CROSSROADS BRAINTREE & CHELMSFORD Limited
(A company limited by guarantee)
Report and Financial Statements for the year ended 31 March 2025
Company Registration Number: 3257547
Charity Registration Number: 1059393
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|CROSSROADS fF|
Braintree
® Chelmsford||
|---|---|
|Contents|Page|
|Legal and Administrative Information|3|
|Report of the Management Committee|4|
|Financial Summary|14|
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Crossroads Braintree and Chelmsford Limited
Legal and Administrative Information:
Charity Name Crossroads Braintree and Chelmsford Limited Company Registration Number: 3257547 Charity Registration Number: 1059393 Registered Office/Business address: 8 Park Farm Witham Road Black Notley Braintree Essex CM77 8LQ
Trustees: Jennifer McFaull Chair Matthew Barker (Resigned 13th March 2025) Stephen Tate Treasurer Malcolm Richardson Vice-Chair Oluwafolakemi Biyi (Resigned 23rd May 2024) Andrea Bennett (Resigned 4th June 2024) Wendy Dove Irene Guppy (Resigned 3rd June 2024) Sharyn Griffiths (Appointed 13[th] March 2025) Company Secretary: Stephen Tate Finance and Business Development Manager: Dannielle Perry Independent Examiner: Carol Green FCCA (Peyton Tyler Mears) Banker: Virgin Money
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Report of the Trustees for the year ended 31 March 2025
The Management Committee presents its directors’ report and financial statements for the year ended 31 March 2025
Aims and Objectives
Purposes and Aims
Our charity’s purposes as set out in the objects contained in the company’s memorandum of association are to relieve the stresses experienced by carers and beneficiaries. The aims of our charity are to provide a break for people who are caring for family members full-time to enable them to put themselves first for a short period. Our aims fully reflect the purposes that the charity was set up to further.
Ensuring our work delivers our aims
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aim, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
The focus of our work
Our principal objective is currently to continue developing the service and we are still trying to build the client numbers by advertising in local magazines and social media platforms. We are aiming to reach out to carers in the Braintree Chelmsford and Maldon areas, employing more staff when needed to accommodate this
How our activities deliver public benefit
Our main activities and who we try to help are described below. All our charitable activities focus on providing relief for carers and the cared for enabling them to continue living at home and reduce the need for public resources. and are undertaken to provide public benefit.
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Who used and benefited from our services?
Our objects and funding limit the services we provide to those who are resident in the Braintree District and Chelmsford. The 2021 Census estimated number of unpaid carers across the UK at 5.7 million, whereas research by Carers UK in 2022, put this number at 10.6 million. Applying those numbers to the population of the Braintree District and Chelmsford, suggest that the number of unpaid carers in this area could be between 28,000 and 51,000. The census data indicated that 59% of unpaid carers are women. More women provide high intensity care at ages when they would expect to be in paid work, than men. People aged 46-65 were the largest age group to become unpaid carers. In 2024-25, 78 customers used the Charity’s core sitting service and in March 2025, 51.5% of carers were female. 60.5% of carers were caring for a partner, 2.5% for children and 23% for a parent. 14% of clients live alone. The average age of those being cared for, excluding children was 80. The most significant change over the previous year was the increase in male clients from 39% to 41.5%. The Day Centre operated on two days per week with an average of 7 attendees per session on Wednesdays and 10.5 on Fridays. All relevant forms including risk assessments, accident forms and volunteer forms are maintained.
Other Achievements and Performance
Crossroads Braintree & Chelmsford remains focused on expanding its services, aiming to increase client numbers through local magazine advertisements and social media outreach. Growth in Braintree, Chelmsford, and Maldon will be supported by additional staff recruitment as needed.
To improve cost efficiency, the organisation has transitioned from face-to-face training to e-learning. Support workers can access training via office facilities or personal devices, with newly funded tablets further enhancing accessibility. Training modules include Safeguarding, Medication Practice, Equality, Diversity & Inclusion, and Oral Care. The Oliver McGowan Autism Training has also been introduced. Additional training requests have covered Parkinson’s, Dementia, Diabetes, and Mental Health, with Personal Care now an annual requirement. Practical First Aid and Moving & Assisting training sessions were held in September 2024, and two staff members completed Oxygen Cylinder Safety Training to support an individual discharged from hospital.
New support workers enrol in the fully funded Virtual Dementia Tour when spaces become available..
Unannounced staff observations, introduced recently for performance management, continue to ensure high standards. These observations are welcomed by both staff and clients.
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As part of the Community Tree Network, the organisation had an opportunity to record a promotional video explaining its services. The Care Co-ordinator participated in this project, and the professionally produced video has been integrated into social media platforms and the company website.
The Day Centre continues to operate on Wednesdays and Fridays, maintaining adequate attendance levels. Key documentation, including risk assessments, accident reports, and volunteer forms, is stored on Charitylog for streamlined recordkeeping. A new Team Leader has been appointed following a resignation and has adapted well to the role, bringing fresh energy to the team.
The annual reviews of service charges took into account increases in the national minimum wage. While prices have been adjusted, Crossroads Braintree & Chelmsford remains significantly below sector norms in the region.
Client feedback remains overwhelmingly positive, as confirmed by questionnaire responses highlighting satisfaction with reliability, care, and respect from support workers. Staff appraisals, DBS checks, and Trustee background checks are all current.
The organisation continues to secure funding through trusts, foundations, and local councils, ensuring financial stability. Surplus funds are currently invested in a notice account with Cambridge & Counties or fixed-term deposits of one or two years with United Trust Bank, so taking advantage of beneficial interest rates, although rates have now started to reduce. An account with a competitive rate, from the Saffron BS, provide instant-access liquidity while maintaining financial prudence Further details are included below under “investment Policy”.
Staffing levels have remained appropriate to the demand for services, as at 31[st] March 2025, the staff comprised a Finance and Business Development Manager (Business Manager), Care Coordinator, Office Administrator, 15 Support Workers and a Day Centre Team Leader with a team of assistants.
Financial Review
Crossroads originally budgeted for a deficit of around £20,000 for the year and that looked likely for a large part of the year, a slight increase in customer numbers and a late grant award helped bring the final figure down below £15,000. However, that does not disguise another challenging year. The core service customer base has stabilised, albeit at a lower level, with new customers constantly needed to offset the loss of existing ones who have seen the loss of some or all of their funding from the County Council. This is likely to remain an ongoing problem until the funding of social care is addressed at a national level. Attendances at the Day Centre continued to
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fluctuate over the year, ranging from the very disappointing to the extremely encouraging. A varied programme of activities was presented and the enthusiasm of new staff bodes well. The lower customer base overall, meant that expenditure on employees was again lower than budgeted. The difficulty in recruiting new staff meant more was spent on stationery and advertising with a number of new carers started during the year as Trustees continued to offer pay rates above the minimum wage with significant increases in April 2024. Fund raising becomes more difficult each year as everyone faces up to the cost-of-living crisis, but exploring all opportunities meant exceeding the fund-raising budget, which helped to minimise the deficit and meant that the financial reserves stood at just under £163,000 at 31[st] March with £90,000 of this in a designated fund. The remaining £70,000 is held in a general fund, of which all but £500 is unrestricted The office lease is due for renewal in December 2025 and further increases in both pay and national insurance in April 2025 has meant increasing our charges more than Trustees would like to keep a budgeted deficit below £4,000 for 2025/26, but early indications are that this has not deterred Day Centre attendances so we will endeavour to reduce the deficit further.
Principal Funding Sources
The principal funding sources for the charity are our chargeable activities, the main one of which is our core sitting service paid either privately by our customers or via County Council. Day centre charges are fully paid by the customers and there is also a Non Residential contract with Essex County Council.
As noted above, fund raising remains critical to the charity and how successful we are can make the difference between surplus and deficit. This is mainly by way of awards from funding bodies or local companies and is supplemented by donations from companies or individuals. The final source of income is interest on our investments. Although small in comparison, careful management of the balances in accordance with our investment policy maxims the return while minimising the risk.
Investment Policy
Aside from retaining a prudent amount in the bank account to cover day to day cashflow, surplus funds are invested with registered financial institutions to produce the best financial return within an acceptable level of risk. The charity is risk averse and only invests in funds covered by the Financial Services Compensation Scheme (FSCS) and only up to the FSCS limit of £85,000 with any one institution. At the year end, the Charity held £150,000 across numerous accounts with four banks which included a mix of current account, instant access saver account, notice account and a number of one or two year fixed rate deposits. Interest rates on the savings accounts range from 2.75% to 5.24% and balances are monitored to ensure that they remain within the £85,000 FSCS protection limit. United Trust and C&C
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consistently offered the highest rates for business/charity accounts. But a competitive online instant access account with Saffron BS has also enabled us to reduce the current account balance which earns no interest.
Reserves Policy
The Management Committee has examined the charity’s requirements for reserves in light of the main risks to the organisation. It has established a policy whereby some of the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be designated to cover at least 3 months of the annual expenditure plus any contractual commitment such as the remaining length of the office lease. Budgeted expenditure for 2025/26 is £260,000 and the designated fund at March 2025 remained at £90,000 leaving £70,000 in a general reserve all but £500 of which is totally uncommitted but able to cover a further 3 months of expenditure. The reserves are needed to meet the working capital requirements of the charity and the Management Committee are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding.
Plans for Future Periods
The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. It would still like to expand the number of hours provided by the core sitting service to at least the level operated before covid restrictions. It faces two difficulties in trying to achieve this. The first is attracting additional staff, without whom the service can’t be provided. Despite substantial salary increases in each of the last four years, going beyond the minimum wage, recruitment remains a problem. New customers are also required, just to stand still, as a number are lost each year. Although some of this is natural due to the age and health of some of our customers, it has been exacerbated by the reduction in direct funding from Social Services, meaning that some customers who have previously benefitted from the sitting service have either withdrawn altogether or reduced their hours as they no longer consider it affordable. This is frustrating and the charity has made representations to the County Council that such funding cuts in the short term will lead to bigger financial pressures in the future.
Structure, Governance and Management
Governing Document
Crossroads Braintree & Chelmsford is a registered charity and a company limited by guarantee. It was established in 1978 under a Memorandum of Association which
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established the objects and powers of the charitable company and is governed under its Articles of Association. It was incorporated on 1[st] October 1996 under the name Crossroads Care Braintree District & Chelmsford, with a revised Memorandum and Articles adopted by Trustees following an extension of the area of operation. The company changed to the current name in May 2017 following its disaffiliation from Carers Trust and further revisions to the Memorandum and Articles were agreed at the AGMs in 2017 and 2021.
Although the company operated independently, the merger between The Princess Royal Trust and Crossroads Care in 2012 formed the Carers Trust and Crossroads Care Braintree District & Chelmsford became network partners of the Carers Trust, to become the leading carers charity in the area. Its mission has been to supplement and complement statutory authorities and voluntary organisations with similar objectives of carer support. Following a detailed analysis of its own costs and in particular the value for money that membership of the Carers Trust provided, the trustees decided in April 2017 to terminate that membership as at 31 March 2017. Although this led to the removal of “Care” from the company name, its mission remains unchanged and care remains the main priority.
Recruitment and Appointment of Management Committee
The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members of the Management Committee. Under the requirements of the Memorandum and Articles of Association the members of the Management Committee are appointed at the Annual General Meeting with the positions of Chair, Vice-chair, Treasurer and Company Secretary being elected from amongst them. All members of the Management Committee come from various professional backgrounds of relevance to the charity and give their time voluntarily receiving no benefits from the charity. Any expenses reclaimed from the charity are set out in note 14 to the accounts.
At the start of the year, the Management Committee consisted of 8 Trustees assisted by the Business Manager. One Trustee stood down in May 2024 and two who had been appointed in March, decided it was not the right role for them and resigned in June 2024. A new Trustee was appointed in March 2025, replacing a further Trustee who resigned that month leaving 5 Trustees at the year end. Trustee Meetings are held bi-monthly to receive reports from the Finance and Business Development Manager and the Care Coordinator. The Financial Report is delivered by the Treasurer for regular monitoring, with full explanatory notes on bank balances, assets and investments.
Trustees have a responsibility for familiarising themselves with the Policies and Procedures as reviewed regularly and updated by Bettal on an annual basis,
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ensuring that managers customise documents, communicate amendments and organise training as appropriate. Due consideration is given to all aspects of Health & Safety, Commitment to Quality and Equal Opportunity, as well as recommendations for training and the risk assessment review at each meeting. In addition to monitoring the information received, trustees volunteer to support variously in the office, at area meetings and organised activities.
Trustee Induction and Training
Although the Articles of Association allow for up to 12 Trustees, the charity has more typically operated with between 4 and 8 in recent years. It is constantly looking to attract additional Trustees, advertising online and in local community magazines. Interested parties are invited to visit the Charity’s office to meet the Chair and or other trustees as well as the Business Manager, to find out more about the charity, discuss what interests them and what they have to offer the charity. They will be invited to attend one or two Trustee meetings as an observer before existing Trustees vote on a motion to appoint them.
New Trustees receive an induction pack that includes:
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The obligations of Management Committee members.
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The main documents which set out the operational framework for the charity including the Memorandum and Articles.
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Resourcing and the current financial position as set out in the latest published accounts.
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Future plans and objectives.
A Question & Answer pack has also been prepared drawing information from the various Charity Commission publications signposted through the Commission’s guide “the Essential Trustee” as a follow up to these sessions. This is distributed to all new trustees along with the Memorandum and Articles and the latest financial statements. Feedback from new trustees about their induction has been very positive.
External inspection
The latest CQC inspection in February 2018 rated us as good. There is now a greater emphasis upon the provider to make available evidence to CQC as part of the Direct Monitoring Approach (DMA) on compliance with the HSCA 2008.
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Providers have to collect and evaluate evidence to prove compliance rather than relying upon CQC onsite inspections. This new approach to compliance monitoring places the burden of compliance upon providers for enhanced monitoring of their service prior to CQC onsite inspection.
We have filed our report each year and so far, no concerns have been expressed, therefore we haven’t needed an inspection to date. The live reporting system proposed by the CQC will mean that Providers will have to provide real time data on the quality of the service they provide.
Crossroads Braintree and Chelmsford send an annual quality monitoring questionnaire to all its clients as well as having face to face reviews with each client on an individual basis. This is a great way of making sure we are still fulfilling our high standard of care and allows us to make changes if necessary.
Processes and Related Parties
The Management Committee of Trustees assisted by the Business Manager meet bi-monthly and are responsible for the strategic direction and policy of the charity With the guidance and expertise of the Secretary/Treasurer, Trustees formally adopt the budget, monitor financial reports and approve the audited accounts before they are presented to the AGM. There are regular discussions between the Treasurer and the Business Manager, with the Chair available for urgent decisions.
The Business Manager is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. She has responsibility for the day to day operational management of the service, individual supervision of the staff team and also ensuring that the team continue to develop their skills and working practices in line with good practice. The Care Coordinator supervises the Care Support Workers and the Day Centre Manager is assisted by a team of staff and volunteers to run the Day Centre.
Staff meetings are held regularly and messaging systems are in place. Between them, the Care Coordinator and the Business Manager, coordinate the flow of information and promotional activity. Over the past year, our team has significantly expanded its community network through targeted outreach, collaborative events and strategic partnerships. These efforts have strengthened referral pathways, increased visibility across service providers and contributed noticeably to service uptake. By fostering relationships with local councils, voluntary sector organisations and health networks, we’ve positioned ourselves as a responsive, trusted presence within the community, driving both awareness and engagement.
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The Business Manager has secured the necessary funding from a mix of formal grant applications and donations for general and specific uses.
Risk Management
The Management Committee has conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the centre. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.
Responsibilities of the Management Committee
Company law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the management committee should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is not appropriate to assume that the company will continue on that basis.
The Management Committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 1985. The Management Committee is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Members of the Management Committee
Members of the Management Committee, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 3. In accordance with company law, as the company’s directors, we certify that:
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so far as we are aware, there is no relevant audit information of which the company’s auditors are unaware; and
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as the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.
Auditors
Peyton Tyler Mears were re-appointed as the charitable company’s Independent Examiners in 2021 for a period of 10 years, but subject to an annual review. The financial statements include their statement that they have come across no matters to which attention should be drawn to give a proper understanding of the accounts. The full financial statements are attached as an appendix to this report and a summary of the financial position is shown below. This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in March 2005) and in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small entities. Approved by the Management Committee on 22 January 2025 and signed on its behalf by:
Jenni McFaul (Chair)
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Financial Summary 2024/25
| 2024/25 | 2024/25 | 2023/24 | ||
|---|---|---|---|---|
| Incoming resources from generated funds | Incoming resources from generated funds | |||
| Voluntary income | £ 2,272 | £2,129 | ||
| Income from charitable trading (charges) | £190,680 | £206_,720_ | ||
| Grants and Funding | Grants and Funding | £ 37,366 | £ 28,519 | |
| Investment income | Investment income | £ 6,109 | £ 5,280 | |
| Total | £236,427 | £242,648 | ||
| Cost of Generating Funds: | ||||
| Staffing costs | Staffing costs | £186,804 | £190,014 | |
| Office costs | £ 28,836 | £ 23,386 | ||
| Other expenses | £ 34,994 | £ 32,880 | ||
| Total | Total | £250,634 | £246,280 | |
| Surplus/(Deficit) | for the Year | (£14,207) | (£ 3,632) |
None of the Trustees receive remuneration.
The Balance Sheet as at 31 March 2025 shows total funds of £162,855. These comprise:
| 2024/25 | 2023/24 | |
|---|---|---|
| Bank balances | £ 12,812 | £ 34,060 |
| Short and medium term investments | £138,932 | £137,268 |
| Other net assets | £ 11,111 | £ 5,734 |
| £ 162,855 |
£ 177,062 |
Reserves:
The trustees have agreed that a designated reserve be set aside as a contingency against redundancy, equivalent to three months operating expenditure plus the unexpired portion of the office lease. At 31 March 2025, the reserves were:
| 2024/25 | 2023/24 | |
|---|---|---|
| Designated Reserve | £ 90,000 | £ 90,000 |
| Restricted Reserves | £ 500 | £ - |
| Unrestricted Reserves | £ 72,355 | £ 87,062 |
| £162,855 | £177,062 |
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COMPANY REGISTRATION NUMBER: 3257547 CHARITY REGISTRATION NUMBER: 1059393
Crossroads Braintree and Chelmsford Ltd Company Limited by Guarantee
Financial Statements
For the Year Ended
31st March 2025
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year Ended 31st March 2025
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 31st March 2025.
Reference and Administrative Details
| Registered charity name | Crossroads Braintree and | Chelmsford Ltd |
|---|---|---|
| Charity registration number | 1059393 | |
| Company registration | ||
| number | 3257547 | |
| Principal office and registered | 8 Park Farm | |
| office | Witham Road | |
| Black Notley | ||
| Braintree | ||
| Essex | ||
| CM7 8LQ | ||
| The Trustees | Stephen Tate | |
| Malcolm Richardson | ||
| Jennifer McFaull Chair | ||
| Oluwafolakemi Biyi | (Retired 23rd May 2024) | |
| Matthew Barker | (Retired 13th March 2025) | |
| Andrea Bennett | (Retired 4th June 2024) | |
| Wendy Dove | ||
| Irene Guppy | (Retired 3rd June 2024) | |
| Sharyn Griffiths | (Appointed 13th March 2025) | |
| Company Secretary | Stephen Tate | |
| Independent Examiner | Carol Green FCCA |
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Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year Ended 31st March 2025
Structure, Governance and Management
Legal Status
The Company is a registered charity and is limited by guarantee. A special resolution was passed on 28th April 2017 changing the name of the company from Crossroads Care Braintree District and Chelmsford to Crossroads Braintree and Chelmsford Ltd.
Organisation and Financial Controls
The Charity is administered and controlled by a board of Trustees, who are also the Directors of the company. The Directors also maintain strict financial controls in order to make the most efficient use of both the funding received and from charges received.
Investment Powers and Restrictions
The Directors have the power to make investments and have invested surplus funds in fixed term bonds of up to two years or on deposit at the bank.
Objectives and Activities
The Charity's objective is to relieve stress on the carers of sick relatives by offering respite services and intends to continue providing this service in the future.
Achievements and Performance
Our principal objective is currently to continue developing the service and we are still trying to build the client numbers by advertising in local magazines. We are aiming to reach out to carers in the Braintree and Chelmsford areas, employing more staff when needed to accommodate this.
Results
The results for the year, and the charity's financial position at the end of the year are shown in the attached financial statements.
Risk Management
The board of directors take account of risks that the Charity may be exposed to when making any major decisions.
- 2 -
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year Ended 31st March 2025
Financial Review
Crossroads originally budgeted for a deficit of around £20,000 for the year and that looked likely for a large part of the year, a slight increase in customer numbers and a late grant award helped bring the final figure down below £15,000. However, that does not disguise another challenging year. The core service customer base has stabilised, albeit at a lower level, with new customers constantly needed to offset the loss of existing ones who have seen the loss of some or all of their funding from the County Council. This is likely to remain an ongoing problem until the funding of social care is addressed at a national level. Attendances at the Day Centre continued to fluctuate over the year, ranging from the very disappointing to the extremely encouraging. A varied programme of activities was presented and the enthusiasm of new staff bodes well. The lower customer base overall, meant that expenditure on employees was again lower than budgeted. The difficulty in recruiting new staff meant more was spent on stationery and advertising with a number of new carers started during the year as Trustees continued to offer pay rates above the minimum wage with significant increases in April 2024.
Fund raising becomes more difficult each year as everyone faces up to the cost of living crisis, but exploring all opportunities meant exceeding the fund raising budget, which helped to minimise the deficit and meant that the financial reserves stood at around £163,000 at 31st March with £90,000 of this in a designated reserve and the remaining £73,000 is held in a general fund of which all but £500 is unrestricted. The office lease is due for renewal in December 2025 and further increases in both pay and national insurance in April 2025 has meant increasing our charges more than Trustees would like to keep a budgeted deficit below £4,000 for 2025/26, but early indications are that this has not deterred Day Centre attendances so we will endeavour to reduce the deficit further.
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 .............................. and signed on behalf of the board of trustees by:
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Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Crossroads Braintree and Chelmsford Ltd
Year Ended 31st March 2025
I report to the trustees on my examination of the financial statements of Crossroads Braintree and Chelmsford Ltd ('the charity') for the year ended 31st March 2025.
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:
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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
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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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Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Crossroads Braintree and Chelmsford
Ltd (continued)
Year Ended 31st March 2025
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.
Carol Green FCCA Independent Examiner
Peyton Tyler Mears Middleborough House 16 Middleborough Colchester CO1 1QT
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Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year Ended 31st March 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ |
£ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 24,692 |
14,946 | 39,638 | 30,648 |
| Charitable activities | 6 | 190,680 |
– | 190,680 | 206,720 |
| Investment income | 7 | 6,109 |
– | 6,109 | 5,280 |
| -------------------------------------- | --------------------------------- | -------------------------------------- | -------------------------------------- | ||
| Total income | 221,481 | 14,946 | 236,427 | 242,648 | |
| ====================================== | ================================= | ====================================== | ====================================== | ||
| Expenditure | |||||
| Expenditure on charitable activities | 8,9 | 236,188 |
14,446 | 250,634 | 246,280 |
| -------------------------------------- | --------------------------------- | -------------------------------------- | -------------------------------------- | ||
| Total expenditure | 236,188 | 14,446 | 250,634 | 246,280 | |
| ====================================== | ================================= | ====================================== | ====================================== | ||
| -------------------------------------- | --------------------------------- | -------------------------------------- | -------------------------------------- | ||
| Net expenditure and net movement | in | ||||
| funds | (14,707) | 500 | (14,207) | (3,632) | |
| ====================================== | ================================= | ====================================== | ====================================== | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 177,062 | – | 177,062 | 180,694 | |
| -------------------------------------- | --------------------------------- | -------------------------------------- | -------------------------------------- | ||
| Total funds carried forward | 162,355 | 500 | 162,855 | 177,062 | |
| ====================================== | ================================= | ====================================== | ====================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 18 form part of these financial statements.
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Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Statement of Financial Position
31st March 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed Assets | ||||
| Tangible fixed assets | 15 | 709 | 1,454 | |
| Current Assets | ||||
| Debtors | 16 | 18,108 | 19,428 | |
| Investments | 17 | 138,932 | 137,268 | |
| Cash at bank and in hand | 12,812 | 34,060 | ||
| -------------------------------------- | -------------------------------------- | |||
| 169,852 | 190,756 | |||
| Creditors: amounts falling due within one year | 18 | 7,706 | 15,148 | |
| -------------------------------------- | -------------------------------------- | |||
| Net Current Assets | 162,146 | 175,608 | ||
| -------------------------------------- | -------------------------------------- | |||
| Total Assets Less Current Liabilities | 162,855 | 177,062 | ||
| -------------------------------------- | -------------------------------------- | |||
| Net Assets | 162,855 | 177,062 | ||
| ====================================== | ====================================== | |||
| Funds of the Charity | ||||
| Restricted funds | 500 | – | ||
| Unrestricted funds | 162,355 | 177,062 | ||
| -------------------------------------- | -------------------------------------- | |||
| Total charity funds | 21 | 162,855 ====================================== |
177,062 ====================================== |
For the year ending 31st March 2025 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.
The statement of financial position continues on the following page. The notes on pages 9 to 18 form part of these financial statements.
- 7 -
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Statement of Financial Position (continued)
31st March 2025
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
J McFaull Chair
The notes on pages 9 to 18 form part of these financial statements.
- 8 -
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year Ended 31st March 2025
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 8 Park Farm, Witham Road, Black Notley, Braintree, Essex, CM7 8LQ.
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.
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.
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.
- 9 -
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31st March 2025
3. Accounting Policies (continued)
Incoming Resources
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.
Resources Expended
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.
- 10 -
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31st March 2025
3. Accounting Policies (continued)
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:
Office equipment - 10% straight line Computers - 20% 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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
- 11 -
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31st March 2025
3. Accounting Policies (continued)
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by Guarantee
The company is limited by guarantee.
5. Donations and Legacies
| Unrestricted | Restricted | Total Funds |
|
|---|---|---|---|
| Funds | Funds | 2025 |
|
| £ | £ | £ | |
| Donations | |||
| Donations and fundraising | 2,272 | – | 2,272 |
| Grants | |||
| Charitable grants received (see notes) | 22,420 | 14,946 | 37,366 |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| 24,692 | 14,946 | 39,638 |
|
| ================================= | ================================= | ================================= | |
| Unrestricted | Restricted | Total Funds |
|
| Funds | Funds | 2024 |
|
| £ | £ | £ | |
| Donations | |||
| Donations and fundraising | 2,129 | – | 2,129 |
| Grants | |||
| Charitable grants received (see notes) | 15,920 | 12,599 | 28,519 |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| 18,049 | 12,599 | 30,648 |
|
| ================================= | ================================= | ================================= |
- 12 -
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31st March 2025
6. Charitable Activities
| Charitable Activities | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds |
Unrestricted | Total Funds | |
| Funds | 2025 |
Funds | 2024 | |
| £ | £ | £ | £ | |
| Charges | 190,680 | 190,680 |
206,721 | 206,720 |
| ====================================== | ====================================== | ====================================== | ====================================== | |
| Investment Income | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | |
| Funds | 2025 |
Funds | 2024 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 6,109 | 6,109 |
5,280 | 5,280 |
| =========================== | =========================== | =========================== | =========================== |
7. Investment Income
8. Expenditure on Charitable Activities by Fund Type
| Unrestricted | Restricted | Total Funds |
|
|---|---|---|---|
| Funds | Funds | 2025 |
|
| £ | £ | £ | |
| Care services | 172,358 | 14,446 | 186,804 |
| Support costs | 63,830 | – | 63,830 |
| -------------------------------------- | --------------------------------- | -------------------------------------- | |
| 236,188 | 14,446 | 250,634 |
|
| ====================================== | ================================= | ====================================== | |
| Unrestricted | Restricted | Total Funds |
|
| Funds | Funds | 2024 |
|
| £ | £ | £ | |
| Care services | 173,916 | 16,099 | 190,014 |
| Support costs | 56,266 | – | 56,266 |
| -------------------------------------- | --------------------------------- | -------------------------------------- | |
| 230,182 ====================================== |
16,099 ================================= |
246,280 ====================================== |
9. Expenditure on Charitable Activities by Activity Type
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total funds | Total fund | |
| directly | costs | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Care services | 186,804 | 63,830 | 250,634 | 246,280 |
| ====================================== | ================================= | ====================================== | ====================================== |
- 13 -
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31st March 2025
10. Analysis of Support Costs
| Care | ||||
|---|---|---|---|---|
| Services | Total 2025 | Total 2024 | ||
| £ | £ | £ | ||
| Premises | 15,617 | 15,617 | 14,177 | |
| Communications and IT | 1,469 | 1,469 | 1,248 | |
| General office | 2,332 | 2,332 | 575 | |
| Day Centre | 14,864 | 14,864 | 13,587 | |
| CQC regulation fee | 673 | 673 | 673 | |
| Training | 1,870 | 1,870 | 1,447 | |
| Stationery | 3,544 | 3,544 | 1,899 | |
| Insurance | 1,922 | 1,922 | 1,836 | |
| Sundry expenses | 2,082 | 2,082 | 2,204 | |
| Accountancy and Examiner fees | 1,657 | 1,657 | 1,865 | |
| Travel expenses | 16,066 | 16,066 | 14,994 | |
| Affiliation fees & Subscriptions | 989 | 989 | 1,014 | |
| Depreciation | 745 | 745 | 747 | |
| --------------------------------- | --------------------------------- | --------------------------------- | ||
| 63,830 | 63,830 | 56,266 | ||
| ================================= | ================================= | ================================= | ||
| 11. | Net Expenditure | |||
| Net expenditure is stated after charging/(crediting): | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 745 | 747 | ||
| ================ | ================ | |||
| 12. | Independent Examination Fees | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 888 | 888 | ||
| ================ | ================ | |||
| 13. | Staff Costs | |||
| The total staff costs and employee benefits for the reporting period | are analysed | as follows: | ||
| 2025 | 2024 | |||
| £ | £ | |||
| Wages and salaries | 184,574 | 187,932 | ||
| Employer contributions to pension plans | 2,230 | 2,082 | ||
| -------------------------------------- | -------------------------------------- | |||
| 186,804 | 190,014 | |||
| ====================================== | ====================================== |
- 14 -
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31st March 2025
13. Staff Costs (continued)
The average head count of employees during the year was 19 (2024: 19).
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
14. Trustee Remuneration and Expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees;
15. Tangible Fixed Assets
| 15. | Tangible Fixed Assets | |||
|---|---|---|---|---|
| Office | ||||
| equipment | Computers | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 April 2024 and 31 March 2025 | 3,954 | 3,832 | 7,786 | |
| =========================== | =========================== | =========================== | ||
| Depreciation | ||||
| At 1 April 2024 | 3,784 | 2,548 | 6,332 | |
| Charge for the year | 17 | 728 | 745 | |
| --------------------------- | --------------------------- | --------------------------- | ||
| At 31 March 2025 | 3,801 | 3,276 | 7,077 | |
| =========================== | =========================== | =========================== | ||
| Carrying amount | ||||
| At 31 March 2025 | 153 | 556 | 709 | |
| =========================== | =========================== | =========================== | ||
| At 31 March 2024 | 170 | 1,284 | 1,454 | |
| =========================== | =========================== | =========================== | ||
| 16. | Debtors | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Trade debtors | 16,675 | 18,181 | ||
| Prepayments and accrued income | 1,433 | 1,247 | ||
| --------------------------------- | --------------------------------- | |||
| 18,108 | 19,428 | |||
| ================================= | ================================= | |||
| 17. | Investments | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Investment in Bonds | 138,932 ====================================== |
137,268 ====================================== |
The investment is in the form of deposits with United Trust, Cambs & Counties and Saffron Building Society.
- 15 -
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31st March 2025
18. Creditors: amounts falling due within one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 7,706 =========================== |
15,148 ================================= |
19. Pensions and Other Post Retirement Benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £2,230 (2024: £2,082).
20. Grants
Grants received:
| Grants received: | ||
|---|---|---|
| 2025 | 2024 | |
| Albert Hunt | – | 3,000 |
| Barchester Health | 1,000 | – |
| Birkett Long | 1,500 | – |
| Braintree Lions | 306 | – |
| Braintree United | 500 | – |
| Chelmsford City Council | 6,000 | – |
| Churchill Foundation | 2,000 | – |
| Colchester Catalyst | 2,700 | 800 |
| Community Fund | 2,000 | 4,920 |
| EALC | – | 500 |
| ECC | – | 4,500 |
| ECF | 5,040 | 5,000 |
| Edward Gostling Foundation | – | 5,000 |
| Essex Care Associates | 400 | 600 |
| FSJ | 1,500 | – |
| Groundwork | – | 250 |
| Magic Little Grants | – | 500 |
| Provide Community | 4,000 | – |
| Stansted Airport | – | 449 |
| Tudwick Foundation | – | 3,000 |
| Walter Farthing (Trust) Ltd | 5,000 | – |
| Witham Rotary | 500 | – |
| 32,446 | 28,519 |
- 16 -
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31st March 2025
21. Analysis of Charitable Funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 1 April 2024 | Income | Expenditure | 31 March 25 | |
| £ | £ | £ | £ | |
| General funds | 87,062 | 221,481 | (236,188) | 72,355 |
| Designated Fund | 90,000 | – | – | 90,000 |
| -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | |
| 177,062 | 221,481 | (236,188) | 162,355 |
|
| ====================================== | ====================================== | ====================================== | ====================================== | |
| At | At | |||
| 1 April 2023 | Income | Expenditure | 31 March 24 | |
| £ | £ | £ | £ | |
| General funds | 87,194 | 230,050 | (230,182) | 87,062 |
| Designated Fund | 90,000 | – | – | 90,000 |
| -------------------------------------- | -------------------------------------- | -------------------------------------- | -------------------------------------- | |
| 177,194 | 230,050 | (230,182) | 177,062 |
|
| ====================================== | ====================================== | ====================================== | ====================================== |
The designated fund was established as a contingency against the potential loss of future funding.
- 17 -
Crossroads Braintree and Chelmsford Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31st March 2025
21. Analysis of Charitable Funds (continued)
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 April | 2024 | Income | Expenditure | 31 Mar 25 | |
| £ | £ | £ | £ | ||
| ECF (Dulverton Trust Fund) | – | – | – | – | |
| Colchester Catalyst | – | – | – | – | |
| Essex Community Foundation | – | 2,700 | (2,200) | 500 |
|
| ECF | – | – | – | – | |
| Various other | – | 12,246 | (12,246) | – |
|
| ---------------- | --------------------------------- | --------------------------------- | ---------------- | ||
| – | 14,946 | (14,446) | 500 |
||
| ================ | ================================= | ================================= | ================ | ||
| At | At | ||||
| 1 April | 2023 | Income | Expenditure | 31 Mar 2024 | |
| £ | £ | £ | £ | ||
| ECF (Dulverton Trust Fund) | – | 5,000 | (5,000) | – |
|
| Colchester Catalyst | – | 4,500 | (4,500) | – |
|
| Essex Community Foundation | – | – | – | – | |
| ECF | 3,500 | – | (3,500) | – |
|
| Various other | – | 3,099 | (3,099) | – |
|
| --------------------------- | --------------------------------- | --------------------------------- | ---------------- | ||
| 3,500 | 12,599 | (16,099) | – |
||
| =========================== | ================================= | ================================= | ================ | ||
| Analysis of Net Assets Between | Funds | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2025 | |||
| £ | £ | £ | |||
| Tangible fixed assets | 709 | – | 709 | ||
| Current assets | 169,352 | 500 | 169,852 | ||
| Creditors less than 1 year | (7,706) | – |
(7,706) | ||
| -------------------------------------- | ---------------- | -------------------------------------- | |||
| Net assets | 162,355 | 500 | 162,855 | ||
| ====================================== | ================ | ====================================== | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Tangible fixed assets | 1,454 | – | 1,454 | ||
| Current assets | 190,756 | – | 190,756 | ||
| Creditors less than 1 year | (15,148) | – |
(15,148) | ||
| -------------------------------------- | ---------------- | -------------------------------------- | |||
| Net assets | 177,062 | – | 177,062 | ||
| ====================================== | ================ | ====================================== |
22. Analysis of Net Assets Between Funds
- 18 -