Avon Bu5ine5s & Leisure CIO Registered Charity Nurnber 1114478 Financial Statements For the Year Ended 31¥ December 2023 Avon Business & Leisure CIO Index lo the financial statements Page Charity Information Report ol the Trustees Independent Examiners Report Statement ol Financial Activities Balance Sheet Notes to the Financial Statements 8-12 Income and Expenditure Account Community Cenire Appendix I Avon Business & Leisure Cto For the year ended 31" December 2023 Charlty Information Address Avon Road Cannock Stallord5hire WSII ILH Charity Number 1114478 Reporting Accountant Ballance & LowbridEe Up 65 Markei Sireei Hedne5ford Staffordshire W512 IAD Page I Avon Business & Leisure CIO For the year ended 31. December 2023 REPORT OF THE TRUSTEES The Financi31 Statements have been piepared foi a 12 month period. Comparative figures for 2022 are stated for a 12 month period. The trustees present their report along with the financial statements of the charity for the year ended 31" December 2023. The financial stalernent5 have been prepared in 3ccord3nce with ihe accounting policies set out on page 8 and comply with the charitws constitution and applicable law_ OBJECTIVES AND ACYIVITIES.. Constitution and Objects The organisation is a charity. incorpo¥ated on 23 February 211)6 35 a Company limited by euarantee. and converted to a CIO in 2019. The object5 and powers of the charity are lairf down in the CIO Constitution adopied 26" May 2019. The oblecis of the charity are: Prormote the benefits ol the inhabitants of Cannock and the nerghbouthood without distinction of sex or political, religiovs or oiher opinions by a5￿CIatIOn with local authorities, voluntary organisations and inhabitants in a common effort to advance education and to provide facilitie5 in the interest of social welfare lor recreation and leisvre lime occupations with the object of improving the conditions of life for the said inhabiiants.. ènd Use the premi5e5 and to maintain and mana£e oi co-opeiate wrh any local Statutory authority in the maintenance and manaeement of ihe p¥ernises lor activities promoted by the Association and its constituent bodies in furtherance ol the above objects. Main Activitles The mzin functions of Avon Business & Leisure CIO are= The management tsf the fully accessible Avon Business & Leisure CIO buildinES and the provision ol allordable accommodation for groups and individuals. ACHIEVEMENT AND PERFORMANCE: Cu5torner5105t during the pandemic continue to been replaced, the￿ has been an increase in enquiries and we are hopeful lor an increase in bookings. The Trustees have irnpletnented a plan to improve the facilities. Whilst the Charify has been impacted by the current energy and cost ol living crisis. together with the increase in national living wage, the trustees are committed to reduce its effects wherever p055ible. The Trustees are hopeful for continued improvement5 Irade in Ihe coming year. The Trustees would like to acknowledge and express gratilude to all slaff, volunteers. committee members and all involved with ihe Charity for their 5UPPOrt throughout the year. FINANCIAL REVIEW- The total net outgoin8 ol Restricted income was £ O. and total net 105s of Unrestricted income was 1£ 8.1351. The Charity had £ 103,615 in unrestricted bank lunds. and £ 20,IKN) on a short-term investment in unrestricted funds. The Charity received no grant income during the accounting period. The income of the charity continues to be derived from the letting of the property. Page 2 Avon Busine55 & Leisure CIO For the year ended 31" December 2023 Report of the trustees Icontinuedl Policy for determining level of reserves The trustees goal is ro rÈiain unresiricted funds sufficient io cover 6 months running costs of the service to enable continuation of activities should the income cease and lo provide lor potential redundancy costs. Level ol Reserves The charity has £ 91,831 in unrestricted and undesignated reserves ai the period end. The goal would require these reserves to be £ 53.LKKI including redundancy c05t5. Policy for Investment of funds The trustees place lund5 not immediately required into a high interest deposit account to achieve added income. Durin£ the year the charity invested £ 20.1KKJ. STRUCTURE. GOVERNANCE AND MANAGEMENT: The Charity is governed by a Trust Deed held by siafftsrdshire County Council. The Charity is constituted as a CIO. whose constitution was adopted on 29, July 2019. The Charity Trustees manage the affairs olthe CIO. The procedure for appoinlrnent and removal of Trustees 15 conlained in the Charity CIO Constitution daied 16, May 2019. Risk Management The trustees have examined the major stlategic business and operaiional iisks which the charity faces and confirm that systems have beell established to enable regular reporls to be produced so that the neces53ry Steps can be taken to lessen rhese risks. Staff and volunteers are provided with appropriate induction and training. Inlernal risks are minimised by the implementation of policies ar¢d procedufes. which are reviewed regularly to make sure they meet the needs of the charity. The Charity is GDPR compliant to current legislation. In 3ddition, the Charity has achieved a Five siar Environmental Award. Health and Safety procedures are in compliance with current health and safety legislation and with the Regulatory Reform (Fire Safety) Order 2￿5 and risk a55essmeniS are cèrwied out. Risks regarding funding ère covered within the strategic plan. The Charity continue5 to operate within current Covid 19 recommendations and best practice. ADMINISTRATIVE DETAILS: The Charity Avon 8usiness and Leisure CIO is located on Avon Road. Cannock. Staflordshire. Trustees in office at the 831ance Sheet date are as follow5= Pa8e 3 Avon Business & Leisure CIO For the year ended 31" J)e¢ember 2023 Repoit of the tFUStee5 Icontinvedl Trustee5 Mr L A Ca5tellina Mr Dal'td Corn> Mrs A I Castellina Chaiiper50 V(ce Chèirpersotk Ivlr G Willianis Compathy Secretary Mr C Pnillips Mr D Pavier Co-opted TriJsleEs Mrs P Corn .Irs B DÈnion Mr D Meeks Mr D Ivilletts Mr C Brown Statement This rLiiJort l)as been pie5enied to Elie Trustees and agreed in geiteral meeiii)g bv". SigFted= Narne.. Mf L Castellina TTUStee Date: PaoeÉJ Avon Business & Leisure CIO For the yeai ended 31*1 December 2023 Independent Examinees Rèport to the Trustees of Avon Business and Leisure CIO We rep)rt to the trustees on our examination of the account5 of the above charity for the year ended 31. December 2023. As Ihe charity's t￿slee5, you are responsible for the preparatTron of the accounts in accordance with the reouirements of the Charities Act 20111-the Act-l. We report in respect of our examination of ihe Tru5Vs accounts carried out vnder section 145 01 the 2011 Act and in carrying out our examination. we have followed all the applicable Direttions given by the Charitv Commission under section 14515llbl of ihe Act. We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination. whrch gives us cavse to believe that ifi, any material respect.. the accounting records were not kept in accordance with section 130 of the Charities Act., or the accounts did not accord with the accounting records.. or the accounts did not comply with the applicable requirement5 concerning the form and content ol account5 set out in the Charities (Accounts and Reports) Regulations 21J18 other than any requirement that th accounts give a'true and fairf view which is not a matter considered 3$ part tsf an illdependent examination. We have no concern5 and have come across no other matters in connection with the examination to which attention should be drawn in this ￿port in order to enable a pfoper understanding ol ihe ac£ounts to be reached. Signed: [] Lk¥ Mr D lowbridge Ballance & Lowbridge LLP 65 Market Street Hednesford Staffordshire WS12 IAD Date: Page 5 Avon Business & Lelsure CIO Foi the year ended 31$1 December 2023 NotE Rei. R¢stri(ted T•tsi 3111212Q23 Total 3VIV2022 STATEMENT OF FINANCIAL ACnVITtES- INCOMING RE50UKE5 Giallt Intome 7.550 2,1(6 58.521 Investrnent IncomE 2.435 (4561 2.4a5 fA561 68,479 RESOURCÉS ÉXPENDED 37.597 39.534 37.597 39.$54 Managemerttand Admiili5tiaiionol the Owity 3S.829 7F.131 65.413 Neiinc(4nlJ)gOuwiDsllesournes 14ts5) 1 &13SI Fund 831wblffr(Kn3uiim ia4A53 18.J)7 150.( Fund B￿￿${lI￿o￿oi￿a 126.718 i&￿7 145.025 153.1&) Page 6 Avoii Business & Leisure CIO As at 31" December 2023 BALANCE SHEET: Period ÉTrd1￿ ii1iy23 Yéar Enttin8 Jll22122 FIXED ASSETS 4?$ CURR£NI ASSEIS" 7.1￿. 3.619 £VRRENTtIABILmE5'. 2.7LYJ NEfcuRRENT ASSEts.. TOTAIASS£IS.. FUIIDS.. REStrtrt¢d Incom¢Sunds-. l&J)7 j$.W? Vnre5tri¢tedincome F¥nd5' Approvtd l?v the Maiiègemeftt Committl￿e on and signed on its behcill by.. Signed.. Signed.. Name.. Mr L Ca5¢ellina Trustee Mi D Corns Trustee DJte'. loZLfr Date= 2GZ Ihe notQ5 on pooes 8- 12 form p3ri Oi ih- Iinanwjjl Slate.￿en15. Phge 7 Avon Buslness & Leisure CIO For the year ended 31*1 December 2023 Accounting Policies Basis of Accounting These accounts have been prepared undeT ihe historical c05t £onventioTr with items recogni5ed at C05t or transaction value unless otherwise stated in the relevant notelsl to these accounts. The accounts have been prepared in accordance wilh.. The Statement of Recommended Praciice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 issued on 16, July 2014, and with. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. and with. Ihe Charilies Act 2011. The charity constitutes a public benefil entily as defined by FRS 102. Income.. Recognition of Income= Income is included in the Statement of Financial Activities ISOFAI when the charity become5 entitled to the resource. It 15 more likely than nol that the trustees will receive the resources and the monetary value can be measured with sullicient reliability. Offsetting.. There has been no offsetting of asseis and liabilities. or incfjme and expenses. unle$5 required or permitted by the FRS 102 SORP or FRS 102. Grants and Donations.. Grants and donatitsns are only included in the SOFA when the general income recognition criteria are met1S.10 to S.12 FRS102 SORPI. Volunteer help-. The value of anyvoluntary help received is not included in the accounls but 15 acknowledged in the tru5tee5' annu81 report. Income from Inlere5t: Income from interest generated from money held on deposit. s recorded in the accounts upon receipt. Settlement ol Insurance claims= Insurance claim5 are 0115et against their relevant expense headings as permitted by the FRS 102 SORP or FRS 102. Detailed information regarding income is provided in the Notes to the Account$ 2, 3 and 4. Expenditure and Liabilities: Liability Recognition.. Liabilities are recoRnised where il is MO￿ likely than not thBt there is a legal or constrictive obligatitsn committing the charity to pay out ie50urce5 and the amount of the obligation can be measured with reasonable certainty. Page 8 Avon Business & Leisure CIO Forthe year ended 315t December 2023 Provisions for liabilities.. A liability is measured on recognition at ils historscal c05t and then subsequently measured at the best estimaie of the amount required to settle the obligation at the reporting date. Basic financial instruments.. The ch3riiV accounts for basic financial instruments on initial recognition as per paragraphs 10.7 FRS 102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19. FRS 102 SORP. Detailed information regarding expenditure is provided in the Noies to the A(counts S and 6. Asset: TanEible fixed assets for use by the charity are capilalised if they can be used for more than one year. and cost at leasE E 5(X). Oebtors (including trade debtors and loans recetvablel 3re tnea5ured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subseouently, they are meèsured at Ihe cash or other consideration experted to be received. Det3ils of both tangible fixed assets and debtors are given in Note to the Accounts 7 and 10. Grant Income VMe5triited Restrirted Tot Total 2013 GI￿1 In(ome CCDI- CovidGrant IRSGrant 7.850 Investment Income Uwesknrted Re51rirted Total ZOl3 Total 2012 In￿st￿entin¢èffte 916 916 Investtnent Intome.. ShM-ierrn dep051t l.S19 1.519 1,927 2,435 3.435 lic Page 9 Av¢)n Buslness & Lelsure CIO For the yeaf ended 31" December 2023 TradinKActivities VnrÈ5trid*d RtstrirtÈd Total T￿l￿￿A￿l￿1[eS Rotyn Hirings i)wn Classe5 Income RentRecei¥ed from Bar SuDdry In¢orne tsogAEility Intome 6LIGI 6L161 L626 53.548 148 ¥n4 2.825 (4561 66,561 5&521 Dlrect Charltable Expenditu Ollert Ch¥iiable EMpeTh&iwe Owll C1155eS Expenses Esiabli5hmentCo5t5 8ad Debt 437 33.C115 33.045 25. Oeweciation aarEApenses 1691 3.691 3.691 37.S97 37,597 29.584 Management & Administration of the Charity ManagementaOAdminiStratlL￿ Olthea￿•ty 359 32.411 Ac{ountancyFees Legal anl Prolessionalfees 215 3>) 15 3)) 153 835 OtherExpeD5es 31934 4S34 35.829 Tangible Fixed Assets Equipment, Fixture5 and Fittings TaniSble FlxedAssets: EquIw￿nt 21L502 242.457 Costat 31112123 21L502 241467 Oepreciation at 3V12122 Ihwge lor Ihe year Oeprecia¢ion ai 31112123 14.7 207,144 2.143 203.n7 22).851 3.691 225.542 16.255 NetBookValw at31112125 14.710 2,215 IA9Z5 Page 10 Avon Business & Lebsure CIO For the year ended 31st December 2023 Investment Investmerlt 31112123 20IM)O 31112122 20.000 5hoTt teim Investment-loan io. Stock Stock ii. Debtors Deblors Trade Debtors Prepayments 4,687 2,498 7.185 1,625 6,125 12. Cash In Hand and ai Bank Cash In Hand Virgin Bank PIC CurrentAI(ount 1.345 101,968 2,375 1ffi.243 High Interest Account 5hort-term Dep051t Cash In Hand 103.615 108,918 13. Ilabilities.. Amounts falling due within one year Llabilities.. Amoun15fallingdue within ¢)ne year Accrua15 Tax & social security Loan 2.7(Kl 14. Restrfcred Funds Restrfcted FuDd5 Analysi5= Mwemeni IrK¢)rrd ante Uty22 3VIV23 stallord5hire F7 Page 11 Avon Busine55 & Leisure CIO For the year ended 31" December 2023 15. Analysis of Net Assets between Funds Analysisol NelA55etsbetw8eTrFund5.' FlxedAsse Ne1C￿rrent Asseis NetA55et5 ReMrfrtedFund5'. 18.307 18,307 un￿Str￿ted Fund5: Design*ed GEneial Puiwlst 34.887 9J.831 9L.831 126.718 307 145.025 16. Fees for Examination of A¢counts- Independent Exarnnatlon Fees- Fees for the independent examination of attounts 17. Paid Ernployees and Relaieil PartyTransadions: Paid Employees.. Average nutnbei of employees during rhe period Total siaff costs- ￿larIeS and wage5 2 Tiustees were paid for duties a5 employees during the year All employee5 were involved in charitable artiwtes. 36,359 11,813 18. Capital commitmen15: Capital Commitments.. There were no capital comrnitments unprovided f0ratt￿ year end12022 Nill. P3ge 12 Avon Bu5ine55 & Leisure CIO For the year ended 31" Decernber 2023 Appendix I 315t l*cember2023 31st De￿Mber20z2 RESTFUCTED FLINOS Awards4AII.. Granl Expenses Paid Staffscc.. Grant xpenses Paid Advice CentrÈ= Income Expenses Paid Depretiation- Restricted Funds Net Income- Restfitted UNRE5TRICTEDFUNDS Room Hiring Peni received frorn Bar Sundry Intomè &)vernment Grant5 Bank ènd Invesiment Income 6L161 1714 1825 7.850 li( 1435 Own Classes.. Banbinos Partent & ToddlÈTGroup DogAEility Income 1626 2.148 1,626 18611 2.148 1437 Own Classes Expenses paid 1,711 Net Incomtr- Unrtrstiirted YOTAINEfiNCOME 6&136 6Q136 F4042 68,042 LESS EXPENSES= Wages and National Insuran Rates & Water Use of Home as Office Heating & Li8htin8 Telephone Insuran 3&359 3.897 32,411 4.078 624 3.797 11.631 2.435 2.142 Repairs & Renewals Printing Postage Stationery & Advertising Cleaning Perfofrning Righis & ￿CenCeS Bad Debt AciountancyChar8Ès Legal & Professional Charges Sundry Trade Expense5 Oepreciaiion 215 153 2,248 1018 3.691 3.191 3,691 7&271 64.976 EXCESS INCOME OVEREXPENDITURE 141351