Trustees, Annual Report for the period Peftod slart dAle Period end dal8 From To Section A Reference and administration details Charlly name Redrulh North Partnership Other nameg eharlty Is known by RNP Reglstered charlty number (If any) 111903J Charlty's prlnclpal address The Kabln Strawberry Lane Redrulh P08tcode TR15 1HH Namos of tha charlty trustees who manage the charlty Dal•• aet•d If nol for whol• Trust8• n8m• Olllc•111 any) Namo ol porion lor body) •ntltl•d to& olnl tru8t•o Ilan Elizabelh Ann Mllchell Chalrporson Doborah Pellow Palrlcia Thomas Vice Chair 10 12 14 16 18 19 20 Names of the trustges for Ihe charlty, If any, {for example, any custodlan tru8tèèsl Name Dates acted If not for whole ear AR
Names and addresses of advlser8 {Optlonal Snformatlon) e of advlser Name Address Name of chlef executlve or names ol senlor staff members (Optlonal Informatlon) Section B Structure, overnance and mana ement D93crlptlon of the charlty's trusts Conslilulion Type ol governlng Llocumonl How the charity Is consllluled Assoclallon Truslee selecllon melhods Appolnled by m8nagemenl comfflillee Addltlonal governance Issues (Optlonal Informatlon) You may choo80 lo Include addillonal information, whero relevant. abuul., policies and procedure8 adopted for Ilie Induction and Irali)Ii)g ol Iruslees., the charlty's organis8llonal slruclure and any wider nolwork wilh whlch the charily Works: • relallonshlp wilh any relaled parties., Irusloes, conslderallon of major risks and the syslom and procedures lo manage Ihem. Sectlon C Ob'ectlves and actlvltles To benefit Ilie ward area ol Redrulh North and prolecl Ihe social inlraslruclure. amenities. public setvices and lo relieve poverty, distress and sickness lo those living. working or using Ihe ward. To develop the skills and capacity ol rnembor ol tho ward, especially Ihose who are socially and economically disadvantaged. To promote the improvement of tho physical and social inlTaslruclure of Ihe ward and ils suriounding ar8as. Summary of the objects of the charity set out In Its govemlng document
The RNP has provlded a secure envlronmenl for people lo address Ihelr concerns to slalulory providers with the airn ol raising Ihe slandard ol Service. The Coordinalor provides ongoing support and advlce. signposling residents to parlner organisalions. We conllnue lo provide advice and supporl to tho communily. the h81p we provide is now nioro (ocusod on providing opporlunikn'es to address anxlely and lonellness. Summary of the main actlvllles undertaken for the publlc beneflt In rolatlon to these objgcts Ilnclude wlthln thls sectlon tho statutory declaratlon that trustees have had regard to the guldance Issued by the Charlty Commlsslon on publ1¢ benefltl We havo also seen an Increase In supporl or asslslance required on budgellng and energy costs. Addltlonal detalls ol objectlves and actlvltl?s Ioptlonal Inf omiatlon) You may choose lo indudo furtlier slalemenls, where relevant. ()boul'. policy on granlmaking,, policy programme relaled inveslmoiil.. conlribulion made by volunteers. AR
Section D Achievements and performance Summary of the maln achlgvements of the charlty durlng the year Our volunteers are continuing lo provide community events that help isolated individuals have Ihe opportunity lo mix willi olhurs. this is popular way of engaging with people who don't have much conlacl and would nol directly use our charity. One person into an addllional employment role.
Sectlon E Financlal revlew Tl)&re are sufficient reserves lor Ihe next linancial year. Brlef Statement of the charlty's pollcy on re88rves Detalls of any funds materlally In deficlt Further flnanclal revlew detalls Ioptlonal Informatlonl You may choose lo SnclLtde addilional Inlormallon, where relevanl about: Ihe charity s principal sources ol funds lincludlng any fundralsing): how expendlluro has supported the key objecllve3 o( Ihe cliarily- Investment pollcy and objecllves InclLJdlng any èthical investment poIIcy adopted. Sectlon F Other o tional information Section G Declaration Tho Iruslees declare Ih&l tlioy have approved Ihe IruJlfro¥' repoil abovo. Slgned on behalf of the charlty's trustees Slgnature{s) Full namels) Posltlon {eg Se¢retaryi Chalr, otc) Kovin Haw Company Sec Date 10.01.24 AR Maich 2020
Charity registration number 1119035
Company registration number 05681980 (England and Wales)
REDRUTH NORTH PARTNERSHIP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
REDRUTH NORTH PARTNERSHIP
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mrs D M Pellow Mrs E A Mitchell Charity number 1119035 Company number 05681980 Registered office The Kabin Strawberry Lane Redruth Cornwall TR15 1HH Independent examiner Graham Smith Chartered Accountants Cardrew House Cardrew Industrial Estate Redruth Cornwall TR15 1SP
REDRUTH NORTH PARTNERSHIP
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
REDRUTH NORTH PARTNERSHIP
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 [Memorandum and Article of Association], 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
To benefit the ward area of Redruth North and protect the social infrastructure, amenities, public services and to relieve poverty, distress and sickness to those living, working or using the ward.
To develop the skills and capacity of member of the ward, especially those who are socially and economically disadvantaged.
To promote the improvement of the physical and social infrastructure of the ward and its surrounding areas.
RNP has provided a secure environment for people to address their concerns to statutory providers with the aim of raising the standard of service.
The Coordinator provides ongoing support and advice, signposting residents to partner organisations.
Achievements and performance
The charity has seen a marked decline in the funding available to undertake its charitable objectives. Applications have been submitted, unfortunately all have been unsuccessful, with the oversubscription of applicants being the main reason given.
However the charity has managed to get 1 person back into work having assisted them with applications and references.
Financial review
The charity has low reserves but is maintaining a balance.
The charity has continued its delivery on behalf of partners.
Structure, governance and management
The charity is a company limited by guarantee.
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:
Mrs D M Pellow Mrs E A Mitchell
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.
Tax status
The company is a registered charity and, therefore, exempt from corporation tax.
- 1 -
REDRUTH NORTH PARTNERSHIP
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The trustees' report was approved by the Board of Trustees.
Mrs E A Mitchell Trustee
20 December 2023
- 2 -
REDRUTH NORTH PARTNERSHIP
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF REDRUTH NORTH PARTNERSHIP
I report to the trustees on my examination of the financial statements of Redruth North Partnership (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
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.
..................................... Simon Reed FCA
Graham Smith Chartered Accountants
Cardrew House Cardrew Industrial Estate Redruth Cornwall TR15 1SP
Dated: 20 December 2023
- 3 -
REDRUTH NORTH PARTNERSHIP
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 3 51,768 9,205 Expenditure on: Charitable activities 4 32,426 1,879 Net incoming/(outgoing) resources before transfers 19,342 7,326 Gross transfers between funds 1,425 (1,425) Net income/(expenditure) for the year/ Net movement in funds 20,767 5,901 Fund balances at 1 April 2022 60,268 - Fund balances at 31 March 2023 81,035 5,901 |
Total Unrestricted funds 2023 2022 £ £ 60,973 25,600 34,305 27,424 26,668 (1,824) - - 26,668 (1,824) 60,268 62,092 86,936 60,268 |
|---|---|
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.
- 4 -
REDRUTH NORTH PARTNERSHIP
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Fixed assets Tangible assets 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Income funds Restricted funds 11 Unrestricted funds |
2023 £ 75,524 7,101 82,625 (1,590) |
£ 5,901 81,035 86,936 5,901 81,035 86,936 |
2022 £ 55,668 6,362 62,030 (1,762) |
£ - 60,268 |
|---|---|---|---|---|
| 60,268 | ||||
| - 60,268 |
||||
| 60,268 |
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 trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respects to accounting records and their preparation of accounts.
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 20 December 2023
Mrs E A Mitchell Trustee
Company registration number 05681980
- 5 -
REDRUTH NORTH PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Redruth North Partnership is a private company limited by guarantee incorporated in England and Wales. The registered office is The Kabin, Strawberry Lane, Redruth, Cornwall, TR15 1HH.
1.1 Accounting convention
The financial statements have been prepared in accordance with 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 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.
1.3 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.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
- 6 -
REDRUTH NORTH PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will re required and the amount of the obligation can be measured reliably.
1.5 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:
Plant and equipment
25% Straight line
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.
1.6 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).
1.7 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.
1.8 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.
- 7 -
REDRUTH NORTH PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
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.
1.9 Legal status of the charity
The charity is a company limited by guarantee incorporated in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity, The members of the charity are the trustees named on the second page. The registered office is The Kabin, Strawberry Lane, Redruth, Cornwall, TR15 1HH.
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.
3 Donations and legacies
| Unrestricted Restricted funds funds 2023 2023 £ £ Donations and gifts 49,268 - Grant income 2,500 9,205 JRS grants - - 51,768 9,205 |
Total Unrestricted funds 2023 2022 £ £ 49,268 17,000 11,705 - - 8,600 60,973 25,600 |
Total Unrestricted funds 2023 2022 £ £ 49,268 17,000 11,705 - - 8,600 60,973 25,600 |
|---|---|---|
| 25,600 |
- 8 -
REDRUTH NORTH PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
3 Donations and legacies
(Continued)
| Grants receivable for core activities Other grants National Lottery - Awards for All |
2,500 - 2,500 |
- 9,205 9,205 |
2,500 9,205 11,705 |
- - |
|---|---|---|---|---|
| - |
4 Charitable activities
| Support | Support | |
|---|---|---|
| costs | costs | |
| 2023 | 2022 | |
| £ | £ | |
| Depreciation and impairment | 1,425 | - |
| Accountancy | 1,920 | 1,262 |
| Telephone | 1,381 | 1,094 |
| Insurance | 1,137 | 1,048 |
| Wages and salaries | 26,500 | 24,000 |
| Bank charges | 60 | 20 |
| Other interest payable | 3 | - |
| Purchases | 1,879 | - |
| 34,305 | 27,424 | |
| 34,305 | 27,424 | |
| Analysis by fund | ||
| Unrestricted funds | 32,426 | 27,424 |
| Restricted funds | 1,879 | - |
| 34,305 | 27,424 |
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
6 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 |
|---|---|
| Number | Number |
| 1 | 1 |
There were no employees whose annual remuneration was more than £60,000.
- 9 -
REDRUTH NORTH PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 7 Tangible fixed assets Cost Additions At 31 March 2023 Depreciation and impairment Depreciation charged in the year At 31 March 2023 Carrying amount At 31 March 2023 8 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 9 Creditors: amounts falling due within one year Trade creditors Accruals and deferred income |
Plant and equipment £ 7,326 7,326 1,425 1,425 5,901 2023 2022 £ £ 75,057 54,850 - 334 467 484 75,524 55,668 2023 2022 £ £ 150 1,042 1,440 720 1,590 1,762 |
Plant and equipment £ 7,326 7,326 1,425 1,425 5,901 2023 2022 £ £ 75,057 54,850 - 334 467 484 75,524 55,668 2023 2022 £ £ 150 1,042 1,440 720 1,590 1,762 |
|---|---|---|
| 7,326 | ||
| 1,425 | ||
| 1,425 | ||
| 5,901 | ||
| 2022 £ 54,850 334 484 |
||
| 55,668 | ||
| 2022 £ 1,042 720 |
||
| 1,762 |
10 Retirement benefit schemes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
- 10 -
REDRUTH NORTH PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
11 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 | |||
|---|---|---|---|---|
| Incoming | Resources | Transfers | Balance at | |
| resources | expended | 31 | March 2023 | |
| £ | £ | £ | £ | |
| National Lottery - Awards for All | 9,205 | (1,879) | (1,425) | 5,901 |
Purpose of restricted funds:
National Lottery - Awards for All: Grant income received to assist with the purchase of battery powered equipment for the community tool bank.
12 Analysis of net assets between funds
| Unrestricted funds Restricted funds 2023 2023 £ £ Fund balances at 31 March 2023 are represented by: Tangible assets - 5,901 Current assets/(liabilities) 81,035 - 81,035 5,901 |
Total Unrestricted funds 2023 2022 £ £ 5,901 - 81,035 60,268 86,936 60,268 |
Total Unrestricted funds 2023 2022 £ £ 5,901 - 81,035 60,268 86,936 60,268 |
|---|---|---|
| 60,268 |
13 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
- 11 -
Charity registration number 1119035
Company registration number 05681980 (England and Wales)
REDRUTH NORTH PARTNERSHIP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
REDRUTH NORTH PARTNERSHIP
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mrs D M Pellow Mrs E A Mitchell Charity number 1119035 Company number 05681980 Registered office The Kabin Strawberry Lane Redruth Cornwall TR15 1HH Independent examiner Graham Smith Chartered Accountants Cardrew House Cardrew Industrial Estate Redruth Cornwall TR15 1SP
REDRUTH NORTH PARTNERSHIP
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
REDRUTH NORTH PARTNERSHIP
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 [Memorandum and Article of Association], 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
To benefit the ward area of Redruth North and protect the social infrastructure, amenities, public services and to relieve poverty, distress and sickness to those living, working or using the ward.
To develop the skills and capacity of member of the ward, especially those who are socially and economically disadvantaged.
To promote the improvement of the physical and social infrastructure of the ward and its surrounding areas.
RNP has provided a secure environment for people to address their concerns to statutory providers with the aim of raising the standard of service.
The Coordinator provides ongoing support and advice, signposting residents to partner organisations.
Achievements and performance
The charity has seen a marked decline in the funding available to undertake its charitable objectives. Applications have been submitted, unfortunately all have been unsuccessful, with the oversubscription of applicants being the main reason given.
However the charity has managed to get 1 person back into work having assisted them with applications and references.
Financial review
The charity has low reserves but is maintaining a balance.
The charity has continued its delivery on behalf of partners.
Structure, governance and management
The charity is a company limited by guarantee.
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:
Mrs D M Pellow Mrs E A Mitchell
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.
Tax status
The company is a registered charity and, therefore, exempt from corporation tax.
- 1 -
REDRUTH NORTH PARTNERSHIP
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The trustees' report was approved by the Board of Trustees.
Mrs E A Mitchell Trustee
20 December 2023
- 2 -
REDRUTH NORTH PARTNERSHIP
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF REDRUTH NORTH PARTNERSHIP
I report to the trustees on my examination of the financial statements of Redruth North Partnership (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
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.
..................................... Simon Reed FCA
Graham Smith Chartered Accountants
Cardrew House Cardrew Industrial Estate Redruth Cornwall TR15 1SP
Dated: 20 December 2023
- 3 -
REDRUTH NORTH PARTNERSHIP
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 3 51,768 9,205 Expenditure on: Charitable activities 4 32,426 1,879 Net incoming/(outgoing) resources before transfers 19,342 7,326 Gross transfers between funds 1,425 (1,425) Net income/(expenditure) for the year/ Net movement in funds 20,767 5,901 Fund balances at 1 April 2022 60,268 - Fund balances at 31 March 2023 81,035 5,901 |
Total Unrestricted funds 2023 2022 £ £ 60,973 25,600 34,305 27,424 26,668 (1,824) - - 26,668 (1,824) 60,268 62,092 86,936 60,268 |
|---|---|
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.
- 4 -
REDRUTH NORTH PARTNERSHIP
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Fixed assets Tangible assets 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Income funds Restricted funds 11 Unrestricted funds |
2023 £ 75,524 7,101 82,625 (1,590) |
£ 5,901 81,035 86,936 5,901 81,035 86,936 |
2022 £ 55,668 6,362 62,030 (1,762) |
£ - 60,268 |
|---|---|---|---|---|
| 60,268 | ||||
| - 60,268 |
||||
| 60,268 |
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 trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respects to accounting records and their preparation of accounts.
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 20 December 2023
Mrs E A Mitchell Trustee
Company registration number 05681980
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REDRUTH NORTH PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Redruth North Partnership is a private company limited by guarantee incorporated in England and Wales. The registered office is The Kabin, Strawberry Lane, Redruth, Cornwall, TR15 1HH.
1.1 Accounting convention
The financial statements have been prepared in accordance with 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 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.
1.3 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.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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REDRUTH NORTH PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will re required and the amount of the obligation can be measured reliably.
1.5 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:
Plant and equipment
25% Straight line
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.
1.6 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).
1.7 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.
1.8 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.
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REDRUTH NORTH PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
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.
1.9 Legal status of the charity
The charity is a company limited by guarantee incorporated in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity, The members of the charity are the trustees named on the second page. The registered office is The Kabin, Strawberry Lane, Redruth, Cornwall, TR15 1HH.
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.
3 Donations and legacies
| Unrestricted Restricted funds funds 2023 2023 £ £ Donations and gifts 49,268 - Grant income 2,500 9,205 JRS grants - - 51,768 9,205 |
Total Unrestricted funds 2023 2022 £ £ 49,268 17,000 11,705 - - 8,600 60,973 25,600 |
Total Unrestricted funds 2023 2022 £ £ 49,268 17,000 11,705 - - 8,600 60,973 25,600 |
|---|---|---|
| 25,600 |
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REDRUTH NORTH PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
3 Donations and legacies
(Continued)
| Grants receivable for core activities Other grants National Lottery - Awards for All |
2,500 - 2,500 |
- 9,205 9,205 |
2,500 9,205 11,705 |
- - |
|---|---|---|---|---|
| - |
4 Charitable activities
| Support | Support | |
|---|---|---|
| costs | costs | |
| 2023 | 2022 | |
| £ | £ | |
| Depreciation and impairment | 1,425 | - |
| Accountancy | 1,920 | 1,262 |
| Telephone | 1,381 | 1,094 |
| Insurance | 1,137 | 1,048 |
| Wages and salaries | 26,500 | 24,000 |
| Bank charges | 60 | 20 |
| Other interest payable | 3 | - |
| Purchases | 1,879 | - |
| 34,305 | 27,424 | |
| 34,305 | 27,424 | |
| Analysis by fund | ||
| Unrestricted funds | 32,426 | 27,424 |
| Restricted funds | 1,879 | - |
| 34,305 | 27,424 |
5 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
6 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 |
|---|---|
| Number | Number |
| 1 | 1 |
There were no employees whose annual remuneration was more than £60,000.
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REDRUTH NORTH PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 7 Tangible fixed assets Cost Additions At 31 March 2023 Depreciation and impairment Depreciation charged in the year At 31 March 2023 Carrying amount At 31 March 2023 8 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 9 Creditors: amounts falling due within one year Trade creditors Accruals and deferred income |
Plant and equipment £ 7,326 7,326 1,425 1,425 5,901 2023 2022 £ £ 75,057 54,850 - 334 467 484 75,524 55,668 2023 2022 £ £ 150 1,042 1,440 720 1,590 1,762 |
Plant and equipment £ 7,326 7,326 1,425 1,425 5,901 2023 2022 £ £ 75,057 54,850 - 334 467 484 75,524 55,668 2023 2022 £ £ 150 1,042 1,440 720 1,590 1,762 |
|---|---|---|
| 7,326 | ||
| 1,425 | ||
| 1,425 | ||
| 5,901 | ||
| 2022 £ 54,850 334 484 |
||
| 55,668 | ||
| 2022 £ 1,042 720 |
||
| 1,762 |
10 Retirement benefit schemes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
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REDRUTH NORTH PARTNERSHIP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
11 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 | |||
|---|---|---|---|---|
| Incoming | Resources | Transfers | Balance at | |
| resources | expended | 31 | March 2023 | |
| £ | £ | £ | £ | |
| National Lottery - Awards for All | 9,205 | (1,879) | (1,425) | 5,901 |
Purpose of restricted funds:
National Lottery - Awards for All: Grant income received to assist with the purchase of battery powered equipment for the community tool bank.
12 Analysis of net assets between funds
| Unrestricted funds Restricted funds 2023 2023 £ £ Fund balances at 31 March 2023 are represented by: Tangible assets - 5,901 Current assets/(liabilities) 81,035 - 81,035 5,901 |
Total Unrestricted funds 2023 2022 £ £ 5,901 - 81,035 60,268 86,936 60,268 |
Total Unrestricted funds 2023 2022 £ £ 5,901 - 81,035 60,268 86,936 60,268 |
|---|---|---|
| 60,268 |
13 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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