THE BACUP CONSORTIUM TRUST
Registered Charity No. 1107532 Company No. 05097958
Director’s Report
For the year ending 31 March 2022
Company Details
Trustee/ Directors
| Trustee/ Directors | |
|---|---|
| Mr R Wallwork | |
| Mr B Millward | |
| Ms R Callaghan Heeks | |
| Mr K McClelland | |
| Mr D Greenland | |
| Mr Tom Bell | |
| Mr K Naylor | |
| Ms K Crompton Harris | |
| Secretary | Ms R Callaghan Heeks |
| Registered Ofce | Stubbylee Community Greenhouses |
| Stubbylee Lane | |
| Bacup | |
| Lancashire | |
| OL11 0DD | |
| Company Number | 05097958 |
| Independent Examiner | John Fielding |
| Subsidiary and | None |
| Associated Companies |
REPORT OF THE DIRECTORS
Background to the Organisation and its constitution
The Bacup Consortium (sic) was constituted by its members in June 2000 as an unincorporated association with the aims of undertaking community projects within Bacup and its environs in order to improve the quality of peoples’ lives and make Bacup a better place in which to live, work and play.
It became incorporated as The Bacup Consortium Trust (BCT) – a private company limited by guarantee on 7 April 2004 under a new constitution and governing document in the form of a Memorandum and Articles of Association and registered as a charity (number 1107532) on 10 January 2005 with the same aims and objectives as the original Bacup Consortium. The Bacup Consortium (unincorporated association) was dissolved by its members at an annual general meeting held on 20 April 2005 and all its assets transferred to The Bacup Consortium Trust (limited company). In 2011 the aims were changed to promote social inclusion for the public benefit by preventing people from Rossendale, and its environs, from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society. In November 2014 the founders of the original Bacup Consortium decided to leave the Company in order to set up an organisation more in line with the original aims of the organisation.
Trustees are appointed to the board in line with the governing document. All trustees must resign at the AGM and, if wishing to continue, stand for re-election. There is an induction the process for all new trustees and further training is available as required. In particular, charity trustees have complied with their duty to have due regard to the guidance on public benefit, as published by the Charity Commission, in exercising their powers or duties.
Principal activities
This is the eighteenth report of the activities of the Bacup Consortium and covers the seventeenth year of operations as The Bacup Consortium Trust (Ltd Company). The principle activities, all in support of the Objects of the organisation as set out in its Memorandum of Association, were:
Stubbylee Community Greenhouses (SCG) at the Stubbylee Greenhouses site in Bacup. SCG operates as a community social enterprise, providing volunteering, mentoring, training and work experience opportunities to local people across Rossendale. At the Stubbylee site we run a number of projects including the East Lancashire Recovery College and creating a Memory Garden aimed at dementia sufferers. We have a shop on site selling plants, wooden items and a selection of crafted items, all produced by participants on site. We also provide a number of paid for, long term placements and the aim is to increase both the placements and the shop sales to aid our sustainability. Events are held throughout the year, usually based around soap box racing in the park, and are enjoying increasing attendance.
REPORT OF THE DIRECTORS – CONTINUED
SCG works with a number of local partners to achieve our objectives including:
Accrington and Rossendale College Age Concern BPRCVS Calico Carer’s Link Lancashire Church of England Christ Church with St John Citizens Advice Bureau (CAB) Dementia Friendly Rossendale Eat Pennines Experts by Experience Guild Lodge INSPIRE Lancashire Adult Learning Lancashire County Council Lancashire NHS Care Trust Lancashire User Forum Lancashire Well Being Service Lancashire Women’s Centre Living Well Living Better Rossendale Minds Matter N Compass One Recovery PAC Red Rose Recovery Reach IT Rossendale Rethink and CALM Richmond Fellowship Rossendale Alive Rossendale and Hyndburn CMHT Rossendale Leisure Trust Rossendale Methodist Circuit U3A Veterans in the Community
The last 12 months have seen us fully reopen our doors to meet an ever growing demand. At the easing of Covid restrictions our participant numbers grew rapidly and although people struggled with difficulties associated with the isolation and physical ill health from the previous two years, spirits were generally high. Once again though societal challenge is coming to test us. Our participants are now facing unparalleled financial pressures where many families are having to choose between food and warmth. Funding for both our third sector and statutory partners has reduced and the provision of many has reduced in parallel. To help mitigate some of these challenges we have made and continue to make a number of changes within our built environment. We
have opened further space, changed our lighting and heating, we have fitted door closers, insulation and continue to strive to lower our energy use. We have become both a ‘Safe Space’ and a ‘Warm Hub’ and have remained an active member of the Connected Network informing and contributing to the wider networks of local support.
As I view the increasing challenge I am heartened to know that we are in a better place to meet it than we have been for a number of years. Our staff, participants and volunteers continue to work miracles and I am regularly humbled by their achievements in the face of true adversity.
The coming year heralds further moves towards independent sustainability. It also brings growth of need and provision. We are planning proactively for the years ahead and need to remember that it is as important to evolve and to grow as it is to stand still and evaluate where we are, how we are doing and then plan and act upon those findings.
REPORT OF THE DIRECTORS- CONTINUED
Directors’ interests and responsibilities
The Bacup Consortium Trust is a registered charity run by volunteers. The Directors have no pecuniary or any other personal beneficial interest in the organisation.
inter alia The Directors have responsibilities under Company law – – to prepare financial statements for each financial year giving a true and fair view of the state of affairs of the company and of the income and expenditure for that period.
During the year the Company provided paid employment for:
-
An operations manager
-
A volunteer manager/mentor
-
An administrative assistant
-
A café manager
-
A café assistant
-
4 Sub-contracted Session Workers
The Company owns assets in the form of a shipping containe, furniture, fixtures and fittings, IT equipment, gardening tools and woodworking equipment and cash at bank. On 16 March 2007, trustees of The Bacup Consortium Trust (as tenant) signed a 25-year lease with Rossendale Borough Council (as landlord) for land and buildings known as the Greenhouses, Stubbylee Park, New Line, Bacup, Lancashire for the purposes of running a sustainable community enterprise – “Stubbylee Community Greenhouses” – as described under the principal activities above.
Small company provisions
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16 July 2014.
By order of the Board
Benjamin Millward Date 7[th] December 2022 Chair of Board of Trustee
COMPANY REGISTRATION NUMBER: 05097958
THE BACUP CONSORTIUM TRUST Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS
31 MARCH 2022
FIELDING & CO
Accountants 73 Bankside Lane Bacup OL13 8HP
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
| CONTENTS | PAGES |
|---|---|
| Directors' report | 1 |
| Statement of income and retained earnings | 2 |
| Statement of financial position | 3 to 4 |
| Notes to the financial statements | 5 to 7 |
| The following pages do not form part of the financial statements | |
| Accountants report to the board of directors on the preparation | |
| of the unaudited statutory financial statements | 9 |
| Detailed income statement | 10 to 11 |
| Notes to the detailed income statement | 12 |
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2022.
PRINCIPAL ACTIVITIES
The principal activity of the company during the year was the promotion for the public benefit of urban and/or rural regeneration in areas of social and economic deprivation, and in particular in the OL13 area.
DIRECTORS
The directors who served the company during the year were as follows:
Mr R. Wallwork Mr B. Millward Ms R. Callaghan-Heeks Mr K. McClelland Mr S. Gray Mr D. Greenland Mr T. Bell Mr K. Naylor Ms K. Crompton-Harris (Appointed 15 December 2021)
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 7 December 2022 and signed on behalf of the board by:
Mr B. Millward Director
Registered office: Stubbylee Community Greenhouses Stubbylee Lane Bacup Lancashire OL13 0DD
- 1 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 MARCH 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| TURNOVER | 123,711 | 134,169 | |
| Cost of sales | 28,936 | 18,898 | |
| -------------------------------- | -------------------------------- | ||
| GROSS PROFIT | 94,775 | 115,271 | |
| Administrative expenses | 134,086 | 113,229 | |
| -------------------------------- | -------------------------------- | ||
| OPERATING (LOSS)/PROFIT | (39,311) | 2,042 | |
| Other interest receivable and similar income | 5 | – | |
| -------------------------------- | -------------------------------- | ||
| (LOSS)/PROFIT BEFORE TAXATION | 6 | (39,306) | 2,042 |
| Tax on (loss)/profit | – | – | |
| ---------------------------- | ----------------------- | ||
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR AND TOTAL | |||
| COMPREHENSIVE INCOME | (39,306) | 2,042 | |
| ============================ | ======================= | ||
| RETAINED EARNINGS AT THE START OF THE YEAR | 69,552 | 67,510 | |
| ---------------------------- | ---------------------------- | ||
| RETAINED EARNINGS AT THE END OF THE YEAR | 30,246 | 69,552 | |
| ============================ | ============================ | ||
| All the activities of the company are from continuing operations. |
The notes on pages 5 to 7 form part of these financial statements.
- 2 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 MARCH 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 7 | 3,194 | 720 | ||
| CURRENT ASSETS | |||||
| Stocks | 1,594 | 1,393 | |||
| Debtors | 8 | 980 | 10,612 | ||
| Cash at bank and in hand | 34,648 | 66,694 | |||
| ---------------------------- | ---------------------------- | ||||
| 37,222 | 78,699 | ||||
| CREDITORS: amounts falling due | |||||
| within one year | 9 | 10,170 | 9,867 | ||
| ---------------------------- | ---------------------------- | ||||
| NET CURRENT ASSETS | 27,052 | 68,832 | |||
| ---------------------------- | ---------------------------- | ||||
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 30,246 | 69,552 | |||
| ---------------------------- | ---------------------------- | ||||
| NET ASSETS | 30,246 | 69,552 | |||
| ============================ | ============================ | ||||
| CAPITAL AND RESERVES | |||||
| Profit and loss account | 30,246 | 69,552 | |||
| ---------------------------- | ---------------------------- | ||||
| MEMBERS FUNDS | 30,246 | 69,552 | |||
| ============================ | ============================ |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The statement of financial position continues on the following page. The notes on pages 5 to 7 form part of these financial statements.
- 3 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
31 MARCH 2022
These financial statements were approved by the board of directors and authorised for issue on 7 December 2022, and are signed on behalf of the board by:
Mr B. Millward Director
Company registration number: 05097958
The notes on pages 5 to 7 form part of these financial statements.
- 4 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1. GENERAL INFORMATION
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Stubbylee Community Greenhouses, Stubbylee Lane, Bacup, Lancashire, OL13 0DD.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
(c) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(d) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Equipment - 25 % per annum reducing balance Office Equipment - 25 % per annum reducing balance
(e) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(f) Financial instruments
Basic financial instruments are recognised at amortised cost.
- 5 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2022
3. ACCOUNTING POLICIES (continued)
(g) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. COMPANY LIMITED BY GUARANTEE
The company is Limited by Guarantee.
5. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 5 (2021: 5).
6. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
| Profit before taxation is stated after charging: | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Depreciation of tangible assets | 1,065 | 240 |
| ======================= | ============== |
7. TANGIBLE ASSETS
| Plant & | Office | ||
|---|---|---|---|
| Equipment | Equipment | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 April 2021 | 360 | 360 | 720 |
| Additions | 1,380 | 2,159 | 3,539 |
| ----------------------- | ----------------------- | ----------------------- | |
| At 31 March 2022 | 1,740 | 2,519 | 4,259 |
| ======================= | ======================= | ======================= | |
| Depreciation | |||
| At 1 April 2021 | – | – | – |
| Charge for the year | 435 | 630 | 1,065 |
| ----------------------- | ----------------------- | ----------------------- | |
| At 31 March 2022 | 435 | 630 | 1,065 |
| ======================= | ======================= | ======================= | |
| Carrying amount | |||
| At 31 March 2022 | 1,305 | 1,889 | 3,194 |
| ======================= | ======================= | ======================= | |
| At 31 March 2021 | 360 | 360 | 720 |
| ======================= | ======================= | ======================= |
- 6 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2022
8. DEBTORS
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 980 | 10,612 | |
| ============== | ============================ | ||
| 9. | CREDITORS: amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Trade creditors | 635 | 672 | |
| Accruals and deferred income | 4,737 | 9,195 | |
| Social security and other taxes | 4,798 | – | |
| ---------------------------- | ----------------------- | ||
| 10,170 | 9,867 | ||
| ============================ | ======================= |
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
There are no transactions with directors that require disclosure under FRS 102 Section 1A.
11. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under the provisions of FRS 102 Section 1A.
12. PROFIT AND LOSS ACCOUNT
Included in the retained earnings brought forward of £69,552 was restricted funds amounting to £9,246 which have been fully utilised during the year ended 31 March 2022.
- 7 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
MANAGEMENT INFORMATION
YEAR ENDED 31 MARCH 2022
The following pages do not form part of the financial statements.
- 8 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE BACUP CONSORTIUM TRUST
YEAR ENDED 31 MARCH 2022
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2022, which comprise the statement of income and retained earnings, statement of financial position and the related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
FIELDING & CO Accountants
73 Bankside Lane Bacup OL13 8HP
7 December 2022
- 9 -
THE BACUP CONSORTIUM TRUST
DETAILED INCOME STATEMENT
YEAR ENDED 31 MARCH 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| TURNOVER | ||
| Grants and donations | 8,838 | 44,438 |
| Paid for care | 25,863 | 27,262 |
| Cafe turnover | 67,386 | 39,867 |
| Student placements | 10,752 | 10,565 |
| Room/studio hire | 1,075 | – |
| Other retail sales | 9,797 | 12,037 |
| -------------------------------- | -------------------------------- | |
| 123,711 | 134,169 | |
| COST OF SALES | ||
| Opening stock | 1,393 | 1,393 |
| Cafe food | 26,634 | 15,671 |
| Cafe kitchen costs | 1,910 | 1,263 |
| Other cost of sales | 593 | 1,964 |
| ---------------------------- | ---------------------------- | |
| 30,530 | 20,291 | |
| Closing stock | 1,594 | 1,393 |
| ---------------------------- | ---------------------------- | |
| 28,936 | 18,898 | |
| ---------------------------- | -------------------------------- | |
| GROSS PROFIT | 94,775 | 115,271 |
| OVERHEADS | ||
| ADMINISTRATIVE EXPENSES | ||
| Rent and service charge | 1,500 | 2,000 |
| Light and heat | 4,970 | 8,468 |
| Insurance | 2,115 | 1,663 |
| Repairs and maintenance | 12,789 | 6,452 |
| Administrative staff salaries | 86,301 | 78,802 |
| Staff national insurance contributions | 2,175 | 5,169 |
| Staff pension contributions | 3,005 | 2,723 |
| Telephone and internet | 2,174 | 2,585 |
| Printing, postage and stationery | 620 | 243 |
| Sub-contract labour | 9,297 | 2,330 |
| Sundry expenses | 665 | 527 |
| Staff training | 725 | – |
| Computer software licences | 661 | 306 |
| Subscriptions and licences | 3,036 | 516 |
| Bank and paypal charges | 835 | 290 |
| Legal and professional fees | 2,053 | 750 |
| Accountancy fees | 100 | 165 |
| Depreciation of tangible assets | 1,065 | 240 |
| -------------------------------- | -------------------------------- | |
| 134,086 | 113,229 | |
| ---------------------------- | ----------------------- | |
| OPERATING (LOSS)/PROFIT | (39,311) | 2,042 |
| Other interest receivable and similar income | 5 | – |
- 10 -
THE BACUP CONSORTIUM TRUST
DETAILED INCOME STATEMENT (continued)
YEAR ENDED 31 MARCH 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| ---------------------------- | ----------------------- | |
| (LOSS)/PROFIT BEFORE TAXATION | (39,306) | 2,042 |
| ============================ | ======================= |
- 11 -
THE BACUP CONSORTIUM TRUST
NOTES TO THE DETAILED INCOME STATEMENT
YEAR ENDED 31 MARCH 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| OTHER INTEREST RECEIVABLE AND SIMILAR INCOME | ||
| Interest on cash and cash equivalents | 5 | – |
| ============== | ============== |
- 12 -
COMPANY REGISTRATION NUMBER: 05097958
THE BACUP CONSORTIUM TRUST Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS
31 MARCH 2022
FIELDING & CO
Accountants 73 Bankside Lane Bacup OL13 8HP
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
| CONTENTS | PAGES |
|---|---|
| Directors' report | 1 |
| Statement of income and retained earnings | 2 |
| Statement of financial position | 3 to 4 |
| Notes to the financial statements | 5 to 7 |
| The following pages do not form part of the financial statements | |
| Accountants report to the board of directors on the preparation | |
| of the unaudited statutory financial statements | 9 |
| Detailed income statement | 10 to 11 |
| Notes to the detailed income statement | 12 |
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2022.
PRINCIPAL ACTIVITIES
The principal activity of the company during the year was the promotion for the public benefit of urban and/or rural regeneration in areas of social and economic deprivation, and in particular in the OL13 area.
DIRECTORS
The directors who served the company during the year were as follows:
Mr R. Wallwork Mr B. Millward Ms R. Callaghan-Heeks Mr K. McClelland Mr S. Gray Mr D. Greenland Mr T. Bell Mr K. Naylor Ms K. Crompton-Harris (Appointed 15 December 2021)
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 7 December 2022 and signed on behalf of the board by:
Mr B. Millward Director
Registered office: Stubbylee Community Greenhouses Stubbylee Lane Bacup Lancashire OL13 0DD
- 1 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 MARCH 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| TURNOVER | 123,711 | 134,169 | |
| Cost of sales | 28,936 | 18,898 | |
| -------------------------------- | -------------------------------- | ||
| GROSS PROFIT | 94,775 | 115,271 | |
| Administrative expenses | 134,086 | 113,229 | |
| -------------------------------- | -------------------------------- | ||
| OPERATING (LOSS)/PROFIT | (39,311) | 2,042 | |
| Other interest receivable and similar income | 5 | – | |
| -------------------------------- | -------------------------------- | ||
| (LOSS)/PROFIT BEFORE TAXATION | 6 | (39,306) | 2,042 |
| Tax on (loss)/profit | – | – | |
| ---------------------------- | ----------------------- | ||
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR AND TOTAL | |||
| COMPREHENSIVE INCOME | (39,306) | 2,042 | |
| ============================ | ======================= | ||
| RETAINED EARNINGS AT THE START OF THE YEAR | 69,552 | 67,510 | |
| ---------------------------- | ---------------------------- | ||
| RETAINED EARNINGS AT THE END OF THE YEAR | 30,246 | 69,552 | |
| ============================ | ============================ | ||
| All the activities of the company are from continuing operations. |
The notes on pages 5 to 7 form part of these financial statements.
- 2 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 MARCH 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible assets | 7 | 3,194 | 720 | ||
| CURRENT ASSETS | |||||
| Stocks | 1,594 | 1,393 | |||
| Debtors | 8 | 980 | 10,612 | ||
| Cash at bank and in hand | 34,648 | 66,694 | |||
| ---------------------------- | ---------------------------- | ||||
| 37,222 | 78,699 | ||||
| CREDITORS: amounts falling due | |||||
| within one year | 9 | 10,170 | 9,867 | ||
| ---------------------------- | ---------------------------- | ||||
| NET CURRENT ASSETS | 27,052 | 68,832 | |||
| ---------------------------- | ---------------------------- | ||||
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 30,246 | 69,552 | |||
| ---------------------------- | ---------------------------- | ||||
| NET ASSETS | 30,246 | 69,552 | |||
| ============================ | ============================ | ||||
| CAPITAL AND RESERVES | |||||
| Profit and loss account | 30,246 | 69,552 | |||
| ---------------------------- | ---------------------------- | ||||
| MEMBERS FUNDS | 30,246 | 69,552 | |||
| ============================ | ============================ |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The statement of financial position continues on the following page. The notes on pages 5 to 7 form part of these financial statements.
- 3 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
31 MARCH 2022
These financial statements were approved by the board of directors and authorised for issue on 7 December 2022, and are signed on behalf of the board by:
Mr B. Millward Director
Company registration number: 05097958
The notes on pages 5 to 7 form part of these financial statements.
- 4 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1. GENERAL INFORMATION
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Stubbylee Community Greenhouses, Stubbylee Lane, Bacup, Lancashire, OL13 0DD.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
(c) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(d) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Equipment - 25 % per annum reducing balance Office Equipment - 25 % per annum reducing balance
(e) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(f) Financial instruments
Basic financial instruments are recognised at amortised cost.
- 5 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2022
3. ACCOUNTING POLICIES (continued)
(g) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. COMPANY LIMITED BY GUARANTEE
The company is Limited by Guarantee.
5. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 5 (2021: 5).
6. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
| Profit before taxation is stated after charging: | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Depreciation of tangible assets | 1,065 | 240 |
| ======================= | ============== |
7. TANGIBLE ASSETS
| Plant & | Office | ||
|---|---|---|---|
| Equipment | Equipment | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 April 2021 | 360 | 360 | 720 |
| Additions | 1,380 | 2,159 | 3,539 |
| ----------------------- | ----------------------- | ----------------------- | |
| At 31 March 2022 | 1,740 | 2,519 | 4,259 |
| ======================= | ======================= | ======================= | |
| Depreciation | |||
| At 1 April 2021 | – | – | – |
| Charge for the year | 435 | 630 | 1,065 |
| ----------------------- | ----------------------- | ----------------------- | |
| At 31 March 2022 | 435 | 630 | 1,065 |
| ======================= | ======================= | ======================= | |
| Carrying amount | |||
| At 31 March 2022 | 1,305 | 1,889 | 3,194 |
| ======================= | ======================= | ======================= | |
| At 31 March 2021 | 360 | 360 | 720 |
| ======================= | ======================= | ======================= |
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THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2022
8. DEBTORS
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 980 | 10,612 | |
| ============== | ============================ | ||
| 9. | CREDITORS: amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Trade creditors | 635 | 672 | |
| Accruals and deferred income | 4,737 | 9,195 | |
| Social security and other taxes | 4,798 | – | |
| ---------------------------- | ----------------------- | ||
| 10,170 | 9,867 | ||
| ============================ | ======================= |
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
There are no transactions with directors that require disclosure under FRS 102 Section 1A.
11. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under the provisions of FRS 102 Section 1A.
12. PROFIT AND LOSS ACCOUNT
Included in the retained earnings brought forward of £69,552 was restricted funds amounting to £9,246 which have been fully utilised during the year ended 31 March 2022.
- 7 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
MANAGEMENT INFORMATION
YEAR ENDED 31 MARCH 2022
The following pages do not form part of the financial statements.
- 8 -
THE BACUP CONSORTIUM TRUST
COMPANY LIMITED BY GUARANTEE
ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE BACUP CONSORTIUM TRUST
YEAR ENDED 31 MARCH 2022
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2022, which comprise the statement of income and retained earnings, statement of financial position and the related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
FIELDING & CO Accountants
73 Bankside Lane Bacup OL13 8HP
7 December 2022
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THE BACUP CONSORTIUM TRUST
DETAILED INCOME STATEMENT
YEAR ENDED 31 MARCH 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| TURNOVER | ||
| Grants and donations | 8,838 | 44,438 |
| Paid for care | 25,863 | 27,262 |
| Cafe turnover | 67,386 | 39,867 |
| Student placements | 10,752 | 10,565 |
| Room/studio hire | 1,075 | – |
| Other retail sales | 9,797 | 12,037 |
| -------------------------------- | -------------------------------- | |
| 123,711 | 134,169 | |
| COST OF SALES | ||
| Opening stock | 1,393 | 1,393 |
| Cafe food | 26,634 | 15,671 |
| Cafe kitchen costs | 1,910 | 1,263 |
| Other cost of sales | 593 | 1,964 |
| ---------------------------- | ---------------------------- | |
| 30,530 | 20,291 | |
| Closing stock | 1,594 | 1,393 |
| ---------------------------- | ---------------------------- | |
| 28,936 | 18,898 | |
| ---------------------------- | -------------------------------- | |
| GROSS PROFIT | 94,775 | 115,271 |
| OVERHEADS | ||
| ADMINISTRATIVE EXPENSES | ||
| Rent and service charge | 1,500 | 2,000 |
| Light and heat | 4,970 | 8,468 |
| Insurance | 2,115 | 1,663 |
| Repairs and maintenance | 12,789 | 6,452 |
| Administrative staff salaries | 86,301 | 78,802 |
| Staff national insurance contributions | 2,175 | 5,169 |
| Staff pension contributions | 3,005 | 2,723 |
| Telephone and internet | 2,174 | 2,585 |
| Printing, postage and stationery | 620 | 243 |
| Sub-contract labour | 9,297 | 2,330 |
| Sundry expenses | 665 | 527 |
| Staff training | 725 | – |
| Computer software licences | 661 | 306 |
| Subscriptions and licences | 3,036 | 516 |
| Bank and paypal charges | 835 | 290 |
| Legal and professional fees | 2,053 | 750 |
| Accountancy fees | 100 | 165 |
| Depreciation of tangible assets | 1,065 | 240 |
| -------------------------------- | -------------------------------- | |
| 134,086 | 113,229 | |
| ---------------------------- | ----------------------- | |
| OPERATING (LOSS)/PROFIT | (39,311) | 2,042 |
| Other interest receivable and similar income | 5 | – |
- 10 -
THE BACUP CONSORTIUM TRUST
DETAILED INCOME STATEMENT (continued)
YEAR ENDED 31 MARCH 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| ---------------------------- | ----------------------- | |
| (LOSS)/PROFIT BEFORE TAXATION | (39,306) | 2,042 |
| ============================ | ======================= |
- 11 -
THE BACUP CONSORTIUM TRUST
NOTES TO THE DETAILED INCOME STATEMENT
YEAR ENDED 31 MARCH 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| OTHER INTEREST RECEIVABLE AND SIMILAR INCOME | ||
| Interest on cash and cash equivalents | 5 | – |
| ============== | ============== |
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