FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/03/2024 MARCHWOOD COMMUNITY ASSOCIATION REGISTERED CHARITf NUMBER 1049276 PREPARED BY: Jennifer Aldridge 35 Ferndale Road Marchwood Southampton Hampshire S040 4XR Trustees Annual Re ort 2023-2024 Our biggest achievement this year was having solar panels and a battery installed. The grant process was long winded and complicated but we finally had everything agreed and the panels went live in June. We achieved 213 fL¢nding from grants and used our reserves for the final third. This meant our total commitment was just under £10,000, from a total cost ofju5t under £30,000. We were concerned that we were coming out of a 3 yr fixed utility contract and the prices would increase massively so to have the extra benefit of generatin8 our own electricity and exporting any excess was reassuring. We have yet to see across a whole year what the financial benefit will be. Unfortunately we have had a spell of losin8 a few larger hirers in a short space of time-which did cause a concern. This was for various reasons from lack of numbers to groups not receiving funding and so had to stop to people simply moving on. We are working hard to build up new groups. We are continuing to chan8e our lighting to energy efficient LED'S and are working our way round the building as and when we have the money. The building itself is now 32 years old and is getting a little tired. We have had to have roof repairs and electrical work done to keep up to standard. What has not helped is a problem with squirrels accessing the roof space and eating electrical cables. This will be an ongoin8 battle to repair holes to Stop them getting in. We continue to run our Toddler and Solid Silver clubs and they are much enjoyed by all who attend. We would like to thank all of our very kind Volunteers, as without them it would be impossible to run such 8roup5. MARCHWOOD COMMUNITY ASSOCIATION Balance Sheet As at 31st March 2024 2024 2023 Computer Equipment Cost Computer Equipment Depreciatlon Flttings and Equipment Fittings and Equipment Depreciation Solar Panels Cost Solar Panels Depreclation Land and Buildings 625,329 Land and 8uildlngs Depreciatlon {166.4161 Fixed Asset 1.858 1,858 (1,8581 30,313 11,8581 30,313 130,313) {30,313} 28.794 {1,914) 625.329 1508,6161 485,793 Current Asset 116,713 Current Account Debtors Ledger. Other Debtors Petty Cash Prepayments Short Temi Deposlt Account 4.554 2,206 5,946 4,446 24 2,902 19311 46,947 52,390 56,669 Current Llabllitles 61,959 Accruals 11,0481 1,364 {1,048} 1,364 Net Assets 541,414 180,036 Owners Equity General Fund Net Profrt Previous Years Profit 201.451 349,41YI 124,001) 225,864 124,0011 121,8271 526,854 Re5trlcted Reserve 180,036 Solar Panel Grant Reserve 14,560 Total fund5 541.414 180,036 Approved by the board of Trustees and signed on their behalf....... MARCHWOOD COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024. The Financial Statements have been prepared in accordance with the requirements of the Statement of Recommended Practice for Charities, applicable accounting standards and the Charities Act 2011. Accountlng Convention The Financial Statements have been prepared under the historical cost convention. 2. Accounting Basls The charities income and expenditure is included on the accruals basis, i.e. in the period in which income 45 receivable with reasonable certainty or a liability is incurred. Expenditure includes irrecoverable VAT 3. Flxed A55etS All saleable assets costing more than £150 are capitalised. Tangible moveable property pvrchased by the Trust is included in the Balance Sheet at cost le55 depreciation. The trust has an inalienable ri8ht over the Village Hall but not the land on which it stands. These assets have been capitalised in accordance with FRS15 together with the fixture and fittin85 provided with the building. and the professional fees paid by the Association in connection with the construction. 4. Depreclatlon Depreciatlon is provided at the annual rate calculated to write off the a55ets over their estlmated useful life.. Fixtures. Fittings and Equipment 5 years Computer Equipment 3 years Solar Panels IS years Leasehold Building- over the residue term of the lease which has been extended until 2116 5. Nettlng Off As far a5 practically possible all fund raisin8 income and expenditure is shown gross. 6. Deslgnated Fund The T.rustees have designated the net book value of the Building and other Fixed Assets as a separate fund set aside for retention by the Charity in order to fulfil the Charities objects. 7. Penslon Costs The company operates a defined contribution pension scheme. Contributions are charged to the profit and 1055 account as they become payable in accordance with the rules of the scheme. Turnover Turnover represent5 the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31.03.2024 2024 2023 Unrertrirted Restricted Totsl Total Fund5 Funds Incoming Resources Incoming resources generated from Funds and Charitable Activities 51,095 51,095 55,373 Outgolng Resources Outgoin8 resources from Furfds and Charitable Actlvities 298,309 298,309 177,2CQI Net In¢omellLossl for the year 349,404 349,404 121,8271 Total Funds 8rou8ht Forward 199,277 225,864 Net ProfltllLossl 349,404 121,827) Prevlous Year Proflt {21,8271 {24,0011 Total Funds to be Carried Forward 526,854 180,036