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 2024
WINCANTON COMMUNITYVENTURE THE BALSAM CENTRE LEGAL AND ADMINISTRATIVE INFORMATION Trustees Michael Bainbridge John Bartholemew Helen Hem)anstein Smith Emily Showering Paul INhite Sarah White Tamsin Graham Michael Kelly David Kemp Thomas McGauran (Appointed 13 April 2023) (Appointed 25 May 2023) Ex1ClO Board Members Mike Rowlands (appointed 25 May 2023) Voluntary Sector Representative Secretary Luanne Jones Senior management Susan Place Chief Officer.. Reports to Board of Trusteès Charity number 1080719 Company number 3898170 Registered office The Balsam Centre Balsam Park Wincanton Somerset BA9 9H8 Audltor David Owen & Co 17 The Market Place Devizes Imltshire SN10 1BA Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA Virgin Money PLC Jubilee House Gosforth Newcastle Upon Tyne NE34PL
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditorfs report 9-11 statement of financial adivities 12 Balance sheet 13 Staternent of cash fiows 14 Notes to the financial statements 15-27
WINCANTON COMMUNITYVENTURE THE BALSAM CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Irustees, who are directors for the purpose of company law. preserrt their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with Ihe 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 IFRS 102>" (effective 1 January 2019). Objectlves and actlvltjes Objects and aims °To imprové th8 health and qu81ily of life of all inhabitants of the area of benefit without distinction of age. gender race, sexual orientalion or any political, religious or any other opinion, by working with statutory and voluntary owanisations, groups, and indwiduals, to provide access to opportunities for education, arts, leisure, and social welfare." Our Wision is for people to live healthy and happy lives. Our Mission as a Healthy Living Centre, is to provide a range of community based, participatory. purposefvl, and life-changing activities in a supportive and safe environment which improve people's wellbeing. Our Strategic Aims have been developed in respons8 ever increasing demand and unmet need and support our ambitious vision for people to live healthier and happier thves . Increase our service provision to help more people Broaden the range of our services in response to identified need Expand our reach to engage more communities Our Hlgh Level Outcomes relate to social change: Improved physical and mental health and wellbeing Reduced social isolation and loneliness Stronger and more resilient communities Greater social and community cohesion We continue to deliver successful, effective programmes of activty independently and in partnership with other VCSFE, public sector and community providers and through outcome focused projects. On site we have our own busy communty childcare setting, Conkers. the local Health Visitor team, the office of the Community Accessible Transport scheme. and the administrative base of the local Primary Care Nelwork. We partner with the Growing Space charity and Wincanton Cares. Open Mental Health, a partnership beteen Somerset (NHS) Foundation Trust and the Balsam Centre enables staff cfrlocation and service delivery at the Centre and this is echoed in relationships with the Department of Work and Pensions, Citizens Advice and other charities and agencies such as Somerset Integrated Domestic Abuse Service, Spark Digital Café and Somerset Skn'lls and Leaming. A Reaching Communities Lottery funded project, Good Stuff, has at its core the development of the health, social, economic, cultural and environmental fabric of Wncanton. In this reporting petiod, the CEO of the Centre has taken on a strategic role as one of 12 Area Champions in Somerset. a Somerset Council initiative to help pin up Early Help services acros5 sectors at different levels.
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 Cenlre exists to improve the health and qualty of life of the people of Wincanton and the surrounding area. The Balsam Centre meets its Objeds through the provision of a vibrant community hub housing a range of health, social, educational and Cultura 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 heallh. It's activities provide a catalyst for change, reducing health and social inequalities, altowing people to improve their lrfe 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 140 active volunteers to help run the activities of the Centre. Achievements and performance Significant activities and achievemenls against objec(wes A summary of our 23124 year's services, projects and activities appears on the following pages.
WINCANTON COMMUNITYVENTURE THE BALSAM CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 E rly Years Healthy Eatlng 203 GrtsnkersHursory 702 clilklren roll 63 funded places 998 hvJrs ol chiEdcare pro¥idea NV6Èkiy 233 breaBtleedlng cllnlc atteTrdonce- ChllOr)n's ¢laih¢S lJonk8 Iieolthy Meols c¢aked by yw if Lll# SklU (rfvierGg2 eekly wmber ol lurrthes eorved ot Chat Colo 120 Pltstes sewed ol Woodlund A¢tfvlllo ottendoRces th und r 55 dioD- In p.oy $es$Éons tn The Nast 22 children tovkod a hoalthy m•al to shoie %¥ith thoir fomity ot Saturdaycookingcit children enS0sèd healthy ot HAF Club Young People's Support 25 oung iyople oiiended Physical Activity 855 people occessed ¢¢uh$¢lling ser4.iccs 557 Ottendanknès tst o 8olsorn Centfe It•41th Walk lir.UTS 19 fjeople allended FIoxeIs8 vtseehkly OOdititifHiI •xor¢ltso ¢lo88es run by Axlernttl piodiders every v4eek ~Il. Q4Jl¥.fil.- Matemal Mental Health ental Health mums Ceessud counelling 7 11 334 ple SUPPOfted Ste4aciions Roccyery& Wo¥kers 1122 iy)È.to.one S6SÉtins 497 tel.%)hone support 334 onliv supy)l 231 othe¥ wntact 381 group Ottendonees 87 odmin cc?toct mums SU masw• ond o Im$lorMum¥ group Family Safeguarding 95 678 ptsrenks theropeuftc invervpnrsoris 12 POnlcFponts In Woodland Activttlo$
WINCANTON COMMUNITY VENTURE
THE BALSAM CENTRE
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Grou
sforA
ults
Volunlws
Staff (FfE)
639
attendunkne> at Tanner5
socEal group. Milborno Potr.
ottr:c£s5 Ot
mcry Lane
dem¢F.tia support group
VEekEy partlclwJnts
tn Men's shed
WOAng in
portnershsp whh
%'oekly ottorauncor at
£ho Ilorth Stai ¢roAIP
lÉlor members of Thg
Bo%5{3.. Contro Cr(fft Club
péople
Sl(th aPwilVlti% in Year
Tv¥o ot thè ple¢L
/0 hole altoftded
octivittes ¥hot develop Pfa¢tlcol,
lile und e¢r,ployMentskill¢.
Key
vents
InoLigJToI Cllmot• Falr. Moi, 2023
Open klental Health Roadsho.
June 2023
pecp
visited thè
Ittt4Ycknsdfv
WINCANTON COMMUNITYVENTURE THE BALSAM CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal 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 seNices and activities. Where there are gaps between the change in financial providers. reseEves are deployed. Short term projects which have a natural end may no longer be continued. Financial Position The statement of financial aclivities shows a total income of £973.492 and expenses of £1,035.930. The deficit was cover&d by suiplus funds from the previous year. ReseNes policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained al a level equivalent to six month's expenditure. Investment policy Investment policy The charity's investment policy is to Maintain the real value of capital (i.e. to at least protect it against inflation as best as possible) Deliver a reasonable overall total return Generate a sustainable and growing level of income to fund charitable a¢livities Invest for the medium to long term (five years plus) in a diversified portfolio Invest within a risk profile that is commensurate with the charitable objectives Provide sufficient liquidty to fund any shortfalls The charity's major investments are held as managed funds within the Cheviot Global Income & Giowth 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 investrnent 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. The principal risks and uncertainties identified during the year were as follows- Political issues leading to changes in policy or funding. This is mitl9ated by building strong relalionships with local and strategic partners. constant monitoring of the situation and bringing in procedures to allow flexibility. Loss of major contract or funding. This is mitigated by followtng our fundraising strategy and business plan, by monitoring budgets, regularly reviewing fund raising and by diversifying income streams. IT Systems failure or breaches. This is mitigated by having a continuous maintenance and s8cuiity plan for IT with systems managed by experienced IT professionals. Financial Risks. These include the possibility of inaccurate forecasting, financial management or fraud. These are mitigated through financial protocols including checks by CEO and Board of Trustees, the employment of suitably qualified and eXperIend staff, and robust checking procedures. sufficient counter signatorie5 and procedures to check accounts for discrepancies, together with a robust recrultment process and training.
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods We plan to mainlain current aclivities and where funds allow to increase capacity and delivery. We also strive for a cycle of continuous improvement in terms of quality of seNice delivery and its effectiveness. Organisational development is crucial to the success of the charity and we plan to continue to invest in our staff and their professional development and the infrastructure of Ihe organisation. Structure, governance and management Nature of goveming document The Balsam Centre is a registered charity in the name of Imncanton Community Venture, registration number 1080719 and is a Company limited by Guarantee, registration number 3898170. The Goveming Documents are the Memorandum and the Articles of Association. Organisational structure The trustees oversee the affairs and activities of the charity which are managed by the Chief Executive Offir who is supported by salaried staff and volunteers. The Trustees operate on a voluntary basis and meet as necessary, there are six scheduled Board meetings per annum, for this purpose. Where required. decisions are made by majority vote at Trustees, meetings. The charity benefits fram a close working relationship between Trustees, Staff. Volunteers ané Partner organisations. The trustees, who are also the directors for the purpose of company law, and who Seed 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 VVhil@ Tamsin Graham Michael Kelly David Kemp Thomas McGauran (Appointed 13 April 2023) (Appointed 25 May 2023) Recrultment and appolntment of trustees The Board of Truslees 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 PLrt themselves forward. In either case they ar8 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 obSeer, before being formally proposed as a Board member and this being put lo 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 pul at a General Meeting.
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustees, report was approved by the Board of Trustees. Michael Bainbridge Trustee Susan Pla Chief Officer 31 October 2024
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The truslees, who are also the directors of Wncanton Community Venture for the purpose Df company law, are responsible for preparing the Trustees, Report and the financia5 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= select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charitie5 SORP; make judgements and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting rerdS that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wilh the Compani8s 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 iffegularities.
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 Imncanton Community Venture (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities. the balan 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 StandaKI applicable in the UK and Republic of Jreland (United Kingdom Generally ACpIed Accounling Practice). In our opinion. the financial statements: give a true and fair view of lh& state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended- have been properly prepared in accordance with United "ngdoM Generally Accepted Accounting Practice; and have been prepared in accordance with the requirernents of the Companies Act 2006. Basls for opinion We conducted our audit in accordance wilh Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordan with the ethical r8quirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standaré. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded Ihat the trustees, use of the going concem 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 chartty's ability to conlinue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant s&ctions of this report. Other infomiatlon The other information comprises the infomiation 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 Ihe 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 otheise appears to be materially misststed. If we identify such material inconsistencie5 or apparent material misstatements, we are required lo deleTmine 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 fad. We have nothing to report in this regard. Matters on whl¢h we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charilies (Accounts and Reports) Regulations 2008 require us to report to you rf, in our opinion- the information given in the financial statements is inconsistent in any material respect wtth the trustees, report-, or sufficient accounting record5 have not been kept: or the financial statements are nol in agreement with the accounting records- or we have not received all the information and explanations we require for our audit.
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WINCANTON COMMUNITY VENTURE Responsibllities 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 intemal control as the trustees delermine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or errar. 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 charttable company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibiljties for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Acl 2011 and report in accordance with the Act and relevant regulations made or having effecl 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 auditorfs report that includes our opinion. Reasonable assuran 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. We oblained an understanding of laws and regulations that affect the charitable company. focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the Companies Act. the Charities Act, data protection legislation and employment legislation. We enquired of the trustees. reviewed correspondence viith the Charity Commission and reviewed trustees, meeting minutes for evidence of non-compliance with relevant laws and regulations. W8 also reviewed controls the trustees have in pla to ensure compliance. We gained an understanding of the controls that the trustees have in place lo prevent and detect fraud. We enquired of the trustees about any inciden$ of fraud that had taken place during the accounting period The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas- misappropriation of cash and other assets, undisclosed related party transactions outside the normal course of business and misstatement of the property valuation
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WINCANTON COMMUNITY VENTURE We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. The engagement partner considers the engagernent team collectively had the appropriate competence and capabilities to identify or recognise non-compliance wilh laws and regulations. W& enquired of the trustees about actual and potential litigation and claims We performed analytTcal procedures to ideTrtify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of joumal entries and other adjustments throughout the period and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. We also carried out a review for transactions outside the nonnal course of business Due to the inherent limilations ot 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, Ihere 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 prevenling fraud or noTrcampliance with laws and regulation5 and cannot be expected to detect all fraud and non-compliance with laws and regulalions A further description of our respOnbIlItieS is available on the Financial Reporting Council's website at- https.'Il w.trc.org.uklauditorsresponsibilities. This descrtption forms part of our auditorfs report. 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 auditoff s report and for no other purpose. To lh& fullest &xtenl permitted by law, we do not accept or assume responsibilty to anyone other than the charity and the charity's trustees as a body, for our audit work. for this ieport. or for the opinions we have formed. David Owen & Co 31 October 2024 Chartered Accountants Statutory Auditor 17 The Market Place Devizes Wiltshire SN101BA David Owen & Co is eligibSe 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 2008.
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restrlcted funds funds 2024 2024 Totsl Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Investments 130.069 318.111 17,597 507.715 637.784 318.111 17,597 94,188 299.466 2,548 657,522 751,710 299,466 4,931 2,383 Total income 465.777 507,715 973,492 396,202 659,905 1.056,107 Expenditure on: Raising funds Charitable activities 15 515.392 1.035.930 1,542 403,917 1,542 889,834 520.538 485,917 Total expenditure 520,553 515,392 1,035,945 405,459 485,917 891,376 Net gainsl(loss8s) on investments 12 40,922 40,922 (12,561) 4,894 (7,667) Net incomel(expenditure) {13,854) (7.677) (21,531) (21.818) 178,882 157,064 Transfers beeen funds 19,136 (19,136) Net movement in funds (13,854) 17,877) (21,531) (2,682) 159,746 157,064 Reconciliation of funds: Fund balances at 1 April 2023 572.727 934,296 1,507,023 575,409 774,550 1.349,959 Fund balances at 31 March 2024 558,873 926,619 1,485.492 572.727 934,296 1,507,023 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
WINCANTON COMMUNITYVENTURE THE BALSAM CENTRE BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Investments 14 15 764,600 443.073 765,360 389,321 1,207,673 1,154,681 Current assets Debtors Cash at bank and in hand 16 75,759 347.509 26,353 429.387 423.268 455.740 Credltors: amounts falling due within one year 17 145,449 103.398 Net current assets 277,819 352,342 Total assets less current liabilities 1,485,492 1,507,023 The fund5 of the charity Restricted income funds Unrestricted funds 20 926,619 558,873 934,296 572,727 1.485,492 1,507,023 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities Ad2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordan with section 476. These financial statements have been prepared in accordanc8 With the provisions applicable to companies subject to the small companies regime. The financial statements were approved by Ihe trustees on 31 October 2024 Michael Bainbridge Trustee Susan Place Chief Officer Company registration number 3898170 (Endand and Wales)
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash (absorbed by)Igenerated from operations 25 (86.645) 116,663 Investing activities Purchase of tangible fixed assets Purchase of investments Investment income received (12,156) (12,830) 17,597 4,931 Net cash generated fromllused in) Investlng activltles 4,767 (7,225) Net cash used in financing activities Net Idecreasellincrease in cash and cash equivalents (81.878) 109,438 Cash and cash equivalents at beginning of year 429,387 319,949 Cash and cash equivalents at end of year 347.509 429,387
WINCANTON COMMUNITYVENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity infomiation 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 exeding £1 towards the assets of the charity in the event of liquidation. The charity is a public benefft entlty as defined by the Charities Act 2011. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Articles 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). Th8 charily 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 Ihese financial ststements are rounded to the nearest L The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 GoTng concern Al the time of approving the financial statements, the trustees have a reasonable expectation Ihat the charity has adequate resources to continue in operational exislence for the foreseeable fLrture. Thus the trustees continue to adopt the going concern basis of accountiNJ in preparing the financial statements. The trustees consider that there are no material uncertainties about the charity's ability lo continue as a going concem nor any significant area5 of uncertainty that affect the carrying value of assets held by the charity. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustee5 in furtherance of their charitable objectives. Restricted funds are subject lo specific conditions by donors or grantors as to how they may b8 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 capitsl must be maintained by the charity. 1A Income Income is recognised when the charity is legally entitled to it after any performance conditions have been m8t, the arnounts 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 boih the amount and settlement date. In the event that a donation is subject to conditions that require a level of perfomiance by the charity befoie the charity is entitled to the funds. the income is deferred and not recognised until either those conditions are fully mel, 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 COMMUNITYVENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued Grants Receivable Grants are recognised when the charity has arr entitlement to the fvnds 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 balan 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 cons1ntive obligation to transfer economic benefit to 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 cosls incurred in attracting voluntary income. the management of investments and those incurred in trading activÈties that raise funds. Charitsble 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 neSSary to support them. Govemance costs These include the costs attribLrtable to the charity's Complian with constitutional and statutory requirements. including audit. slrategic management and trustees, meetings and reimbursed expenses. 1.6 Tangible fIxed assets Tangible fixed assets are inth'ally measured at wst 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 Other Fixed Assets 2Vh stratght line on improvements 150A reducing balance Freehold land is not depreciated. The gain or loss arising on the disposal of an asset is determined a5 the difference between the sale proceeds and the carying value of the asset, and is recognised in the slatement 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 recogni58d in net incomel (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 2024 Accountlng pollcies (Continued) 1.8 Impalrment 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 SUGh indication exists, the recoverable amount of the asset is estimated in order to determine the extenl of the impaimient 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 wtthin borrowings in current liabilities. 1.10 Financlal Instruments The charty has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sedion 12 'Other Financial Instruments Issues. of FRS 102 to all ()f its financial instruments. Financi21 inslruments are recognised in the charivs 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 Tight 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 flnancial assets Basic financial assets. which indude 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 conslitules 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 al amortised cost using the effective interest method. Derecognltion of financial liabilities Financial liabilities are derecognised when Ihe 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 pital 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 2024 Ac¢ountlng pollcles (Contlnued) 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. Crltlcal accounting estimates and judgements In the application of the charity's accounling 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 relevanL 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. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts Legacies receivable Grants 122,069 122,069 125,521 (33,645} 2,312 125,521 144,833 481,356 178,478 479,Q44 8.000 507.715 515,715 130.069 507,715 637.784 94,188 657,522 751,710 Legacles recelvable Bob Woodman Trust Accrued entitlement to the gain on the investment for the period to 31 March 2022 178.478 178,478 (33,645) (33,645) (33,645) 178,478 144,833
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activities Unrestricted funds 2024 Unrestricted funds 2023 Charitable Income Charitable activities other income 312,063 6,048 291,762 7,704 318,111 299,466 Income from investments Unrestricted Restrkted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Income from listed investments Interest receivable 12.768 4.829 12.768 4,829 1.384 1,164 2,383 3,767 1,164 17,597 17,597 2,548 2,383 4,931 Expenditure on raising funds Unrestricted Unrestrlcted funds funds 2024 2023 Fundraising and publlclty Staging fundraising events 1,542 Investment management 15 Total costs 15 1,542
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities Charitable Charltable expenditure expenditure 2024 2023 Direct costs Staff costs Charitable expenditure 802,044 128,818 891,008 84,304 930,862 775,312 Share of support and governance costs (see note 81 Support Governance 92,708 12,360 100.607 13,915 1,035,930 889,834 AnaEysis by fund Unrestricted fjjnds Restricted funds - general 520,538 515,392 403,917 485,917 1,035,930 889,834 Support costs allocated to actlvltles 2024 2023 staff costs Depreciation Office expenses Light heat and water Premises costs Other expenses Govemance costs 49.333 760 17.336 7.247 5,486 12.546 12,360 38.604 851 12,151 8,554 34,575 7,872 13.915 105,068 114,522 Analysed between: Charitable expenditure 105,068 114,522 Net movement in funds 2024 2023 Net movement in funds is stated after chargingl{crediting) Independent examiners fees Depreciation of owned tangible fixed assets 3,915 851 760
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 11 Employees The average monthly number of eMployS during the year was.. 2024 Number 2023 Number 46 43 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 782.055 55,717 13,605 670,260 46.528 10,824 851,377 727,612 Redundancy and tennination payments tolalling £nil {2023 ',£1,000} were made in the reporting period, this being a payment at the end of a contracL 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. 2024 2023 Aggregate compensation 95,957 80,911 12 Gains and losses on investments Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Totsl 2024 2023 Gainsl(loss8s) arising on.. Revaluation of investments 40,922 40,922 (12.561) 4,894 (7,667)
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Taxation The charity is exempt from taxation on it5 activities because all its income is applied for charitable purposes. 14 Tangible fixed assets Freehold land and buildings other Fixed Assets Total Cost or valuation At 1 April 2023 762,156 10,516 772,672 At 31 March 2024 762,156 10,516 772,672 Depreciation and impainnent At 1 April 2023 Depreciation charged in the year 243 243 7,069 517 7,312 760 At 31 March 2024 486 7,586 8,072 Carrying amount At 31 March 2024 761,670 2,930 764,600 At 31 March 2023 761.913 3.447 765,360 The18nd and buildings were independently valued on the 1 November 2017 and are shown at the revalued amount plus improvements. At 31 March 2024. had the revalued assets been Garried at historic cost less accumulated depreciation and accumulated impairment losses. their carrying amount would have been approximately £546,034 (2023 £546,277). 15 Investments Listed investments Cost or valuation At 1 April 2023 Additions Valuation changes 389.321 12,830 40,922 At 31 March 2024 443,073 Carrying amount At 31 March 2024 443,073 At 31 March 2023 389,321
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Investments (Continued) Investments revalued All investments are carried al 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). 16 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 56.670 9.654 9.435 13,436 12.732 185 75,759 26,353 17 Creditors: amounts falling due within one year 2024 2023 Notes other taxation and social security Deferred income Trade creditors Accruals 12.449 100,218 21,106 11,676 10.581 75,049 6,084 11.684 18 145,449 103,398 18 Deferred income 2024 2023 Other deferred income 100,218 75,049 Deferred income is included in the ffinancial statements as follows: 2024 2023 Deferred income is included within= Current liabilities 100.218 75,049 Movements in the year"
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Deferred income (Continued) Deferred income at 1 April 2023 Released from previous periods Resources deferred in the year 75,049 (75.049) 100,218 11.333 (11.333) 75.049 Deferred income at 31 March 2024 100,218 75,049 The deferred income comprises of grants received. These have been deferred as the associated performance related conditions are unfulfilled at the year end. 19 Retirement benefit schemes 2024 2023 Defined contribution sch8mes Charge to profit or loss in respect of defined contribution schemes 13.605 10,824 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. 20 Restrlcted 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 2023 Incoming resources Resources expended Transfers Galns and At 31 March losses 2024 Restricted Property ReseNe Other Restricted Funds 750.000 750,000 184.296 507,715 {515.392) 176,619 934.296 507,715 {515.392) 926,619 Previous year: At 1 April 2022 Incoming resources Resources expended Transfers Gains and At 31 March losses 2023 Restricted Propety Reserve Other Restricted Funds 750.000 750,000 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 COMMUNITYVENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Unrestrict8d funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are nol subject to specific condttions 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 2023 Incoming resources Resources expended Transfers Gains and At 31 March losses 2024 Deslgnated Funds Building Maintenance Reserve Conkers Community Nursery Reserve General Reserve Men's Shed 70.000 70.000 95,000 95,000 285.000 4.570 285,000 4,570 454,570 454,570 General funds 118,157 465.777 520.553 40,922 104,303 572,727 465,777 (520.553) 40,922 558,873 Previous year: At 1 April 2022 Incomlng resources Resources expended Transfers Gains and At 31 March losses 2023 Building Maintenance ReseNe Conkers Community Nursery Reserve General Reserve Men's Shed General funds 60,000 10.000 70,000 19,728 75.272 95,000 170,000 3,204 322,477 115.000 1,366 (182,502) 285,000 4,570 118,157 396,202 (405.459) {12,561) 575,409 396,202 (405.459) 19,136 (12,561) 572,727 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 reservè since tt may become a s8parate trading entity at a future date.
WINCANTON COMMUNITY VENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Investments Current asselsl{liabilities) 14.600 276,454 267,819 750.000 166,619 10,000 764,600 443,073 277,819 558,873 926,619 1,485,492 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Tangible assets Inveslments Current assetsl(liabilities) 15,360 203,566 353.801 750,000 185,755 {1.459) 765,360 389,321 352,342 572.727 934,296 1,507,023 23 Operating lease commitments Lessee At the reporting end date Ihe charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases. which fall due as follows.. 2024 2023 Within one year Between and five years In over five years 1,076 2,959 1.076 1,037 5,111 1,037 24 Related party transactions Donations without conditions totaling £8,752 was received by the charity from retated parties in the year (2023 £2,100). There were no other related party transactions during the year.
WINCANTON COMMUNITYVENTURE THE BALSAM CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Cash generated from operations 2024 2023 (Deficit)Isurplus for the year (21,531) 157.064 Adjustments for= Investment income recognised in statement of financial activities Fair value gains and losses on investment5 Depreciation and impairment of tangible fixed assets Legacy income (17.597) (40,922) 760 {4.931) 7.667 851 {182,245) Movements in working capitsl: (Increase)Idecrease in debtors Increasel(decrease) in creditors Increase in deferred income (49,406) 16.882 25,169 79,334 {4,793) 63,716 Cash (absorbed by)Igenerated from operations (86.645) 116,683 26 Analysls of changes in net funds The charty had no material debt during the year.