Charity Reglstration Nth 232351 CHERRYfREE UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CHERRYTREE LEGAL AND ADMINISTRATNE INFORMATION Trustees Steve Walker (Chair} Aan Brown Jon Dunn John Fuller jani Hixjle Liz Murray Jon Smith Lynne Urpeth Charity number 2>2351 Independent examiner Sutton McGrath Ha 5 Weslbrook Court Sharn)w Vale Road Sheffield S118YZ Banke Royal Bank of Scotland plc 5 Chur¢h Street Sheffield S1 IHE Investfflent advisors Investec Weatlh & Invesbment (UK) 8h House 61 Napier StT*t Sheffield S118HA
CHERRYTREE CONTENTS Trustees, report Independent examinefs report Statement of financial aclrlities Balartt sheet Note5 to the accounts 7-18
CHERRYTREE TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Introduction The Trustees present tsr report and accounts forthe yearerth 31 December 2023. The accounts have been prepared in accordan wth the accounting Folws set out in note 1 to the accounts and comply with the charity's trust deed. the Charitses Act 2011 and "ACC(nting and Reporting by Charitses: Statement of Recommended PrlICe applv2bie to charities iYeparin9 their w)unts in accordan wrth the Fir)ancial Reporting Standard applK3ble in the UK and Republ of IrdaNJ (FRS 102) (effe¢trve 1 January 20151.. Objectives and acb¥iiies The objectives of Cherrytree are to provKle and SUPFQrt to hoffs young people beeen the ages of 16 and 21. with the intenbon of enatling them to re-establtsh their INes and a(4uire their own accomnKaIloTr %lh the skills arKI ¢))nfvje to ffwintain it. The ¢harty a¢hieves these obFthves by suppoitng the work of Cherrytree SupFxJrt servi Limited (CSS) through the provision of the home, land and offices on Mthy Lane and finanual support. The Trustees are s"sfied that CSS has achievej ils Ot¥"ectNes for the year. and thatthe grants paid have been used exclusively for promoting the Charitable objects of Cherrytree. In particular. the chanty extended ils fijnding of the Home & Health Worker employed by CSS. continuing to 31 March 2026. The Trustees rwnise their res[s1.1 in ensuring that the organisation c#)ntinues to provide a service of public benefft and to this end refer to Charity Commission guhyelines on this mailer. A¢hiev•ments and perfornwKe The charity made gTants of£64,981 to CSS durin9 the year. I[]Ud contributions towards the cost of a project worker, a counsellor, residents. entertainlnt and the home & health worker. The chanty also paid CSS £50,000 during the year to help overcome cash difficulties During the year, therewas a dpxrease of£45,222 in the value ofinvestnEnts held by the charity. This ¢mpriSed net gains of £14,778 less sales of £60.WO to facilitate the support given to CSS. The inveStnts are subje to ongoing review to make sure that the portfolio remains surtable. resulting in maintenance of the long-temi investment time horizon of over ten years and the medium rk profile. The Trustees believe that the baland investrnent ob]l¥e suits the charity's arcum5tances based on its cash tequirements and investment goals. Financial review The ststement of financial aebvibes shows a deficit for the year of W2,228, comprising inc(wne of £55,592 less expendtiure of £132.598 plus gains of £14.TK8 on investrnents. As at 31 Drnber 2023, the charity had general unrestn.cted fiJnds of £444,494 and deSnated funds of £1,133.335. In acwrdance wtth Charity Commission recommeIatiOns. the designated funds are alkM3ted to a separate reserve accDunt mpriSIng the income support reserve. The charTty's poliGy is that UnStrICted funds whth have not been designated for a specific use should be maintained at a level equiv*nt to three nY)nths' expendiLuTE. The Trustees considerthat this policy will ensure that, in the event of a signfficant drop tn funding, they will be ae to continue the charity's current activities while consideration is given b ways in additional funds may be raised. This level of reserves has been maintained throughoLrt Ihe year_ The charity's Trrin fvnding is Investnt in¢0. This irthme of £42,270 was sufficient to rrEet the chanty's obligations on a funw-fund bw.
CHERRYTREE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Future plans The Gharty extended the fttnding arrangement for the Home & Heatth Wcker empbyed by CSS by tsvo years, ¢ontinuing to 31 MaKh 2026. Further funding requests frcm CSS vrill consNJered as they arise. To date. the chartty has agreed to cover the ttjst of fire doy upgrades * Mthley Lane and the establishment of a fund to assist youTrJ people after they have moved on from CSS. Structure. governance and managernnt The Cherrytree Orphanage was found&Y in 1862. The Cherrytree charity (Charty registrab.on number.. 232351) was established in 1966 and is governed by a Chanty Commi5ShX approved scheme. All powers are vested in the Trustees. The charity 6 an unincorporated organisalK)n_ The Trustees who served during the yearwere". Steve Walker (Chairl Alan Brown Jon Dunn John Fuller Janice Hoole Liz Murray Jon Smith Lynne Urpeth TrLtstees are mernbers who are elected at kne Annual General Meeting or c(trOPted by existing Trustees to hold office unttl the following AGM. Induction and trdining of new TnJslees is undertaken by the Clet1( to the Trustees and exists.ng Trustees. TTUStees are required to retire at the Annual General Mting bul may offer themselves for re-election. The TSteeS rrt on a quarterty t) kn (xJnsh4er and fomiulate policy. They are also responsible for ihe management of the charity Inllg the apwintrEnt and distharge of staff, the rr£king and altering of rules and Ihe aulhor1sa1K of expenditure. The chanty's investment policy is to achieve a baL? retum of incorrE and capital groyrth through moderate risk investments. The portfol is managed by Investec Weath and InveStnt Limited and the Truslees are adwsed by stockbrokers. Chefrytree is connected to CSS (Registered chanty number. 1096822 atNJ Company registration number. 04625597). CSS is a company limited by guarantee ofwhith Chtyee is the sole member. The Trustees have assessed the major risks to whth the thaTity is extx)sed and are satsfied Ihat systems are in pla to mrtigate exposu to the major ris
CHERRYfREE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Reference and admlnlstrative details The charity's principal office is Chwrytree. Lane. Totsy, Sheffield. S17 4HE. Detsils of the Trustees seNing durin9 the year a provKled under the headiro 'StnJcbJre. governar and managemenv above. Asset Gover for funds Note 18 sets out an analysis ofthe assets attrtbutable to the vartous funds. These assets are sufficient to meet the charity's ObligatnS on a fund-by-fund ba ststement ol Trustees, responsibilities The Trustees are responsible for preparing theTrustees' Report and the a(Unts in accordance with applicable law and United Kingdom Acccwnbng Standards {Unrted Kingdom General Pxepted Accounting Prxb"ce). The law applicable to charlies in England and Wa$ requires the Trustees to prepare accounts for each financial year which gNe a true and fair view of Ihe state of affairs of the chanty and of the incoming resources and application of resourc£s of the thanty for that year. In preparing these atxounts, the Tntstees are required to: - select suitabbe accounts.ng policies and then appty them consistenty" . obseNe the methods and prÈnaples in the Charsties Statement of Reojmmended Prxtice" - make judgements and estt"mates that are reaSonae and pften( - state whether applicable accounting stsndards have been followed. sufy'ert to any material departures disclosed and explained in the accounts" and - prepare the accounts w the going conrn basis unless it is inappropriate to presume that the charity will (x)ntinue in operation. The Trustees are reSpOrtsib for keeping Sulent aLuunting records that disdose wrth reasonable aUraCY at any time the financsal positK)n of the charity and enable them ensure that the acnts comply with the Chanties Act 2011, the Charity (Accounts and Reports) RegulatK)ns 2008 and the provisions of the trust deed. They a also responble for safeguarding the assets of the chanty and hence for tsk.tng reasonable Steps for the prevention and det&tion of fraud and other irregularibes. The Trustees, RetK)rtvras apwoved by the Board ofTrustees. steve Walker {Chain) ,IrlA
CHERRYfREE INDEPENDENT EXAMINER'S REPORT TO THE MEMEBERS OF cHERRREE FOR THE YEAR ENDED 31 DECEMBER 2023 21 report on Ihe xc£)unts of the charty fDr the year ended 31 Dmber 2023. which are set out on pages 5-6. Responsibililies and basis of report As the charity's trustees you are resFK)nsTr)le fof the prepaTrlion of the aUnts in accordance wtth the TequiretrEnts of the Chariknes Act 2011. I report in respect of my examination ofthe charity's ¥Unts Carr out under section 145 ofthe 2011 Act and in carrying out my examinab"on, I have followed all the applble Direciions given by the Chanty Commission under section 145{5)b ofthe Act My role is to state whethw any trtsial matters have (x)wE to rrty attention 9iving me cause to believe: 1. the accounting records were not kept in accordance wrth secon 130 of the ACL" or 2. the accounts did not accord with the acclnting records". or 3. the accounts did not compty with the applicab requirements conceming the form and contenls of accounts set out in the Charil¢es (Accounts and Reports) Regulations 2008 otherthan any requirement that the accnunts gNe a Irue and fairf view whth is rK)t a matter considered as part of an independent examinatN)n 4. that there is further information reded for a understarbjing of the oUnts. Independent examinets statement I have completed my examinabon and have no ConmS in respect ofthe matters (11 to {41 listed above and, in connection with folknying the Directions of Ihe Char¥ty Commi8sK)n I have found no matters that require drawing to your attent. Jonathon Dickens FCA Sutton McGrath Hart 5 WestbrTh)k Court Sharrow Vale Road Sheffield S11 8YZ Date".
CHERRYfREE STATEMENT OF FINANCIAL ACTNITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Total 2023 Total 2022 funds general funds designated funds Income from: Donab"ons and legaaes Charilable &tNities 1,322 12.000 1,322 1,872 12,000 13,500 Irwestments 42.270 42.270 43,516 Total income 55.592 55,592 58,888 nditure on: Charitable actNitss 132.$98 132,598 84,105 T¢>tal resources expended 132.598 132.598 84.105 Net gains I (losses) on investn*nts Net gain on revaluation 11 14,778 14,778 1159,3931 12 Net in¢oming loutyoing resources before transfers 162.228) {184.610) (77,(} 14.778 Gross transfers be funds (60.000) Net movement in funds I17,0} (45.222) 162,228) {184,610) Fund balances at 1 January 2023 Fund balances at 31 December 2023 1,640.057 1,24,667 461.51x1 1.178.557 1.133A35 1,577.829 1.640,057 The statement of financial activrbes iludeS all gains kjsses rec(yJnised in the year. All income and expenditure is deriwj from continuing ¥tivths.
CHERRYfREE BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Flxed assets Tangible assets Investments 12 438,750 453,750 13 1,133.335 1,178,557 1.572,085 1.632,307 Curnnt assets Debtors 15 5.513 3,396 Cash at bank and in hand 12.082 12.557 15.478 Creditors: amounts falling due within oDe year 16 (6.813) (7,728) Nel current assets 5.744 7.750 Total assets $$ current liabilities 1.577,829 1,640,057 In¢ome funds unresth.cted funds.. Designated funds 17 1,133.335 1.178,557 General unrestncted funds 444.494 461.5DO 1.577,829 1,640.057 1,577,829 1.640.057 These wunts were approved by the Trustees on 1 July 2024. Steve Walker (ChaimBn) Date: ,l.Ig¥
CHERRYfREE NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policies Charity inforniation The charity's registered Offi is Cherrytree. Mickley Lane. Todey. Sheffield, S17 4HE. Cherytree is public benefit entity as defined by FRS 102. 1.1 Accountlng convention The acnts have been prepared in a¢ts)rdance with the charity's Irust deed, the Chartties Act 2011 and 'Aceountng arKI Repoiting by Charities". Staterrmt of Recommended Practi applicable to tharrties preparing their accounts in a¢xordance with the Financtal ReFth'ng Strdndarrl applicable in the UK and Republ of Ireland (FRS 1021° {as amended for aeeounting riCls COMrCln9 from 1 January 2016). The charity has taken advanwe of the provisN)ns in the SORP for chanties applying FRS 102 Update BUltin 1 nol to prepa a Staternent of Cash Fkjws. The accounts are prepared in sterting. whth is the fijndional currency of the charity. Moneiary amounts in these financial statements are round&1 to the nearest wund. The atxounls have been prepared underthe hislorul cnstconventr"on, modrfied to indude the revaluation of certain financial instrumerts al fair value. The pnncÈpal 0n9 LICieS adOpj are set out below. 12 Going concern At the time of approwng ihe accounts. the Trustees have a reasonable expectation that the charity has adequate resources to conlinue in operatnal existen fDr the foreseeabk fiJbJre. Thus, the Trustees continue to adopt the going ¢oncem basis of accL)unting in preparing the aunts. 1.3 Charitable funds Unrestricted fvnds are available for use at the diScre"0n of the Trustees in fvrtherance of their charitabte objectives unless the funds have been dewgnated for other purposes. Designated funds comprise fvnds whtch have beert set aside at the discrekn.on of the Tnjstees for speafic purposes. The puryXj and uses of the deggnated funds are set out in the rteS to the accounts. Restricted fvnds are subject to spectfic corHlttions by donors as to how they may be used. The purposes and uses ofthe restricted fvnds are set out in the notes to the accounts. 1.4 Incoming resources I[lme is recogntsed when the chanty is entild to it after any Kwtomiance conditions have been met the amunts Can tre measured rdsabW, and it is Probab that irmxj will be retsNed. Cash donat50ns are recognised on lpL Other donatw)ns are recogn1 an the charity has been notified of the donalion, unless perf0mlae conditions requtre deferral of the amount Legacies are COgnised on receipt or otheThvise rf the charty has been rtified of an impending dith"buts"on. the arTh)unt i8 knthvn. and receipt is exFecled. If the amcyjnl is not known, the legacy is treated as a contingent asset
CHERRYTREE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 1A Incoming resources {¢tinued) Investment income is uedited to income on an acuuals basis, usirvJ dates of payments for dNidends and daily acuuals for interest. Interest on funds held on deposit is included when receivable and norrrolty UFon Trob'fication of the interest paid or payable by the bank. Subscriptions are credited to income when [Nab. No income is shown net of expenditure. 1.5 Resources expended l expendtiure accounted for on an accruals basis. Costs relating directy to the oty'ects of the tharity are treated as (xjsts in the furthera of the chanty's objects. Govemance costs indude exrErKliture for o)mtAlan artd rnanageTrÈnt of the chatity. 1.6 Tangible fixed assets Tangible fixed assets are initially measur&J at cost and subsequenty Measured at cost or valuation, net of depreciation and ary impaiTment losses. Depreciation is recognisod so as to wrrte off the cost or valuab.on of assets less their residual values over their useful lives. Freehohy land is not depreciated and freehokj buildings are depreciated on a straight- line basis. The gain or loss arising on the disposal of aTT asset is deleTmined as the difference betr4een the sai8 prcwds and the carrying value of the asset, and recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are inib'alty measured at IranSacrt price exduding transactkon (x)sts, and are subsequentty measured al fair value at e&h reng date. CharrfJes in fair Val are cOgniSed in the ststement of financial &tNIts"es. 1A Impaimlent of fixed assets At each reporting end date. ihe tharity reviews the carrying anN)unts of its tangible assets to determine whether there i8 any indiLZtion that those assets have suffered an impaim)ent l¢)ss. If any such indication exists, the recoverable anUnt of the assetis estimated in orderto deterrnine the extent of any impairment
CHERRYTREE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 1.8 Impaimient of fixed assets (continued} The re¢overable amount is the higher of fair value less sdling (xists and value in use. In assessing value in use, the estimated fvre cash I1S are discounted to their present value using a prfrtsx discount rate that reflects current market asse&sments oflhe tr"r value of money and the rtsks specific to the a55et for which the esiimates of fijture cash 11ows have not been adjusted. If the re¢overable amount of an asset is estimated to be less than 115 carying amount, the carryittg amount of the asset is reduced to its recoverable amunt. An impairment ths is recognised immediatety in the statsment of financial actNiks, unless the relevant asset E carried at a revalued amount. ir¢ which case the inpaimient Ioss 15 treated as a revaluation decrpase. Recognised impainnent k)sses are reversed rf, and onty rf. the reasons for the impaimnt loss have ceased to appty. WThere an impairment loss subsequenty revetses, the carying amount of the asset is increased to the revised esb"rnate of its recoverabte amjnt but so that the increased carrying amount does not exceed the carrying arnount that would have been detemined had no impaiment loss been recognised forthe asset in pmryears. A reversal of an impairrnent bss i% renISed immediately, unless the relevant asset is carried in at a revalued a[urt in which ose the reversal of the impaimient loss is treated as a revaluation increase. 1.9 Cash and cash equivalents Cash 2nd cash equTvalents indude cash in hand. deposits held at call banks, other short-lerm liquid investments wth original maturiti.es of three nlthS or less. and bank overdrafts. Bank overdrafts are shown within l)orrowings in current Ikabilities. 1.10 Financial instruments The charity has elected to apply the provisions of Sect 11 'Basic Financial Instruments. and Sectiori 12 '0ther Financial Instruments Issues, cf FRS 102 to all of ts finan¢ial instruments. Financial instnjments are recognised in the charity's bala sheet when the chaTity brneS party to the contractual provisK>ns of the instrurrEnL Financial assets and liabilittes are offsel: wth the netamounts wesented in the finanrial ststements, when there is a legalty enforable right to set off Ihe recwnised amunts and there is an intention to settle on a net basis or to realise the asset and sett the Ivabilty simullaneou. Basic financial assets Basic finanryal assets, which indude debt(Ks aThJ cash and bank balances. are inrtialty measured at transaction price including transaction costs and are subsequenty carri&l at o)st using the effective interest method untess the arrangement eonstitutes a financing transacts'on, where the transaction is measured at the preserrt ye of the future receipts discounted at a market rate of interest. Finanual assets ¢iassffied as rpxEivable within one year are not al"Sed.
CHERRYTREE NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 1.10 Financial instruments (continu¢d) Impainnènt of finan¢ial assets Financial assets, other than those hekj at fair value through irKome and expenditure, are assessed for indicators of Impalmnt at each reporn.ng de. Financial assets are impaired where there is objective eviden thaL as a Ult of one or more events that cUrred after the initial recogn"On of the financial asse( the estimated fvttjre cash kns have been affected. If an asset is impaired, the impairrnent k)ss is the drfference bew the carying amount and the present value of the estimated cash flows disnted at the asseys original effective interest rate. The impaimienl loss is rgnised in the statement offinancial aCknes. If there is a decrease in the impainnent loss arising from an event occurring after the impairment was recognised, the impaitment is reversed. The reversal such that the current carying amount does not e%ed what the carrying amount woukl have been. had the impaimEnt not previousty been recognised. The impaiment reversal is recc4Jnised in the strtert of financial activth"es. Dere¢ognition ¢)f finanual assets Financial assets are derecognised onty vthen the contractual rpjhts to the (ash flows from the asset expire or are settled, or when the ehar.ty Iransfers the financial asset and substsntially all the risks and rewards of ownershtp to another entty. or if some signrficant Tisks and rewards of ownership are retained but control of the asset has transferred to another paty that is ae to sell the asset in its entirety io an unrelated third party. Basic financlal liabilities Basic financial fiabilities, including credttors and bank thns are iniiialty rec(yJnised at transactlon price unless the arrdngerrEnt consMJtes a finanaNJ transaction, where the debt instsurrEnt is measured at the present value of the futr1 payments discounted at a mwet rate of interest Financial liabilities dassified as payable within one year are not amoTb"5ed. Debt instruments are subsequenty carTd at an] cos( using the effedive interest rate nEthod. Trade cxeditors are obligatrons to pay for gcKJs or seNices that have been acquired in the ordinary course of operations trom suppliers. Amounts payab are classified as current liabilibes if payment is due within one year or less. If nol they ao presented as noTkllcurrent Itabilit. Trade creditors are recognised initi.alty at transalon pre and subsequenty rurj at anvyli ¢ost using the effectNe interest method. Derecogniti"on of financial liabilities Financial liakmlib.es are derecc¥Jnised when Ihe cliaity's contrdcbjal obligab.ons expire or are disd)ar9ed or cxncelled. 1.11 Leases Rentals re1vable under opeting leases. induding any * incenbves gNen. are re¢ognised as income on a strai9ht4ine basis over the term of the Se. Crltical accounting estimatss and judgements lft the application of the ¢hanty'S accA)unting wlKies. the Trustees are required to make judgements, estimates and assumptions about the carrying amount ofassets and liabileS that a not readily apparent from other sources. The estimates and asswated assumptsns are based on historical experience and other factors conslaered to be relevant Actual results may drffer from these estimaks. The estimates and undwtying assumptions are reviewed on an ongoing basis. Revisions to accounting esiilrrales are fecognssed in the period in whth the esbmate is revbsed where the revision affecls only that period. or in the Per of the rewsion arKI future periryjs where the revision alfects both current and future pericés. 10-
CHERRYTREE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legacies 2023 2022 Donations and gifts Annual subscriptions 1.200 122 1,750 122 1,322 1,872 In 2022, all donatn$ and legaoes income receNed related to unresirrted funds. Charilable activitie5 2023 2022 Rent 12.000 13.500 In 2022. all charrtable activits.es incomè received related to unrestri&ed funds. Invesknents 2023 2022 Income from listed investments- dividends Income from listed investments- interest Interest receNable 41,279 876 115 42,806 687 23 42,270 43.516 In 2022. all invesknenl income red related to unrestn.cted fvnds. Irwme from listsd investnts is derived from inVestrrts on the UK Stock Exchange. 11
CHERRYTREE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2023 Charitable activities Grants Dirert payable charitable expenditure Total 2023 Total 2022 Depreciats"on and ImpaitThnt Miscellaneous expenditure on behalf of Cherrytree Support servi Limited Payments to Cherrytree Support ServKes Limited to help cash fiow 15.000 15.000 15,000 200 200 50,000 65,200 65.200 15,200 Grant fijnding of activities (see note 7} Shwe of governan costs (see nole 81 64.981 64,981 2.417 86,618 2.287 2.417 64.981 67.617 132,598 84.105 As in 2022, no charitable activrties expendtture was induded within restncted fvnds during the year. Grants payable 2023 2022 Grants to Insti119ns. Cherrytree Support Services Limited 64,981 66,618 The amount paid in grants to Cherytree Suptth serv Limiled was to help meet its charitable obieth.ves to provide XGommodation and supwrt to hoffle young people befvRen the ages of 16 and21. 12-
CHERRYfREE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEIIIBER 2023 Support costs SupportGovemance 2022 Basis of allocation Independent examiner General expenses 2,160 257 2.160 257 1.920 Govemance 367 Goveman 2.417 2.417 2,287 Analysed betsveen ¢haritabie ath"vities 2.417 2,417 2.287 None of the Trustees lor any persons connecled wtth them) reNed any remuneration or benefits from the charity during the year. In addition. no expenses were pa to any ofthe Tnjstees or any other person ¢onnected them. Ttustee indemnty insurance cover is induded in the overall Insurall premiums paid. 10 Employees There were no emyeeS during the year. 11 Net gains 1 (losse51 on investsnents 2023 2022 Revaluatson of investments 14.778 (159,3931 The charity owns listed irwestrEnts on the UK Stctk Exchange. The net gains Ltyte to the change in fair value ofthese investments and are induded wthin designated funds. 13-
CHERRYTREE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Tangible fixed assets Land & buildings Cost At 1 January 2023 Revaluatton 689,141 At 31 December 2023 689,141 Depreciation and Impairment At 1 January 2023 Depreciation Charged in the year 235,391 15,000 At 31 December 2023 250.391 Carrying amount At 31 December 2023 438,750 At 31 Dember 2022 453,750 Tan9ible fixed assets oJmprise the MiGkiey Lane site owned by the charity. In November 2019, the property was vUed at £125.IXK] for land and £375.000 for buildings. The kyjihyings are being depreciated from l December 2019 over their estimated remaining lrfe of 25 ye*s. 14-
CHERRYTREE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Fixed asset investments Current financial year Listed investments Cost or valuation At 1 January 2023 Addibons valuats.on Changes Disposa]s 1,178,557 104,229 14.778 1164,229) At 31 Dmber 2023 1.133,335 Carrying amount At 31 December 2023 1.133,335 At 31 Decerntw 2022 1,178,557 Prior finan¢ial year Cost or valuation At 1 January 2022 Additions ValuatK)n changes Disposals 1,347.950 293.365 1159.393} 1303,365) At 31 December 2(Y22 1.178,557 Carrying amount At 31 December 2022 1,178,557 At 31 Decemter 2021 1,347,950 2023 2022 Investments at fair value comprise". UK Fo3n 622,458 510,877 762.717 415,840 1.133.335 1,178.557 15-
CHERRYTREE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Fixed asset investments (continued) Listed invesbnents afft measvrd at fair value based on mKI-market preS from the approprÉate Stock Exchange or the relevant fund mana9er. If investments were stated on a historical cost basis rather than a fair value basis. the total amounts included would have been £974,001 (2022- £983.3251. There were Iwo holdings in excess of 5% ofthe total portfol market value. The Trustees, investment policy is to mainlain a dNersffied FM)thlio to gNe a balanced retum income and capital growth. wtth an overall moderate risk profile. The exposure to equrty markets is provided in the main through investment in a com"nation of blue-chip UK equities and overseas equity market collectives. Allowing for the capital that was drawn dovm from rt during the course of the year, the investmellt portfolio recoftled a gain of 5.3% in tems of its riet lotal retum. This performance lagged behind that of the MSCI WMI Balanced Porttotio Index. which registwed a gain of 10.1% duriro the year. The valuation inuease was £14,778 (2022 - £159,313 deiJease} and includes fees totalling £10,865 (2022 - £11.9321 for managerrEnt ofthe F(thlio. 14 Financial instruments 2023 2022 Carrying amount of financial assets Debt instruments measured at amorti%ed cost Equity instruments measur&Y at fair value 5,513 1,133,335 3,396 1.178,557 Carrying amount of financial liabilities Measured at amortised cost 6.813 7,728 15 Debtors 2023 2022 Amounts falling due within one year. Other debtors 5,513 3,396 16 Creditors- amounts falling due wfthin one year 2023 2022 Amounts owed to Cherrytree Support serv Limited Accruals and deferred income 4,653 2.160 5,568 2,160 6.813 7,728 16-
CHERRYTREE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Designated fund5 Designated funds have been set aside out of unrestrthd funds for $pecff purFM)ses'. Balanco at Incoming R•sour¢es Transfers 1 January resources expended 2023 Gains Balance at 31 December 2023 Income support reserve 1.178.557 (60.0001 14.778 1,133,335 Movement tn funds- previous year Balance at Incoming Resources Transfers L05se$ 8alance at 31 1 January resources expended December 2022 2022 Income support reserve 1,347.950 (lo.0> 1159.3131 1,178,557 The income support fvnd is deswJned to provide income for tharitsble grants and is Tepresented by fixed asset investrnents. The transfers from designaled to unrestrictJ fvnds represent investrrnts sokj to provwje financ1 support to Cherytree Support SeNices Limited. In orderto cont.nue to achieve the objectives set out on page 1 of this rewJrL the Tnjstees seek to ensure that this designated fund is adequate to wovTrde the income which wll meet the future planned grants to Cherrytree Supp)rt Setvices kn"miied. 17-
CHERRYfREE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Analysls of net assets between funds Total funds funds geneTrl designated Fund balances at 31 December 2023 are represented by.. Tangible assets 438.750 Investments 438.750 1.133.335 1,133,335 5,744 Net current assets 5,744 1.133.335 1,577,829 This inclLKles unrealised gains of £159,334 relating to listed investments. Restrict8d Total fvnds fvnds fvnds general designated Fund balances at 31 December 2022 are represented by: Tangible assets 453.750 Invesknents 453,750 1.178.557 1.178,557 Net current assets 7.750 7,750 461.500 1.178.557 1.640.057 This includes unrealised gains of £195,232 rektiThJ to listed investnEnts. 19 Related party transactions Included in creditors is £4.65312022." £5,568) owed to Cherrytree Support SetvK2s Limited {CSSI. a company limited by guarantee, of which Cherrytree is the SO member. Ifthe company is di5sofved Cherrytree promises to pay £1 towards the cost of dissolution and the liatM"lrties incurred by the company while Cherrytree is a member. During the year Cherrytree made grants of £64.981 12022.. £66,618) to CSS as a contribution towards its charitable expendrture costs. Cherrytree aLso paid CSS £50,CNJO during the year to help overwme cash flow difficuthes. CSS indiredy pays Cherrytree rent for propety through a third party, which in the year amounted to £12,00012022.' £13,500). £200 was paid by the tharty on behalf of CSS during the year12022: £2001. Consolidated accounts have not been prepared as the Truslee5 of Cherrytree do mt believe they dire¢t the operations of the company. The registered off for CSS is Middey Lane. Toty. Sheffield, S17 4HE. 18-