Charity registratlon number 702916 Company r•glstratlon number 02456427 (England and Wales) COMMUNITY VENTURES (MIDDLESBROUGH) LTD. ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
COMMUNITYVENTURES (MIDDLESBROUGH) LTD. LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs A E Bayley Ms S P Hameed Mr K Rutherford Mrs P E Smith Chlef Executive Mr M L Milen Charlty number 702916 Company number 02456427 Registered office The Greenway Centre 101 The Greenway Middlesbrough England TS3 9PA Independent examiner Davies Tracey Swan House Westpoinl Road Teesdale Business Park Stockton on Tees TS176BP
COMMUNITYVENTURES (MIDDLESBROUGH) LTD. CONTENTS Page Trustees, report Independent examinerfs report Statement of financial aciivities Balance sheet Notes to the financial statements 7-14
COMMUNITYVENTURES (MIDDLESBROUGH) LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The truste8s present their annual report and financial statements for the year ended 31 March 2024. The trustees who are also directors of the charity for the purposes of the Companies Aot 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The past year has presented signtficant challenge for both CVL and people of Middlesbrough, with cost of living pressures hitting the local area hard during a period when mainstream funders and many providers of support appeared to have focused their efforts elsewhere. Pressure on available resources has seen us look to increase the effectiveness of our support, targeting serVIS at populations and areas where there is a lack of provision locally and always looking to compliment the delivery of other local stakeholders. The spectre of homelessness has become a near daily issue ft)r those presenting and statutory solutions seem unable or unwilling to provide an adequate response, which has led the trustees to decide that an expanded housing offer needs to treated as a priority. Significant investment of time and resource has led to the development of CVL Housing CIC as vehicle to progress an expanded housing offer. Objectives and activities The objeclives of Community Ventures (Middlesbrough) Ltd described in its Memorandum and Articles of Association are.. To relieve povety and advance education amongst persons in the United Kingdom. with particular regard to such persons who are unemployed or are suffering the consequences of unemployment, through the provision of vocational training and through such charitable means as may be deemed appropriate" The promotion for the public benefit ot urt)an or rural regeneration in areas of social and economic deprivation (and in particular East Middlesbrough) ... To further those objects, our policies include.. o Setting-up and ownership of sustainable community businesses o Directly employing peoplè on appropriate conditions o Supporting measures to assist unemployed people to access available jobs o Linking and collaborating with other organisations o Community regeneration activities The trustees have paid due regard to guidance Issued by the Charity Commission in deGiding what activities the charity should undertake. Public benefit The trustees have complled with the duty to hav8 due gard to the public b8nefflt guidance published by the Charity Commission.
COMMUNITY VENTURES {MIDDLESBROUGH) LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfom)an¢e Our safe spaces come in all shapes and sizes across East Middlesbrough. and they offer adults and young people the chance to leam and do - and all the while contributing to the growth and strengthening of Ihe community. 1 Llsten We're about creating safe spaces for people to learn. do and grow in a bid to provide safe spaces, we listen to the people in our communities and move and flex our community activities based on the needs at the time. We are working to address the failing residential rental market reporied by so many people; taken over ownership of rental properties in North Ormesby. wilh plans to take on retail and residential properties in ThoMte and we continue to work with residents to understand their needs and to help to bring life back into the area. 2 Collaborate We work with a number of local and regional partners to develop new ways of working and we will be delivering, developing and piloting a number of interventions. We will work with residents, and other stakeholders and will be investing in plans to transform underused properties into additional opportunities for business and residents. 3 Contribute We have taken over a significant Spa at Town Farm A]lotments site building on the previously developed Digging Deep siie. to help people to improve communty mentsl health. encourage the learning of new skills and boost confidence. There will be sub plots for children as well as other community groups. We learn to grow, cook and eat vegetables with sessions in our kitchen to make soups. salads and healthy meals. Volunteer acÉivilies like this. provide a great way to stay healthy both physically and menlally, whiEe enhancing lrfe skills that potential employers value. Through self-care. as a community we're also contribLrting to the creation of another safe space where other people can connect in a supporlive, friendly environment. 4 Empower All our activities are open to everyone without discrimination, and we've recently staried running activities which positively support distinct groups. based on the needs of the community. sin taking over the management of Pavilion Nursery in North Orrnesby, we're able to provide additional holiday activities, covering a larger footprint and offer a vital sensory room to increasing numbers of young people with additional needs. This increased activity also offers opportunities to provide apprenticeships and train local people. To maintain an active profile of support and social networking. CVL continued and developed its membership and participation national, reglonal, and local organizations. These include= -NCVO -Vonne -YGT -Locality -Homeless Link -Living Wage Foundation We continued to invest in and to provide training for staff and volunteers and saw a number access new employment opportunities as a result. The board r&mains confident that the organisation has a strong plalform from which to build our support for ongoing charitable activity. Financial review The charity continues to apply the funds at its disposal for the benefit of the ¢ommuntty, to include assisting a related company, CVL Housing CIC, to achieve its aim of providing accommodation to significantly disadvantag8d people in East Middlesbrough. Reserves policy The Trustees and Directors have given careful consideration to an appropriate reserve policy. The net funds of the charily at 31 March 2024 were £1,625 {2023: £81,889). The Trustees and Directors aim to maintain a reserve level equal to six months operatlng costs. These reselves, when avallable, wlll b6 for the use at the Trustees, and Directors, discretion, in furtherance of the charity's objects.
COMMUNITYVENTURES (MIDDLESBROUGH) LTD. TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In particular, such reserves shall be maintsined for use against future uncertainties. for example- o to tske advantage of change an opportunity o to absorb setbacks o to provide for contingenciès o to minimise business risks Unallocated reserves will be maximised for thelr use in benefiting the charity subject to company needs and statutory requirements. Structure, governance and management Governing document The Charity is a charitable company, limtted by guarantee. Each member has agreed to guarantee an amount of £1 in the event of the chartty's being wound up. At 31 March 2024 there were 183 members. 11 was incorporated on 29 December 1989 and is govemed be a Memorandum and Articles of Association, which were amended on 15 December 2000, at which time the company changed its name from East Middlesbrough Community Venture to Community Ventures {Middlesbrough) Ltd. The tmstees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signalure of the financial statements were.. Mrs A E Bayley Ms S P Hameed Mr K RLrtherford Mrs P E Smith Ms R Gault {Resigned 1 August 20231 As set out in the Articles of Association. the Board of Trustees {who are also the Directors) comprises no more than 7 members. All Trustees are elected at each Annual General Meeting. This report has been prepared in aOrdanCe wilh the special provisions of Pari 15 of the Companies Ad 2006 relating to small companies. Mrs P E Smith Chalr of Trustses Date.. "X3
COMMUNITY VENTURES (MIDDLESBROUGH) LTD. INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COMMUNITYVENTURES (MIDDLESBROUGH) LTD. I report to the trustees on my examination of Ihe financial statements of Communty Ventures (Middlesbrough) Ltd. (the charity) for the year ended 31 March 2024. Responslbllltles and basls of report As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements In accordance viith the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charivs financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carying out rny examination I have followed all the applicable Directions given by the Charity Comrnission under section 145(5)(b) of the 2011 Act. Independent examinerfs statement sin the charity's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirni that l am qualified to undertake the examination beuse l am a member of ICAEW, vthich is one of the listed bodies. During the year the charity provided assistan to a related entity. to include paying for supplies and services on its behalf, with the amount paid to be recovered from that entiiy in due course. This amount is induded in the charity's balan sheet as Debtors: amounts due after more than one year. The timing of the repayment of the amount may potentially have an impart on the going concem position of the charity (see Note 1.2 and Note 19 of the financial statements). I have completed my examination. Other than as noted above I confimi that no other matters have corne to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by seclion 386 of the 2006 Act: or the financial ststements do not accord with those records. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a true and fair view which is not a matter considered as part of an independent examination- or the financial statements have not been prepared in accordance with the methods and principles of the statement of Recommended Practi for accounting and reporting by chaiities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I rx)nfinn that there are no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Craig M¢Bride FCA Davies Tra Chartarnd Accountants and Business Advisers Swan House Westpolnt Road Teesdale Business Pa Stockton on Tees TS17 6BP
COMMUNITYVENTURES (MIDDLESBROUGH) LTD. STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Unrestrictod funds 2023 Income and ondowments from: Donations and legacies Charitable activities other income 97,892 243.490 64,081 240.990 5,000 Total income 405.463 245.990 Expenditure on: Charitable adivities 485.727 239,124 Total expenditure 485.727 239.124 Net incomel(expenditure) and movement In funds (80.264) 6.866 Reconciliation of funds: Fund balances at 1 April 2023 81.889 75,023 Fund balances at 31 March 2024 1.625 81,889 The statemerrt of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
COMMUNITYVENTURES (MIDDLESBROUGH) LTD. BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 10 14,326 24.440 CuThent assets Debtots Cash at bank and in hand 11 88,838 3,361 33.897 31.634 92,199 65,531 Creditors: amounts falling due withln one year 13 (44.227) {8,082) Net current assets 47,972 57,449 Total assets less Current liabilities 62,298 81.889 Creditors: amounts falling due after more than one year 14 {60.673) Net assets 1,625 81,889 Income funds Unrestricted funds 1.625 81,889 1,625 81,889 The company is entitled to the exemption from the audtt requirement coniain8d in seclion 477 of the Companies Act 2006. for the year ended 31 March 2024. The directors acknowledge their responsibilities for Complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance wlth the provisions applicable to companies subject to the small compani8s reglma. The financial ststements were approved by the Board of Trustees and authorlsed for issue on and were signed on its behalf by: W3ji Mrs P E Smith Chair of Trustees Company rogistratlon number 02456427
COMMUNITY VENTURES (MIDDLESBROUGH) LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Charity informatlon Community Ventures (Middlesbrough) Ltd. is a private company limited by guarantee incorporated in England and Wales. The registered office is The Greenway Centre, 101 The Greenway. Middlesbrough, TS3 9PA, England. 1.1 A¢¢ountlng eonvention The financial statements have been prepad in accordance with the charItS tgoverning documenti, the Companies Acl 2006, FRS 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland" ('FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional cUencY of Ihe charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial stalements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concem At the time of approving the financial statements. the trustees have a reasonable expectstion that the charity has adequate resources lo continue in operational existen for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. The charity is dependent to some extent on the repayment at an appropriate time of expenditure incurred on behalf of. and recharged to, a related party, CVL Housing CIC. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of Ihe trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. Th6 purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to spècifio conditions by donors that the capital must be maintsined by the charity. 1.4 Income Incom8 is rècognised when the charity is legally entitled to it after any performance conditions have been met. the amotjnts can be mgasured reliably. and it is probable that income will be r8ceived. Cash donations are re¢ognised on receipt. oth6r donations are recognised once the charity has béen notified of 'the donallon, unless perfomiance condltlons require deferral of the amount. Income tax recov8rabl6 in relallon to donations received under Gift Aid or d8eds of covenant is r6cognised at the time of th8 donation. Legacies are recognised on r8C8lPt or otheDNise rf the charity has been notified of an impandlng distribution. the amount Is known, and receipt is expected. If the amount is not known, the legacy is treated as contingent ass8l.
COMMUNITY VENTURES (MIDDLESBROUGH) LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles {Continued) 1.5 Expendlture Expenditure is recognised once there is a legal or constructivé obllgation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlemen( and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in ur)dertaking each activity. Direct costs attributable to a single activity are allocated directly to that aclivity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apporlioned belen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assels are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leasehold extension Equipment over 7 years over 5 years The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carying value of Ihe asset. and is regnised in the statement of financial activities. The charity owns freehold propety which was fully depreciated to a net book value of £Nil at the date of its transfer lo the chartty in 2017. 1.7 Impairnient of fixed assets At each reporting end date. the charity reviews the carrying amounts of Its tangible assets to delemiine whether there is any indication that those assets have SLrffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estimated in order to detemiine the extent of the impaimient loss (if any). 1.8 Cash and cash equtvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown Wtthin borrowings in current liabilities. 1.9 Flnanclal instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instrum8nts Issues, of FRS 102 to all of its financial instruments. FlnanGial instruments are recognised in the charlty's balance sheet when the charity becom8s party to the contrartual provisions of the Instrument. Financial assets and liabilities are offs8t, with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to $8tt18 on a net basis or to realise the asset and s8tt1& the liability simultaneously.
COMMUNITYVENTURES (MIDDLESBROUGH) LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng policies (Continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaclion costs and are subsequently carried at amortised cost using the effective Interest method unless the arrangement conslltutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financlal assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabililies. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitLrtes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or seryices 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. If not. Ihey are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Dere¢ognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the pertod in which the employee's seNices are received. Tennination benefits are recognised immediately as an expense when the charity is demonstrably committed tri tem)inate the employment of an employee or to provide tennination beneffts. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical ac¢ountlng estimates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabiltties that are not readily apparent from other SoUrs. The estimates and associated assumptions are based on historical experien and other factors Ihat are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revlslons to accounting estimates are recognised in thg period in which the estimatè is revised where tha revision affects only that period. or In the period of the revislon and future periods where the revision affects both current and future periods.
COMMUNITYVENTURES (MIDDLESBROUGH) LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted funds 2024 Unrestrfctod funds 2023 Donations and gffts 97.892 Income from charltable actlvities Unrestricted funds 2024 Unrestricted funds 2023 Provision of charitable services 243,490 240.990 Support costs Support Governance costs costs 2024 Support Governance costs costs 2023 Depreciation Postage and stationery Advertising Sundries Travel Membership and subscriptions Premises expenses Consultancy costs Bank Charges Insuran Telephone 10,115 1.919 5,139 63,946 716 10,115 1,919 5,139 63,946 716 10,231 2.542 333 28.384 10.231 2.542 333 28,384 834 31.781 123.136 929 2,661 2,736 834 31,781 123,136 929 2,661 2,736 134 21,642 134 21,642 143 3,060 2.455 143 3,060 2,455 Accountancy fees Legal fees 7,381 9,733 7,381 9,733 7.466 887 7,466 887 243,912 17.114 261,026 68,924 8.353 77,277 Analysed beeen Charitsble activities 243,912 17,114 261,026 68,924 8,353 77,277 The fee payable to Davies Tracey for the independent examlnation of the financial statements was £1.500 12023.. £900). Other fées payable to Davies Tracey were £6,800 (2023: £6,586). 10-
COMMUNITYVENTURES (MIDDLESBROUGH) LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement In funds 2024 2023 The nét movement in funds is stated after chargingl{crediting)'. Depreciation of owned tangible fixed assets 10,115 10,231 Trustees Nonè of the trustees (or any persons connecied with them) received any remuneration, benefits or expenses from the charity during the year. During the year Mrs A E Bayley. a trustee. made donations to the charity of £30,000. Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Provision of Charitable services Management and administration Total Employment Costs 2024 2023 Wages and salaries Social security costs other pension costs 183.097 13.714 3.383 133,057 8.003 1.461 200.194 142,521 There were no employees whose annual remuneration was more than £60.000. Remuneration of key management personnel The remuneration of key managem8nt parsonnel was as follows: 2024 2023 Aggregate compensation 53,134 11,602 Taxatlon The charty is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 11
COMMUNITYVENTURES (MIDDLESBROUGH) LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Tangible fixed assets L•as•hold èxtènslon Equlpment Total Cost At 1 April 2023 253,440 70,436 323,876 At 31 March 2024 253,440 70,436 323,876 Depreclatlon and Impalrnient Al 1 April 2023 Depreciation charged in the year 230,448 9,032 68,987 1,083 299.435 10.115 At 31 Mah 2024 239,480 70,070 309,550 Carrying amount At 31 March 2024 13,960 366 14,326 At 31 March 2023 22,992 1,448 24,440 11 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Olher debtors Prepayments and accrued income 6,673 6,000 17,084 8,897 25,000 29,757 33,897 2024 2023 Amounts falling due after more than one year. Other debtors 59,081 Total debtors 88.838 33,897 12 Loans and overdrafts 2024 2023 Bank loans 76,501 Payabl@ within one year Payablg after one year 15,828 60,673 12-
COMMUNITYVENTURES (MIDDLESBROUGH) LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Loans and ovordrafts {Contlnued) 13 Credltors: amounts falling due wlthln one year 2024 2023 Notes Bank loans Other taxation and social security Trade creditors Other creditors Accruals and deferred income 12 15.828 12.100 6,806 203 9.290 1.951 1.308 324 4,499 44.227 8.082 14 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank loans 12 60.673 15 Retirement benefft schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 3,383 1,461 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charily in an indep8ndently administered fund. 16 Unrostrictod funds The unrestricted funds of the charity comprise the unexpend8d balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have b68n set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incomlng Resources At 31 March resources oxpended 2024 General funds 81,889 405,463 (485,727) 1,625 13-
COMMUNITY VENTURES (MIDDLESBROUGH) LTD. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Unrestricted funds (Continued) Previous year: At 1 April 2022 Incomlng resources Resources At 31 March èxpended 2023 General funds 75,023 245.990 {239,124) 81,889 17 Operating lease commitments Lessee Al the reporting end date the charity had outstanding commilmenls for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 2024 2023 Within one year Between two and five years 6.336 21,574 310 27,910 310 Lessor 18 Events after the reporting dato Shortly after the year end the charity borrowed £120,000. with security for the borrowing being given by the charity on properties with a net book value of £Nil in the charity's accounts. 19 Related party transactions The charity has had transaclions with, and provided services to, CVL Housing CIC ("the CIC"). The CIC has one director in wmmon with the charity and the Chief Executive of the charity is also a diredor of the CIC. During the year ended 31 March 2024 the charity provided managerial asSiStsn to the CIC free of charge and also incurred expenditure of £59,081 on behalf of the CIC, with Ihis expenditure to be recovered at wsl price from the CIC. This £59,081 is included in the charity's 8xpenditure for th8 year, and the recharge of this expenditur6 to the CIC in the year is included in the charity's income. None of the £59,081 has thus far been repaid lo the charity by the CIC and the amount is included in the charity's balance sheet within Debtors-. amounts falling du8 after more than one year. 14-