# **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: 1. 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. 2. Establish, or secure the establishment of a community Centre and to maintain and manage the same. 3. Work with the local authority or other person or body in furtherance of these objectives 4. 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. **1** ## **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 **2** **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 **4** **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| |---|---| **5** **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. **6** **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**|| **7** **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**| **8** ## **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. **9**