Belle Vale Community Centre Limited (a compRny limited by guarantee) Unaiidited FinAnciAI Statements 31 MArch 2024 Registered Charity Number . J 073941 CompAny Niimber . 03235982 Iiiiiiillii *ADIP4ER3V* 2411212024 COMPANIES HOUSE A6 HALLWOOD & CO CHARTERED ACCOUNTA]YTS Belle Vale Community Centre Limited (A company limited by guarantee) Unaiidited Financial Statements for the year ended 31 March 2024 ONTENTS Page Organisation information Trustees, Teport 2to3 Statement of trustees, responsi bilities Independent examiner's report Summary income and expenditure account Statement of finanGial activities Balance sheet Notes to the financial statements 9t0 15 Belle Vale Community Centre Limited (a company limited by guarantee) Uiiaudited Finaiicpal Stfitemeiits for the year ended 31 MArch 2024 Registered Charity Number . 1073941 Company Number . 03235982 Incorporated in England & Walès TRUSTEESIDIRECTORS Ms H Thompson Mr R J Condon REGISTERED OFFICE Lee Valley m.illennium Centre Childwall Valley Road Belle Vale Liverpool, Merseyside L25 2PR ACCOUNTANTS Hailwood & Co Chartered Accountants 392-394 Hoylake Road Moreton Wirral CH46 6.DF Belle Vale Community Centre Limited (a company limited by guarantee) Report of the Trustees .For the year ended 31 March 2024 Th¢ trustees Ni,Iio are also directors of the cliarity for th¢ purposes of the Coiiipanies Act 2006, PT¢seiit their report Nvitli the fjiiancial stateiiients for the year ended 31 March 2024. Tlie fii)wicial statenients have been prepared in accordance iiTith th¢ accountiiig policies set out in the iiotes to the accounts and mply with the cliarity's governing document, the Charities Act 201 l and Accounting and R¢portin by Charitscs.. Statcment of Reconijnended Practice. Th¢ charity constitutcs a public benefit eiitity as d¢fiiJ¢d by FRS102, Administrative inforniatioii is dis¢loscd on page L. STRUCTURE GOVERNANCE AND MANACEMENT Governing docurnent The ¢h conccrn basis unless it is inappropriate lo presume thai th¢ charilablc conipany ii'ill continiie in opcration. The truslccs 4r¢ also responsible for keeping adeqiiate accounliii¥ records that disclose wilh r¢asonuble accuracy al anv tiine ihe financial posilion of ihe chariiable coinpanli and enable Ilicni to eiisure ihat the financial sLat¢ni¢iiLs comply with the Coiiipatiies Act 2006. They are also responsible for safegiiarding tlie assets o.F ilie cliaritable Company and hence for tak.ing reasonable sleps Eor the prevenlion and delection of .fraud and other irregularities. In plat]ning our activities for tlie year and future years, Ihe Trustees have k.ept in mind the Charity Commission's guidance on piiblic bcncfit. Thc chariiy conslilutcs a public bencfil enlily as dcfineAI by FRS 102. Tlie Trustees report has bccn prcparcd hailing tak'cn advai)lagc of thc small conipanies exenipiion iii the Companies Act 2006. Independent Examiner's Report to the members of Belle Vale Commiinity Centre Limited {a compnny limited by guarantee) I report on the financial statenicnls of Belle Vale Communily Centre Limited for the year ended 31 March 2024 ,hich comprise the Summary Inconie and Eip¢nditure Account, Ihe Statenienl of Financial Actiii)ts'es, thc Balance Sheet and rclated notcs. Respective responsibilities of the ti"ustees And examiner The chanty's iruslces are responsible for Ilie preparation oc tlic acwwits. The trnstees consider that auth't is not required for ihis y¢ar under section 144(2) of thc Charitics Act 201. l and Lliat an indepeiidcnt examinatioii is needed. l am qualifi￿ to undcrtaK'¢ the ¢iaminatioii bs, b¢ing a qualified mcmber of the Institute of Chartered Accountants in England and Wales, although this year the charity's income did nol exceed £250,000. Having satisfied myself tliat th¢ Charity is not subject to an aiidit under company law and is eligible for indq)end¢nt amination, it is nis1 responsibililv to.. Ekaniinc thc accounts imder section 14) of thc 201 l Act. to follow the procedures laid dowii in tlie General Direclions given b), d)e Cl)arily Coinmissio.11ers undcr scclion 145(i)(b) ol Uic 201 J Act). and lo state whether particiilar nialters have come to my alteiilion. BASIS of independent exAminers' report My e.xaniiiiaLion il'as carried oul in accordance ivith ilie General Directions given by the Charity Commissioners. An examiiiation iiicludes a rcvicw of Lh¢ accounling records k'ept by tl)e cliarily and a comparisoii of the accounts preseiil with those r¢cords. It also inclLidcs coiisid¢ralion of &ii)' UllLisiial ilcms or disclosiwcs In 11)c accouiits, and s¢cking explanations Irom )iou as mcinbcrs concerning anji such Inaiiers. Tlic procedurcs uildertak-cn do noi providc all Ihc evidencc thot ivould be required in an aiidit and, consequently, no opinion is given as to whether the accounls prcsent a "truc aiid fair iij¢iy" and thc rcport is limilcd ￿ thosc niallers seL oul iii Lh¢ slatcni¢nt b¢low. Independent examinei's, stAtement In connection with mv cxaniination, exc¢pt for tli¢ mattcrs idoiitificd in the exccptions" paragrapli bclow, no matter has come to nij. 8ttenlion'. (l ) whi¢li gives nie reasonable causc to believe Ilial. iii aiiy matcrial respect, Ihe requireiiicnts.. lo krxp accounliiig records in accordaftcc iviili scctioii 386 or i'he Con)panies Act 2006 ' and to prepare accounts wliich accord lwlh the accounting records and lo comply ii'ith Ihc accoiinling requirements of section 396 of the Coiiipanies Act 2006 and with the mcthods and priiiciples of the Statemenl of R¢commendd Practic¢.' Accounling and R¢porting by Charities havc not been met. or (2) to which. in niy opiiiioii, aiteiition should be druwn in order to enable a proper understanding of the accounls to be reached. Exceptions The Charity, currently has only tivo Tnislcts. Tliis is beloi¥ the Iiiinimum level ol three, set out in paragraph 25 of its Articles of Associatioii. This could lead to decisioiis niade by the Board being consldered ulira vires" Adam French B.Eng FCA Hailwood & Co Chartered Accountants Registered Auditors 20 D￿ember 2024 Moreton, Wirral Belle Vale Community Centre Limited (a company limited by guarantee) SUMMARY T.NCOl￿[E AIYD EXPENDITURE ACCOUNT for the yeAr ended 31 March 2024 Note 2024 2023 Income 121,673 132,865 Total income 121,673 132,865 Expenditure Depreciation (135,255) (36.204) (133,972) (36.204) Net expenditure for the yeftr 10 (49,786) (37,311) Movements in reserves are shown in note 9. None of the charity's activities were acquired or discontinued during the above two fjnancial periods. There are no recognised gains and losses in the yeai.. ended 31 March 2024 or the year ended 31 March 2023 other than the (deficit)/surplus for each year. Total income comprises £121,673 for unrestricted funds and £0 for restricted funds. detailed analysis of income by source is provided in the Statement of Financial Activities. The summary income and expenditure account is derived from the statement of financial activities on page 7 which together with the notes to the accounts on pages 9 to 15. provides full information on the movement during the year on all the funds. Belle Vale Community Centre Limited (A Company limited by guarAnttt) STATEMENT OF FINANCIAL ACTIVIT]ES for the year elided 31 March 2024 Unrestricted Funds Restricted Funds Total Funds Total Funds 2024 2023 Note Income from: Grants Donations Charitable activities 121,673 121,()73 132,86) Total income 121,673 121,673 132,865 Expenditure on: Charitable activities 135,255 36,204 171,459 170,176 Total expenditure 135,255 36,21)4 171,459 170,176 Net outgoing resources before trvdnsfer5 (13,i82) (36,204) (49,786) (37,311) TrAnsfers between funds Net movement iii funds (13,582) (36,204) (49,786) (37,311) Reeonciliation of funds: Toial funds brouglil fornvard 2i2,094 1,044,3()9 1,29(),493 1,333,804 Total funds carried forward 238,512 J.,008,19.S 1,246,707 1,296,493 Belle Vale Commiinity Centre Limited (fi compfiny limited by guarantee) BALANCE SHEET As At 31 March 2024 2024 2023 ote Fixed assets Tangible assets Investments 1,095.843 I,l32,047 Cu rreiit assets Debtors Cash at bank and in hand 128,857 34.679 117,488 65,884 .183.372 163,536 Liabilities: Creditors."amounts falling due within one year Net ciirrent assets (l2,673) (18,927) 150,863 164.445 Net assets 1,246.707 1,296,493 The fiinds of the charity: Restricted funds Unrestricted funds .1,008,195 238,512 1,044.399 252,094 1,296.493 1,246.707 Thcse aCLX)unts h&ve bceii p￿pared in aC￿rdanc¢ wiLli the special provisions of part .15 of the Companies Act 20( relating to sniall companies. For ihe Jicar endeAI 31 March 2024 tlie compan), was cntiiled io excmplion under scctioii 477 of the Con)pai)ies Act 2006 relatijig to siiiall conipanies. Directors, responsibiliti¢s'. The niembcrs hav¢ not requircd the conipany to obtain an audii of its accounts for tlie year in qucstion in accordance with section 476. Th¢ dircctors acknoivledge (heir r¢sponsibilities for complying with the requircm¢nls of th¢ Acl with respect to accounting rccords and thc prcparation of accounts. The financial statcmeiits on pages 6 10 15 were approved by the Trustecs 011 20 December 2024 and sign¢d on its bchalf by.. QJb. Director.. Mr R J Condon Company Number .' 03235982 Belle VAle Community Centre Limited (a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31. m.arch 2024 l Accounting polAcies and company status Compaiiy Statiis The charity is a company limited by guarantee. The company has no share capital. The nature of ihe charity's operations and principal activities are disclosed in the Trustees Report. The company was incorporated In England. The registered office is Lee Valley Millennium Centre, Childwall Valley Road, Belle Vale. Liverpool, L25 2PR. A summary of the more important accountin8 policies is set out below. Basis of accounting The financial statements have been prepared under the historical cost accounting rules, on a going concern basis. and in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities., Statement of Recommended Practice applicable to charities preparinrJ their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS .102) issued on 16 July 2014 (as updated through Update Bulletin I published on 2 February 20I6), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Acct 2011, the Companies Act 2006 and UK Generally Accepted .Practice as it appl.ies from l January 2015. The charity constitutes a public benefit entity as defined by FRS102. In accordance with the provisions of the SORP FRS 102, as the charity qualifies as a "small charity" it is exempt from the requirement to produce a cash flow statement, Fund Accoiintiiig Restricted funds comprise funds which have been granted to be used for a specific purpose. and are therefore shown separately until that purpose has been fulfilled. General funds comprise funds Ivhich represent accumulated surpluses and deficits in the Statement of Finaiicial Activities, after transfers to/from the restricted funds. The purposes and uses of all funds are set out in note 1.0 to the accounts. Income All donations, sundry income and sales are recognised on a receivable basis. Expenditure The cost headings comprise expenditure, including staff costs, directly attributable to the organisation's activities. Fixed assets and depreciAtion .Fixed assets are stated at cost and are depreciated over their useful economic lives at the following rates. Freehold property Improvements to property All significant assets are reviewed annually for impairment and provision made where considered necessary. 20/0 of Cost 20/0 of Cost 10 Belle Vale Commiinity Centre Limited (a company limited by guvdrantee) NOTES ON FINANCIAL STATEMENTS for the year elided 31 March 2024 Unrestricted Funds Restricted .Fiinds Total 2024 TotAI 2023 2 Income Rental income Grants received Insurance claims Room hire & functions Rental of equipment income m.anagement charge 73.398 73.398 43,638 7,230 5.044 17,852 10,140 40,000 18,275 10,000 20,000 18.275 J 0,000 20.000 121.673 121,673 123,904 3 Charitable activities Salaries and related costs Staff pension costs Rates and water Insurance Ligyht and heat Telephone Security and maintenance Hire of equipment Sundry expenses Cleaning costs Accountancy fees Secretarial fees Bank charges V AT Sur¢h￿geS and penalties Printing. postage and stationery Bank interest Depreciation.. land and buildings 46,324 955 8,335 5,301 54.277 5,814 11,331 49,949 907 8,091 5,176 35,076 4,111 22.471 49,319 814 10,242 5,695 23,587 3,597 7,383 2,849 1.969 1,891 69 48 53 J69 60 36,204 36,204 36.204 135,255 36,204 164,171 138,845 Belle Vale Commiinity Centre Limited (a compRny limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 March 2024 4 Salaries and wages 2024 2023 Staff costs Wages and salaries Pension costs Employers, national insurance 49,949 907 49,319 814 50.856 50,133 Average number of staff during the year There were no employees earning a salary in excess o.f £60,000 in either year. S Fixed Asset llnvestments Shares in Group Undertaking Market Valiie 31 March 2024 £1 31 March 2023 £1 Net Book VAliie 31 March 2024 £i 31 March 2023 £1 The charity owns IOOO/o of the shares of Lee Valley Trading Limited. The results for the last financial year were as follows.. 2024 2023 Capital and Reserves Profit/(105s) for year (108.668) (7,300) (101.367) (8.827) 12 Belle Vale Commiinity Centre Limited (a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 MArch 2024 Lahd and buildings 6 TAngible fixed assets Total Cost or valuation l April 2023 Additions Disposals 1,897.852 1,897.852 31 March 2024 1,897,852 1,897,852 Depreciation l April 2023 Charge for year Disposals 765.805 36,204 765.805 36,204 31 March 2024 802,009 802,009 'Net book valiie 31. .March 2024 1,095,843 1,095,843 31 March 2023 1.132.047 1,132,047 The Millennium Commission, who funded the building of the Community Centre hold a debenture over the land and buildings and all other assets of the Charity. 2024 2023 7 Debtors Amounts owed by Lee Val ley Trading Limited Other debtors l J 5,985 12,872 94,844 22,644 128.857 l17,488 2024 2023 8 Creditors due within one year Bank loans and overdrafts Taxation and social security Sundry creditors and accruals Pension creditor 8,242 4,054 377 15,890 2,847 190 12,673 18,927 13 Belle Vale Commiinity Centre Limited (a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 MArch 2024 9 Fiinds Balance at l Aprtl 2023 Balance at 31 March Incoming resources Outgoing resources Transfers 2024 Unrestricted Fiinds General Fund 252,094 121,673 (135,255) 238,512 Restricted Fiillds Millenniiini Commission ERDF Grant SRB Grant LCC Grant Riverside Housing 444.530 257.082 133,163 203.824 5,800 (15,465) (8,923) (4,578) (7,038) (200) 429,065 248,159 128,585 196.786 5,600 1,044,399 (36,204) 1,008,195 TOTA.L.FUNDS 1,296.493 121,673 (1.71,459) 1,246,707 Transfers The transfers between restricted and unrestricted funds are to ensure that the closing restricted .funds agree to the net book value of the restricted fixed assets. The restricted funds of £1..008,195 represent the net book value of the restricted tangible fixed assets, the remaining tangible .fixed assets of £87,648 are unrestTlCted. Milleniiiiim Commissioii The Millennium Commission provided a capital grant to assist with the cost of construction of the community centre building. This included associated construction cosis, professional fees and project management costs. The main restriction Is that the facility has to be run as a community centre and for no other purpose. The Millennium Commission was wound down. these rights were transferred to the Big Lottery Fund. A change in any part of the buildings use requires consent from the Big Lottery Fund. ERDF Grant ERDF provided a capital grant to assist with the cost of construction of the community centre buildins. This included associated construction costs, professional fees and project management costs. The funds were restricted in that the building had to be used as a community centre for a period of no less than 10 years. If the building Is used for another purpose within this period. then a pro rata refund of the grant will become payable. 14 Belle VAle Commiinity Centre Limited (a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year elided 31 March 2024 9 Funds (continiied) SRB GrAnt SRB provided a capital grant to assist with the cost of constTUCtion of the community centre building. This included associated construction costs, pro.fessional fees and project management costs. The main restriction is that the facility has to be run as a community centre and for no other purpose. LCC Grant Monies from Liverpool City Council were provided in the form of insurance monies from the labour club which stood on this site. The money was provjded on the condition that it was to be used to build a community centre. Riverside Hoiising Riverside Housing provided a capital grant to purchase computer equipment for an IT suite. 10 Income aiid expeiiditiire accoiiiit l April 2023 Deficit for the year 1,296,493 (49,786) 31 March 2024 1,246,707 I l RelAted parties Lee Valley Trading Limited is the charity's Irading subsidiary At the balance sheet date Lee Valley Trading owed £l15.985 (2023.. £94.844) to the charity. The charity charged a management .fee of £20.000 {2023.. £40,000), and an equipment hire fee of £10,000 (2023. £10,140) No interest has been charged on the balances owed. 15 Belle VAle Commiinity Centre Limited (a company limited by guarantee) NOTES ON FINANCIAL STATEMENTS for the year ended 31 March 2024 12 Controlling party Control lies with the trustees. with no individual or group having ultimate control. 13 Capital Commitments 2024 2023 Contracted for but not provided for Authorised but not contracted for 14 Going Concern As stated in the Trustees report, the reserves policy is to hold liquid reaerves to cover 12 months expenditure. A very sma]I cash deficit before depreciation was I"eturned this year. The Trustees feel that further progress Is still possible and therefore will delay making an impairment adjustment to the carryin8 value of the Centre in the accounts until all options for generating sufficient surplus to cover depreciation ch￿geS are exhausted.