The Family and Community Network Company Number 7206240 Charity Number 1138304 THE FAMILY AND COMMUNITY NETWORK ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The Familyand Community Network Company Number 7206240 CharityNumber 1138304 THE FAMILY AND COMMUNITY NETWORK TRUSTEES. REPORT - YEAR ENDED 31 MARCH 2024 Constitution The charity is constituted as a company limited by guarantee under memorandum and articles dated 29 March 2010 and is registered with the Charity Commission under number 1138304. Trustees and directors The following were trustees and directors during the year. T Ayrton A Jelfs M Jelfs J Ayrton A Passant J Stewart L Bunton R Fish A Mckessar Aims and objectives The main aims of the charity are to advan￿ education, to promote wellbeing, to provide debt advice and to facilitate social welfare in accordance with Christian principles, mainly in the county of Suffolk. Accounts The trustees confirm that the following accounts comply with current statutory requirements. Bankers HSBC Bank Contsct and registered office J Stewart, Number 72, 72 North Street, Sudbury, Suffolk, C010 1RF Investment policy Any resources not immediately required are held in bank accounts. Financial report The charity does not trade for profit and the trustees are confident that the assets are adequate for the charity to fulfil its obligations. The trustees consider that the charity's financial position at the balan￿ sheet date is satisfactory and it was bequeathed the propety from which it operates. Reserves policy The trustees actively review the reserves available and their level is set after taking account of expected income and expenditure. Risk assessment The trustees have reviewed the major risks to which the charity is exposed and do not consider that there are any signrficant matters of con￿rn. Basis of preparation This report has been prepared in accordan￿ with the special provisions relating to companies subject to the small companies, regime within Part 15 of the Companies Act 2006. This report was approved by the trustees on 27th January 2025 and signed on their behalf. Signed". i.z The Familyand Community Network Company Number 7206240 Charity Number 1138304 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 CHARITY COMMISSION FOR ENGLAND AND WALES Charity Name. ￿ Farr*ly & Comnxirwty ￿twork Im. 72) Annual accounts for the 0110412023 Charity ￿1. 1138304 eriod Peiiod start date Period end date 3110312024 Section A Statement of financial activities Recommended categories by activlty Total lunds Piior year funds Incoming resources Income and endowmènts from". Donab"orB aThJ kg8¢￿5 charita￿ aCti￿leS Iradlffj a¢Uwltr•• (*art$ Bat* Irtsre8t rec'd 22,082 1.877 148 3.775 635 28.517 12.548 113 1,500 258 14.419 Total Resources expended Expendltur• on.. Ralliry furxls Charflable •c1￿￿•S PrfOr￿ar adI￿tr￿rt 52.229 88 52,141 48,905 1,634 50,539 Total Net incomel(expenditure) before invesknent gainsl(losses) Nel g8inslllossesl on Ir￿s￿Ents 23.623 36.121 Net Incomel(expenditure) Extraordlnary items other recognised gainsl(losses): 23,623 36,121 Galm ar¢J fow• on olfixvd a81ets ¢f•rity8 OIIVI i oir*r g4lrrfkn$8esl Net movement in fun(ts 23.623 Reconclliatlon of funds.. Total r￿J$ browJhtlorvord Total funds carrled forward 59,S28 95,749 59.628 The Family and Community Network Company Number 7206240 CharityNumber 1138304 BALANCE SHEET As at 31 March 2024 Section B Balance sheet Total this year Total last year Fixed assets Intsngible assets Tangible assets Heritage assets Invesbnents Total fixed assets Current assets Inventory DebtoryJ Cash In currnnt account Cash in deposit account Cash in hand 6,103 29,902 10,360 49,268 Total current assets 36,005 59,628 Creditors: amounts falling due wlthln one year Net current assets/(Ilabilities) 36,005 59,628 Total assets less current liabilitles 36,005 59,628 Cred itors: amounts falling duo after one year Provisions for liabilit*s Total net assets or Ilabilitlos Funds of the Charity 36,005 59,628 Unrestricted funds 36,005 36,005 59,628 59,628 Total funds The Family and Community Network Company Number 7206240 Charity Number 1138304 The directors consider that the company is entttled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. The directors acknowledge their responsibility for ensuring that the company keeps accounting records which compty with section 386 of the Act and for preparing financial ststements which give a true and fair view of the state of affairs of the company as at 31 March 2022 and of its results for the year then ended in accordance with the requirements of section 396 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the company. The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 SORP. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27th January 2025. NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES 1.18asis of preparation of financial ststements The financial statements have b￿n prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011. 1.2 Donations The charity recognises donations as they are receNed. When donors specify that donations are for particular restricted purposes the income is included in the incoming resources for restricted funds. 1.4 Fund accounting Funds held by the charity are either of the following-. Unrestricted fvnds - these can be used in accordano with the objects of the charity at the discretion of the trustees. Restricted funds - these can only be used for restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 2 LIMITED LIABILITY The company is limrted by guarantee. The members under the memorandum of association have guaranteed an amount not exceeding £1 per member. The Family and Community Network Company Number 7206240 Charity Number 1138304 INDEPENDENT EXAMINER'S REPORT Responsibilrties and basis of repcKL I report to the trustees ￿ my exaMInatK￿ of the acC￿ntS of the above charty for the year ended 3110312024. As the charitys trustees. you are responsible for the preparation of the accounts in accordanc with the requirements of the Charities Act 20111.the Acr). I report in respect of my examination of the Trust's accounts Carr￿ out urKler section 145 of tha 2011 Act and in carrying out my oxamination, I have followed all the applicable Diiections given by the Chanty comm￿sK)n under section 14515Mb) of the Ad. Independent 8xaminerfs statement The chanty's gross income eX￿ded £25,000 and l am qualffied to undertak8 the examination by being a quaIrf￿d member of AAT. I h8ve completed my examinab'on. I confim) that no matenal matters have come to my attention In connection with the examinabon (other than that disclosed below '> which gives me cause to believe that in, any matenal respect." the accounting records were not kept in accordar)ce wrth section 130 of Ihe Charities Act" or the accounts did not accord wrth the accounting records; or the accounts dKJ not ccffiply the applicable r&]uirements cA)nceming the fonn and content of accounts set out in the Charrties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true 8nd f81rf v￿W which is not a matter considered as part of an independent examination. I have no concerns and have come across other matters in connection with the examination to which attention should be dr8wn in this rerK)rt in cxder to enable a proper understanding of th8 accounts to be reached. Signed: Date-. January 2025 Name: Alicia HollarKI Relevant professional qualificats"on(s) or t￿. Address: Long melf￿d, Suffolk MAAT Section B Disclosure: Invento Whilst stock and inventory has never been reported by the charity, it does now have a working office with items of inventory too low for a fixed assets register but it is recommended low-value The Familyand Communty Network Company Number 7206240 Charity Number 1138304 items and perishables stock held on site, are valued at their historical cost where not donated and included in the balan￿ in future years. Pe cash and cash for emer encies It was brought to attention that in January 2025 there is pety cash held on site and a small amount of cash for emergency aid to users of the charity. It is recommended to the charity that it keeps a note of the imprest used when the petty cash was started and all ins and outs from the two cash holdings are logged throughout 202415 ready for the accounts to be compiled following 3110312025. A value during 202314 was not advised. Land and Buildin As per the accounting policies of the charity outlined on page 5 of the charity's report, the historical cost principal has been used in accordance with IFRS102. However, they have previously not applied this policy when creating their annual accounts, as have included land at probate value which was gifted to the charity, and no depreciation was accounted for in the bookkeeping of the charty in the first year (nor a policy for depreciation) or any subsequent years. International Accounting Standard (IAS) 16 requires propety to be included in the financial statements at its original cost to the entity and, since the charity acquired the property as a gift, the asset is now correctly recorded as zero, contrary to prior years. IAS16 permits (but does not prescribe) subsequent revaluation of assets if the organisation so wishes to do so. However, if this option is exercised, the charity should revalue all assets in the same class at regular intervals, recognising any change through a revaluation reserve. Clearly this means that values will fluctuate by year as the market changes. Furthemore, once an asset has been revalued, the amount pertinent to the building will need to be separated from the land so that it can be amortised via the statement of financial activity. This was also not done in previous when including not at historic value of zero. Going forward the charity trustees have agreed to follow IAS16 and add a note to the accounts of the value the propety was at probate when gifted, which was £140,000.