## **GORSE COVERT COMMUNITY ASSOCIATION LTD (A Company Limited by Guarantee)** ## **TRUSTEES REPORT AND FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2023** **COMPANY NUMBER: 05174095 CHARITY NUMBER: 1108732** **Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR Tel: 01509 214163** **- 1 -** ## **GORSE COVERT COMMUNITY ASSOCIATION LIMITED** ## **TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023** The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2023. **REFERENCE AND ADMINISTRATIVE DETAILS** **CHARITY NUMBER** 1108732 **COMPANY NUMBER** 5174095 **REGISTERED OFFICE** Gorse Covert Community Centre Maxwell Drive Loughborough Leics LE11 4RZ ## **DIRECTORS AND TRUSTEES** The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The trustees serving during the year and since the year end were as follows: Val Watts (Chair) David Dobson – resigned August 2022 Havinder Poonian – resigned June 2023 Lee Bradley –resigned June 2022 Craig Brown – appointed August 2022 Daryl Gough – appointed August 2022 Tom Marshall – appointed January 2023 Secretary: Sue Castleton ## **Governing Document** Gorse Covert Community Association Limited is a company limited by guarantee governed by its Memorandum & Articles of Association dated 7 June 2004. It is a charity registered with the Charity Commission. Membership is open to any not for profit group using the community centre, each of whom agree to contribute up to £10 in the event of the charity being wound up. ## **Appointment of Trustees** As set out in the Articles of Association, the Association must have a minimum of three trustees, but there is no maximum number. One trustee retires in rotation at each Annual General Meeting but may be re-appointed. The Current Trustees recognise the importance of maintaining their number but are also determined to regularly review the skills Trustees bring to the Association and increase their number to fill any gaps identified. The appointment of Trustees who share an enthusiasm for maintaining excellence in local facilities is a core criterion for any new appointments. ## **Trustees Induction and Training** New trustees are advised of their obligations under charity and company law, the content of the Memorandum and Articles of Association as well as the structure and decision-making process of the committee. ## **Related Parties** The charity has close relationships with Charnwood Borough Council, who has provided an annual grant towards the running costs of the community centre through a Strategic Partner agreement. Charnwood Borough Council owns the building, leasing it to the association for forty years which commenced in 2009. **- 2 -** ## **GORSE COVERT COMMUNITY ASSOCIATION LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023** ## **Risk Management** The trustees have a risk management strategy which comprises: An annual review of the risks the charity might face. Systems and procedures to mitigate those risks identified in the plan; and Procedures in place to minimise any potential impact on the charity should those risks materialise. ## **Objectives and Activities** Gorse Covert Community Association Limited aims to provide and promote social, recreational, educational and community development support for local people. It recognises that society is diverse in race, culture and beliefs, and believes that no person should be discriminated against or lack opportunity because of their race, gender, sexuality, disability, age, class, beliefs or geographical location. The Association aims to encourage participation, challenge discrimination and promote social justice. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning future activities. The aims and objectives are achieved through the provision of a wide range of regular activities. Participants of these activities come from a variety of backgrounds and represent a broad spectrum of the local community. The programme is wide ranging and encourages participation from some of the most disadvantaged members of our community including single parents and people on low and fixed incomes. It is hoped that taking part in the programme encourages greater self confidence which may in turn lead them into training and employment. To support the continuation of community activities within the premises, the Association is expanding the use of the premises by local authority and corporate bodies. ## **Key Developments and Achievements** ## **1. Activities Programme** We have developed a number of support groups and activities of our own as part of the work of the Activities Coordinator and increased use of volunteers The Tuesday Social Group Kids Club Bingo Subsidised lunches to support Cost of Living Crisis ## **2. From Centre to Community Hub** National lottery Awards for All funding to enable us to pilot extending our opening hours, staffing and activities. This has included subsidised lunches on Thursdays, longer opening hours and afterschool social club. ## **3. UK Shared Prosperity Fund** We have been successful in our bid to the UKSPF in Charnwood and have been awarded funding to develop a youth project at the community centre until March 2025. ## **Financial Report** Our finances are in a stronger position than we had expected as we move on from the disruption of the pandemic. The Minimum Wage increased in April 2023, we awarded an above cost of living pay increase to staff. We have taken on additional staff as we grow our room hire and catering offers. Our annual increase for room hire and Coffee Bar prices was approximately ten percent but they remain very competitive and affordable. Trustees will need to rebuild reserves over the next few years and keep spending on the building and facilities to a minimum. **- 3 -** ## **GORSE COVERT COMMUNITY ASSOCIATION LIMITED** ## **TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2023** ## **Reserve Policy** It is a requirement of the Charities Commission and prudent management to have a reserves policy. As such the Community Association has cash reserves set aside to respond to any unforeseen funding difficulties or unexpected expenses. ## **Development Plan** - Develop provision for young people. - Improve the effectiveness of staff in signposting members of the community to services they may need. - Develop community engagement in the governance of the Association. ………………………………………. Val Watts Chair of Trustees 25 July 2023 **- 4 -** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF** ## **GORSE COVERT COMMUNITY ASSOCIATION LIMITED** I report on the accounts of the company for the year ended 31 March 2023 which are set out on pages 5 to 11. ## **Respective responsibilities of trustees and examiner** The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to: - examine the accounts under section 45 of the 2011 Act; - follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act, as amended); and - state whether particular matters have come to my attention. ## **Basis of independent examiner's statement** My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below. ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention: - 1 which gives me reasonable cause to believe that, in any material respect, the requirements: - to keep accounting records in accordance with section 386 of the Companies Act 2006; and - to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or - 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. D R Gradon Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR 25 July 2023 **- 5 -** ## **GORSE COVERT COMMUNITY ASSOCIATION LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 MARCH 2023** |Restricted
Designated Unrestricted
Fund
Fund
Fund
Note
2023
2023
2023
**INCOME**
Donations and Legacies
Grants
2
1000
16100
27872
Donations
-
-
586
Charitable Activities
3
-
-
79198
Other Trading Activities
4
-
-
48931
Investment
5
-
-
153
_____
______
______
**TOTAL INCOME**
1000
16100
156740
_____
______
______
**EXPENDITURE AND CHARITABLE**
**ACTIVITIES**
Project Costs
-
-
1189
Operation of café
-
-
12393
Staff costs
6
-
8384
92519
Pension Contributions
-
-
2131
Rates and water
-
-
4780
Insurance
-
-
4445
Light and heat
-
-
11292
Cleaning
-
-
3489
Repairs and maintenance
1000
-
18300
Printing, postage, stationery and photocopying
-
-
1092
Advertising
-
-
867
Telephone and internet
-
-
1046
Miscellaneous
-
-
2452
Depreciation
-
-
3722
Bank charges and interest
-
-
456
Legal and Professional Fees
-
-
3397
Governance Costs
-
-
6353
Training
-
-
242
IT Support
-
-
4987
Equipment Hire
-
-
975
_____
______
______
**TOTAL EXPENDITURE**
1000
8384
176127
_____
______
______
**NET (EXPENDITURE) INCOME**
-
7716
(19387)
_____
______
______
**NET MOVEMENT IN FUNDS**
-
7716
(19387)
**RECONCILIATION OF FUNDS:**
Total funds brought forward
-
7500
66196
_____
______
______
**TOTAL FUNDS CARRIED FORWARD**
-
15216
46809
_____
______
______|Total
2023
44972
586
79198
48931
153
______
173840
______
1189
12393
100903
2131
4780
4445
11292
3489
19300
1092
867
1046
2452
3722
456
3397
6353
242
4987
975
______
185511
______
(11671)
______
(11671)
73696
______
62025
______|Total
2022
46048
252
48837
6594
34
______
101765
______
389
6261
75861
1297
2890
2325
9503
2166
9703
1482
2065
881
1196
4963
284
2848
6084
72
6793
1721
______
138784
______
(37019)
______
(37019)
110715
______
£73696
______| |---|---|---| **- 6 -** ## **GORSE COVERT COMMUNITY ASSOCIATION LIMITED** ## **BALANCE SHEET AS AT 31 MARCH 2023** |
Fixed Assets
Tangible Assets
Current Assets
Stocks
Debtors
Cash at Bank and in Hand
Creditors Amounts falling due within one year
Net Current Assets
Total Assets Less Current Liabilities
NET ASSETS
The Funds of the Charity:
Unrestricted Funds:
General Funds
Designated Fund|Notes

7
8
9
10
12
12|
_|2023
1177
7218
51945
_____
60340
_____
9444
_____
46809
15216
_____|11129
50896
______
62025
______
62025
______
62025
______|_|2022
824
7599
57485
_____
65908
_____
7063
_____
66196
7500
_____|14851
58845
______| |---|---|---|---|---|---|---|---| |||_|||_||| |||_|||_||| ||||||||73696
______| ||||||||£73696
______| ||||||||73696
______| For the year ending 31 March 2023 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 accounts 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 accounts. - These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime of the Companies Act 2006. These financial statements were approved by the Board on 25 July 2023 and signed on its behalf by ………………………………… V Watts Trustee The information on pages 7 to 11 form an integral part of these financial statements. **- 7 -** ## **GORSE COVERT COMMUNITY ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## 1 ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and also have been consistently applied within the same accounts. ## a) Basis of Preparation of Financial Statements These financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Companies Act 2006 and the Charities Act 2011 and UK Generally Accepted Accounting Practice. The Church constitutes a public benefit entity as defined by FRS102. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## b) Company Status The Association is a company limited by guarantee. The trustees of the company are named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. ## c) Fund Accounting Undesignated general funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim of each restricted fund is set out in the notes to the financial statements. ## d) Incoming Resources All incoming resources are included in the SOFA when the charity is legally entitled to the income the amount can be measured reliably and it is probable that the income will be received. No amount is include in the financial statements for volunteer time, in line with SORP (FRS102), ## e) Resources Expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs to that category. ## f) Tangible Fixed Assets and Depreciation Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows: Fixtures, Fittings and Equipment - 25% Reducing Balance ## g) Stock Stock is valued at the lower cost and net realisable value. ## h) Redundancy Costs The costs incurred by the company due to making staff redundant are included in the year the staff members leave. **- 8 –** ## **GORSE COVERT COMMUNITY ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** |2|GRANTS
Restricted
Designated
Unrestricted
Funds
Funds
Funds
2023
2023
2023
Charnwood Borough Council
Core Grant
-
-
19922
Discretionary Grants
-
-
3450
JRS Grant
-
-
-
National Lottery Grant
-
9100
-
Leicestershire County Council Grant
-
7000
-
Toilet Refurbishment Grant
1000
-
3000
Intelligent Energy Grant
-
-
1500
_____
_____
_____
1000
16100
27872
_____
_____
_____|Total
2023
19922
3450
-
9100
7000
4000
1500
______
44972
______|Total
2022
20432
10917
7199
-
7500
-
-
______
£46048
______| |---|---|---|---| |3
4
5|CHARITABLE ACTIVITIES
Restricted
Designated
Unrestricted
Funds
Funds
Funds
2023
2023
2023
Café income
-
-
33479
Non-Corporate Room Hire
-
-
42952
Other income
-
-
1709
Sales of donated goods
-
-
901
Equipment Hire
-
-
157
_____
______
______
-
-
79198
_____
______
______
OTHER TRADING ACTIVITIES
Restricted
Designated
Unrestricted
Funds
Funds
Funds
2023
2023
2023
Corporate Room Hire
-
-
48931
______
______
______
INVESTMENTS
Restricted
Designated
Unrestricted
Funds
Funds
Funds
2023
2023
2023
Interest received
-
-
153
______
_____
_____|_
_|Total
2023
33479
42952
1709
901
157
_____
79198
_____
Total
2023
48931
_____
Total
2023
153
_____|Total
2022
13097
33745
621
910
464
______
£48837
______
Total
2022
£6594
______
Total
2022
£27
_____|Total
2022
13097
33745
621
910
464
______
£48837
______
Total
2022
£6594
______
Total
2022
£27
_____| |---|---|---|---|---|---| |||_||_|| ||||_||_| **- 9 -** ## **GORSE COVERT COMMUNITY ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## 6 STAFF COSTS |Restricted
Designated
Unrestricted
Funds
Funds
Funds
2023
2023
2023
Wages and salaries
-
8384
92519
National insurance
-
85
4752
Employment Allowance received
-
(85)
(4752)
______
______
______
-
8384
92519
______
______
______|Total
2023
100903
4837
(4837)
______
100903
______|Total
2022
75861
2860
(2860)
______
75861
______| |---|---|---| No trustees received any remuneration during the year (2022: none). No trustees received any expenses during the year (2022: none). The average number of employees during the year was 8 (2022: 8). No employee earned in excess of £60,000 (2022: none). ## 7 FIXED ASSETS |8|Tangible Assets
Cost (or Valuation)
At 1 April 2022
Additions
Less: Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the Year
Less: On Disposals
At 31 March 2023
Net Book Value
At 31 March 2023
At 31 March 2022
STOCKS
Café and Cleaning Stock|Fixtures
Fittings &
Equipment
Total
88188
£88188
-
-
-
-
_____
_____
88188
£88188
_____
_____
73337
£73337
3722
3722
-
-
_____
_____
77059
£77059
_____
_____
11129
£11129
_____
_____
14851
£14851
_____
_____
2023
2022
£1177
£824
____
____| |---|---|---| |||| **- 10 -** ## **GORSE COVERT COMMUNITY ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** |9|DEBTORS– All Receivable within one year
Trade Debtors
Prepayments
Other Debtors|2023
4593
2625
-
_____
£7218
_____|2022
1647
5952
-
_____
£7599
_____| |---|---|---|---| |10|CREDITORS– Amounts falling due within one year
Accruals
Membership Liabilities
Pension Liabilities
Other Taxes
Other Creditors|2023
6980
140
388
827
1109
_____
£9444
_____|2022
5025
140
173
680
1045
_____
£7063
_____| |---|---|---|---| |11|STATEMENT OF FUNDS
a). Total Funds
At 31 March
2022
Income
Unrestricted Funds
66196
156740
Designated Funds
7500
16100
Restricted Fund
-
1000
______
______
Total Funds
£73696
£173840
______
______
b). Designated Funds
At 31 March
2022
Income
Activities Coordinator
7500
7000
National Lottery Support
-
9100
______
______
Total Designated Funds
£7500
£16100
______
______|At 31 March
Expenditure
2023
(176127)
46809
(8384)
15216
(1000)
-
______
______
£(185511)
£62025
______
______
At 31 March
Expenditure
2023
(8272)
6228
(112)
8988
______
______
£(8384)
£15216
______
______| |---|---|---| |||| The designated fund comprises the £7000 grant received from Leicestershire County Council to support the cost of an Activities Coordinator and £9100 from the National Lottery to support the cost of extending the opening hours of the cafe. **- 11 -** ## **GORSE COVERT COMMUNITY ASSOCIATION LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** |12|ANALYSIS OF NET ASSETS BETWEEN FUNDS
Designated
Unrestricted
Funds
Funds
Fund balances at 31 March 2023 are represented by:
Tangible Fixed Assets
-
11129
Current Assets
15328
45012
Current Liabilities
-
(9444)
______
______
Total Net Assets
15328
46697
______
______
Fund balances at 31 March 2022 are represented by:
Tangible Fixed Assets
-
14851
Current Assets
7500
58408
Current Liabilities
-
(7063)
______
______
Total Net Assets
7500
66196
______
______|Total
Funds
11129
60340
(9444)
______
£62025
______
14851
65908
(7063)
______
£73696
______| |---|---|---| ## 13 CONTROL AND RELATED PARTY TRANSACTIONS The charity is controlled by its members. There have been no transactions with related parties during the year (2022: none). ## 14 GUARANTEES AND OTHER FINANCIAL COMMITMENTS The charity had total guarantees and commitments at the balance sheet date of £Nil (2022: £320).