Registered number: 11952137 Charity number: 1201387
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charitable Company, its Trustees and | 1 |
| Advisers | |
| Trustees' Report | 2 - 8 |
| Independent Examiner's Report | 9 - 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Notes to the Financial Statements | 13 - 23 |
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
| Trustees | P. Bolton |
|---|---|
| M. Lay | |
| P. Marsh | |
| P. Miles, Chair | |
| V. Le Vaillant | |
| D. Mote | |
| S. Bott | |
| J. Hart | |
| Company registered number 11952137 Charity registered number 1201387 Registered office The Observatory Castle Hill Drive Ebbsfleet Valley Swanscombe DA10 1EE Company secretary M. Patchett Independent examiners Wilder Coe Ltd Chartered Accountants and Statutory Auditors 1st Floor Sackville House 143-149 Fenchurch Street London EC3M 6BL Bankers The Co-operative Bank PO Box 250 Skelmersdale WN8 6WT Solicitors Anthony Collins Solicitors LLP 134 Edmund St Birmingham B3 2ES |
Page 1
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements for Ebbsfleet Garden City Trust [EGCT] (the charitable Company) for the year ended 31 March 2024. The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under Company Law. The Trustees confirm that the Annual Report and financial statements of the charitable Company comply with the current statutory requirements, and the requirements of the charitable Company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) (effective 1 January 2019).
Since the charitable Company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not required.
Structure, governance and management
a. Constitution
Ebbsfleet Garden City Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum and Articles of Association on 17 April 2019.
The company's registered company number is 11952137, and it is also registered with the Charity Commission, charitable number 1201387.
b. Appointment of Directors
The management of the charitable Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
The Board of EGCT will be made up of Trustees/Directors from:
-
two persons appointed by EDC whilst EDC continues in operation
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two persons appointed by the local Councils (one from each of Dartford and Gravesham BCs)
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two persons who are Residents
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one person from the voluntary, community or faith (VCF) sector
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one representative of a Housing Association in Ebbsfleet;
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two persons with experience in business; and
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two further persons with relevant skills or experience
As at 31st March 2024, the Board had seven Directors with vacancies to be filled when appropriate for persons experienced in Business and co-opted with relevant skills.
All trustees shall continue to act as a trustee until:
-
they have reached the end of the period of appointment; or
-
they resign or are disqualified or removed pursuant to the Articles
Terms of appointment shall be 3 years, with rolling resignation dates to ensure all trustees do not retire simultaneously.
Trustees will follow best practice in relation to trustee recruitment, including any guidance issued by the Charity Commission from time to time, and will ensure there is communication of vacancies to the relevant bodies or constituencies from which the trustee is required (e.g. Housing Association, VCF, or resident).
Page 2
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Structure, governance and management (continued)
c. Organisational structure and decision making
The board of Trustees meets 5 - 6 times per year, as deemed necessary. Decisions will be made by a majority of the votes. The Trustees elect the Chair.
The Trustees who served during the year were as follows:
D. Moylan (resigned 31 August 2023)
P. Bolton
-
M. Lay
-
P. Marsh
-
P. Miles
D. Nicklen (resigned 14 July 2023) P. Scollard (resigned 3 April 2024)
- V. Le Vaillant
D. Mote (appointed 4 October 2023)
The following Trustees were appointed after the year end:
S. Bott (appointed 21 May 2024) J. Hart (appointed 4 June 2024)
d. Policies adopted for the induction and training of Trustees
EGCT operates a formal induction process for new trustees, and opportunities for shared or individual learning and/or training are made available and funded as required or appropriate.
e. Related party relationships
Ebbsfleet Development Corporation (EDC) initiated and supported the establishment of Ebbsfleet Garden City Trust (EGCT). EGCT was set up to be an independent charitable Company however, during the early development, will be fully supported by EDC. EDC is considered to be a related party. There are two agreements in place to set out key decision making processes and day to day operational areas.
Initially, while in early stages, all funding for EGCT will be provided by EDC.
f. Risk Management
-
The Trustees have assessed the major risks as noted in the Strategic Issues of the Business Plan, i.e.:
-
Development Timetable for the provision of new community assets and facilities within the Garden City;
-
Financial Sustainability of the charitable Company whilst income grows from both assets and endowments;
-
Ownership and Participation within the charitable Company from residents and key stakeholder groups.
The Trustees continue to monitor all risks to ensure the systems and procedures are in place to mitigate any exposure to these major risks.
Page 3
EBBSFLEET GARDEN CITY TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Objectives and activities
a. Policies and objectives
The principal objectives of the charitable Company as set out in the governing document are:
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to promote the benefit of the inhabitants of the area of benefit without distinction of sex, sexual orientation, race or political or other opinions by associating together with the said inhabitants, the local authorities, voluntary and other organisations with a common effort to:
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i. provide and maintain green open spaces;
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ii. promote the conservation, protection, management, maintenance and improvement of the physical and natural environment;
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iii. provide facilities in the interests of social welfare for education, recreation, mental and physical health and wellbeing and leisure time occupation with the object of improving the conditions of life for the said inhabitants; and
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iv. relieve unemployment in such ways as may be thought fit, including through the provision of training, education, work experience and assistance to find employment or the creation of employment opportunities;
-
the advancement of community development and citizenship for the public benefit in the Area of Benefit, by the promotion of good citizenship and volunteering by encouraging local people to take an active interest in the civic, cultural and social welfare of the community.
Page 4
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Objectives and activities (continued)
b. Activities for achieving objectives
The activities undertaken during the past twelve months to achieve the charitable Company's objectives include:
-
The EGCT Board has met every 8-10 weeks to progress its development and work;
-
Continued to develop policies and procedures, as and when required;
-
Financial systems and procedures continue to be developed to meet the Trust’s expanding needs; the board have agreed to instruct 3rd party chartered accountants to prepare the EOY financial statement, and EDC will no longer perform the day to day accounting needs of the Trust after this financial year;
-
Opened a 35 day notice savings bank account, with higher interest rates;
-
Discussions are continuing with EDC to provide for the long term funding strategy for the Trust, in the short to medium term EDC has provided grant funding to cover EGCT activities for specific projects as well as core operating costs;
-
A 5 year business plan is being developed, with a detailed financial model - this will also be shared with the board of EDC;
-
A Nominations Sub-Committee was set up to:
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Provide oversight and advice on EGCT Board nominations
-
Ensure the successful appointment of a Chair and Vice-Chair
-
Review and monitor the EGCT Board Trustee make-up and recruitment and replacement
The sub-committee advertised for and selected a new Business Trustee, as well as proposing a suitable remuneration package for the Chair;
-
Community Garden and Allotments:
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Working with Developers and Solicitors to progress the completion and conveyancing of the land for the Community Garden and Allotments at Ebbsfleet Green and Springhead Park.
-
As the developers had not completed this in the expected timeframe, this has also required the Trust to provide suitable communication updates to plot holders and the Community Gardening Group.
-
Allocated all plots to residents, and maintain a waiting list.
-
Work with solicitors to draft the Tenancy Agreement that will be signed by the plot holders
-
Select a 3rd party landscaper to subdivide the allotment plots, thus increasing the number of plots from 31 to 82, to meet the high level of demand;
-
The Trust’s website continues to evolve, being used for applications to the Community Fund as well as Allotments. Facebook continues to be used as an effective way to reach residents with relevant information about EGCT as well as EDC initiatives such as consultations on new developments.
-
1 April 2023 saw the launch of the Trust taking over the management and administration of the Community Fund. The Community Fund is an ongoing small start-up fund to help individuals and small organisations start a community activity or group that supports bringing people together in a community focused and healthy way.
-
28 applications were received and reviewed over 5 rounds, where Trustees from the board held panel review sessions to select the successful applicants.
-
The Community Fund Administrator attended a number of community meetings around the Garden City to promote the availability of the Community Fund.
Page 5
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Objectives and activities (continued)
-
The Trust has continued to work with EDC to feed into the requirements of future assets and define the operating model for each asset:
-
work with specialists consultants (SLC) to identify and procure a suitable operator for the Ebbsfleet Green Community Hub.
- Freedom Leisure were selected as the operator, and work is continuing with solicitors and Freedom Leisure to finalise the Agreement to Lease and sign the contract between EGCT and Freedom Leisure.
-
The Trust is seeking expert advice on VAT modelling, specifically for the Alkerden Hub project.
-
A report was compiled providing a suggested approach on the operating model to be used for Ebbsfleet Green: Neighbourhood House – this will be progressed in the next financial year.
-
After providing a User and Uses Analysis for the Alkerden Hub, the Trust has continued to work with EDC, Henley Camland, and the Integrated Care Board (ICB) on the design and layout. This will be presented to Planning in the coming weeks.
-
With support from EDC, the Trust has drafted a report to feed into the design brief for the planned Arts and Cultural Hub to be located in Castle Hill. This included input from local arts and cultural groups.
-
The Trust has continued to bring in specialist knowledge and support as and when required for specific tasks i.e. financial modelling for the business plan, VAT advice for Alkerden Hub etc.
c. Strategies for achieving objectives
In furtherance of the objectives and the above activities, the charitable Company has the powers to:
-
Own and/or manage and/or procure suitable management arrangements for the community facilities in the short and/or long term;
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Own and/or manage and /or procure the management of multi-use games area;
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Manage open spaces (which may include footways and cycleways);
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Sell, dispose of, let, mortgage or charge any property of the charitable Company and to grant licenses, options, rights and privileges in respect of, or otherwise deal with, all or any part of the property and rights of the charitable Company;
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To construct, maintain and alter buildings or erections;
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Co-operate and enter into arrangements with any authorities, international, national, local or otherwise; and
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Coordinate volunteers, employ and pay staff, and other third parties, to supervise, organise and carry on the work of and advise the charity.
Achievements and performance
a. Review of activities
This is the Trust’s third period of accounts, and to date the time has involved:
-
Developing a 5 year business plan and financial model;
-
further development of the governance, policies and procedures;
-
taking over the Community Fund;
-
preparing to take over the Allotments and Community Gardens;
-
working with EDC and the developers on future assets (Ebbsfleet Green Community buildings (Community Hub and Neighbourhood House), Alkerden Hub and Castle Hill Arts and Cultural Hub), including s106 requirements.
Page 6
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
b. Fundraising activities / income generation
Income is currently received through grants from Ebbsfleet Development Corporation.
-
In the future, income generation is expected to come from:
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A series of strategic and neighbourhood assets (buildings and city parks), that are to be transferred to the Trust by EDC and the developers. The assets will be a combination of cost neutral and income generating. At this period of time, no assets have been transferred.
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Carrying out trade, or providing licenses for 3rd parties to trade (on Trust owned land such as parks)
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Pump-priming grant support from EDC
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Sessional use and letting of community facilities
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Investment from endowed assets
-
External grants
-
Interest on reserves and endowments
c. Investment policy and performance
The governing document allows for the charitable Company to invest the monies of the Trust not immediately required for its objectives into investments, securities or property as appropriate. As the current reserves are low, they are held within its bank accounts until an Investment Policy is approved.
As the Trust holds some funds within its current account, in order to take advantage of higher interest rates for some accounts, the Trust opened a 35 day notice savings account.
Financial review
a. Reserves policy
The charitable Company will hold sufficient reserves to meet its needs and has drafted a reserves policy specifying its reserves strategy.
During FY25/26, the first physical assets will be transferred into EGCT and the Reserves Policy will need to be comprehensive to address future liabilities for sinking funds and life cycle maintenance funds. Until that time a rudimentary interim Reserves Policy will suffice. The charitable Company will hold two types of reserves totaling £37k:
-
Restricted Reserve Funds. These ring-fenced funds relate to grants that have been provided by EDC for specific items. Any unspent Restricted Reserves will be held for future use to complete the work that they started. At 31/03/24, the balance for all 3 reserves is £26.2k.
-
Unrestricted Reserve Funds total £10.8k and fall into two sub-categories:
-
a. Operating Grant for FY23/24: These funds relate to grants that have been provided by EDC for nonspecific spend to support the aims of EGCT. Any unspent reserve will be rolled forward to subsequent years, to be used as a contingency. Board approval should be sought to use funds from this reserve. At 31/03/24 the balance is £5.7k and EDC are not expected to reclaim these funds.
-
b. General Reserve: At 31/03/24 the balance is £5.1k and EDC are not expected to reclaim these funds.
The aim is to have Reserves at the end of the year that are equivalent to a quarter of the operational spend. During FY23/24 spend was £251k and FY24/25’s budgeted spend is £232k, so the reserves should be circa £60k, compared to the £37k that is shown in the accounts at 31/03/24. There is no risk to the charity at this time because for FY24/25, almost all income will be grants from EDC. In the coming years the aim will be to increase the reserves.
Page 7
EBBSFLEET GARDEN CITY TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
b. Principal funding
The initial principal funding of the charitable Company is by way of grants received from Ebbsfleet Development Corporation (EDC).
c. Going concern
After making appropriate enquiries, the Directors have a reasonable expectation that the charitable Company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the charitable Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Approved by order of the members of the board of Trustees on ................................................ and signed on their behalf by: _______
................................................
P. Miles
Trustee
Page 8
EBBSFLEET GARDEN CITY TRUST (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024
Independent Examiner's Report to the Trustees of Ebbsfleet Garden City Trust ('the charitable Company')
I report to the charity Trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of the charitable Company for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed
Responsibilities and Basis of Report
As the Trustees of the charitable Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the charitable Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Page 9
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Independent Examiner's Statement
Since the charitable Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charitable Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 accounts to be reached.
Signed: ............................................................. Dated: .............................................................
Charlotte Willmore BFP ACA
Wilder Coe Limited 1st Floor Sackville House 143-149 Fenchurch Street London EC3M 6BL
Page 10
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Donations and legacies 3 Total income Expenditure on: Charitable activities 6 Total expenditure Net income/(expenditure) Transfers between funds 11 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 150,000 150,000 118,613 118,613 31,387 (25,678) 5,709 5,100 5,709 10,809 |
Restricted funds 2024 £ 108,746 108,746 132,335 132,335 (23,589) 25,678 2,089 24,110 2,089 26,199 |
Total funds 2024 £ 258,746 258,746 250,948 250,948 7,798 - 7,798 29,210 7,798 37,008 |
Total funds 2023 £ 80,742 80,742 85,256 85,256 (4,514) - (4,514) 33,724 (4,514) 29,210 |
|---|---|---|---|---|
The notes on pages 13 to 23 form part of these financial statements.
Page 11
EBBSFLEET GARDEN CITY TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 11952137
BALANCE SHEET AS AT 31 MARCH 2024
| Note Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total net assets Charity funds Restricted funds 11 Unrestricted funds 11 Total funds |
63,542 (26,534) |
2024 £ 37,008 37,008 26,199 10,809 37,008 |
40,152 (10,942) |
2023 £ 29,210 |
|---|---|---|---|---|
| 29,210 | ||||
| 24,110 5,100 |
||||
| 29,210 |
The charitable Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on ........................................... and signed on their behalf by: _______
................................................
P. Miles Trustee
The notes on pages 13 to 23 form part of these financial statements.
Page 12
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. General information
Ebbsfleet Garden City Trust (company number: 11952137), having its registered office and trading address at The Observatory Castle Hill Drive, Ebbsfleet Valley, Swanscombe, England, DA10 1EE, is a private charitable company limited by guarantee, incorporated in England and Wales.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The charitable Company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
Ebbsfleet Garden City Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Company status
The charitable Company is a company limited by guarantee. The members of the company are the Directors named on page 1. In the event of the charitable Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable Company.
2.3 Income
All income is recognised once the charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central costs are allocated on the basis of time spent.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable Company's objectives, as well as any associated support costs.
Page 13
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.4 Expenditure (continued)
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Taxation
The charitable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charitable Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.8 Financial instruments
The charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
2.10 Going concern
There are no material uncertainties regarding going concern.
Page 14
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
3. Income from donations and legacies
| EDC grants EDC grants |
Unrestricted funds 2024 £ 150,000 |
Restricted funds 2024 £ 108,746 Restricted funds 2023 £ 80,742 |
Total funds 2024 £ 258,746 |
|---|---|---|---|
| Total funds 2023 £ 80,742 |
4. Analysis of grant income
| Operating Grant Ebbsfleet Green Community Hub Procurement Community Fund Programme Alkerden Design Grant Business Planning EDC Grants Community Support Fund Grant |
Unrestricted funds 2024 £ 150,000 - - - - 150,000 |
Restricted funds 2024 £ - 43,426 25,000 34,820 5,500 108,746 Restricted funds 2023 £ 79,400 1,342 80,742 |
Total funds 2024 £ 150,000 43,426 25,000 34,820 5,500 |
|---|---|---|---|
| 258,746 | |||
| Total funds 2023 £ 79,400 1,342 |
|||
| 80,742 |
All grants received in the current and prior year have been provided by Ebbsfleet Development Corporation which is considered to be a related party.
Page 15
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
5. Analysis of grants payable
| Grants, Community Fund Project Grants, Community Fund Project |
Grants to Institutions 2024 £ 8,708 |
Grants to Individuals 2024 £ 1,665 Grants to Individuals 2023 £ 1,342 |
Total funds 2024 £ 10,373 |
|---|---|---|---|
| Total funds 2023 £ 1,342 |
6. Analysis of expenditure on charitable activities
Summary by fund type
| Community Fund Project Allotments Other Community Assets (Parks and Buildings) Ebbsfleet Green Hub Alkerden Hub Castle Hills Community Facility Strategic Planning |
Unrestricted funds 2024 £ 11,985 8,444 7,075 30,959 43,405 11,115 5,630 118,613 |
Restricted funds 2024 £ 35,396 7,091 960 43,601 45,287 - - 132,335 |
Total 2024 £ 47,381 15,535 8,035 74,560 88,692 11,115 5,630 |
|---|---|---|---|
| 250,948 |
Page 16
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Community Fund Project Allotments Strategic Planning |
Unrestricted funds 2023 £ - - 83,164 83,164 |
Restricted funds 2023 £ 1,342 750 - 2,092 |
Total 2023 £ 1,342 750 83,164 |
|---|---|---|---|
| 85,256 |
7. Analysis of expenditure by activities
| Community Fund Project Allotments Other Community Assets (Parks and Buildings) Ebbsfleet Green Hub Alkerden Hub Castle Hills Community Facility Strategic Planning Community Fund Project Allotments Strategic Planning |
Activities undertaken directly 2024 £ 8,823 7,091 2,405 43,601 49,287 5,485 - 116,692 Activities undertaken directly 2023 £ - 750 - 750 |
Grant funding of activities 2024 £ 10,373 - - - - - - 10,373 Grant funding of activities 2023 £ 1,342 - - 1,342 |
Support & governance costs 2024 £ 28,185 8,444 5,630 30,959 39,405 5,630 5,630 123,883 Support & governance costs 2023 £ - - 83,164 83,164 |
Total funds 2024 £ 47,381 15,535 8,035 74,560 88,692 11,115 5,630 |
|---|---|---|---|---|
| 250,948 | ||||
| Total funds 2023 £ 1,342 750 83,164 |
||||
| 85,256 |
Page 17
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
7. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Project management Legal fees Research Consultancy Other costs |
Community Fund Project 2024 £ 8,773 - - - 50 8,823 |
Allotments 2024 £ 2,200 4,891 - - - 7,091 |
Other Community Assets (Parks and Buildings) 2024 £ 1,145 1,260 - - - 2,405 |
Ebbsfleet Green Hub 2024 Alkerden Hub 2024 £ £ 9,821 9,041 33,780 - - 36,246 - 4,000 - - 43,601 49,287 |
|---|---|---|---|---|
| Project management Legal fees Research Consultancy Other costs |
Castle Hills Community Facility 2024 £ 5,485 - - - - 5,485 |
Total funds 2024 £ 36,465 39,931 36,246 4,000 50 |
|---|---|---|
| 116,692 |
Page 18
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
7. Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
| Legal fees Legal fees |
Community Fund Project 2023 £ - |
Allotments 2023 £ 750 |
Other Community Assets (Parks and Buildings) 2023 £ - |
Ebbsfleet Green Hub 2023 £ - Castle Hills Community Facility 2023 £ - |
Alkerden Hub 2023 £ - Total funds 2023 £ 750 |
|---|---|---|---|---|---|
Analysis of support costs
| Support & governance costs Support & governance costs |
Community Fund Project 2024 £ 28,185 |
Allotments 2024 £ 8,444 |
Other Community Assets (Parks and Buildings) 2024 £ 5,630 Castle Hills Community Facility 2024 £ 5,630 |
Ebbsfleet Green Hub 2024 Alkerden Hub 2024 £ £ 30,959 39,405 Strategic Planning 2024 Total funds 2024 £ £ 5,630 123,883 |
|---|---|---|---|---|
The charitable Company identifies the costs of its support and governance functions. The costs are then apportioned between the charitable activities undertaken in the year based on a proportion of management resources required across the activities.
Page 19
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
. Breakdown of support and governance costs
| Project management Business planning Independent examination fees Accountancy fees Legal and professional Subscriptions Board operations Board remuneration Insurances IT costs Communication costs Office costs |
General support 2024 £ 41,714 - - 8,803 - 33 - - - 597 9,097 10 60,254 |
Governance 2024 £ 41,714 15,550 2,500 - - - 731 2,500 634 - - - 63,629 |
Total funds 2024 £ 83,428 15,550 2,500 8,803 - 33 731 2,500 634 597 9,097 10 |
|---|---|---|---|
| 123,883 |
| Project management Legal and professional Subscriptions Board operations Insurances IT costs Communication costs |
General support 2023 £ 36,218 6,818 102 312 - 1,276 1,841 46,567 |
Governance 2023 £ 36,217 - - - 380 - - 36,597 |
Total funds 2023 £ 72,435 6,818 102 312 380 1,276 1,841 |
|---|---|---|---|
| 83,164 |
Page 20
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
8. Independent examiner's remuneration
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Fees payable to the charitable Company's independent examiner for the | |||
| independent examination of the charitable Company's annual accounts | 1,500 | - | |
| Fees payable to the charitable Company's independent examiner in respect | |||
| of: | |||
| All accountancy services not included above | 1,000 | - |
9. Trustees' remuneration and expenses During the year, one Trustees has been paid remuneration or has received other benefits from the charitable Company. This payment has been made as the Chair is providing executive support and therefore the boad agreed to remunerate this role. This in accordance with the terms within the Articles of Association. The value of Trustees' remuneration and other benefits was as follows:
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | |||
| P. Miles | Remuneration | 2,500 | - | |
| During the year ended 31 March 2024, expenses totalling_£_573 were reimbursed or paid directly to 3 | ||||
| Trustees_(2023 - £Nil_). Expenses reimbursed were in connection with travel expenses. | ||||
| 10. | Creditors: Amounts falling due within one year | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Trade creditors | 21,935 | 10,942 | ||
| Accruals and deferred income | 4,599 | - | ||
| 26,534 | 10,942 | |||
Page 21
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
11. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Operating Grant Restricted funds EG Community Hub Procurement Community Fund Programme Alkerden Design Grant Business Plan EDC Grant - ICT Website EDC Grant - Allotments EDC Grant - CEO Total of funds |
Balance at 1 April 2023 £ 5,100 - 5,100 2,220 - - - 1,200 15,690 5,000 24,110 29,210 |
Income £ - 150,000 150,000 43,426 25,000 34,820 5,500 - - - 108,746 258,746 |
Expenditure £ - (118,613) (118,613) (43,601) (19,197) (45,287) (15,550) (650) (8,050) - (132,335) (250,948) |
Transfers in/out £ Balance at 31 March 2024 £ - 5,100 (25,678) 5,709 (25,678) 10,809 - 2,045 - 5,803 10,467 - 10,050 - - 550 5,161 12,801 - 5,000 25,678 26,199 - 37,008 |
|---|---|---|---|---|
12. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
Balance at 1 April 2023 £ 5,100 24,110 29,210 |
Income £ 150,000 108,746 258,746 |
Expenditure £ (118,613) (132,335) (250,948) |
Transfers in/out £ Balance at 31 March 2024 £ (25,678) 10,809 25,678 26,199 - 37,008 |
|---|---|---|---|---|
Page 22
EBBSFLEET GARDEN CITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 35,244 (24,435) 10,809 |
Restricted funds 2024 £ 28,298 (2,099) 26,199 |
Total funds 2024 £ 63,542 (26,534) 37,008 |
|---|---|---|---|
Page 23