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Cornwall Neighbourhoods for Change Limited
(A Company Llmited by Guarantee)
Independent Auditorfs Report
Forthe Year Ended 31 De￿mber 2021
We abo communicate relevant identified laws and regulations and potential fraud risk to all engagement team
members and remain alert to any indications of fraud or non-compliance wrth laws and regulations throughout
the audit.
Because of the inherent limitations of an audlt. there is a risk that we will not detert all irregularities, including
those leading to a material misstatement in the finanaal statements or non-compliance with regulation. Thls risk
Sncreases the more that COTnpliance wwth a law or regulation is removed from the events and tran5attions
reflerted in the f1nancial statements, a5 we will be less likely to become aware of instances of non-compliance.
The risk 15 also greater ￿gardIng irregularities occurring due to fraud rather than error, as fraud inVo￿e$
intentional concealment, forgery. colluston. omission or misrepresentation.
A further description of our responsibilities for the audtrt of the financial statements is k)cated on the Financial
Reporting Council's webstte 3t- https'.Ilwww.frc.org.uVOur-WorVAudit/Audit-and-assurance/Standards-an
guidance/Standards-and-guidance-for-audttorslAudttors-responsibiltties-for-auditlDescription-of-auditors-
responsSbilities-for-audit.aspx. This description forms part of oui au(litor's report.
Use of our report
This report is made solefy to the charitable company'5 members, a5 8 boty, in accordance with Chapter 3 of Part
16 of the Companies Act 2CK16. Our audit work has been undertaken so that we might state to the charitable
company's members those rnatters we are required to state to them in an auditors. report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone other than
the charitable company and the charitable companvs members as a body, for our audit work, for this report, or
for the oplnions we have fomied.
-L LLP
Mark Wlllams FCA DChA Isenlor StatutoryAudltor)
for and on behalf of RRL LLP
Chartered Accountants
Statutory Auditor
Peat House
Newham Road
TRURO
Cornwall
TRI 2DP
27 June 2022
17

|orthe Year Ended 31December|2021||||
|---|---|---|---|---|
||Unrestricted|Rest;ricted|||
|Notes|Funds|Funds|2021|2020|
||E||f|f|
|Income|||||
|Volunta ry income|350,988|10,600|361,588|38,334|
|Income from charitable|||||
|activities|267,770|1,242,019|1,509,789|1,032,624|
|Investment<br>income|2,537||2,537|60,825|
|Total income|621,295|1,252,619|1,873,914|1,131,783|
|Expenditure<br>on:|||||
|Charitable<br>activities|305,290|1,284,342|1,589,632|1,075,134|
|Total expenditure|305,290|1,284,342|1,589,632|1,075,134|
|Net income/(expenditure)|||||
|before transfers|316,005|(31,723)|284,282|56,649|
|Gross transfers<br>between<br>funds|(21,664)|21,664|||
|Net movement<br>in funds|294,341|(10,059)|284,282|56,649|
|Total funds brought|||||
|forward|113,673|271,959|385,632|328,983|
|Total funds carried forward|408,014|261,900|669,914|385,632|





|A Company<br>Limited<br>alance Sheet<br>s at31December|by Guara<br> 2021|ntee)|||||
|---|---|---|---|---|---|---|
|||Company|registration|number: 04228103|||
|||Notes|||2021|2020|
|||||||f.|
|Fixed Assets|||||||
|Tangible assets|||10||422,000|424,761|
|Investment<br>property|||11||104,000|104,000|
||||||526,000|528,761|
|Current assets|||||||
|Debtors|||12||308,666|242,127|
|Cash in bank and|in hand||||211,926|164,429|
||||||520,592|406,556|
|Creditors: amounts<br>within one year|falling due||||(96,053)|(237,177)|
|Net current assets|||||424,539|169,379|
|Total assets less current liabilities|||||950,539|698,140|
|Creditors: amounts<br>more than one year|falling due|after|||(280,625)|(312,508)|
|Total net assets|||||669,914|385,632|
|Charity funds:|||||||
|Unrestricted<br>funds|||16||||
|—Designated<br>funds||||344,667|||
|-General fund||||63,347|||
||||||408,014|113,673|
|Restricted<br>funds|||17||261,900|271,959|
|Total charity funds|||18||669,914|385,632|





||||||2021|2020|
|---|---|---|---|---|---|---|
|||||Notes|f|E|
|Cash generated<br>by operating<br>activities||||22|76,843|59,170|
|Cash flows from investing|activities||||||
|Purchase oftangible<br>fixed|assets|||||(3,330)|
|Investment<br>income|||||2,537|60,825|
|Cash flows from financing|activities||||||
|Repayment<br>of borrowings|||||(31,883)|(12,197)|
|Increase<br>in cash and cash|equivalents||||47,497|104,468|
|Cash and cash equivalents|at the|beginning|of the||164,429|59,961|
|year|||||||
|Total cash and cash equivalents||at the end|ofthe||||
|year|||||211,926|164,429|





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## 

|.<br>Inco|me from i|nvestments|||||
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total||
||||Funds|Funds|2021|2020|
||||f|f|f|f|
|Investment|property|income|2,530||2,530|60,769|
|Bank interest|||7||7|56|
|Incoming|Resources|from investments:|2,537||2,537|60,825|





## 

|5.<br>Expenditure<br>on||charitable|charitable|activities||||
|---|---|---|---|---|---|---|---|
|Activity||||Direct Costs|Support|2021|2020|
||||||Costs|||
|Arnold<br>Clark Foundation||||30||30||
|Communities<br>Working||Together||47,004|8,103|55,107||
|Compass||||7,887|1,470|9,357||
|COMF Funding||||78,443|80|78,523||
|Cornwall<br>College Partnership|||||||50,641|
|Food for Change|||||||93,876|
|Foundation<br>for Work||||25,541|5,134|30,675||
|In Work Poverty||||86,108|12,650|98,758||
|Learning<br>Partnership||AS.M|||||84,979|
|Pluss Building Better||||||||
|Opportunities<br>C2C||||198,929|24,943|223,872|179,137|
|Pluss Building Better||||||||
|Opportunities<br>SE||||200,705|21,571|222,276|171,656|
|Residents<br>Resource||||12,536|66,393|78,929|75,675|
|Sma rtline||||1,652|63|1,715||
|St Austell<br>Premises||||7,147||7,147|26,357|
|Support for Christmas||Activities||1,389||1,389|1,909|
|TCCG (Cornwall<br>College)||||54,869|5,957|60,826||
|Time to Move||||1,526||1,526||
|University<br>of Plymouth|||-Widening|||||
|Participation|||||||15,867|
|Volunteer<br>Cornwa<br>II Social||||||||
|Prescribing||||49,241|7,469|56,710|33,206|
|Volunteer<br>Cornwa<br>II Social||||||||
|Prescribing<br>2||||164,285|20,650|184,935|44,403|
|YTKO Engine Room||||101,043|13,609|114,652|106,887|
|4 Work||||40,097|5,676|45,773|53,054|
|Cornwall<br>Community-led|||Local|||||
|Development||||3,599||3,599|384|
|ERASMUS|||||1,118|1,118|1,864|
|Reaching Communities||||34,607|1,729|36,336|50,282|
|V Learning<br>Net||||115,627|13,009|128,636|78,642|
|V Learning 19+||||4,808||4,808||
|MAGA Food Provision||||16,055|1,506|17,561|3,715|
|Walking into Winter||||7,168|104|7.272|2,600|
|Widening<br>Participation||||99,886|13,262|113,148||
|Wild||||2,011|356|2,367||
|Why Don't You Club||||2,587||2,587||
|Resources expended<br>activities|on||charitable||224,852|1,589,632|1,075,134|





## 

|||Direct<br>Costs|Support<br>Costs|Total 2021|2020|
|---|---|---|---|---|---|
|||f|f|f||
|Staff costs and other related expenditure||1,024,673|81,627|1,106,300|825,442|
|Beneficiary S.other|project costs|49,877|2,710|52,587|47,574|
|Contracted<br>services||115,991|5,822|121,813|51,920|
|Office costs||45,306|88,177|133,483|116,220|
|Marketing<br>and communications||3,371|10,448|13,819|306|
|Bank charges|||231|231|134|
|Loan and overdraft|interest|10,673||10,673|14,147.|
|Sundry costs||2,861|2,413|5,274|48|
|Bad debts||111,130|14,515|125,645||
|Depreciation||898|1,863|2,761|2,198|
|Governance costs:||||||
|Staff costs|||4,935|4,935|4,935|
|Legal 5.professional|fees||3,786|3,786|3,457|
|Auditors'<br>remuneration|||8,325|8,325|8,753|
|Total resources expended||1,364,780|224,852|1,589,632|1,075,134|



## 

|7.<br>Net|income for the year|||
|---|---|---|---|
|||Total 2021|Total 2020|
|This is stated after charging:||||
|Operating|leases|16,601|20,313|
|Auditor's|remuneration|8,325|8,753|





## 

|uring the year|was 45|(2020:40).These|were employed<br>as follows.|||
|---|---|---|---|---|---|
|||||2021|2020|
|Charitable<br>activities||||28|26|
|Project management||and administration|ofthe charity|14|3|
|Full time equivalent||||42|29|
|Average staff|numbers|||45|40|
|The aggregate|payroll|costs ofthese persons were||||
|as follows:||||||
|||||2021|2020|
|||||f|f.|
|Wages and sa|laries|||961,404|737,832|
|Social security|costs|||74,329|54,454|
|Other pension|costs (note 9)|||27,096|21,563|
|||||1,062,829|813,849|



## 



## 

|10.<br>Tangible fixed assets||||||
|---|---|---|---|---|---|
||Freehold|Furniture|and|Motor||
||Premises<br>f|equipment<br>f||vehicles|Total<br>f|
|Cost||||||
|At 1January 2021|416,000|191,315||10,780|618,095|
|Additions||||||
|At 31December 2021|416,000|191,315||10,780|618,095|
|Depreciation||||||
|At 1January 2021||190,626||2,708|193,334|
|Charge for year|||67|2,694|2,761|
|At 31December 2021||190,693||5,402|196,095|
|Net book value||||||
|At 31December 2021|416,000||622|5,378|422,000|
|At 31December 2020|416,000||689|8,072|424,761|



## 

|11.<br>Investment<br>property|||
|---|---|---|
||2021|2020|
||f|f|
|Valuation<br>as at 1January 2021|104,000|104,000|
|Revaluation|||
|Valuation<br>as at 31December 2021|104,000|104,000|
|12.<br>Debtors|||
||2021|2020|
||f|f|
|Trade debtors|266,431|218,347|
|Prepayments|10,521|12,513|
|Sundry debtors|31,714|11,267|
||308,666|242,127|






|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|13.<br>Creditors: Amounts||falling due within||one year||||||
|||||||||2021|2020|
|||||||||f|f|
|Bank loans (note 14)||||||||20,371|8,859|
|Trade creditors||||||||19,655|12,678|
|Other taxes and social security||||||||21,922|30,238|
|Other creditors||||||||11,956|17,252|
|Accrua ls||||||||22,149|40,417|
|Deferred|income (note 15)||||||||127,733|
|||||||||96,053|237,177|
|14.<br>Creditors: Amounts||falling due after||more than one year||||||
|||||||||2021|2020|
|||||||||f|f|
|Bank loan|(falling due in less than five years)|||||||81,484|35,436|
|Bank loan|(falling due after five years)|||||||99,141|177,072|
|Cornwall|Council loan (falling due in||less than five|||||||
|years)||||||||100,000|100,000|
|||||||||280,625|312,508|
|The bank|loan is repayable|over 25|years.|The rate of interest||payable|on the loan is 2% above Base Ra|||
|subject to|a minimum<br>rate|of4%. The bank||loan off200,996(2020:f221,367) is||||secured over|The Elms.|
|Pluss Projects<br>Building<br>Better Opportunities<br>Loan - Support||||||for the|long term|unemployed|to improv|
|employabili|ty,<br>health and|wellbeing|and personal||development|||||
|15.<br>Deferred income||||||||||
|||||||||2021|2020|
|||||||||f|f|
|Deferred|income is included<br>within:|||||||||
|Creditors|due within one|year|||||||127,733|
|Deferred|income at 1January 2021|||||||127,733|9,850|
|Released|from previous years|||||||(127,733)|(9,850)|
|Amounts|deferred<br>in the|year|||||||127,733|
|Deferred|income at 31December 2021||||||||127,733|



## 



## 

|||||||||||At 31|
|---|---|---|---|---|---|---|---|---|---|---|
|16.|Unrestricted|funds|At 1|January||||||December|
|||||2021<br>f|Incoming<br>f|||Outgoing<br>f|Transfer<br>f|2021<br>f|
|Designated<br>funds:|||||||||||
|Capital|Reserve|||8,761|||||(2,761)|6,000|
|COMF|Funding|||||||(3,683)|230,000|226,317|
|The Elms- ERDF||||91,979|||||20,371|112,350|
|||||100,740||||(3,683)|250,371|344,667|
|General fund||||12,933||621,295||(301,607)|(272,035)|63,347|
|||||113,673||621,295||(305,290)|(21,664)|408,014|
|Unrestricted<br>funds|||||||||||
|Project|||Purpose||||||||
|Capital|reserve||NBV offurniture 5||equipment||and|motor vehicles|||
|COMF|Funding||Cornwall|Council grant||for COVID recovery —designated<br>by CN4C|||||
|The Elms —ERDF|||Support|towards the development||||of a community|and social|enterprise|
||||hub in Redruth||||||||



## 

|||||At 1January||||At 31|
|---|---|---|---|---|---|---|---|---|
|||||2020|Incoming|Outgoing|Transfer|December|
|||||||||2020|
|Designated||funds:|||||||
|Capital reserve||||7,629|||1,132|8,761|
|Cornwall|College Partnership||||59,678|(50,641)|(9,037)||
|Support for Christmas|||Activities||1,909|(1,909)|||
|Residents||Resource|||71,537|(75,675)|4,138||
|St Austell||Premises|||28,615|(26,357)|(2,258)||
|The Elms|—ERDF|||79,782|||12,197|91,979|
|V Learning||Net|||103,473|(78,642)|(24,831)||
|||||87,411|265,212|(233,224)|(18,659)|100,740|
|General|fund|||8,173|||4,760|12,933|
|||||95,584|265,212|(233,224)|(13,899)|113,673|





## 

## 

## 

|or the Year Ended 31D<br>7.<br>Restricted funds|ecember 2|021|||||
|---|---|---|---|---|---|---|
|||At 1||||At 31|
|||January|Incoming|Outgoing|Transfer|December|
|||2021||||2021|
|Arts Council||24,172||||24,172|
|Clothworkers||4,403||||4,403|
|Elms - SWRDA||135,180||||135,180|
|Communities<br>Working Together|||41,453|(55,107)|13,654||
|Compass|||9,697|(9,357)||340|
|Foundation<br>for Work|||28,980|(30,675)|1,695||
|In Work Poverty|||50,896|(98,758)|47,862||
|NHG||907||||907|
|Pluss Building Better|||||||
|Opportunities<br>C2C||7,891|211,595|(223,872)|4,386||
|Pluss Building Better|||||||
|Opportunities<br>SE||3,512|209,826|(222,276)|8,938||
|Social Enterprise<br>Investment|||||||
|Fund (SEIF)||42,899||||42,899|
|Volunteer<br>Cornwall —Social|||||||
|Prescribing|||81,460|(56,710)|(24,750)||
|Volunteer<br>Cornwa<br>I I —Social|||||||
|Prescribing<br>2||30,243|193,067|(184,935)|(38,375)||
|TCCG (Cornwall<br>College)|||61,498|(60,826)||672|
|YTKO Engine Room|||108,335|(114,652)|6,317||
|4Work|||90,739|(45,773)||44,966|
|Cornwa<br>II Community-led|Loca I||||||
|Development|||3,599|(3,599)|||
|ERASMUS||1,118||(1,118)|||
|Reaching Communities||21,634|14,696|(36,336)|6||
|MAGA Food Provision|||16,156|(17,561)|1,405||
|Walking<br>into Winter|||7,400|(7,272)||128|
|Wild|||10,600|(2,367)||8,233|
|Widening<br>Participation|||112,622|(113,148)|526||
|||271,959|1,252,619|(1,284,342)|21,664|261,900|





## 



## 

## 

|Prior year restricted|fun|ds||||||
|---|---|---|---|---|---|---|---|
||||At 1||||At 31|
||||January|Incoming|Outgoing|Transfer|December|
||||2020||||2020|
|Arts Council|||24,172||||24,172|
|Clothworkers|||4,403||||4,403|
|Elms - SWRDA|||135,180||||135,180|
|Cornwa<br>II Community||||||||
|Foundation||||4,927|(4,927)|||
|Cornwall<br>Food Foundation-||||||||
|Food for Change||||79,449|(88,949)|9,500||
|Learning<br>Partnership|ASM|||85,590|(84,979)|(611)||
|NHG|||907||||907|
|Pluss Building Better||||||||
|Opportunities<br>C2C||||187,028|(179,137)||7,891|
|Pluss Building Better||||||||
|Opportunities<br>SE|||4,204|170,964|(171,656)||3,512|
|Social Enterprise<br>Investment||||||||
|Fund|||42,899||||42,899|
|Volunteer<br>Cornwall —Social||||||||
|Prescribing||||31,454|(33,206)|1,752||
|Volunteer<br>Cornwall —Social||||||||
|Prescribing<br>2||||74,646|(44,403)||30,243|
|University<br>of Plymouth-||||||||
|Widening<br>Participation||||15,750|(15,867)|1179||
|YTKO Engine Room||||102,916|(106,887)|3,971||
|4 Work||||51,299|(53,054)|1,755||
|Cornwall<br>Community-led||Local||||||
|Development||||(291)|(384)|675||
|ERASMUS||||2,982|(1,864)||1,118|
|Reaching Communities|||21,634|50,282|(50,282)||21,634|
|MAGA Food Provision||||6,975|(3,715)|(3,260)||
|Walking into Winter||||2,600|(2,600)|||
||||233,399|866,571|(841,910)|13,899|271,959|





## 


||||||
|---|---|---|---|---|
|2021||Unrestricted|Restricted|Total|
||||f|f|
|Tangible fixed assets||215,346|206,654|422,000|
|Investment<br>property||104,000||104,000|
|Net current assets||369,293|55,246|424,539|
|Creditors: Amounts|falling due after more than one year|(280,625)||(280,625)|
|||408,014|261,900|669,914|
|2020||Unrestricted|Restricted|Total|
|||f|f|f|
|Tangible fixed assets||218,107|206,654|424,761|
|Investment<br>property||104,000||104,000|
|Net current assets||104,074|65,305|169,379|
|Creditors: Amounts|falling due after more than one year|(312,508)||(312,508)|
|||113,673|271,959|385,632|



||||||Land &|Land &|Other|Other|
|---|---|---|---|---|---|---|---|---|
||||||buildings|buildings|||
||||||2021|2020|2021|2020|
||||||f|f|f|f|
|Operating||leases which||expire:|||||
|Within|one|year|||2,080|8,320|8,281|8,281|
|In second to fifth years||||inclusive||2,080|13,112|21,393|
||||||2,080|10,400|21,393|29,674|
|mounts|contracted||for|but not provided|in the financial statements:||||
||||||||2021|2020|
||||||||f|f|
|Acquisition||oftangible||fixed assets|||230,000||
||||||||230,000||





## 

## 

||||2021|2020|
|---|---|---|---|---|
||||f|f|
|Net movement<br>in funds|||284,282|56,649|
|Deduct investment|income||(2,537)|(60,825)|
|(Increase)<br>in debtors|||(66,539)|(83,507)|
|(Decrease)/Increase|in creditors||(141,124)|144,655|
|Depreciation<br>charge|||2,761|2,198|
|Net cash generated|by operating|activities|76,843|59,170|