Draft Financial Statements at 07 October 2021 at 08:09:18
Charity Registration No. 1118242
Company Registration No. 5626767 (England and Wales)
GREETS GREEN COMMUNITY ENTERPRISES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | F Bibi |
|---|---|
| W Lyn | |
| A Hussain | |
| A Khan | |
| R Mal-Rushforth | |
| Secretary | W Brookfield |
| Charity number | 1118242 |
| Company number | 5626767 |
| Principal address | 157Wood Lane |
| West Bromwich | |
| West Midlands | |
| B70 9PT | |
| Registered office | 157Wood Lane |
| West Bromwich | |
| West Midlands | |
| B70 9PT | |
| Independent examiner | Bache Brown & Co Limited |
| Swinford House | |
| Albion Street | |
| Brierley Hill | |
| West Midlands | |
| DY53EE |
Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
CONTENTS
| See | |
|---|---|
| Page | |
| Trustees report | 4 oH |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 1 |
| Notestothefinancialstatements | 8-17 |
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Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "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 (FRS 102) (effective 1 January 2019)".
Objectives and activities
The provision of recreational facilities for the Greets Green Area of the Metropolitan Borough of Sandwell.
The facilities will be provided for the public at large or those who by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances, have need of such facilities.
Other objectives:
The protection or conservation of the environment.
The provision of public health facilities and childcare.
The promotion of public safety and prevention of crime.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Our main activities and who we try to help are described within our objectives and activities [above].
All our charitable activities focus on the provision of support and facilities for local people.
Wood Lane Community Centre
The Wood Lane Community Centre is at the heart of our community facing work and is a facility that is truly run by the community - for the community.
Local people come into the Wood Lane Community Centre for a variety of reasons for example; children and young people attending nursery and holiday play schemes, families attending social events, NHS patients attending information and support seminars, people attending meetings or training courses and children and adults taking part in structured activities to increase their confidence or fitness or to learn new skills.
Happy Days Nursery
In April 2016 we launched our new, dedicated childcare service, 'Happy Days Nursery’. Located within a self contained facility within the community centre and with a capacity of 20 places, the nursery (Ofsted rated, 'Good' - with ‘several outstanding features’), provides high quality care and early learning for pre-school age children from local families. Since its launch, the nursery has continued to grow its reputation as an excellent, community based setting - popular with children and parents alike.
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Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
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Community action and the support of our volunteers
In previous years, GGCE benefited significantly from the support and dedication of the time of people willing to give up their time on a voluntary basis. This included staff who whilst employed gave many hours of additional time and worked flexibly to help support a number of activities and events within the community centre. 2020/21 presented a much different environment with significant periods of lockdown resulting in the services and community centre closed to the community. This impacted on the staff and potential volunteers. We hope that in 2021/22 we will see the return of the volunteers and the valuable work they bring to the charity.
Through the challenging time of the Covid 19 pandemic we have found new ways to work, to maintain Board communication and meetings and ensure that at every point possible we were able to open up allowable services whilst maintaining a Covid safe environment. The level of commitment and support from the staff and volunteer Board members is a major factor in contributing towards the success of Wood Lane Community Centre over what has been a most challenging year.
Over the year we still managed to meet new members of the local community through the small range of allowable activities and our aim is to build on this and rebuild our services and community offer in the year ahead. As we reopen and rebuild we hope to see the continued support from the community in the years ahead and ensure that residents of Greets Green and Lyng are central to everything we do.
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Draft Financial Statements at 07 October 2021 at 08:09:18
GREETS GREEN COMMUNITY ENTERPRISES
TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Strategic development:
Having launched our three-year strategy in January 2017 GGCE has continued to grow the income base of the charity through a more focussed approach to service development and delivery. The Board of Trustees continuously review the strategic development of the organisation and the progress towards aims and aspirations of the strategic plan which, primarily, are focused upon strengthening both the organisations financial independence and the service offers we deliver for and to local people.
Importantly, the review has enabled the Trustees to refresh the vision and mission of the charity as follows:
Our Vision is:
To improve the quality of life for the local community.
Our Mission is:
To work in partnership to make a positive impact on the lives of local people.
It also gave the Trustees the opportunity to re-define and set out the core values and principles of the charity. These have been agreed as being:
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To be accountable to and representative of the local community
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To act commercially and with entrepreneurial flair
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To be creative and innovative in all that we do
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- To operate in a sustainable way - To value our staff, trainees and volunteers and,
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To work to ‘improve the quality of life for the local community’
Finally, the strategic review resulted in the following strategic priorities being agreed going forward. These are:
- To develop community led projects and services based on an understanding of local needs and aspirations _ - To be financially self-sustaining through the development of physical assets and social enterprise - To develop and manage the organisation effectively
Our aspiration is to build upon our existing strengths and to develop new opportunities for growth and reach in the support we provide for local people and, in doing so to secure the long term financial stability and sustainability of GGCE and the Wood Lane Community Centre.
During 2018/19, the Board of Trustees took the decision to bring the management of our commercial premises in house, taking over from the previously contracted external management agency. The aim of this major undertaking was realised to ensure that all elements were being managed to a high standard, to reduce expenditure and agency fees and to be then able to offer the tenants an improved customer service and better value for money. During the year major investment on the fencing at Great Bridge Business Park was undertaken, offering greater security for all tenants on this site.
Financial review
During the year the charity's net funds increased by £67,866.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to six month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Investment Policy
Aside from retaining a prudent amount in reserves each year most of the charity's funds are to be spent in the short term so there are few funds for long term investment.
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Draft Financial Statements at 07 October 2021 at 08:09:18
GREETS GREEN COMMUNITY ENTERPRISES
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a company limited by guarantee, incorporated on 17 November 2005 and registered as a charity on 22 January 2007. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
F Bibi
M Evans
(Resigned 3 November 2020)
W Lyn A Hussain A Khan R Mal-Rushforth
The trustees shall be appointed or re-appointed by the members in general meetings following a nomination process determined by the trustees to ensure that the trustees as a group possess the range of skills, experience and competencies required to govern the charity. The trustees will also reflect the people the charity works with and seeks to benefit.
Every trustee after appointment must reaffirm their willingness to act as a charity trustee of the charity before he or she may vote at any meeting of the trustees.
All trustees give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in note 10 to the accounts.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Greets Green Community Enterprises has a management committee which is made up of the trustees as well as the Chief Executive.
The trustees report was approved by the Board of Trustees.
F Bibi Trustee OF:| (Clopeeeerer eerrererrrrertrtT
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Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
:
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GREETS GREEN COMMUNITY ENTERPRISES
| report to the trustees on my examination of the financial statements of Greets Green Community Enterprises (the charity) for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of , which is one of the listed bodies.
| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act: or
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2 _ the financial statements do not accord with those records; or 3 the financial statements 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
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. as part of an independent examination; or 4 _ the financial statements 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).
| 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 financial statements to be reached.
Bache Brown & Co Limited
Swinford House Albion Street Brierley Hill West Midlands DY5 3EE
DAC cnecnmmaveniwann
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Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | ||
| Notes | £ | £ | £ | £ | £ | £ | |
| Income and endowments from: | |||||||
| Donations and legacies | 3 | - | 6,556 | 6,556 | - | 13,728 | 13,728 |
| Charitable activities | 4 | 134,764 | - | 134,764 | 139,710 | - | 139,710 |
| Investments | 5 | 33, 132 | - | 33,132 | 50,317 | - | 50,317 |
| Otherincome | 6 | 131,662 | - | 131,662 | 71,619 | - | 71,619 |
| Total income | 299,558 | 6,556 | 306,114 | 261,646 | 13,728 | 215,374 | |
| Expenditure on: | |||||||
| Charitable activities | |||||||
| Community centre | 7 | 223,800 | 14,448 | 238,248 | 233;755 | 22,474 | 256,229 |
| Total charitable expenditure | 223,800 | 14,448 | 238,248 | 233,755 | 22,474 | 256,229 | |
| Net income/(expenditure) | |||||||
| forthe year/ | |||||||
| Net movement in funds | 75,758 | (7,892) | 67,866 | 27,891 | (8,746) | 19,145 | |
| Fund balances at 1 | |||||||
| April 2020 | 184,714 | 378,747 | 563,461 | 156,823 | 387,493 | 544,316 | |
| Fund balances at 31 | |||||||
| March2021 | 260,472 | 370,855 | 631,327 | 184,714 | 378,747 | 563,461 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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Draft Financial Statements at 07 October 2021 at 08:09:18
GREETS GREEN COMMUNITY ENTERPRISES
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2021
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Tangible assets | 12 | 377,466 | 391,551 | ||||
| Investments | 13 | 1 | 1 | ||||
| 377,467 | 391,552 | ||||||
| Current assets | |||||||
| Debtors | 14 | 57,979 | 4,546 | ||||
| Cash at bank and in hand | 246,959 | 226,706 | |||||
| 304,938 | 231,252 | ||||||
| Creditors: amounts falling due within | |||||||
| one year | 15 | (51,078) | (59,343) | ||||
| Net current assets | 253,860 | 171,909 | |||||
| Total assets less current liabilities | 631,327 | 563,461 | |||||
| Income funds | |||||||
| Restricted funds | 17 | 370,855 | 378,747 | ||||
| Unrestricted funds | 260,472 | 184,714 | |||||
| 631,327 | 563,461 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2021.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees ON ..........ceeeeeeeeeeees
F Bibi Trustee
Company Registration No. 5626767
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Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
- 1 Accounting policies
Charity information
Greets Green Community Enterprises is a private company limited by guarantee incorporated in England and Wales. The registered office is 157 Wood Lane, West Bromwich, West Midlands, B70 9PT.
- 1.1 Accounting convention
The accounts have been prepared in accordance with the charity's Articles of Assoication, the Companies Act 2006 and “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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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1.2 Going concern
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At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
- 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
-§'-
Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
- 1 Accounting policies
(Continued)
- 1.5 Expenditure Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include costs linked to the strategic management of the charity.
Costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
1.6 Tangible fixed assets
- Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings 2% straight line basis; Plant and machinery 15% reducing balance basis; Fixtures, fittings & equipment 15% reducing balance basis.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
- 1.7. Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8 Impairment of fixed assets
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At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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1.9. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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i Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
- 1 Accounting policies
(Continued)
- 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
- The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
,
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
3 Donations and legacies
| Restricted | Restricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Grants receivable for core activities | 6,556 | 13,728 | |
| 4 | Charitable activities | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Community activities | 134,764 | 139,710 | |
| 5 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Rental income | 33,058 | 50,032 | |
| Interest receivable | 74 | 285 | |
| 33.132 | 50,317 |
| 6 | Other income | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Gift Aid | 68,870 | 71,619 | |
| Other Income | 62,792 | - | |
| 131,662 | 71,619 |
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Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
8 Support costs
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
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7 Charitable activities
| Community | Community | |
|---|---|---|
| centre | centre | |
| 2021 | 2020 | |
| £ | £ | |
| Staffcosts | 172,310 | 167,851 |
| Depreciation and impairment | 15,490 | 15,467 |
| Activities undertaken directly | 5,320 | 13,359 |
| 193,120 | 196,677 | |
| Share ofsupportcosts (see note 8) | 39,544 | 54,847 |
| Share ofgovernance costs (see note 8) | 5,584 | 4,705 |
| 238,248 | 256,229 | |
| Analysis by fund | ||
| Unrestricted funds | 223,800 | 233,755 |
| Restricted funds | 14,448 | 22,474 |
| 238,248 | 256,229 |
| Support costs | ||||||
|---|---|---|---|---|---|---|
| Support | Governance | 2021 | Support | Governance | 2020 | |
| costs | costs | costs | costs | |||
| £ | £ | £ | ai | £ | £ | |
| Rates | 2,750 | - | 2,750 | 1,565 | - | 1,565 |
| Insurance | 5,502 | - | 5,502 | 5,307 | - | 5,307 |
| Heat and light Repairs |
13,189 5,737 |
- - |
13,189 5,137 |
15,703 8,469 |
- - |
15,703 8,469 |
| Cleaning Travel |
1,836 100 |
- - |
1,836 100 |
2,362 321 |
- - |
2,362 321 |
| Stationery& telephone Consultancy |
4,819 4,475 |
- - |
4,819 4,475 |
5,548 11,950 |
- - |
5,548 11,950 |
| Computer running costs | 1,436 | - | 1,136 | 3,622 | - | 3,622 |
| Audit &accountancy | - | 5,400 | 5,400 | - | 4,470 | 4,470 |
| Bank charges | - | 184 | 184 | - | 235 | 235 |
| 39,544 | 5,584 | 45,128 | 54,847 | 4,705 | 59,552 | |
| Analysed between | ||||||
| Charitableactivities | 39,544 | 5,584 | 45,128 | 54,847 | 4,705 | 59,552 |
Governance costs includes payments to the independent examiner of £4,470 (2020- £4,590) for fees.
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Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
Number of employees
The average monthly number of employees during the year was:
| Number of employeesemployees The average monthly number of employeesemployees during the |
year was: | |
|---|---|---|
| 2021 | 2020 | |
| Number | Number | |
| Chief executive | 1 | 1 |
| Administration and support | 1 | 1 |
| Childcare | 8 | 9 |
| Cleaning | 1 | 1 |
| 11 | 12 | |
| Employment costs | 2021 | 2020 |
| £ | £ | |
| Wagesandsalaries | 172,310 | 167,851 |
There were no employees whose annual remuneration was £60,000 or more.
- Taxation
As a charity, Greets Green Community Enterprises is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.
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Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
12 Tangible fixed assets
| Tangible fixed assets | ||||
|---|---|---|---|---|
| Land and buildings |
Plant and machinery |
Fixtures, fittings & |
Total | |
| equipment | ||||
| £ | & | £ | £ | |
| Cost | ||||
| At 1 April 2020 | 442,660 | 14,450 | 75,543 | 532,653 |
| Additions | - | - | 1,404 | 1,404 |
| At 31 March 2021 | 442,660 | 14,450 | 76,947 | 534,057 |
| Depreciation and impairment | ||||
| At 1 April 2020 | 95,469 | 11,894 | 33,738 | 141,101 |
| Depreciation charged in the year | 8,853 | 383 | 6,254 | 15,490 |
| At 31 March 2021 | 104,322 | 12,277 | 39,992 | 156,591 |
| Carrying amount | ||||
| At 31 March 2021 | 338,338 | 2173 | 36,955 | 377,466 |
| At31March2020 | 347,191 | 2,556 | 41,804 | 391,551 |
13 Fixed asset investments
| Other | |||
|---|---|---|---|
| investments | |||
| Cost or valuation | |||
| At 1 April 2020 & 31 March 2021 | |||
| Carrying amount | |||
| At 31 March 2021 | 1 | ||
| At 31 March 2020 | 1 | ||
| 2021 | 2020 | ||
| Other investments comprise: | Notes | £ | £ |
| Investmentsinsubsidiaries | 20 | 1 | 1 |
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Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
14 Debtors
| 14 | Debtors | |||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Amounts falling due within one year: | £ | £ | ||
| Trade debtors | 1,476 | S712 | ||
| Amounts owed by subsidiary undertakings | 54,427 | - | ||
| Prepayments and accrued income | 2,076 | 774 | ||
| 57,979 | 4,546 | |||
| 15 | Creditors: amounts falling due within one year | |||
| 2021 | 2020 | |||
| Notes | £ | £ | ||
| Othertaxation and social security | 4,020 | 2,203 | ||
| Government grants | 16 | 38,262 | 25,837 | |
| Trade creditors | 3,729 | 2,151 | ||
| Amounts owed to subsidiary undertakings | - | 22,173 | ||
| Other creditors | 60 | 481 | ||
| Accruals and deferred income | 5,007 | 6,498 | ||
| 51,078 | 59,343 | |||
| 16 | Government grants | |||
| Deferred income is included in the financial statements as follows: | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Arising from government grants | 38,262 | 25,837 | ||
| 38,262 | 25,837 |
16 Government grants
-15-
Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
17 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement | Movement | in funds | Movement | in funds | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance | at | Incoming | Resources | Balance at | |||
| 1 April 2019 | resources | expended | 1 April 2020 | resources | expended 31 March 2021 | |||||
| £ | £ | £ | £ | £ | z | £ | ||||
| Community | ||||||||||
| Centre and | ||||||||||
| Community | ||||||||||
| Development | 49,022 | 8,650 | (8,650) | 49,022 | 1,400 | (1,400) | 49,022 | |||
| Wood Lane | ||||||||||
| Community | ||||||||||
| Centre | 256,201 | - | (6,300) | 249,901 | - | (6,300) | 243,601 | |||
| Wood Lane | ||||||||||
| Community | ||||||||||
| Centre | ||||||||||
| Impovements | 78,165 | - | (1,964) | 76,201 | - | (1,964) | 74,237 | |||
| Other | ||||||||||
| Equipment | 4,105 | 4,302 | (4,784) | 3,623 | 4,439 | (4,067) | 3,995 | |||
| 387,493 | 12,952 | (21,698) | 378,747 | 5,839 | (18,731) | 370,855 | ||||
| 18 | Analysis of net assets between funds | |||||||||
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |||||
| funds | funds | funds | funds | |||||||
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | |||||
| £ | = | E | £ | £ | £ | |||||
| Fund balances at 31 | ||||||||||
| March 2021 are | ||||||||||
| represented by: | ||||||||||
| Tangible assets | 35,388 | 342,128 | 377,466 | 37,093 | 354,458 | 391,551 | ||||
| Investments | - | 1 | 1 | - | 1 | 1 | ||||
| Current assets/ | ||||||||||
| (liabilities) | 225,084 | 28,726 | 253,860 | 147,621 | 24,288 | 171,909 | ||||
| 260,472 | 370,855 | 631,327 | 184,714 | 378,747 | 563,461 |
19 Related party transactions
Remuneration of key management personnel The remuneration of key management personnel is as follows.
Aggregate compensation
| 2021 | 2020 |
|---|---|
| £ | £ |
| 36,000 | 36,000 |
-16-
Draft Financial Statements at 07 October 2021 at 08:09:18 GREETS GREEN COMMUNITY ENTERPRISES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
20 Subsidiaries
Details of the charity's subsidiaries at 31 March 2021 are as follows:
| Name of undertaking | Registered | Nature of business | Class of | % Held |
|---|---|---|---|---|
| office | shares held | Direct Indirect | ||
| Greets Green Community | England | Property rental | Ordinary | 100.00 |
| Enterprises (Development) | ||||
| Limited |
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Draft Financial Statements at 26 October 2021 at 09:26:17
Company Registration No. 06150141 (England and Wales)
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Draft Financial Statements at 26 October 2021 at 09:26:17
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
COMPANY INFORMATION
| Directors | F Bibi |
|---|---|
| W Lyn | |
| A Hussain | |
| R Mal-Rushforth | |
| A Khan | |
| Secretary | S Bartleet Cross |
| Company number | 06150141 |
| Registered office | 157 Wood Lane |
| West Bromwich | |
| West Midlands | |
| B70 9PT | |
| Accountants | Bache Brown & Co Limited |
| Swinford House | |
| Albion Street | |
| Brierley Hill | |
| West Midlands | |
| DY5 3EE | |
| Business address | 157 Wood Lane |
| West Bromwich | |
| West Midlands | |
| B70 9PT | |
| Bankers | HSBC Bank PLC |
| 328 High Street | |
| West Bromwich | |
| West Midlands | |
| B708DJ |
Draft Financial Statements at 26 October 2021 at 09:26:17 GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
CONTENTS
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Page|
|Directors’|report|1|
|Accountants’|report|2|
|Income|statement|3|
|Statement|of|financial|position|4|
|Statement|of changes|in|equity|3]|
----- End of picture text -----
Notes to the financial statements 6-9
Draft Financial Statements at 26 October 2021 at 09:26:17
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The directors present their annual report and financial statements for the year ended 31 March 2021.
Principal activities
The principal activity of the company continued to be that of providing property for rental in West Bromwich with the profits gift aided to the registered charity.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
F Bibi
W Lyn M Evans (Resigned 3 November 2020)
A Hussain
R Mal-Rushforth
A Khan
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
F Bibi
Director
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Draft Financial Statements at 26 October 2021 at 09:26:17
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Greets Green Community Enterprises (Developments) Ltd for the year ended 31 March 2021 set out on pages 3 to 9 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/ rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Greets Green Community Enterprises (Developments) Ltd, as a body, in accordance with the terms of our engagement letter dated 19 August 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Greets Green Community Enterprises (Developments) Ltd and state those matters that we have agreed to state to the Board of Directors of Greets Green Community Enterprises (Developments) Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Greets Green Community Enterprises (Developments) Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Greets Green Community Enterprises (Developments) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Greets Green Community Enterprises (Developments) Ltd. You consider that Greets Green Community Enterprises (Developments) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Greets Green Community Enterprises (Developments) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. :
Bache Brown & Co Limited
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Chartered Certified Accountants
Swinford House Albion Street Brierley Hill West Midlands DY5 3EE
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Draft Financial Statements at 26 October 2021 at 09:26:17
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2021
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Turnover|118,303|107,214|
|Administrative|expenses|(34,320)|(38,363)|
|Operating|profit|"93,983|68,851|
|Interest|receivable|and|similar|income|6|19|
|Profit before taxation|“83,989|“68,870|
|Tax|on|profit|rl|.|
|Profit for the financial year|"93,989|"68,870|
----- End of picture text -----
=
Draft Financial Statements at 26 October 2021 at 09:26:17
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | z | £ | |
| Fixed assets | |||||
| Investment properties | 2 | 1,209,700 | 1,194,489 | ||
| Current assets | |||||
| Debtors | 3 | 21,303 | 42,362 | ||
| Cash at bank and in hand | 151;555 | 78,538 | |||
| 172,858 | 120,900 | ||||
| Creditors: amounts falling due within | |||||
| one year | 4 | (1,298,568) | (1,246,518) | ||
| Net current liabilities | (1,125,710) | (1,125,618) | |||
| Total assets less current liabilities | 83,990 | 68,871 | |||
| Capital and reserves | |||||
| Called up share capital | 1 | 1 | |||
| Profit and loss reserves | 83,989 | 68,870 | |||
| Totalequity | 83,990 | 68,871 |
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for isSue ON .........cceeeeeeees and are signed on its behalf by:
F Bibi Director
Company Registration No. 06150141
-4-
Draft Financial Statements at 26 October 2021 at 09:26:17
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
| Share | Profit and | Total | ||
|---|---|---|---|---|
| capital | loss | |||
| reserves | ||||
| Notes | £ | £ | £ | |
| Balance at 1 April 2019 | 1 | 71,619 | 71,620 | |
| Year ended 31 March 2020: | ||||
| Profit and total comprehensive income forthe year | - | 68,870 | 68,870 | |
| Distributions to parent charity under gift aid | - | (71,619) | (71,619) | |
| Balance at 31 March 2020 | 1 | 68,870 | 68,871 | |
| Year ended 31 March 2021: | ||||
| Profit and total comprehensive income forthe year | - | 83,989 | 83,989 | |
| Distributions to parent charity under gift aid | - | (68,870) | (68,870) | |
| Balanceat31March2021 | 1 | 83,989 | 83,990 |
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Draft Financial Statements at 26 October 2021 at 09:26:17
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 1 Accounting policies
Company information
Greets Green Community Enterprises (Developments) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 157 Wood Lane, West Bromwich, West Midlands, B70 9PT.
1.1 Accounting convention These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to showa true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Turnover Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
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Draft Financial Statements at 26 October 2021 at 09:26:17 GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
1.4 Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5 Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6 Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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Draft Financial Statements at 26 October 2021 at 09:26:17
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
- 1 Accounting policies
(Continued)
- 1.7 Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Agrant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2 Investment property
| Investment property | |
|---|---|
| 2021 | |
| £ | |
| Fair value | |
| At 1 April 2020 | 1,194,489 |
| Additions | 15,211 |
| At31March2021 | 1,209,700 |
The investment property consists of several business industrial units and is included in the accounts at cost which the directors consider to be a close approximation of the market value.
| 3 | Debtors | |||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Amounts falling due within one year: | £ | £ | ||
| Trade debtors | 21,303 | 20,189 | ||
| Amounts owed by group undertakings | - | 224143 | ||
| 21,303 | 42,362 | |||
| 4 | Creditors: amounts falling due within one year | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Trade creditors | 3,068 | 1,482 | ||
| Amounts owed to group undertakings | 54,427 | - | ||
| Taxation and social security | 4,737 | 5,123 | ||
| Deferred income | 5 | 1,220,704 | 1,220,704 | |
| Other creditors | 12,640 | 16,256 | ||
| Accruals and deferred income | 2,992 | 2,953 | ||
| 1,298,568 | 1,246,518 |
4
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Draft Financial Statements at 26 October 2021 at 09:26:17
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
| 5 | Deferred income | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Arising from government grants | 1,200,753 | 1,200,753 | |
| Other deferred income | 19,951 | 19,951 | |
| 1,220,704 | 1,220,704 |
Government grants have been issued against purchasing of investment property and are matched with the same accounting treatment in the financial statements.
Gis
Draft Financial Statements at 26 October 2021 at 09:26:17
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2021
Draft Financial Statements at 26 October 2021 at 09:26:17
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Turnover | ||||
| Rent receivable | 118,303 | 107,214 | ||
| Administrative expenses | (34,320) | (38,363) | ||
| Operating profit | 83,983 | 68,851 | ||
| Investment revenues | ||||
| Bank interest received | 6 | 19 | ||
| 6 | 19 | |||
| Profitbeforetaxation | 83,989 | 68,870 |
Draft Financial Statements at 26 October 2021 at 09:26:17
GREETS GREEN COMMUNITY ENTERPRISES (DEVELOPMENTS) LTD
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Administrative expenses | ||
| Rates | 2,070 | 4,870 |
| Power, light and heat | 13,095 | 13,479 |
| Repairs and maintenance | 2,446 | 2,808 |
| Insurance | 3,983 | 3,923 |
| Legal and professional fees | - | 4,346 |
| Consultancy | 6,750 | 7,320 |
| Accountancy | 1,313 | 1,300 |
| Bank charges | 130 | 134 |
| Bad and doubtful debts | 4,533 | 181 |
| Telephone and postage | - | 2 |
| 34,320 | 38,363 |