursed for out-of-pocket expenses incurred on behalf of The Upper Dales Community Land Trust to sustain the efficient operation of the Trust. These expenses are supported by expense claims, invoices, and other associated documents. The gross amounts (this includes 20% VAT where applicable) paid to reimburse Trustees out-of-pocket expenses during the year were:
Stephen Stubbs -£Nil William Fawcett - £Nil Julie Fox - £Nil Yvonne Peacock - £Nil Jason Sharpe - £Nil
Examples of expenses include printer and computer consumables, stationery, postage.
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