NEWTON FARM COMMUNITY ASSOCIATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[ST] MARCH 2024
REGISTERED CHARITY NUMBER 1078013
R J FRANCIS AND CO. Chartered Accountants & Registered Auditors Marshall Business Centre Faraday Road Hereford HR4 9NS
NEWTON FARM COMMUNITY ASSOCIATION
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 31[ST] MARCH 2024
| CONTENTS: Trustee’s Information Trustee’s Annual Report Independent Examiners Report Statement of Financial Activities (Incorporating the Income and Expenditure Account) Balance Sheet Notes to the Financial Statements |
PAGE 1 2 3 4 5 6 - 7 |
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NEWTON FARM COMMUNITY ASSOCIATION
TRUSTEES’ INFORMATION
FOR THE YEAR TO 31[ST] MARCH 2024
Trustees Rebecca James Chair Joanne Fields Esther Griffiths Registered Office 23 The Oval Hereford HR2 7HG Bankers Lloyds Bank 8 High Town Hereford HR1 2AE Charity Number 1078013 Accountants R J Francis & Co Chartered Accountants & Registered Auditors Marshall Business Centre Faraday Road HR4 9NS
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NEWTON FARM COMMUNITY ASSOCIATION
TRUSTEES’ ANNUAL REPORT
The trustees present their report and the financial statements of the charity for the year ended 31[st] March 2024.
AIMS AND CHARITABLE PURPOSES
To supply support and activities for the local community in Newton Farm, Hereford.
ACTIVITIES AND DEVELOPMENTS
A grant was received from lottery funding to support 3 members of staff for 3 years. The charity also provides a citizen advice drop in centre.
On 31[st] March 2024 the charity’s related company, Wye’s Buys Community Interest Company, ceased trading separate to the charity and was incorporated within the charity. The assets of the company were transferred to the charity, as the Asset Locked Body specified in the company’s Articles of Association.
RESERVES POLICY
A sum is held in the Nat West account for contingencies. The charity does not currently have a formal reserves policy but will look to put a formal policy in place during the current year.
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the charity SORP. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 2[nd] September 2024 and signed on their behalf by: -
Rebecca James Chair
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NEWTON FARM COMMUNITY ASSOCIATION
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF NEWTON FARM COMMUNITY ASSOCIATION
I report on the accounts of the Trust for the year ended 31[st] March 2024 which are set out on pages 4 to 7.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's 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.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to 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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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the 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 the seeking of 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:
which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met;
or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
MR A A Houston 2[nd] September 2024 On behalf of RJ Francis & Co Limited Marshall Business Centre Faraday Road Hereford HR4 9NS
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NEWTON FARM COMMUNITY ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING THE INCOME & EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31[ST] MARCH 2024
| Restricted Unrestricted Total Funds Total Funds Funds Funds 2024 2023 Note £ £ £ £ INCOME AND ENDOWMENTS FROM: Donations and Legacies 2 - 43,751 43,751 25,297 Bank interest received - 119 1191 Grants - 19,808 19,808 - Other - 2,829 2,829 - __ _ _ _ - 66,507 66,507 25,335 _ _ _ _ RESOURCES EXPENDED: Costs of charitable activities 3 - 35,516 35,516 27,512 _ _ _ TOTAL RESOURCES EXPENDED - 35,516 35,516 27,512 _ _ _ NET (OUTGOING)/INCOMING RESOURCES - 30,991 30,991 (2,177) _ _ _ RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD - 31,708 31,708 33,885 _ _ _ TOTAL FUNDS CARRIED FORWARD11 - 62,699 62,699 31,708 _ _ ____ |
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The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
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NEWTON FARM COMMUNITY ASSOCIATION
BALANCE SHEET
31[ST] MARCH 2024
| Note £ FIXED ASSETS Tangible Assets 4 CURRENT ASSETS Debtors 5 4,054 Cash at Bank and in hand 54,051 _ 58,105 _ CREDITORS:Amounts falling due within one year 6 1,081 _ NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS:Amounts falling due after more than one year NET ASSETS FUNDS Unrestricted Income Funds Restricted Income Funds TOTAL FUNDS |
2024 £ £ 5,675 3,857 24,767 _ 28,624 _ 720 _ 57,024 _ 62,699 - _ £62,699 _ 62,699 _ £62,699 _ |
2023 £ 3,804 27,904 _ 31,708 - _ £31,708 _ 31,708 - _ £31,708 __ |
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The financial statements were approved and signed on behalf of the board on 2[nd] September 2024.
Rebecca James Chair
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NEWTON FARM COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[ST] MARCH 2024
1. ACCOUNTING POLICIES
a) Basis of preparing the financial statements
The financial statements have been prepared in accordance with the charities SORP (FRS 102) ‘Accounting and Reporting by charities applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
b) Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.
c) Depreciation Policy
Depreciation is provided at rates calculated to write off the cost, less residual value, of each asset over its expected useful life, as follows:
Fixtures & Fittings - 25% reducing balance method
Computer Equipment - 25% reducing balance method
d) Resources expended
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. The charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT and is reported as part of the expenditure to which it relates.
e) Taxation
The charity is exempt from tax on its charitable activities
g) Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
There were no restricted funds for this year or the previous year.
| 2.DONATIONS AND LEGACIES | Restricted | Unrestricted | Total Funds | Total Funds |
|---|---|---|---|---|
| Funds | Funds | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Donations | - | 43,751 | £43,751 | £25,297 |
| Grants Received | - | 19,808 | £19,808 | - |
| Other Income | - | 2,948 | £2,948 | - |
| ______ | ______ | ______ | ______ | |
| - | 66,507 | £66,507 | £25,297 | |
| ______ | ______ | ______ | ______ | |
| 3.COST OF CHARITABLE ACTIVITIES | 2024 | 2023 | ||
| £ | £ | |||
| Rent & Rates | 167 | - | ||
| Honorarium | 18,759 | 16,253 | ||
| Electricity and water rates | 1,474 | 155 | ||
| Insurance | 645 | 590 | ||
| Repairs and maintenance | 4,760 | 5,203 | ||
| Administration | 7,965 | 3,990 | ||
| Telephone and internet | 318 | 234 | ||
| Legal and professional | 1,428 | 1,087 | ||
| _ | _ | |||
| £35,516 | £27,512 | |||
| _ | _ |
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NEWTON FARM COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31[ST] MARCH 2024
| 4. 5. 6. |
TANGIBLE FIXED ASSETS Fixtures & Motor Computer Fittings Vehicles Equipment Total £ £ £ £ Cost At 1stApril 2023 5,713 - 6,959 12,672 Additions 369 2,455 - 2,824 Disposals - - - - _ _ _ __ 6,082 2,455 6,959 15,496 _ __ __ _ Depreciation At 1stApril 2023 3,886 - 4,982 8,868 Charge for the Year 55 - 898 953 On disposals - - - - _ _ __ _ 3,941 - 5,880 9,821 _ _ __ _ Net Book Value At 31stMarch 2024 2,141 2,455 1,079 £5,675 _ _ _ _ At 31stMarch 2023 1,827 - 1,977 £3,804 _ _ _ _ DEBTORS 2024 2023 £ £ Related Party Balance £4,054 £3,857 -Wye’s Buys CIC CREDITORS:Amounts falling due within one year Accruals £1,081 £720 ___ |
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