Company recristration number.. N1682767 Charity registration number: 108645 The Speedwell Trust Limited (A company limited by guarantee) Annua] Report ond Financial Statements for the Year Ended 31 March 2024 Baxterworld Ltd Unit 3 Dar(ran Industsial Park 60-84 DaTgatJ Crescent Belfast BT3 9JP
The Speedwell Trust Limited Contents Reference and Adtninisttative Details Trustees, Report 2to7 Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities kotoll Balance Sheet 12 Notes to the Financi Statements 13to22
The Speedwell Trust Limited Reference and Administratrve Details Trustees Laui? Swaile {Ch2irperson) Francis McVeiJts Erie Rainey Terence Heron (Treasurer) Louise Qutnn {appointed 17 November 202)) Neil Downing {Resigned L September 2023) Robert Cofvin {ResIed I September 2023) Secretary Stephen Crabbe Prillcipal Office Parkanaur Forest PaTk 57a Parkan&ur Road Castlecaulfield Co. Tyrone BT70 3AA Company Registratiou Number N1682767 Charity Registration Number 108645 Solieitors lo1 Hoy. Son .hY DX41?ON Dunganno BaxterwoTld Ltd Unit J Dargan Industriat Park 60-84 Dargan Crescent Belfast BT3 9JP Independent Lxaminer Page I
The Speedwell Trust Limited Trustees, Report The trustees, who are directors foT the purposes of company law. presellt the ajmual report together witli the fLnancial statemeJ]ts of the charitable company for the year ended 31 ch 2024. Objeetives and actisryties Objects ond ain The Speedwell Trust is a registered charity and company Limited by Guarantee. It is our ambition to ci.eate a better world for children and young people by using a nature-b&sed appr()ach to remove barriers through oui prOammeS and by equipping children and youn(y people and their families with the skills needed to overcome adve13ity, be resilient aud be able to deal with the Challenges life can bring and respond as caretakers of themselves, each other and the world around them. We have three key areas of focus whidi are: Shared Education- helping break down baLTiers and create a more inclusive society and to equip children 2nd yoiing people with the skills and knowledge to bring about tK)sitive and lasting change. Eco-Education - ediicating children atkd young people about the natural world and equippinD them with the sktlls and understanding in how they ean play a role in safeguarding the world around them. Wellbeing- using the fottst. we take a nature-b&sed approach to deliver w(x)dland wellbeino pi'ogrdmmes to help childreTh atld young people understand how to look after their physical and mental health arld wellbeing. Public benefit The benefits that flow directly from the purpose are: (ia) the advancement of buman rights, reconciliation and the promotion of religious and raci81 harmorjy and equality and divei'sity thOUgh the delivery of prottneS that encoLLrage positive behaviour. tolerdnce and mutual r£spect towards one another leadino to a better shared ture for all in society (ib) the advaneement of education and environmental protection via the development of young people as contributors to the economy and the environment thmugh edu¢ation for suslaillable development leading to employmenl reduction in poverty, unemployment and an overall better quality of life (li) tbe adv8nccment of citizenship and community development as a result of our lono standing relationship with schools, wlio are the gateway to the wider community developing links with p8Jents, families, extended families, teachers, friends, local groups, volunteers etc {iii) strengthening and supporting Simil groups to fiirther advance respect These benefits can be evidenced by records kept in the numbers of children participating in workshops and programmes on a daily basis, evaluations completed by teachers on programme content and relevance, comments on our webpage, intemai assessment of programme contenL extertLa] SEllveys, photo and video evidenee, annual reporting to fjjnders and supporters and also external audits. The possibility of hami. for example physical injury incLLrred in the 'outdoor envirotunent, is outweled by the benefit of exercise, fresh air and leaming 'outside the classroom, by the policies and procedures in place to address such risks e. child protection policies, health and safety policies, forest pmgrdmtne risk 2ssessmerhts. wup safety at water margins policy etc. The eharities beneficiaries are children. young people, parents and wider Community in Northern Ireland and border counties i.e. Monaghan & Donegal. Specific projects Lnay address particular counctl areas such as the Mid Ulster district and those aforementioned in the application. No private benefit is obtatned by the Trustees as a Tesult of the purposes. The trustees confirni that they have takeT] co<ynisance of the Cliarity Commission for Northern Ji'eland's IFuid2nce on public benefit as defmed the Charities Act (Northern Ireland) 2008.
The Speedwell Trust Limited Trustees, Report Activities 2nd Projects Report During the reporting period we worked with almost 5500 children throuoh the deliveiy of 141 programmes itl Parkanaur and in schools. Shared Educ2tiotL The majority of our shared education work this ye2r was delivered through facilitation of protyrammes with local scboo15. A totsl of170/0 of our entire programme delivery, for the year. was in relation to Shared Education. The i"eason for the reduction from the previous year wds due to cuts in School sh'ed Educatiotl Budgets. A tELird of our Shared Education workshops were nded through the Department of Foreign Affairs Rcconciliation Fund,. This involved working with pairs of schools who came together on the Speedwell site at Parkanaur and in their own schools. to work through a range of progrdmmes desIed to support greatei. community cohesion, relationship building and understanding. Woodland Wellbein¢ Funding from the Wesleyan Foundation enabled us to offer ihe Woodland Wellbeing progl'ammc to 20 Schools delivering to approximately 600 local children. A total of 13 % of all progratnmes delivei-ed in the reporting period were for Woodland WellbeinLY. The focus of this progratnme is to utilise the benefits of nature and being outdoors to support better physical and menthl health 2nd wellbeing for Children. The response to thÈs proJts amme h&s been phenomenal. The Woodland Wellbeing programme has been beneficial on so many levels. It allowed young children to spend time outdoors to connect with nare. to lea about the bencfits of nature OD their physical and mental health and wellbeing to spend time connecting with and playing with their peer groups where they were able to new skdls, develop a bettei undcrstanding of the world around them and most importantly to feel safe and have fun again. Seasonal Pro(vr2mmes In the Slimmer wt welcomed 160 ehildren to the Summer Scheme. In total we held 4 weeks of Summ Scheme. This protsramme had a strong eco 2nd wellbein(r theme. Et was packed full of inimersive actLVlties and outdoor adventures. Frotn nattlre walks to pond dipping, our engL¥lg program encouraged children to discover the wonders of the natural world. TOUgh interactive workshops and games, children leornt about water. wildlife conservation. minibeasts and sustainable living. The overarching aitn of the summer scheme was to provide a supportive ]d inclusive environjnent where children could mak-e new friends and create lasting summer n]emories. We also offered Halloween and Wintcr Wonderland prograttLmes in the reporting period. National Lottery Platinum Jubilee Fund - N'aturt Nurture During the reporting period and in collaboration with Castlecauified HortIcuitur Society and AJ Education we delivered the second year of the Nattire Nurture project funded through the National Lottery Platinum Jubilee FurLd to 165 ¢hildTen. The project focused on bringing children together to help develop their understanding. skills. and pLssion for nature and cultivaiing alld growing plants, alld learning how this can add value to their owrl quality of lives, whilst also contributing to a better environment. Page 3
The Speediyell Trust Limited Trnstees, Report An additional aim of the project iv&s to develop a eommunity "Jubilee Garden" at the SpeedweEI Trust premises, and to train 6-10 volunteers in hortiGvlture skills, with the aim of having & long-term group of people willing to support tELe onooino development and maintenance of the .wden and to educate otheT5 in the comniunity and potentially as future tnembeTS of the Horticultural Society. The Jubilee Garden is now complete alld what was once an uDused space has been transfonned into a garden that is a fun. attractive space which can be enjoyed by children (of all abilities) and their families. It is now a oarden that tells its owi story - plants have been gpecially selected to 2ttr&ct a rich rarL<re of pollinators, 2 bird feed?ng station has been erected close to our btrd ELide where children can observe and identify tlle visiting species. Our pond has been made safer and abounds with new w&ter platlts that have created a Kn&5sive incre&se in the biodiversity living in and around the pond. The t'enovation of the garden was undertaken by Aiyn Jones of AJ Education who had a ILiStoiy, expeitise and in-depth knowledge of developing bio-diverse and accessible gardens. We recruited g volunteers (parents and children) who supported Atyn with the garden Iran5formation. Throughout the joumey the volnteerS have been able to work with and leam from Alyn to develop their gardening and knorticulture skills. Alyn and his colleague Andy (a fellow enwronmental educator) supported. coached and dekeloped the tsardenintt volunteers ensuring tliat they are now able to caTe for and maintain the aardens while (sre&tlJ developinq tl)eir gardenintr knowledge. A rich foundation h&$ beetL left foT our volurLteers to develop their sk-ills in the maintsnance of the garden. The feedbaek from the children and theii" families IS been ovenvFLelmingly positive. Child Feedback: Before the project 250/0 of the children thought they bad a rrood knowledge of Nature and the Envirotunent. This had risen to 75010 Post project. At the beginnino if Lhe project the children were asked if they undet5tood the itnportance of protectin(r our ecosystems. Pre project 43Q/o of the children understood the importance of protectin(y our ecosystems. This had iisen to 82 % post project. They were also asked 'how much did they know about planting and growing,. The results were 410/0 said they knew lots about planting and growing pre-project. Post Project this fitsure had risen tt) 90010. 85 % of children said that they would deflllitely recottllnend this project to other chsldren. Parental feedb2ek: 'I was honestly blown away by this prooramme and would highly recomrnend it. My kids loved it and it's exactly the kind of tbincr we necd more of for our kids :}' 'Aoibhe had a fant&stic time at Parkanaur with the Speedwell teaml She learned lots aknut animals and their liot5 in the forest and lots of practical activities with planting and growing. A very generou5 bundle of gardenkng tools were provided and will be put to good use at home. She Is very excited to get out into the garden. '.} Couldn't recommend it enough!. 'My ktds really enjoyed this workshop. The). learnt a lot of practical knowledge about llature and glowing vegetables and can't wait co usc their gardcning tools and growing pack at home with mum and dad! It's also great to get them outdoors, tna](ing new fiiends away from TV and video gatnes! Thank you, Speedwell Te for all the hard work! -)' Northern Irel2nd Environment Agenty- Water Quality Improvemeut Fund The Speedwell TrusL in partnership with thc Nortbern Ireland Enwontnent Agency (NtEA) through the Water Qulty Improvement Fund. successfull} implemented and delivered the River Torrent Project. This initiative. designed to enhance environmental aw'areness and comtnunity engLoemenL brouJo It tooether local schools, commwiity 0Up5, and volunteers xn an effort to improve the health alld vitslity of the River Torrent and its suri'ounding ecosystem. Page 4
The Speedwell Trust Limited Trustees, Report During the reporting peri(Kl The Speedwell Tn designeQ developed and delivered 40 education days (approximately 304/0 of our PiDgrammes delivered during the reporting period) to 10 locat schools in close proxiEnity to the RiN'er Torrent. Children, teachers and staff tlK)k part in w'otkshops aimed at emphasi7.ing the significance of rnaintaÉning and enhancino water quality. alongside practical actions they can undeitake to support conservation efforts. Additionally, education days were held at the Speedwell Centre in Parkanaur Forest Park where participants delved into topics such as survey works, invasive species idencifieation. water quality monitoring techniques, pollution control measures, and indicator species trainirlg. The River Torrent Project has been instrumental in fostering a sense of environEnents] responsibility and Conllnuntty involvement. By engaging local sch(M)Is. community groups, and volunteers, we have not only raised awareness about the importance of Preserving our natural resources but have also taken tatigible steps towards tmproving the health of the River T0ent and its ecosystem. Page 5
The Speedwell Trllst Limited Trustees, Report Nature Rangers- D'oyley Carte, Sollter Trust and 29th Mgy 1961 Cbaritsble Trust Having secured funding from a number of sources. we were able to offer the Nature Rangers piograttllne to local children, via their schools for free. A total of 16Q/o of all proorammes delivered in the reporting per(od were for Nature Rangets. We know frotn experience and listening to young clLildren that "climate anxiety" is 8 concern for them. They descTibe feeliDo powcrless to know what to do, to positively impact the environment. The focus of this programme is to equip children with the skills, knowled(*e and experience to delivei positive tnp&ct on the environment at school which they can then replicate at home and in their community. As Natui'e Rangers, these children cau feel empowered to act and to share their leatning in and out of school and be the futhre cbatnpions arLd custodians of the environment. The response to thL5 progratnme been phenomenal and has benefitted from funding from the D'oyley Carte Trust. Souter Tnt and the 29th May 1961 CbarÈtable Trust. Linking to our priority areas of the "self-envir0nent" and the "external environment" the Nature Rangers project aims to help ehildren develop sLills and experiences which will support thetn throuJtr ]out their live5, but a150 contribute to positive climate action. Thxnk you We are immensely gratefi to" all our funders, partners. participating schoo15, parents and childrcn atld volunteers. We are also grateful to the staff who worked diligently to deliver our projects and services. Fundels in tELiS period illclude= . NationaI Lottery Cornmunity Futld - Platinum Jubilee Fund • National Lottery Community Fund ~ LivinE Spaces and Places . Dept for Communities - Start HeTe nd . Department of Foreign Affairs . Northcm Ireland Environment Atrency - Water Quality Improvement Fund . Dormant Account5 . TELe 29Èh May 1961 Charitable Trust . TELe D'oyley Carte Trust . The Souter Trust . The Wesleyan Foundation Dllrinu the year we appointed". Maiyam Adam - Pi'ogrammes Assislant (joined Ortober 202J) Eoin TTe&nor- Income Generntion Manager & CollununicationslEtLgagement Lead (J'oined October 2023) They joined existing staff: Stephen Crabbe - Trust Manager Jodie Jackson - Programmes Coordinator Durinu the year we bade farewell to: Fiona B Town - Cbicf Executive {left June 20?3) Padraig Quinn - Pro8Mme$ Assistant (left August 202J) Page 6
The Speedwell Trust Limited Trustees, Report Structure? governance and management PoliLy on rgserves The charity's policy is to retain a level of unrestricted reserves, which matches the needs of theTrust both at the current time and in the foreseeable futurG and which is sufficient to cover any shortfalls in funding. At 31 March 24 the charity's uniestricted funds weie £60.193, which weie all de5ionated nds. There are no free reserves at 31 March 2024. Finaneial instruments Objgdivgs llndpolicies The charity's activities expose it to a number of financial risks incliiding credit risk, cash flow risk and liquidity risk. The use of financlal derivatives is ooverned by the charity's policies approved by the board of trustees. wILich provide written principles on the use of finaJ)cial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative Purposes. Co&hflow risk The ¢harsty's activities expose it pritnarily to the fjnancial risks of Ghanges foreÈgn currency exchange rates and tnterest rates. The charity uses foreign exchantre forward contrncts and interest rate swap contracts to hedge these exposui'es. JJ)tei'est bearing assets and liabilkties are held at fixed rate to ensure ccrtainty of cash flows. Credit risk The charkty's principal financial assets are bank balances and casb, tradc arLd other rcceivables, and investments. The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in tbe balance sheet are rlet of allowances for doubtful receivables. An allowance foi. impairment is made where there is an identified loss event whicfy based on previous experlence, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivatlve fmanciaj instnjments is limited because the counterparties are banks with high credit-ratings &%signed by international ¢redit-rating agencies. The chlty has no significant concentration ot" credit risk. with exposure spread over a large number of countery)arties and customers. Liquidity risk In order to maintatn liquidÈty to ensure that sufficient fjJnds are available for ollgoing operations and future developments. the charity uses a mixtur¢ of long-terni and short-terni debt fillance. Further detai15 reoardjnu liquidity risk can be found in the StaLement of accountin<F policie5 in the financial statements. 281612 The annual report was approved by the trustees of the charity on .... d signed on its behalf by.. Laura Swaile (Chairperson) Trustee Page 7
Tbe SpeedMTell Trust Limited Statement of Trustees, Responsibilities The trustces (who at'e also the directors of The Speedwell Trust Limited for the purposes of company law) are i"esponsible for prepating the trustees, report and the fLDancial statements in accordance with the United Kingdom Accounting Stand8Jds (United Kingdom Generally Accepied Accounting Prnctice) and applicable law and reaulations. Company law requires the knstee5 to piepare fu)ancial statements for each financial year. Utlder company law the knistees must not appiVe the finatLcial statetnents unless they are satisfied that they give a ts'ue fair view of the state of affairs of the eharitable company and of its incoming resotLrces and application of resollrces, including its income and expendAture, for that period. In preparing these finat]cial Statements, the trustees are required to.. select suitsble accountino pol?cies and apply them consistently. observe the methods and principles in the Charities SORP- make jud. oements and estimates that are reasonable and prudent" state whetlier applicable UK Accounting Standards have been followe(L subject to any material deparr¢S disclosed and explained in the financial statements" and prepare the financial statements on the going concern b&sis unless it is inappropriate to presume tbat the charitable company will colltinue in business. The tntteS are responsible for keepkng adequate accounting records that are sufficient to show and explain the charitable cornpany's transactions and disclose wÈth re&sonable accuracy at any time the financial position of the charitable company and enable them to ensure that thc financial statements comply with tkne Companics Act 2006. They aTe also responsible for safeouardints the assets of the chtiritable comparLy and hence for taking reasonable Steps for the prevention and detection of fraud and other itTegularities. 21q¥ Approved by the trustees of the charity on . and signed on its behalf by: Laura Swaile (Chairperson) TTUStee
The Speedwell Trust Limited Independent Examiner's Report to the trustees of The Speedwell Trust Lin]Ated T report on the accounts of the charity for the year ended 31 March 2024 which are set out on pages 10 to 22 . Respective responsibilities of trustees and examiner The trustees (who are also the directors of the company for the purposes of company law) ai¢ Tcsponsible for the preparation of the accounts. The trustees consider tliat an audit Is not required for this year undei. section 65{2) of the Cklarities Act (Nonhem Ireland) ?008 {tlie 2008 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to alldit undei compally law and is eligible for independent examination, it is my responsibility to- examine the accounts undeT section 65 of the 2008 Act; to follow the procedures laid down tn th¢ geDeTal Directions given by the Charity Commission under section 65{9)(b) of the 2008 Act. and to state whether particular matters have come to my attention. Basts of independent eiAminer's report My eXnIttIon was carried out in accoTdance with the general Direction5 given by the Charity Commission. examination includes a review of the accounting records kept by the charity and a comparison of tbe aecounts presented with those records. It aIso includes consideration of any unusual items or disclosllres in tlie accounts, and seeking explanations frorn you as tNstees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an aLLdit and consequently no opinion is given as to whether the accounts present a 'tTue and fair view. and the report is limifrd to tliose nlatters sct out in the statement below. Independent ex2miner'3 Statement In contlection with my examination. no matter has come to my attentiotl: (l) which tsives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 386 of the Companies Act 2006" and to prepare accounts which accord with the accountints records, comply with the accounting requirements of section 396 of the Companies Act 2006 and wtth the methods and principles of the Stateiment of Recomtnended Practice: Accounting and Reporting by Charities have not been me¢ or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Catherine McRory Chartered Institut L4 CGh(4 f Management Aceountants Unit 3 Dargatt Indusknial Park 60-84 Dargan Crescent Belfast BT3 9JP 2810612024 Page 9
The Speedwell Trust Limited StateTllent of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains alld Losses) Unrestricted funds Restricted funds Totsl 2024 Note Income and Endowments from: Donations and leoacies Charitable activities Investrnent income Other income 996 152.390 552 36.563 152,390 552 36.563 Total Income 38,111 152,390 190.501 Expenditure on: Raisitlg [la5 Charitable actlVLties (271) (60.766) (271) 209.033) (148.267) Total Expenditure (61,037) (148.267) (209,304) Net (expenditureyincome Transfers between fiujds (22,926) 4,123 (i) (18.803) et movement in fund5 (22.925) 4,122 (18,803) Reconciliation of funds Total funds brought fOvard 83,118 19,829 102.947 rotal thads carried forward 15 23,951 Restricted funds 84.144 Total 2013 Ullrestricted funds Note Income and Endown)ents froln: Donations and legacies Charitsble 2Ctivities Investment income Other incorne io,iii 4,250 149 4?,601 10,IEI 241,701 149 42,601 237,451 Total Income 57,111 237,451 294,562 Expenditure on: Charitsble activities {97.454) (218.795) ()16,249) Total Expenditure (97.454) (218,795) (316,249) Net (expendittireyincome Transfei's between fid5 (40.343) (1,172) 18,656 .172 (21,687) Net movement in funds (41.515) 19.828 (21,687) Reconciliation of funils Total funds brought forward 124,63J 124,633 Total fidS caTried forward 15 83,118 19,828 102,946 Page 10
The Speedwell Trust Limited Statement of Financial Acttiqties for the Year Ended 3 1 M3rch 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains alld Losses) All of the charity's activities derive from eontinuino operations dui'ing the above two periods. The filuds breakdown for 2024 & 2023 is shown in note 15. Page 11
The Speedwell Trust Limited (Registration number: N1682767) Balance Sheet Is 2t 31 Ilqarch 2024 2024 2023 Note Fixed assets Tangible assets 12 5,386 8,690 Current assets Debtors Cash at bank and in hand 6.334 105,655 111,989 15,678 102,829 118,507 Creditors: Amounts falling due witbin one yegr 14 24251) Net current assets 78.758 94,256 Net 2ssets 84,144 102,946 Funds of the Charity: Restricted funds 23.951 19.829 UTrrestricted income funds Unrestricted funds 60.193 83.118 Total funds 15 84,144 102,947 For the fLiiancLal year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relatino to small companies. Directors, responsibilities.. The members have not requtrcd the charity to obtain an audit of its accounts for the year ifA question in accordance with sectiotl 476. 2nd Tbe directois acknowledge their responsibilities for complying with the requirements of the Act with respect to aecounting records And the preparation of accounts. These accounts have been prepared in accordallce with the provisions applicable to companies subject to the small Companies regtme. The financial itatements on pages 10 to 22 were approved by the trustees, and authorised for issue on 29.l.blL14 and signed on their belialf by: LatEra Swaile (Chairperson) Trustee Page 12
The Speedwell Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 I Chxrity status The charity is a charity limited by guaratitee and consequetltly does Dot have share capital. Each of the trustees is liable to contribute an atnount not exceeding £Nil towards the assets of the charity iri the event of liquidation. 2 Accounting policies Sutnttkary of sinificant accounling policies alld key xceountiDg estimates The principal aecountinu policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presenteiL llniess otherw(se stated. Statement of eompiiallce The financial statements bave been prepared in accordance with Accounting and Reportlng by Charities: Statement of Recommcndtd Practice applicable to ¢kLarities preparing their accouiits in accordance with the Financial Reportino Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2015) - (Charities SORP (FRS 102}), the Financial Reportttjts Stand2rd applicable in the UK and Republic of Ireland IFRS 102) and the Compallies Act 2006. Basis of preparation The Speedwell Trnst Limited meets thc defillition of a public benefit entity utLdcr FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othen¥ise stated in the relevant accounting policy notes. Going eoncern The trustee5 consider that there are no material uncertainties about the charity's ability to continue as a going collcern noT any significant areas of uncertainty that affcct the carryin(F value of assets held by the charity. Exemption from preparing a cash flow ststement Tlie charity opted to early adopt Bulletin I publislied on 2 Febrnary 2016 and have therefore not iiicluded a cash flow statement in these financial ststemenrs. InC0e 2nd endoRinents All income is recognised once tlie chority h&8 entitlement to the income. it is probable that the income WIEI be received and the amount of the income receivable can be measured reliably. Donu¢toAs und legaeief Donations are recognised when the charity has been notified ill writing of both the amount and settlement date. In tEJe event that a donation is subject to collditiolls that require a level of perforn)ance by the charity before the charity is entitled to the fijnds. the illcome is deferred and not recognised until either those conditions are fully met. OT the lfilMent of those conditions is wholly within the control of the chariry alld it is probable that these conditions will be fulfilled in the Tep)rting period. Page 13
The Speedwell Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Dgfgrrgd ineOFne Deferred income represents att]ounts received for future periods arkd is rele&sed to incoming IESOUI'ces in the period for which, it has been reeeived. Such income is only deferred when: - The donor specifies that tbe grant or donation must only be used irk fitture accounting periods. or - The donoi. h&8 imposed conditions which must be met before the charity unconditional entitlement. InVlInent income Dividends are Tecottnised once the dividend has been declared and notificatlOD has been received of the dividend due. Eipenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be me&sured reliably. All costs are allocated to the applicable expenditure heading that a(F <rate similar costs to that catettory. Where costs cannot bc dtrectly attributed to particular lieadings they have been allocated on a basis fA)nsisteut with the use of resources, with central staff costs allocated on the basis of ttn]t spenL and depreciation charges a]located on the portion of the asset's use. Other siipport costs Are allocated based on the spread of staff costs. Raisingfunds These are costs iTheuiTed in attraeting voluntary incoTne. the management of Ènvestments and those incuiTed in trading activities that raise funds. Charitable acÉiwlie5 Charitable expenditure comprises those costs incwTed by the charity in the delivery of its activities and seivices for its beneficiaries. It includes both costs that can be allocated directly to such activities an(L those costs of an indirect nature necessary to support them. Support Costs Support costs include central functions and have been allocated to activity Cost categories on a b&sis consistent with the use of resourees, for example. alloeatino property eosts by floor areas. or per Capi staff costs by the time spent and other costs by their usage. Goven)anee eosts These iJ)clude the costs attributable to the charity's compliance with ¢onstitutionaJ and stathtory requirements, including audiL strategic management and trustees's meetings and reimbursed expenses. Taxation The chaiity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets tlie definition of a charitable mpallY for UK corporation tsx purposes. Accordingly, the charity is potentia]ly exempt from taxation in respect of income or capital gains received within cattgories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the TaxatioT] of Ch&rgeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitsble purposes. Tangible fixed assets TLTrible fixed &%sets are initially measured at cost and subsequently measured at ci)sL net of depreciation and any impairrnent losses. The charity has a fixed asset capitalisation threshold of £500. Page 14
The Speedwell Trust Lxmited Notes to the Financial Statements for the Year Ended 31 March 2024 Depreciation and xmorti5a*ion Depreciation is provided on tangible fixed asseLS SO &8 to wrtte off the cost or valuation, less any estiinated residual value, over their expected useful econoniic life as follows= Asset class Leasehold Land and Buildings Fixtures & Fittintts Deprecixtion tneÉhod and rdte 4 Straight Line 20/0 sl0ht Line Trade debtors Trade debtors are amounts due from customers for merchandise soLd or services perfornied in the ordinary course of business. Trade debtors are recOlsed initiatly at the transaction price. They are subsequently measured at amortised cost using the effective intei'est tnethod. less provision for itnpairment. A provision for the irnpaiment of tt'ade debtors É5 established when there is objective evidence ihat the charity wiIl not be able to collect all amounts due according to ttle original terms of the receivables. Cash and e2sh equivalents Casli and cash equivalents comprise cash oll hand and calL deposits. and other short-temi hIlY liquid investments that are readily convertible to a known amount of cash and are subject to arl insignÉficant risk of ch&llge in value. Tr2de creditors Trade Creditors are obligations to pay for goods or seftvi¢es that have been acquired in the ordinary cout3e of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have unconditional ri1t, at the end of the rep)rting period. to defer settlement of the creditor for al least twelve Mont1 after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the L'eporting date, they are presented as non-current liabilities. Trade Creditors 8se recotrnised initially at the transaction price and subsequently measured at amortised cost using the effective itJt¢rest method. Borrowings Interest-bearints bomwinus are initially recorded at fair value. net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cosL with the difference between the proceeds. net of transaction costs, and the amount due on redemption being recognised as a Chge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the b&8is of the effective interest method and is included in interest payable and similar charges. BOoLgS are classified as curren¢ liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. FuJJd structure Ullrestricted income fiEnds are general fttnds that are available for use at the trnstees's discretion In furthelance of the objectives of the Charity. Designated ndS are unrestricted fvnds set aside for speeifi¢ pury)oses at the dis¢r¢tion of the trllstees. Page 15
The Speedwell Trust Limited Notes to the Financial Statements for Ihe Year Ended 31 March 2024 Re5tiicted incojne fund5 are those donated for use in a particular area or for specific purposes, the use of wliich is restricted to that area or piirpose. Financial instruments Clossificalion Finarlciai assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance (yf the con117Ctual arrangements entered into. An equity instn)metrt is any contract that evidences a residual illterest in the assets of the charity after deducting all of Éts liabilities. ReL'ognilion and meusuremenl All financial assets and liabilities are initially measured at transaction price (ineluding trxnsaetion costs), except for those fJnancia] assets classified as at fait value through proftt or loss, which are initially Tnea5ured at fair value (whicb is normally tlie traThsaction PTice excludin(F transaction costs}, unless the arrdnoement coiistitutes a financino transaction. If an arrangement constitutes a financing transaction. t]ie financial asset or fin2nci21 liability 15 tneasured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilitie5 are only offset in the statement of financial position when, and only when there exists a legatly enforceable right to set off the reCo.LiSed am0[ts and the clwity intends either to settle on a net basis, or to realise the asset and settle the liability si]nultaneously. Financial assets are deiecognised when and only when a) the contractual rights to the cash flows from thc financial asset expire or are settled, b) the charity transfers to another pty substantially all of the risks and rewards of ownership of the financial asseL or c) the charity, despite baving retained some, but not all. significatlt risks and rewards of ownership, has transferred control of the &sset to another pojty. FinarLcl liabilities are derecognised only when the obligation specfjfied in the contract is discharged. c8n¢elled or expires. Invastments Investments in non-convertible preference shares 8J]d non-pullable ordinary or preference shares (where shares e publicly traded or their fair value is reliably measurable) are measured at fail value tbrouJo L profit or loss. Where fair value catll)Ot be me&sured reliably. investmettts are me&%ured at cost less impainnellt. Investments in subsidiaries aThd associates are measured at cost less i]np2irrnent. For investtnents in subsidiaries acquii'ed for consideration ttLcluditig the issue of shares q[ifyI[Lg for merger relief, cost is measiired by reference to the nominal value of the shares issued plus fair value of other ¢onsideTation. Ally pretnium is gnored. Fair value yeTement The best evidence of fair value is a quoted price for an identical asset tn an active rnarket. When quotsd prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value &s long &$ there has not beer) a signifieant change in eeonomic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactiorLS of an identical asset on their are not a tsood estimate of fair value, the fair value is estimated by using a valuation tecEmique. Page 16
The Speedwell Trust Limited Notes to the Financial Statements for the Year Ended 31 l¥Iarch 2024 3 Income from donations and leaa£ies Unrestricted funds Total 2024 Totxl 2023 General Donations and leoacies. Dollations from individua15 996 996 10,Iii 996 996 10,1 li 4 Incorne from charitable activities Restricted funds Tot21 2024 Total 2023 Community Relations Education 152,390 152,390 241.701 5 lllvestment income Unrestricted funds Tota] 2024 Total 2023 General Interest receivable and similar income- Interest receivable on bank deposits 552 552 149 P8ge 17
The Speedwell Trust Limited Iyotes to the Fin21ncial Statemeuts for the Year Ended 31 March 2024 6 Expenditllre on charitable activtties Unrestrirted funds Restricted funds Total 2024 Total 2023 Cener21 Note Comtnltnity Relations EducatLOIi Staff costs Allocated support costs Governance costs 30.635 115,861 1,771 53,427 141,543 12,323 1,740 25,682 10,552 1,740 240,610 11,226 2,020 60,766 148,267 209,OJ3 316.249 For detailed staff Costs, see note 9 below 7 Analysis of goverJ)ance and support costs Governance costs Unrestricted funds Total 2024 Totsl 2023 General IndependerLt ex2miner fees Examination of the fancial statements 1.740 1,740 2,020 1,740 2,020 8 Trustees remunergtion and expenses No trustees, nor any persons connected with them, have Teceived any remuneration from the charity during the year. 9 Stsff costs tyregate paymll costs were &s follows: 2024 2023 Staff costs durxng the year were: WaiFes atLd sataries Social security costs Pension costs Otber staff costs 119,973 11,606 5.952 4,012 202,125 19,944 9,953 S,5S8 141,543 240,610 Page 18
The Speedwell Trust Limited Notes to the Financi21 St2temellts for the Year Ended 31 March 2024 The monthly average number of persons {includints senior management team) employed by the charity during tILe year expressed as fitll titne equivalents was as follows." 2024 2023 Employee Numbers No employee received emoluments of more than £60.000 during the ye2r. IO Independent examiner's remuneration 2024 2023 Examination of the financial statements 1,740 2.020 Page 19
The Speedwell Trust Limited Notes to the Financial Statements for the Year Ended 31 M2rch 2024 I l Taxation The charity is a registsred charity arld is therefore exempt from taxation. 12 Tangible rued assets Land and buildiDgs Furnitui'e 2nd equipment Totsl Cost At l April 2023 87.217 71.782 158,999 At 31 Mareh 2024 87.217 71,782 158,999 DepYeci#tion At l April 2023 Charge for the year 87,217 150,309 3,304 3,304 At 31 March 2024 87,217 66,396 153,613 f4et book VAille At 31 March 2024 5,386 5,386 At 31 March 1023 8,690 8,690 13 Debtors 2024 2023 Trade debtOTS Prepayinents Accrued income 3,377 2,957 12,301 2,752 625 6,334 15,678 14 Creditors: 211101Ults falling due witbin one year 2024 2023 Trade creditors Other creditors Accruals Deferred incotne 2,921 3,965 2,333 24.012 1,649 7,096 2,506 13.000 33,231 24,251
The Speedwell Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 15 Funds Balance gt 31 March 2024 Balance at I April 2023 Resourc expended roUrceS Transfers Unrestricted funds GenerÉTI Unrestricted Funds 22.332 38,111 (61.037) 10,594 10,000 Desxgnated Designated Reserves 60,786 (10,593 50,193 Total Unrestricted funds (61.OJ7) Restricted funds Comic Relief The National Lottery - Platinuffl Jubilee Nl Start Here VCSE Department of Foreion Affairs: Reconciliation Fund (Our Shared Futlwe) Dotmant Accounts Fund G. Owens 4257 6.000 (10,257) 3.550 12,022 23,500 29,615 (26,002) (31.306) 1,048 8,458 {8.458) (24.561) (2.215) {4,133) {9.999) (25.170) 871 1,035 6,867 3,250 11.000 10.000 25.170 Natwe Rangers Secret Garden (DFI) Water Quality (NIEA) ComtnuThity Foundation - Wesleyan (i) 9,966 (6.166) 3,800 Total restrÉcted tsnds 19,829 152,391 (148.267) (i) 23,952 Totsl funds 102,947 190,502 {209.304) 84,145 Balance at 31 March 2023 Balance 2t I April 2022 Incoming resources Resources expended Transfers Unrestricted funds General Unrestricted Funds 63,847 57,111 {97,453) (1,172) 22,333 Designated Designated Reserves 60,786 60,786 Total unrestricted fullds 124,633 57,111 (97.453) (I,l72) 83,119 Restricted funds Paoe21
The Speedivell Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Balance at 31 Tr1arch 2023 Balance at I April 2022 Incoming resources Resources expended Transfers ACNI 7.825 (7,825) ABC Council Rivers Grant Catchment C2 Comic Relief 21,050 24,(100 25,000 (977) (21,050) {19,743) (25.000) 4,257 E Gostling Foundation Good Relations Mental Hea]th Support- Dept of Health The National Lottery- Platinum Jubilee Nl Start Here VCSE The National Lottery- Togethcr for OUT Planet Woodland Wellbeing 977 73.740 (7J.9J5) 195 26,500 34.000 (22.950) (21.978) 3,550 12,022 i 0.000 16.314 (10.000) {16.3l4) Total restrieted fttnds 237,452 (218.795) 1,172 19,829 Total funds 124,6JJ 294,56J (316,248 102,948 16 Analysis of net assets between fllDdx Unrestricted funds Restricted fun(ts General Total ndS Tèmgible fixed assets Current assets CuiTent liabilities 5,)86 111,989 (3J,231) 88.037 (33.2J l) 23.952 Total net assets 60.192 23.952 S4,144 17 Anxlysis of net fuuds At 31 Mareh 2024 At l April 2023 Cash flow Cash at bank and in hand 102,829 2,826 105,655 Net debt 102,829 2,826 105,655 Page 22