CALVERTON MINERS, WELFARE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 REGISTERED CHARITY NUMBER 52226511
CALVERTON MINERS, WELFARE TRUST INDEX TO THE FINANCIAL STATEMENTS PAGE Legal and Admlnlstratlve Detalls Report of the Independent Examinels statement of Financial Actiwties Balance Sheet Notes to the FinanGial Statements 6-14 Activity Group Accounts Report of the Trustees 20
CALVERTON MINERS'WELFAR TRUST LEGAL AND ADMINSTRATIVE DETAILS The Calvsrton Miners, Welfare Trust is reglstered with the Charity Commission (Registration number 52226511) Address of Charity: Hollinwood Lan8 Calverton Noltingham NG14 6NR Secretaryrrraasurer.. Mrs V Corcoran Chairman.. D Wilson Trustees.. P Mapplebeck J Swinscoe L E Flenshaw L Weetman A Kirkham Bankers: The CowoperatlV8 Bank PIC Olympic House 6 Olympic Court Monfford Street Salford M5 2QP Independent Examiner.. J M Ellis ACMA Brickhouse 7 Barnsley Road Ackworth Pontefract West Yorks WF7 7BS
EPORT OF THE INDEPENDENT EXAMINER TO THE CALVERTON INERS. WELFARE TRUST RU I r&port on Ihe HnanGlal statements of the charity for the year ended 31 December 2024 which are Set out on page5 3 to 13. ESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER Tha charflvs tru51888 aro rgsponslble for the pr?paratlon of the aGoounts. The ohgrflls trustees conslder that an audlt Is not requlred lor Ihls year und6r seGfloTr 144 of tha Charfll88 Act 2011 Ith9 Gharftles Act) and that an Independanl examinatlon Is need. 11 15 my responslblllty to.. examlne the accounts under section 145 of the Charllles Act,, to follow the procedurès lald down In the 98neral Direcllons glven byihe Charfty Comm18slon (under section 14515Xbl of the Gharflies Acll. and lo stale whèlher parucular maIrg hav8 come lu my attèntion. BASIS OF INDEPENDENT EK4MINER'S STATEMENT My examination was ¢arrf8d out IN aCGordan¢8 wFih gèn8r81 Dlractlons glvan by thg Charity Commlssioll. An examlnallon includes a review of the accounlng records kept by the charity and a comparison of tha aoUntS pr8sentèd w5th thosè rards. 11 also inGludes consideration of any unusual items or disclosures in the account5, and se8klng axplanallons from the Iruslees concerning any such matters. The prOdureS underlal(en do not provide all the evidence that would be rUIred in an audit, and consequenuy no opinion is given as Lo v4hether the a¢¢ounts pr¢senl a'lrue and fair vievl and the report is lirnited to those malteTS $8t out in the slalernenl below. INDEPENDE ATEME In connection wilh my examination, no matter has Gome lo my attenlioft,. 111 whlch gives me reasonable cause to believe that in, any material respect, the requiremellts: keep accounting records in accordance with s170130 of tho Charities Act.. lo pr&par8 accounts whlch accord th th8 ac¢ountlng rocords and Bomply wllh the eccounling requirements ol the Charities Act have not been tnet,. or 121 lo which, in my opinion, attention should be drawn in order to enable a proper und¢rslandlng of tho ac¢uunts to bè reachad. M Ellls ACMA Brithhouse 7 Barnslèy Road Ackworth Pontefracl Wesl York3 WFT 7BS Date
CALVERTON MINERS'WELFARE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR NDED 31 DECEMBER 2024 Desi nated Unrestricted Total Funds Funds 2024 Total 2023 Notes INCOMING RESOURCES Voluntary Income: Subscription: Associate Members Grants & Donatlons Glft Aid Calverton Miners Welfare SC Ltd 3G Pitch Project Aclivitias for genarating funds: Occupational Licence Incomlng Resources from Charitabla Actfvitles Activity Groups.. Surplus Room HirelRent 5-a-sid8 & Pitch HirelGround Rent Covid 19 Support Grants Insurance Claim - Water L8ak 3,761 12,888 19,886 3,761 43,088 19,666 125,118 1,502 30,193 7,718 14,721 8&9 30.200 15 125.118 9.600 9,600 12,610 10,980 15.907 28,739 18,449 34,260 18,449 34,260 TOTAL INCOMING RESOURCES 155,318 98,624 253,942 122,370 RESOURCES EXPENDED Charltable Expenditure: Actlvlty Groups- Deflclt Grants and Donations Direct Fundraising Costs 3G Pltch ProseGt Light and Heat Rent, Rates and Water Insurance T8lephune Repalrs and Renewals Buildings Repairs and Renewals - Grounds Postage and StationerylAdverts Bank Chargesllnterest Payable Wagas and National Insurance General Expenses (includes Courses) Irrecoverable VAT Depreciation Governance Costs: Audit and Accountancy Professional Fees 3,810 3,810 40 91 20 478 3,680 16,931 4.674 5,064 1,230 7.005 15,333 161 830 21,121 43 6,576 35,108 91 16,593 20,020 4,982 6,416 1,324 7,826 16,142 452 380 23,181 355 15 16,593 20,020 4,962 6.416 1,324 7,826 16,142 452 380 23,181 355 11 3a 19,181 3,138 22,318 12 2,870 728 2,870 726 2,673 105 TOTAL RESOURCES EXPENDED 39,584 87,923 127,506 121,032 NET RESOURCES EXPENDED BEFORE TRANSFERS 115,734 10,701 126,436 1,338 Th8 notes form part of these financial statements
CALVERTON MINERS, WELFARE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED Desi nated Unrestricted Funds Funds Total 2024 Total 2023 Notes NET RESOURCES EXPENDED BEFORE TRANSFERS 115,734 10,701 126,436 1,338 Transfèrs beeen Funds NET RESOURCES EXPENDED FOR THE YEAR 115,734 10,701 126,4S6 1,338 Gains/(Losses) on Sa18 of Assets: NET MOVEMENT IN FUNDS 115,734 10,701 126,436 1,338 Fund Balances Brought Forward at 1 January 2024 132,600 126,544 259,144 255,836 FUND BALANCES CARRIED FORWARD AT 31 DECEMBER 2024 248,334 137,245 385,580 257,174 The notes fonn part of these f5nancial statements
CALVERTON INE LFARE TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 NOTES 2024 2023 FIXED A SET Tanglble Assets 196.770 211,655 196,770 211,655 CURRENT ASSETS.. Debtors Cash at Bank and In Hand Actlvity Group Account Balances 3,931 98,422 18,871 570 3,953 22,681 121,224 27,204 CREDITORS: Amounts falling due wilhin one year 23,089 30,112 NET CURRENT LIABILITIES 98,135 2,908 TOTAL ASSETS LESS CURRENT LIABILITIES 294,905 208,747 REDITORS: Amounts falllng due after more than one year 125,516) (31,350) NET ASSETS 269,389 177,397 INCOME FUNDS DESIGNATED FUNDS D8signated Funds - P & L Designated Funds - Deferred Grants 248,334 116,191} 132,600 {81.747 1&8 132,143 137,245 50,853 126,544 Unrestrlcted Funds 269.389 177,397 Approved by the Board of Trustees on signed on its behalf by.. Trustee The notes form part of these financlal statements
CALVERTON MINERS. WELFARE TRUST NOTES TO HE ACCOUNTS FO THE YEAR ENDED 31 DECEMBER 2024 OUNTING POLICIES Accountln Conventlon The accounts have been prepared undar the hlsloric cost convèntion with Ihe exceptlon thal inv&stments are valued 8t market value. The accounls are pr8pared In accordan¢a wlth appI[bla accounting standards, the Charities SORP (2005) (Accounting and Reporting by Charities) and comply with the Charilles Act 2011. Tan Ibl8 Flxèd Ass6ts- Unrestrlcled Deprecialion is provided at the followlng annual ral88 in order lo write off each asset over Its estimated useful life. Club Building8 Othor Assols OQ/o on cost 100/0 on reducing balance Tan ible FixDd Assets- Desi nated Funds Depreciation is provlded at the following annual rates in ord8r lo writg off each asset Dvar 118 estimeted useful life. Club Buildings oth8r As8et8 50A on cost Deferred Income Grants fom the Malor Funders Inota 10) are recognisect in the Statement of Financial Activitigs over the expecled life of designated fund assets. Major grant income is deferredlutllised ovèr the antlcipated life of designated projects. Th8 TnJste88 are of the opinion that the anlictpated life of lh8 current major project is 20 ye8rs and Income from the Project will be utilised in tre Statement of Financial Actiiqlies over this period. General Incomo Occupational Licenc8 income 5s includ8d in the Statement of Flnancial Activities as it falls due. All other general incomé Is recognised on receipt. Investmgnt Incorn8 Investment Income Is Included in the Statement of Flnancial Activities as receivablo.
CALVERTON MINERS, WELFARE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 ACTIV TY GROUPS: SURPLUSI DEFICIT Surplus Balances: Top Club Fund Calverton Theatre Group Ladies Darts Cafverton Miners Welfare Memorial Fund Colts Football Club 118 618 10,244 10,980 Less: Deficit Balances Top Club Fund Calverton Theatre Group Colts Football Club 200 622 2,988 3,810 SURPLUS DEFICIT STATEMENT OF FINANCIAL ACTIVITIES (3,810) 10,980
CALVE TON MINERS. WELFARE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 3. TANGIBLE FIXED ASSETS CLUB AND RECREATION CENT Unrestrlcted Dosl nated Unrestrlcted Desi nat&d Land and Lan Fixtures & Flxtures Bulldln Bulldln UT Total Cost As at 1 January2024 Additions Dlsposals 598,150 592,022 164,164 7,434 97,050 1.481,386 7,434 14 A6 at 31 Docember 2024 598.150 592,022 2Q1,598 97,050 1,488,820 umulat8d D8 roclatlon As at 1 Janu3ry2024 Provided for year Dlsposals 441,000 575,688 16,334 170,223 3,138 82,821 2,847 1,269,731 22,318 As at 31 Dec er 2024 441.DOO 592,022 173,361 85.667 1,2g2.050 Net Book Values 31 December 2024 157.150 28,238 11,383 196,TTO 31 Decembér 2023 157,150 16,334 23,941 14,22g 211,655 The Buildlngs are valuad al historical cost and aro depreclated over a 20 ygar period (balng the estimat8 of the 8XP8Cted economic life of the Buildings). Howav8r the Land on which the Club Buildings stand is held under a Lease with th6 fraeholder b8ing the Coal Induslry Sodal Welfar& Organisalion. The curr6nt Leas8 which is with th8 Charity expires in 2122, The lease Gontains no Power to assign, sublet, part or Share the premlses and as such the effectivè value of the Institute Buildings would be reduced to zero In the event of any winding up Df the Charity. In v16w of the above. the unrestricted18nd and bulldlngs are no longer depreciated as the effective value of those assets is nil in the evont of anywinding up of the Charity This policy took effectfrom I January2022. 3a. IRRECOVERABLE VAT AND THE OPTION TO TAX Prlor to 1 October 2023 the charity was subject lo the de-mlnimus rules In respect of VAT. As a result, there was an a18m6nt of VAT (hat Could not be récovored on certain purchas6s made by the charity. On 1 October 2023 thg charlty elected b opt to lax for VAT Sn rgspect of irs supplies of18nd. This enables the charity to reclaim VAT on Its purchasas relating lo the supply of land on its premises. In th8 CL¢rrent year irrecoverable vat has beèn accounted for In tha SOFA prior to the oplion to tax for VAT belng granted by HMRC.
CALVERTON MINE ELFARE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 DEBTORS 2023 Trade/Sundry Debtors Pr8payments Taxatlon and Social Security 3,220 711 570 3,931 570 CASH A BAN AND IN HAND 2023 Cash at Bank D8POSIt Account Current Account 97,500 922 3,005 948 98,422 3,953 ACTIVITY GROUP ACCOUNT BALANCES 2024 Colls Football Club Calverton Theatre Group Calverton Miners Welfare Memorlal Fund Calverton MW Ladies Darts Top Club Fund 13.092 3,932 1,079 16,080 4.554 1,079 768 968 18,871 22,881
CALVERTON MINERS, WELFARE TRUST NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 CREDITORS 2024 2023 Amounts fallin due wlth one ear: Trade CreditorslAccruals Taxation and Social Security Calverton Miners, Welfare Social Club Ltd - Loan Account 20,104 2,985 21,556 4,018 4,538 23,089 30,112 Amounts fallln due after one ar: Carlsberg Marstons - LDan re Developmentlsigns 25,516 31,350 48,605 61.462 10
CALVERTON MINERS. WELFARE TRUST OTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 DESIGNATED FUNDS The Income fijnds aF the oharity include the followlng deslgn8ted funds which have been s8t asld& out of unrestrictad funds by the Truste8slSub Section Committee8 for speclflc purposes or granted by major funding bodies.During the year the major projact to develop the football fleldslchanging rooms continued a5 the concept Df the constructlon of a 3G pitch became a realily and fundraising has begun lo achlev8 Ihls alm. 18 Very grateful to all the bodies who have granted funds to achSeve th6 upgrada of the Scheme's facilltl8s. Balance a8at 01.Jan.24 Revènu6 Utilisedl eali8ed Balanc8 asat 31-DO24 New Gran Sch8m8 Confrlb Utlllsedl Il$ed Ground lfftprovem8nts Football Stadia Improvemènt Fund Release of Funds Clyr Surplus WREN- PlayAr&a and S68ting 703 15,959 14,021 (703) (60,4751 (44,516) 11,217 <2,804) others Sub Sections SurpluslD6ficit Wolv6rhampton & Dudley (Loan) Colts Football Club (5 year plsn) 22,681 14,953 2,390 (3.810} 15.811) 1479) 18,871 9,142 1,911 3G Pltch: Fundraising - see Note 15 11,041 125,118 116.593} 119,566 81,747 125,118 {30.200) (60,475) 116,191 DESIGNATED FUND ANALYSIS.. Deferred Income- kAalor Grants General Deslgnaled Purposes (116,1911 248,334 132,143 Major grant income is delerredlutilised ov8r th8 anticipated lif8 of the pmlect. The Trustees are of the oplnlon that the anticipated Ilfe Df the buildings is 20 years. The income will be leaSed over the 8nticipated life of the project. UNRESTRICTED FUNDS The unrgslricted funds include grants receiv&J In prgvious yèars froim the Coal Indu5ty Soclal Welfare Organisation, Gedling Borough Council and Nottinghamshire County Council and St wir1d8 Church. Calverton totalling £166.566. Durlng the year Ihg Trust received a grant from the Football Foundation from tho Pitch Maintenance Fund ot £4,950. The grant 18 part of a 5 year Inlliatlve from tha Football Foundation and the payment relal@d to Year 3 of the plan. A nDn-monet8ry grant of £5,000 was received from Howdens ¢on8lting of kitch6n units and appliances lo upgrad6 the kitchen and an amount of £2,500 was receiv8d from Towey8 Ltd. Miscellaneous donations from the Top Club Fund and local beneficlaries lotalled £438. 10. TRUSTEES REMUNE TION The trustees received no reimbursement of expenditure or remuneration during the year, 61ther directly or indirectly (2023 nil). 11. STAFF COSTS 2024 2023 Wag8s and Soclal sa(ty Cost5 23.181 21,121 Avorag& Number of Full Tlmo Employeas 11
CALVERTON MINERS, WELFARE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. ACCOUNTA cyc ST 2024 2023 Accountancy Setvices - J M Ellis 2,870 2,673 2,870 2,673 13. ACTIVITY GROUP ACCOUNT PREPARATION Accounts submitted by the follovwng activtty grDUPS of Calverton Mlners, Welfare Trust are included in the accounts lo enable a hollstSc vlew of the charitable activities taktng place at the Scheme but are independently examined by the charity's accountants. The cash balances held by the sub seclions are included in the balance sheet for same purpose. The Current sub sections of the Gharily are as follows: Colts Football Club Calvertan Theatre Group Calverton Miners Welfare Memorlal Fund Calverton MW Ladies Darts Top Club Fund During 2020 and 2Q121 the Coivld19 pandemic seriously curtailed the activities of th8 charity's sub-sections. The malorliy of sub-sactions were unable to operate during Ihe pandemic and accounls have not been submittad In 2020 or 2021. In 2022123 the sub-sectlons bagan to r@turn to normal operations and their accounts reflect this. 12
CALVERTON MINERS, WELFARE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 FIXED ASSETS . ADDITIONS BUILDINGSIEQUIP ENT 14. Fixtures and E ment- Unrestricted.. krtchen k8nwood fridge kitchen howdens grant units & appliances kitchen general r8furbishment kitchen modena twin tank fryer kitchen chip scuttle warmer - winmau 2 dartboards & surround gardena leaf collector & blower 437 5,000 1,429 20Q 136 116 116 7,434 7,434 FIXED ASSETS . DISPOSALS BUILDINGSIE UIPMENT NIL 13
CALVERTON MINERS WELFAR TR NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. CALVERTON 3G PITCH PROJECT 2024 2023 Income Calverton Colts: - Walk to Wembley Gift Aid Reclaim Walk to Wembley - Colts Tournament Bike Ride 4,036 627 3,315 2,818 2,500 Arnold Eagles: fundraising pr8s8ntstion day External Funders: Calverton Parish Council Gedling Borough Council Thomas Farr Foundation 591 6,700 12,500 100,000 5,000 Bank Interest Xmas Fundraiser Gift Aid8d Donation 75 834 800 43 Total Income 125,118 14,721 Expenditure Hopkins Sollcltors: formally register freehold on12nd for 3G pitch site 2,030 Keyfund: arrangementfea part loanlpart grant 770 Tlger Turf UK Ltd: plannlng submission Gedling Borough Council planning fee 8,633 2,599 Salary Costs: bld writing and co-ordination with ralavant partners 3,825 1.650 Tournament Food BBQ Xmas Fundraiser Raffle Tickets & Prizes 342 424 Total Expendfture 16,593 3,680 Surplus 108,525 11,041 Cumulative Balanca as at 31 December 2024: Openlng Balance at 1 January 2024 Add: Incom8 11,041 125,118 Less.. Expenditu (16,5931 Closing Balance at 31 De¢ember 2024 119,566 14
CALVERTON INERS ELF E TRUST COLTS FOOTBALL CLUB INCOME AND EXPENDITURE ACCOUNT FOR YEAR ENDED 31 D CEMBER 2024 INCOME 2024 2023 SubscrlptionslFlnaslSlgn on Faes Tournament Bank Int8rest, DonationslGrants & Sponsorship Vels Kit Other Income 36,663 1,669 30,707 2,505 2,105 4,167 1,000 18,185 3,963 44,400 56,564 EXPENDIT RE Hlre of Pltch8s Klt & Equipment Lgagu8 Fees, Fines & Ref8rees Social Ev8ntslFood Banngrs, Adv8rts, App & Websitè nsuranc8 Trophies & Awards Training - Level 1 Treasurers Expenses Donation to Maln Scheme 3G Pltch Membershlp Calverton Mlners Welfare General Expenses 24,020 8,670 8,583 2,967 271 350 2,278 250 22,492 9,956 5,147 1,959 66 1,781 150 330 300 3,619 1,450 52D 47.388 46,320 Surplusl{Deflcft) carrled forward to general Statement of Flnancial Activtties 2,988) 10,244 15
CALVERTON MINERS WELFARE TRUST THEATRE GROUP INCOPIIE AND EXPENDITURE ACCO NT FOR YEAR ENDED 31 DECEMBER 2024 24 2023 INCOME. PLAYS Ticket Sales - PantoslPlays 1,478 581 ADDITIONAL INCOME Charily Shr)p RaffleslRefreshment sales Donation - CORE (Fashlon Show) Grant - Local Councillors Grant - Parish Council 602 348 207 300 450 312 350 500 1.162 2,640 1,907 2.468 EXPEND5TURE Hire of Village Hall etc- PlaylPanto Room Hire - R6hgarsals Costum85 & HirglProps Other Costs Set Bulld Plays Village Hall Storage & Storage Boxes Printing - Posters & Tlck8ts Insurance 2,409 80 101 72 140 1,211 60 72 12 77 100 162 156 100 198 162 3,262 1,850 Suplusl(D8flclt) carried forward to general Statement of Flnanclal Artivities 622 618 16
CALVERTON MINERS, WELFARE TRUST LADIES DARTS INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOME Subscriptionslsavlngs Raffle 405 500 33 98 905 131 EXPENDITURE Competition F88S Misc@Ilaneous - distrÉbuted 26 905 105 905 131 Surplusl(D8fTCit) carriad forward to general Stalement of Flnanclal A¢tivltles 17
LVERTON NERS. WELFARE TR CALVERTON MINERS WELFARE ME RIAL F ND INCOME AND EXPENDITURE ACCOUNT FOR YEAR ENDED 31 DECEMBER 2024 202 2023 INCOME Bank Interest EXPENDITU None in Year Surplusl{Deflclt) rrIed forward to general Statement ot Financial Acttvities No Movement in 2023 or 2024 Year Monias held for Future Repairs 18
CALVERTON INERS WELFARE TRUST TOP CLUB INCOME AND EXPENDITURE ACCOUNT OR YEAR ENDED 31 DECEMBER 2024 2024 2023 INCOME Bonflre Night - Fairground and wristbands (net) Fundraising - miscellaneous Xmas Raffle 650 738 200 20 678 g38 EXPENDITURE Charity Event Contributions Christmas Party Donation Bonfire Night Raffle Miscellanéous Expenses Six Chairs for Club TabSes & Chairs for Club Jukebox Hedg8 Cutting Flat Fundraising Stickies Deposit Act Easter 2025 event 100 100 60 40 120 380 200 20 180 50 878 820 Surplusl{Deficit) carried forward to general Statam8nt of Financial Actlvltles 200 118 19
CALVERTON MINERS WELFARE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDING 31 DECEMBER 2024 1. The Trustees present their report along with the financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 6 and comply with the CharItS Trust Deed and appllcable law. 2. Constitution and Ob. ects The Charity Calverton Miners Welfare Trust, at Calverton in the County of Nottinghamshire, regulated by a Scheme of the Charity Cornmissioners made on 13th July 1983", and in the matter of the Coal Industry Act 1987; and in the matter of the Charities Act 1960. Registered Charity number 52226511. 1) The object of the charity is the provision of a welfare institute for the benefit of the inhabitants (and but not exclusively, such of the said inhabitants as are members of the mining community} of the area of benefit wrthout distinction of political, religlous, or other opinions with the object of Improving the conditions of life for the said inhabitants, 2) The land to this scheme must be retained by the Trustees for the use of their charity. 3) In so far as the land and buildings to this scheme, or other assets of the charity, are not qUIred for the said object in (1) above then provided that the trustees shall have consulted and obtained the agreement of the trustees of CISWO in advan, the Trustees may use the CharItS land and other assets for such other purposes as are exclusively charitable at law for the direct benefit of the inhabitants of the area of benefit. In setting our objectives and planning our activities the Trustees have considered the Charity Commission's general guidance on public benefit and in particular to its impact on the beneficiaries of the Charity. 3. Or anisation The Trustees who have served during the year are detailed below: . Mr D Wilson Mrs J Swinscoe Mr P Mapplebeck Ms L Renshaw Mrs A Kirkham Mrs L Weetman 20
The Secretary to the Trustees, responsible for the day-to-day administration of the charity is Mrs V A Corcoran, Calverton Miners Welfare, Hollinwood Lane, Calverton, Notts NG14 6NR. 4. Revlew of the Develo Charit ment Activltles and Achlevements of the Financlal U date & Polic Review Brlef Profit & Gift Aid: The Social Club recorded a profit of £19,666, which has been passed to the Trust via Gift Aid a £12,000 increase compared to the previous year. Occupational Licence Fee: established this year at £9600, below the 100/0 recommended in the 2021 Policy, due to the 2021 Policy being tabled for review at the next Trustees meeting. Future Projections: Tumover is expected to rise further following th8 completion of the 3G facility in 2025, which is anticipated to enhance community engagemant and revenue-generating opportunities. Financial commitments: Football Foundation Sinking Fund - £27,000 annually commencing in 2025, representing a significant ongoing financial obligation. An increase in pension contributions, NIC and NMW will create a further financial strain, it is further anticipated that in 2025 there will be an increase in staff and opening times, therefore, a full review of financial policies is planned to ensure they remain fit for purpose in light of increased turnover, future capital developments, and both short and long-term financial commitments. Timeline & Funding Start Date: January 2025 Expected Completion: July 2025 Funding Secured., £100,000 from the UK Government's Prosperity Fund, facilitated by Fiona Hextall (Gedling Borough Council) £100,000 - KeyFund working with Tom Bostock. £50,000 - Calverton Parish Council £15,000- Bemard Sunley Fund £5,000- Thomas Farr £670,000 Football Foundation Unsuccessful applications included the FCC Applications still in progress Sport England Movement Fund Communication with CISWO has been flagged as an ongoing issue. The Trustees are actively working to improve engagement and ensure alignment with project requirements. 20
The Trustees are working with Muckle LLP to establish appropriate licensing arrangements between the Trust, Company and Football Club. The Company will act as the facilities operator, managing the pitches while the Trust retains ultimate control of the site. The Company will receive all rental and hire fe8S and gift aid surplus profits to the Trust annually. A sub-licence (with Trust consent) will be granted to the Football Club, ensuring priority access to the pitches for home fixtures. The legal costs have been offset by a grant from the Football Foundation through the "Investment Ready" program. The administration of the Charity contlnues to ensure income is higher than expenditure; given the increase in utilities this is proving increasingly difficult, however, the accounts show there is progress. The Pitch Power Fund, from the Football Foundatlon, continues to support essential maintenance to the existing pitches, which are overplayed due to high demand. The Football Foundation have written into the grant funding for grounds maintenance equipment including mowers and a tractor. The Expression of Interest to the Eon Next programme has been successful and we will undergo an audit of our building in 2025. An application to Howden's to upgrade the kitchen was successful and our brand new kitchen is now in operation. Sub Sectlon Re orts: Colts F.C. The Colts are by far the biggest sub section of the Charity and continue to support the Trustees in their drive to succeed with the 3G. The recently formed Colts Fundraising Champions ran successful events including a Christmas raffle, club presentation day and the annual toumament. The Club Development Plan Includes the 3G project and the Colts Senior Commtttee have worked with the Board to ensure the player pathway, community engagement and the development of the Club Is reflected in the Plan. This year sees the furth8r development of girls, football through the Wildcats and Calverton now has a successful ladies team. Theatre Grou Another superb village group, the Theatre Group uses the conservatory or function room to rehearse their excellent productions. Their pantomime is supported by large number8 in the Community, they are currently rehearsing for their production of Aladdin. The To Club Fund has been re-established and due to the amazing volunteer support, the Club held their annual Fireworks Display in November 2024. Chris Bird who works as Bar Manager but sits as Chair on the Top Club Fund retired in November 2024 but will continue with the Fund and intends to do another Firework display in 2025. Calverton MW Football School - The School continues to encourage the growth of Calverton Colts by instigating the formation of a new Under 8s team each year. Growth of new teams may be restricted unless the 3G project is SucsSfUl. 20
Ladies Darts has continued to be active in 2024 growing its memberships and encouraging other darts players to take part in the recreational activities at the charity, 5. Financial Review and Investment Polic The charity had net incoming resources for the year of +£126,436 (2023 +£1,338). Gross incoming resources increased by +£131,572 in the year. The occupational licence fee decreased by £3,010 to £9,600 which resulted in increased gift aid belng paid from the company as less was paid over to the charity in the form of occupational licencé. As reported earlier the Trustees are reviewing the current policies of the charity In view of the projected income that will be generated once the 3G pitch becomes operational. The company's aim to retum to profitability continues and the surplus for 2024 demonstrates commitment by all staff to that goal. Gift aid of +£19,666 was gifted to the charity in the current year based on these profits. The percentage of occupational licence fee paid to the charity was 7 % and exceeds the CISWO policy of an occupational licence fee equating to 6 % of turnover and Is a good indicator of the improvement in the company's finanS. Other income streams increased by +£122,634. The main cause of the increase in total incoming resources was the receipt of restricted funds for the 3G pitch project due to commence in 2025. Major restricted grants received in anticipation of the commencement of the 3G project included £100,000 from Gedling Borough Council, £12,500 from Calverton Parish Council (part of the £50,000 promised) and £5,000 from the Thomas Farr Foundation (see Note 15 of the annual accounts). The charity opted to tax Its supplies of land for VAT purposes on 1 October 2023 In order to b8 able to recover input tax for the impending 3G pitch construction. Prior to this decision being made the charity was unable to recover all the VAT on its expenses and the Trustees made the decision to opt to tax in order to be able to- recover VAT on the impending major project's costs. The charity's decision to opt to tax has affected income streams as VAT is now payable on all supplies of land. However, the pricing policy agreed with the chan'ty's users in 2023 to slowly increase prices to recover the additional Gosts of VAT has had a positive effect on 2024 income. If we exclude the restricted funds surplus of £115,734 th& unrestricted funds of the charity retumed a surplus of +£10,701 {2023 -£11 ,004). The income streams reported in the 2024 accounts demonstrate the success of the Trustees long term policy of making full use of the charity's facilities for the community. Overall, the charity's incoming resources totalled +£253,942 (2023 +£122,370). Expenditure rose during the year by +6,474 (2023 +£11,449) to £127,506. Many of the charity's costs remained constant or inGreased with inflation in the year- Viv Corcoran, the Secretary to the Scheme is tasked by the Trustees to constantly monitor costs and identify cost savings which she continues to do with vigour and great success. Expenditure on the 3G project increased to £18,593 (+£12,913) as planning permission was sought and a loanlgrant was agreed with Keyfund to support the proj6Ct and staff costs moving forward after the 3G pitch construction. Other 3G project costs included staff Gosts as 20
co-ordination of the project and its finances became more involved as the project came to fruition and fundraising expenditure also increased (see Note 15 to the annual accounts). Depreciation costs fell as the designated land and buildings were fully written off in the year (-£13,267) in accordance with the charity's depreciation policy (se6 Note 1 to the annual accounts). Light and heat GQSts rose by +£3,089 as statutory price Increases were applied by the utility companies outside the agreed contracts. Expenditure increases were offset by the removal of irrecoverable vat -£6,576 following the option to tax in 2023. Other costs remained within the parameters expected by the Trustees. Overall, the charity's outgoing resources totalled +£127,506 (2023 +£121,032). Total fund balances Increased by +£91,992 (2023 -£14,519) to £269,389 as at 31 December 2024. The increase in the value of the total funds of the charity mainly reflects the increase in the value of designated funds +£81,290. The designated fund now includes the play area funding received in 2022, the 3G pitch fundraising and the sub-sections cashlbank balances at year end please see Note 8 to the accounts for further analysis. Fixed assets. although decreaslng following depreciation charges, included an amount of +£7,434 in respect of capitsl additions. The Trustees are very pleased to report that the refurbishmant of the kitchen was completed in November 2024 and the new kitchen franchise - the Pitch Side Cafe - is operating from the newly refurbished kitchen. The total cost of refurbtshment including the value of a non-monetary grant from Howdens of £5,000 was £7,202. Again, most of the work completed on the fitting of the kitchen was completed by the charity's amazing team of volunteers who carried out most of the labour element of the works in their own time. The Trustees are indebted to the volunteers who gave their time and inspiration to update the charity's premises - the building looks fantastic after the work done - again thank you. Other capitsl assets purchased in 2024 included 2 dartboards and surround +£116 and a leaf colleGtorlblower +£116. other elements of the balance sheat included an increase in debtors of +£3,361 following an increase trade debtors at year end and cash and bank balances increased following the receipt of funding for the 3G pitch not spent until 2025 +£94,469. Total creditors fell by-£12,857 caused mainly by a decrease in the brewery loan following re-negotiation by Mrs Corcoran to a much more favourable rate of repayment -£5,834 and movement of the interfund balance with the company to a trade debtor rather than credltor. Statement of Investment Prlnciples The Trustees Investment is managed by JP Morgan Fleming Asset Management (UK) Ltd, provides for a balanced return from income and capital grDWth" 20
Investment Prlnciples 1. The Trustees have appointed J.P. Morgan Flemlng Asset Management to manage the assets of the Charity in accordance with the principles set out in this statement and within the guidelines set down from time to time by the Trustees. 2, The Trustees will monitor the perfomance of the investment manager against the stated Performance Objective. Performance reports and valuations will be obtained quarterly. Attendance by the Manager at client meetings is by client request. 3. The Trustees do not impose any restrictions whether in respect of ethical social or environmental matters, or voting policy or otherwise, believing that this course is in the best interests of the objectives of the Funds. Investment Objectives 4. The Objective of the Trustees through the Fledgling UK Equity Fund is to provide the Chan'ty with growth in capital and income from a diversified portfolio of UK equity shares, with the aim of preserving the real purchasing power of the capital and income over the longer term. 5. All Funds are to b& managed on a dlscretionary basis. Although the investments held by JP Morgan Fleming wer8 sold in 2009 any future surpluses would be invested with the company. 6. Reserves Pollc The free reserves of the Gharity (excluding fixed assets) comprised the unrestricted reserves. On 31 December 2024 the free reserves of these funds were -£53,748 (2023 -£56,939). The Trustees are consGiOUS that the annual cost of maintaining the Scheme may be greater than the income generated by the fund and any free reserves of the charity will be utilised to cover the expected annual shortfall if necessary. In addition, the Trustees are conscious that there will be a significant beneficiary population for many years hence and therefore they wish to ensure that the Scheme remains viable for as long as a beneficiary need exists. The Trustees are of the opinion th.at although free reserves are in a negative position temporarily the anticipated incomes from the activities of the Scheme will be sufficient to enable them to meet that commitment to the beneficiary population In Calverton for many years to come. The Trustees are constantly examining ways to improve the position of Scheme and its ability to raise income for the furtherance of the charity's objectives and meetings are held regularly to consider this. 20
- Risk Mana ement The Trustees have examined the major strategic, business, and operational risks which the charfty faces and confimi that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
- Trustees. Res onslbllitles In relation to the Flnancial Statements. Law applicable to charities In England and Wales required the Trustees to prepare financial statements for each financial year which glve a true and fair view of the charity and of the incoming resources and application of resources of the charity for that period. In prepanng those financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is Inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Approved by the Trustees and signed on their behalf by: Signature (Trustee).. Full Name Date: SCArJ bJiLgod lo.ID If 20