## **Northbrook Community Trust**
## **Registered charity number 228740**
**Trustees’ Report and Financial Statements**
**Year Ended 31 March 2024**
## **Northbrook Community Trust**
## **Contents**
Page Trustees’ Report Independent Examiner’s Report Statement of Financial Activities 10 Balance Sheet 11 Notes and Accounting Policies 12
## **Northbrook Community Trust**
## **Trustees’ Report**
## **Year ended 31 March 2024**
## **Report of the Trustees for the year ended 31 March 2024**
The Trustees are pleased to present their Annual Report and Financial Statements of the Trust for the year ending 31[st] March 2024. The Financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s Trust Deed, the Charities Act 2011 and the Accounting and Reporting by the 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).
## **Objectives and activities for the public benefit**
The Trust continues to distribute its income for the benefit of young disadvantaged people in Devon, in accordance with the Charity Commission Scheme dated 1[st] September 1995.
The Trustees confirm that they have considered the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.
## **Grant making policy**
The Trust made some structural changes during the financial year. At the start of 2023 the Benefits and the Communications sub-committees merged into one sub-committee and a new chair was appointed. They meet five times a year to consider grant applications, review grants and receive presentations from applicants and recipients. The amount of grants that the sub-committee can make without full Board approval has been increased to £7,500.
## **Achievements and performance: how our grants delivered public benefit**
## **2023-2024 GRANT RECIPIENTS**
Families in Grief Bideford - awarded £6,000 towards funding two of their group programmes helping children and young people understand grief. 18-24 children between the ages of 5-18 will benefit.
Life Education Wessex - (previously funded) awarded £3,000 towards their Life Education Devon early intervention programmes, inspiring and empowering children to make healthy lifestyle choices for life. They estimate that 6,000 children between the ages of 3-11 will benefit from their interactive workshops.
1
## **Northbrook Community Trust**
## **Trustees’ Report (continued)**
## **Year ended 31 March 2024**
## **Report of the Trustees for the year ended 31 March 2024**
Baby Bank Network - Exeter awarded £5,700 for their service reducing mental health issues and providing a positive impact on family life. They support vulnerable and disadvantaged children in the Exeter area, and in 2022 supported just over 1,000 children from 0-11 years. The aim this year is 1,500 children.
Circlewise - Newton Abbot (partner organisation with On the Hill) awarded £7,500 for a project working with 25 young men aged 18-25 at risk of suicide. This project will deliver a four day “rites of passage” camp at an outdoor venue on Dartmoor.
On the Hill - Lower Ashton (previously funded) awarded £7,490 towards creating an inclusive and safe learning environment on Hill Tribe camps for young people from disadvantaged backgrounds. The grant will enable 6 young people between the ages of 12-16 to have fully funded places at the Hill Tribe camp.
St Peter’s Church of England School Exeter (previously supported, partnering with On the Hill) awarded £6,000 for the design, build and use of a Listening Circle Space for Department for Enrichment of Literacy and Learning (D.E.L.L.). 60-70 young people between the ages of 11-16 will benefit.
SisterWood CIO – Higher Ashton (recommended by On the Hill) awarded £7,500 running programmes in a woodland setting supporting young people who identify as female with their mental wellbeing and blending practical skills with mindfulness-based activities. With this funding they aim to support 24 young people between the ages of 12-16.
St Peter’s Church of England School Exeter – further funding of £4,840 for 11 children aged 1113 years to attend a fortnightly outdoor education curriculum at the land-based learning organisation On the Hill. These students have a number of social, literacy and cognitive disadvantages.
Action for Children Totnes Children’s Centre – awarded £5,000 funding towards creating a Thrive Garden which will be a safe and nurturing space for many children and those with SEND (special educational needs). Approximately 160+ children aged 0-8 years will benefit.
Community Equality Disability Action (CEDA) Exeter - granted £7,500 ring fenced for the benefit of the CEDA youth service (staff training) who work with 132 disabled and disadvantaged young people aged between 5 and 24 in Exeter and the surrounding areas.
Wren Music - Okehampton awarded a one-off grant of £3,804 for monthly music sessions for 20 young people aged 8 – 25 who live with special educational needs and or complex disabilities.
2
## **Northbrook Community Trust**
## **Trustees’ Report (continued)**
## **Year ended 31 March 2024**
## **Report of the Trustees for the year ended 31 March 2024**
Gaia Giving - Paignton awarded a one-off grant of £3,000 for their project Bothered, a peer-topeer support group for young men to talk about their mental health. 40 young people from 16-25 years will benefit.
Live Music Now (South West) – Exeter (previously funded) awarded £7,314 for 2nd year of funding as part of a three year programme developing music in Devon special schools. Young people from 3 – 25 years will benefit.
BOUNCE! Brighter Futures Foundation – Tiverton (previously funded) awarded a contribution of £5,000 towards providing one day of psychotherapy counselling throughout the school year to two schools in the community. 30 children between 5 to 18 years will benefit.
Action East Devon –Ottery St Mary (previously funded) awarded £13,500 towards helping young people in East Devon with mental health issues through the Headlight project. 30 children from 13-25 years will benefit.
Lampard Community School – Barnstaple (previously funded) awarded a contribution of £17,500 towards the conversion of a basement storage area into a fully furnished life skills suite. 150 children aged from 5-16 years will benefit.
DYS Space Limited Exeter – final of 3-year grant paid, £18,000 towards running SEND youth sessions in Tiverton.
Devon Youth Justice Exeter – awarded a one-off grant of £4,947 for the development of a site Crosspark allotment, ‘the making amends project’. They work with children from 10 – 17 who have been involved with the Youth Justice Service and the communities they live in. On average up to 50 different children could use the site in each year from the YJS.
Go Beyond – (previously funded) awarded £7,500 towards enabling disadvantaged children having a week’s residential break with focussed outdoor activities. 16 children aged between 8 and 13 years from Plymouth Devon will benefit.
Sirona Therapeutic Horsemanship - Dartington (previously supported) awarded a one off grant of £10,000. Therapeutic Horsemanship sessions are hugely beneficial for young people who are struggling with their lives. They work with 14-25 years and expect 30-40 young people through their project in the next twelve months.
Okehampton Community Dance Project. To their knowledge there are 11 participants with needs that range from SEND, physical disabilities, neuro-divergent needs, social needs and permanent illness. They were awarded £4,389 towards their affordable and inclusive dance sessions. 70-80 children from 3-18 years will benefit.
3
## **Northbrook Community Trust**
## **Trustees’ Report (continued)**
## **Year ended 31 March 2024**
## **Report of the Trustees for the year ended 31 March 2024**
Home-Start Teignbridge – awarded £5,000 towards restarting the weekly stay and play sessions. 20 children from 0-4 and 8 young parents under 25 will benefit.
Devon Healing Horsemanship – Willand. Awarded £6,650 towards helping Restart participants working with horses. 11 children from 8-24 years will benefit.
Tor Bridge Primary School – Plymouth. Awarded a contribution of £3,000 (original request £6,300) towards creating a welcoming library environment for their pupils. 180+ young people from 5-12 years will benefit.
Wild Hearts Services CIC – Exeter. Awarded £7,398 towards running Forest School holiday clubs. 11 distinct Kinship Care children from 7-16 years will benefit.
Grants totalling £158,852 were committed during the year of which £143,852 were paid and £15,000 were included in creditors at the year end.
## **Financial review**
The Charity reports a net surplus of income over expenditure of £507,920 (2023: £197,713 deficit) for the year ended 31 March 2024. Before taking account of the gain on investments of £546,555 (2023: £445,967 loss) the net deficit is £38,635 (2023: £248,254 surplus).
The value of investments has increased by £497,863 in the year to 31 March 2024 (2023: £445,967 decrease). Investment income of £174,179 (2023: £185,778) was received during the year. The Trustees will be cautious with the amount of funds allocated to grant funding to maintain reserves.
The Trustees are satisfied that the level of reserves, as shown in the balance sheet, is adequate to meet their commitments over the next financial year and that the investments held have achieved these objectives and were acquired in accordance with the provision of the Trustee Investment Act 2000.
The Trustees have reviewed the reserves policy and investment policy and are satisfied that the policies remain appropriate.
4
## **Northbrook Community Trust**
## **Trustees’ Report (continued)**
## **Year ended 31 March 2024**
## **Investment Policy and Performance**
The main objective is to invest in a diversified portfolio of assets, which will include equities both in the UK and globally, fixed interest, alternative assets and cash. The portfolio aims to achieve a steady increase in income and capital appreciation and provide long-term protection against inflation. Only readily realisable securities which are traded on the leading eligible securities markets are held. Where appropriate, collective investments, including active and passive investment vehicles will be used. The portfolio is managed by Charles Stanley on a discretionary basis and performance is monitored against the MSCI PIMFA Balanced benchmark, which reflects the Trustees’ wish to maintain risk toward the upper end of the Medium High risk category, over the medium to long term.
The Finance sub-Committee meets on a regular basis to review investment performance and discuss possible changes in the investment portfolio with the investment managers. The Trust’s investments have continued to be managed in conformity with the policy.
As noted last year the dividends paid by companies remain lower than pre-covid levels. In addition, the investment managers have increased the proportion of the portfolio invested in companies based outside the UK and typically these have a lower dividend yield. The value of the portfolio fell sharply in the year ended 31 March 2023 and has been further eroded by the impact of inflation over the last few years. The decision was therefore taken to limit the amount made available for grants to £40,000 a quarter from 1[st] April 2024.
## **Risk management**
The Trustees review, on a regular basis, the major risks which the Trust faces and believe that they maintain sufficient resources to meet their obligations in the event of adverse conditions. The Trustees have also examined other operational and business risks and confirm that they have established systems to mitigate the significant risks.
## **Reserves policy**
The reserves of Northbrook Community Trust are made up of an Unrestricted Reserve and an Expendable Endowment Reserve. Investment income arising from the Endowed Investments is treated as Unrestricted and used for grant making purposes. The Trust Deed does also allow for capital to be used for charitable purposes.
The balance on unrestricted funds at the 31[st] of March 2024 was £8,078,678 (2023 - £7,570,758).
5
## **Northbrook Community Trust**
## **Trustees’ Report (continued)**
## **Year ended 31 March 2024**
## **Plans for future periods**
The Trustees and the Finance Committee continue to work towards increasing both the capital and income of the Trust so that the Benefits Committee can continue to help young people in the county in accordance with the objects of the Northbrook Community Trust.
The Charity intends to operate as a Charitable Trust from 31[st] March 2025 and at this point will transfer all the assets of the Charity to the new Trust. The new Charitable Incorporated Organisation was registered on 14 December 2023. The new charity registration number is 1206189.
## **Structure, governance and management**
The Trust is a registered charity, number 228740, and its governing instrument is the Charity Commission Scheme of 1 September 1995.
## _**Trustees**_
The Charity Commission Scheme of 1[st] September 1995 stipulates that the Trustees shall consist of not less than 9 and not more than 13 competent persons being:
1 nominated Trustee and not less than 8 and not more than 12 co-opted Trustees. Nominated and co-opted Trustees are appointed for a term of 4 years.
## _**Recruitment and appointment of trustees**_
Candidates are generally drawn from recommendations of various current committee members who are on the Board of Trustees, Benefits and Communications sub-committee, Finance subcommittee, and the Property sub-committee. Ideally prospective candidates should have experience in the type of work that is pertinent to the Northbrook Community Trust.
There is a Nominations sub-committee which consists of the Chairman of the Board of Trustees, the Chairman of the Finance sub-committee, the Chairman of the Benefits and Communications sub-committee and the Chairman of the Property sub-committee. The candidate is interviewed by the Nominations sub-committee and, if suitable, recommendations are made to the Board of Trustees who will then ratify the decision to employ the successful candidate.
The usual term of office is 4 years from the date of the appointment.
6
## **Northbrook Community Trust**
## **Trustees’ Report (continued)**
## **Year ended 31 March 2024**
## **Reference and administrative information**
**Registered charity name** Northbrook Community Trust **and number:** 228740 The Trustees who served during the year were: S J Bright A D S Chapman (Chairman) Dr J Diprose JP, BEM Resigned 9 December 2023 Mrs H M Morgan A L Pearce Mrs R M Saltmarsh JP, MBE Mrs J E Maisey R T N Thistlethwayte Mrs M M Mortimer J. Boles Councillor Tracy Adams
**Correspondence address:** PO Box 104 Sidmouth EX10 1DQ **Bankers:** CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent, ME19 4JQ **Independent Examiner:** Neil Hitchings FCA Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE **Solicitors:** Michelmores LLP Woodwater House Pynes Hill Exeter, EX2 5WR **Stockbrokers:** Charles Stanley & Co. Ltd. Broadwalk House Southernhay West Exeter, EX1 1TS
7
## **Northbrook Community Trust**
## **Trustees’ Report (continued)**
## **Year ended 31 March 2024**
## **Trustees’ responsibilities in relation to the financial statements**
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity, and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 13 September 2024
Signed on their behalf by
R. Thistlethwayte
A D S Chapman
8
## **Northbrook Community Trust**
## **Independent Examiner’s Report to the Trustees**
## **Year ended 31 March 2024**
I report to the trustees on my examination of the accounts of Northbrook Community Trust (the charity) for the year ended 31 March 2024.
## _**Responsibilities and basis of report**_
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the 2011 Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act.
## _**Independent examiner’s statement**_
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts 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 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.
Neil Hitchings FCA Francis Clark LLP Chartered Accountants Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE
Date: 17 September 2024
9
## **Northbrook Community Trust**
## **Statement of Financial Activities**
## **For the year ended 31 March 2024**
||**Note**|**Unrestricted**|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|---|
|||**funds**|**Funds**|**year ended**|**year ended**|
|||||**31 March**|**31 March**|
|||||**2024**|**2023**|
|||**£**|**£**|**£**|**£**|
|**Income**||||||
|Rents receivable|2a|12,646|-|**12,646**|10,945|
|Investment income|2b|174,179|-|**174,179**|185,778|
|Other Income|2c|
-|-|
**-**|238,527|
|||–––––––|–––––––|–––––––|–––––––|
|**Total income**||186,825|-|**186,825**|435,250|
|||══════|══════|══════|══════|
|**Expenditure**||||||
|**_Charitable activities_**||||||
|Grants payable|4|158,852|-|**158,852**|129,638|
|**_Raising funds_**|3|46,339|-|**46,339**|34,723|
|**_Other costs_**|5|20,269|-|**20,269**|22,635|
|||–––––––|–––––––|–––––––|–––––––|
|**Total expenditure**||225,460|-|**225,460**|186,996|
|||══════|══════|══════|══════|
|**Net income before gains/(losses)**||**(38,635)**|
-|**(38,635)**|248,254|
|**on investments**||||||
|Net gains / (losses) on|9|546,555|-|**546,555**|(445,967)|
|Investments||||||
|||–––––––|–––––––|–––––––|–––––––|
|**Net income / (expenditure) and**||||||
|**Net movement in funds**|**for the year**|507,920|-|**507,920**|(197,713)|
|**Reconciliation of funds**||||||
|Total funds brought forward||7,570,758|151,941|7,722,699|7,920,412|
|||–––––––|–––––––|–––––––|–––––––|
|**Total funds carried forward**||**8,078,678**|**151,941**|**8,230,619**|7,722,699|
|||══════|══════|══════|══════|
All income and expenditure is unrestricted in both 2024 and 2023.
10
## **Northbrook Community Trust**
## **Balance Sheet**
## **At 31 March 2024**
|||**2024**|**2023**|
|---|---|---|---|
||**Note**|**£**|**£**|
|**Fixed assets**||||
|Tangible fixed assets|8|**749,732**|752,326|
|Investments|9|**7,419,541**|6,921,678|
|||–––––––|–––––––|
|||**8,169,273**|7,674,004|
|**Current assets**||||
|Debtors|10|**267**|991|
|Cash at bank and in hand||**85,825**|109,295|
|||–––––––|–––––––|
|||**86,092**|110,286|
|**Creditors:**||||
|Amounts falling due within one year|
11a|**(24,746)**|(46,591)|
|||–––––––|–––––––|
|**Net current assets**||**61,346**|63,695|
|||–––––––|–––––––|
|**Total assets less current liabilities**||**8,230,619**|7,737,699|
|**Creditors:**||||
|Amounts falling due after more|11b|**-**|(15,000)|
|than one year||||
|||–––––––|–––––––|
|**Net assets**||**8,230,619**|7,722,699|
|||══════|══════|
|**Funds**||||
|Permanent endowment funds|12|**151,941**|151,941|
|Unrestricted funds||**8,078,678**|7,570,758|
|||–––––––|–––––––|
|**Total charity funds**|13|**8,230,619**|7,722,699|
|||══════|══════|
These financial statements were approved by the board of trustees on 13 September 2024 and were signed on their behalf by
R Thistlethwayte Trustee
A D S Chapman Trustee
11
## **Northbrook Community Trust**
## **Notes to the accounts**
## **Year ended 31 March 2024**
## **1. Accounting Policies**
## **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) – (Charities SORP (FRS 102)).
Northbrook Community Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical or transaction value unless otherwise stated in the accounting policy note.
The financial statements have been prepared on a going concern basis and in making this assessment the Trustees have considered uncertainties over the level of future investment income given an uncertain economy. Grant making is at the discretion of the Trustees and grants will only be awarded where there are sufficient resources. The Trustees are therefore satisfied there are no material uncertainties that would cast doubt on the charity’s ability to continue as a going concern.
The functional currency of Northbrook Community Trust is considered to be pounds sterling because it is the currency of the primary economic environment in which the charitable company operates.
## (a) **Rental income**
Rental income represents the amount receivable in respect of properties.
- (b) **Investment income**
Investment income represents dividends receivable from investments listed on a recognised Stock Exchange and interest receivable.
(c) **Expenditure**
Expenditure is included on an accruals basis.
## (i) **Cost of generating funds**
Cost of generating funds comprises those costs directly attributable to managing and maintaining the rented properties and the investment portfolio.
12
## **Northbrook Community Trust**
## **Notes to the accounts (continued)**
## **Year ended 31 March 2024**
## **1. Accounting Policies (continued)**
- (ii) **Grants payable and creditors** Grants payable are charged in the year when the offer is conveyed to the recipient. In those cases where grants are conditional on certain conditions being fulfilled with the option to discontinue the grant remaining with the Trustees, grants are recognised as expenditure when the conditions are likely to be fulfilled. Grants approved by the Trustees but where the offer has been made subject to conditions, which have not been met at the year-end and are considered less likely to be met, are noted as a commitment, but not accrued as expenditure.
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
- (d)
## **Value Added Tax**
- Irrecoverable VAT is aggregated with the expenditure to which it relates.
## (e) **Taxation**
- The charity is exempt from income and capital gains taxes under the provisions of sections 521 to 536 of the Income Tax Act 2007 and section 256 TCGA 1992 respectively.
- (f) **Investments** Investments are stated at market value, and unrealised gains and losses are reflected through the Statement of Financial Activities.
- (g) **Tangible Fixed Assets** The freehold land and buildings held by the charity are held primarily for the provision of social benefits. The charity has consequently accounted for these assets in accordance with FRS 102 as property, plant and equipment, despite receiving rental income from them. Assets are shown at cost including any incidental costs of acquisition, less depreciation and are therefore not revalued. Freehold land and buildings are shown at deemed cost based on a valuation at 31 March 1999.
## (h)
## **Depreciation**
Depreciation is charged in order to write off the cost or valuation of assets over their useful economic lives at the following rates:
- Freehold buildings – 2% straight line
- Equipment and furnishings – 15% reducing balance
No depreciation is charged on freehold land.
13
## **Northbrook Community Trust**
## **Notes to the accounts (continued)**
## **Year ended 31 March 2024**
## **1. Accounting Policies (continued)**
## (i) **Funds**
General unrestricted funds comprise accumulated surpluses and deficits on general funds and the cumulative realised and unrealised gains on valuations. They are available for use at the discretion of the Trustees in furtherance of the Charity’s general charitable objectives.
The Permanent Endowment Fund represents those assets which must be held permanently by the Charity.
## (j)
## **Financial instruments**
The Trust only has financial assets of a kind that qualify as basic financial instruments i.e. cash, investments, short-term debtors and creditors, which are initially recorded at transaction value. Investments are revalued at market value through the statement of financial activities.
## **2. a. Rents Receivable**
|**a.** **Rents Receivable**|||
|---|---|---|
||**2024**|**2023**|
||**£**|£|
|Rental Income|**12,646**|10,945|
||–––––––|–––––––|
||**12,646**|10,945|
||══════|══════|
|**b. Investment income**|||
||**2024**|**2023**|
||**£**|£|
|Dividends – UK equities|**103,602**|122,704|
|Foreign Dividends|**37,322**|38,671|
|Interest – UK fixed interest securities|**23,044**|21,667|
|Foreign Interest|**10,211**|2,736|
||–––––––|–––––––|
||**174,179**|185,778|
||══════|══════|
|**c. Other income**|||
||**2024**|**2023**|
||**£**|£|
|Sale of property|**-**|238,527|
||–––––––|–––––––|
||-|238,527|
||══════|══════|
## **c. Other income**
14
## **Northbrook Community Trust**
## **Notes to the accounts (continued)**
## **Year ended 31 March 2024**
|**3.**|**Costs of Raising Funds**|||
|---|---|---|---|
|||**2024**|**2023**|
|||**£**|£|
||Portfolio management fees|**25,163**|25,641|
||Property insurance|**1,258**|1,614|
||Depreciation on buildings|**3,353**|3,375|
||Legal and professional fees|**16,565**|4,093|
|||–––––––|–––––––|
|||**46,339**|34,723|
|||══════|══════|
|**4**|**Grants Payable**|||
|||**2024**|**2023**|
|||**£**|£|
||Action East Devon|**13,500**|-|
||Action for Children|**5,000**|-|
||Baby Bank Network Exeter|**5,700**|-|
||Bibic – grant underspent refunded|**-**|(238)|
||Bounce Foundation|**5,000**|7,300|
||Canada Hill Primary School|**-**|4,200|
||Circlewise – Newton Abbot|**7,500**|-|
||Community Equality Disability Action|**7,500**|-|
||Cygnet Theatre|**-**|4,000|
||Devon Arts in Schools - Daisi|**-**|4,100|
||Double Elephant Print Workshop|**-**|2,500|
||Devon Healing Horsemanship|**6,650**|-|
||Devon Youth Justice|**4,947**|-|
||Esteem Team CIC|**-**|5,000|
||Exeter Community|**-**|11,830|
||Families in Grief|**6,000**|-|
||Gaia Giving|**3,000**|-|
||Go Beyond|**7,500**|7,500|
||InFocus Charity|**-**|-|
||Home-Start Teignbridge|**5,000**|-|
||Julian House|**-**|13,999|
||King Edward VI Community School|**-**|5,000|
||Lampard School|**17,500**|-|
||Live Music Now|**7,314**|-|
||Live Education Wessex|**3,000**|-|
||Live music SW|**-**|3,870|
||Okehampton CPD|**4,389**|5,357|
||On the Hill|**6,810**|-|
15
## **Northbrook Community Trust**
## **Notes to the accounts (continued)**
## **Year ended 31 March 2024**
## **4 Grants (continued)**
|Sirona
SisterWood
St Peters
Stop Abuse for Everyone
Street Factory
The Island Trust
The Tree Project CIC
Tor Bridge Primary School
Wild Hearts CIC
Wren Music
Visions Inclusive
YMCA Exeter
YMCA SW
Youth Mental Health
**Outstanding amounts included in creditors**
First Light South West
Space Youth Services
On the Hill|**10,000**
**7,500**
**10,840**
**-**
**-**
**-**
**-**
**3,000**
**7,398**
**3,804**
**-**
**-**
**-**
**-**
**158,852**
**2024**
**£**
**15,000**
**-**
**-**
–––––––
**15,000**
–––––––|-
-
2,720
10,000
15,000
-
-
-
-
-
2,500
10,000
10,000
5,000|
|---|---|---|
|||129,638|
|||**2023**
£
30,000
18,000
680
–––––––
48,680
–––––––|
Each of the above grants included in creditors are dependent on the Trustees receiving satisfactory reports on the projects’ progress from the management of the organisations concerned. The Trustees retain the right not to pay the remaining amounts if satisfactory reports are not received or if the projects do not progress within the terms expected by the Trustees.
16
## **Northbrook Community Trust**
## **Notes to the accounts (continued)**
## **Year ended 31 March 2024**
|**5.**|**Other Costs**|**2024**|**2023**|
|---|---|---|---|
|||**£**|£|
||Independent examination**/ **Audit|**2,810**|4,150|
||Clerk’s salary|**15,311**|14,358|
||Printing, postage and general expenses|**2,070**|4,072|
||Depreciation – furniture and equipment|**78**|55|
|||–––––––|–––––––|
|||**20,269**|22,635|
|||══════|══════|
|**6.**|**Staff numbers and costs**|||
|||**2024**|**2023**|
|||**£**|£|
||Salary|**15,311**|14,358|
|||–––––––|–––––––|
|||**15,311**|14,358|
|||══════|══════|
The Trust had one part-time employee during the year (2023: one). There were no employees with emoluments above £60,000.
The Trustees are the Key Management Personnel of the Charity and are not remunerated. Therefore, there is no key management remuneration (2023: £nil)
The trustees hold office voluntarily and are not remunerated. Reimbursed travelling expenses totalling £nil (2023: £nil) were paid to trustee(s) during the year. Other expenses totalling £nil (2023: £592) were paid to one trustee(s) during the year. Subsistence expenses of £nil (2023: £nil) were paid in respect of trustees’ meetings.
There have been no related party transactions in the reporting period.
17
## **Northbrook Community Trust**
## **Notes to the accounts (continued)**
## **Year ended 31 March 2024**
|**7.**|**Total Expenditure**|**Total Expenditure**||||||||
|---|---|---|---|---|---|---|---|---|---|
||||Staff|
Depreciation||
Other||
**Total**|
**Total**|
||||costs|||costs||**2024**|
**2023**|
||||£||£||£|**£**|
**£**|
||Costs of raising|funds|-|3,353||
42,986||**46,339**|
34,723|
||Grants payable||-||-|
158,852||**158,852**|
129,638|
||Other costs||15,311||78|
4,880||**20,269**|
22,635|
||||–––––––|–––––––||–––––––||–––––––|–––––––|
||||**15,311**|**3,431**||
**206,718**||**225,460**|
186,996|
||||══════|══════||══════||══════|══════|
|**8.**|**Tangible fixed assets**|||||||||
|||||**Freehold**|**Freehold**||**Equipment**||**Total**|
|||||**land**|**buildings**|||**and**||
||||||||**furnishings**|||
|||||**£**||**£**||**£**|**£**|
||**Cost or valuation**|||||||||
||At 1 April 2023|||673,548||167,714||3,513|**844,775**|
||Additions|||-||-||837|**837**|
||Disposals|-||-||-||-|-|
|||||–––––––||–––––––||–––––––|–––––––|
||**At 31 March 2024**|||**673,548**||**167,714**||**4,350**|**845,612**|
|||||══════||══════||══════|══════|
||**Depreciation**|||||||||
||At 1 April 2023|||-||89,249||3,200|**92,449**|
||Charge for the year|||-||3,353||78|**3,431**|
|||||–––––––||–––––––||–––––––|–––––––|
||**At 31 March 2024**|||-||**92,602**||**3,278**|**95,880**|
|||||══════||══════||══════|══════|
||**Net Book Value**|||||||||
||31 March 2023|||673,548||78,465||313|752,326|
|||||══════||══════||══════|══════|
||**31 March 2024**|||**673,548**||**75,112**||**1,072**|**749,732**|
|||||══════||══════||══════|══════|
18
## **Northbrook Community Trust**
## **Notes to the accounts (continued)**
## **Year ended 31 March 2024**
|**9.**|**Investments**||||
|---|---|---|---|---|
||||**2024**|**2023**|
||||**£**|£|
||Investment portfolio||**7,379,908**|6,809,353|
||Cash balance held at stockbrokers||**39,633**|112,325|
||||–––––––|–––––––|
||||**7,419,541**|6,921,678|
||||══════|══════|
||**Investment portfolio**|**Unrestricted**|**Endowment**|**Total**|
|||**£**|**£**|**£**|
||**Quoted securities**||||
||Valuation at 1 April 2023|6,657,412|151,941|6,809,353|
||Additions at cost|1,290,092|-|1,290,092|
||Disposal proceeds|(1,265,588)|-|(1,265,588)|
||Equalisation|(504)|-|(504)|
||Realised gain on disposals|178,811|-|178,811|
||Unrealised gain|367,744|-|367,744|
|||–––––––|–––––––|–––––––|
||**Valuation at 31 March 2024**|**7,227,967**|**151,941**|**7,379,908**|
|||══════|══════|══════|
||**Historic cost**||||
||**At 31 March 2024**|||**6,273,941**|
|||||══════|
||All fixed asset investments are quoted securities in the United Kingdom.||||
|**10.**|**Debtors**||||
||||**2024**|**2023**|
||||**£**|£|
||Prepayment – insurance||**267**|991|
||||══════|══════|
||||**2024**|**2023**|
||||**£**|£|
|**11a. Creditors: amounts falling due within one year:**|||||
||Accruals||**9,746**|12,911|
||Grants payable (note 4)||**15,000**|33,680|
||||–––––––|–––––––|
||||**24,746**|46,591|
||||══════|══════|
19
**Northbrook Community Trust Notes to the accounts (continued)**
## **Year ended 31 March 2024**
|||||**2024**|**2023**|
|---|---|---|---|---|---|
|||||**£**|£|
|**11b. Creditors: amounts falling due after more than one year:**||||||
|Grants payable (note 4)||||**-**|15,000|
|||||══════|══════|
|**12. Permanent endowment**||||||
|**2024**|**1 April**|**Incoming**|**Unrealised**|**Expenditure**|**31 March**|
||**2023 resources**||**gain/(loss) on**|
**gains and**|**2024**|
||||**investments**|
**losses**||
||**£**|**£**|**£**|
**£**|**£**|
|Permanent endowment|151,941 -||-|
-|**151,941**|
||══════|══════|══════|══════|══════|
|**2023**||||||
||**1 April**|**Incoming**|**Unrealised**|**Expenditure**|**31 March**|
||**2022 resources**||**gain/(loss) on**|
**gains and**|**2023**|
||||**investments**|
**losses**||
||**£**|**£**|**£**|
**£**|**£**|
|Permanent endowment|151,941 -||-|-|151,941|
||══════|══════|══════|══════|══════|
Income arising on the Endowment Fund can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses form part of the Fund.
## **13. Analysis of net assets between funds**
## **2024**
|**Tangible**|**Investments**|**Other net**|**Total**|
|---|---|---|---|
|**fixed assets**||**assets**|**2024**|
|**£**|**£**|**£**|**£**|
|Permanent endowment 151,941|-|-|**151,941**|
|Unrestricted funds 597,791|7,419,541|61,346|**8,078,678**|
|–––––––|–––––––|–––––––|––––––|
|749,732|7,419,541|61,346|**8,230,619**|
|══════|══════|══════|══════|
20
## **Northbrook Community Trust**
## **Notes to the accounts (continued)**
## **Year ended 31 March 2024**
## **13. Analysis of net assets between funds (continued)**
|**2023**||||
|---|---|---|---|
|**Tangible**|**Investments**|**Other net**|**Total**|
|**fixed assets**||**assets**|**2023**|
|**£**|**£**|**£**|**£**|
|Permanent endowment -|151,941|-|151,941|
|Unrestricted funds 752,326|6,769,737|48,695|7,570,758|
|–––––––|–––––––|–––––––|––––––|
|752,326|6,921,678|48,695|7,722,699|
|══════|══════|══════|══════|
|**14. Financial instruments**|||
|---|---|---|
||**2024**|**2023**|
||**£**|£|
|Financial assets measured at fair value through income|||
|and expenditure|**7,419,541**|6,921,678|
||**══════**|**══════**|
## **15. Operating leases - lessor**
The total future minimum lease payments under non-cancellable operating leases are as follows:
||**2024**|**2023**|
|---|---|---|
||**£**|£|
|Not later than 1 year|**14,566**|14,566|
|Later than 1 year and not later than 5 years|**35,685**|50,251|
||**─────**|─────|
||**50,251**|64,817|
||**══════**|══════|
21