GORSE COVERT COMMUNITY ASSOCIATION LTD (A Company Limited by Guarantee)
TRUSTEES REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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 2025
The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2025.
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 Resigned April 2025 Daryl Gough Appointed August 2022 Tom Marshall Appointed January 2023 Joe Roughton Appointed August 2023 Peter Rippon Appointed September 2024 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 2025
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.
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 thrive:
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The Tuesday Social Group
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Bingo
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Social Meal on Fridays
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Nomadic Board Gamers
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Yoga class on Tuesdays
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Youth sessions.
This year we have developed:
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Stay and play session on Thursday mornings
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Held a Pantomime using a professional company
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Hosted Molly’s Gift Holiday Activities through the HAF programme
2. 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 completed the project as planned.
We have successfully bid for the one-year funding available to develop the project for 2025-2026.
3. Working In Partnership
We continue to work in partnership with other organisations. 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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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025
Key Developments and Achievements (continued)
3. Working In Partnership (continued)
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The Camden Society – support for adults with learning disability
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Mosaic Shaping Disability Services
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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
New partnerships include:
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Generation Charnwood – volunteer placements
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Friends of Garendon Park – meetings
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Loughborough College – student placements
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Loughborough University – Business student project
4. Community Engagement
In-house engagement has included surveys and discussion groups with our regular coffee bar users and support groups.
Financial Report
With the planned increase to the national minimum wage in April 2025 and the employers NI contributions, we have been unable to offer more than NMW for the new financial year. 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 steady. The income from room hire showed an increase of about £5000 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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Review roles and recruitment of new Trustees.
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Develop a programme of engagement and consultation with the local community: We plan to hold at least two open days in the year (14th June 2025 and 24th January 2026) We intend to deliver two newsletters in the year (June and December)
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Sustain and develop The Youth Project.
24 June 2025
………………………………………. 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 2025 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
24 June 2025
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 MARCH 2025
| Restricted Designated Unrestricted Fund Fund Fund Note 2025 2025 2025 INCOME Donations and Legacies Grants 2 84334 - 19922 Donations - - 254 Charitable Activities 3 1249 - 91900 Other Trading Activities 4 - - 60014 Investment 5 - - 1073 _ _ TOTAL INCOME 85583 - 173163 __ _ EXPENDITURE AND CHARITABLE ACTIVITIES Project Costs 13444 349 1610 Operation of café 881 - 14550 Staff costs 6 50621 5129 100326 Pension Contributions 1403 - 2406 Rates and water 1116 - 1570 Insurance 2614 - 1458 Light and heat 7715 - 7457 Cleaning 1844 - 2694 Repairs and maintenance 4414 - 5338 Printing, postage, stationery and photocopying 160 - 1119 Advertising - - - Telephone and internet 1886 - 984 Subscriptions 3044 - 3655 Depreciation 1397 - 2041 Bank charges and interest - - 441 Legal and Professional Fees 3275 1166 Governance Costs 2715 - 2715 Training 213 - 179 IT Support 923 - 1395 Equipment Hire 361 - 351 Bad debt - - - Loss on asset disposal - - 316 __ _ TOTAL EXPENDITURE 98026 5478 151771 __ _ NET (EXPENDITURE) INCOME (12443) (5478) 21392 TRANSFERS BETWEEN FUNDS 11 - 269 (269) _ _ NET MOVEMENT IN FUNDS (12443) (5209) 21123 RECONCILIATION OF FUNDS: Total funds brought forward 50879 5209 34978 __ _ TOTAL FUNDS CARRIED FORWARD 12 £30436 - £56101 __ ____ |
Total 2025 104256 254 93149 60014 1073 __ 258746 _ 15403 15431 156076 3809 2686 4072 15172 4538 9752 1279 - 2870 6699 3438 441 4441 5430 392 2318 712 - 316 255275 3471 - _ 3471 91066 __ £94537 ____ |
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 ____ |
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
BALANCE SHEET AS AT 31 MARCH 2025
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 |
2025 1213 5401 85960 _ 92574 6770 __ |
8733 85804 _ 94537 94537 __ 38436 56101 - _ 94537 ___ |
2024 1245 3946 87753 _ 92944 12350 __ |
10472 80594 _ 91066 91066 __ 50879 34978 5209 _ 91066 ___ |
|---|---|---|---|---|---|
For the year ending 31 March 2025 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 24 June 2025 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 2025
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
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- 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 2025
| 2 | GRANTS Restricted Designated Unrestricted Funds Funds Funds Total Total 2025 2025 2025 2025 2024 Charnwood Borough Council Core Grant - - 19922 19922 19922 Food Bank Grant - - - - 4860 Youth Group 84334 - - 84334 88720 Co Op Community Fund - - - - 1429 _ __ _ £84334 - £19922 £104256 £114931 _ ___ |
|---|---|
| 3 4 5 |
CHARITABLE ACTIVITIES Restricted Designated Unrestricted Funds Funds Funds 2025 2025 2025 Café income 658 - 38143 Non-Corporate Room Hire - - 52290 Other income 586 - 414 Sales of donated goods 5 - 819 Equipment Hire - - 234 _ _ £1249 - £92395 __ _ OTHER TRADING ACTIVITIES Restricted Designated Unrestricted Funds Funds Funds 2025 2025 2025 Corporate Room Hire - - £60014 INVESTMENTS Restricted Designated Unrestricted Funds Funds Funds 2025 2025 2025 Interest received - - £1073 _____ |
Total 2025 38801 52290 1000 824 234 __ £93149 _ Total 2025 £60014 Total 2025 £1073 __ |
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 __ |
|---|---|---|---|---|
| _ |
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6 STAFF COSTS
| STAFF COSTS | |||||
|---|---|---|---|---|---|
| Restricted | Designated | Unrestricted | |||
| Funds | Funds | Funds | Total | Total | |
| 2025 | 2025 | 2025 | 2025 | 2024 | |
| Wages and salaries | 49425 | 5129 | 98153 | 152707 | 148279 |
| National insurance | 2971 | - | 5398 | 8369 | 7990 |
| Employment Allowance received | (1775) | - | (3225) | (5000) | (5000) |
| ______ | ______ | ______ | ______ | ______ | |
| £50621 ______ |
£5129 ______ |
£100326 ______ |
£156076 ______ |
£151269 ______ |
No trustees received any remuneration during the year (2024: none). No trustees received any expenses during the year (2024: none).
The average number of employees during the year was 12 (2024: 12). No employee earned in excess of £60,000 (2024: none).
7 FIXED ASSETS
| FIXED ASSETS | |||
|---|---|---|---|
| Tangible Assets Cost (or Valuation) At 1 April 2024 Additions Less: Disposals At 31 March 2025 Depreciation At 1 April 2024 Charge for the Year Less: On Disposals At 31 March 2025 Net Book Value At 31 March 2025 At 31 March 2024 |
Fixtures Fittings & Equipment Total 88080 88080 2309 2309 (2588) (2588) _ 87801 87801 _ 77608 77608 3437 3437 (1977) (1977) 79068 79068 _ 8733 8733 _ 10472 £10472 |
Total 88080 2309 (2588) _ 87801 ___ |
Total |
| 77608 3437 (1977) _ 79068 ___ |
|||
| 8733 _____ |
| 8 | STOCKS 2025 2024 Café and Cleaning Stock £1213 £1245 _ _ |
2024 |
|---|---|---|
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GORSE COVERT COMMUNITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 9 10 |
DEBTORS– All Receivable within one year Trade Debtors Prepayments CREDITORS– Amounts falling due within one year Accruals Membership Liabilities Pension Liabilities Other Taxes Other Creditors |
2025 2024 3478 1370 1923 2576 _ £5401 £3946 _ 2025 2024 4128 9071 140 140 511 467 1891 1662 100 1010 £6770 £12350 _ ___ |
2024 1370 2576 _ £3946 ___ |
2024 |
|---|---|---|---|---|
| 2024 |
11 FUNDS
a). Total Funds
| a). Total Funds | |||
|---|---|---|---|
| At 31 March 2024 Income Unrestricted Funds 34978 173163 Designated Funds (Note 11b) 5209 - Restricted Fund (Note 11c) 50879 85583 __ _ Total Funds £91066 £258746 b). Designated Funds At 31 March 2024 Income Activities Coordinator 349 - National Lottery Support - - Food Bank Support 4860 - Total Designated Funds £5209 - ___ |
Expenditure (151771) (5740) (98026) __ £(255275) _ Expenditure (349) - (5129) £(5478) ___ |
At 31 March Transfers 2025 (269) 56101 269 - - 38436 ______ - £94537 __ At 31 March Transfers 2025 - - - - 269 - __ £269 - ______ |
|
| - - - _ - _ |
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 2025
| 12 | c). Restricted Funds At 31 March 2024 Income Youth Project £50879 £85583 _ ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Funds Fund balances at 31 March 2025 are represented by: Tangible Fixed Assets 2589 Current Assets 35847 Current Liabilities - Total Net Assets £38436 Fund balances at 31 March 2024 are represented by: Tangible Fixed Assets 2024 Current Assets 48855 Current Liabilities - _ Total Net Assets £50879 __ |
At 31 March Expenditure Transfers 2025 £(98026) - £38436 _ _ Designated Unrestricted Total Funds Funds Funds - 6144 8733 - 56727 92574 - (6770) (6770) _ _ - £56101 £94537 __ __ - 8448 10472 5209 38880 92044 - (12350) (12350) _ _ £5209 £34978 £91066 _ ___ |
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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 (2024: £1622).