Registered number: 09360904
Charity number: 1166966
(A Company Limited by Guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
CONTENTS
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2023
Trustees
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Trustees (who are also directors of the charity for the purposes of the Company Act) present their annual report together with the audited financial statements of Case Community Trust (the charitable Company) for the 1 April 2022 to 31 March 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not required.
Objectives and activities
a. Policies and objectives
The principal objective of the charitable Company as set out in the governing document is the promotion for the public benefit of urban or rural regeneration in areas of social and economic deprivation (and in particular the parishes of Slip End and Caddington).
In setting objectives, administration of the charity and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit section 4 of the Charities Act 2011.
b. Activities for achieving objectives
The activities to be undertaken to achieve the charitable Company's objectives include:
∙the provision of housing for those who are in conditions of need and the improvement of housing in the public sector or in charitable ownership provided that such power shall not extend to relieving any local authorities or other bodies of a statutory duty to provide or improve housing;
∙the maintenance, improvement or provision of public amenities;
∙the provision or assistance in the provision of community facilities to be available to all sections of the community without distinction including use for meetings, lectures and classes and/or other forms of recreation and leisure time occupations with the object of improving the conditions of life for all those who use the facilities;
∙the provision or assistance in the provision of recreational facilities for the public at large and/or those who, by reasons of their youth, age, infirmity or disablement, poverty or social and economic circumstances, have need of such facility;
∙the protection or conservation of the environment;
∙the creation of training and employment opportunities by the provision of workspace, buildings and/or land for use on favourable terms;
∙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 charitable need through help in setting up their own business or to existing business; and
∙such other means as may from time to time be determined subject to prior consent of the Charity Commission.
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
Objectives and activities (continued)
c. Strategies for achieving objectives
In furtherance of the objectives and the above activities, the charitable Company shall have the various powers as mentioned below:
Strategies actively deployed during the year under review:
∙to own and procure the management of affordable housing;
∙to own and manage the community facilities in the short and/or long term;
∙to own and maintain a multi-use games area;
∙to manage open spaces, footways and cycle ways.
∙to work in conjunction with a local provider to agree the routing and frequency of a local bus service and fund the operation of that service; and
∙employ and pay full-time and part-time staff (who shall not be trustees) to supervise, organise and carry on the work of the charity and also to advise and assist the board of trustees/directors.
Strategies not actively deployed in the year but considered for the future:
∙to more actively manage and reshape our woodland; and
∙to repurpose and maintain ancillary buildings within Trust ownership.
General strategies noted as available for use by the board at their discretion:
∙to acquire or hire property of any kind, and any interests in or rights over property of any kind;
∙to sell, dispose of, let, mortgage or charge any property of the company and to grant licences, options, rights and privileges in respect of, or otherwise deal with, all or any part of the property and rights of the company;
∙to construct, maintain and alter buildings or erections; and
∙to co-operate and enter into arrangements with any authorities, international, national, local or otherwise.
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
Achievements and performance
a. Review of activities
With the Caddington Woods estate now fully built out, the Trust has continued to develop its role within the community. In the financial year under review it has:
∙continued to refine the organisational structure, policies and procedures;
∙engaged with various hirers to ensure that a rich and varied mix of activities take place at the Community Centre and promoted both the building and the activities within to the wider community;
∙liaised with the Parish Councils of both Slip End and Caddington;
∙relaunched the bus service as an all-day, 6 days per week, service and maintained a dialogue with the recently established Bus Users Group in the area;
∙continued our maintenance of the play area, multi-use games area and the woodland in the ownership of CaSE. Our stewardship of these areas encompasses making sure they are kept safe and attractive but also considering future opportunities for enhancement; and
∙further development of our working relationship with the managing agent (Central Bedfordshire Council’s “LetsRent” private lettings team) to look after our forty-six rental properties on the estate and the tenants living in those properties.
b. Fundraising activities/income generation
The trust now owns a total of 46 residential properties, in line with the original intentions. As the estate is now fully built out, our housing stock portfolio is considered to be complete.
Income generation is primarily from affordable housing donated to the charitable Company. The amounts received from rental income was £469,085 (2022: £441,530). The secondary source of income is the hire charges generated by the Lyons Community Centre, which totalled £72,533 (2022: £58,604).
c. Investment policy and performance
As set out in the governing document, the charitable Company can invest the monies of the charitable Company not immediately required for its objectives in investments, securities or property as I may be thought fit.
This was considered by the Trustees during 2018/2019 and £200,000 of funds were invested in a low risk investment fund at the year end with an expected 5-6% return going forward. The value of these investments at 31 March 2023 was £145,222 (2022: £200,570), due to a combination of additions and disposals within the year. As at 31 March 2023, in addition to the amount stated with the investment fund an additional £76,649 was held by the investment manager as a cash balance. Subsidiary companies can also be established to assist or act as agents for the Company and can acquire and hold shares, stocks, debentures, debenture stock or other securities or obligations of any other company.
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
Achievements and performance (continued)
d. Going concern
Following the COVID-19 disruption to events in 2021 and the gradual recovery during 2022, activities continued to stabilise during the year under review.
Usage of the community centre is now well established and the trust no longer needs to focus on building hire income but rather on the mix of different hirers that we are able to attract whilst maintaining steady income levels. The bus service re-launched with its new timetable at the start of the 2023 calendar year, has been well received by the community and passenger numbers continue to grow.
After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable Company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Financial review
a. Reserves policy
The charitable Company will hold sufficient reserves to meet its needs.
The total cash funds held by the charity at 31 March 2023 were £638,048 (2022: £503,263). These funds are unrestricted and available for the general purposes of the charity. The total reserves held by the charity at 31 March 2023 were £19,300,526 (2022: £18,473,218). Of these reserves, there is a designated fund of £18,481,298 (2022: £17,744,201) which relates to investment properties and other fixed assets donated. The remaining level of free reserves are £819,228 (2022: £729,017). The Trustees have acknowledged that a minimum level of free reserves are required against unfunded salaries / core running costs in a period of recovery should there be a signifiant indicent which impact on income. The appropriate level of reserves is considered to be one year of relevant costs which accumulates to £100,000 (2022: £80,000). The Trust is aware in its medium-term planning that it has discreet projects which may well require significant funding when implemented, which are:
∙Overhaul of the woodland area, consideration of removal of old or damaged trees whilst also considering fresh plantings;
∙Renovation or removal of the old perimeter fence around the estate;
∙Refurbishment and repurposing of the redundant brick buildings nearer the northern entrance to the estate.
Whilst the Board has not created any named restricted reserves to fund these projects, it is acknowledged that they are likely to create a significant draw against the general reserve when these projects are progressed. The accumulation of an increased balance on the general reserve is not considered excessive and will be smoothed out in the medium term.
Additional to the major projects cited above, it is also acknowledged that our income generating assets (the housing stock and the Community Centre) are anticipated to have long lives and will require refurbishment or repair in due course which goes beyond day-to-day budgets for maintenance, for which accumulation of a reserve is entirely appropriate.
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
Financial review (continued)
b. Principal funding
The initial principal funding of the charitable company was by way of donations received from General Motors and Redrow plc. Subsequently, certain affordable housing units built by Redrow plc were donated into the charitable Company in three tranches during earlier years. Rental income from these houses will be used to meet the charitable Company’s objectives.
Plans for future periods
a. Future developments
The appointment of a new Trust Manager has led to a review of support staff and their responsibilities, with positive outcomes. As of 2023, the bus service has been relaunched with a much more comprehensive and predictable service; we are keen to maintain this well used route and timetable. With all of our anticipated properties now in the ownership of the Trust, we are looking at our relationship with the managing agents and also our tenants to see how we can make this more efficient for all involved and continue to foster a positive sense of community.
Structure, governance and management
a. Constitution
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 18 December 2014.
The Company's charitable number is 1166966 and its registered company number is 09360904. The charitable Company is registered at the following address: The Lyons Community Centre 33a Mallard Crescent Caddington, Luton Bedfordshire LU1 4FG
b. Methods of appointment or election of Trustees
The management of the charitable Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
The Trust has now completed the “transitional period”, such that the Board shall now consist of at least three and not more than eleven individuals comprised as follows:
∙up to two Central Bedfordshire Council trustees;
∙one Slip End Parish Council trustee;
∙one Caddington Parish Council trustee; and
∙up to seven community trustees.
The charitable Company must ensure that the community trustees shall at all times be in the majority. Trustees are nominated by the different groups mentioned above and the period of appointment is decided at this time. The appointment becomes effective when it is given in writing to the Chair. All trustees excluding community trustees will not be subject to the retirement by rotation provisions set out in the
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
Structure, governance and management (continued)
Act and shall continue to act as a trustee until:
∙a new trustee has been nominated in their place;
∙they have reached the end of the period of appointment; or
∙they resign or are disqualified or removed pursuant to the Articles.
The groups are entitled to remove a trustee by serving written notice to the Chair. Local authority groups shall not cause the Company to be a "controlled" or "connected entity" for the purposes of the Local Government and Housing Act 1989 or the Local Government and Public Involvement in Health Act 2007. Any person who is willing to act as community trustee, and is permitted by law and the Articles to do so, may be appointed by:
∙ordinary resolution; or
∙decision of the trustees.
In selecting persons to be appointed as community trustees, the Trustees will take into consideration the benefits of appointing a person who is able to, by virtue of their personal or professional qualifications, make a contribution to the pursuit of the objectives or the management of the charitable Company. Trustees will follow best practice in relation to trustee recruitment, including any guidance issued by the Charity Commission from time to time and will ensure that the process includes an open advert placed on community notice boards in the Parishes of Slip End and Caddington, as well as local community facilities. Community trustees may be re-appointed by the Board at the end of each term of office.
c. Policies adopted for the induction and training of Trustees
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
Structure, governance and management (continued)
d. Organisational structure and decision making
The board will meet at least four times in a calendar year. Decisions will be made by a majority of the votes. The Trustees shall elect a Chair who shall hold office until the board meeting following the first anniversary of his appointment unless, by a majority vote, he is removed before that time. The Trustees are permitted to re-elect the existing Chair or select another trustee to act as Chair. The Trustees may appoint one or more sub-committees consisting of at least one trustee for the purpose of making an inquiry or supervising or performing any function or duty which in the opinion of the board would be more conveniently undertaken or carried out by a sub-committee. The Trustees who served during the year were as follows: K. Collins (resigned 6 July 2023) S. Baird M. Russell D. Bent (resigned 23 March 2023) R. Gray S. Patterson A. Jackson H. Brind (resigned 31 March 2023) The following Trustees were appointed after the year end: D. James (appointed 13 June 2023) V. Malone (appointed 6 July 2023) Y. St. John (appointed 13 June 2023) J. Young (appointed 6 July 2023)
e. Risk management
The Trustees have assessed the major risks to which the charitable Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
Trustees' responsibilities statement
The Trustees (who are also directors of Case Community Trust 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 Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable Company and of the incoming resources and application of resources, including its income and expenditure, of the charitable Company 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 of the Charities SORP;
∙make judgments and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable Company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
∙so far as that Trustee is aware, there is no relevant audit information of which the charitable Company''s auditors are unaware, and
∙that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.
Auditors
The auditors, Wilder Coe Ltd, have indicated their willingness to continue in office. The Designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASE COMMUNITY TRUST
We have audited the financial statements of Case Community Trust (the 'charitable company') for the year ended
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company'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.
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASE COMMUNITY TRUST (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙the Trustees' Report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the charitable company 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 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 Trustees' Report and from the requirement to prepare a Strategic Report.
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company 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 internal 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.
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASE COMMUNITY TRUST (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 if, 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:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:
∙Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, charity law and tax legislation.
∙Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements in particular employment legislation, health and safety and residential letting regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CASE COMMUNITY TRUST (CONTINUED)
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
1st Floor Sackville House
143-149 Fenchurch Street
London
EC3M 6BL
Date:
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2023
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
REGISTERED NUMBER: 09360904
BALANCE SHEET
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the Trustees on
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Case Community Trust (company number: 09360904), having its registered office and trading address at The Lyons Community Centre, 33a Mallard Crescent, Caddington, Luton, Bedfordshire, LU1 4FG, is a private charitable company limited by guarantee, incorporated in England and Wales
2.Accounting policies
The charitable Company's functional and presentational currency is Pound Sterling (GBP).
The charitable Company is a company limited by guarantee. The members of the charitable Company are the Trustees named on page 1. In the event of the charitable Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable Company.
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
There are no material uncertainties regarding going concern.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
All income is recognised once the charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income includes grants and income from investments which includes rental income.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income from investments is recognised to the extent that it is probable that the economic benefits will flow to the charitable Company and the turnover can be reliably measured. Income is measured as the fair value of the consideration received or receivable. Incoming resources from charitable trading activity is accounted for in the period in which is it receivable being when the hire of the community centre takes place. Governance costs are those incurred in connection with administration of the charitable Company and compliance with constitutional and statutory requirements. Support costs are those that are incurred directly in support of expenditure on the objects of the charitable Company and include project management fees.
Page 18
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Investment management costs are those costs directly attributable to the investment income received from rental properties and includes management fees and repairs and maintenance costs. All other associated costs are included within expenses relating to charitable activities.
All assets costing more than £250 are capitalised.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Social investments comprise freehold land and buildings. They are initially measured at cost, included related transaction costs where applicable.
After initial recognition, social investments are carried at fair value, based on market value. The changes to fair value and impairments are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account. Associated income is included within investment income and expenditure within investment management costs in the Statement of Financial Activities incorporating Income and Expenditure Account.
Investments are measured:
∙at fair value with changes recognised in the Statement of Financial Activities incorporating Income and Expenditure Account if the shares are publicly traded or their fair value can otherwise be measured reliably;
∙at cost less impairment for other investments.
Page 19
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The charitable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charitable company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
The prior year comparatives on the balance sheet have been restated as an adjustment has been made to show the investment properties as social investments. The full investment properties figure has been reclassified. The trustees consider that this shows a more appropriate classification reflecting the nature of the investments.
Page 20
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 21
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 22
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 23
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
8.Analysis of expenditure by activities (continued)
Page 24
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
8.Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
Page 25
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
8.Analysis of expenditure by activities (continued)
Page 26
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 27
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 28
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 29
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 30
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 31
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 32
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 33
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CASE COMMUNITY TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
During the year under review, an employee lodged an official complaint which was independently investigated and not upheld. The employee then submitted their resignation pending the outcome of an appeal against the first decision; the original decision was reviewed by a fresh independent investigator who agreed with the original outcome and rejected the complaint.
The employee took leave of absence from mid-March and the period of notice expired effective 30 April 2023. They subsequently lodged an Employment Tribunal claim seeking financial compensation for alleged constructive dismissal and discrimination. The trustees engaged specialist legal advice and submitted a defence rejecting the claim. The trustees also sought guidance from the legal advisors on obligations around attendance at a hearing and the associated legal costs should the case progress all the way to a hearing. Mindful of the time commitment that would be placed upon unpaid volunteer trustees, the potential cost of professional assistance and the unpredictability of a hearing, the legal advisors were authorised by the board to negotiate a settlement if achievable within agreed budget parameters. A settlement was agreed and paid in January 2024; it was made with no admission of liability and the claim withdrawn.
Page 34
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