RUTLAND FIRST CIC

Company limited by guarantee

Company Registration Number:
08943486 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

RUTLAND FIRST CIC

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

RUTLAND FIRST CIC

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

Since 2019, the Company has been focused on the project known as Resilient Rutland, funded by the Big Lottery. This project, set up to improve the mental health of young people attending schools in Rutland, was completed in August 2023.The Company is now involved in raising funds and providing support for young people in Uppingham and Whissendine outside of school. Funding has been secured such that this support can be sustained for the next five years for Uppingham and three years for Whissendine.

Additional information

Post reporting date events Since 31 March 2024, funding commitments have been received that ensure the sustainability of the two projects at Uppingham and Whissendine for five years and three years, respectively. Small companies exemption This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.



Directors

The directors shown below have held office during the whole of the period from
1 April 2023 to 31 March 2024

C A M East
G L Head
J M Warner
S M D Williamson-Noble
H C Cullen
P L Kitson
E M Clarke


The director shown below has held office during the period of
1 April 2023 to 15 September 2023

V L Clark


The directors shown below have held office during the period of
8 March 2024 to 31 March 2024

M J Evans
S Milner


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
4 October 2024

And signed on behalf of the board by:
Name: S M D Williamson-Noble
Status: Director

RUTLAND FIRST CIC

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 40,533 116,666
Cost of sales: ( 27,213 ) ( 95,910 )
Gross profit(or loss): 13,320 20,756
Distribution costs: 0 0
Administrative expenses: ( 12,832 ) ( 19,742 )
Other operating income: 0 100
Operating profit(or loss): 488 1,114
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 488 1,114
Tax: 0 0
Profit(or loss) for the financial year: 488 1,114

RUTLAND FIRST CIC

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Stocks:   0 0
Debtors: 3 0 1,510
Cash at bank and in hand: 17,551 39,107
Investments:   0 0
Total current assets: 17,551 40,617
Creditors: amounts falling due within one year: 4 ( 9,247 ) ( 32,801 )
Net current assets (liabilities): 8,304 7,816
Total assets less current liabilities: 8,304 7,816
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Total net assets (liabilities): 8,304 7,816
Members' funds
Profit and loss account: 8,304 7,816
Total members' funds: 8,304 7,816

The notes form part of these financial statements

RUTLAND FIRST CIC

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 4 October 2024
and signed on behalf of the board by:

Name: S M D Williamson-Noble
Status: Director

The notes form part of these financial statements

RUTLAND FIRST CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Tangible fixed assets depreciation policy

    Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

    Valuation information and policy

    Financial instruments (Continued) The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

    Other accounting policies

    Taxation As a Community Interest Company (CIC), the entity is liable to corporation tax as a company, applicable to it's trading profits, investment income and any gains. The CIC presents its accounts on the basis that all funds received are to be utilised for community projects, deferred as applicable but which may still indicate a surplus for the period. The CIC has not undertaken any trading activities and as such does not deem that it's surplus in the current period is liable to corporation tax. Employee benefits (Continued) The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Other grants Grants and similar funding, in this case the Big Lottery Fund (BLF) have been treated under the matching principle and grant receipts have been deferred or accrued in line with the terms of the funding agreement against associated expenditure in the same period. Other grants and donations, without defined expenditure plans are taken to income in the period in which they are received. Should this treatment lead to a surplus of taxable funds in the year, an adjustment is provided in the accounts to neutralise this. The directors of the company remain aware that should the activities cease in the future and funds remain unallocated, these amounts will be donated to a Community Interest Company (CIC) and or charity with objectives of a similar nature or become liable to corporation tax. In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

RUTLAND FIRST CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 1 1

RUTLAND FIRST CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Debtors

2024 2023
£ £
Other debtors 0 1,510
Total 0 1,510

RUTLAND FIRST CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 606 739
Accruals and deferred income 8,641 32,062
Other creditors 0 0
Total 9,247 32,801

COMMUNITY INTEREST ANNUAL REPORT

RUTLAND FIRST CIC

Company Number: 08943486 (England and Wales)

Year Ending: 31 March 2024

Company activities and impact

Since 2019, the Company has been focused on the project known as Resilient Rutland, funded by the Big Lottery. This project, set up to improve the mental health of young people attending schools in Rutland, was completed in August 2023.The Company is now involved in raising funds and providing support for young people in a safe space in Uppingham and Whissendine outside of school. Funding has been secured such that this support can be sustained for the next five years for Uppingham and three years for Whissendine.

Consultation with stakeholders

Stakeholders: Young people, Uppingham Town Council, Uppingham Community College, Whissendine parish council and sponsors/donors Regular consultation with Young People re activities, food, timing of events. With School re supervision (incl safeguarding), activities on their premises Ditto Uppingham and Whissendine councils Company response: raise funds to enable activities, supervisor training, safe space, enacting and monitoring policies, especially safeguarding. Regular reporting to donors.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
31 October 2024

And signed on behalf of the board by:
Name: Paul L Kitson
Status: Director