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**
- 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 -