OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

Charity registration number 1080719

Company registration number 3898170 (England and Wales)

WINCANTON COMMUNITY VENTURE

THE BALSAM CENTRE

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Michael Bainbridge
John Bartholemew
Helen Hermanstein Smith
Emily Showering
Paul White
Sarah White
Tamsin Graham
Michael Kelly
David Kemp (Appointed 13 April 2023)
Thomas McGauran (Appointed 25 May 2023)
Ex-Officio Board Members Vacant South Somerset District
Council
Vacant Somerset County Council
Vacant South Somerset Primary
CareTrust
Vacant South Somerset Council of
Voluntary Services
Secretary Luanne Jones
Senior management Susan Place Chief Officer: Reports to
Board of Trustees
Charity number 1080719
Company number 3898170
Registered office The Balsam Centre
Balsam Park
Wincanton
Somerset
BA9 9HB
Auditor David Owen & Co
17 The Market Place
Devizes
Wiltshire
SN10 1BA
Bankers CAF Bank Limited Virgin Money PLC
25 Kings Hill Avenue Jubilee House
Kings Hill Gosforth
West Malling Newcastle Upon Tyne
Kent NE3 4PL
ME19 4TA

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE CONTENTS

Page
Trustees' report 1 - 8
Statement of trustees' responsibilities 9
Independent auditor's report 10 - 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 28

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2023

The trustees, who are directors for the purpose of company law, present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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 Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Objects and aims

To improve the health and quality of life of all inhabitants of the area of benefit without distinction of age, gender, race, sexual orientation or any political, religious or any other opinion, by working with statutory and voluntary organisations, groups and individuals, to provide access to opportunities for education, arts, leisure and social welfare.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The area of benefit is Wincanton and its neighbourhood.

The Balsam Centre exists to improve the health and quality of life of the people of Wincanton and the surrounding area. It encourages social inclusion and provides opportunities for positive lifelong change.

The Balsam Centre meets its Objects through the provision of a vibrant community hub housing a range of health, social, educational and cultural activities and services. It is open to people of every age, background and circumstances.

It is an independent, local, place based charity with an established reputation for delivering innovative, holistic health and wellbeing services, with a focus on mental health. It's activities provide a catalyst for change, reducing health and social inequalities, allowing people to improve their life chances and move from "surviving" to "thriving".

Volunteers

The Centre employs a Volunteer Co-Ordinator to recruit, deploy and manage a team of up to 100 active volunteers to help run the activities of the Centre.

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

Significant activities and achievements against objectives

Following on from two years of the impact of Covid 19, in common with many other charities and every community in the country, it was necessary to dig deep again in the financial year to support members of the community through the cost-of-living crisis. Many families experienced significant financial hardship and the Centre provided a range of different interventions and personalised support through these difficult times.

As a legacy of the effects of Covid, funding was put in place from South Somerset District Council for an Employment Hub, one of three funded across South Somerset provided an easily accessed, local service throughout the year. In parallel with this, SPARK Somerset providing a Digital Café at the Centre to increase digital access and awareness, which is well used and has become a weekly social activity.

Having learned that our bid for Lottery funding had been successful at the beginning of the financial year, the ‘Good Stuff’ project was quickly mobilised, with recruitment of staff, community consultation and project activity taking place and developing over the course of the year and supporting our aim to reach out to underserved communities, primarily in this case, to families on low income and setting up a ‘warm hub’ which has developed into the ‘Chat Café’.

The May 22 local elections brought about significant changes at parish, district and county level, with the added change of Somerset becoming a unitary authority. Part of this reorganisation involved the creation of 13 Local Community Networks, with pilot groups in three areas of Somerset, Wincanton being one. The Balsam Centre was involved in the setting up and delivery of activity in the first year of this new model aimed at bringing the local authority and communities closer together and providing a mechanism for two-way consultation and feedback.

Somerset Council’s concept of improving family support together with education, health, social, employment and community support was developed over a six-month period leading to the new Connect Somerset model in which the local authority will use a similar geography to the Local Community Networks, to link and localise statutory, voluntary, and community services and activities to increase access locally. A key role in the development of the model was the appointment of an Area Champion in each area, with the CEO of the Balsam Centre being appointed for the Wincanton area.

In delivery of Open Mental Health activities, together with Family Safeguarding we have continued to develop further opportunities to meet the mental health needs of adults in South Somerset and forged closer and stronger partnerships with the respective funders, namely Somerset Foundation Trust and Somerset Council. Within this contract we have co-produced some areas of specialist support, especially the North Star project for neurodiverse young adults and ecotherapy, as a ‘non talking’ therapy, delivered in woodland at Ham Hill.

We continue to work constructively and effectively with a wide range of partners and partner agencies, from individuals and people sharing specialist skills and knowledge, to other charities, academic institutions, and statutory services. We have supported the activities of both small and newly formed community organisations including our on-site Men’s Shed, One Planet Wincanton and Wincanton Cares, a new initiative in Wincanton to support the development, capacity and use of the local care sector.

A major achievement for the organisation has been the active transition of the Centre in terms of its organisational development as a medium sized charity and putting in place the professional roles and services commensurate with its level of staffing and delivery.

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Our strategic aims for the period 2023-2027

  1. Maintain our current range of services

  2. Increase provision of current services where demand exceeds current capacity

  3. Develop a wider range of services to meet new needs

  4. Reach out to underserved communities

Projects, Services and Activities

Our projects, services and activities are the essence of the Centre and are created, developed and co-produced, over time, involving people who have their own lived and relevant experience.

In everything that the charity does, its aim is to intervene early and whenever possible to act preventatively, however a combination of circumstances, including an overall reduction in statutory services in recent years has meant that people are often only seeking support once their conditions have worsened or become entrenched and need more intensive or specialised help from us.

Open Mental Health and Family Safeguarding have been active in working with people who have been referred in to the NHS or Children’s services and provide complementary and often critical personalised services and support that in common with our other services make a significant difference to people’s lives and life chances.

The Good Stuff project has brought in a range of partners and opportunities, including running the Healthy Activities and Food Club, in partnership with the Somerset Activity and Sports Partnership. Good Stuff is working across the community to both support individuals and positively influence the health, social, cultural, economic and environmental fabric of Wincanton.

The Maternal Mental Health project has continued to support the maternal and familial mental health of women in the perinatal period and beyond. This, in common with our Youth Counselling, Young People’s activities and some areas of family support, has been almost entirely dependent on fundraising, support and donations from our Friends, Patrons and Supporters, with £4,500 coming from Wincanton Town Council.

The Hopscotch Family Support project funded by Somerset Community Foundation has been instrumental in helping families with multiple difficulties to overcome them and benefit from considerable practical and peer parenting support and activity to keep children and families safe and supported in the community.

Following on from the cost of living crisis, in addition to providing holiday and weekend activities for children of parents on low income, the Centre also provided two hugely popular activity days at Cale Park in the summer holidays where every activity was child and family friendly and free of charge.

Income and Funders

Demand for all of the Centre’s services has increased incrementally post Covid, whilst we are simultaneously in a period of reduction in the availability of grants and contracts and of their monetary value. We have however, been fortunate in having our work generously supported by private donors, trusts and funds, enabling us to continue to provide crucial services, when mainstream funding has ended.

The kindness and generosity of our funders and supporters makes our work possible, and we commit to using every

sum of money raised or donated, as effectively as possible.

In total, grants and contract fees received to deliver projects, services and activities have totalled £481.356, with the Centre’s own fundraising totalling £23,389 and Friends of the Balsam Centre, Patrons and Supporters donations totalling £77,400. A legacy of £178,478 was given to the Centre in September 2022.

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Our Impact

Our impact is seen at different levels:

  1. By making a difference to people's lives and life chances, seen through their increased independence, resilience and wellbeing.

  2. Through people's successful engagement in community projects, networks and activities, creating a desire for people to engage with and/or 'give back' to their community.

  3. Through the development of co-produced activities; learning what works and by feeding this knowledge into an ongoing cycle of improvement of beneficiary outcomes.

  4. In benefits to wider society where it reduces demand on the public purse and improves population health and wellbeing.

  5. Through the Balsam Centre's role as a Voluntary Sector leader in Somerset, involved in developing new service models in partnership with the NHS and Local Authority and advising and supporting other social purpose organisations

Staffing

Staffing has remained broadly consistent with the previous year’s with low staff turnover. At the end of the year the Centre employed 24.36 FTE staff, made up of 43 people.

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial review

There have been no significant events that have impacted the charity this year.

The charity sector faces a continual cycle of funding renewal, and we endeavour to replace expiring funds with new funding streams in order to maintain continuity of our core services, which are mainly in mental health support. Where there are gaps between the change in financial providers, reserves are generally used. Shorter term projects which have a natural end may be discontinued.

The factors that may affect the financial performance of the charity is whether there is an inability to find replacement funding for our core services. Trustees are aware of future shortfalls using forward budgeting and identified shortfalls are prioritised where deemed necessary and a programme of sourcing new funds is put in place. Currently there are some projects which will end their funding term in the next financial year, so there is likely to a need to use some reserves until replacement funds are in place. However, we are confident that the main funding needs will be met.

Principal funding sources

Income and Funders

The principal funding sources have been:

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The total funds held by the charity on 31st March 2023 was £1,507,023

Restricted funds of £934,296 consist of Restricted Property Reserve of £750,000 and Other Restricted Funds of £184,296. £44,776 of the Other Restricted Funds are expected to be spent within the first 4 months of 2023 financial year with a further £10,000 expenditure expected later in the financial year.

Designated funds were £454,570 made up as follows: Building Maintenance Reserve £70,000; Conkers Community Nursery Reserve: £95,000; General Reserve £285,000, Men’s Shed funds: £4,570. The Men’s shed operates as a semi-independent entity and these funds are surpluses from their activities.

Designated funds are unlikely to be committed during the next financial year.

The Balsam Centre building, outbuildings and associated land are the only tangible fixed assets which can be realised and is valued at £750,000 ( Professional valued at 1 November 2017) plus improvements.

The amount of unrestricted reserves the charity held on 31st March 2023 was £572,727, although £454,570 of this is allocated to the Reserves policy outlined below. This leaves £118,157 of unrestricted funds free of any reserves.

The Reserves policy of six months of expenditure requires around £450,000 of reserves. This is covered by the designated funds as noted above.

Investment policy

Investment policy

The charity’s investment policy is to

The charity's major investments are held as managed funds within the Cheviot Global Income & Growth Fund for Charities which precludes any direct investment in tobacco companies or businesses which make controversial weapons. The remaining funds are held in bank deposits which are readily realisable should the need arise.

Quilter Cheviot takes account of ESG issues in their investment analysis and decision-making processes and provides that information to the Trustees.

Major risks

The charity holds a Risk Register which incorporates the assessment of all the major risks and is reviewed and updated regularly. There is a Business Continuity Plan in the event of a significant incident.

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The principal risks and uncertainties identified during the year were as follows:

Plans for future periods

Out strategic aims for the period 2023-2027

The Board has set out our four strategic aims for the next four years.

  1. Maintain our current range of services

  2. Increase provision of current services where demand exceeds current capacity

  3. Develop a wider range of services to meet new needs

  4. Reach out to underserved communities

Structure, governance and management

Nature of governing document

Wincanton Community Venture is a registered charity and company limited by guarantee governed by the Memorandum and Articles of Association.

Organisational structure

The trustees oversee the affairs and activities of the charity which are managed by the Chief Executive Officer who is supported by salaried staff and volunteers.

The Trustees operate on a voluntary basis and meet as necessary, usually monthly, for this purpose. Where required, decisions are made by majority vote at Trustees' meetings. The charity benefits from a close working relationship between Trustees, Staff, Volunteers and Partner organisations.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Michael Bainbridge John Bartholemew Helen Hermanstein Smith Emily Showering Paul White Sarah White Tamsin Graham Michael Kelly David Kemp Thomas McGauran

(Appointed 13 April 2023) (Appointed 25 May 2023)

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Recruitment and appointment of trustees

The Board of Trustees comprises a group of 9 - 12 Trustees, recruited for their skills and experience with relevance to the charity.

New Trustees may be invited to join the Board or may put themselves forward. In either case they are required to make a formal written application, to be interviewed by the Chair of Trustees and to attend relevant activities including one or more Board meetings as an observer, before being formally proposed as a Board member and this being put to a vote. In recruiting new Trustees, the aim is both to maintain and to continually improve the Board's knowledge, skills base and capacity in respect of the management and operations of the charity.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Auditor

In accordance with the company's articles, a resolution proposing that David Owen & Co be reappointed as auditor of the company will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

Michael Bainbridge () ,. � --­Susan Place Trustee Chief Officer /-

26 January 2024

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

The trustees, who are also the directors of Wincanton Community Venture for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WINCANTON COMMUNITY VENTURE

Opinion

We have audited the financial statements of Wincanton Community Venture (the ‘charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WINCANTON COMMUNITY VENTURE

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WINCANTON COMMUNITY VENTURE

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

The financial statements of the Charity for the year ended 31 March 2022 were not audited as an audit was not required. The corresponding figures in these financial statements are therefore unaudited.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

David Owen & Co

26 January 2024

Chartered Accountants Statutory Auditor 17 The Market Place Devizes Wiltshire SN10 1BA

David Owen & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
3
94,188
657,522
Charitable activities
4
299,466
-
Investments
5
2,548
2,383
Total income
396,202
659,905
Expenditure on:
Raising funds
6
1,542
-
Charitable activities
7
403,917
485,917
Total expenditure
405,459
485,917
Net gains/(losses) on
investments
13
(12,561)
4,894
Net income/(expenditure)
(21,818)
178,882
Transfers between
funds
19,136
(19,136)
Net movement in
funds
9
(2,682)
159,746
Reconciliation of funds:
Fund balances at 1 April 2022
575,409
774,550
Fund balances at 31 March
2023
572,727
934,296		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
751,710
236,683
304,234
299,466
267,647
-
4,931
257
-
1,056,107
504,587
304,234
1,542
7,770
-
889,834
394,619
297,647
891,376
402,389
297,647
(7,667)
12,532
-
157,064
114,730
6,587
-
-
-
157,064
114,730
6,587
1,349,959
460,679
767,963
1,507,023
575,409
774,550		 Total
2022
£
540,917
267,647
257
808,821
7,770
692,266
700,036
12,532
121,317
-
121,317
1,228,642
1,349,959

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE BALANCE SHEET AS AT31 MARCH 2023 2023 2022 Notes Fixed assets Tangible ?sse15 Invsstmenls 15 16 765,360 389.321 754,055 214,743 1,154,681 968,798 Current assets Debtor5 Cash al bank and in hand 17 26,353 429,387 105,687 319.949 455,740 425,636 Creditors: amounts falllng du¢ within one year 18 103,398 44.475 Net current a55els 352,342 381,161 Total assets less current Ilabllltlè$ 1,507,023 1.349.959 The funds of the charity Restricted income funds Unreslricled funds 24 934.296 572.727 774,550 575,409 1,507,023 1.349.959 The company is entitled lo the exernption frotn the audit requirement contained in section 477 of the Cotnpanies Act 2006, for the year ended 31 March 2023, although an audit has been carried out under section 144 of the Charibes Ac12011. The directors acknowledge Iheir responsibilities for complying with the rèquiretnents of the Companies Act 2006 wilh respect lo accounting records and the preparation of financial statements. The members have not required the company lo obtain an audit of ils finanrial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statemen15 have been prepared in accordance with thè provisions applicable lo companies subject lo the small cornpanies regime. The financial statements wèrè approvÉd by the Iru51ee5 on 26 January 2024 Michael Sainbridge Trustee Susan P18ce Chief Officer Company regislration number 3898170 (England and Vvalesl 14-

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from operations
26
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(12,156)
-
4,931		 2022
£
£
116,663
-
(100,000)
257
(7,225)
-
109,438
319,949
429,387		 £
66,478
(99,743)
-
(33,265)
353,214
319,949

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Wincanton Community Venture is a private company limited by guarantee incorporated in England and Wales. The registered office is The Balsam Centre, Balsam Park, Wincanton, Somerset, BA9 9HB.

Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

The charity is a public benefit entity as defined by the Charities Act 2011.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Article's of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees 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 financial statements.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Grants Receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Investment Income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises these costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees' meetings and reimbursed expenses.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% straight line on improvements Other Fixed Assets 15% reducing balance Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investments

Investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/ (expenditure) for the year. Transaction costs are expensed as incurred.

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.12 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 charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees 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 estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
125,521
-
Legacies receivable
(33,645)
178,478
Grants
2,312
479,044
94,188
657,522
Legacies receivable
Bob Woodman Trust
-
178,478
Accrued entitlement to
the gain on the
investment for the period
to 31 March 2022
(33,645)
-
(33,645)
178,478		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
125,521
142,214
-
144,833
-
-
481,356
94,469
304,234
751,710
236,683
304,234
178,478
-
-
(33,645)
-
-
144,833
-
-		 Total
2022
£
142,214
-
398,703
540,917
-
-
-

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Charitable Income
Charitable activities 291,762 267,647
Other income 7,704 -
299,466 267,647

5 Income from investments

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Income from listed
investments
1,384
2,383
Interest receivable
1,164
-
2,548
2,383		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
3,767
-
-
1,164
257
-
4,931
257
-		 Total
2022
£
-
257
257

6 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Staging fundraising events 1,542 7,770

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

7 Expenditure on charitable activities

Charitable Charitable
expenditure expenditure
2023 2022
£ £
Direct costs
Staff costs 691,008 566,638
Charitable expenditure 84,304 58,125
775,312 624,763
Share of support and governance costs (see note 8)
Support 100,607 64,023
Governance 13,915 3,480
889,834 692,266
Analysis by fund
Unrestricted funds 403,917 394,619
Restricted funds - general 485,917 297,647
889,834 692,266
8 Support costs allocated to activities
2023 2022
£ £
Staff costs 36,604 -
Depreciation 851 716
Office expenses 12,151 15,769
Light heat and water 8,554 5,705
Premises costs 34,575 38,115
Other expenses 7,872 3,718
Governance costs 13,915 3,480
114,522 67,503
Analysed between:
Charitable expenditure 114,522 67,503
9 Net movement in funds 2023 2022
£ £
Net movement in funds is stated after charging/(crediting)
Independent examiners fees 3,915 3,480
Depreciation of owned tangible fixed assets 851 716

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10 Auditor's remuneration

Fees payable to the charity's auditor and associates:
For audit services
Audit of the financial statements of the charity
For other services
All other non-audit services		 2023
£
7,500
2,500		 2022
£
-
-

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

12 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
43
2023
£
670,260
46,528
10,824
727,612		 2022
Number
39
2022
£
529,024
29,881
7,733
566,638

Redundancy and termination payments totalling £1,000 were made in the reporting period, this being a payment at the end of a contract.

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The trust considers its key management personnel comprise the Chief Executive Officer and the Finance Manager. The remuneration including employers pension contributions of the key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 80,911 76,887

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

13 Gains and losses on investments

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
Gains/(losses) arising on: £ £ £ £ £ £
Revaluation of
investments (12,561) 4,894 (7,667) 12,532 - 12,532

14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

15 Tangible fixed assets

Freehold land
and buildings
Other Fixed
Assets
£
£
Cost or valuation
At 1 April 2022
750,000
10,516
Additions
12,156
-
At 31 March 2023
762,156
10,516
Depreciation and impairment
At 1 April 2022
-
6,461
Depreciation charged in the year
243
608
At 31 March 2023
243
7,069
Carrying amount
At 31 March 2023
761,913
3,447
At 31 March 2022
750,000
4,055		 Total
£
760,516
12,156
772,672
6,461
851
7,312
765,360
754,055

The land and buildings were independently valued on the 1 November 2017 and are shown at the revalued amount plus improvements.

At 31 March 2023, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £546,277 (2022 - £534,364).

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

16 Investments

Listed
investments
£
Cost or valuation
At 1 April 2022 214,743
Additions 182,245
Valuation changes (7,667)
At 31 March 2023 389,321
Carrying amount
At 31 March 2023 389,321
At 31 March 2022 214,743

Investments revalued

All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded on quoted public markets. The basis of fair value for the quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost ( that is their transaction value).

17 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
19
Trade creditors
Other creditors
Accruals		 2023
£
13,436
12,732
185
26,353
2023
£
10,581
75,049
6,084
-
11,684
103,398		 2022
£
59,047
46,465
175
105,687
2022
£
9,285
11,333
5,229
2,067
16,561
44,475

18 Creditors: amounts falling due within one year

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

19 Deferred income

Other deferred income 2023
£
75,049		 2022
£
11,333
2022
£
11,333
43,615
(43,615)
11,333
11,333
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2022
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2023		 2023
£
75,049
11,333
(11,333)
75,049
75,049

The deferred income comprises of grants received subject to performance related conditions and rents received in advance

20 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £10,824 (2022 - £7,733).

21 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources Transfers Gains and At 31 March
2022 resources expended losses 2023
£ £ £ £ £ £
Restricted
Property
Reserve 750,000 - - - - 750,000
Other Restrcited
Funds 24,550 659,905 (485,917) (19,136) 4,894 184,296
774,550 659,905 (485,917) (19,136) 4,894 934,296

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

21 Restricted funds

Restricted funds (Continued)
Previous year: At 1 April Incoming Resources Transfers Gains and At 31 March
2021 resources expended losses 2022
£ £ £ £ £ £
Restricted
Property
Reserve 750,000 - - - - 750,000
Other Restricted
Funds 17,963 304,234 (297,647) - - 24,550
767,963 304,234 (297,647) - - 774,550

22 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources Transfers Gains and At 31 March
2022 resources expended losses 2023
£ £ £ £ £ £
Designated Funds
Building
Maintenance
Reserve 60,000 - - 10,000 - 70,000
Conkers
Community
Nursery
Reserve 19,728 - - 75,272 - 95,000
General
Reserve 170,000 - - 115,000 - 285,000
Men' Shed 3,204 - - 1,366 - 4,570
252,932 - - 201,638 - 454,570
- - - - - -
General funds 322,477 396,202 405,459 (182,502) (12,561) 118,157
575,409 396,202 (405,459) 19,136 (12,561) 572,727
Previous year: At 1 April Incoming Resources Transfers Gains and At 31 March
2021 resources expended losses 2022
£ £ £ £ £ £
Designated
Funds 253,204 1,981 (2,253) - - 252,932
General funds 207,475 502,606 (400,136) - 12,532 322,477
460,679 504,587 (402,389) - 12,532 575,409

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

22 Unrestricted funds

(Continued)

The Designated Funds exist to ring fence the monies allocated to cover future areas of expenditure in particular areas as decided by the trustees relating to the nursery, building maintenance and a general expense reserve. In addition the Men's Shed project balance is held in a designated reserve since it may become a separate trading entity at a future date.

23 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
15,360
750,000
Investments
203,566
185,755
Current assets/(liabilities)
353,801
(1,459)
572,727
934,296
Unrestricted
Restricted
funds
funds
2022
2022
£
£
Fund balances at 31 March 2022 are represented by:
Tangible assets
4,055
750,000
Investments
214,743
-
Current assets/(liabilities)
356,611
24,550
575,409
774,550		 Total
2023
£
765,360
389,321
352,342
1,507,023
Total
2022
£
754,055
214,743
381,161
1,349,959

24 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2023
£
1,037
-
1,037		 2022
£
1,382
1,037
2,419

WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

25 Related party transactions

Donations without conditions totaling £2,100 was received by the charity from it's Trustees during the year (2022: £2,174).

There were no other related party transactions during the year.

26
Cash generated from operations
2023
£
Surplus for the year
157,064
Adjustments for:
Investment income recognised in statement of financial activities
(4,931)
Fair value gains and losses on investments
7,667
Depreciation and impairment of tangible fixed assets
851
Legacy income
(182,245)
Movements in working capital:
Decrease/(increase) in debtors
79,334
(Decrease)/increase in creditors
(4,793)
Increase/(decrease) in deferred income
63,716
Cash generated from operations
116,663		 2022
£
121,317
(257)
(12,532)
716
-
(35,051)
24,567
(32,282)
66,478

27 Analysis of changes in net funds

The charity had no material debt during the year.