ALL SAif+lTS COMMUNrrY DEVELOPMENT COMPANY {Lirnited by guarantee) REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2024 Registered Charity No 1095879 CONTEf+lTS Page Legal and administrative information Report of the directors Report of the independent auditors Statement of financlal activities Balance sheet io Statement of cash flows Notes and accounting policie5 ALL SAINTS COMMUNITY DEVELOPMENT COMPANY ILimited by 8uarantee) LEGAL AND ADMINISTRATIVE INFORMATION Incorporation: Company limited by guarantee on 30 July 2002 Company number.. 4499211 Charity registration: 1095879 {registered on 7 February 20031 Governirtg body: Board of directors {as disclosed on page 21 Reglstered offlca: All Saints Church Parish Office Vicarage Road KinBS Heath Birmingham 814 7RA Audltors: Messrs Malcolm Willcox & Co Chartered Certified Accountont5 Hagley House 93 Hagley Road Edgbaston Birmingham 816 8LA Bankers: Unity Trust Bank plc Nine Brindley Place 4 002ells Square Birmingham BI 2HB Sollcltors: KJ Conroy & Co Ltd 30 Ludgate Hill 8irmingham B3 IEH ALLSAINTS COMMUNITY DEVELOPMENTCOMPANY ILlmlted by guannteel REPORTOFTHE DIRECTORS The directors present their report and the audited financial statements of the charity for the year ended 31 March 2024. The directors have adopEed the provisions of the Staiement of Recommended Practice ISORPI"AccountinB and Reporting by Charities" IFRS1021 in preparing the annual report and ftftanclal slatements of the charity. The financlal statements have been prepared in accordance with the accounting policie5 set out in notes to the accounts and comply with the harity'5 governing document, the Charities Act 2011 and Accountlng and Reporting by Charities.. Statement of Recommènded Practice applÈcable to charities preparing thelr accounts In accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland Ipubllshed in Octobèr 20191. Since the company qualifies os a small company under Settlon 383 of the Companles Act 2(K)6, a strategic report is not required. Flnantlal result This is shown In the statement of financial actNities on paEe 8. Prln¢lpal a¢tlvlty The principal actlvity of the company is to carry out charltsble purposes for public benefit, particularly for the people of the Kln85 Heath area of Birmin8haM. Publlc beneflt and objectlves Our activitie5 provide public benefit through the prov5slon of facllltles and services for the benefit of all local people. Our overarchinB objectives are to: bulld and operate a centre for healthy livin8 and Spiri￿al welfare at the heart of Kin85 Heath: provide opportunitles for employment and volunteering: make the most of the Integration of the ran8e of facilitles on one slte. and encourage creatlve workln8 between the medical centre, children's, young people'5 and older people's groups and the arts and educatlon programmes leadin8 to a more effectwe and hollstlc facillty for Klngs Heath. Share capltal and status The company is lirnited by guarantee and. as such. has no share capitsl and ?150 it is a registered charity. Its BovernlnB document Is the memorandum and artlcles of association as subsequently amended by special resolutions. Governance and management The charitable company is governed by ? board of dlrector5, whp are also trustee& The board are actively seeklng recrultment of trustees with the appropriate ski115. knowledge and experSence. In seleclinB indlvldua15 for appointment as trustees, the Irustees must have regard to the skills. knowledge and experience needed for the effective admlni51ration of the charitable company. As part of the induttion process for a trLFStee, the trustees must make available to each new trustee on his or her appointment, a copy of the Memorandum and Articles and any amendments made to IL a copy of the latest report and statement of accourkts,. and moreover, they should emphaslze the ResponsSbllities of Trustees detsiled in the Report. The trLEStees are all volunteers. and they delegate the day-tTrday operations of the company to its stsff who are assisted, when required. by pald professlonal advrsers. The trustees have examined the major strategic, bUs1r￿ and operational risks which the company faces, and these will be kept under review. Dlrettor5 The directois of the company and th05e who served durinE the year are a5 follows- Mrs S C M Wilson- Chair & PCC Representstlve Mr D R Rltchle- Vlce Chair Mr T P Cuthbertson MrDChapman MrSTHem5 Mr B Howells ALL SAINTS COMMUNITY DEVELOPMENT COMPANY 1￿MIted by guarantee) REPORT OFTHE DIRECTORS - continued Dlrertors responslbllltles rhe directors are responsible for preparlng the directors annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affair5 of the charitable company and of the incorning re50urce5 afkd application of resources, including the income and expenditure, of the charitable company for thot period. In preparing these financial statements. the directors are required to.. select Sultable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP 2019 IFRS102); make judgement5 and estimate5 thot are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financlal statements; prepare the tinancial statements on the going concern basis unless it is tnappropriate to presume that the charitable company will continue in operation, The directors are responsible for keepin6 adequate accounting records thèt disclose with reasonable accuracy at any time the f inancial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularlties. Statement as to disclosure of Informatlon to audltors So far as the directors are aware, there is no relevant audit informatlon las defined by Section 418 of the Companies Act 20061 of which the company's auditors are unaware. and each dlrector has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the companV5 auditors are aware of that information. Audltors The auditors, Malcolm Wlllcox & Co, Chcrtered Certified Accountonts. have signified their wlllingness to continue In office and a resolution for their re-appointment will be proposed at the annual general meeting. Review of activity and achievements and performance 2023124 has been a remarkable and memorable year in the life of the All Saints Community Development Company. We have at last begun to realise a major original objective of our charity, which is an entirely new set of premises for the lon8-5tandin8 and highly successful All Saints Youth Project. This is coupled with new facilities for the Robin Centre lour day centre for the elderlvl, extended accommodation for our tenant Circus Mash, who train people in circus skills and the release of much needed 5p&ce for other ASCOC purposes and the use of our parent body, All Saints Church. How has this come aboutP In June we heard that our bid for a Youth Investment Fund {YIFI grant totalling over £3 million had been successful. Working to a tight tirnetable, many projett meetings to establish the requirements of the project were held with the main stakeholders IAII Saint5 Youth Project. Circus Mash and the Robin Centrel and the design team18PN Architects, Sculp Design and PMP Consultants). It Wa5 decided to retain and refurbish the old church hall which is the current home of Circus Mash. A plannin8 application was submltted in September 2023. A question was raised about the possibility of bats living in the crevices of the old hall which required an ecological survey before permission could be granted in March 2024. BSN were the preferred contractor5 for the build and were commissioned in January 2024. The securing of this YIF grant and subsequent work around plannin& tenderin8 and project rnanagement has taken a huge effort from the Board, especially from Board member Ben Howells who did more than anyone to win the 8rant, ably supported by our Chief Officer Andy Savage, I pay tribute to them. Notwithstanding this achievement it has been another financially challenging year for ASCDC, with costs exceeding income for the fourth suttessive year. This has been caused partly by cost inflation but mainly by high interest rates on our mortgages; these increased enormously over the course of 2022-23 and have increased further during 2023-24. The cafe continue5 to run urkder the rnanagement of ASCDC as reported last year. The Youth Investment Fund project has required the premises to be remodelled and improved which may Hllow a viable café to operate going forward. ALL SAINTS COMMUNITY DEVELOPMENT COMPANY (Limited by guaranteel REPORT OFTHE DIRECTOR5 continued Revlew of artlvity and achievements and performance - continued During the new development. the Cefttre has continued to run successfully. We have maintained our tenancies and our re8ul3r schedule of activities and events whilst the Village Square held two significant new ones - Queens Health Pride family fun day and EID celebrations in July 2023 were a huge succe5S. An8ela McDermott continues as Administrator for the Centre and church. with an increasing workload from the YIF projett,. we are very Brateful for her efforts. Dave Priday continues to oversee the running of the site and his engagement with tenants, users of the centre and general public are much appreciated. We are also indebted to Steve Bairstow, organiser of the Farmers Market on behalf of Kings Heath Busine55 Associatlon who continue to generously donate all net proceeds to A5CDC. Flnanclal revlew The operating surplus (before interest and depreciation) has increased from last yearfs £156,098 to £303,408 but after charging these two items the result was a net surplus of £93.643 compared with the previous year's deficit of £21,717, The surplus was attributable to the receipt of part ol the Youth Investment Fund grant. Future plans Work on the new build began in April 2024 and is on target to be completed by mld-December 2024. The stakeholder will be movinglexpanding into their new locations In early January 2025. Discussions and planning are in progress as to the next Steps for the existing Robin Centre. which will be freed-up when they move to their new Space. A grand openin8 of the revitali5ed Centre is planned for May Day weekend 2025. We are constantly seeking way5 in which we can boost revenue and contaln expenditure. but interest rate movements wlll remaSn the key factor. Against that background. we strive to continue to serve the local community as best we can, in collaboratlon wlth our All Saints partners. In the long term, eventual repayment of the mortgages will make an enormous difference to the finances and enable us to invest more effertively in our community goals. Reserves policy The Board is mindful of the need to build a "free cash reserve" to mitigate potential financial risks arlsin8 from Increased operating osts, particularly bank interest, building maintenance and unforeseen expenditure, and from loss of rental income. Going concern After reviewing the companvs projections, the Board has a reasonable expettation that the company has adequate resources to finance its attivities in the foreseeable future. Therefore, the accounts have been prepared on the going concern basis. Pilnclpal funders Big Lottery Community Buildings Big Lottery Community Spaces Birmingham & District Butchers Association Birmingham City Council Congregation Donations Futurebuilders/Social Investment Business Klngs Heath Business Association pcc Unity Trust Bank Youth Investment Fund Signed on behalf of the Board CMLK Lffji Jg SARAH C M WILSON Director December 2024 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ALL SAINTS COMMUNrrY DEVELOPMENTCOMPANY (Lirntted by8uarantee) Oplnlon We have audited the financial statements of All Saints Community Development Company {the 'charitable company'l for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant actounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial ReportinE Standard 102 rhe Financiol Reporting Stondord applicoble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024, and of its incorning resources and applicatlon of resources. including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls of oplnlon We conducted our audlt In accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibllities under those standards are further described in the Auditorfs responsibilities for the audlt of the financial statements sectlon of our report. We are independent of the charitable Company In accordance with the ethical requirements that are relevant to our audit of the financial staternent5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basts for our opinion. Conclusions relating to going ¢oncern In auditing the financial statement5, we have toncluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatlng to events or conditions that, individually or collectively, may cast signif icant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authori5ed for issue. Our responsibilitie5 and the responsibilities of the directors wlth respect to going concern are described in the relevant sectlon of thls report, Other information The other information comprises the information included in the directors annual report, other than the financial statements and our auditorfs report thereon. The directors ale responsible for the other information. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any forrn of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such materlal inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselve5. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ALL SAINTS COMMUNITY DEVELOPMENTCOMPANY (Limited by guarantee) Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit- the information given in the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statement5- and the directors, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters In relation to which the Companies Act 2006 requlres us to report to you if, in our opinion; adequate accounting records have not been kept, or returns adequate for our audit have not been recelved from branches not vlsited by us; or the flnanclal statements are not In a8reement wlth the accounting records and returns; or certaln dlsclosures of dlrectors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. or the directors were not entitled to prepare the financial statements in accordance wlth the small companles regime and take advantage of the Small Companies, exemptions in preparing the directors report and from the requirement to produce a strategic report. Responsibilities of directors As explained more fully in the directorfs responsibilities statement set out on page 3. the directors Iwho are also the trustees of the charitable company for the purposes of company law) are responsible for the preparatlon of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the directors determlne is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, In preparing the financial statements, the directors are responsible for assessing the charitable companvs ability to continue as a going concern, disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no reallstic alternative but to do so. Auditors responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with 15As IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ALL SAINTS COMMUNtrY DEVELOPMENTCOMPANY {Lirnited by guarantee) Audltors responsibilities for the audlt of the financlal statements continued Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in Ilne with our re5ponsibilitie5, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed beS0w'. We assessed the risks for susceptibility of the company's financial statements to material misstatement, including how fraud rn18ht occur by discussion with management and considered the procedures and controls that the company has established to prevent and detect fraud. and how these are monitored by management. Based on our understanding, we desi8ned our audit procedures to respond to these risks and to obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion, and to identify any non-compliance with laws and regulations identified in the paragraph above. Because of the inherent limitatlons of an audit, there is a risk that we will not detect all irre8ularlties, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that tompliance with 3 law or re8ulation is removed from the events and transactions reflected in the financial statements, as we will be le55 likely to become aware of instances of non' Audit fee 5,800 5.900 13 ALL SAINTS COMMUNITY DEVELOPMENT COMPANY (Limited by guarantee) NOTES AND ACCOUNTING POLICIES - Continued YEAR ENDED 31 MARCH 2024 2024 2023 NET INCOME/EXPENDITURE Thls Is stated after charging: Depreciation Auditors remuneration 102.848 5,800 104,274 5,900 STAFF Number Number Average weekly numberof employees during the yearwere: Full-time Part-time The above figures do not include the directors. No employees received emoluments of more than £60,000. The key management personnel of the charity comprise the dlrectors and the administrator. The total employee benefits of the key management personnel were £22,21812023- £18,523). TANGIBLE FIXED ASSETS Kitchen. Catering and Storage Equipment Furniture & Long Leasehold Equipment Property Computer Equipment Total Cost: At l April 2023 Additions 43,447 71,397 2.150 4,810,150 171,712 10,833 4,935,827 173,862 At 31 March 2024 43,447 73,547 4,981.862 10,833 5,109,689 Depreciatlon: At l April 2023 Charge for year 34,445 1,800 55.359 3,638 1,255.782 96.203 7,211 1,207 1,352,797 102,848 At 31 March 2024 36.245 58.997 1,351,985 8.418 1,455,645 Net bookvalues: At 31 March 2024 7,202 14,550 3,629.877 2,415 3.654,044 At 31 March 2023 9,002 16.038 3,554,368 3,622 3,583,030 Capital expenditure contracted for, but not provided in the accounts was £2,645.38312023 - £Nil). 14 ALLSAINTS COMMUNITY DEVELOPMENTCOMPANY (Limited by guarantee} NOTES AND ACCOUNTING POLICIES Continued YEAR ENDED 31 MARCH 2024 2024 2023 DEBTORS- (7mountsfalling due within one year.. Operating debtors Other debtor5 Prepayments Value added tax 26,339 20,128 2,186 1,275 5,490 6,616 38,445 23,589 BANK LOAN The bank loan is secured by a first fixed legal charge over the property and fixed and floating charges over all the other asset5 of the company in favour of the Unity Trust Bank Plc. both charges were dated 4 December 2006. The term of the refinanced loan is now 7 years from the date of drawdown {13 September 20211 at a current variable rate of interest of 3,25% over the Bank of England Base Rate, but with a repayment proflle of 15 years, and on that basés the amount currently due after 5 years is £692,874. Amounts due within one year 2024 2023 Amounts due after one year 2024 2023 OTHER LOANS Futurebuilders loan I Isecuredl Futurebuilders loan 2 Isecuredl PCC of All Saints Church, Kin85 Heath Futurebullders loan 3 Isecuredl 4,295 7,458 4,433 7,86S 2,261 9.656 58,862 126,531 62.723 133,072 9,297 135,978 144,280 21.050 24.215 321,371 340,075 Note5: The loans from Futurebuilders are secured by a legal charge (dated 21 Ottober 20081 over the land used for Phase 2 of the development. All three loans are repayoble over 25 years. The repayment of loan I commenced on l June 2010 and an additional repayment of £292,696 was made on l February 2012. The repayments on loans 2 and 3 commenced on l May 2012. The interest rate is 3% over the Bank of England Base Rate. The amount currently due after 5 years on these loans and based on the current rate of interest is £217,51912023- £245,062). The loan from the PCC was unsecured, and has now been repaid in full. There is a further legal charge in favour of Birmingham City Council (dated 10 March 20111 over certain leasehold property, as security for grant funding. 15 ALLSAINTS COMMUNITY DEVELOPMENTCOMPANY (Limited by guarantee) NOTES AND ACCOUNTING POLICIES - Continued YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS At l April 2023 Incoming Resources Outgoing Resources Fund Transfers At 31 March 2024 Unrestricted funds Community buildlngs: Capital 712,3fy) 1 29,2441 34.083 683,056 Revenue 628,698 332,882 1 340,2261 655,437 Village Square capital Birmingham & Di5tritt Butchers Association 175.522 4,5991 170,923 3,613 2401 3,373 Tenant5 repairs slnklng 18.376 1.398 19,774 Total Community funds Restricted funds 1,538.509 334.280 { 340.2261 1,532,563 Big Lottery Grant Blg Lottery Capltal Grant revenue 698.555 { 18,0921 292) 680.463 4,173 3,881 Klngs Heath iooo Sustalnablllty grant 15.724 261 15,985 7,300 7,300 Youth Investment Fund 198,541 20,8291 177,712 2,264,261 198,802 1 39,2131 2.417,904 Desl nated fund Capltal development 100,(K)O 1 60,0001 40,000 2,364.261 533.082 439,4391 2,457,904 Anal $15 of funds Capltal funds.. Community bulldings 1,096.234 1,236,360 Village Square 512,132 498.941 Designated fund: Capital development Revenue funds: I￿,0 40,000 Community- general 628.698 655,437 Big Lottery- Community Bulldlngs Supporting Change 4.173 3,881 Kings Heath 1000 Sustainabllity grant 15,724 15,985 7.3C 7.300 2.364.261 2,457.904 16 f*) in thor*4