## **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**
**- 1 -**
## **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.
**- 2 -**
## **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:
- 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.
## **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:
- The Tuesday Social Group
- Bingo
- Social Meal on Fridays
- Nomadic Board Gamers
- Yoga class on Tuesdays
- Youth sessions.
This year we have developed:
- Stay and play session on Thursday mornings
- Held a Pantomime using a professional company
- 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:
- Molly’s Gift – youth provision
- Memory Lane Social Events – older people focussed
**- 3 -**
## **GORSE COVERT COMMUNITY ASSOCIATION LIMITED**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025**
## **Key Developments and Achievements (continued)**
## **3. Working In Partnership (continued)**
- The Camden Society – support for adults with learning disability
- Mosaic Shaping Disability Services
- Charnwood Borough Council – Seated Exercise, Escape Pain Maintainers
- Gorse Covert Walking for Health – working with the youth team
New partnerships include:
- Generation Charnwood – volunteer placements
- Friends of Garendon Park – meetings
- Loughborough College – student placements
- 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**
- Review roles and recruitment of new Trustees.
- 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)
- Sustain and develop The Youth Project.
24 June 2025
………………………………………. 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 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:
- 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
24 June 2025
**- 5 -**
## **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
______|
|---|---|---|
**- 6 -**
## **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:
- 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 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.
**- 7 -**
## **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
- - 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 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
_____|
|---|---|---|---|---|
|||||_|
**- 9 -**
## **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|
|---|---|---|
**- 10 -**
## **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.
**- 11 -**
## **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
_____
_____
_____|
|---|---|---|
## 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).