GORSE COVERT COMMUNITY ASSOCIATION LTD (A Company Limited by Guarantee)
TRUSTEES REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
COMPANY NUMBER: 05174095 CHARITY NUMBER: 1108732
Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR Tel: 01509 214163
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2024.
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) Craig Brown Appointed August 2022 Daryl Gough Appointed August 2022 Tom Marshall Appointed January 2023 Joe Roughton Appointed August 2023 Sue Castleton Secretary
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, which 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.
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
Risk Management
The trustees have a risk management strategy which comprises:
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An annual review of the risks the charity might face.
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Systems and procedures to mitigate those risks identified in the plan; and
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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
Support groups and activities of our own as part of the work of the Activities Coordinator continue to grow:
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The Tuesday Social Group
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Bingo
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Social Lunch initially to address cost of living crisis is now Social Meal.
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Nomadic Board Gamers
This year we have established:
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A yoga class on a Tuesday evening,
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The Garden Project,
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Three regular youth sessions per week for different age groups.
2. From Centre to Community Hub
This continues to be a priority for us as highlighted by the increased engagement in and income from the coffee bar. The lottery Awards for All funding enabled us to pilot extending our opening hours, staffing and activities. This included subsidised lunches on Fridays and longer opening hours. The pilot confirmed the need for us to increase our staffing and the activities on offer. We are continuing to deliver the programme using our own resources. We plan to seek other grant funding to enable us to maintain and develop this further.
3. UK Shared Prosperity Fund
Last year we were successful in our bid to the UKSPF in Charnwood and were awarded funding to develop a youth project at the community centre until March 2025.
We have recruited and trained a team of part time staff and volunteers who deliver a programme of youth activities to young people 10-16. We have achieved the majority of our targets for the first year.
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
Key Developments and Achievements (continued)
4. Working In Partnership
Working in partnership with other organisations has been our aim for some time. We have been successful but this year we have developed some additional productive working relationships which have really benefitted our programme:
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Molly’s Gift – youth provision
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Memory Lane Social Events – older people focussed
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The Camden Society – support for adults with learning disability
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Memphys- charity working with disabled children, young people and their families
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Mosaic Shaping Disability Services
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Dishley Residents Association
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Charnwood Borough Council – Seated Exercise, Escape Pain Maintainers
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Gorse Covert Walking for Health – working with the youth team
Financial Report
The national minimum wage increased in April 2024; we were able to award a small increase above this. We have taken on additional staff as we grow our room hire catering offers and Youth Provision. We increased room hire and coffee bar prices by approximately ten percent, but they remain very competitive and affordable.
The funding for the youth project has come via Charnwood Borough Council UK Shared Prosperity Fund. This has enabled us to develop youth provision, but the funding runs out in March 2025.
The income from kitchen activities including the coffee bar was £41121, about 25% increase on the previous year. The income from room hire showed an increase of about 18% on the previous year.
Trustees are committed to maintaining our reserves over the next few years and keep spending on the building and facilities to a minimum.
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
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Recruitment of new Trustees must be a priority this year.
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Further develop a programme of engagement and consultation with the local community and our regular groups.
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• Ensure the sustainability of The Youth Project and our Community Hub Programme.
23 August 2024
………………………………………. Val Watts Chair of Trustees
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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 2024 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:
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examine the accounts under section 45 of the 2011 Act;
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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
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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:
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1 which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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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
23 August 2024
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 MARCH 2024
| Restricted Designated Unrestricted Fund Fund Fund Note 2024 2024 2024 INCOME Donations and Legacies Grants 2 88720 4860 21351 Donations - - 107 Charitable Activities 3 355 - 80707 Other Trading Activities 4 - - 65345 Investment 5 - - 704 _ _ TOTAL INCOME 89075 4860 168214 __ _ EXPENDITURE AND CHARITABLE ACTIVITIES Project Costs 3670 - 2075 Operation of café 538 - 12720 Staff costs 6 31245 14877 105147 Pension Contributions 347 208 2958 Rates and water - - 2315 Insurance - - 3652 Light and heat - - 15478 Cleaning - - 3593 Repairs and maintenance 172 - 6302 Printing, postage, stationery and photocopying 227 - 1552 Advertising 375 - 150 Telephone and internet 21 - 849 Miscellaneous 150 - 4823 Depreciation 1012 - 2832 Bank charges and interest - - 455 Legal and Professional Fees - - 3700 Governance Costs - - 4920 Training 214 - 98 IT Support 225 - 2689 Equipment Hire - - 2486 Bad debt - - 627 Loss on asset disposal - - 406 __ _ TOTAL EXPENDITURE 38196 15085 179827 __ _ NET (EXPENDITURE) INCOME 50879 (10225) (11613) TRANSFERS BETWEEN FUNDS 11 - 218 (218) _ _ NET MOVEMENT IN FUNDS 50879 (10007) (11831) RECONCILIATION OF FUNDS: Total funds brought forward - 15216 46809 __ _ TOTAL FUNDS CARRIED FORWARD 12 50879 5209 34978 __ ____ |
Total 2024 114931 107 81062 65345 704 __ 262149 _ 5745 13258 151269 3513 2315 3652 15478 3593 6474 1779 525 870 4973 3844 455 3700 4920 312 2914 2486 627 406 233108 29041 - _ 29041 62025 __ 91066 ____ |
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 ____ |
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
BALANCE SHEET AS AT 31 MARCH 2024
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: Restricted Funds: Unrestricted Funds: General Funds Designated Fund |
Notes 7 8 9 10 12 12 12 |
2024 1245 3946 87753 _ 92944 12350 __ |
10472 80594 _ 91066 91066 __ 50879 34978 5209 _ 91066 ___ |
2023 1177 7218 51945 _ 60340 9444 _ |
_ | 11129 50896 _ 62025 62025 __ - 46809 15216 _ 62025 ___ |
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006, relating to small companies.
Directors’ responsibilities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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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 23 August 2024 and signed on its behalf by
…………………………………
V Watts Trustee
The information on pages 7 to 11 form an integral part of these financial statements.
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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 charity 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 included 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
-3 years Straight line on Youth Project equipment
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.
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 2 | GRANTS Restricted Designated Unrestricted Funds Funds Funds Total 2024 2024 2024 2024 Charnwood Borough Council Core Grant - - 19922 19922 Discretionary Grants - - - - Food Bank Grant - 4860 - 4860 Youth Group 88720 - - 88720 National Lottery Grant - - - - Leicestershire County Council Grant - - - - Toilet Refurbishment Grant - - - - Intelligent Energy Grant - - - - Co Op Community Fund - - 1429 1429 _ __ £88720 £4860 £21351 £114931 _ ____ |
Total 2023 19922 3450 - - 9100 7000 4000 1500 __ £44972 ____ |
|---|---|---|
| 3 4 5 |
CHARITABLE ACTIVITIES Restricted Designated Unrestricted Funds Funds Funds 2024 2024 2024 Café income 19 - 39900 Non-Corporate Room Hire - - 38606 Other income 336 - 996 Sales of donated goods - - 836 Equipment Hire - - 369 _ _ £355 £- £80707 __ _ OTHER TRADING ACTIVITIES Restricted Designated Unrestricted Funds Funds Funds 2024 2024 2024 Corporate Room Hire £- £- £65345 INVESTMENTS Restricted Designated Unrestricted Funds Funds Funds 2024 2024 2024 Interest received £- £- £704 _____ |
Total 2024 39919 38606 1332 836 369 __ £81062 _ Total 2024 £65345 Total 2024 £704 __ |
Total 2024 39919 38606 1332 836 369 __ £81062 _ Total 2024 £65345 Total 2024 £704 __ |
Total 2023 33479 42952 1709 901 157 __ £79198 _ Total 2023 £48931 Total 2023 £153 __ |
Total 2023 33479 42952 1709 901 157 __ £79198 _ Total 2023 £48931 Total 2023 £153 __ |
|---|---|---|---|---|---|
| _ | _ |
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6 STAFF COSTS
| STAFF COSTS | |||||
|---|---|---|---|---|---|
| Restricted | Designated | Unrestricted | |||
| Funds | Funds | Funds | Total | Total | |
| 2024 | 2024 | 2024 | 2024 | 2023 | |
| Wages and salaries | 30569 | 14845 | 102865 | 148279 | 100903 |
| National insurance | 676 | 32 | 7282 | 7990 | 4837 |
| Employment Allowance received | - | - | (5000) | (5000) | (4837) |
| ______ | ______ | ______ | ______ | ______ | |
| £31245 ______ |
£14877 ______ |
£105147 ______ |
£151269 ______ |
£100903 ______ |
No trustees received any remuneration during the year (2023: none).
No trustees received any expenses during the year (2023: none).
The average number of employees during the year was 12 (2023: 8). No employee earned in excess of £60,000 (2023: none).
7 FIXED ASSETS
| FIXED ASSETS | ||
|---|---|---|
| Tangible Assets Cost (or Valuation) At 1 April 2023 Additions Less: Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge for the Year Less: On Disposals At 31 March 2024 Net Book Value At 31 March 2024 At 31 March 2023 |
Fixtures Fittings & Equipment Total 88188 £88188 3967 3967 (4075) (4075) _ 88080 88080 _ 77059 £77059 3844 3844 (3295) (3295) 77608 77608 _ 10472 £10472 _ 11129 £11129 |
Total |
| 8 | STOCKS 2024 2023 Café and Cleaning Stock £1245 £1177 _ _ |
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 9 10 |
DEBTORS– All Receivable within one year 2024 Trade Debtors 1370 Prepayments 2576 Other Debtors - _ £3946 CREDITORS– Amounts falling due within one year 2024 Accruals 9071 Membership Liabilities 140 Pension Liabilities 467 Other Taxes 1662 Other Creditors 1010 __ £12350 _____ |
2023 4593 2625 - _ £7218 2023 6980 140 388 827 1109 __ £9444 _____ |
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| 11 | FUNDS a). Total Funds At 31 March 2023 Income Unrestricted Funds 46809 168214 Designated Funds (Note 11b) 15216 4860 Restricted Fund (Note 11c) - 89075 __ _ Total Funds £62025 £262149 b). Designated Funds At 31 March 2023 Income Activities Coordinator 6228 - National Lottery Support 8988 - Food Bank Support - 4860 Total Designated Funds £15216 £4860 ___ |
Expenditure (179827) (15085) (38196) __ (£233108) _ Expenditure (5879) (9206) - (£15085) ___ |
At 31 March Transfers 2024 (218) 34978 218 5209 - 50879 ______ £- £91066 __ At 31 March Transfers 2024 - 349 218 - - 4860 __ £218 £5209 ______ |
|---|---|---|---|
The designated fund comprises the £7000 grant received from Leicestershire County Council to support the cost of an Activities Coordinator, £9100 from the National Lottery to support the cost of extending the opening hours of the café and £4860 from Charnwood Borough Council to support the local food banks.
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 12 | c). Restricted Funds At 31 March 2023 Income Youth Project £- £89075 _ ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Funds Fund balances at 31 March 2024 are represented by: Tangible Fixed Assets 2024 Current Assets 48855 Current Liabilities - Total Net Assets 50879 Fund balances at 31 March 2023 are represented by: Tangible Fixed Assets - Current Assets - Current Liabilities - _ Total Net Assets - _ |
At 31 March Expenditure Transfers 2024 £(38196) £- £50879 _ _ Designated Unrestricted Total Funds Funds Funds - 8448 10472 5209 38880 92044 - (12350) (12350) _ _ 5209 34978 £91066 __ __ - 11129 11129 15328 45012 60340 - (9444) (9444) _ £15328 £46697 £62025 _____ |
|---|---|---|
| Fund balances at 31 March 2024 are represented by: Tangible Fixed Assets Current Assets Current Liabilities Total Net Assets Fund balances at 31 March 2023 are represented by: Tangible Fixed Assets Current Assets Current Liabilities Total Net Assets |
13 CONTROL AND RELATED PARTY TRANSACTIONS
The charity is controlled by its members.
14 GUARANTEES AND OTHER FINANCIAL COMMITMENTS
The charity had total guarantees and commitments at the balance sheet date of £1622 (2023: £Nil).