GREENSTEAD COMMUNITY ASSOCIATION
Charity number 1082081
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2023
GREENSTEAD COMMUNITY ASSOCIATION
CONTENTS FOR THE YEAR ENDED 31 MARCH 2023
| Page | |
|---|---|
| Trustee Annual Report | 1 - 2 |
| Independent Examiners Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the financial statements | 6 - 9 |
GREENSTEAD COMMUNITY ASSOCIATION
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023
The trustees are pleased to present their report together with the accounts of the charity for the year ended 31st March 2023.
Our purpose and activities
The objects of the Association are to:
-
Promote the benefit of the residents of Greenstead by working with local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for the recreation and leisure-time occupation with the object of improving the conditions of life for the said residents.
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Establish, or secure the establishment of a community Centre and to maintain and manage the same.
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Work with the local authority or other person or body in furtherance of these objectives
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Promote such charitable purposes as may from time to time be determined.
The work of the association is to manage the community centre and offer low cost venue hire to groups providing activities that improve the lives of local people.
The association also rents space to a children’s centre and a pre-school so young children and their parents can access activities and support. There is also rented space by a community cafe at the front of the building.
Local residents can also hire space at a reduced cost and children’s parties are popular with several being held throughout the year.
The strategy of the organisation is to become financially self- sustaining so it can invest in and provide community development activities for local residents.
Chairs Report
It’s a fair while since our last AGM but, in that time, our Community Centre has thrived with increased bookings, a higher profile and the recruitment of more staff. My eternal thanks are due to Nicola and her team who have kept the Centre running smoothly and it is due to their commitment and willingness to go the extra mile that explains why the Centre has performed so well. I also wish to thank my fellow Trustees for their ongoing support and backing during a challenging period.
The fact that the Centre has been successful after the Covid lockdowns and during a cost of living crisis with rising bills and pressure on finances is nothing short of remarkable. We are grateful to our regular hirers for the stability of regular income and we thank our tenants: Little Explorers; Kelly’s Kafe and HCRG for their constancy.
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GREENSTEAD COMMUNITY ASSOCIATION
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Centre has become what was always envisaged and intended from the outset and that is to be a hub for the Greenstead community. A place where you can come and chat over breakfast, lunch or just a drink and a piece of cake. It is a place where you can network, work on your PC or meet your local Housing Officer, Police Community Support Officer or, as I know, Local Councillor. We’re grateful to our contractors for their work, often at discounted rates, and to Community 360 for administering our finances and making sure we are financially secure and stable. We have received support from Colchester Borough Homes, Colchester City Council, Beyond the Box, Essex County Council and others to make improvements and carry out essential maintenance to the Centre and to make it possible to hold events such as for the late Queen’s Platinum Jubilee, the King’s Coronation, Christmas and trips out for residents. We have also worked with the NHS to arrange vaccination sessions and other health-related events.
I was pleased to be able to stay on as Chair during my Mayoral Year of 2022/23 as I wanted the Greenstead community to be fully involved in it and I’m so glad to say that we managed to achieve this.
Finally, the biggest opportunity and challenge we have faced, and are facing, is the Heart of Greenstead Project which is a once in a generation opportunity for a massive investment in our area. We have strived from the outset to involve local residents in the plans and discussions and, eventually, that has been recognised and appreciated. We are also glad to have received a commitment from the Project Board that Greenstead Community Association is their preferred ‘delivery vehicle’ for the new hub which will be built, with better and improved facilities, in and around our site. This has given the Trustees and the staff some reassurance as we have the local knowledge and expertise to deliver what the community and residents wants and needs. You will hear more about the progress of the project from Stuart, from the appointed architects, at this AGM.
I am very proud to be Chair of GCA and the difference our Community Centre makes to improve the lives of local people. We are a place of warmth and safety for many and offer advice, support and information for all those who need it. Long may it continue!
Cllr Tim Young Chair of Trustees, Greenstead Community Association
November 2023
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GREENSTEAD COMMUNITY ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Note | Unrestricted | Designated | Restricted | 2023 | 2022 | |
|---|---|---|---|---|---|---|
| Total | Total | Total | Total | Total | ||
| £ | £ | £ | £ | £ | ||
| Incoming resources | ||||||
| Income from investments | 71 | - | - | 71 | 2 | |
| Income from charitable activities | 3 | 108,052 | - | 1,500 | 109,552 | 105,149 |
| Other income | 80 | - | - | 80 | 2,847 | |
| Total income | 108,203 | - | 1,500 | 109,703 | 107,998 | |
| Expenditure | ||||||
| Charitable activities | 4 | 102,912 | 9,587 | 2,872 | 115,371 | 121,256 |
| Total resources expended | 102,912 | 9,587 | 2,872 | 115,371 | 121,256 | |
| Net income/(expenditure) | 5,292 | (9,587) | (1,372) | (5,668) | (13,257) | |
| Transfer between funds | 160 | - | (160) | - | - | |
| Net income for the period | 5,452 | (9,587) | (1,532) | (5,668) | (13,257) | |
| Funds at 1 April 2022 | 70,017 | 824,812 | 1,532 | 896,361 | 909,618 | |
| Funds at 31 March 2023 | 75,468 | 815,225 | - | 890,693 | 896,361 |
Notes on pages 6 to 9 form part of these financial statements
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GREENSTEAD COMMUNITY ASSOCIATION
BALANCE SHEET AS AT 31 MARCH 2023
| Note Fixed assets Tangible assets 7 Current assets Debtors 8 Cash at bank and in hand Current liabilities Creditors, amounts falling due within one year 9 Net current assets Net assets Funds Unrestricted funds 10 Designated funds 10 Restricted funds 10 |
2023 2023 Total Total £ £ 827,217 44,237 28,526 72,764 (9,288) 63,476 890,693 75,468 815,225 - 890,693 |
2022 2022 Total Total £ £ 837,134 15,101 49,802 64,903 (5,676) 59,227 896,361 70,017 824,812 1,532 896,361 |
2022 2022 Total Total £ £ 837,134 15,101 49,802 64,903 (5,676) 59,227 896,361 70,017 824,812 1,532 896,361 |
|---|---|---|---|
| 59,227 | |||
| 896,361 | |||
| 70,017 824,812 1,532 |
|||
| 896,361 |
These accounts were approved by the Trustees and signed on their behalf by :
| Signed | Date Tim Young |
|---|---|
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GREENSTEAD COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting Policies
Basis of the preparation of the accounts
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement on Recommended Practise 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). (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Rebulic of Ireland (FRS 102) and the Companies Act 2006.
Cash flow statement
The directors have taken advantage of the exemption in Financial Reporting Standard 1 (revised) from including a cash flow statement in the financial statements on the grounds that the company is small.
Incoming resources
All material incoming resources have been included on a receivable basis
They are included if the date receivable falls within the period covered by these accounts.
Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. All expenditure is inclusive of irrecoverable VAT.
Charitable expenditure comprises those 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.
Depreciation
It is an accounting standard and legal requirement under the Companies Act to depreciate fixed assets over their useful liives. For plant and machinery or office equipment, this depreciation is based on an estimate of that useful life. However, where there is a definitive legal definition of useful/usable life, then this must be used as the basis of depreciation. For leases, this will be the period of the lease, whether it be plant, machinery, leasehold building or land. The amount of depreciation will be based on the cost less the residual value. It could be based on a higher value if it is an asset that appreciates in value.
With Greenstead Community Association, the cost/value at which the leasehold property and land was transferred from Colchester Borough Council, is the amount to be depreciated , over the period of the lease of 99 years.
Going concern
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.
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 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.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
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GREENSTEAD COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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.
There are no critical accounting estimates or judgements in the financial statements.
| 3. **4. ** |
Income from Charitable activities Grants receivable General grants CJRS Income generated Café income Donations Activities Leased hire Rent Room hire Total Total 2022 Costs of charitable activities Salaries Activities Youth Club Cafe Purchases Health & safety Heat and light Insurance Premises costs and cleaning Rates Repairs and maintenance Security costs Venue hire Washroom Support costs See note 5 Total Total 2022 |
Unrestricted £ 3,801 - |
Designated £ - - |
Restricted £ 1,500 - |
2023 £ 5,301 - |
2022 £ 15,172 1,518 |
|---|---|---|---|---|---|---|
| 3,801 2,194 226 959 9,000 32,760 59,112 |
- - - - - - - |
1,500 - - - - - - |
5,301 2,194 226 959 9,000 32,760 59,112 |
16,690 723 697 784 9,000 28,070 49,186 |
||
| 104,251 | - | - | 104,251 | 88,460 | ||
| 108,052 | - | 1,500 | 109,552 | 105,149 | ||
| 2022 £ 33,154 734 - 48 |
||||||
| 101,979 | - | 3,172 | 105,149 | |||
| Unrestricted £ 41,693 470 - 318 |
Designated £ - - - - |
Restricted £ - 1,372 - - |
2023 £ 41,693 1,842 - 318 |
|||
| 42,480 735 20,660 4,036 12,845 1,905 7,272 - - 1,021 11,957 |
- - - - - - - - - - 9,587 |
1,372 - - - - - 1,500 - - - - |
43,852 735 20,660 4,036 12,845 1,905 8,772 - - 1,021 21,544 |
33,936 1,702 9,006 1,577 17,316 541 28,871 2,275 - 635 25,398 |
||
| 60,431 | 9,587 | 1,500 | 71,518 | 87,321 | ||
| 102,912 | 9,587 | 2,872 | 115,371 | 121,256 | ||
| 109,869 | 9,587 | 1,800 | 121,232 |
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GREENSTEAD COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| 5. Analysis of support costs Licences Bank charges Office equipment maintenance Office Costs Postage and stationery Telephone Sales promotion Professional Fees Training Volunteeer expenses Miscellaenous expenses Depreciation Total |
Unrestricted £ 454 95 4,290 2,033 264 1,216 77 1,557 600 223 819 |
Designated £ - - - - - - - - - - |
Restricted £ - - - - - - - - - - |
2023 £ 454 95 4,290 2,033 264 1,216 77 1,557 600 223 819 |
2022 £ 45 32 10,245 848 171 1,353 84 2,078 - 24 931 |
|---|---|---|---|---|---|
| 11,627 330 |
- 9,587 |
- - |
11,627 9,917 |
15,811 9,587 |
|
| 11,957 | 9,587 | - | 21,544 | 25,398 |
6. Staff
Greenstead Community Association employed an average of 4 staff (2022: 4) during the year ended 31st March 2023
Key management personnel were paid a total of £22,279 during the financial year (2022 £19,001).
| 7. Tangible fixed assets Property Community building centre imp'ments £ £ Cost As at 1 April 2022 1,035,399 35,373 Additions - - As at 31 March 2023 1,035,399 35,373 Depreciation As at 1 April 2022 199,585 35,373 Charge for the year 9,587 - As at 31 March 2023 209,172 35,373 Net Book Value As at 31 March 2023 826,227 - As at 31 March 2022 835,814 - 8. Debtors Debtors Accrued income 9. Creditors; amounts falling due within one year Creditors and accruals |
Property building £ 1,035,399 - |
Community centre imp'ments £ 35,373 - |
Plant & machinery £ 2,791 - |
Office equipment £ 8,990 - |
Fixtures & fittings £ 27,582 - |
Total £ 1,108,815 - |
|---|---|---|---|---|---|---|
| 1,035,399 199,585 9,587 |
35,373 35,373 - |
2,791 2,791 - |
8,990 7,670 330 |
27,582 27,582 - |
1,108,815 213,504 9,917 |
|
| 209,172 | 35,373 | 2,791 | 8,000 | 27,582 | 223,421 | |
| 826,227 | - | - | 990 | - | 827,217 | |
| 835,814 | - | - | 1,320 | - | 837,134 | |
| 2023 £ 44,237 - |
2022 £ 8,091 7,010 |
|||||
| 44,237 | 15,101 | |||||
| 2023 £ 9,288 |
2022 £ 5,676 |
|||||
| 9,288 | 5,676 |
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GREENSTEAD COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
| **10. ** | Funds | 01/04/22 | Income | Expenses | Transfers | 31/03/23 |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | ||||||
| General fund | 70,017 | 108,203 | (102,912) | 160 | 75,468 | |
| Designated funds | ||||||
| Building | 824,812 | - | (9,587) | - | 815,225 | |
| Restricted funds | ||||||
| Essex Community Foundation | 160 | - | - | (160) | - | |
| Colchester Borough Homes | 200 | - | (200) | - | - | |
| Colchester Borough Council | 1,172 | 1,500 | (2,672) | - | - | |
| Total restricted funds | 1,532 | 1,500 | (2,872) | (160) | - | |
| Total funds | 896,361 | 109,703 | (115,371) | - | 890,693 |
11. Related parties
There were no related party transactions in this financial year.
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