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COMPANY REGISTRATION NUMBER: 3520711
CHARITY REGISTRATION NUMBER: 1072829
Middleton Plus Development Trust
Unaudited Financial Statements
For the Year Ending
31 March 2024
Middleton Plus Development Trust
Financial Statements
Year Ended 31 March 2024
Page
Trustees' Annual Report (Incorporating the Director's Report)
1
Independent Examiner's Report to the Trustees
5
Statement of Financial Activities (Including Income and Expenditure Account)
6
Statement of Financial Position
7
Notes to the Financial Statements
8
Middleton Plus Development Trust
Trustees' Annual Report (Incorporating the Director's Report)
Year Ended 31 March 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024 .
Objectives and Activities
The objectives of the Trust are to pursue any charitable purpose for the benefit of the inhabitants of Middleton-in-Teesdale and Upper Teesdale in the County of Durham, and in particular (but without prejudice to the generality of the foregoing), the enhancement and preservation of the environment, the relief of poverty, the advancement of education and training, the provision of leisure facilities in the interests of social welfare, and the preservation and protection of physical and mental health and the promotion of urban and rural regeneration through the preservation of buildings or sites of historic or architectural importance, the maintenance, improvement or provision of public facilities and the provision of public health facilities and childcare and the promotion of public safety and the prevention of crime.
How Our Activities Achieve Public Benefit
The trustees have had due regard to the guidance published by the Charity Commission on Public Benefit. As a community development organisation, all of our activities are performed with the aim of providing benefit to the public, without exclusion. By providing support and information to local individuals, visitors and businesses through our website and tourism information and arranging and supporting local events for the community as a whole, the trustees strive to ensure that public benefit is achieved.
Achievements and Performance
This year has seen much work focussed on ensuring our listed 18th century building can continue to deliver diverse community benefit well into the future. We have confirmed our ambitions to continue to provide much needed affordable rental housing for local people and also to support our rural community and its economy through providing opportunities for local organisations and support to visitors. Detailed plans have therefore been developed to renovate and upgrade the whole building to meet these ambitions and deliver the accommodation needed for the future.
Following the permanent closure of our traditional Tourist Information Centre, we have been working with a start-up community based Artists' Co-operative, developing detailed plans to convert the ground floor premises to a gallery. These plans were submitted to the Council in January 2024 for planning and listed building approval - a process which has been somewhat lengthy due to the ecological reports required to support the application.
The gallery, run by a not-for-profit community organisation will be a tourist attraction in itself and also may provide some local tourist information to encourage footfall. It will also encourage cultural engagement by both residents and visitors and be a hub for local artists. Middleton Plus continues to provide visitor and heritage information on our websites and we have distributed tourism supporting literature within the village.
The flat above the retail premises has been rented out for 10 months of the year, maintaining the opportunity for local residents to have access to small affordable accommodation. When the tenants vacated the flat in February 2024 there was a need to refurbish, and it was decided to take the opportunity to upgrade the energy efficiency and heating system and also to carry out major external maintenance work now due which would not be possible with tenants in residence. This has also required detailed plans to be developed together with applications for planning and listed building approval and is therefore in the same lengthy process as the retail area for obtaining approvals.
We have been actively exploring funding opportunities to support the programmes of building works outlined above.
Maximising Community Benefit:
With a membership of local community organisations and individuals, we facilitate networking out of which opportunities for joint working and mutual aid arise.
We have continued to have discussions with the trustees of another local charity on ways in which we could work more closely or collaborate, thereby maximizing the use of our assets and reducing administration costs and duplication of work to secure greater overall community benefit. This has also included a detailed discussion on our future plans for our building and achieved a permanent reduction in administration costs.
Asset Holding:
In addition to our freehold property, the Trust owns assets used by Middleton Christmas Lights to produce the spectacular seasonal lighting displays over December each year. The Trust also holds the Market Stalls and trailer and will continue to maintain these for community use at the Carnival, Christmas Lights switch on and other village events.
Meeting Frequency:
With some Trustees unable to meet in person, meetings have been in a hybrid format of video conferencing and in person meeting, with urgent business and updates via email complementing formal meetings.
In addition to the Annual General Meeting, there have been two Management Committee meetings. Management of our facilities and in-depth project work and studies to develop the plans for the building have been delegated to the Operations Team, which met formally a further three times in the year, reporting back to the Management Committee and AGM.
Financial Review
Income from the flat rental during the year continued to provide regular support to the Trust. With this now paused at the end of this year, all steps have been taken to minimize the outgoings that are now the responsibility of the Trust as landlord. Once building works have been completed, regular income will be generated from both the flat and the retail premises. The Trust holds sufficient funds to meet its commitments whilst flat income is paused.
Sources of grant funding have been identified to cover both the pre-development and the actual costs for the building works. The planned building works are comprehensive and should result in minimum maintenance costs for a number of years to come.
Reserves Policy
The Trustees aim to maintain sufficient unrestricted reserves to meet core running costs and minor repairs and maintenance. At present this equates to approximately £6,000 per annum. Restricted reserves consist mainly of capital assets to be used for charitable purposes.
Investment Policy
All cash reserves are currently held in a Community Account.
Plans for Future Periods
Our work will continue to deliver the successful establishment of the Artists' Co-operative into the retail premises to attract tourism into the Upper Dale, support the rural economy and widen cultural engagement. Our websites can also continue to provide heritage and visitor information in formats now welcomed by many potential visitors.
The plans for the refurbishment of our listed building were finally granted planning approval in September 2024. Following a successful phase 1 grant funding application for all our pre-development costs, tenders are being sought for the building works and a phase 2 application will be submitted, for building works to be completed within the new financial year.
The completion of the building works and establishment of future tenants, will facilitate and inform decisions on the future of the Trust, including completion of the Due Diligence exercise considering the potential and implications of integrating with the other local charity having similar objects and powers.
Structure, Governance and Management
Middleton Plus Development Trust ("The Trust") is a charitable company limited by guarantee, incorporated on 3rd March 1998. The company was established under a Memorandum of Association which established the objects and powers of the company and is governed under its Articles of Association. Under those Articles, the board of Trustees is elected at Management Committee meetings to serve a period of three years and then seek re-election.
Trustee Recruitment and Appointment
Representative bodies elect an individual to be part of the Management Committee. Individuals interested in joining the Management Committee can be invited to attend meetings. Once familiar with the activities of the Trust, they can then formally join the Committee if co-opted as individual members.
Induction and Training of Trustees
All new Trustees are introduced to the management and responsibilities of Middleton Plus using the Middleton Plus Management Committee Handbook.
Details of Wider Networks
Middleton Plus Development Trust engages with Durham County Council; being a member of the Visit County Durham Partnership, VIN and has received their support through targeted funds and grants. We have more recently engaged with Durham Community Action and Rural Design Centre in the development of our plans to refurbish our building.
Related Parties
The Trust has a current membership which includes a range of local organisations: Middleton-in-Teesdale and Newbiggin Parish Council; Durham County Council; St Mary's Parish Church; The Pathway; Middleton Friday Morning Club; Middleton WI; Middleton in Bloom; Middleton Christmas Lights; Middleton-in-Teesdale Sports and Social Club and Upper Teesdale Agricultural Support Services. An unpaid management committee includes nominated representatives of Members and 5 co-opted individuals from the local community. Any transactions with the aforementioned organisations are carried out on an an 'arm's length' basis.
Risk Management
The major risks identified by the Trustees have been reviewed and systems established to mitigate those risks.
Reference and Administrative Details
Registered charity name
Middleton Plus Development Trust
Charity registration number
1072829
Company registration number
3520711
Principal office and registered
10 Market Place
office
Middleton In Teesdale
Barnard Castle
DL12 0QG
The Trustees
I R Tallentire
W L Tallentire
J Tait
L M Bares
A C Mitchell
J L Stark
(Resigned 28 November 2023)
R A Bell
D M Currie
S J McBain
R Danby
L Oxby
J Boocock
P Collins
Company Secretary
L M Bares
Independent Examiner
Jane Ascroft FCA MA (Cantab)
Enterprise House
Harmire Enterprise Park
Barnard Castle
County Durham
DL12 8XT
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 25 November 2024 and signed on behalf of the board of trustees by:
I R Tallentire
Trustee
Middleton Plus Development Trust
Independent Examiner's Report to the Trustees of Middleton Plus Development Trust
Year Ended 31 March 2024
I report to the trustees on my examination of the financial statements of Middleton Plus Development Trust ('the charity') for the year ended 31 March 2024.
Responsibilities and Basis of Report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jane Ascroft FCA MA (Cantab) Independent Examiner
Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XT
25 November 2024
Middleton Plus Development Trust
Statement of Financial Activities
(including income and expenditure account)
Year Ended 31 March 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
5,503
5,503
5,669
Charitable activities
6
4,185
4,185
5,521
-------
----
-------
--------
Total income
9,688
9,688
11,190
-------
----
-------
--------
Expenditure
Expenditure on charitable activities
7,8
10,515
10,515
19,206
--------
----
--------
--------
Total expenditure
10,515
10,515
19,206
--------
----
--------
--------
--------
----
--------
--------
Net expenditure and net movement in funds
( 827)
( 827)
( 8,016)
--------
----
--------
--------
Reconciliation of funds
Total funds brought forward
75,257
251
75,508
83,524
--------
----
--------
--------
Total funds carried forward
74,430
251
74,681
75,508
--------
----
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Middleton Plus Development Trust
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed Assets
Tangible fixed assets
13
44,118
47,878
Current Assets
Debtors
14
453
877
Cash at bank and in hand
30,855
27,673
--------
--------
31,308
28,550
Creditors: amounts falling due within one year
15
745
920
--------
--------
Net Current Assets
30,563
27,630
--------
--------
Total Assets Less Current Liabilities
74,681
75,508
--------
--------
Net Assets
74,681
75,508
--------
--------
Funds of the Charity
Restricted funds
251
251
Unrestricted funds
74,430
75,257
--------
--------
Total charity funds
16
74,681
75,508
--------
--------
For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
I R Tallentire
Trustee
Middleton Plus Development Trust
Notes to the Financial Statements
Year Ended 31 March 2024
1. General Information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 10 Market Place, Middleton In Teesdale, Barnard Castle, DL12 0QG.
2. Statement of Compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
There are no material uncertainties about the charity's ability to continue.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees consider that there are no significant estimates or judgements affecting these financial statements.
Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Income
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
10%/15% reducing balance or 25% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial Instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.
Cash at Bank and in Hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Taxation
The 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 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.
4. Limited by Guarantee
The company is limited by guarantee, there being no issued share capital, and as such is not under the direct control of any individual but by the Board of directors as a whole. At 31 March 2024 there were 12 members each of whom had undertaken to contribute an amount not exceeding £1 in the event of a winding up.
5. Donations and Legacies
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Donations
Donations
5,503
5,503
Grants
DCC Neighbourhood fund
-------
----
-------
5,503
5,503
-------
----
-------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations
1,000
1,000
Grants
DCC Neighbourhood fund
4,669
4,669
-------
-------
-------
1,000
4,669
5,669
-------
-------
-------
6. Charitable Activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Rental income
3,850
3,850
4,620
4,620
Other charitable income
335
335
901
901
-------
-------
-------
-------
4,185
4,185
5,521
5,521
-------
-------
-------
-------
7. Expenditure on Charitable Activities by Fund Type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Charitable expenditure (see page 20)
10,515
10,515
--------
----
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Charitable expenditure (see page 20)
14,044
5,162
19,206
--------
-------
--------
8. Expenditure on Charitable Activities by Activity Type
Activities undertaken directly
Total funds 2024
Total fund 2023
£
£
£
Charitable expenditure (see page 20)
10,515
10,515
19,206
--------
--------
--------
9. Net Expenditure
Net expenditure is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
3,760
5,000
-------
-------
10. Independent Examination Fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
400
400
Other financial services
150
----
----
550
400
----
----
11. Staff Costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
1,906
1,638
-------
-------
The average head count of employees during the year was 1 (2023: 1 ). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Number of admin staff
1
1
----
----
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
12. Trustee Remuneration and Expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees in the current or previous year.
During the year trustees reclaimed expenditure paid on behalf of the charity totalling nil (2023 - £Nil).
13. Tangible Fixed Assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
80,402
41,233
121,635
--------
--------
---------
Depreciation
At 1 April 2023
36,859
36,898
73,757
Charge for the year
1,608
2,152
3,760
--------
--------
---------
At 31 March 2024
38,467
39,050
77,517
--------
--------
---------
Carrying amount
At 31 March 2024
41,935
2,183
44,118
--------
--------
---------
At 31 March 2023
43,543
4,335
47,878
--------
--------
---------
14. Debtors
2024
2023
£
£
Other debtors
453
877
----
----
15. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
360
360
Other creditors
385
560
----
----
745
920
----
----
16. Analysis of Charitable Funds
Unrestricted funds
At 1 April 2023
Income
Expenditure
Transfers
At 31 March 2024
£
£
£
£
£
General funds
27,379
9,688
(6,755)
30,312
Capital fund
47,878
(3,760)
44,118
--------
-------
--------
----
--------
75,257
9,688
(10,515)
74,430
--------
-------
--------
----
--------
At 1 April 2022
Income
Expenditure
Transfers
At 31 March 2023
£
£
£
£
£
General funds
31,415
6,521
(9,044)
(1,513)
27,379
Capital fund
51,365
(5,000)
1,513
47,878
--------
-------
--------
-------
--------
82,780
6,521
(14,044)
75,257
--------
-------
--------
-------
--------
Restricted funds
At 1 April 2023
Income
Expenditure
Transfers
At 31 March 2024
£
£
£
£
£
County Durham Community Foundation
251
251
Teedale Action Partnership
DCC Neighbourhood grant
----
----
----
----
----
251
251
----
----
----
----
----
At 1 April 2022
Income
Expenditure
Transfers
At 31 March 2023
£
£
£
£
£
County Durham Community Foundation
358
(107)
251
Teedale Action Partnership
386
(386)
DCC Neighbourhood grant
4,669
(4,669)
----
-------
-------
----
----
744
4,669
(5,162)
251
----
-------
-------
----
----
Details of restricted funds
County Durham Community Foundation - Funding for the 'A Walk Through Time' project;
Teesdale Area Action Partnership - Contribution towards the refurbishment of the TIC.
DCC Neighbourhood grant - Contribution towards the refurbishment of the TIC.
17. Analysis of Net Assets Between Funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Tangible fixed assets
44,118
44,118
Current assets
31,057
251
31,308
Creditors less than 1 year
(745)
(745)
--------
----
--------
Net assets
74,430
251
74,681
--------
----
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
47,878
47,878
Current assets
28,299
251
28,550
Creditors less than 1 year
(920)
(920)
--------
----
--------
Net assets
75,257
251
75,508
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18. Related Parties
There were no related party transactions undertaken during the year.