**Draft Financial Statements at 10 October 2023 at 12:53:28**
**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 2023**
**Draft Financial Statements at 10 October 2023 at 12:53:28 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** 157 Wood Lane West Bromwich West Midlands B70 9PT **Registered office** 157 Wood Lane West Bromwich West Midlands B70 9PT **Independent examiner** Bache Brown & Co Limited Swinford House Albion Street Brierley Hill West Midlands DY5 3EE
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Statement of financial position|7|
|Notes to the financial statements|8 - 17|
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
The trustees present their annual report and financial statements for the year ended 31 March 2023.
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 and Early Years Education setting, ‘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 preschool 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.
- 1 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **Community action and the support of our volunteers**
As in previous years, throughout 2021/2022 GGCE benefited from the support and dedication of the time of the people willing to give their time on a voluntary basis. This included staff who whilst employed gave many hours of additional time to help support a number of activities and events within the community centre.
Over the year we met many new members of the local community through a broad range of interests and activities. 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.
- 2 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **Strategic development:**
Having launched our original strategy in 2017, GGCE has continued to grow the income base of the charity through a more focussed approach to service development and delivery. In 2022 we updated and renewed our strategy to ensure the organisation continues to progress its aims and aspirations of the strategic plan which primarily, are focused upon strengthening both the organisations financial independence and the services offers delivered for and with 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:
- to be accountable to and representative of the local community
- to act commercially and with entrepreneurial flair
- to be creative and innovative in all that we do
- to operate in a sustainable way
- to value our staff, trainees and volunteers and,
- 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 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 tenants on this site.
## **Financial review**
During the year the charity's net funds increased by £26,413.
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 most of the charity’s funds are to be spent in the short term so there are few funds long term in investment.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that the 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.
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**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
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 W Lyn A Hussain A Khan R Mal-Rushforth Mr J S Bagri (Appointed 22 November 2022 and resigned 27 September 2023)
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.
..............................
F Bibi **Trustee**
Date: .............................................
- 4 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF GREETS GREEN COMMUNITY ENTERPRISES**
I report to the trustees on my examination of the financial statements of Greets Green Community Enterprises (the charity) for the year ended 31 March 2023.
## **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, I 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 I 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. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.
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 that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 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 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).
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 financial statements to be reached.
## **Bache Brown & Co Limited**
Swinford House Albion Street Brierley Hill West Midlands DY5 3EE
Dated: .........................
- 5 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and
legacies
**3**
-
19,304
Charitable activities
**4**
135,403
-
Investments
**5**
52,059
-
Other income
**6**
87,723
-
**Total income**
275,185
19,304
**Expenditure on:**
Charitable activities
Community centre
**7**
251,927
16,149
**Total charitable**
**expenditure**
251,927
16,149
Other
**11**
-
-
**Total expenditure**
251,927
16,149
**Net income for the year/**
**Net movement in funds**
23,258
3,155
Fund balances at 1 April
2022
291,435
391,284
**Fund balances at 31**
**March 2023**
314,693
394,439|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2022**
**2022**
**£**
**£**
**£**
19,304
-
82,179
135,403
127,996
-
52,059
44,641
-
87,723
94,685
-
294,489
267,322
82,179
268,076
236,359
60,363
268,076
236,359
60,363
-
-
1,387
268,076
236,359
61,750
26,413
30,963
20,429
682,719
260,472
370,855
709,132
291,435
391,284|**Total**
**2022**
**£**
82,179
127,996
44,641
94,685|
|---|---|---|
|Donations and
legacies
**3**
Charitable activities
**4**
Investments
**5**
Other income
**6**
**Total income**
**Expenditure on:**
Charitable activities
Community centre
**7**
**Total charitable**
**expenditure**
Other
**11**
**Total expenditure**
**Net income for the year/**
**Net movement in funds**
Fund balances at 1 April
2022
**Fund balances at 31**
**March 2023**|||
|||349,501|
|||296,722|
|||296,722|
|||1,387|
|||298,109|
|||51,392
631,327|
|||682,719|
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.
- 6 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 MARCH 2023**_
|**Notes**
**Fixed assets**
Tangible assets
**13**
Investments
**14**
**Current assets**
Debtors
**15**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**16**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**18**
Unrestricted funds
Designated funds
**19**
General unrestricted funds|**2023**
**£**
6,868
350,738
357,606
(23,807)
122,738
191,955|**£**
375,332
1
375,333
333,799
709,132
394,439
314,693
709,132|**2022**
**£**
25,197
324,721
349,918
(58,888)
-
291,435|**£**
391,688
1|
|---|---|---|---|---|
|||||391,689
291,030|
|||||682,719|
|||||391,284
291,435|
|||||682,719|
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 2023.
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 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 .........................
..............................
F Bibi **Trustee**
**Company registration number 5626767**
- 7 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **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.
## **1.2 Going concern**
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.
## **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.
- 8 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **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 the statement of financial activities.
## **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**
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).
## **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.
- 9 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **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.
- 10 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **3 Donations and legacies**
||**Restricted**|**Restricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Grants receivable for core activities|19,304|82,179|
## **4 Charitable activities**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Community activities|135,403|127,996|
**5 Investments**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Rental income|47,457|44,452|
|Interest receivable|4,602|189|
||52,059|44,641|
## **6 Other income**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Gift Aid|87,723|83,989|
|Other Income|-|10,696|
||87,723|94,685|
- 11 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **7 Charitable activities**
|**Community**
**centre**
**Community**
**centre**
**2023**
**2022**
**£**
**£**
Staff costs
184,484
168,997
Depreciation and impairment
18,007
15,076
Activities undertaken directly
8,143
7,133
210,634
191,206
Share of support costs (see note 8)
52,552
100,148
Share of governance costs (see note 8)
4,890
5,368
268,076
296,722
**Analysis by fund**
Unrestricted funds
251,927
236,359
Restricted funds
16,149
60,363
268,076
296,722|**Community**
**centre**
**Community**
**centre**
**2023**
**2022**
**£**
**£**
Staff costs
184,484
168,997
Depreciation and impairment
18,007
15,076
Activities undertaken directly
8,143
7,133
210,634
191,206
Share of support costs (see note 8)
52,552
100,148
Share of governance costs (see note 8)
4,890
5,368
268,076
296,722
**Analysis by fund**
Unrestricted funds
251,927
236,359
Restricted funds
16,149
60,363
268,076
296,722|**Community**
**centre**
**Community**
**centre**
**2023**
**2022**
**£**
**£**
Staff costs
184,484
168,997
Depreciation and impairment
18,007
15,076
Activities undertaken directly
8,143
7,133
210,634
191,206
Share of support costs (see note 8)
52,552
100,148
Share of governance costs (see note 8)
4,890
5,368
268,076
296,722
**Analysis by fund**
Unrestricted funds
251,927
236,359
Restricted funds
16,149
60,363
268,076
296,722|
|---|---|---|
||**2023**
**£**
184,484
18,007
8,143
210,634
52,552
4,890
268,076
251,927
16,149
268,076|**2022**
**£**
168,997
15,076
7,133|
|||191,206
100,148
5,368|
|||296,722|
|||236,359
60,363|
|||296,722|
- 12 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **8 Support costs**
|Staff costs
Rates
Insurance
Heat and light
Repairs
Cleaning
Travel
Stationery & telephone
Consultancy
Bad debts
Computer running costs
PRS music license
Accountancy
Bank charges
Penalties, fines and
surcharges
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
-
-
2,295
-
7,178
-
12,164
-
11,682
-
1,927
-
32
-
6,250
-
7,045
-
185
-
2,659
-
1,135
-
-
4,775
-
115
-
-
52,552
4,890
52,552
4,890|**2023**Support costs Governance
costs
**£**
£
£
-
1
-
2,295
1,752
-
7,178
7,489
-
12,164
13,294
-
11,682
60,524
-
1,927
1,660
-
32
128
-
6,250
5,336
-
7,045
7,350
-
185
-
-
2,659
2,614
-
1,135
-
-
4,775
-
5,160
115
-
169
-
-
39
57,442
100,148
5,368
57,442
100,148
5,368|2022
£
1
1,752
7,489
13,294
60,524
1,660
128
5,336
7,350
-
2,614
-
5,160
169
39|
|---|---|---|---|
||||105,516|
||||105,516|
Governance costs includes payments to the independent examiner of £4,775 (2022 £5,160) for fees.
## **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**
The average monthly number of employees during the year was:
|Chief executive
Administration and support
Childcare
Cleaning
Total|**2023**
**Number**
1
1
10
1
13|**2022**
**Number**
1
1
10
1|
|---|---|---|
|||13|
- 13 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**10**|**Employees**||**(Continued)**|
|---|---|---|---|
||**Employment costs**|**2023**|**2022**|
|||**£**|**£**|
||Wages and salaries|184,484|168,998|
There were no employees whose annual remuneration was more than £60,000.
## **11 Other**
|Net loss on disposal of tangible fixed assets|**Total**
Restricted
funds
**£**
**2023**
2022
-
1,387
-
1,387|**Total**
Restricted
funds
**£**
**2023**
2022
-
1,387
-
1,387|
|---|---|---|
|||1,387|
## **12 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.
## **13 Tangible fixed assets**
|**Cost**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation and impairment**
At 1 April 2022
Depreciation charged in the year
At 31 March 2023
**Carrying amount**
At 31 March 2023
At 31 March 2022|**Land and**
**buildings**
**Plant and**
**machinery**
**Fixtures,**
**fittings &**
**equipment**
**£**
**£**
**£**
445,048
4,450
105,344
-
-
1,651
445,048
4,450
106,995
113,179
3,883
46,092
8,901
85
9,021
122,080
3,968
55,113
322,968
482
51,882
331,869
567
59,252|**Total**
**£**
554,842
1,651|
|---|---|---|
|||556,493|
|||163,154
18,007|
|||181,161|
|||375,332|
|||391,688|
- 14 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**14**
**Fixed asset investments**
**Cost or valuation**
At 1 April 2022 & 31 March 2023
**Carrying amount**
At 31 March 2023
At 31 March 2022
Other investments comprise:
**Notes**
Investments in subsidiaries
**22**
**15**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Amounts owed by subsidiary undertakings
Prepayments and accrued income
**16**
**Creditors: amounts falling due within one year**
**Notes**
Other taxation and social security
Government grants
**17**
Trade creditors
Other creditors
Accruals and deferred income|**Other**
**investments**
1
1
1
**2023**
**2022**
**£**
**£**
1
1
**2023**
**2022**
**£**
**£**
4,207
1,776
998
21,166
1,663
2,255
6,868
25,197
**2023**
**2022**
**£**
**£**
2,219
2,119
14,958
22,053
2,093
30,051
650
-
3,887
4,665
23,807
58,888|
|---|---|
- 15 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **17 Government grants**
Deferred income is included in the financial statements as follows:
|Arising from government grants|**2023**
**£**
14,958
14,958|**2022**
**£**
22,053|
|---|---|---|
|||22,053|
## **18 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 in funds**|**Movement in funds**||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|---|---|---|
||**Balance at**|**Incoming**|**Resources**|**Balance at**|**Incoming**|**Resources**||**Balance at**|
||**1 April 2021**|**resources**|**expended**|**1 April 2022**|**resources**|**expended**|**31**|**March 2023**|
||**£**|**£**|**£**|**£**|**£**|**£**||**£**|
|Community|||||||||
|Centre and|||||||||
|Community|||||||||
|Development|49,022|48,285|(48,285)|49,022|16,649|(792)||64,879|
|Wood Lane|||||||||
|Community|||||||||
|Centre|243,601|-|(6,300)|237,301|-|(6,300)||231,001|
|Wood Lane|||||||||
|Community|||||||||
|Centre|||||||||
|Impovements|74,237|-|(1,968)|72,269|-|(2,011)||70,258|
|Other|||||||||
|Equipment|3,995|33,894|(5,197)|32,692|2,655|(7,046)||28,301|
||370,855|82,179|(61,750)|391,284|19,304|(16,149)||394,439|
- 16 -
**Draft Financial Statements at 10 October 2023 at 12:53:28 GREETS GREEN COMMUNITY ENTERPRISES**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **19 Designated funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
||||||**Movement**|||||**Movement**|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||**in funds**|||||**in funds**|||
||||||**Incoming**|||**Balance at**||**Incoming**||
**Balance at**|
||||||**resources**|||**1 April 2022**||**resources**||**31 March 2023**|
||||||**£**|||**£**||**£**||**£**|
|Property reinvestment fund|||||||-|-||122,738||122,738|
||||||||-|-||122,738||122,738|
|**Analysis of net assets between funds**|||||||||||||
||**Unrestricted**||**Restricted**||**Total**||**Unrestricted**|||**Restricted**||**Total**|
||**funds**||**funds**|||||**funds**||**funds**|||
||**2023**||**2023**||**2023**|||**2022**||**2022**||**2022**|
||**£**||**£**||**£**|||**£**||**£**||**£**|
|Fund balances at 31|||||||||||||
|March 2023 are|||||||||||||
|represented by:|||||||||||||
|Tangible assets|31,086||344,246||375,332|||32,340||359,348||391,688|
|Investments|-||1||1|||-||1||1|
|Current assets/(liabilities)|283,607||50,192||333,799|||259,095||31,935||291,030|
||314,693||394,439||709,132|||291,435||391,284||682,719|
## **20 Analysis of net assets between funds**
## **21 Related party transactions**
## **Remuneration of key management personnel**
The remuneration of key management personnel is as follows.
|Aggregate compensation
**Subsidiaries**|**2023**
**£**
39,662|**2022**
**£**
37,719|
|---|---|---|
||||
|Details of the charity's subsidiaries at 31 March 2023 are as follows:|||
|**Name of undertaking**
**Registered**
**Nature of business**
**Class of**
**% Held**
**office**
**shares held**
**Direct Indirect**
Greets Green Community
Enterprises (Development)
Limited
England
Property rental
Ordinary
100.00|||
## **22 Subsidiaries**
- 17 -