WALTON COMMUNITY & ENTERPRISE PARTNERSHIP ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE ST YEAR ENDED 31 DECEMBER 2024 Company Number: 07071909 Charity Number: 1141033
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP CONTENTS Page Trustees, Annual Report Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Activities Balan Sheet Notes to the Financial Statements 10
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 The trustees are pleased to present their annual report for the year ended 31 sl December 2024. The financial stalements have been prepared in accordance with the Charities Act 2011, Companies Act 2006, Accounting and Reporting by Charities,. Slatemenl of Recommended Practice applicable to Gharities preparing their accounts in accoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 effective from 1 sl January 2019. OBJECTIVES AND ACTIVITIES Walton Community & Enterprise Partnership (Cornerstone) is a Community Enterprise Centre. Its aim is to aid community cohesion by providing flexible, affordable space for local community and enterprise activities. Cornerstone's objects are specifically restricted to the following.. The advanment of education The relief of poverty The relief of unemployment To promote for the benefit of the inhabitants of Walton and the surrounding area the provision of facilities for recreation or other leisure time occupalion of individuals who have need of such facilities by reason of their youth. age, infirmity or disablement, financial hardship or social and economic circumstances or for Ihe public al large in the interests of social welfare and with the object of improving the condition of life of Ihe said inhabitants. ACHIEVEMENTS AND PERFORMANCE In the years since it opened, we've been home to more than 55 businesses who have employed more than 200 people over the lime and that's nol including the numerous groups using the centre. Prior to the organisalion being established a consultation and feasibility sludy was conducted which looked at the possible uses of the building based on a social and economic profile of the areas and a gap of analysis. The study led to Ihe eslablishmenl of the Community Enterprise Centre. Subsequent to its establishment, Cornerstone evaluated its early work and conducted a SueY of ntre users., and asked what needs they had and what gaps in facilitieslactivities there were in the area and what they would like to see. The following was identified: There was a lack of affordable, flexible accommodation in the area for fledgling community businesses, social enterprises, sole traders and small businesses. There was a lack of community development, community involvement and capacily building in the area. The building has now achieved full occupancy in its available lenancies. Cornerstone was specifically established as a vehicle for increasing social cohesion and levels of enterprise activity in the Walton area. By doing so it is helping lo strengthen the local community by supporting and facilitating enterprise and self-efficacy by empowering the community to find a solution to Gommon problems, in particular the problems of laGk of employment and social isolation.
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 Cornerstone gives people from the local community the opportunity to initiate activities and projects of benefit to local people as well as developing new services and enterprises. The local community will also be made stronger by the crealion of a hub of inler-connected and symbiotically networked community groups. socially driven business, locally derived private businesses and community service providers. A history of the site and the current premises The Gurrent building is the fourth school built by Walton Church, the first dating from the early 1600's. It opened in 1897 and was the junior department of the Walton St Mary Church of England Primary School. The infant department relocated to the same site in the 1990's and in 2009 Walton St Mary and Arnot St School joined together on the Arnot site to become Arnot St Mary Church of England School. The present building was Ihen handed over to Walton Community & Enterprise Partnership and renamed "Walton Cornerstone" The previous school was built in Heathcote Road in 1847. This school consisled of Iwo rooms and accommodated 15 girls and 130 infants. The cost of the project was £1,080. The cost for attending Ihe school at this time was 2d per week per child and 1 d- for each additional child from the same family. By 1870 there had been and expansion of housing in the area and the school was unable to accommodate the needs of the district, and a further schoolroom was buill facing the school in Heathcote Road. Walton National School opened in Bedford Road in 1895, paid for by the parishioners and was built on land given by the Rectors of Walton and West Derby and by Madame de Falbi and the Trustees of the Wallon Glebe Estate. The school changed its name to Walton St Mary Church of England School and finally closed its doors in July 2009 when the building was leased to Walton Community & Enterprise Partnership. Summary of the main activities in relation to these objects As noted, the primary objective of Cornerstone is to provide affordable space for local community and enterprise activity. Since occupying the building in 2009, it has let most of the available office space and Comerstone is delighted to have been the first 'stepping stone, for many successful business ventures who have moved on to their own office and shop space. During 2020 the Trustees agreed to upgrade the Adminislrator lo the role of Centre Manager in recognition of the additional responsibilities that were occurring. Cornerstone holds a Foodbank once a week, it has hosted open days, debt help sessions, residents meetings, and police and council surgeries. The aim is to provide these sessions as well as slart-up sessions for new business enterprises in the future rather than merely offer the space for olhers lo do so. Since incorporation Walton Community & Enterprise Partnership has seen a number of successes amongst its tenants with many moving to bigger premises within the centre and others moving on due lo the successful growth of their businesses. FINANCIAL REVIEW Total income in the year was £80,36912023- £73,078). Total expenditure in the year was £91,631 (2023: £63,858}, leaving a deficit for the year of £11,262 (2023: surplus £9,220) At 31st December 2024 the charity's reserves stood at £19,334 {2023.' £30,596). All income, expenditure and reserves are unrestricted
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 RISK MANAGEMENT The trustees have conducted their review of major risks to which the charity is exposed, and systems have been established to mitigate those risks. These reviews are conducted on a continuing basis. RESERVES POLICY It is the policy of the charitable company to maintain unrestricted funds, which are free reserves at a level to cover redundancy provision and three months, running costs should no further funding be received. At the end of the financial year, unrestricted funds totalled £19,334. The charitable company reqLJires £2,700 for redundancy provision and £15,272 for two months, running costs, (total £17,972). PLANS FOR THE FUTURE Our refurbishment programme includes.. Updating the old school toilets with new units suitable for adults. Purchasing of land currently owned by Liverpool City Council. STRUCTURE, GOVERNANCE AND MANAGEMENT The organisation is a charitable company limited by guarantee, incorporated on 10th November 2009 (company number 07071909) and registered as a charity (charity number 1141033) on 1stApril 2011. The Goveming Instruments under which the charitable company operates comprise of the Memorandum and Articles of Association dated 3rd November 2009 The Management Committee Comprises of two members and trustees and a Company Secretary from a cross section of backgrounds, experiences and skills Under Article 8.3, to qualify as a member a person must be either the Rector or a Churchwarden of Sl Mary's Church Walton. Trustees consist of a minimum of three to a maximum of 12. 9 shall be nominaled and a maximum of 3 trustees may be co-opted. Nominated Trustees shall be nominated by the Rector and Churchwardens for the time being of St Mary's Walton {who shall determine such nominations by a majority vote}, and shall remain in office for so long as the Rector and Churchwardens shall determine, but in any evenl no longer than 3 years.
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP TRUSTEES, REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Walton Community & Enterprise Partnership 07071909 Name Company Number Charity Number Registered Office 1141033 Walton Comerstone 2 Lislon Street Walton Liverpool Merseyside L4 5RT Trustees Susan Best Valerie Cumine Rev Lynn Davidson Rita Lacey Brenda Nettleton John K. TaySor Brenda Nettleton (Appointed 18th August 2024) (Resigned 1 St August 20241 (Appointed 20th February 2024) (Resigned 20th February 2024) Company Secretary Independent Examiner Ying Huang FCCA clo LCVS 151 Dale Street, Liverpool, L2 2AH Bankers TSB Bank PIG PO Box 453 Mitcheldean GL14 9LR Signed on behalf of the Board of Trustees Brenda Nettleton, Trustee Date.. 29. 1.
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP STATEMENT OF TRUSTEES, RESPONSIBILITIES Company law reqL(ires the trustees lo prepare financial slalements for each financial year which give a true and fair vlew of the state of affalrs of the charitable company as at the b818nce sheet date and of its incoming resources and application of resources, including income and expenditure, for the finanGial year. In preparing those financial statemenls, the trustees should follow begt practlce and.. select sullable accounting policies and then apply them consistentlyi observe the methods and principle in the Charities SORP., make judggments and estitnates that are reasonable and prudent. prepare the financial statements on the going concern basis unless il is inappropriate to presume that the company will continue as a going GoncErn' state whether applicable accounting standards have been followed, subject to any material departure disclosed and explained in the finanGial statements. The Trustaes ara responsible for maintaining proper accounting records whlch disclose with reasonable accuracy at any time the financi81 position of Ihe charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safèguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the Charities Act 2011, Companies Act 2006, Accounting and Reporting by Charlties,. Statement of Recornmended Practlce (Sorp 2019) appllcable to charities preparing their accounts in accordancè wlth the Financial Reportlng Standard applicable in the UK and RepubliG of Ireland {FRS1021 effective from 1st January 2019. By the Order of the board, B Nettleton Company Secretary 2 Liston Street Walton Liverpool Merseyside L4 5RT
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WALTON COMMUNITY & ENTERPRISE PARTNERSHIP I report on the accounts of the charitable company for the year ended 31st December 2024, which are set out on page5 8 to 15. The Irustees {who are also the directors of the Gompany for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(21 of the Charities Act 2011 (the 2011 Acl) and that an independent examination is needed. 11 is my responsibility to: examine the accounts under section 145 of the 2011 Act, to follow the procedures laid down in the general Direclions given by the Charity Commission (under section 145{5>(b} of the 2011 Act, and to state whether particular matters have come to my altention. Res ective res orisibilities of trustees and examiner Basis of inde endent examiner's statement My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. also includes consideration of any unusual items or disclosures in Ihe accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair, view and the report is limited to those matters set out in the statement below. Inde endent examiner's statement In connection with my examination, no matter has come to my attention.. (1} which gives me reasonable cause to believe that in, any material respect, the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 2006., and to prepare accounts which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reporting Charities have not been met., or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name: Mrs Ying Huang Relevant professional qualification or body.. FCCA Address.. clo LCVS 151, Dale Street, Livorpool, L2 2AH Dated..
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31ST DECEMBER 2024 Notas Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Income and endowments from: Donations and Legacies Charitable activities Investments 1,000 71,927 151 3b 80,155 214 80,155 214 Total in¢ome 80,369 80,369 73,078 Expendlture on: Charitable activities 91,631 91,631 63,858 Total expenditure 91,631 91,631 63,858 Net (expenditure)Ilncome net movement in funds {11,262) (11,262) 9,220 Total funds brought fOard 9,10 30,596 30,596 21,376 Total funds carrled forward 8-10 19,334 19,334 30,596 The notes on pages 10 to 15 form part of these accounts. All the above amounts relate to continuing activities of the charitable company.
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP Company Number: 07071909 BALANCE SHEET AS AT 31 ST DECEMBER 2024 Notes 31st December 2024 31st December 2023 Fixed assets Tangible fixed assets Current assets Debtors Cash at baiik and in hand 302 21,012 4,850 27,652 21,314 32,502 urrent liabilities Creditors: amounts falling due within one year (1,98Ql {1,906} Net current assets 19,334 30,596 Total assets less Current liabilities 19,334 30,596 Funds: Unrestricted funds Restricted fijnds 19,334 30,596 10 19,334 30,596 These financlal statements have been prepared In accordance with the Financial Reporting Standard appSicable In the UK and Republic of Ireland {FRS1021. These accounts have been prepared in accordance with the provisions applicable to small Gompanies subject to the small Gompanles, regime and in accordance with FRS102 SORP. For the period Govered by these accounts the company was entitled to exempllon under section 477 of the Companies Act 2006 relating lo small Companies. No members have required the company lo obtain an audit of its aGGounls for the year In question in accordance with section 476 of the Companies Act 2006. The trustees, who are the directors of the company, aGknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. Signed on behalf of the Board on 22.:..7., 2Y Brenda Nettleton, Trustee
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 1. Limited Liability The charity is a company limited by guarantee. Each member's liability is limited to £1. 2. Accounting Policies Basis of accounting The financial statements have been prepared 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 {FRS1021 effective from 1st January 2019 and Charities Act 2011 and Ihe Companies Act 2006. The accounts have been prepared under the historical cost convention with items recognised al cost or Iransaction value unless otherwise stated in the relevant note{s) to these accounts. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Stalemenl of Cash Flows. Going concern The Trustees therefore have a reasonable expectation that the Charitable Company ha5 adequate resources to continue in operational existence for the foreseeable future and have adopted the going concern basis of accounting in preparing the accounts. Fund accounting Unrestricted funds are the charily's free reserves available for the trustees to apply in accordance with the charitable company's charitable objectives. Restricted funds are subject to specific reslrictive conditions imposed by the donor. All restricted funds are accounted for as restricted income and expenditure for the purposes is charged to the fund. Fixed assets Capital expenditure of £1,000 and above is treated as a fixed asset and depreciated over its useful life. At trustees, discretion. expenditure on items in relation to improvements to leasehold buildings have not been treated as fixed assets and are dealt with in the Stalement of Financial Activities when payment has been made. No value has been placed in the accounts on gifted assets or volunteer labour provided in improving its facilities. Income recognition All income is recognised once the charily has entitlement to the income, there 15 sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. 10
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Donalions and legacies comprise of donations and general grants which are recognised in the accounls when received, with the exception of known legacies which are accounted for when their receipt is certain. Income from charitable activities is recognised on an accruals basis except for granls receivable, which are recognised on the dale on which their unconditional payment is confirmed by the donor. Income from investment relates to bank interest received and is recognised when the amount is certain. Expenditure recognition Liabilities are recognised as soon as there is a legal or constructive obligation Gommitting the charitable company to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. Support and governance costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor. Expenditure on charitable activities relate to the operation of the charity comprising of direct Charitable expenditure to meet the objectives of the charitable company. Support and governance costs relate to the management and operalion of the organisation and also compliance with constitutional and statutory requirements in producing the annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the charitable company. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at Gall with banks, olher short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Financial instruments The Ghariiy has elected to appty the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Inslruments 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 Ihe contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable righl to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and seltle the liability simultaneously. Basic financial assots 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 amorlised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the Iransaolion is measured at the present value of the future receipts discounted at a market rate of inlerest. Financial assets classified as receivable within one year are not amortised.
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 sr Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing Iransaction, where the debt instrument is measured at Ihe present value of the future receipts 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. Derecognition of flnanclal liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Taxation Income and gains are exempt from taxation as they are received and applied for charitable purposes only. The charitable company benefits from various exemptions from taxation afforded by tax legislation and are not liable to corporation tax on income or gains falling within those exemptions. Criti¢al accounting estimates and judgements In the applicalion of the charity's accounting policies, the trustees are required to make judgements, eslimates and assumptions aboul the carrying amount of assels 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 assLFmplions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in whiGh 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. Income and endowments from: Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 a. Donations and Legacies: Donations 1,000 Income from donations and legacies in 2023 related wholly to unrestricted funds. b. Charitable activities: Hall hire Rental Income 9,280 70,875 9,280 70,875 165 71,762 80,155 80,155 71,927 Income from charitable activities in 2023 related wholly lo unrestricted funds. 12
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Investments: Bank interest 214 214 151 Income from investments in 2023 related wholly to unrestricted funds. 4. Expenditure on charitable activities Direct Support & Charitable Governance Expenditure Costs Total 2024 Total 2023 To provide facilities for recreation and leisure time 88,061 3,570 91,631 63,858 Analysed as follows: 2024 2023 Direct charitable expenditu.. Staff salary costs Running costs Insurance Security and alarm costs Volunteer Expenses 15,831 63,485 5,641 2.904 200 14.733 38,197 5,868 1,535 88,061 60,333 Support & Govemance costs.. Office costs Bank Gharges Gifts PhotOGopier Lease Company filing fee Sundry expenditure Payroll fees Accountancy fees 731 139 282 974 34 880 146 250 974 69 373 820 436 974 3,570 3,525 Total expenditure on ¢haritable activities 91,631 63,858 £nil (2023.. £nil} of the above expenditure relates to restricted funding. 13
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31- DECEMBER 2024 b. Staff Costs 2024 2023 Gross salaries 15,831 14,733 c. Particulars of employees.. The average number of employees during Ihe year wa5 as follows-. 2024 2023 Charitable activily No employee received emoluments of more than £60,000 during the year. The Trustees are not remunerated for their services and are not included in the above number of employees. 5. Tangible fixed assets There are no tangible fixed assets acquired during the year or held as at 31st December 2024 {2023= none). 6. Debtors 2024 2023 Prepayments 302 4,850 7. Creditors: amounts falling due within one year 2024 2023 Accruals Other creditors 919 1,061 1,296 610 1,980 1,906 8. Analysis of net assets between funds 2024 Tangible Net Current Fixed Assets Assets Total Unrestricted Funds General Fund 19,334 19,334 2023 Tangible Net Current Fixed Assets Assets Total Unrestrictèd Funds General Fund 30,596 30,596 14
WALTON COMMUNITY & ENTERPRISE PARTNERSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 9. Unrestricted Funds Movements in the year Income Expenditure 2024 Reserves at Beginning of year Reserves at End of Year General Fund 30,596 80,369 191,631) 19,334 Movements in the year Income Expendlture 2023 Reserves at Beginning of year Reserves at End of Year General Fund 21,376 73,078 163,858) 30,596 General Fund is used to finance the charitable company's general activilies as outlined in the Trustees, Report 10. Restricted Funds There were no restricted funds received or expended during the year or held as at 315t December 2024. (2023.. £nil> 11. Lease Commitments Financial commitments under non-cancellable operating leases relating to a photocopier lease, this will result in the following payments falling due at 31 sl December 2024. Photocopier 2024 2023 Operating leases which expire.. Due within one year 974 974 974 974 12. Related Party Transactions There were no material related party transactions during the year which require disclosure (2023- none). 13.Guarant8es As at 3151 December 2024- 5 membeis had given a guarantee of £1 each in the event of the company winding-up. Total: £5 (2023- 7 members £7). 15