## **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**
**- 1 -**
## **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.
**- 2 -**
## **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:
- 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**
Support groups and activities of our own as part of the work of the Activities Coordinator continue to grow:
- The Tuesday Social Group
- Bingo
- Social Lunch initially to address cost of living crisis is now Social Meal.
- Nomadic Board Gamers
This year we have established:
- A yoga class on a Tuesday evening,
- The Garden Project,
- 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.
**- 3 -**
## **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:
- Molly’s Gift – youth provision
- Memory Lane Social Events – older people focussed
- The Camden Society – support for adults with learning disability
-
- Memphys- charity working with disabled children, young people and their families
- Mosaic Shaping Disability Services
- Dishley Residents Association
- Charnwood Borough Council – Seated Exercise, Escape Pain Maintainers
- 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**
- Recruitment of new Trustees must be a priority this year.
- Further develop a programme of engagement and consultation with the local community and our regular groups.
- • Ensure the sustainability of The Youth Project and our Community Hub Programme.
23 August 2024
………………………………………. Val Watts Chair of Trustees
**- 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 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:
- 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
23 August 2024
**- 5 -**
## **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
______|
|---|---|---|
**- 6 -**
## **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
_____|
|---|---|---|---|---|---|---|
||||||||
||||||_||
||||||_||
||||||||
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:
- 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 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.
**- 7 -**
## **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.
**- 8 –**
## **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
_____|
|---|---|---|---|---|---|
||||_||_|
**- 9 -**
## **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
____
____|
|---|---|
**- 10 -**
## **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
_____|
|---|---|---|
|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.
**- 11 -**
## **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).