Charity registration number 280014 CAISTER COMMUNITY ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 4ity c￿STER commuN￿y ASSOc￿￿ON CAISTER COMMUNrrY CENTRE BEACH ROAD CAISTER 014 SEA GREAT YARMOLrTrt NORFOLK NR30 SER Email: ¢aistsT.c¢a.se¢Tttsry@9mail.¢orn CAISTER COMMUNITY ASSOCIATION LEGALAND ADMINISTRATIVE INFORMATION Trustees Mrs J Ward Mr TM Storey Mr M Mitchell Mr P Jackson MrRC Mr M James Mrs C Green Mr P Turrber Mrs SA Brown (Appointed 15 Augusl 20231 (Appointed 27 April 20231 (Appointed 27 April 20231 Charity number 28￿14 Principal address Caisier Community Cen Beach Road CÈister-On-Sea Norfolk England NR30 SER Indèpend•nt examiner Sotos Christophi FCCA Aston Shaw Limrted Chartered Certified Accounlants The Union Building. 51-59 Rose Lane Norwich NOrf￿k England NR1 1BY Bankers Lloyds Bank PIC 1-2 King Streel Great Yarmouth Norf(Ak NR30 2BA CAISTER COMMUNITY ASSOCIATION CONTENTS Page Trustee5' report Independent examinerfs report Statement of financial activrties Balance sheet Notes to the finanaal sialements 10-18 CAISTER COMMUNITY ASSOCIATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUAR Y 2024 BACKGROUND TO THE REPORT OF THE TRUSTEES The Trustees. appoinled at the Caister Community As50oation Amnual Gerbeizl Meeting held on 27th April 2023 present the report with the financial statements of the charity for the year ended 315t January 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities." Statetnent of Recotntnended Practice applicable to charities preparing their accounts in accA)rdance with Ihe Financial Reporting Stan(Jard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢ttve 1 January 20191. The financial statements have been prepared in accordance wth the accounting policies set out in nole 1 lo the financial statements and comply with the Charity'5 governing document. the Charilies Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities p￿paring their accounts in acc¢)rdan￿ with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" (effective 1 Janu8ry 20191. CAISTER COMMUNITY ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUAR Y 2024 Objectivès and zctivities The Caister on Sea Community Associalion ICCAI manages the Caister Cotnmunity Centre. The Centre exists lo improve the quality of life lor local people by offering activities and services which provide a range of educational. recreational. cultural and social opportunities and engagement. Rooms are available to the community and information is provided lo users and the commLJnity on a wide range of matters. It is a place people from all backgrounds corne lo sooalise. leam. engage and enjoy. Public benèfit We have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing our aims and objectives and in planning our fvluie serwces. Aclivities for achievlng objèctives The Year 2023124 saw Caister Cornmunity Centre and the assouated business of Caisler Community Association Social Club Ltd able to ieturn to the original objeclive of providing seN￿S for the public benefil with the village of Caister on Sea following the removal of the -invalidty appoinied Trustees- at the AGM arranged by the Charity Commission tsn 4'h October 2022. During the year the priority of the Trustees board has been to improve the facilities for the provision lor Comtnunity events within the Gharity p￿rniSeS at Caister Community Centre. To deliver thrs the decision was tsken to invest charity funds in capital proiecis to renovate and relutbish the eastem wing of the building. The main roorn (for￿ertY a children's day nursery) tts deliver a new community space. known as-comrnunity Roorn 1" complete wth kitchen and washroom. Then t(> refurbish a former 5rnaller meeting r(xxn to deliver a mUlt￿use space renamed "Community Room 2" as well as improving the entrance porch and Corridor. The total investment of £19.4k has L1elive¢d fv40 additional comfflunity spaces within the Community Centre for use by a variety of events, groups and organizations. These refurbishments were completed by the end of JLdy 2023. During the year Ihese"Communily Rooms" have hosted (he f￿lOw1ng actiwties.. A number of fitness and wellbeing grtsups," East Norfolk Taekwondo. Litue Kickers. Yoga for Life. Pilates and Chi- gong Gentle Exercise. A fortnighlly Arts and Crafts needle felting and pastel draw￿ng group. Caister'Good Company a group for elderly village ￿sIdentS to combat is(Aation and loneline5S. Communily Healthcare Sessions - East Anglian Diabetic Eye Scfeening Prtsgram. 4 date5 in June & Octciber and Norse Group (Norfolk County Countill NHS Health Ched(s on 28 dates belween Septernber 2023 and January 2024. In addth.on they have also hosted a number of single hire evenls induding.. a bcal photographer for a multi- generational family group photography session. a spirilual evening. a local business requiring a venue lo hold a meeting. children s birthday parties. a Christmas skin care event. and a hair loss recovery group. Other local community organisations utilise(J the Communty Centre for the regular meetings of their groups", Cai5ter Women's Institute which relumed lo Ihe cent￿ after a b¥tryear absence. with Great Yam)outh Bird Club 8nd Caister Chronic Illness Social Group joining us holding their monthly meetirys in the Centie Function Room. The Charity continues to offer a weekly Community Coflee Moffling and Wafrn Spot primarily funded by Ihe charity. for which we secured additional grant funding Irtsm Norfolk Comrnunity Foundation for the period of Oecernber 2023 to March 2024. In addition to the benefit of those attending our l¢xal Community Police Officer attends monthly thereby providing a forurn lor communications wilh the village residenls. Trustee Sally Brown has developed the charity webstte www.caistercommuni association.or .uk (launched in earty February 20241 which was developed and coded during the period of this report. The website includes content "About Us, lor the Charity, a "What's On Guide, Room Hsre and Gallery of the Communily Centre Facilities, Volunteer Vacancies, and outlines the Charity's relationship with the Caister S¢xial Club. The Website delivers a digltal plattorm in addition to our SJcial flub rtom Ik@ previous ye315"202b?3 j£41 oga}. the Irwne Jen¥3:ed :hrodgtr. .-oom hir- 1£6.SSI pl._ IrA-. lelu￿a$ Itti.1021 9rants 1£1.8&8', BrriL*lfShiQ Irtrts 1£6.4281 Tr...SCÈi￿nrY￿llS IKOf..a If9CQI O.?:upgt I￿n￿l Lit8n Ir¥TI} Irtm knJtste( Sw41 Ltd 3t"i 3E £1 GSO Tr..offt t111.800Tr Total anp.UJr I.-￿[r.e fc 20i3Q£ was te4.144 Ai thÈ O". the nnaryial y"eaF. tre =. koTfy had ETr.WJ Tolal fvnos wrth s dosinG b818n ol £65, 1 ?2 al 31$t January 2024 Thero w•$ sle￿¥ grwh :.n Inccme MrDu￿ba￿l :.he ye#r ftom Rccr, H."rè. In QI 1£É721. Q2 IC1.2151 and for (r￿,135) ano It2,8451 The m31P 2.'È3s Jf exF•rydiw..-2 WEre IJil￿e5 i￿r o.eoo; aFvJ Ihe GJ?tt.ql invested on tb Fieforbishment or CDmmur.trg If Is *(Xj ¥rfJ ￿1.-1¢[1ar.tt& arle 1tr.9r0we￿èntS ol L"Tr I￿,.￿xI. rhe pswo?ied C8isier Co.pnry.ynrry Soc￿1 Cl￿0 Ltd 1AYrtbftU￿ lo m3de sn prDfi', wtr.lrh 3fttrT ie¢ofts)Irng the ￿￿%￿P w515 inGurrttY for .Tthntain.'ny l* buiLih# tof [Ne gn¢¢ ac31n r￿S￿rt￿ In a oift ad P3yment falliry due 10 Ihe Charty Pollcy on Grnnt Making Tre Ch2pty's Jrrri potjcy lorgeis ImGfO'thng or jraut￿p.1llg the quaiily Oi life lor tne rp&Qort1s ol CaL%tei li 1$ prirn2nly airwd at prtiwthrtg Iof i*e pu--UaSe QI eqUIWLcnt 3n*Yor cap.ts. ￿r￿Enc. bL**Jgt lor 9lWII$ 1$ rEgLilarfry rvyiewEd Trusl¥e Cor51mitt¥e 2n4 ￿ f*ing b2sÉa on SU￿,,uS b￿ne. 34er fLrturp ¢elYl￿n￿￿'. an¢ rn4lni?n)nc8 ar.d ruttrlifi9 eo$ts nove been b¥Qoe1￿ lor Roa•rY•s Poli¢y The are rnade up fr(Jm P2n O., tne Irume reCe￿Ed P..r£ FeB5 L'sots. dc4)aiion$. Ibfidratstng e4ErLts nd sPor￿lS￿[p M new ¢xst$ ￿￿e￿ lofnula w35 ad￿tal Ji Sèptemtei of 2023 (altsjlawryj ar￿ ?PFothnir !19u.f¥ h.13 set 31 fSS.Cili cuffent 0￿.￿b￿S ¢OSts. The gowii¢ameni ￿fIr. iÉser¥e< will corb'Flue to De re*¢￿￿0 v..-ULy, hr*é+- -r tr.E PF¥iW.e¢ r¥Sa￿.9 Hrnou'nl 1¥5rAins as o yeols proiÈrJ iur-niiiQ ¢(Tr$t$, CAISTER COMMUNITY ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Risk Management Risk management is a major priority of the Trustees. The Truslees focus is to regulady consider the major risks to which the Chanty Is exposed. particularfy those related io operatlonal. financial matter5. health and safety and charity law. The case for changing the structure to a Charitable Incorporated Organisation ICIOI remains unproven and should the ptssititsn change. as a members. charity the benefits need to be explained to the members for their approval. The rnost signilicant rssk posed to Ihe Charity ai the present time is that of Energy costs caused by the prioe rises in the global energy markets as a resutt of Ihe pandemic and ongoiro war in Ukraine. The malter of Trustees personal liability is. and will remain covered by appropriate insurance. Going concèrn The Trustee5 have a reasonable expeclab.on that ihe Charity has adequate resources to colltinue in Opefational existence for the foreseeable futu￿. For this ￿ason. Ihey continue to adopt the going concern basis in PrePa￿ng th8 financial stalement. Structure, governance and management Governin9 Document Caister Community Associalion is an unincorporated re9iStered rharity IRèJistration number 2800141. it is a Members, Charity and is managed by a member elected board of Trusiee5. E51ablished 15th May 1980. Thè goveming document is the Consbtubon adopted 1710311980 as amended on 20th November 1997, as amended and adopled al a General Meeting of the Associalion held on 15th April 2010. hawng been approved at a Management Cornmittee meets.ng on 9th July 2009. Methods used to recruit and appoint new Charity Trustee5 The details of the Constitutional Prov1sions for apwintmenl are as lollows.'_ "All Members of the Management Committee shall retire from office together at the conclusion ol the Annual General Meeting next after the date on which they came into office. but they rnay be re-dected 01 re-appointed by the members with the power to vote. If casual vacancies occur among the elected rnembers of the Management Committee. il shall have power to fill these from amo the members of the Associats"on. rovided that the number olc led members shall not exceed one uarter of the total nutnber of tnembers elected. No persons under the age ol eighteen shall be FULL MEMBERS of the Management CornThittee bul suth persons may be elected without the right lo vote. Affiliated Groups can nominate one individual represeniative. as can Caister Parish Council. and that repres8ntab.ve has the right lo attend and vote al General meelirKJs only. CAISTER COMMUNITY ASSOCIATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JANUAR Y 2024 Irmlvction and training of trujtpes Try£t>ps arr pr-,v,dèd .￿..￿￿ iCPlÈg cf rhe S￿ry 9￿¥￿Than(£ anc gwrfJJn<* th￿M￿.[S Irj &iablL thLlin '.0 urdéra 3nrl lrye & J3r.15at.on ch3-.."fv 18*1 ri￿ knUtJr5 as T.4iSte& The chany has a Lartlli¢t-014￿.{YI￿$l PDlI*' èr'.d a Cccè of fonduif.. alicg" wr".tr. T'.Ysi￿4 •r¢ ?skrf rg 3bi¢e gy io t1￿1vely I￿11..1 mt.1 Tvlv Orgahisatiortal *truthirè declÉion makinB ThL' CryA Is ar, LilinGEroOrat￿ ih3riabl£ A5&JoaiGn V*Aei ThEnbEt5hip iLICAI and Is r.ot an Ip.wtpciatEd er*liiy ahc 1£ Ilol a Ic%al I'th cwn -@h' Il.. has r,0 separ*e leGèl idenlltvj. ,'* regis&er?d Nc 2E.￿.14 ie¢ul.Il¥e by trj) ciiai-.ty Cllmrii15oi#f, and 15 rn3r.apEd by tr.a ￿jeffl￿r el￿ed Tru5tEe5 14hE Il>n3fjérTr2Ut Committry i MEEI 1$5ula*. u5ua'.ty mc.ntr,¥". t._l ir. aj iy eveit 3 min".mknf. i.f faur ffiertngs per i'a3r. Rt¢at¢a P•rti tyna,-.r4 has ￿¢￿ C.￿A Lp1ub U'..rled Si (e *QL.. lAar￿, 1SQ8. rt 15 a tradiw cotnpe applicaty¢ w¢ouireNen(S aW￿mLng th¢ tr)rm 8nfj ttMt¢nt ol axcJThls 5<1 OLEt In tie c￿ri￿eS fAcccLIt5 RepJrt5j R&g'-Jlitsn.4 2(XJ8 oltsr th.grt )ny reuuiff¥mer.I Iha; the t￿0￿1￿1$ 8 'truo and .85., iiew ¥¥"hich is.-,gt a maiÈr ￿ns1d-r2d as part ts-. inarp&r.deM ex3m1r￿n Plan5 tor tutur¥ porrods I l)Q i iustogs svil-" 3JnLnue Lie wGrfKs p.:anr*d 3.. ' Sier C￿.r￿nTrl CEntre to irnprowé IPJE at3n43re of t,"i& bi&'.Idin 19 attomrriodale a s'ariE* cf g￿p5 aryd IC￿ Cr￿5￿[s2tiQTrS 8nd to oFiéf ￿ bey_.￿ pxp&-.ence te ttr4e Sap￿£ our pwinvneD_i Én Ottotef 2Q22 CL'IIFls inè F&5t 15 mcr,th5 teccmrn=nced our actyvty SUPr￿rtSn9 th¢ co￿￿￿￿￿¥ we wll wnL".nti* lu aNA)Fdar..Eè ￿ Dur ￿t*d at4Pc￿E5 and speGfsr31ty b4'14Qfking 4Yilh lye otror thardatyle 0rganis8.dcl￿ Ir. whal is a giDwryng nry Vi¥ havy publ".$."￿d 3 WÉ￿$11&. kofjrr￿nK of semc￿8 èt CsiÉTer Communiri Centre to ¢nsyre Ihol tne chaity meeL* ils to oiJL..b.= nefi: in a cost effeL*ve and effi£￿_￿I way rhe ffusie¢$' <£TOOrt was liporuved by 8¢ard of Trustees. r% J '.Wr Chair Date. CAISTER COMMUNITY ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CAISTER COMMUNITY ASSOCIATION I report to the Trustees on my exarnin8tion of the financial stalements of Caister Cornrnunity Association Ithe Charity) for the year ended 31 January 2024_ Responsibilities and basls of report As the Truslees of the Charity you are ￿$[K)nsIble for the preparation of the financ4al statements In aCc￿daNce with Ihe requifemenls of the Charities Act 2011 lthe 2011 Actl_ I r8POrt in r8specl of my èxamination of thè Charity's financ4al statements carried ¢JJt under section 145 of the 2011 Act. In carrying out my èxamination I havè foJlowe(l all thè appIl￿ble Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statÈment Your attention Is drawn lo the lact that thè eharity has prepared financial statemènts in accordance with Accounting and Reporbng by Charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 In preference to Ihe Accounting and Reporting by Charities-. Statement ol Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been Ihdrawn. l understand that this has been ijone in order for financial ststements lo providè a true and lair view in accordance with Generally Accepted Aecounb"ng Practice effecb.ve lor reportlng peri￿lS beginning on or after 1 January 2015. I have completed rny exarninalion. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were FTrol kepl in respect of the Chartty as required by section 130 of the 2011 Act,. or the financial statetllents do not accoid with those records", 01 the financial statements do not comply vAth the applicable requirements conceming the fomi and contenl of a￿￿￿1$ set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the awounls give a true and fair wew which is not a mattel con5KJeied as part ol an independent examinats"on. I have no concems and have come across no other matters in connection with the examinalion to which allenlion should be drawn in this report in or(Ser to enable a proper understan¢Jing ol the financial statemenls lo be reached. Sot05 Christophi FCCA Aston Shaw Limited Chartered Gerttfied Accounlanis The Union 8uilding, 51-59 Rose Lane Norwich Norfolk NR1 1BY England CAISTER COMMUNITY ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUAR Y 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted fund$ funds 2023 2023 Total 2024 2023 Notes Income from= Donations and legacies Charitable activities Investrnenls 37.072 33.495 612 1,658 38.730 33.495 612 53.101 5.098 53 53,101 5.098 53 Total Incom* 71,179 72,837 58,252 58.252 Expenditure on.. Charilable acts-vilies 81,277 82,139 63,643 63,643 Total expenditure 81.277 862 82.139 63.643 63.643 Net ineornellexpenditurel and rnovement in funds 110.098) 796 19.3021 15.3911 15.3911 Reconciliation of funds: Fund balances at 1 February 2023 157.060 272 157.332 162.451 272 162.723 Fund balances at 31 January 2024 146.962 1.068 148.030 157.060 272 157.332 The slalemenl of financial activities indudes all gains and losses ￿COgniSed in the year. Nl income and expenditu derive from continuing activiiies. CAISTER COMMUNITY ASSOCIATION 8ALANCE SHE AS AT31 JANUARY 2024 2034 2023 110ts5 Fixod thgsets TangiblET 13 .133 urrvnt 14 1¥.5LI 3t and in hdo g4.323 ¢r•(lil)rs'. amounts falllng Itue within one year 15 12.4£fj1 Wet ouTrAnt &SSel$ &t,897 I(￿J,716 Total 833ets leg* C￿r￿nt liabititie$ 148.¢liO 16 1.Cii5 fur'ls 151.ofjo ',48 c.?a 15-..332 f,rianci8.' staivmEnto-4ei¢ aoJfove¢ ¥y Ine TrL&'ees on Chair CAISTER COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2024 Accounting policie5 Chartty inforniation Caister CommunityAssociation is a unincwrated charty. 1.1 A¢¢ounting convention The financial statetnents have been p￿Pared in accordance with the Charity's goveming docurnent, the Charities Acl 2011, FRS 102 "The Finanaal Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102"18nd the Charities SORP 'AccountiThJ and Reporting by Charities". Stalement of Recommended Practice applicable to thanties prepanng their accounts in accordanTr wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- leflective 1 January 20191. The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charitie5 not ￿ prepare a Statement ol Cash Flows. The financial statetnents have departed frorn the Charities (Accounts and Reports) Regulatsons 2008 only to Ihe extent required to provide a Irue and fair view. This departure has invdved following the Slalernenl of Recommended Prac(ice for charities applying FRS 102 rather thall the ver510n ol the Statement of Recommended Practice which is referred io in the Regulations but which has since been wthdrawn. The financial statement5 are pre￿red in steding. which is the fvnctional cJJrrency of the Charity. Monetary amounts in these financial slaternenis are rounded to the nearest £. The finanual slalemenls have been prepared under the historical cost convention. modified to include the rèvaluation ol freehold properties and to include investment properties and certain financial instrLJfflenls at lair value. The principal accounling policies a¢Jopled are sel out below. 1.2 Going concem At the lime of approving the financial statements. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for Ihe foreseeable future. Thus the Trustees continue to adopl the going concem basis of accounbng in preparing the financial stalements. 1.3 Charltsble funds Unreslricled funds are available for use at thè dis(xeb"on of the Trustees in furtherance of Iheir charitable objectives. Reslricled funds are subject to specffic conditlOn5 by donors or 9rarstors as to how they may be used. The purposes and uses ol the restricted funds a￿ sel out in the notes to the finanoal staternent5. Endowment funds are subject to swfic conditions by ¢k)nors Ihat the capital rllust be maintained by the Charity. 1.4 Income Income is recognised when the Charity is legally entiued to it after any perflxrnance condltions have been mel, the amounts can be measured reliabty. and il is probable Ihat inrx)me wll be received. Cash donations are recognised on receipl_ Other donalions are rectynised ollce the Charity has been nolilied of the donation. unless perfomants conijitions require deferral of the amount_ Income tax recoverable In relation to donations received under Gift Aid or deeds ol covenant is recognised at the lime of the donation. Legacies are recognlsed orh receipt 01 otherwse rf the Charity has been notified of an impendiry disiribution. the amount is known. and receipt is expected. If the arnount is not known, ihe legacy is treated as a contingent asset. Jo- CAISTER COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Accounting policies Icontinuedl 1.5 Expenditure Expenditure is recognised once there is a legal or conslrucltve oblvJatron to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in setuement. and the amount of the obligation can be measured reliably. Expenditu￿ is dassified by actiwty. The costs of eath actNity are rnade up of ihe lotsl of direct costs and shared costs, including support costs Involved in undertaking each activity. Direct cosis attributable to a single activity are allocated direcuy to that activity. Shared cosis which contribute to mole than one activity and 5UPPOrt costs which are nol attributable to a single activity are apportioned beb￿een those acttvities on a basis consistent with the ijse of resources_ Cenlral staff costs are allocated on Ihe basis of time spent. and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured al cost and subsequenuy measured at cost 01 valuation, net ol dapreoation and any impairmenl losses. Depreciation 15 recognised so as to write off the cost or valuation of assets less Iheir ie5idual values over their U58ful lives on the following bases.. Leasehold land and buildings Fixtures and fittings Computers 60 years straight line - 20% reduung balance 20% straight line The gain or loss arising on Ihe diswsal of an asset is determined as the dIffe￿nCe between the sale proceeds and the carrying value of the asset. and is ￿cOgnised in the stalement of finanual activities. 1.7 Impaimient of fixed assets At each reporting end date. the Charity reviews the carrying amounts of its tsngible assets lo delemiine whether there is any indicaiion that those assets have Suffe￿ an impaim)ent loss. If any such indication exists, the recoverable atnounl ol the asset is esb"mated in order to determine the extent of the impairment 105s lif anyl. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call wth banks. other short-term liquid investments with original maturities ol three months or less. and bank overdrafts. Bank overdrafts are shown vAthin borrowings in tur￿n1 Iiabilib"es. 1.9 Financial instruments The Charity has elected io apply the provisions of 5￿tion 11 'Basi¢ Financial Instrurnellts. and Section 12 'Other Financial Instruments Issues of FRS 102 lo all of its financial instwments. Financial instruments are recognised in ihe Charivs balance sheet when the Charity becomes party to Ihe contractual provisions of the instrutnenL Financial assets and Iiabilttses are offset, with the net amounts presented in thè finanaal statemellts, when there is a legally enforceable right lo set off the recognised amounts and there 15 an intention to settle on a net basis or lo re31ise the asset and settle the liability simultsneously. CAISTER COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Accounting poli¢ies (Continued) Basic financial assets Basic financi31 3ssels. which inclLJde deblors and cash and bank balan￿s, are initially rneasured at transaction price including transaction costs and are subsequenuy carried al amortised ctsst using the effective inlerest melhcMY unless the arrangement (x)nstitutes a Iinanang transaction. where the transaction is measured at Ihe present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are nol amortised. Basic rtnancial liabilities Basic financial liabilities, induding creditors and bank loans are initially recojnised at transaction price unless the arrangement constitutes a financing transaction. whefe the debt insirument is measured al the presenl value ol ihe futu￿ paywnents discounted at a market rate of inlerest. Financial liabilities dassified as payable within one year are not amorbsed. Debt in51rurnents are subsequenuy carried at amortised cost, usiThJ the eifectyve interest rate method. Trade creditors are obl￿atiOnS to pay for 9(xxls or serwces that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. 11 not, they are presented as nonut the carrying atllount of assets and liabilities that are nol readily apparent from other sources. The esb'rnates arml associated assumpD"ons are based on historical experience and other factors that are considered lo be relevant. Aclual results may differ from these estimate5. The esthmates and undertying assumptions a￿ reviewed on an ongoing basis. Revish)ns lo accounting estimates are r8cognised in the period in which the estimate is revised where the rewsion affects only that Feriod, or In the pencxl of the revision and future peri