TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR
31 MARCH 2021
Company Registration Number 2971101 Charity Number 1069864
DERBY COMMUNITY ACCOUNTANCY SERVICE
Babington Lodge 128 Green Lane Derby
TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
| Contents | Page |
|---|---|
| Members of the board and professional advisers | 1 |
| Trustees’ annual report | 2-5 |
| Independent Examiner’s report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9-15 |
TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS
The board of trustees
Mr. Stephen Lismore (Chair) Mr. Mark Grayling Mr. Richard Gilbert (Vice Chair) Ms. Marion Thorpe Ms. Jeanette Clayton Ms. Pauline Briggs Ms. Sandra Johnson
Company secretary
Mr. Richard Gilbert
Registered office Treasures Neighbourhood Nursery 23 High Street Staveley Chesterfield Derbyshire S43 3UX Bankers Unity Trust Bank Plc 19 Brindleyplace Birmingham B16 1AR Independent Examiner Mark Newey Derby Community Accountancy Service Babington Lodge 128 Green Lane Derby DE1 1RY
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 MARCH 2021
The trustees, some of whom are also Directors for the purposes of the Companies Act, have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 March 2021.
OBJECTIVES AND ACTIVITIES
The principal objective of the Charity is to provide jobs and training for deprived communities through the provision of services meeting community need. Our services during the year were the provision of childcare through our Treasures Neighbourhood Nursery, and occasional mobile crèches provided for community groups, weddings, business and private functions. Coupled with these services we also offered jobs and training to local people wishing to pursue a career in childcare.
We continued to aim to expand into other services meeting community need as opportunity and resources permit, but as the year in question was badly affected by Covid restrictions there were few opportunities to do so.
SUMMARY OF THE MAIN ACTIVITIES UNDERTAKEN FOR THE PUBLIC BENEFIT IN RELATION TO THESE OBJECTS
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and planning future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set.
ACHIEVEMENTS AND PERFORMANCE
Governance and Management
I remain grateful for the dedication and hard work of my fellow Trustees. With the range of Covid restrictions we were forced to act and meet remotely and there were a wide range of difficulties in meeting the terms of those restrictions whilst protecting the business that were particularly difficult but they rose to the challenge.
I am also very appreciative of the dedication, professionalism, and caring approach provided by the Nursery Manager, the Deputy Managers, and all the staff, who continued to provide a very high quality of service to children, families and the local community. This was particularly evident as we moved through the Covid period, when despite concerns for their own health and the safety of their families they continued to deliver services to the community.
Performance of Charity
The country moved into Covid crisis in early March 2020 and the crisis continued for the whole of the 20/21 financial year. Although we initially carried on operating to provide childcare services to essential workers, numbers very rapidly dwindled away as parents wished to keep their children safe at home with them. We therefore made the decision that the service to the community was not sufficient to outweigh the risk to our staff, and closed the nursery altogether. It remained closed until early July 2020.
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 MARCH 2021
Fortunately we were able to benefit from the Government furlough scheme. Although the scheme covered 80% of salary costs we carried on paying 100% of salaries, in recognition of the loyalty and commitment that our staff have always shown.
Since we reopened we have found a way of safely delivering services-with new procedures for protecting both children and staff from any transmission. Numbers of children grew and continue to grow.
Unfortunately many of our places are Government funded and the amount per hour that Government pays is not sufficient to cover our costs. Trustees will be working with Derbyshire County Council, with the National Day Nursery Association, and with other partners to impress on central Government the need for support for the childcare sector to rise to a level that makes it sustainable in the long term.
FINANCIAL RISKS
There is a possibility that some of the furlough payments we received might be repayable. We think this risk is negligible but for these accounts we continue to show them as a contingent liability. The situation should be finally resolved by the end of the 2021/22 financial year.
In May 2019 the rent free period built into the lease expired. We contacted Morrisons via their agent Savills several times, asking for an extension of this rent-free period. They never formally responded, although their agent has informally indicated they are content with this arrangement. We do of course continue to pay a service fee for the use of the premises.
RESERVES
Trustees aim to have net current assets roughly equal to 3 months expenditure, to permit an orderly wind-down of the business should it ever be necessary. Based on the 2020/21 expenditure we would thus be aiming to hold net current assets of around £ 86,411. We ended the financial year with net assets including fixed assets of £72,581.
PLANS FOR THE FUTURE
Trustees have concluded that the level of Government funding, coupled with rising salary and other costs makes it very difficult for a smallish stand-alone nursery to survive. We have therefore agreed with Margaret Mason, formerly head of the Children1st chain of nurseries, for her to take over the running of Treasures, as the first of what will be a chain of community focused nurseries across the East Midlands. This change should take place over the winter of 2021/22.
After more than 10 years as Chair of Trustees of Touchstone Community Development, and more than 20 years of association with the Charity I am now stepping back to a more low key role, continuing as a Trustee but handing the day to day management over to Margaret and her team. I know Touchstone Community Development and Treasures Neighbourhood Nursery will carry on delivering high quality childcare provision, jobs and training under these new arrangements. My thanks to everyone for their hard work and dedication in getting us to this point.
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 MARCH 2021
FUNDS HELD ON BEHALF OF OTHERS.
We are not holding any funds on behalf of others.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Touchstone Community Development is based 23 High Street, Staveley, Chesterfield, Derbyshire, S43 3UX which is the company's registered office and the principal address of the charity. Touchstone Community Development is a company limited by guarantee and not having a share capital (company registration No. 2971101) and Registered Charity (No. 1069864). The date of incorporation was 26[th] September 1994.
The Trustees of the Charity are also Directors for company law purposes and met on a regular basis throughout the financial year.
Trustee selection methods
An assessment has been made to discover those skills required by the trusts body. Efforts are made to recruit trustee who meet the skill requirement from the resident population.
Risk management policy
As noted above, the continuing Covid crisis adds a huge and unpredictable risk, not just to our nursery but to the entire childcare sector.
To reduce these risks Trustees will be working with Derbyshire County Council, with the National Day Nursery Association, and with other partners to impress on central Government the need for an enduring form of subsidy for the childcare sector until the Covid crisis is resolved.
There is a possibility that some of the furlough payments we received might be repayable. We are holding them in a separate account until this situation is ultimately resolved.
In May 2019 the rent free period built into the lease expired. We contacted Morrisons via their agent Savills several times, asking for an extension of this rent-free period. They never formally responded, but we took this to mean they are content that we continue to pay no rent, although it does introduce an extra level of uncertainty into the business.
Independent examiner
Mark Newey of Derby Community Accountancy will continue in office as independent examiner for the ensuing year.
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 MARCH 2021
Small company provisions
This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.
Registered office: 23 High Street Staveley Chesterfield Derbyshire S43 3UX
Signed on behalf of the trustees
S Lismore Trustee
Approved by the trustees on
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
YEAR ENDED 31 MARCH 2021
Independent Examiner's Report to the Trustees of Touchstone Community Development
I report on the accounts of the company for the year ended 31 March 2020 which are set out on pages 7 to 15 .
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
1 Which gives me reasonable cause to believe that, in any material respect, the requirements :
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
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have not been met; or
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2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Mark Newey ACMA Derby Community Accountancy Service Babington Lodge 128 Green Lane Derby
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2021
| Total Funds | Total Funds | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Year to 31 | Year to 31 | ||
| Funds | Funds | Mar 2021 | Mar 2020 | ||
| Note | £ |
£ | £ | £ | |
| Income | |||||
| Grants and Donations | 3 | - | 36,730 | 36,730 | - |
| Investment income | 5 | 26 | - | 26 | 4 |
| Charitable activities | 4 | 271,356 | - | 271,356 | 314,169 |
| Other income | - |
- |
- |
- |
|
| Total incoming resources | 271,382 |
36,730 |
308,112 |
314,173 |
|
| Expenditure on | |||||
| Raising Funds | - | - | - | - | |
| Charitable activities | 330,806 |
36,730 |
367,536 |
340,578 |
|
| Total resources expended | 6 | 330,806 |
36,730 |
367,536 |
340,578 |
| Net incoming/(outgoing) | |||||
| resources before transfers | (59,424) | - | (59,424) | (26,405) | |
| Transfer between funds | - |
- |
- |
- |
|
| Net movement in funds | (59,424) | - | (59,424) | (26,405) | |
| Funds brought forward | 132,005 |
- |
132,005 |
158,410 |
|
| Funds carried forward | 72,581 |
- |
72,581 |
132,005 |
The charity has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the charity are classed as continuing.
The notes on pages 9 to 15 form part of these financial statements.
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
| Note Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Net assets Funds Restricted 13 Unrestricted – general reserves 13 TOTAL FUNDS |
2021 £ 15,582 46,371 61,953 (71,749) |
£ 82,377 (9,796) 72,581 72,581 - 72,581 72,581 |
2020 £ 23,165 16,194 39,359 (11,624) |
£ 104,270 27,735 132,005 132,005 - 132,005 132,005 |
|---|---|---|---|---|
For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
(i) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
(ii) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
These financial statements were approved and authorised for issue by the members of the trustees and are signed on their behalf by:
S. Lismore Date Trustee Company Registration Number: 2971101
The notes on pages 9 to 15 form part of these financial statements.
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
1. Accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
Company information
Touchstone Community Development is a company limited by guarantee not having a share capital. The company’s registered office is, 23 High Street, Staveley, Chesterfield, Derbyshire, S45 3UX, the Memorandum and Articles of Association, had undertaken to contribute the sum not exceeding £1 in the event of a winding up of the company.
1.1 Accounting convention
These accounts have been prepared in accordance with FRS 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it apples from 1 January 2015. The charity is a Public Benefit Entity as defined by FRS 102.
The accounts are prepared in Sterling which is the functional currency of the company Monetary amounts in these financial statements to the nearest £.
The accounts have been prepared on historical cost convention apart from freehold property that is carried at market value. The principal accounting policies adopted are set out below.
These are accounts for the year ended 31 March 2021 prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
1.2 Going concern
At the time of approving the accounts, the Directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable Funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
1.4 Incoming resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Gifts in kind have been included at market value of gifts received and in assets acquired. No amounts are included in the financial statements for services donated by volunteers.
1.5 Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in the support of the charitable activities.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
1.9 Financial instruments
The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Taxation
The charity is exempt from tax on income and gains falling with section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
applied to its charitable objects.
1.12 Depreciation
Individual fixed assets are capitalised at cost and are depreciated over their estimated useful economic as follows:-
| Asset category | Annual rate |
|---|---|
| Leasehold Property (Straight Line Basis0 | 5% |
| Office Equipment (Straight Line Basis) | 25% |
| Computer Equipment (Reducing Balance) | 20% |
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimated and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
3 Grants and Donations
| Total Funds | Total Funds | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Year to 31 | Year to 31 | |
| Funds | Funds | Mar 2021 | Mar 2020 | |
| £ | £ | £ | £ | |
| HM Revenue and Customs | - | 36,730 | 36,730 | - |
| Sundry donations | - |
- |
- |
- |
| - |
36,730 |
36,730 |
- |
4 Incoming resources from the charitable activities
| Total Funds | Total Funds | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Year to 31 | Year to 31 | |
| Funds | Funds | Mar 2021 | Mar 2020 | |
| £ | £ | £ | £ | |
| Nursery Fees and Funding | 269,563 | - | 269,563 | 308,432 |
| Other | 1,793 |
- |
1,793 |
5,737 |
| 271,356 |
- |
271,356 |
314,169 |
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
5. Interest receivable
| Year to 31 Mar 2021 £ Bank interest receivable (unrestricted) 26 Total resources expended Training costs Rent, rates, premise & insurances Repairs, renewals and cleaning Food, materials, equipment and protective clothing Telephone, stationery & project admin Publicity and promotions Legal and professional fees Sundry expenses Bank charges Bad debt provision Equipment hire Wages and associated costs Depreciation |
Year to 31 Mar 2020 £ 4 Total Funds Year to 31 Mar 2021 Total Funds Year to 31 Mar 2020 £ £ 2,906 2,339 15,937 17,923 8,201 11,139 9,665 10,202 8,782 8,541 9,785 12,276 9,141 12,612 1,273 1,198 1,004 1,460 27,090 5,889 4,219 4,713 247,640 229,883 21,893 22,403 367,536 340,578 |
Year to 31 Mar 2020 £ 4 Total Funds Year to 31 Mar 2021 Total Funds Year to 31 Mar 2020 £ £ 2,906 2,339 15,937 17,923 8,201 11,139 9,665 10,202 8,782 8,541 9,785 12,276 9,141 12,612 1,273 1,198 1,004 1,460 27,090 5,889 4,219 4,713 247,640 229,883 21,893 22,403 367,536 340,578 |
|---|---|---|
| 367,536 |
6. Total resources expended
Expenditure on charitable activities was 367,536 (2020: £340,578) of which £36,730 was restricted (2020 £0)
7. Net (expenditure)/income
Net (expenditure)/income for the year is stated after charging/(crediting):
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Independent Examiner’s Fees | 1,200 | 1,200 |
| Depreciation | 21,893 | 22,403 |
| =========================== | ================================ |
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
8. Directors and key management personnel
During the year Trustees did not receive remuneration. The key management personnel of the charity consist of the Trustees, professional advisors and the Chief Executive Officer
9. Employees
The average number of staff employed by the charity during the financial year amounted to:
| Direct Charitable Staff Governance |
Year to 31 Mar 2021 No 32 - 32 |
Year to 31 Mar 2020 No 26 - 32 |
|---|---|---|
The aggregate payroll costs were:
| aggregate payroll costs were: | ||
|---|---|---|
| Year to 31 | Year to 31 Mar | |
| Mar 2021 | 2020 | |
| £ | £ | |
| Wages and salaries | 244,324 | 226,774 |
| Social security costs | - | - |
| Pension costs | 3,316 |
3,109 |
| 247,640 |
229,883 |
No employee earned more than £60,000 per annum. No trustees were reimbursed for expenditure.
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
10. Tangible fixed assets
| Cost 1. April 2020 Additions At 31 March 2021 Depreciation At 1 April 2020 charge for the year At 31 Match 2021 Net value at 31 March 2021 Net value at 31 March 2020 |
Long-Term Leasehold Property Office Equipment Computer Equipment Total £ £ £ £ 419,436 23,075 4,469 446,980 - - - - |
|---|---|
| 419,436 23,075 4,469 446,980 |
|
| 317,093 22,404 3,213 342,710 20,972 671 250 21,893 |
|
| 338,065 23,075 3,463 364,603 |
|
| 81,371 - 1,006 82,377 |
|
| 102,343 671 1,256 104,270 |
11. Debtors
| Trade Debtors Prepayments Creditors: Amounts falling due within one year Trade creditors Jobs Retention Scheme Provision |
2021 £ 15,582 - 15,582 2021 £ 7,633 64,116 -------------------------------- 71,749 ================================ |
2020 £ 23,165 - 23,165 2020 £ 11,624 - -------------------------------- 11,624 ================================ |
|---|---|---|
12. Creditors: Amounts falling due within one year
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TOUCHSTONE COMMUNITY DEVELOPMENT COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
13. Statement of funds
General reserve Total unrestricted funds Restricted Funds HM Revenue and Customs Total restricted funds Total funds |
At 1 April 2020 Incoming Outgoing Transfers £ £ £ £ 132,005 271,382 (330,806) - 132,005 271,382 (330,806) - - 36,730 (36,730) - 36,730 (36,730) - 132,005 308,112 (367,536) - |
At 31March 2021 £ 72,581 72,581 - 72,581 |
|---|---|---|
RESTRICTED FUNDS
The HM Revenue and Customs Job Retention Scheme was spent on supporting those employed.
14. Analysis of net assets
| Tangible fixed assets Other net assets Unrestricted funds £ £ General reserve 82,377 (9,796) Restricted funds - - 82,377 (9,796) |
Total £ 72,581 - 72,581 |
|---|---|
15. Related party transactions
The charity had no related party transactions that required disclosure.
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