Registration number: 02967895
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The Wally Foster Community Centre Association Ltd Annual Report and Unaudited Financial
Statements for the Year Ended 31
March 2021
London Accountancy Practice
Sojourner Truth Centre 161 Sumner Road London SE15 6JL
The Wally Foster Community Centre Association Ltd
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|Contents|
|Company|Information|3|
|Directors'|Report|4-5|
|Independent|Examiner's|Report|6|
|Statement|of Financial|Activities|7|
|Balance|Sheet|8|
|Notes to the|Financial|Statements|9-10|
|Detailed|Income and|Expenditure|11|
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The Wally Foster Community Centre Association Ltd
Company Information
Directors Anthony Terrence Roberts Thelma Meleander Gage Danny Jude Julie Registered office Homerton Road London E9 5QB Independent Examiner Ade Adebambo Sojourner Truth Centre 161 Sumner Road London . SE15 6JL
The Wally Foster Community Centre Association Ltd
Directors' Report for the Year Ended 31 March 2021 The directors present their report and the financial statements for the year ended 31 March 2021.
Directors of the company
The directors who held office during the year were as follows: Jamie Mckenzie oo ceeeseseeeeee Chair
Albert Doku .....0.......ccceccceeeesseseseersssseeesss Trustee Charmaine Humphrey.........................006s... Trustee
Principal activity
The principal activity of the company is Running Community Centre
Financial Review
The results of the year’s operation are set out in the attached financial Statements. The net movement in funds for the year amounted to £6,482. The retained reserves at 31 March 2021 amounted to £13,664. The trustees have been aware of the need to comply with good practice guidelines on free reserves and The Wally Foster Community Centre Association Ltd has included its reserves policy in the notes to the accounts.
RISK MANAGEMENT
The trustees have examined the major risk which The Wally Foster Community Centre Association Ltd faces and believe that maintaining our free reserves at a reasonable level, combined with our annual review of the controls over key financial systems will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks which we face and confirm that they have established systems to mitigate the significant risks. FUNDS AVAILABLE The present level of funding is adequate to support the continuation of the Company operations for the medium term, and the trustees consider the financial position of the Company to be satisfactory. VOLUNTEERS The Wally Foster Community Centre Association Ltd recognises the significant contributions made by volunteers.
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The Wally Foster Community Centre Association Ltd
Statement of Management Committee Responsibilities
The Directors are required to prepared financial statements which give a true and fair view of the state of affairs of the project and of the income and expenditure of the project for that period. In preparing these financial statements, the management committee are required to:
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© select suitable accounting policies and apply them consistently; « make judgements and estimates that are reasonable and prudent:
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e state whether applicable standards and statement of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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¢ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the project will continue in operation.
The Directors are responsible for keeping proper records which disclose at any time the financial position of the project. They are also responsible for safe guarding the assets of the organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.
Approved by the Board on 23 December 2021
and signed on its behalf by: en
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‘ cKenzie
Chair
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The Wally Foster Community Centre Association Ltd
Independent Examiner’s Report | report to the directors on my examination of the financial statements of The Wally Foster Community Centre Association Limited for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the charity (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 financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act: or
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- 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
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- 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).
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| 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 financial statements to be reached. AdeAO Adebambosgh sateenMBA, ACMA, CGMA, ACG, Dated Prfoy}.22 ; London Accountancy Practice Sojourner Truth Centre 161 Sumner Road London SE15 6JL
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The Wally Foster Community Centre Association Ltd
Statement of Financial Activities For the year ended 31 March 2021
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|Unrestricted|Restricted|Total|Total|
|Fund|Fund|2021|2020|
|Incoming|Resources|£|£|£|£|
|Legacies,|Grant & Donations|0|0|0|0|
|Income from|charitable|activities|28,728|0|28,728|60,415|
|JRS- HMRC|0|3,050|3,050|0|
|Bank|Interest|0|0|0|0|
|Total|Income|a28,729|3,050I|31,779I|UO60,415|
|Costs|of generating funds:|
|Charitable|activities|22,247|3,050|25,297|55,584|
|Total Expenditure“|eeco22,247|3,050|25,297-|r——l55,584|
|Net Incoming|Resources|6,482|-|6,482|4831|
|Balances brought forward|7,182|-|7,182|2,351|
|Balances|carried forward|13,664|-|13,664|7,182|
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The Wally Foster Community Centre Association Ltd
Balance Sheet
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As At34 March 2024
| Balance Sheet As At34At34 March 20242024 |
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| 2021 | 2020 | |||||
| FIXEDASSETS | : | £ | £ 2,497 |
£ | £ 3,066 |
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| CURRENT ASSETS Debtors Deposit Cashatbank&Hand |
8,945 500 8,087 |
2,236 600 1,544 |
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| 17,526 | 4,280 | |||||
| CURRENTLIABILITIES | ||||||
| Creditors: amountsfallingdue | duewithinoneyear | |||||
| VAT | 262 | |||||
| IndependentExaminer | 600 | |||||
| TradeCreditors | 5,497 | 164 | ||||
| 6,359 | 4,116 | |||||
| 11,167 | ||||||
| 13,664 | 7,182 | |||||
| REPRESENTEDBY: FUNDS: Unrestricted Restricted |
43,664 - |
7,182 3 |
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| 13,664 | 7,182 |
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Approved by the board on 23 December 2021
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and signed on its behalf DY RSaitie FiatMckenzie Chair
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The Wally Foster Community Centre Association Ltd
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Notes to the Financial Statements
1. Accounting Policies
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1.1. Basis of preparation of Financial Statements The financial statements are prepared under the historic cost convention and include the results of the charity’s operations which are described in the Trustees’ Report and all of which are continuing. The accounts have been prepared in accordance with the Statement of Recommended Accounting Practice and Reporting by Charities. The charity has taken advantage of the exemption of Financial Reporting Standard No 1 from the requirements to produce the financial statements on the grounds that it qualifies as a small charity ;
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1.2 Incoming Resources 1.2.1 Revenue grants are credited on the earlier date of when they are received or when they are receivable, unless they relate to a specific future period, in which case they are included on the Balance Sheet as deferred income to be recognised in the future accounting period.
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1.2.2 Grants received for specific purposes are accounted for as restricted funds in the Statement of Financial Activities.
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1.3. Restricted Funds Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure that meets these criteria is identified to the fund, with a fair allocation of management and support costs.
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1.4 Unrestricted Funds Unrestricted funds. are donations and other incomes received or generated for the objects of the organisation without further specified purpose and are available for general funds.
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1.5 Designated Funds Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
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1.6 Resources Expended All expenditure is accounted for gross and when incurred. Direct charitable expenditure includes the direct costs of the activities and depreciation on related assets
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Management and administration comprise those costs relating to the Charity’s central management and administration expenses instead of its charitable activities.
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The Wally Foster Community Centre Association Ltd
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Depreciation Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows: Office equipment, Furniture, Plant & Machinery: 25% on cost
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Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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4. Tangible Fixed Assets
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| 4. Tangible Fixed AssetsAssets | ||
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| Furniture, | Total | |
| Fittings & | ||
| Equipments | ||
| 2021 | 2021 | |
| £ | £ | |
| Cost orvaluation | ||
| 1 April2021 | 9,826 | 9,826 |
| Depreciation | ||
| 1 April2020 Charge fortheyear |
6,760 569 |
6,760 569 |
| 31 March2024 | 7,329 | 7,329 |
| Netbookvalue | ||
| 31 March 2024 | 2,497 | 2,497 |
| 31March2020 | 3,066 | 3,066 |
| 5. Debtors | ||
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| 2021 | 2020 | |
| £ | £ | |
| Trade Debtors | 8,945 | 2,236 |
| 6. Creditors | ||
| 2021 | 2020 | |
| £ | £ | |
| TradeCreditors | 5,497 | 164 |
The Wally Foster Community Centre Association Ltd
DETAILED EXPENDITURE
FOR THE YEAR ENDED 31 MARCH 2021
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|Unrestricted|Restricted|Total|Total|
|EXPENDITURE|Fund£|FundE|2021£|2020£|
|Raw Materials|& Consumables|3496|3,496|3,938|
|Salaries & Wages|0|3,050|3,050|350|
|Tax/National|insurance/|pensions|0|.|-|
|Rent,|rates &|Service|costs|0|~|2,883|
|Utilities|costs|4253|4,253|13,803|
|Repairs & Maintenance|870|870|10,552|
|Consultancy|costs|823|823|151|
|Travel|354|354|1,136|
|Telephone &|Internet|596|596|-|
|Legal|/ Prof fees|0|-|547|
|Bank charges|331|331|1,098|
|Audit & Accountancy fees|1625|1,625|1,338|
|Cleaning|875|875|-|
|Other Admin|costs|8357|8,357|18,864|
|Printing|&|Stationery|453|453|-|
|Subscriptions|213|213|-|
|Total Expenditure|22,247|3,050|25,297|54,660|
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