# **GREENSTEAD COMMUNITY ASSOCIATION** Charity number 1082081 # **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024** **GREENSTEAD COMMUNITY ASSOCIATION** ## **CONTENTS FOR THE YEAR ENDED 31 MARCH 2024** ||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** Greenstead Community Centre has continued to offer invaluable support to the local community over the accounting period. This has occurred despite the continuing uncertainty over the Heart of Greenstead project with plans changing regularly and question marks over how much investment is planned. Fortunately, as I type, there does seem to be some realism to the development which should include full refurbishment of the Centre and an extension. At the very least this means that Greenstead Community Association will not have to surrender the lease and we have security of tenure. We do still have financial concerns going forward as our core tenants will change and we are awaiting assurance that they will be paying market rates for the spaces in the building that they will occupy. These are exciting but nerve-wracking times however, in the meantime, we will continue to offer support, advice and facilities to our local residents who reside in a wonderful community despite being, statistically, the most deprived ward in the city of Colchester. My sincere thanks are due to Nicola and her team who have kept the Centre running smoothly and for their passion and drive. I also wish to thank my fellow Trustees for their ongoing support, **1** ## **GREENSTEAD COMMUNITY ASSOCIATION** ## **TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023** The Centre already acts as a hub for the local community drawing interest from the whole of Greenstead and the wider surrounding area. We offer services and facilities that are needed giving opportunities for dance, health services, consultations, weight loss, parties, worship and all manner of events. The investment in the Centre should expand what we are able to provide and enable us to promote the Centre to a wider market. The Trustees have been working with a consultant to update our Business Plan and this is in its final stages of development before being published. We are ambitious for the future and we have stability in our finances so the future should be bright. Finally, a big thank you to all our partners, stakeholders and friends for their ongoing support. It means a lot to all of us and to the residents of Greenstead. Cllr Tim Young Chair of Trustees, Greenstead Community Association January 2025 ## **GREENSTEAD COMMUNITY ASSOCIATION** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024** I report on the accounts of Greenstead community Association for the year ended 31 March 2024 which are set out on pages 4 to 9. ## **Respective responsibilities of trustees and examiner** The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year (under section 144 (2) of the Charities Act 2011 (The Act) but that an independent examination is needed. It is my responsibility to: - Examine the accounts under section 145 of the Charities Act, - To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the Charities Act, and - To state whether particular matters have come to my attention. ## **Basis of independent examiner’s Statement** My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes considerations of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts. ## **Independent examiner’s statement** In the course of my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair' view which is not a matter considered as part of an independent examination. I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Shelley Marie-Rudling FMAAT AATQB for and on behalf of: Community360 Date 30/01/2025 Winsley’s House, High Street, Colchester, Essex **GREENSTEAD COMMUNITY ASSOCIATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** ||**Note**|**Unrestricted**|**Designated**|**Restricted**|**2024**|**2023**| |---|---|---|---|---|---|---| |||**Total**|**Total**|**Total**|**Total**|**Total**| |||**£**|**£**|**£**|**£**|**£**| |**Incoming resources**||||||| |Income from investments||332|-|-|332|71| |Income from charitable activities|**3**|120,573|-|3,150|123,723|109,552| |Other income||-|-|-|-|80| |**Total income**||**120,905**|**-**|**3,150**|**124,055**|**109,703**| |**Expenditure**||||||| |Charitable activities|**4**|120,359|9,587|2,141|132,087|115,371| |**Total resources expended**||**120,359**|**9,587**|**2,141**|**132,087**|**115,371**| |**Net income/(expenditure)**||**545**|**(9,587)**|**1,009**|**(8,033)**|**(5,668)**| |Transfer between funds||-|-|-|-|-| |**Net income for the period**||**545**|**(9,587)**|**1,009**|**(8,033)**|**(5,668)**| |**Funds at 1 April 2023**||75,468|815,225|-|890,693|896,361| |**Funds at 31 March 2024**||**76,013**|**805,638**|**1,009**|**882,660**|**890,693**| Notes on pages 6 to 9 form part of these financial statements **4** **GREENSTEAD COMMUNITY ASSOCIATION** ## **BALANCE SHEET AS AT 31 MARCH 2024** ||**Note**|**2024**|**2024**|**2023**|**2023**| |---|---|---|---|---|---| |||**Total**|**Total**|**Total**|**Total**| |||**£**|**£**|**£**|**£**| |**Fixed assets**|||||| |Tangible assets|**7**||817,300||827,217| |**Current assets**|||||| |Debtors|**8**|17,700||44,237|| |Cash at bank and in hand||57,591||28,526|| |||75,291||72,763|| |**Current liabilities**|||||| |Creditors, amounts falling due within one year|**9**|(9,931)||(9,288)|| |**Net current assets**|||65,360||63,475| |**Net assets**|||**882,660**||**890,692**| |**Funds**|||||| |Unrestricted funds|**10**||76,013||75,468| |Designated funds|**10**||805,638||815,225| |Restricted funds|**10**||1,009||-| ||||**882,660**||**890,693**| These accounts were approved by the Trustees and signed on their behalf by : Signed Date 30th January 2025 Tim Young **5** **GREENSTEAD COMMUNITY ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **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 2024** ## **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
Income generated
Café income
Donations
Activities
Leased hire
Rent
Room hire
**Total**
**Total 2023**
**Costs of charitable activities**
Salaries
Activities
Cafe Purchases
Health & safety
Heat and light
Insurance
Premises costs and cleaning
Rates
Repairs and maintenance
Security costs
Washroom
Support costs
**See note 5**
**Total**
**Total 2023**|**Unrestricted **
**£**
1,040|**Designated**
**£**
-|**Restricted**
**£**
3,150|**2024**
**£**
4,190|**2023**
**£**
5,301| |---|---|---|---|---|---|---| |||1,040
5,869
483
2,478
9,000
40,652
61,051|-
-
-
-
-
-
-|3,150
-
-
-
-
-
-|4,190
5,869
483
2,478
9,000
40,652
61,051|5,301
2,194
226
959
9,000
32,760
59,112| |||119,533|-|-|119,533|104,251| |||**120,573**|**-**|**3,150**|**123,723**|**109,552**| |||||||**2023**
**£**
41,693
1,842
318| |||**108,052**|**-**|**1,500**|**109,552**|| |||**Unrestricted **
**£**
46,179
2,089
39|**Designated**
**£**
-
-
-|**Restricted**
**£**
-
2,141
-|**2024**
**£**
46,179
4,230
39|| |||48,307
625
29,493
3,334
5,740
1,062
15,268
1,936
1,029
13,567|-
-
-
-
-
-
-
-
-
9,587|2,141
-
-
-
-
-
-
-
-
-|50,448
625
29,493
3,334
5,740
1,062
15,268
1,936
1,029
23,154|43,853
735
20,660
4,036
12,845
1,905
8,772
-
1,021
21,544| |||72,052|9,587|-|81,639|71,518| |||**120,359**|**9,587**|**2,141**|**132,087**|**115,371**| |||||||| |||**102,912**|**9,587**|**2,872**|**115,371**|| **7** **GREENSTEAD COMMUNITY ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** |**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 **
**£**
2,529
83
4,011
1,105
502
1,205
77
2,454
594
415
262|**Designated**
**£**
-
-
-
-
-
-
-
-
-
-|**Restricted**
**£**
-
-
-
-
-
-
-
-
-
-|**2024**
**£**
2,529
83
4,011
1,105
502
1,205
77
2,454
594
415
262|**2023**
**£**
454
95
4,290
2,033
264
1,216
77
1,557
600
223
819| |---|---|---|---|---|---| ||13,237
330|-
9,587|-
-|13,237
9,917|11,627
9,917| ||**13,567**|**9,587**|**-**|**23,154**|**21,544**| ## **6. Staff** Greenstead Community Association employed an average of 4 staff (2023: 4) during the year ended 31st March 2024 Key management personnel were paid a total of £22,279 during the financial year (2023 £22,279). |**7. Tangible fixed assets**
**Property**
**Community**
**building**
**centre**
**imp'ments**
**£**
**£**
**Cost**
As at 1 April 2023
1,035,399
35,373
Additions
-
-
As at 31 March 2024
1,035,399
35,373
**Depreciation**
As at 1 April 2023
209,172
35,373
Charge for the year
9,587
-
As at 31 March 2024
218,759
35,373
**Net Book Value**
As at 31 March 2024
816,640
-
As at 31 March 2023
826,227
-
**8. Debtors**
Debtors
**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
209,172
9,587|35,373
35,373
-|2,791
2,791
-|8,990
8,000
330|27,582
27,582
-|1,108,815
213,504
9,917| ||218,759|35,373|2,791|8,330|27,582|223,421| ||816,640|-|-|660|-|817,300| |||||||| ||826,227|-|-|990|-|827,217| ||||||**2024**
**£**
17,700|**2023**
**£**
44,237| ||||||**17,700**|**44,237**| ||||||**2024**
**£**
9,931|**2023**
**£**
9,288| ||||||**9,931**|**9,288**| **8** ## **GREENSTEAD COMMUNITY ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** |**10. **|**Funds**|**01/04/23**|**Income**|**Expenses**|**Transfers**||**31/03/24**| |---|---|---|---|---|---|---|---| |||**£**|**£**|**£**|**£**||**£**| ||**Unrestricted funds**||||||| ||General fund|75,468|120,905|(120,359)||-|76,013| ||**Designated funds**||||||| ||Building|815,225|-|(9,587)||-|805,638| ||**Restricted funds**||||||| ||Community trips|-|3,150|(2,141)||-|1,009| |||-|-|-||-|-| |||-|-|-||-|-| ||Total restricted funds|**-**|**3,150**|**(2,141)**||**-**|**1,009**| ||**Total funds**|**890,693**|**124,055**|**(132,087)**||**-**|**882,660**| ## **11. Related parties** There were no related party transactions in this financial year. **9**