COMPANY REGISTRATION NUMBER: 06623919 CHARITY REGISTRATION NUMBER: 1129476
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee Unaudited Financial Statements
30 June 2025
CHARLTON BAKER LIMITED
Chartered accountants 7-7c Snuff Street Devizes Wiltshire England SN10 1DU
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Financial Statements
Year ended 30 June 2025
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities (including income and | |
| expenditure account) | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 9 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 15 |
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 June 2025
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 June 2025.
Reference and administrative details
Registered charity name Freshford & Limpley Stoke Community Association Charity registration number 1129476 Company registration number 06623919 Principal office and registered The Galleries Shop and Cafe office Freshford Lane Freshford Lane Bath BA2 7UR The trustees S H J Coombe (Chairman of FLiSCA and Chairman of the Galleries Management Group) Mr D M Finlayson (Treasurer) P A Firmin P J Dawson (Resigned 10 June 2025) N Bolton (Representing Limpley (Resigned 5 June 2025) Stoke Parish Council) G C Bate Ms E J Eyles (Secretary) JA Putt (representing Freshford Parish Council) T L Pascoe (Appointed 10 June 2025) Company secretary L Eyles Independent examiner Charlton Baker Limited 7-7c Snuff Street Devizes Wiltshire England SN10 1DU
1
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2025
Structure, governance and management
The charity is controlled by its governing document, the memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The company was registered as a charity on 7th May 2009.
It is a membership organisation open to all residents of Freshford and Limpley Stoke. The trustees/ directors are elected at the Annual General Meeting of the members and meet approximately four times a year.
Objectives and activities
The objectives and activities of Freshford & Limpley Stoke Community Association (FLiSCA) are set out in its governing document, the memorandum and articles of association. The company's purpose is to make donations for charitable purposes in the Parishes of Freshford and Limpley Stoke out of income it receives from its investments. Currently, this investment lies solely in Galleries Limited in which FLiSCA has a 100% shareholding. Galleries Limited operates a village shop and café/ deli serving both parishes.
The trustees/directors have full regard to the Charity Commissioners' public benefit guidance, and are satisfied that the charity's investment in Galleries Limited follows that guidance and is a proper investment to meet the purposes of the trust.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
2
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2025
Achievements and performance
Chairman's report
It has been a busy year for FLiSCA during which we've expanded our remit into environmental conservation, undertaken a major restructuring of Galleries Ltd and initiated a long-term funding initiative by launched a legacy campaign.
Summerground is a 2.3 acre plot of land alongside Crowe Lane and between Limpley Stoke and Freshford which came up for sale during the year. It is a priority habitat for its lowland calcareous grassland including nationally rare Bath Asparagus, multiple types of orchid and meadow species and includes a small native woodland copse. To protect this strategically placed conservation land, a group of villagers raised the money to buy this land and offered it to FLiSCA to ensure it would be protected for future generations. FLiSCA accepted this gift on the basis that the land would be well managed and self-financing. Tania Pascoe from Nature Chain joined the board as our environmental expert and this land is being managed by YoungWilders as a test case for potentially expanding FLiSCA's role into a broader conservation function.
Galleries Ltd continued to struggle from static turnover and rising costs and, following the resignations of the Galleries shop and café managers, the Galleries board decided to undertake a major restructuring of the business. An experienced retail manager, Amy Green was hired to run the shop and the café was outsourced to JJ Beanos Ltd, a 'deli' company run by a local couple, Nicky & Jon Ison. Including £5-6k of one-off restructuring costs, Galleries Ltd recorded a loss of £10,335 for the year but, with a strong team in place and £25k of liquid assets, the business is in good shape for 2025/26 and should be in a position to resume donations to FLiSCA. Volunteers remain the backbone of this business which is at the heart of our local community.
The community has raised over £2m in recent years to undertake substantial projects to enhance the quality of life in Freshford and Limpley Stoke including the environmental retrofitting of Freshford Village Memorial Hall, providing disabled access to St Peter's Church and reopening the Hop Pole Inn. Future investments in these and other assets will be required. However, given the low levels of deprivation in Limpley Stoke and Freshford, the ability to raise external grants is becoming increasingly difficult. As a result, FLiSCA has launched a 'Legacy Fund' to allow residents who are asset rich and cash poor to leave tax efficient donations to FLiSCA who will manage the fund and, over time, be in a position to offer more substantial grants to support community initiatives.
Grants awarded
In 2024-25 FLiSCA awarded grants of £3,744 to the following community groups and organisations:
| Location | Organisation | Purpose | Amount |
|---|---|---|---|
| Freshford | Freshford Church | Tiling refurbishment | £500 |
| Community | Freshford School PTA | School playground refurb | £1,500 |
| Community | Friends of Freshford | Mounting old Station sign | £250 |
| Community | Nature Chain | Riparian report | £500 |
| Community | Young Wilders | Planning for Summerground | £300 |
| Community | Freshford Church School | Life Skills course | £694 |
| Total | £3,744 |
3
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2025
Financial review
Galleries Ltd made no donation to FLiSCA for 2023-24 during the year. Also, no donation allocation has been made for 2024-25.
In the current year the amount received from FLiSCA's investment in Galleries Limited was: Rent £9,516 Solar power charges £1,453
Given the continuing situation with Galleries' profitability, the Trustees were cautious about grants made, but in any event, no one was refused.
The major financial item was the acquisition of the conservation land known as Summerground, which completed on 26 September 2024. The cost was £41,000, plus legal fees of £1593. These were met completely by donations from a few individuals, and the Gift Aid which accrued.
The trustees have had a policy of allocating a part of reserves to a building reserve, to pay for repairs and replacements at the Galleries. The normal top-up was suspended in 2022-23, whilst a review was undertaken, but reinstated during 2023-24.
Deposit accounts were re-organised. The Redwood 95-day account was closed because it was giving too low interest. The building reserve is held in a second Aldermore Instant Access account.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report and the strategic report were approved on 1 October 2025 and signed on behalf of the board of trustees by:
S H J Coombe (Chairman of FLiSCA and Chairman of the Galleries Management Group) Trustee
4
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Freshford & Limpley Stoke Community Association
Year ended 30 June 2025
I report to the trustees on my examination of the financial statements of Freshford & Limpley Stoke Community Association ('the charity') for the year ended 30 June 2025.
Responsibilities and basis of report
As the trustees of the company (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 accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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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
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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 accounts to be reached.
Charlton Baker Limited Independent Examiner
7-7c Snuff Street Devizes Wiltshire England SN10 1DU
5
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 30 June 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 7,000 | 44,363 | 51,363 | 4,227 |
| Investment income | 5 | 12,688 | – | 12,688 | 11,212 |
|
|
|
|
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| Total income | 19,688 | 44,363 | 64,051 | 15,439 | |
|
|
|
|
||
| Expenditure | |||||
| Expenditure on charitable activities | 2,512 | 20,909 | 23,421 | 15,877 | |
| Other expenditure | 3,744 | – | 3,744 | 8,430 | |
|
|
|
|
||
| Total expenditure | 6,256 | 20,909 | 27,165 | 24,307 | |
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|
||
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|
||
| Net income/(expenditure) and net | |||||
| movement in funds | 13,432 | 23,454 | 36,886 | (8,868) | |
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| Reconciliation of funds | |||||
| Total funds brought forward | 65,289 | 428,365 | 493,654 | 502,523 | |
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| Total funds carried forward | 78,721 | 451,819 | 530,540 | 493,655 | |
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|
|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 13 form part of these financial statements.
6
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Statement of Financial Position
30 June 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 8 | 479,273 | 447,314 |
| Current assets | |||
| Debtors | 9 | – | 167 |
| Cash at bank and in hand | 52,221 | 46,950 | |
|
|
||
| 52,221 | 47,117 | ||
| Creditors: amounts falling due within one year | 10 | 954 | 776 |
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|
||
| Net current assets | 51,267 | 46,341 | |
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|
||
| Total assets less current liabilities | 530,540 | 493,655 | |
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|
||
| Net assets | 530,540 | 493,655 | |
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||
| Funds of the charity | |||
| Restricted income funds: | |||
| Revaluation reserve | 98,271 | 98,271 | |
| Other restricted income funds | 353,548 | 330,095 | |
| Unrestricted funds | 78,721 | 65,289 | |
|
|
||
| Total charity funds | 11 | 530,540 |
493,655 |
For the year ending 30 June 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The statement of financial position continues on the following page. The notes on pages 9 to 13 form part of these financial statements.
7
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Statement of Financial Position (continued)
30 June 2025
These financial statements were approved by the board of trustees and authorised for issue on 1 October 2025, and are signed on behalf of the board by:
S H J Coombe (Chairman of FLiSCA and Chairman of the Galleries Management Group) Trustee
The notes on pages 9 to 13 form part of these financial statements.
8
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2025
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The investment property is rented to another group entity and is measured by reference to cost rather than fair value. The property is depreciated on a straight-line basis of 2 per cent p.a.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
9
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 7,000 | 44,363 | 51,363 |
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|
|
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| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 3,902 | 325 | 4,227 |
|
|
|
10
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Income from investment properties | 10,969 | 10,969 | 9,963 | 9,963 |
| Bank interest receivable | 1,719 | 1,719 | 1,249 | 1,249 |
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| 12,688 | 12,688 | 11,212 | 11,212 | |
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| Independent examination fees | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial | statements | 500 | 500 | |
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6. Independent examination fees
7. Trustee remuneration and expenses
There was no directors' remuneration or other benefits for the year ended 30 June 2025 or the year ended 30 June 2024.
8. Tangible fixed assets
| Freehold | Plant and | |||
|---|---|---|---|---|
| property | machinery | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 July 2024 | 468,210 | 25,378 | 493,588 | |
| Additions | 42,593 | – | 42,593 | |
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| At 30 June 2025 | 510,803 | 25,378 | 536,181 | |
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| Depreciation | ||||
| At 1 July 2024 | 45,005 | 1,269 | 46,274 | |
| Charge for the year | 9,365 | 1,269 | 10,634 | |
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| At 30 June 2025 | 54,370 | 2,538 | 56,908 | |
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| Carrying amount | ||||
| At 30 June 2025 | 456,433 | 22,840 | 479,273 | |
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| At 30 June 2024 | 423,205 | 24,109 | 447,314 | |
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| 9. | Debtors | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Prepayments and accrued income | – |
167 |
11
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
10. Creditors: amounts falling due within one year
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Accruals and deferred income | 519 | 500 | |||
| Social security and other taxes | 435 | 276 | |||
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| 954 | 776 | ||||
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| Analysis of charitable funds | |||||
| Unrestricted funds | |||||
| At | |||||
| At 1 July 2024 | Income | Expenditure | 30 June 2025 | ||
| £ | £ | £ | £ | ||
| General funds | 65,289 | 19,688 | (6,256) | 78,721 | |
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| At | |||||
| At 1 July 2023 | Income | Expenditure | 30 June 2024 | ||
| £ | £ | £ | £ | ||
| General funds | 60,804 | 15,114 | (10,629) | 65,289 | |
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| Restricted funds | |||||
| At | |||||
| At 1 July 2024 | Income | Expenditure | 30 June 2025 | ||
| £ | £ | £ | £ | ||
| Restricted Fund 1 - desc in a/cs | 330,094 | 44,363 | (20,909) | 353,548 | |
| Revaluation reserve | 98,271 | – | – | 98,271 | |
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| 428,365 | 44,363 | (20,909) | 451,819 | ||
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| At | |||||
| At 1 July 2023 | Income | Expenditure | 30 June 2024 | ||
| £ | £ | £ | £ | ||
| Restricted Fund 1 - desc in a/cs | 343,448 | 325 | (13,678) | 330,095 | |
| Revaluation reserve | 98,271 | – | – | 98,271 | |
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| 441,719 | 325 | (13,678) | 428,366 | ||
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11. Analysis of charitable funds
12
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2025
12. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Tangible fixed assets | – | 479,273 | 479,273 |
| Current assets | 52,221 | – | 52,221 |
| Creditors less than 1 year | (954) | – | (954) |
|
|
|
|
| Net assets | 51,267 | 479,273 | 530,540 |
|
|
|
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Tangible fixed assets | – | 447,314 | 447,314 |
| Current assets | 47,117 | – | 47,117 |
| Creditors less than 1 year | (776) | – | (776) |
|
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|
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| Net assets | 46,341 | 447,314 | 493,655 |
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13. Related parties
£Nil donations were declared by Galleries Limited during the year (2024: £1,613). During the year Galleries Limited paid rent of £9,516 (2024: £9,300) to FLiSCA.
FLiSCA directors/trustees S H J Coombe, P A Firmin and G C Bate are also directors of Galleries Limited.
13
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Management Information
Year ended 30 June 2025
The following pages do not form part of the financial statements.
14
Freshford & Limpley Stoke Community Association
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 30 June 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 51,363 | 4,227 |
|
|
|
| Investment income | ||
| Income from investment properties | 10,969 | 9,963 |
| Bank interest receivable | 1,719 | 1,249 |
|
|
|
| 12,688 | 11,212 | |
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|
|
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| Total income | 64,051 | 15,439 |
|
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| Expenditure | ||
| Expenditure on charitable activities | ||
| Repairs and maintenance | 10,275 | 3,044 |
| Insurance | 1,181 | 1,181 |
| Legal and professional fees | 686 | 625 |
| Other office costs | 645 | 393 |
| Depreciation | 10,634 | 10,634 |
|
|
|
| 23,421 | 15,877 | |
|
|
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| Other expenditure | ||
| Grants to institutions | 3,744 | 8,430 |
|
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|
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| Total expenditure | 27,165 | 24,307 |
|
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| Net income/(expenditure) | 36,886 |
(8,868) |
15