COMPANY REGISTRATION NUMBER: N1042978 CHARITY REGISTRATION NUMBER: 107303 Hanwood Trust Company Limited Company Limited by Guarantee Financial Statements 31 March 2024
Hanwood Trust Company Limited Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) 10 statement of financial position 11 Notes to the financial statements 12
Page 1 Hanwood Trust Company Limited Cornpany Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Registered charity name Hanwood Trust Company Limited Charity registration number 107303 Company registration number N1042978 Principal office and registered Hanwood Centre Kinross Avenue office Tullycarnet Belfast Antrim BT5 7GE The trustees MrHKDFlynn Mr S Douglas Mr J White Mr P Carland MrBRea Mrs C Birch Mr J Birch Mr GT Dorrian (Died 18 April 2024) (Appointed 9 May 2024) Company secretsry Mrs C Birch Auditor Johnston Graham Limited Chartered accountants & statutory auditor 2161218 Holywood Road Belfast BT41PD Structure, govemance and management Govemance of the Charity The charity is controlled by its goveming document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Related parties Belfast City Council is a related party of Hanwood Trust Company Limited by virtue of lease agreements which exist beeen Belfast City Council and the company on land and premises at Kinross Avenue, Tullycarnet. Risk management The directors have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that the systems are in place to mitigate any exposure to the major risks.
Page 2 Hanwood Trust Company Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {c¢)ntinue¢¥ Year ended 31 March 2024 Objectives and activities The objectives of the company as stated in the Memorandum of Association are the promotion for the public benefit of rural or urban regeneration and advancement of community development in areas of economic, physical and social deprivation and in particular, Tullycarnet by all or any of the following - The relief of poverty in such ways as may be thought fit The relief of unemployment in such ways as may be thought fit, including assistance to find employment. The advancement of education, training or retraining, particularly among unemployed people and providing unemployed people with work experience. The provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charity need through help- (i)in setting up their own business (ii)to existing businesses The creation of training and employment opportunities by the provision of work space, buildings andlor land for use in favourable tems- - The maintenance, improvement or provision of public amenities- The advancement of amateur sport and the provision or assistance in the provision of recreational facilities for the public at large or those who by reason of their youth, age, ill-health or disability. financial hardship or social and economic circumstances, have need of such facilities., - The preservation and protection of health., - The advanment of community development., The promotion of religious and racial harmony and equalty and diversity and Such other means as may from time to time de determined subject to the prior written consent of the Charity Commission for Norther Ireland. In support of these objectives, each year the company makes in kind donations in support of community health initiatives and room hire. During the year ended 31 March 2024, the value of these charitable donations amounted to £43,000.
Page 3 Hanwood Trust Company Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Achievements and performance Our Last AGM was held on 28th June 2023. At that meeting we discussed the challenges faced by the company with the rising costs of fuel, energy, rates and living expenses and how we needed to be prepared to spring into action with innovative financial and non financial ideas to assist the community, tenants, and customers. FUNDING We continue to apply for funding but it is becoming increasingly difficult as the number of applicants has increased. Nevertheless we have been successful in securing various sources of funding for program delivery. The Trust does not generate any profit from funding packages. However, the finance provided enables us to run programs and services for local people. A Community Fund, introduced by the Board of the Hanwood Trust in the 2023 year, has been successful in assisting community groups in the area with funding if needed. The fund 15 managed by the Hanwood Trust and 50 % of any surplus made in a financial year (up to £5,000) will go back into the local community after application appraisal and submission to the Trust from Tulycarnet Communty Collective. PHASE 1 (Main Building) and PHASE 3 (Sports Pitch and Gym) The football pitch is operating at full capacity with the local Tullycarnet team occupying more slots due to their increased numbers. This is a positive development for the local community and the children and adults involved with the team. There has been an increase in fitness suite membership numbers again this year with over 200 members per month PHASE 2 Phase 2 of the Hanwood Business Park is still 1000/0 occupied. PHASE 4 Phase 4 is opearing smootly and the Henderson Group run a different operation than the smaller independent owners. The Hanwood Board members and staff work tirelessly to ensure the sustainabilty of the Hanwood development. It is incredible to think that a piece of waste ground now accomodates 30 businesses and a sports complex, employing 176 people. Our most significant challenge continues to be ongoing price increases that affect our tenants and thie customers. As a Board we are prepared to assist our tenants, customers and communty when necessary. My thanks once again to the Community Board and the Staff for their commitment and hard work during what has been a most challenging year.
Page 4 Hanwood Trust Company Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 Financial review Income for the year totalled £336,189 including £56,173 received as grant income. Total expenditure on charitable activities was £420,850 giving an overall deficit of £84,661 for the financial year. Included within the deficit is £97,992 of depreciation relating to the propety which has been included in the accounts as restricted funds. The company showed a surplus of £4,021 for the year relating to its unrestricted funds. Reserves policy The charity's policy is to retain a level of reserves, which matches the needs of the organisation both at the current time and in the foreseeable future. The Trustees have detemiined that it would be appropriate for the charity to hold a minimum unrestricted reserve equivalent to 6 months total operating costs and will continue to monitor compliance with this policy on a regular basis and review the appropriateness of the policy annually. Trustees, responsibilities statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charty tnjstees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming reSoUrS and application of resources, including the income and expenditure, for that period. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP; make judgments and accounting estimates that are reasonable and prudent; 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 adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Companies Act 2006. 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.
Page 5 Hanwood Trust Company Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Auditor Each of the persons who is a trustee at the date of approval of this report confinns that.. so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit infomiation and to establish that the Charity's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees. annual report was approved on 19 June 2024 and signed on behalf of the board of trustees by: Mrs C Birch Charty Secretary
Page 6 Hanwood Trust Company Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Hanwood Trust Company Limited Year ended 31 March 2024 Opinion We have audited the financial statements of Hanwood Trust Company Limited (the 'charty') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming reSoUrS and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Page 7 Hanwood Trust Company Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Hanwood Trust Company Limited (continued) Year ended 31 March 2024 Other infomiation The other information comprises the infomiation included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent othewise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomation and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audtt: the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns- or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the directors, report and from the requirement to prepare a strategic report.
Page 8 Hanwood Trust Company Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Hanwood Trust Company Limited (continued) Year ended 31 March 2024 Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= As part of the audit process we obtained an understanding of the legal and regulatory framework applicable to the entity, being FR102, Companies Act 2006 the UK taxation regime and compliance with regulations in relation to the Coronavirus Jobs Retention Scheme and the Coronavirus Business Interruption Scheme. In addition, we assessed the risks of material fraud through enquires with management and those charged with corporate govemance and analytical procedures were used to assess any unusual or or unexpected relationships. As with all organisation of this size, there remains an inherent difficulty in the detection of irregularities. A further description of our responsibilities for the audit of financial statements is located on the FRC'S website at www.frc.org.uklauditorsresponsibilities As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effecttveness of the internal control.
Page 9 Hanwood Trust Company Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Hanwood Trust Company Limited (continued) Year ended 31 March 2024 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going COnM basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or Ccsnditions that may cast significant doubt on the charitWs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, rf such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audttor's report. However, future events or conditions may cause the charty to cease to continue as a going concern. Evaluate the overall presentstion. structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charty's members. as a body, in accordan with Chapter 3 of Part 16 of the Companies 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not acpt or assume responsibility to anyone other than the charity and the charity's members as a body. for our audit work. for this report, or for the opinions we have fomed. MS E MULHOLLAND (Senior Statutory Auditor) For and on behalf of Johnston Graham Limited Chartered accountants & statuiory auditor 2161218 Holywood Road Belfast BT4 1PD 19 June 2024
Page 10 Hanwood Trust Company Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Totsl funds 2023 Unrestricted funds Note Income and endowments Donations Charitable activities Income from other trading activities Total income 10,388 56,173 10,388 127,316 198,485 336,189 71,143 198,485 92,793 191,724 269,628 68,561 284,517 Expenditure Expendlture on charitable activities Totsl expenditure 265,607 155,243 420,850 380,932 265,607 155,243 420,850 380,932 Net expenditure and net movement in funds 4,021 (88,682) (84,661) (96,415) Reconciliation of funds Total funds brought forward Total funds carried foThMrd 160,703 2,576,300 2.737,003 2.833,418 2,737,003 164,724 2,487,618 2.652,342 The statement of financial activtties includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 12 to 18 forni part of these financial ststements.
Page 11 Hanwood Trust Company Limited Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fed assets 14 2.464,139 2,562,131 Current assets Debtors Cash at bank and in hand 15 16.116 244.132 12,162 252,048 264,210 260,248 Creditors: amounts falling due within one year Net current assets 16 72.045 89,338 174,872 188,203 2.652,342 Total assets less current liabilities 2,737,003 Funds of the charity Restricted funds Unrestricted funds 2.487,618 164,724 2,576,300 160,703 Total charity funds 17 2.652,342 2,737,003 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 19 June 2024, and are signed on behalf of the board by.. MrBRea Trustee The notes on pages 12 to 18 form part of these financial statements.
Page 12 Hanwood Trust Company Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General infomation The charty is a public benefft entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Hanwood Centre Kinross Avenue, Tullycarnet, Belfast, Antrim, BT5 7GE. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty Accounting estimates and assumption5 are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the nexi financial year are as follows: Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or Commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Page 13 Hanwood Trust Company Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity- it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the grft, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and seNices are recognised in the accounts when received rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted seNice. This is Classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates= expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expend¢ture that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expendrture categories reflecting the use of the resource. Direct costs attributable to a single activty are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets All fixed assets are initially recorded at cost.
Page 14 Hanwood Trust Company Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continued) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows= Freehold property Fixtures and fittings 2 % straight line 20 % reducing balance Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. ere the carrying value eXedS the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identlfiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Limited by guarantee The company is limited by guarantee and has no authorised or issued share capital. The company has charitable status accepted by the Inland Revenue under reference XR22318. Donations Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Donations Donations 10,388 10.388 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 Other funding BCC 56,173 56.173 71.143 71,143 71,143 56,173 127,316
Page 15 Hanwood Trust Company Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Charitable activities (continued) Unrestricted Funds Restricted Total Funds Funds 2023 Other funding BCC 28,447 28,447 64,346 64,346 64,346 28,447 92,793 Income from other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Other income Room hire Rent Sports pitch rental Fitness suite income Phase 4 rental 6,590 2,682 105,691 29,289 19,133 35,100 6,590 2.682 105,691 29.289 19.133 35,100 198,485 503 4,806 105,099 29,069 17,147 35,100 503 4,806 105.099 29,069 17,147 35,100 198,485 191,724 191,724 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Costs of generating funds Property management costs Local projects Donations Support costs 234,158 22,601 1,419 967 6,462 234,158 120,593 58,670 967 6,462 97,992 57,251 265,607 155,243 420,850 Unrestricted Funds Restricted Total Funds Funds 2023 Costs of generating funds Property management costs Local projects Donations Support costs 216,724 27,235 6,292 99,803 22,155 223,016 127.038 22,155 1,790 6,933 1,790 6,933 252,682 128,250 380,932
Page 16 Hanwood Trust Company Limited Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2024 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Totsl funds 2024 Total fund 2023 Costs of generating funds Charitable activities costs Property management costs Local projects Donations Governance costs 234,158 234,1 $8 850 120,593 58,670 967 6,612 223,016 1,220 127,038 22,155 1,790 5,713 850 120,593 58,670 967 5,612 6,462 414,388 420,850 380,932 10. Net expenditure Net expenditure is stated after chargingl(crediting)- 2024 2023 DepCiatIon of tangible fsxed assets 97,992 99,803 11. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 3,290 3,250 12. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows= 2024 2023 Wages and salaries Socia5 security costs 187,159 8,332 195,491 169,049 4,580 173,629 The average head count of employees during the year was 9 (2023: 8). The average number of full-time equivalent employees during the year is analysed as follows= 2024 No. 2023 Number of staff No employee received employee benefits of more than £60,000 during the year (2023: Nil)- 13. Trustee remuneration and expenses No trustees received remuneration or other benefits through employment with the charty.
Page 17 Hanwood Trust Company Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 14. Tangible fixed assets Land and Fixtures and buildings fittings Total Cost At 1 April 2023 and 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 4,450,597 264,123 4,714.720 1,949,158 89,012 203.431 8.980 2,152,589 97.992 2,038,170 212.411 2,250,581 Carrying amount At 31 March 2024 2,412,427 51,712 2,464,139 2,562.131 At 31 March 2023 2,501,439 60,692 15. Debtors 2024 2023 Trade debtors other debtors 5,982 10,134 5,822 6,340 16,116 12,162 16. Creditors: amounts falling due within one year 2024 2023 Trade credttors Social security and other taxes Other creditors 4,682 7,393 59,970 5,796 9,055 74,487 72,045 89,338 17. Analysis of charitable funds Unrestricted funds At 31 Mah 202 At 1 April 2023 Income Expenditure General funds 160,703 269,628 (265,607) 164,724 At 31 March 202 At 1 April 2022 Income Expenditure General funds 157,315 256,070 (252,682) 160,703
Page 18 Hanwood Trust Company Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 17. Analysis of charitable funds (continued) Restricted funds At 31 March 202 At 1 April 2023 Income Expenditure Restricted Fund 2,576,300 66,561 (155,243) 2A87,618 At 31 March 202 At 1 April 2022 Income Expenditure Restricted Fund 2,676,103 28,447 (128,250) 2,576,300 18. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 2,464,139 2,464,139 260,248 172,045) 2,652,342 260,248 (72,045) 188,203 2,464,139 Unrestricted Funds Restricted Totsl Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 2,562,131 2,562,131 264,210 (89,338) 2,737,003 264,210 (89,338) 174,872 2,562,131