THORNBURY COMMUNITY BUILDING TRUST (TCBT) FINANCIAL STATEMENTS
31 MARCH 2024
Charity Registration Number 1118127 Company Registration Number 05773927
THORNBURY COMMUNITY BUILDING TRUST (TCBT)
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
| CONTENTS | |
|---|---|
| Pages | |
| Reference and administrative information | 1 |
| Trustees’ annual report | 2 – 5 |
| Independent Examiner’s report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes forming part of the financial statements | 9 – 14 |
THORNBURY COMMUNITY BUILDING TRUST (TCBT)
REFERENCE AND ADMINISTRATIVE INFORMATION
YEAR ENDED 31 MARCH 2024
The members present their annual report and the financial statements for the year ended 31 March 2024.
Reference and Administration
Company Name Thornbury Community Building Trust (TCBT) Registered charity number 1118127 Registered company number 05773927
Registered Office Address
Thornbury Community Building Trust, Turnberries, Bath Road, Thornbury, South Gloucestershire, England, BS35 2BB
Independent Examiner
Joshua Kingston BSc. ACA Burton Sweet Limited The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol BS48 1UR
Trustees
The Trustees of the charitable company are its directors for the purpose of company law. The Trustees serving during the period to the date of signing this report are as follows:
I Robinson G Jarvis R Sheppard (resigned 1 February 2024) E M Grindey
Company secretary
E M Grindey
1 | T C B T
THORNBURY COMMUNITY BUILDING TRUST (TCBT)
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 MARCH 2024
OBJECTIVES AND ACTIVITIES
Objectives and Aims
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To promote for the inhabitants of Thornbury and the surrounding area ( hereinafter called the area of benefit ) the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social or economic circumstances or for the public at large in the interest of social welfare and the object of advancing education and improving the condition of life of the said inhabitants.
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To maintain and manage, or to co-operate with any local statutory authority in the maintenance and management of a community building (hereinafter called the Centre) for activities promoted by the Thornbury Community Building Trust and its constituent bodies in furtherance of the above objects.
The charity fulfils these objectives by accepting the lease from South Gloucestershire Council of the building known as Turnberries and running the building for the benefit of the people of Thornbury and the surrounding area. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives. All our charitable activities are undertaken to further our charitable purposes for the public benefit.
ACHIEVEMENTS AND PERFORMANCE
Charitable Activities
We would like to thank fellow TCBT staff for all the work undertaken to ensure the continued recovery back to pre- pandemic levels of activity. All have continued to ensure that when available Turnberries is used for the educational and recreational benefit of all groups in the community and wider area.
Having ceased to operate a Day Centre providing services for adults with learning difficulties in Turnberries, South Gloucestershire Council (SGC) have continued to lease that part of the building previously occupied by the Day Centre, but allowing TCBT to hire the rooms to community groups, pending a decision on if and when the library may relocate to Turnberries. During this accounting period SGC gave notice to terminate the lease having finally after several years taken the decision not to relocate the library.
The Future Turnberries Project board initiated in 2021 involving TCBT, South Glos Council and the Armstrong Hall Trust (AHT) involving a collaborative approach to the future use of the whole Turnberries site (existing building and adjacent land where the land at the side of TCBT could become the home of a new Armstrong Hall providing “performance” space” facilities, continued to meet on an ad-hoc basis.
This would ensure both the future sustainability of the site and address wider stakeholder concerns regarding the level and type of community facilities available in Thornbury. However, due to the continued lack of any decision by the AHT on the future of the Armstrong Hall a transition plan was developed with the help of a consultant for Turnberries alone and submitted to the council but no feedback was received by Turnberries.
2 | T C B T
THORNBURY COMMUNITY BUILDING TRUST (TCBT)
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 MARCH 2024
Some youth service provision continues to be provided by Krunch who are currently South Gloucestershire’s preferred supplier for this service.
Throughout the year some special one- off evening events were held eg: October Fest, Séance Nite and Drag Nite. All events were well attended by the people of Thornbury and further ideas are being worked on for the coming year.
Alongside the normal range of community groups using the centre there has been an increasing focus on various aspects of adult fitness, mother and baby/toddler groups and organisations using the centre for training purposes or health care assessment.
FINANCIAL REVIEW
The rental income during the year was £168,191 (2023: £158,676).
The Trust has increased the sinking fund provision in line with the agreed policy set by South Gloucestershire Council.
Provision has been made in the accounts for any expected expenses not received during the year.
Reserves Policy
The charity has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ("the free reserves") held by the charity should equate to approximately six months operation costs, around £80,000 in general funds. At this level the trustees feel that it would be able to continue the current activities of the charity in the event of a significant drop in funding or to sustain through a bad trading period or uncertainty caused from a worldwide event.
The free reserves held by the charitable company at the year-end amounted to £252,024 (2023: £228,399). Our reserves have been increasing in preparation for when SGC stop paying for the ‘ Adult Services Area ‘ lease. This forms a marked percentage of the centres turnover and could take two to three years to build up sufficient revenue to replace it. The increase in reserves will allow the centre to continue normally for this period.
FUTURE DEVELOPMENTS
To increase the use of the facilities by increasing advertising to the public and the local business community.
To increase the level of investment in equipment thus enhancing the available facilities.
To invest in staff development.
To continue to try and recruit some additional trustees from the local community.
3 | T C B T
THORNBURY COMMUNITY BUILDING TRUST (TCBT)
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The charity is governed by its memorandum and articles of association, constitutes a company limited by guarantee and is registered as a charity with the Charity Commission. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £10 each.
Trustees
The Board shall comprise of between four and nine elected Trustees. We note that we currently have three trustees but are doing everything that we can to recruit new trustees. New Trustees are elected individually at the Annual General Meeting. Trustees may co-opt any person to the Board during the year until the next AGM. The Trustees must hold at least 6 meetings a year.
4 | T C B T
THORNBURY COMMUNITY BUILDING TRUST (TCBT)
TRUSTEES’ ANNUAL REPORT
YEAR ENDED 31 MARCH 2024
RESPONSIBILITIES OF THE TRUSTEES
The trustees (who are also directors of Thornbury Community Building Trust for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Registered office:
Signed by order of the Trustees:
Thornbury Community Building Trust Turnberries Bath Road lau Thornbury South Gloucestershire Ian Robinson BS35 2BB Trustee
Nov 29 2024
Approved by the Trustees on ………………………...
5 | T C B T
THORNBURY COMMUNITY BUILDING TRUST (TCBT)
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
YEAR ENDED 31 MARCH 2024
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Joshua Kingston BSc. ACA Burton Sweet Limited Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Nov 29 2024
Date: …………………..……..
6 | T C B T
THORNBURY COMMUNITY BUILDING TRUST (TCBT)
STATEMENT OF FINANCIAL ACTIVITIES (Including income and expenditure account) YEAR ENDED 31 MARCH 2024
| Note Income from: Charitable activities 2 Investments Total income Expenditure on: Charitable activities 3 Total expenditure Net income/(expenditure) and net movement in funds 4 Total funds at start of year 9 Total funds at end of year 9 |
Total Funds 2024 £ 168,191 2,452 170,643 143,927 143,927 26,716 237,298 264,014 |
Total Funds 2023 £ 158,676 676 159,352 157,295 157,295 2,057 235,241 237,298 |
|---|---|---|
All movements in the current and prior year were represented by unrestricted funds.
The Charity has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the charity are classed as continuing.
The notes on pages 9 to 14 form part of these financial statements
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THORNBURY COMMUNITY BUILDING TRUST (TCBT)
BALANCE SHEET
AS AT 31 MARCH 2024
Company number: 05773927
| Note Fixed assets Tangible fixed assets 6 Current assets Debtors 7 Stock Cash at bank |
2024 2023 £ £ 1,363 1,772 5,617 2,666 595 - 267,733 248,790 |
|---|---|
| Liabilities 8 Creditors : amounts falling due within one year |
273,945 251,456 (11,294) (15,930) |
| Net Assets | 264,014 237,298 |
| FUNDS Unrestricted funds General funds 10 Designated funds 10 |
252,024 228,399 11,990 8,899 |
| Total funds | 264,014 237,298 |
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.
Director's responsibilities;
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006,
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.
Nov 29 2024
These financial statements were approved by the Trustees on ............................ and are signed on their behalf by:
Ian Robinson Trustee
The notes on pages 9 to 14 form part of these financial statements
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THORNBURY COMMUNITY BUILDING TRUST (TCBT)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1 Accounting policies
(a) Accounting convention
The financial statements have been prepared in accordance with the historical cost convention (except where otherwise stated in the accounting policy note) and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Companies Act 2006.
The charity is a Public Benefit Entity as defined under FRS 102.
There are no material uncertainties about the charity’s ability to continue as a going concern, despite the significant uncertainty being caused by the national cost of living crisis. Whilst the Trustees expect there to be a significant impact on the charity’s operations and reserves in the coming months and years, the charity has sufficient reserves to be able to meet these challenges.
(b) Income
Income is recognised and included in the accounts when the charity becomes entitled to the funds, performance conditions attached to the income have been met, receipt of the income is considered probable, and the amount can be measured reliably. In the prior year, income has been restated to better reflect the income sources.
(c) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party. It is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that activity inclusive of VAT. Support costs and where costs cannot be directly attributed have been allocated to charitable activities. Governance costs are those incurred in compliance with constitutional and statutory requirements, are included within support costs and allocated as described above.
(d) Tangible fixed assets
Fixed assets are held at cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures & fittings - 33% on cost; Plant & Machinery - 33% on cost;
(e) Taxation
The company is a registered charity and it is considered that there is no liability to corporation tax.
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THORNBURY COMMUNITY BUILDING TRUST (TCBT)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1 Accounting policies (continued)
(f) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts due.
(g) Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Donated items are not valued in stock and recognised in income only when sold.
(h) Cash at Bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(i) Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
(j) Fund accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.
Restricted funds may only be applied for particular purposes within the objects, as specified by donors of that fund.
Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees. The purpose and likely timing of the use of each designated fund is set out in note 10 to the financial statements.
(k) Pension costs and other post-retirement benefits
The Charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
10
THORNBURY COMMUNITY BUILDING TRUST (TCBT)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
2 Income from: Charitable activities
| Community usage hires South Glos ADS Funding 3 Expenditure on: Charitable activities Wages Pensions Rates and Water Insurance Bar Supplies Light and heat Telephone Postage and stationary Advertising Premises costs Security Bank Charges Depreciation Governance costs Independent examiner's fee Accountancy and bookkeeping 4 Net income/(expenditure) for the year This is stated after charging: Depreciation Independent examiner's fee |
Total Funds 2024 £ 102,403 65,788 168,191 Total Funds 2024 £ 45,904 520 3,277 8,496 1,452 34,497 1,080 1,154 735 40,800 1,236 463 889 2,262 1,162 143,927 2024 £ 889 2,262 |
Total Funds 2023 £ 83,231 75,445 158,676 Total Funds 2023 £ 43,625 460 2,981 7,903 3,054 21,046 1,740 2,155 842 67,476 1,358 424 1,047 2,112 1,072 157,295 2023 £ 1,047 2,112 |
|---|---|---|
There were no trustees' remuneration, other benefits, or trustees' expenses paid for the year ended 31 March 2024 nor the year ended 31 March 2023.
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THORNBURY COMMUNITY BUILDING TRUST (TCBT)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
5 Staff costs and numbers
| The aggregate payroll costs were: Wages & salaries Pension contributions |
2024 £ 45,904 520 46,424 |
2023 £ 43,625 460 44,085 |
|---|---|---|
No employee received emoluments of more than £60,000 in 2024 or 2023.
The average monthly number (headcount) of employees in the year was 5 (2023: 5), calculated on the basis of average headcount.
The key management personnel consist of the trustees and the centre manager.
The total employment benefits received by key management personnel including employer national insurance and employer pension were £18,429 (2023: £18,493).
6 Tangible fixed assets
| Cost or valuation At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 1 April 2023 Debtors Due in less than one year: Trade debtors Prepayments |
Fixtures & Fittings £ 10,560 - 10,560 10,560 - 10,560 - - |
Plant & Machinery £ 58,479 480 58,959 56,707 889 57,596 1,363 1,772 2024 £ 1,702 3,915 5,617 |
Total £ 69,039 480 69,519 67,267 889 68,156 1,363 1,772 2023 £ 148 2,518 2,666 |
|---|---|---|---|
7 Debtors
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THORNBURY COMMUNITY BUILDING TRUST (TCBT)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
8 Creditors: amounts falling due within one year
| Trade creditors Taxation and social security Accruals and deferred income Other creditors |
2024 £ 4,772 424 3,497 2,601 11,294 |
2023 £ 6,545 344 8,157 884 15,930 |
|---|---|---|
9 Movement in funds
| At 1 Apr 2023 £ Unrestricted funds General funds 228,399 Sinking fund 3,670 TCBT fixed asset reserve 1,772 Dilapidations reserve 3,457 Total unrestricted funds 237,298 Total funds 237,298 At 1 Apr Prior year comparative 2022 £ Unrestricted funds General funds 207,892 Sinking fund 23,499 TCBT fixed asset reserve 393 Dilapidations reserve 3,457 Total unrestricted funds 235,241 Total funds 235,241 |
Income £ 170,643 - - - 170,643 170,643 Income £ 159,352 - - - 159,352 159,352 |
Expenditure £ (143,038) - (889) - (143,927) (143,927) Expenditure £ (133,966) (23,329) - - (157,295) (157,295) |
Transfers £ (3,980) 3,500 480 - - - Transfers £ (4,879) 3,500 1,379 - - - |
At 31 Mar 2024 £ 252,024 7,170 1,363 3,457 264,014 264,014 At 31 Mar 2023 £ 228,399 3,670 1,772 3,457 237,298 237,298 |
|---|---|---|---|---|
Designated funds
Sinking fund - On instruction from SGC a provision of £3.5k per year has been set aside in order to build up a sinking fund for the provision of large long term repairs to the building and property. This fund can only be used with the permission of SGC.
TCBT fixed asset reserve - The trustees have created a designated fund at the net book value of assets at the year-end. As at 31 March 2024 this reserve amounted to £1,363 (2023: £1,772).
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THORNBURY COMMUNITY BUILDING TRUST (TCBT)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
9 Movement in funds (continued)
Dilapidations reserve - These funds have been set aside by the charity to undertake repairs.
This leaves General funds showing the free reserves of the Charity.
10 Analysis of net assets between funds
| As at 31 March 2024 Tangible fixed assets Other net assets As at 31 March 2023 Tangible fixed assets Other net assets |
Unrestricted Designated Funds £ 1,363 10,627 11,990 Unrestricted Designated Funds £ 1,772 7,127 8,899 |
Unrestricted General Funds £ - 252,024 252,024 Unrestricted General Funds £ - 228,399 228,399 |
Total £ 1,363 262,651 264,014 Total £ 1,772 235,526 237,298 |
|---|---|---|---|
11 Company limited by guarantee
The Company is limited by guarantee and as such has no issued share capital. In the event of the company being wound up the liability of the members is limited £1 each.
12 Related party transactions
There are no transactions with trustees or other related parties other than those disclosed as required by the SORP elsewhere in the financial statements.
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