BVC. School Road, Bulkington Bedworth, Warwickshire CV12 9JB ••.BVC Telephone: 024 7649 4094 Emall.. bulkingtonwllagecentre@btconnect.com Webslte: www.bulkingtoncommunityandconference.co.uk centre BULKINGTON VILLAGE CENTRE (Limited by Guarantee) TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Number 3239098 Charity Number 1071175 Arnistrongs Bishop Simmons Limited Chartered Accountants Gethin House 36 Bond Street Nuneaton CVI14DA Bulkington Village Centre Trustees Report for the Year ended 31 March 2025 Pag¢ 2 CONTENTS Page I Title Page Page 2 Contents Page 3 Company InfomTrtion Page4-5 Structure, Governance 8nd Management Infomiation Page6-7 Perfornance and Achievements Page8-9 Financial Surnrnary Pag¢ 10 Future DevelopllLent Plans Page 11 Concluding Comments and Acknowledgements Page 12 Independent Examiners Report Page 13 Statement of Financial Activities Page 14- 15 Balance Sheet Page 16-23 Notes to the Financial Statements Page 24 - 25 Detailed Statement of Financial Activities Bulkington Village Centre Trustees Report for the Year Ended 31 March 2025 Page 3 COIIqPANY INFORMATION DIRECTORS/TRUSTEES Mr P Nash (Chair) Mrs C Hu￿]eS (Vice Chair) Mr R Liggins (Treasurer) Mr G Nuttall Mr J Payne Mr P Rattle (dec¢as¢d December 25) Mrs M Evans Mr M Quinn (joined February 25) Mrs J Thomas Mrs S Tumer (ioined March 25) Mrs L Smith (resiglled March 25) Cllr R Smith (NBBC) Cllr J Morgan (WCC) REGIsTER￿D OFFICE Bifflcington Village Centre School Road Bulkington Bedworth Warwickshire CV12 9JB COMPANY NUMBER 3239098 CHARITY NUMBER 1071175 DATE OF INCORPORATION 19 August 1996 BANKERS Co-operative Bank 77-79 Market Place Leicester LEI SEN ACCOUNTANTS Arn]strongs Bishop Simmons Limited Chartered Accountants Gethin House 36 Bond Street Nuneaton CVI14DA SOLICITORS Mr John Mohamed John Mohamed and Co Elliot House Rye Piece Ringway Bedworth Warwickshll-e CV12 8JH Bulkington Village Centre Trust¢¢s Report for the Year Ended 31 March 2025 Page 4 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The organisation is a charitable company limited by guarantee and inco￿orated on 19th August 1996. The charitable company was established under a Memorandum of Association which stated its objectives and powers, and it is govem¢d under its Articles of Association. In accordance with the Charity Commission recommended practice the Memorandum and ititicles were updated in 2010 and reviewed again without change in 2016, 2021 and 2025. Full membership is open to any person who siipports the objectives of the Company, has paid the appropriate joining fee, is an individual residellt within Bullcington electoral W￿(l and is ovcr thc age of 18 years. There were 248 registered mernbers in Feb￿ary 2024. Appointment of Trustee Directors The members of the Board of the charitable company are 'Trustecs' for thc pu￿Os¢S of charity law, and 'Directors' for the pu￿08eS of company law. Under the requirements of the Memorandurn and Articles of Association th¢ elected Trustee Dir¢ctors serve for a period of three years after which they may stand for re-election. Trustee Induction alld Training Newly elected directors undertake a compr¢h¢nsive standard induction programme in respect of their legal obligations, the Memorandum and the Articles of AssocAatioll, operational policies and procedures, personnel, services, finance and other resources. Organisational Stn]cture Biilkington Village Centre has a Management Board of not less than 3 and not more than 14 persons. The Board posts comprise of the following: . Nine elected trustee directors elected from and by the members of the Company On¢ tNstee director post appointed from Warwickshire County Councillors One trustee director post appointed from Nuneaton and Bedworth Borough col￿clI10rS Up to three co-opted trustee director posts The elected trustee directors may co-opt up to three additional trustee directors with specialist skills and knowledge relevant to the charitable company's objectives and business. Co-opted directors need not qualify as members of the charitable company providing that at no time do they constitute a majority of all the directors. Trustee directors do not receive any remimeration for carrying out their roles and no claims for expenses have be¢ll r￿e1Ved. The Board meets monthly. The Board's subcotijmittees work within specific rcmits and report to the full Board. They are currelltly,, - Finance Personn¢l Policy & Procedures Capacity and Site Development Fund Raising Bull(ingtoll Village Centre Trustees Report for the Year Ended 31 March 2025 Page 5 There is a full-time manager with specified delegated authority to manage the wide rnnge of serviccs, staff, financial and other operational responsibilities. There is also olle 32 hour week adrninistrator, one 30 hoiw weeli events management assistant, and five part time cleaning and maintenance staff. Rlsk Management The Board conducts an annual assessment of tbe major Tisks to which the charity is exposed via a review and planning meeting each February. The meeting includes reviewing all the main aspects of the organisation's activities, the progress on the financial and other objectives set twelve months before, the income and expellditure budget for the next financial year, ￿]d the service development priorities for the coming year. The Board's five subcommittees each comprise trustees and the manager. All Board and subconjtnittee meetings are minuted and copies circulated to all the trustees and the manager. Int¢rnal control risks are minimised by the implementation of written policies alld procedures approved by the Board and include delegated authority limits for the subcommittees and staff. These comprehensive operatlollal policies and procedures cover all aspects of BVC fi￿ctionS. They are all subject to a review schedule completed by the Board's Policy and Proccdures Subcon]mittee Intended to ensure they evolve over tim¢ and in accordance with the organisation's governance, business and operational necds. The Treasurer's fmancial report and the Manager's operational report are presented to the Board at its monthly meetings. As part of its risk management approach, and in accordance with the ch￿]tY Comn]ission recommended practice, the Board has a structurcd Rcserves Policy and Procedure for its reSc￿e funds. These reserves include an annually reviewed Emergency Contingency Fund amoullt which is calculated as a set percentage of the current level of operational expenditure and is intended to help protect the organisations continuing f￿anCIal viability from the rislc of significant ￿ld unpredictable financial ¢v¢nts. Thc fund is not part of the organisation's routine income and exp¢nditure, has lightly defitted criteria for exceptional circumstances usag¢, and can only be used with Board approval. Objectives and Activities The main objectivcs of the Company are: _ .To develop a financially self-supporting community centrc wh¢r¢ all surpliis fLLnds &te ploughed back in for the benefit of local people. •To improve the quality of life for the inhabitants of the village of Bulkington and surrounding areas by the provision of facilities for recreation and leisure tim¢ activities. .To promote the benefits of social welfare by providing activities in the fields of education, culture, health, and entertai]llnent. PERFORMANCE AND ACHIEVEMENfs DURING THE YEAR TO 31.325 The year ending 31.3.25 was one of continued financial stability and services development which is explained in more detail throughout the rest of this report, The Board of Trustees sadly lost Paul Rattle in December when he died after a prolonged illn¢ss. Bull(ington Village Centre Trustees Report for the Year Ended 31 March 2025 Page 6 Paul offered a strong commitment and input to the Centre and its development over the years, and our condolences went to his family. There was also the departure of Laura Smitty who reluctantly resigned due to competing time pressures. Miloe Quinn made a pleasing return to the board after an eighteen month absence, and th¢re was also the welcome arrival of Sue Turner as a new trustee director. The current Board members continue to offer a diverse and helpftd range of experience, knowledge, alld skills. The Board and Mallager will continue to encourage Centre users to show their support for the Centre and its objectives by becoming BVC members, and with the possibly of getting involved in its oversight and governance by becoming a Trustee Director. The Staff group saw one change during the 12 months. Shan Sparrow retired after working for seven years at BVC. The staff team remains an essential cornponent in the Centre's coiitiniiing success and excellent reputation. Site, Buildings and Equipment Improvements. This year saw further substantial progress. TIL¢ major capacity improvement of the additional 24 space car park was completed in September. The Centre also invested fimds in improvements to flooring, decoratio￿ furnishings, health and safety, events equipment, resurfacing and relining of areas of the existing car parlcs, and in professional fees to progress the Centre's next capacity improvement project. A total of £105,000 was invested in improvements. All aspects of the site and building safety and security continued to be given proper attention and to be supported with the relevant polAcies and procedures. Comtnunity User Groups. The number of community organisations and groups using the Centre remained largely consistent (at around 60) as did the rdnge and type of community bookings. The Ccntrc's cxtensivc, free, and multifaceted promotional work is a significant factor in the continuation and developrnent of many groiips and is an important difference between B VC and many other community venues. There is always a proactive approach to attracting and supporting community groups, although at present there is very lllniled scope to further increase community booking lev¢ls du¢ to the lack of additional space. Commercial and Conference Bookings. After the previous year provided an increase of this income of just over 5 /0, this year ended in a fall of around 5 /{). This was largely due to the Diabetic Eye Screening Service rediicing its weekly hours, The volume and type of bookings has been largely unchanged and with the Diabetic Eye Screening Service and the Passeng¢r Assistant Training Scheme continuing to be importaut proportions of the total con]mercial income at around 280/0 each. The Centre continues to offer a value for money venue which sits between the traditional village hall offer and the more expensive hotel conference offer. The user experience at B VC is importantly overlain by good customer seNice, good facilities, staff presence, proactive user support, and attention to detail. The important p¢rfornMnce indicator of customer feedba¢lc remains extremely positive and is a tribute to staff and volunteers, individual and collective contributions. Bulkington Village Centre Tr￿stee8 Report for the Year Ended 31 March 2025 Page 7 An appropriate balance of Communlty and Commerelal bookings and use of space is key to ensuring that comprehensive and affordable cojnmunity provision remains the core objective of the Centre. The healthy development of the con]mercial bookings and its income allows the subsidised and affordable introductory and long-tenn room hire rates for community groups which are also extensively supported by the free promotion and advertisillg of their activities and events. The prioritising of our core objective of community provision meant that during 2024125 the community bookings inGome remained at the sarne level as the previous year and made up 62 % of all booking income, and con]mercial the other 38 %. The total of both types of boolangs came to £102,856. This was 1.70/L> down on the previous year and was primarily due to a combination of the Diabetic Eye Scr¢¢ning Service reduction and the general in¢r¢ase in pressure on personal finances. The Leaseholders hav¢ reinained largely unchanged during the ye￿. Tr4HS Clinic, NHS Occupational Therapy Services, NHS Phlebotomy Clinic, Essential Care Support Ltd, Bright Bear Designs and Nik Naks Nursery. The exception was BrI￿t Bear Designs leaving its relatively small space at the end of January and it quickly being taken up by Nik Naks in March to improve its day care provision, The income that those leases provide continues to be an important el¢ment in the Centre's financial stability, and for the third consccutive year dl the available leases and license areas were occupied and tILC resultant income boost has continued. Leases make up 380/0 of the Centre's total overall income and forni an important part of the income that goes towards providing lower community hire charges and the funding of conlmunity services. Events Programme. A diverse range of 20 ev¢nts with around 1,400 attendees took place and proved another bighly popular and successful year. It is very cncouraging to l(now the Centre users feedback continues to be overwhelmingly positive and the Centre is always aware that the community greatly values the events programme and would always like more. How¢vcr, the number of events is at the maximum that can be realistically resourced in any year given the input needed for the selection, planning, booking, and promotional aspects as well as the acthal delivery of ¢ach cvent. All add up to a considerable amount of the Centre's fmite staff and volunt¢er commitment, time, and other resources. It should also not go unreeognised that in addition to the staff time the input of the regular group of volunteers continues to be a vital and valued part of being able to resource and run this number of events. The end of the financial year saw the first of a series of c¢lebratory and fLtndraising events to mark the 25th anniversary of th¢ Centre's official opening ill May 2000. The celebratory dinner in March was a major undertaking for staff and volunteers and was extremely well rec¢ived, enjoyed and appreciated. Much fonvard planning and preparation has already been given to the various 2025 celebratory events to be held in recognition of this notable landmark. The Fundraising focus has continued to be on the already proven methods that nuintain and develop steady illcome sources. There is still considerable scope for generating additional regular income for the Centre from the Easyfundralsing initiative. Easyfundraising is at nil cost to online purchasers of goods and services Bull(ington Village Centre Trustces Report for the Year Ended 31 March 2025 Page 8 from the many companies signed up to the scheme, and Centre us¢rs can nominate BVC to receive those p￿ticIpating companies, donations. The Community Café has continued to open on Tuesdays during tem] times and to be ill great demand and a valued community provision which has always far exceeded any monetary value to the Centre. It provides an important venue for those who are otherwise isolat¢4 in poor health, recently bereaved, looking for social outlets, etc. It regularly attracts people into the Celltre for the first time and gives them the opportunity to see the huge range of what else is available and that could potentially contribute to improving their own wellbeing. The cafe is an excellent exanjple of a community provision where the revenue generated is secondary to the social value it provid¢s. The continued organisationaL hard work and attention to detail of our Events Assistant Manager and the important contribution of volunteers to nuking th¢ whol¢ thing workable should not be underestimated and is to be applauded. Fll¥ANCIAL SUMMARY It is important to retn¢mber that wbilst a sclf-funding charity like BVC ¢ornpl¢tely r¢lies on an effcctive and responsive business model for its financlal survival and growth, our flncome and expenditure performance is not, and should not, be regarded as the only measure of success or failure. As a not-for-profit charity it is thc rcleva]JGc, quality and range of what is delivered to the local community that is also a key yardstick by which to measure perforn]ance and success. BVC Lease and Peppercorn Rent Bulkington Villagc Ccntrc sitc is owned by Warwickshire County Council and leased by BVC. Since the Centre was started it has received significant indirect financial benefit from Warwiclcshire County Council in the forni of a peppercorn rent. However, th¢ continuation of this benefit was always ullcertain Ulltil March 2016 when WCC approved its polACy on Property Protocol and Peppercorn Rents. The policy placed BVC in a list of leased WCC properties that would receive a ' social value, nil rcnt ratc until thc end of its current lease in 2097 but subject to its continued use for community benefit and WCC'S 2016 policy still being in effect. The decision was very welcome and gave BVC much welcomed long terni security for tl]is importallt financial aspect. WCC, s recently created property nTrnagement company (WPDG) will continue to undertalce the lease requirement for 5 yearly rent reviews and those will result in nil rent valuation for as long as that 2016 policy is in effect and whilst WCC'S property company is allowed tbe delegated power to apply it. In return BVC will continue it's 25-year traclc record of full repair propety maintenance, plus initiating and funding fiwther improvements and expansion of the site and building at no cost to WCC and also providing an ever developing community asset that is highly valued by its immediate and wider con]munities and by oth¢r organisations. Budget Planning Each February the Finance subcon]mittee recommeiids to the Board an itemised working budget for the next financial year. The budget expenditure and income targets are then agreed at the Board's Annual Review and Planning Day. Once the budget is set the Manager is then accountable to the Board for achieving the set income and expenditure targets, and for reporting on the financial challenges and opportunities throughout the year. Bulkingtoll Village Centre Trustees Report for the Year Ended 31 March 2025 Page 9 Overall Financial Outcomes 2024125 The financial year 2022123 saw overall income exceed the previous ever high¢st Icvel by over 20/0 and was followed by total incomc rcachillg another new high of a further 15 % in 2023124. This year saw an inevitable levelling off of that growth with a small 1.5010 reduction (excluding the infrastrncture levy receipt), due to the factors beyond BVC'S control and already outlined elsewhere in this report. However, despite the sIight reversal of the upward trend in income it was pleasing to see that the end of year figures showed that total expenditure was contained within the overall income generation. Income Sources 2024125 The end of year figureg showed the main sources were leases at 38 %, community and commcrcial lettings at 350/0, cat¢iing at 12.5 %, events at 7 %, and ￿ndraising at 2.5 % . Expenditure Sources 2024125 Staff pay and pensions expenditure came to 48 /0 of total expenditure. Events and Cateiing services came to 9.5D/o. Events and Catering forn] a major part of our comtnunity provision and whilst they are a substantial sourcc of cxpcnditure, they still yield an excellent nct illcomc over expenditure. The four utilities represented 9 %, and a total of 17.50/0 was accounted for by the equipmen( building, site, security, and grounds maititenance. Nuneaton and Bedivorth Borough Council has awarded BVC an annual gr2mt for the provision of con]munity servAces for many years and despite the significant reductions to local authority finances. BVC remains appreciative of the continued financial recognition by NBBC. The 2024125 grant of £2.75K was the Centre, s only annual grant income and represented under l 0/0 of BVC'S total anniial revenu¢. FInancial Future Cautious financial management and planning has always been part of the Board's approach. However, the current financial picture is very healthy and has allowed for conSid￿able investment in the Centre and for ￿tUre developmental planning. In recent years the significant dwindling of grant funding and the increasingly restrictive qualifying criteria means that such external funding opportunities will remain very scarce. BVC will therefore need continuing emphasis on its own income g¢neration (99 % at present) to support existing services and to achieve fftture service improvements. In accordance with BVC objectives it is our policy that any ￿tUre operating sU￿]uS is ploughed back in for the benefit of the commullity. This reinvestment colltinues to be in the forni of service development and the essential maintenance, renovation, improvements, and capital worlcs in respect of the building, site, and equipment. Bulkingt()n Villagc C¢lltr¢ Trnstees Report for the Year Ended 31 March 2025 Page 10 The Cu￿ent financial situation and outlook requires that the Board and Manager continue to concentrate on the stability And contlnuation of wha* we know works well - the attraction of additional business and income by the offering of high-quality customer se￿1¢¢ in a welcoming, safe, well equipped, pleasant and relaxed environment. FUTURE DEVELOPMENT PLANS The Centre's developm¢nt plans will remain an important factor in attracting new and replacement business as well as maintaining and improving the standard of what is offers. Since its inception the Centre's continuous success and growth has increased the level of unmet demand for community and cornmercial space. The growth in demand will be substantially acccl¢r&ted ov¢r th¢ coming years by the 700+ houses to bc built in Bulkington and the resultant village population increase of aroulld 28 to 300/0. As a registered charity B VC has remained neutral throughout in respect of the desirability of the intended housing development, but clearly regards the significant increase in the village population and the resultant demand for community centre facilities and services as very much its Icgiti]nate concern. The resultant efforts over the past 8 years to secure its place in the NBBC Local Plan and the associated housing developers Community Infrastructure Levy processes have seLured future Section 106 funding contributions for the Centre, s capacity development projects. Those lljajor contributions will allow the reconfiguratioffj upgrading, and new additions to various capacity aspects of th¢ sitc and building. Section 106 funding is specifically for capacity improvement projects that will improve the local community provision. For BVC puryoses it 18 therefore classed as 'restricted' rather tIwL 'unrestricted' income. Restricted means the developers payments can only be used for the specific purpose of in]proving capacity to cope with ]]igh¢T population demand, and not as general revenue to meet running costs of any Icind. B VC is therefore carefi]I to be able to clearly evidence the appropriate use of siwh thnding. Assignment of these funds to specific development projects is agreed by the Board well in advance of receiving the rel¢vant payments. Our planning, specifications and drawing stages for projects are completed well in advance of the Section 106 payments in ordeT to allow adequate time for the relevant pemiissions, th¢ tendering process, the contract award and for th¢ actual build start date to arrive. The first capacity improvement project was the provision of a substantial area of additional parking. The first stage of the additional car park was completed in April 2018 and allowed the Centre to relieve the previous parking problems by using this space as a controlled overflow parking space on the busiest days. The much awaited completion and integration of that additional car park area was completed in September 2024 and was part funded by the Centre and part funded by the first of two payments from the Taylor Wimpey infrastrncture levy generated by the Raveloe Gardens housing development. This is the first of a series of substantial Centre capacity development payments from th¢ housing developers over the coming years. The next capacity improvement priority is toilet facilities. Bulkington Village Centre Trustees Report for th¢ Year Ended 31 March 2025 Pagell The expansion and modernisation of the rear corridor toilet block has been a long terni capacity development objective and will replace the very limited and unsuitable old school toilets and significantly improve the experience of all Centre users. Tbe proj ect will improve the Centre's baby changing and disability facilities and provide twice the overall capacity. The project is likely to be predominately funded by housing developer contributions. The necessary prcparatory work for this next development has been undenvay since autumn 2024 and the building work is projected to take pLace in sunmier 2026. The third capacity project is th¢ building of a large new community room (of a similar siz¢ to Unity Hall) and the possible consideration of an integral modem kitcben to cope with the Centre's additional capacity. Several more of the planned major housing developments will have to be well underway or completed before sufficient Section 106 funds become available for this large undertaking. Consequently no timescale can be estinuted at present. The Board talies the view that it should continue to address the increasing demand for services and space whllst still ensuring it can respond to potential situational and f￿anCIal changes for th¢ Centrc and its sxgnificant tcnants, and always be ready to look at alternative d¢velopment options as they arisc whilst also keeping BVC financially sound. CONCLUDING COMIVIENTS AI¥D ACKNOWLEDGEMENTS This has been anoth¢r successful year of continued fmancial security and improvemcnts to our site, building, equipment and conllnunity services. In particular, the completion of the substantial additional car parking provision has become a long awaited and welcome reality. The staff, trustees and volunte￿5 call now loolc forward to the next twelve months of thc C¢ntre' s work and further development, and to reaching the 25-y¢ar milcstolle in May. B VC continues its previously successfid comtnunity objectives and business approach. The Board of Trnstees and the Manager contillue to have confidence that BVC has an effective business model, good management systems, proper financial planning, and tILe provision of relevant services to its community. The Centre is in robust shape for the fUtL￿e, and all those many people involved in its significant developmental steps should be rightly proud of their contributions and achievements on behalf of the commullity - starting with the initial rescue of the school site from bcing sold off for redevelopmen( the subsequent developmental fundraising, its 1996 incorporation as a charitable limited company, and then on through the further developmental stages over the years, and leading to the uniqu¢ self-funding community organisation it is today. Finally, it is important to highlight and recognise that the staff team and volunteers perfomiance is an essential element in ensuring the Centre's progress and r¢putation is maintaineQ and that within the staff team it is the manager, s excellent leadership, managemenL commitment, and forward thAnking that remain the key linchpin in the Centre's continuing success. My thanks to all concerned. Paul Nash - Chairn]an of the BVC Board of Truste¢ DiTCCtors Date: 23 July 2025 Bulkington Village Centre Independent Examiner's r¢port for the Year End¢d 31 March 2025 Page 12 Independent examlner's report to the trustees of Blllklngton Village Centre {Ithe Company) I report to the charity trustees on my examination of the accounts of the Company for th¢ year ellded 31 March 2025. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance witb 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 P&rt 16 of the 2006 Act and are eligible for independent cxamination, I report in respect of my examination of your charity's accounts as cauied out under Section 145 of the ch￿itIeS Act 2011 ('the 201 l Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 201 l Act. Independent examiner's statemeiit Since your charity's gross incom¢ exceeded £250,000 your exan)iner must be a member of a listed body, I can confimi that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the list¢d bodies. I have completed my examination. I confinn that no matters have come to my attention in connection with thc examination giving cause to believe: accounting records were not kept in respect of the Company as required by Section 386 of th¢ 2006 Act" or 2. the accounts do not accord with those records, or 3. thc accounts 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 4. the accounts have not been prepared in accordance with tbe methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to Ch￿lÉ1eS prcparing thcir accoullts in accordance with the Financial Reporting Standard applicable in the UK and Repiiblic of Ireland (FRS 102)). I have no concerns and have come across no olher matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of tlie accounts to b¢ r¢ached. Jane Biggs FCCA CTA Amlstrongs Bishop Simmons Chartered Accountants and Tax Advisors Gethin Housc 36 Bond Street Nuneaton Warwickshire CVII 4DA Date: 23 July 2025 Bulkington Village Centre Statement of Financial Activities for the Year Ended 31 March 2025 Page 13 2025 Total funds 2024 Total funds Unxestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Charitable activities Grants received Other 3,150 281,782 3,150 281,782 2,750 286,115 Investment income Infrastrncture levy 5,227 5,227 48,968 8,265 48,968 Total 290,159 48,968 339,127 297,130 EXTENDITURE ON Charitable activitles Property costs Fimdraising and publicity Office facility costs Management and administration 123,548 68,479 28,141 81,274 4,314 127,862 68,479 28,283 96,173 62,927 23,436 142 Total 301,442 4,456 305,898 259,908 NET INCOME/(EXPEIYDITURE) (11,283) 44,512 33,229 37,222 RECONCILIATION OF FUNDS Total funds brought forward 360,849 209,770 570,619 533,397 TOTAL FUIYDS CARRIED FORWARD 349,566 254,282 603 848 570 619 Bulkington Village Centre Balallce Sheet 31 March 2025 Page 14 2025 Total fimds 2024 Total fLmds Unrestricted Restricted fund fund Notes FLXED ASSETS Tangible assets 289,205 254,282 543,487 466,754 CURRENT ASSETS Debtors Cash at bank and in hand 10 8,866 56,341 8,866 56,341 10,725 98,393 65,207 65,207 109,118 CREDITORS Amounts falling due within one year 11 (4,846) (4,846) (5,253) NET CURRENT ASSETS 60,361 60,361 103,865 TOTAL ASSETS LESS CURRENT LIABILITIES 349,566 254,282 603,848 570,619 I¥ET ASSETS 349,566 254,282 603,848 570,619 12 Unrestricted funds Restricted fimds 349,566 254 282 360,849 209,770 TOTAL FUNDS 603 848 570 619 The charitable company is enlitled to exemption from aiidit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trnstees acl(nowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing fjllancial statements which give a true and fair view of the stal'e of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with th¢ requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. Bulkington Village Centre Balanc¢ Sheet for the Year Ended 31 March 2025 Page 15 These financial statements havc been prepared in accordance with the provisions applicable to haritable companie8 subject to the small companies regim¢. The fmancial statements were approved by the Board of Trustees and authoris¢d for issue on 23 July 2025 and were signed on its behalf by: Mr P Nash - Trustee Bulkington Village Centre Notes to the Financial Statements for the Year Ended 31 March 2025 Page 16 ACCOUNTING POLICIES Basls of preparing the financial statements The financial statements of the charitable compally, which is a public benefit entity under FRS 102, have been prepared in accordance with the C]Mities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Repiiblic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UIC and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared undei the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities ar¢ recognised as ¢xp¢nditure as soon as th¢re is a Icgal or constructive obligation committAng the charity to that expenditure, it is probable that a transfer of economic bellcfits will be required in settlement and the amount of the obligation can be measured reliably. ExpenditLwe is accounted for on an accruals basis and ]Jas bccn cl&8sified und¢r h¢adings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to writc off cach. assct over its estimated usefill life. Long leasehold Fixtures and fittings Computer equipment Plant and machinery Over the period of lease l O % p.a. on a reducing balance basis 20 % p.a. on a straight line basis Boiler over l O years on a straight line basis, Solar Panels ov¢r 25 ycars on a straight line basis Taxation The charity is exempt from corporation tax on its charitable activiti¢s. Fund accounting Unrestricted funds can be used in accordance with the charitsble objectives at tbe discr¢tion of the ttustees. Restricted funds can only be used for partIc￿ar restricted pU￿oSe8 within the objeots of the charity. RestrActions arise when specified by the donor or when funds are raised for particular restricted puwoses. Further explanation of llie nature and purpose of each fund is included ill the notes to the financial statements. Bullangton Village Centre Notes to th¢ Financial Statements for the Year Ended 31 March 2025 Page 17 Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension schem¢. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activiti¢s in the period to which they relate. Debtors and creditors receivable/pay&ble wfithin one year Debtors and creditors with llo Stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairnient are recognised in expenditure. Employee benefits Nvhen employees have rendered service to the ch￿lty, short-temi ¢mployee benefits to which the employees are entitl¢d ar¢ r¢cognisGd at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contributions plan for the benefit of its employees. Contributions arc cxpensed as they becorne payable. Going concern Th¢ f￿￿1claI statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have consideTed thc Icvel of funds beld and the expected level of incomG and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserv¢s for the charity to be able to continue as a going concern. INVEsTI￿ENT INCOMEI 2025 2024 Solar panel income Bank interest received 2,337 2,890 2,499 5,766 5,227 8,265 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Activlty Grants received Other Grants Income from use of propety Catering sales Other Photocopying services Other B VC community events Other Miscellaneous income Other 3,150 213,756 2,750 211,811 36,158 534 20,599 10,735 36,575 384 22,373 14,972 284,932 288,865 Bulkington Villag¢ Centre Notes to the Financial Statements for the Year Ended 31 March 2025 Pagc 18 Grants received, included in the above, are as follows: 2025 2024 NBBC Health Support 2,750 400 2,750 3,150 2,750 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 5) Property costs Fundraising and publicity Office facility costs Manag￿lleftt and administration 127,862 68,479 28,283 81,274 305 898 DIRECT COSTS OF CHARITABLK ACTIVITIES 2025 2024 Staff costs Rates and water Insurance Light and heat Telephone Postage and stationay Advertising Sundries Cleaning Property repairs and maintenance Property security costs Licences Copier costs B VC con]rnunity events Cafe expenses Legal and professional fees Accountancy Depreciation 141,984 2,798 7,409 25,903 1,206 4,242 11,592 3,074 4,602 42,627 6,675 1,449 6,075 8,489 17,869 3,008 2,028 14,868 132,770 2,641 5,767 14,987 1,059 3,472 6,232 3,011 4,088 26,111 7,062 1,857 4,121 10,859 17,520 2,367 1,932 14,052 305,898 259,908 Bulkington Village Centre Notes to the Financial Statements for the Y¢ar Ended 31 March 2025 Pag¢ 19 NET INCOIIIEI(EXPENDITURE> Net income/(expenditure) is stated after charging/(crediting): 2025 2024 Depreciation - owned assets 14,052 TRUSTEESI REMUIYERATION AND BENEVtTS There were no ttuste¢s' r¢muneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024, Trustees, expenses There were no trust¢¢s' cxpenses paid for the year ended 31 March 2025 nor for the year ¢nd¢d 31 March 2024. STAFF COSTS 2025 2024 Wages and salaries Social security costs Other pension costs 133,614 5,086 3,284 125,458 4,226 141,984 132 770 The average monthly number of employees durillg the year was as follows: 2025 2024 Manager Adminstrators Events management assistants Site assistant Cleaners No employees received emoluments in excess of £60,000. Bulkington Village Centre Notes to the Financial Statem¢nts for th¢ Year End¢d 31 March 2025 Page 20 TANGIBLK FIXKD ASSETS Fixtt]res and fittings Long leaseknold Plant and machinery Computer equipment Totals COST At l April 2024 Additions 465,414 91,600 88,468 99,405 5,039 658,326 91,600 At 31 March 2025 557 014 749,926 DEPRECIATION At l April 2024 Charge foi year 107,827 6,456 5,761 5,761 72,945 2,650 5,039 191,572 14,867 At 31 March 2025 114283 75,595 5,039 206,439 NET BOOK VALU At 31 March 2025 442,731 76,946 23,810 543 487 At 31 March 2024 357,587 82,707 26,460 466,754 10. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2025 2024 Trade debtors Prepayments 8,866 9,695 1,030 10,725 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Social security and other taxes Accrued expenses 2,402 2,444 4,846 Bulkingtoll Village Centre Notes to the Financial Statements for the Year Ended 31 March 2025 Page 21 12. MOVEIVIENT IN FUNDS Net movement in fiu]ds At 31,3.25 At 1,4.24 Unrestricted funds General fund 360,849 (11,283) 349,566 Restricted funds Restricted fund 209,770 44,512 254,282 TOTAL FUIYDS 570,619 33,229 603,848 Net movement in funds, includGd in the above are as follows: Illcoming Resources Movement resources expended in funds Unrestrlcted funds Gcncrnl fund 290,159 (301,442) (11,283) Restricted funds Restricted fund 48,968 (4,456) 44,512 TOTAL FUNDS 339 127 (305,898) 33,229 Comparatives for movement in funds Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 320,429 40,420 360,849 Restrlcted funds Restiicted fund 212,968 (3,198) 209,770 TOTAL FUNDS 533,397 37,222 570,619 Bulkington Village Centre Notes to the Financial Statements for the Year Ended 31 March 2025 Page 22 12. MOVEMEiYf IN FUNDS - contlnued Comparative net movement in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestricted funds General fund 297,130 (256,710) 40,420 Restrtcted funds Restricted fund (3,198) (3,198) TOTAL FUNDS 297,130 (259,908) 37,222 13. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2025. 14. COMPANY STATUS Thc Charity is a company limited by guarantee. It does not have a share capital and the liability of each tnember is limited to the guaralltee given by the member which shall not exceed £1. 15. LEASEHOLD PREMISES Th¢ Centre is leased from WaTwickshire Coullty Council under a 99 year lease which commenced on l O Jime 1998. No rent was payable under the original lease. 16. BULI