Charity Tegistration number 1003108 (England and Wales) Company registration number 02568109 STOCKFIELD COMMUNITY ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 *AE7EFIRE# 2310712025 COMPANIES HOUSE A09 #194 STOCKFIELD COMMUNITY ASSOCIATION LEGALAND ADMINISTRATIVE INFORMATION Trustees Mrs A J Millward MrA W Baker Mi V Daulovic Mrs R L Fulwell Mrs J Harris-Thomson Mrs EA Leach Mr M J Russell Mr D G Stokes Mrs PAWagg Charity number (England and Wale$} 1003108 Company number 02588109 Roglstgred office New Media House Davi(Yson Road Lichfield WS14 9DZ Auditor Haslehursts Limited 88 Hill Village Road Sullon Coldfield Wpsl Midlands England B75 5BE STOCKFIELD COMMUNITY ASSOCIATION CONTENTS Page Trustees, report Statement of trustees, responsibllllles Independent auditor's report Slalemenl of finanr*ial aclivi1Ses Slalemenl of financial position 10 Slalemenl of cash flow5 11 Notes lo the financial slalemenls 12-20 STOCKFIELD COMMUNITY ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for Ihe year ended 31 December 2024. The financial statements h8ve been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document. the Companies Act 2006 and "Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. Objective8 and activities Th8 Gompany is limited by 9uaranlee and is registered as a charity (Registered No 10031081, The company's main aims and principal activities for the year under review was that of providing social housing for rent in the Slockfield area of Birmingham and pursuing Ihe possible development ot Community facilities. The Charily has the following objectives.. To promote the benefit of the inhabitant8 of the area of Slockfield and ils neighbourhood in the Clty of Birmingham without di51inction of sex, race or of political, religious or other opinions, by associaling together represenlalives of the said inhabilanls and various other persons in a common effort to provide facilities in the interest of social welfare for recreation and leisure-time occupation with the obiecl of improving the conditions of life for the said inhabilanls. To carry on for Ihe benefit of the Community In lh& City of Birmingham the business of providing social housing and any associated amenities for the personB Sn nece8Sltous circumstances upon terms appropriate lo their moans. To promote any charilable purpose for the bi.?IIEifit ol the inhabilanls of the area of benefit and in particular the advancement of education and relief of poverty. Slralogigs lor achioving aims ond objectives Keep under review Service Level Agrep.menls with various providers. Malnlain contacts wilh various service providers lo ensure local government services are up lo standard. Work with various oryanisations lo bring about improvements lo, or the establishment of, Community facilities. Continue to invite attendance al Board and olhef meetings key personnel from Birmlngham Cily Couneil. Bromford 14ousing C?roup and olhers. Promote as widely as possible the work of the A5socialion. Puhlic benefit The Iruslees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and performance Significant activities and achieveinenls against objeclives Eslablishmenl of the first Community Association of ils type In the UK. In partnership with Birmingham City Council, Bromford Houslng and local residents bringing aboul the physical regeneration of the Slockfield Eslate. Provision of 121 social houses for rent. Provision of the Slockfield Community Resource Centre, The Association continued lo provide well managed and maintained affordable Social Housing for rent. There have been no long term voids and 99°/u of all emergency repair5, 98 % of urgent repairs and 9301 carried out within the response largels set. io of routine repairs were STOCKFIELD COMMUNITY ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial reviow The charity's principal funding source was rent receivable, during the year the charity receivèd rents of £636,374 12023 - £622,789}. A summary of the Charity's finances is set out in the attached financial statements for Ihe year ended 31 Dècember 2024. R8s&Nes policy 11 is the policy of the charity that unreslricled funds which have not begn designated for a specific use should be maintained al a level equivalent lo between three and six month's expenditure. The trustees consider that reserves al this level will ensure that, in the event of a significant drop in lunding, they will be able to continue the charity's current activities while consideralion is given lo ways In which additional funds may be raised. This level of reserves has been maintained Ihioughoul the year. Plan8 for future period8 The Iruslees review the aims, objectives and activities each year. The review looks al the success of each key activity and the benefits they have brought to the groups of peopl@ of whom il was intended The TrLLglees have referrpd lo the guidance contained in the Charity Commission's general guidance on public benefit when rèviewing aims and objectives. The Association alms to.. Continu6 to provide well managed and maintained affordable Social Housing for rent and to invest in additional dwellii Igs when funding allows. Implement a ¢enlral healing upgrade programme lo improve efficiency and reduce running costs of healing lenanl's homes. Continue lo provide a laigeled Money Advic.., Service for its tenants, in r,oniunclion with 11$ Managing Agent. aimed al reducing long term and new arrears and help individuals maximise their Income polenlial. Work with Birmingham City Council, Bromford Housing Group, Lakar Building Solutions and other provid&rs lo ensure the Slockfiold Estate is well maintained. Develop and Improve the Association's Web Sile. Community Safely. In continue lo build further good relations wllh the Pollce. Develop and improve relationships with Birmingham (:ily Council to work together lo improve local services for the benefit of local residents. To organise community events, Including the Summer Fun Day, Gardening Competition, Chii5tmas Cracker and a Christmas Event for ovèr 55s. Work will continue lo provide 8 programme of evénts to ulilise grant funding achieved since 2019. Publish Slockfield newsletters quarterly lo provide news and information cominunicating good news about the neighbourhood and encouraging resident participation. Continue lo work with FITCAP and local schools to carry out valuable work with the young people ol Slockfield, build links with the rest of the community and help raise the aspirations of the young people. Maintain and improve the involvement in local affairs of local residents and partnp.r organisations serving Stockfield. Investigate strategies for the provision of community facilities for the benefit of Slockfield residents. Seek grant funding lo enable innovative projects lo be undertaken for the benefit of the community. The Association wishes to thank all those individuals, Community Groups, local schools and Churches and PLtblic and Private sector undertakin J( s which have assisted the endeavours of the Charity during this and previous years. Structure, governance and management The organisation is a charitable company limited by guarantee, incorporated 19 Fehruary 1991 as amended by special resolutions dated 1 Julii 1994, 16 October 1998, 19 March 1999, 18 June 2001, 27 July 2001, 24 Marrh 2006 and 26 April 2013. The Lompany was established under a Memr)randum and Articles of Association. which imposes restrictions on the scope of the Charity's operations. The aclivilies of the Charity are limited to those related lo the regeneration of its area of benefit and the promotion of the benefit of the inhabilanls of ils area of benefit. The Memorandum of Association provides that the Charity has the power lo invest money not Immediately required for the Chai'ity's objects in such inveslmenls, securities or property as may be thought fil by the company. The company is governed under ils Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.00. STOCKFIELD COMMUNITY ASSOCIATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees, who are also the directors for the purpose of company law. and who served during the year and up lo the date of signature of the financial statements were.. Mrs A J Millward MrA W Baker Ms V Dautovic Mrs R L Fulw811 Mrs J Harris-Thomson Mrs EA Leach Mr M J Russell Mr D G Stokes Mrs P A Wagg R&cruitment and appoinlmont of trustees The Board of Dlreclors of the C.harily conslsts of 2 Directors nominated by Bromford Housing Group, 2 Independent Direclors, 2 nominee5 of Birmingham City Coun¢ll, and 6 locally elected rèsident Directors. The Directors of the company are also charlly Trustees lor tha purpose of charlly law and under the company's Articles of Association the Local member5 of the Board ale oleclèd by ballot of the Rèsidents of the benefit area to serve for a period of 3 years, after which they musl be re-elected al Ihe next election. Eleclions are normally held every three years. When vacancies arise for Local me,mbers. residents of the benefll area can be co-opled lo the rjoaro until the next election takes place. Nominaled Directors are appolnl&d and removed by th8 rélevant organisalions. The Board appoints the independent Directors by invitation. Orgi31?Isalional slmclure The Board of Trustees meet at least 10 limes per annum. The general control and management of the administration of the Charity is undertaken by the Board of Trustees. The Board Is signiflcanlly comprised of detnocralically elecleo Ico-opled representatives of the local community, and are half of the Board members. Further Trustees are nominated by Birmingham City Council 12} Bromford Housing Group {21 and ther& are two iiidependenl Trustees. Within those twelve Trustees are the Chair and the Secretary. The Ghaiity received Housing Management Services froni Bromford Housing Group and Repairs and Ground Mainlenanee Services from Citizen Housing Group Lirniled. pursuant lo eonlr8clu81 arrangemen18. Laker 8uildin9 Solution3 were appointed lo replace Citizen Housing Group with effect from 1 July 2023. Leon Slepl)ens of Brookes Slephcns Chartered Accounlanls is the Independent A¢countanl to the Charity. Legal Services are provided by Anthony Collins Solicitors. Indiiction and Iraining ol triisloes Trustees 8re glven a full induction to the organisalion by Anthony Colllns Solicitors, other Directors and the company's advisers. They are made aware of the Mission and Vision Slalemenls aiid the current Business Plan of the organisation and Ihoir experted role and responsibilities in relation to this and to the requirements of the Charity Comm15sion. Local residents may allend Board Meetings on an observer basis prior lo offering themselves for election. Rolalionship wilh r8lalod parties The Charity has a subsidiary company, Slockfield Community Association {Subsidiaryl Limited which is a non- charitable company limited by guarantee nol having a share capital. whose business ib mainly lo procure the building of houses which are sold by their developefs for profil. To date the Subsidiary has restricled its aGlivilies lo: Buying redevelopmenl land from Birmingham City Council., Allowing developers, under Development Agreements lo build houses on land., Disposing of such houses lo owner-QGcupiers. Collecting Ground Rent- from under leasehold owner occupiers. The Subsidiary is a wholly owned subsidiary of the Charity. STOCKFIELD COMMUNITY ASSOCIATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Auditor In accordance with the company's articles. a iesolulion proposing Ihal Haslehursls Limited b8 reappointed as auditor of the company will be put al a General Meeting. The Iiuslees, ieport was approved by the Board of Trustees. Mr M J Russell Trustoo Dale. STOCKFIELD COMMUNITY ASSOCIATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The IrusteeJP, who are also the directors of Slockfield Communiiy Association for the purpose of company law, are responsible for preparing the Trustees, Report and the financial slalements in accordance with applicable law and United Kingdom A¢counling Standards (United Kingdom GeT)erally Accepted Accounting Praclicel. Company law requires the Iruslees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial slalements. Ihe trustees are required lo.. select suitable aecounling policies and then apply them consistently.. observe the methods and principles in the Charities SORP, make judgemènt5 and eslimales that are reasonable and prudent.. slate whether applicable UK Accounting Standards have been followed. subject lo any materlal dep8rtures disclosed and explained In the financial slalemènt5, and prepare the financial slalements on the going concern ba$is unlèss it is Inappropriate lo presume th81 the charity will continue in operation. The Iruslèes are rosponsible for keeping adequate accounting records that disclose with reasonablè accuracy al any lime the financial position of Ihe charity and enable them to ensure that the financial stalemenls comply with the Companles Act 2006 They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for11)e prevention and detection of fraud and other irregularities. STOCKFIELD COMMUNITY ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF STOCKFIELD COMMUNITY ASSOCIATION Oplnion We have audited the financial slalemenls of Stockfield Community Association {Ihe 'charity') for the year ended 31 December 2024 which comprise the statement of financial activities, the slalemenl of financial positson, the slalement of cash flows and notes lo the financial slatemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Tho Financial Reporting Slandans applic8blg in th8 UK and Republic of Irèland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial slalemenls.. give a true and fair view of the slate of the charitable company's affairs as at 31 December 2024 and of ils incoming iesources and application of resources. for Ihe year then ended., have been properly prepared In accord8nce with United Kingdom Generally Acceple(J Accounting Practice., and have been prepared in accordance with the requirements of the Companie8 Act 2006. Basi8 for oplnion We conducied our audit in accordance with International S12ndards on Auditing (UK} IISAS (UK)) and applicable law. Olir re5ponsibililies under those standards are further described in thè Auditols responsibilities for Ihg audit ol the financial st8tom8nls section of our report. We are Independenl of the charlly in accordance with the èthical requirements that are relevant lo our audit of the financial statements in the UK, includin9 the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. W8 beli8ve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu31ons relating to golng concern In auditing the financial slalemenls, wo have contiluded that the trustees, use of the going conceni basis 01 and regulations, including fraud. Our audit procedures were designed lo r8spond lo the risk, recognising that the risk ol nol delecling a nialerial misslalemenl due lo fraud is nigher than the risk of not delecling one resLdling Irom erior, as fraud may involve deliberate concealment by way of forgery. intentional representations or through collu3ion. We focussed on laws and regulations which could give rise to a m81eri81 misstatement in the finanaal stalemenls, including, bul not limited lo the Companios Act 2006 and UK tax legislation. Our lesls included agreeing the financial stdlemenl disclosures to underlying supporting documenlalion, enquiri68 with management arKI third party company represenlalives. Tliero are inhcrenl liinilalions In Ine audit procedures described above and, the further removed non-compliance wilh laws and regulations is from the events and transactions reflected in the financial slalemenls, Ihe less likely we would become aware of it. We did nol id&ntify any key audit mallers ielaling lo irregularities, including fraud. As in all our audits. we also addre$3ed the risk of management override of internal conlrols, including testing journals and evaluating whether there was evidence of bias by the directors that represènted a fisk of material mlsslalemenl due lo fraud. A further description of our responsibilities is available on Ihe Financial Reporting Council's website al.. httPS'.11 www.frc.org.ukJaLtdilorsresponsibililies. This description forms part of our audilor's report. Use of our report This report is made solely lo the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might stale lo the charily's Iruslees those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other Ihan the chariiy and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. STOCKFIELD COMMUNITY ASSOCIATION INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF STOCKFIELD COMMUNITY ASSOCIATION Stuart Penfold (Senlor Statutory Auditor) For and on behalf of Haslehursls Limited. Slalutory Auditor Chartered Accounlanls 88 Hill Village Road Sullon Coldfield Wesl Midlands 875 SBE England Dale..-li. 07. LOZ STOCKFIELD COMMUNITY ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlctad fundg 2024 Unrestricted funds 2023 Notes Income from: Donations and legacies Charitable activities Investments 30,647 701,353 177.418 14,387 692,659 138,201 Total Income 909.418 845,247 Expondlture on: Charitable a¢livitie8 769,588 607,040 Total expendlture 769.588 607.040 Ng1 gairss1(108s&sI on invéslmenl8 12 140,934 180.378 Not Income and movement In fund• 280,764 418,585 Rocon¢lllatlon of funds.. Fund b818nces at 1 January 2024 5.117,159 4,698,574 Fund balancè• 0131 Decembèr 2024 5,397.923 5,117,159 The slalemenl of financial activities includes all gain8 dnd losses recognised in the year. All income and expenditure derive from continuing activities. STOCKFIELD COMMUNITY ASSOCIATION STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 Notes Current assets Debtors Investments Cash al bank and in hand 16 17 143,936 5,061,605 354.956 244,785 4.777.579 316,946 5,560,497 5,339,310 Creditors: amounts falling du? within one year 18 {182,574) 1222.151) Net curront •8¥gts 5,397,923 5.117,159 The fund8 of the charlty Linreslricted funds 19 5,397,923 5,117,159 5,397,923 5,117,159 The company is entitled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2008. for Iho year ended 31 December 2024. I"he dire.ctors acknowledge Ihfjir responsibilitles for cnmplylng wlth the rèquirements of the Companigs Act 2008 with respect lo accountin9 re(;ords and the preparation of financial slalemenls. The members have i)ol requirod the comoany lo obiain an audit of ils financial slalemenls under the requirements of the Companies Act 2006, for the yeai in question in accordance with section 476. These financial stalemeiils have been prepared in acr.ordance with the provisions applicable to companies subject lo the small companies rLigime. The financial slalemenls were approved by the Iruslee5 on Mr M J Russell Tru8tee Company registration number 02588109 {England and Wales) 10- STOCKFIELD COMMUNITY ASSQCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operatlng actJvltle8 Cash generated from operations 21 3,684 203,363 Invosting activlties Purchaso of investments Investment income received 1143,092) 177,418 1182.228) 138,201 Net cash genorated fromllusod Inl InvestSng actlvltles 34,326 144,0251 Not cash generatod from financing activStlo8 Not increaso In eash and cash equivalents 38,010 159,338 Cash and cash equivalents at beginning of year 316,948 157,608 Cash and ¢a•h oqulvalonts at ond of year 354,956 316,946 11 STOCKFIELD COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles Charlty Informatlon Slockfield Community Association 1$ a private company limited by guarantee incorporated in England and Wales. The registered office is New Media House, Davidson Road, Lichfield, WS14 9DZ 1.1 Accounting ¢onventlon The fin8nGial slalemenls have been prepared in accordance with Ihe charily's governing document. the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102,1 and the Charities SORP "Accounting and Reporting by Charities.. Slatemont ol Recommended Practice applicable to charities preparing Ihelr accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are preparod In sterling, which 18 thé functional currency of thè charity. Monetary amounts in these financial slalemenls are rounded lo the nearest £. Thè financial statements have been prepared under Ihe historical cost convention. The principal accounllng policies adopted are sel oiil below. 1.2 Going concern Al the time of approving the financial slalements, the Iruslees have a reasonable expeclalion that the charity has adequate resources lo continue in operational existence for thè foreseeable future. Thus the Iruslees continue lo adopt the going concern basis of acbuonting in preparing the financial slalemenls. 1.3 Ch&ritabl8 fundi Unreslricled funds represent funds which are expendable at the discrelion of the Tru51e8s in the furtherance of the objectives of the charity. Such funds may be held in order to finance both working and Lapilal investment. Designated funds are Charitable donations with the slipulatlon Ihal they be used fnr a speciflc purpose. Reslricled funds represent grants, donations and legacies received which are allocaled by the donor for specific purposes. 1.4 Income Income is recognised when the charrty is legally enlilled lo il after any performance conditions have been met, the amounts can be moasured reliably, and il 15 probable that income will be received. Cash donations are recogiiised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations roceived under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, Ihe amount is known, and receipt is expected. If the amount is nol known, the legacy is Irealed as a contingent asset. 12 STOCKFIELD COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {con￿nued) 1.5 Expendlture Expenditure is reeogni96d once there is a legal or constructive obligation lo Iransfer economic benefit lo third party, il is probable that a transfer of e¢onomi¢ benefi15 will be required In selllemenl, and the amount of the obligation can be measured reliably. Expenditure is classified by aGlivily. The costs of each 8Ctivity are made up of the total of dir￿1 costs and shared costs, including support costs involvod in undertaking each activity. Direct costs altribulable lo a single a¢livily are allocated directly to that activity. Shared costs which contribute to more than one activity and support costè4 which are not atlribulable lo a single activity ar8 gPPOrtioned between those a¢livili8s on a basis consislenl with the u.se of resour¢es. Central staff costs are allocated on the basis of lime Spent, and depreciation charges are allorAled on the portion of the asset's use. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net ol depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values ov8r Ihelr useful livgs on the following bases.. Leasehold land and buildings 4)kn straight line on cost The gain or loss ai'ising on the disposal of an aosLs1 is determined as Ihe difference between the 3ale procp.eds and the carrying value of the asset, and Is r8cognis8d in the stalemènl of financial aclivilies. 1.7 Cash and cash equivalont8 Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-term liquid investmonls with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current Iiabililies. 1.8 Flnanclal In8truments The charity has eleclod to apply the provisions of Seelion 11 'B8sic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 lo all of ils financial instruments. FinancSal instruments are recognised In the charity's balance sh891 when the chorily becomes party lo the conlraclual provisions of the instrument. Finan¢ial assets and liabilities are offsel, with the nel amounts presented in the financial statements, when there is a legally enforceable right lo sel off the recognised amounts and there Is an intention to Settle on a net basis or lo realise the asset and sellle the liability simultaneously. Basic flnancial assets Basic financial assets, which include deblors and cash and bank balances, are initially measured at transaction price including transaction costs and are SLibsequenlly carried al amortised cost using the effective interest method unless the arrangement constitutes a financing tran5ciclion, where the transaction is measured at the present vallie of the future receipts discounted al a market rale of Inleresl. Financial assets classified as receivable within one year are not amortised. 13- STOCKFIELD COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 AG¢ounting policies (Continued) Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pric6 unless the arrangement conslilules a financing transaction, where the debt in51rumenl is measured at the present value of the future payments discounted at a market rale of inleresl, Financial liabilities classified as payable within one year are not amortised. Debt in8trumenls are subsequently carried al amortised cost, uslng the effective inl&rest rale method. Trade creditors are obligations lo pay for goods or 3etvices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as currenl liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised Initially al transaction price and subsequently measured at amortised cost using the effective intprest method. Derecognition of financlal liabllltles Financial liabilities are dorècognised when the charity's contractual obligations expire or arè discharged or cancelled. Critical accountlng 08timate8 and Judgements In the application of thè cliarily's accounllng pollcles. the Iruslees are required lo make judgements, esllmales and assumptions about the carrying amount of assets and liabilllles that are nol readily appaienl from other sourcos. Tho eslimalo8 and associated assumptions arè based on historical 8xperience and other factors that are Considered lo be relcvanl. Actual results may differ from these eslimales. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognisod in the period in which the estimate is revised where the revision affeGls only that period, or in the period of the rovision aiid future periods where the revision affects both current and futu16 periods. Depreclatlon and resldual value8 The Trustees havo revlewed the asset lives and as50cialed residual values of all fixed asset calculations and has concluded that asset lives and residual valuos are appiopriale. Income from donations and lega¢Ses Unrestricted Unrestrletgd funds funds 2024 2023 Donations and gifts 30,647 14,387 14- STOCKFIELD COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 In¢ome from charitable activities Unre8trlcted Unrestrlcted funds funds 2024 2023 Soclal Houslng Rents Social housing rents receivable Performance related grants Other income 636,374 64,979 622,789 69,141 729 701.353 692,659 Incomo from Invostmento Unreitricted Unrestrlcted funds funds 2024 2023 Interest ana dividénds recvivable 177.418 138,201 15- STOCKFIELD COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on Gharitable a¢tivitlos Provislon of Provlslon of $eNice$ services 2023 2024 Direct costs Depreciation and impairment Management and maintenance Major repairs Insurance Ground rènt Donations Investment fund fees Support to youth 1,083.980 3,275,182 201,006 3.476.188 435.728 140.934 576,662 257,289 {61,176) 196,113 15,000 15,000 50,000 50,000 5,117,159 909,418 {769,588) 140,934 5,397,923 Provious year.. At 1 January 2023 Incoming re3ourceJ Resources expended Tran•fer8 Galn• and losie At31 December 2023 Genoral reserves Major repairs sinking fund Unrealised gains Cyclical maintenance Dlsabilily adaptations Community facility 1,083,960 845,247 1607,040) (238,207) 1.083,960 3,066,975 208.207 3,275,182 255,350 180,378 435,728 227,289 30,000 257,289 15,000 15,000 50,000 50,000 4,698,574 845,247 1607,040) 180,378 5,117.159 20 Related party transactions Transa¢tions with relatod parties During Ihe year the charity entered into the following transactions with related parties= 19- STOCKFIELD COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Related party transactions {Continuedl During the year the company received donations of £30,647 (2023 - £14,387) from ils subsidiary undertaking. Slockfield Community Association Isubsidiaryl Limited. At the year end. the charity was owed £12,87612023 - £12,624) from its subsidiary undertaking. 8irmingham City Council has the right lo appoint 2 Directors and has provided non-repayable grants of £3,584,774. Bromford Housing Group a130 has the right lo appoint 2 Directors. During the year. Bromford Housing Group, acting as agents. paid rents lo thè company amounting lo £636,374 (2023 - £622,789 ) and received manag&m&nl charges of £56,304 {2023 - £56,3041 from the company. Al 31 December 2024, £51,781 12023- £166,162) was due to the company from Bromford Housing Group. 21 Cash gfrnoratod from operations 2024 2023 Surplus for the year 280,764 418.585 Adjustmonts for: Investment income recognised in statement of financial aclivilios Fail. value gains and Iosseg on Investments Depreciation and Impairment of tangible fixed assets (177,4181 1140,934) {138,2011 1180.378) 59,555 Movoments In working capltal: De¢rease/lincreasel in debtors (Decreasellincrease In creditors 100,849 159.5771 19,6361 53,438 Cash gèneratod from oporatlon8 3,884 203,363 22 Analy$ls of changes in net funds The charity had no material debt during the yoar. 20-