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2022-03-31-accounts

Draft Financial Statements

Charity registration number 1095275 Company registration number 04366182 (England and Wales)

NORTHSIDE COMMUNITY CENTRE LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Miss B Dixon
Mr G Dixon
Mr R Torney
Ms D Murray
Charity number 1095275
Company number 04366182
Principal address Trinity Drive
Northside
Workington
Cumbria
CA14 1AX
Registered office Trinity Drive
Northside
Workington
Cumbria
CA14 1AX
Independent examiner Gibbons
Carleton House
136 Gray Street
Workington
Cumbria
CA14 2LU

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

CONTENTS

Page
Trustees' report 1
Independent examiner's report 2
Statement of financial activities 3
Balance sheet 4
Notes to the financial statements 5 - 11

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their annual report and financial statements for the year ended 31 March 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with 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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity's objective is to promote the benefit of the inhabitants of the Northside Ward of Workington without distinction of sex, sexual orientation, race or of political, religious or other opinions, by associating together the said inhabitants and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interest of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life for the said inhabitants.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Activities include bingo, community activities, weekly lunch service, children's activities, printing, copying and ICT access and support for local residents. The charity provides valuable signposting for local residents, venue and room hire as a source of income, as well as coordinating trips and local celebration events for the estate. There is also a community shop and a Credit Union collection point.

Achievements and performance

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The charity is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Miss B Dixon Mr G Dixon Mr R Torney Ms D Murray

The trustees' report was approved by the Board of Trustees.

.............................. Mr G Dixon

Trustee

Date: .............................................

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF NORTHSIDE COMMUNITY CENTRE LIMITED

I report to the trustees on my examination of the financial statements of Northside Community Centre Limited (the charity) for the year ended 31 March 2022.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and 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 financial statements to be reached.

Gibbons Chartered Accountants Carleton House 136 Gray Street Workington Cumbria CA14 2LU

Dated: .........................

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income and endowments from:
Donations and grants
2
20
2,040
Other trading activities
3
23,748
-
Investments
4
-
-
Other income
5
295
-
Total income
24,063
2,040
Expenditure on:
Charitable activities
6
31,093
2,040
Net (expenditure)/income for
the year/
Net movement in funds
(7,030)
-
Fund balances at 1 April 2021
15,017
1,331
Fund balances at 31 March
2022
7,987
1,331		 Total Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
2,060
26,384
3,284
23,748
20,965
-
-
2
-
295
971
-
26,103
48,322
3,284
33,133
38,556
4,231
(7,030)
9,766
(947)
16,348
5,251
2,278
9,318
15,017
1,331		 Total
2021
£
29,668
20,965
2
971
51,606
42,787
8,819
7,529
16,348

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
9
Current assets
Stocks
10
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
13
Unrestricted funds		 2022
£
300
1,680
8,056
10,036
(3,467)		 £
2,749
6,569
9,318
1,331
7,987
9,318		 2021
£
300
-
17,154
17,454
(4,340)		 £
3,234
13,114
16,348
1,331
15,017
16,348

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 2022.

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 for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

..............................

Mr G Dixon Trustee

Company registration number 04366182

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Northside Community Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Trinity Drive, Northside, Workington, Cumbria, CA14 1AX.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], 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). The charity 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 these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a 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.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost 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:

Plant and equipment

15% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment 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 such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

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 within borrowings in current liabilities.

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's 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 right 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 financial assets

Basic financial assets, which include 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 constitutes 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 at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 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.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

2 Donations and grants

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
20
-
Grants - activities
-
2,040
20
2,040		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
20
1,204
-
2,040
25,180
3,284
2,060
26,384
3,284		 Total
2021
£
1,204
28,464
29,668

3 Other trading activities

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Community shop income 12,717 14,366
Room hire 8,775 4,380
Solar panels 2,256 2,219
Other trading activities 23,748 20,965
4 Investments
Total Unrestricted
funds
2022 2021
£ £
Interest receivable - 2
5 Other income
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Other income 295 971

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

6 Charitable activities

Charitable
Expenditure
Unrestricted
Charitable
Expenditure
Restricted
2022
2022
£
£
Staff costs
4,148
-
Depreciation and
impairment
485
-
Rates and water
1,173
-
Insurance
3,165
-
Heat and light
4,020
-
Telephone
1,037
-
Postage and stationery
-
-
Repairs
939
-
General expenses
600
40
Travel expenses
26
-
Community shop
purchases
11,523
-
Licences and subscriptions
1,444
-
Activity costs
66
-
Lift service contract
600
-
Accountancy fees
1,867
-
Community events and
hardship
-
2,000
31,093
2,040
31,093
2,040
Analysis by fund
Unrestricted funds
31,093
-
Restricted funds
-
2,040
31,093
2,040		 Total
2022
Charitable
Expenditure
Unrestricted
Charitable
Expenditure
Restricted
2021
2021
£
£
£
4,148
12,585
907
485
571
-
1,173
1,021
-
3,165
1,572
-
4,020
4,383
-
1,037
784
-
-
48
-
939
2,227
-
640
156
80
26
644
-
11,523
10,492
-
1,444
1,010
-
66
-
-
600
880
-
1,867
2,183
-
2,000
-
3,244
33,133
38,556
4,231
33,133
38,556
4,231
31,093
38,556
-
2,040
-
4,231
33,133
38,556
4,231		 Total
2021
£
13,492
571
1,021
1,572
4,383
784
48
2,227
236
644
10,492
1,010
-
880
2,183
3,244
42,787
42,787
38,556
4,231
42,787

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
1 1

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

8
Employees
Employment costs
Wages and salaries
Other pension costs
There were no employees whose annual remuneration was more than £60,000.
9
Tangible fixed assets
Cost
At 1 April 2021
At 31 March 2022
Depreciation and impairment
At 1 April 2021
Depreciation charged in the year
At 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021
10
Stocks
Finished goods and goods for resale
11
Debtors
Amounts falling due within one year:
Trade debtors		 (Continued)
2022
2021
£
£
4,055
13,320
93
172
4,148
13,492
Plant and equipment
£
18,742
18,742
15,508
485
15,993
2,749
3,234
2022
2021
£
£
300
300
2022
2021
£
£
1,680
-		 (Continued)
2022
2021
£
£
4,055
13,320
93
172
4,148
13,492
Plant and equipment
£
18,742
18,742
15,508
485
15,993
2,749
3,234
2022
2021
£
£
300
300
2022
2021
£
£
1,680
-
18,742
15,508
485
15,993
2,749
3,234
2021
£
300
2021
£
-

Draft Financial Statements NORTHSIDE COMMUNITY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

12 Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 407 3,140
Accruals and deferred income 3,060 1,200
3,467 4,340
13 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of
donations and grants held on trust for specific purposes:
Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2020 resources expended
1 April 2021		 resources expended 31 March
£ £ £ £ £ £ 2022
£
Sellafield
Charity
Snowball 1,331 - - 1,331 - - 1,331
Cumbria
Community
Foundation 907 - (907) - - - -
Iggesund 40 40 (80) - 40 (40) -
Asda - 600 (600) - - - -
Grantscape - 1,244 (1,244) - - - -
Cumbria
County
Council - 1,400 (1,400) - 2,000 (2,000) -
2,278 3,284 (4,231) 1,331 2,040 (2,040) 1,331
14 Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Fund balances at 31
March 2022 are
represented by:
Tangible assets 1,418 1,331 2,749 1,903 1,331 3,234
Current assets/(liabilities) 6,569 - 6,569 13,114 - 13,114
7,987 1,331 9,318 15,017 1,331 16,348

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

15 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).