Company registration number: 06895512 Charity registration number: 1142510
Top Valley Community Centre Ltd
(A company limited by guarantee)
Annual Report and Financial Statements for the Year Ended 31 May 2023
Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Top Valley Community Centre Ltd
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 14 |
Top Valley Community Centre Ltd
Reference and Administrative Details
Trustees Steve Grocock Teresa Goodwin Robin Goodwin Charity Registration Number 1142510 Company Registration Number 06895512 Registered Office Top Valley Community Centre, Unit 6, Top Valley Way Nottingham Nottinghamshire NG5 9DD Independent Examiner John O'Brien, employee of Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
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Top Valley Community Centre Ltd
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 May 2023.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Steve Grocock Teresa Goodwin Robin Goodwin
Structure, governance and management
Nature of governing document
The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 5/5/2009. It has no share capital and the liability of each member in the event of winding-up is limited to £1.
Recruitment and appointment of trustees
Trustees are nominated and seconded by existing Trustees at a Management Meeting or A.G.M.
Objectives and activities
Objects and aims
To promote the benefit of the inhabitants of Top Valley and the neighbourhood (there after called the ‘area of benefit’) without discrimination of sex, sexual orientation race or ‘political’, religious or other opinions, by associating together the said inhabitants and local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interest of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life for the said inhabitants.
Objectives, strategies and activities
Staff & volunteers continued to keep the centre up and running with reduced activity during the pandemic and working within the goverment guidelines regarding any restriction. The centre anticipates that centre users will return so are hopeful that once all the Covid restrictions are lifted things will soon be back to pre Covid.
Public benefit
We host groups which provide the following:
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Fitness classes such as Children's Dance Classes, Burlesque Dance Classes , Ballroom dancing, and many
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martial arts classes;
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Healthy eating advice provided by Slimming World;
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Information for diabetics and Fibromyalgia from Nottingham City Care;
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Activities for mentally and disabled people from The Adventure Service;
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Coffee Mornings as well as Craft and Chat session for socialising the elderly community;
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Church groups which provide religious services for the community;
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We also help the Community with projects such as warm Wednesdays, food banks, information and support.
These services are for people of all ages, ethnicities and genders and provides them with healthy activities.
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Top Valley Community Centre Ltd
Trustees' Report
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Financial review
Policy on reserves
The Trustees aim to build up 25% of its annual running costs as free reserves.
Principal risks and uncertainties
Financial risk
The financial risk is limited because our long term groups don’t rely on government funding therefore there is no reason to suggest that if funding is cut those groups will be affected. Most of our groups pay by direct debit and are up-to-date with their accounts.
Next year we will have to pay towards the rent of the building, this will affect our reserves.
Statement of Responsibilities
The trustees (who are also the directors of Top Valley Community Centre Ltd for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on .................... and signed on its behalf by:
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Top Valley Community Centre Ltd
Trustees' Report
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.........................................
Steve Grocock
Trustee
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Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
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Top Valley Community Centre Ltd
Independent Examiner's Report to the trustees of Top Valley Community Centre Ltd
Independent examiner’s report to the trustees of Top Valley Community Centre Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 May 2023.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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 that in any material respect:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts 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 accounts 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.
......................................
John O'Brien MSc, FAIA, FCCA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners
Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL Date:.............................
Page 5
Top Valley Community Centre Ltd
Statement of Financial Activities for the Year Ended 31 May 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Investment income 4 Total Income Expenditure on: Charitable activities 5 Total Expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 9 |
Unrestricted £ - 39,692 196 39,888 (30,990) (30,990) 8,898 8,898 107,547 116,445 |
Restricted £ - - - - (4,155) (4,155) (4,155) (4,155) 4,155 - |
Total 2023 £ - 39,692 196 39,888 (35,145) (35,145) 4,743 4,743 111,702 116,445 |
Total 2022 £ 8,086 27,324 9 |
|---|---|---|---|---|
| 35,419 | ||||
| (30,706) | ||||
| (30,706) | ||||
| 4,713 | ||||
| 4,713 106,989 |
||||
| 111,702 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 8 to 14 form an integral part of these financial statements. Page 6
Top Valley Community Centre Ltd
(Registration number: 06895512) Balance Sheet as at 31 May 2023
| Note Current assets Cash at bank and in hand Creditors: Amounts falling due within one year 7 Net assets Funds of the charity: Restricted income funds Restricted funds 9 Unrestricted income funds Unrestricted funds Total funds 9 |
2023 £ 117,315 (870) 116,445 - 116,445 116,445 |
2022 £ 112,685 (983) |
|---|---|---|
| 111,702 | ||
| 4,155 107,547 |
||
| 111,702 |
For the financial year ending 31 May 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
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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 accounts.
These 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.
The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Steve Grocock Trustee
The notes on pages 8 to 14 form an integral part of these financial statements. Page 7
Top Valley Community Centre Ltd
Notes to the Financial Statements for the Year Ended 31 May 2023
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Top Valley Community Centre Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
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Top Valley Community Centre Ltd
Notes to the Financial Statements for the Year Ended 31 May 2023
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £1500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class
Fixtures & fittings
Depreciation method and rate 10% Straight line
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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Top Valley Community Centre Ltd
Notes to the Financial Statements for the Year Ended 31 May 2023
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Restricted income funds are those grants for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. Pension costs charges in the Statement of Financial Activities represent the contributions payable by the charity during the year.
2 Income from donations and legacies
| 2 Income from donations and legacies |
|||
|---|---|---|---|
| Grants, including capital grants; Government grants 3 Income from charitable activities Room rents & services 4 Investment income Interest receivable and similar income; Interest receivable on bank deposits |
Unrestricted funds General £ 39,692 Unrestricted funds General £ 196 |
Total 2023 £ - - Total 2023 £ 39,692 Total 2023 £ 196 |
Total 2022 £ 8,086 |
| 8,086 | |||
| Total 2022 £ 27,324 |
|||
| Total 2022 £ 9 |
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Top Valley Community Centre Ltd
Notes to the Financial Statements for the Year Ended 31 May 2023
5 Expenditure on charitable activities
| Wages, NI and pension Professional fees Charitable Contributions Utilities Premises maintenance Insurance Communications Printing & stationery Equipment, repairs & renewals Sundry Refreshments & hospitality Internet & software Bank charges Volunteer expenses |
Unrestricted funds General £ 15,256 1,599 216 1,820 2,881 964 133 587 6,686 - 107 589 - 150 30,988 |
Restricted funds £ 4,155 - - - - - - - - - - - - - 4,155 |
Total 2023 £ 19,411 1,599 216 1,820 2,881 964 133 587 6,686 - 107 589 - 150 35,143 |
Total 2022 £ 18,835 1,874 97 1,314 4,249 926 - 683 1,950 17 104 312 5 340 |
|---|---|---|---|---|
| 30,706 |
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Top Valley Community Centre Ltd
Notes to the Financial Statements for the Year Ended 31 May 2023
6 Staff costs
The aggregate payroll costs were as follows:
| The aggregate payroll costs were as follows: | ||
|---|---|---|
| Staff costs during the year were: Wages and salaries Social security costs Pension costs |
2023 £ 18,498 - 913 19,411 |
2022 £ 18,348 203 284 |
| 18,835 |
The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:
| Average number of employees | 2023 No 2 |
2022 No 2 |
|---|---|---|
2 (2022 - 1) of the above employees participated in the Defined Contribution Pension Schemes.
Contributions to the employee pension schemes for the year totalled £913 (2022 - £284).
No employee received emoluments of more than £60,000 during the year.
7 Creditors: amounts falling due within one year
| Other taxation and social security Other creditors |
2023 £ - 870 870 |
2022 £ 227 756 |
|---|---|---|
| 983 |
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Top Valley Community Centre Ltd
Notes to the Financial Statements for the Year Ended 31 May 2023
8 Charity status
The charity is a company limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
9 Funds
| Unrestricted funds General General Restricted funds Covid Recovery Total funds Unrestricted funds General General Restricted Covid Recovery Total funds |
Balance at 1 June 2022 £ 107,547 4,155 111,702 Balance at 1 June 2021 £ 89,582 17,407 106,989 |
Incoming resources £ 39,888 - 39,888 Incoming resources £ 35,419 - 35,419 |
Resources expended £ (30,990) (4,155) (35,145) Resources expended £ (17,454) (13,252) (30,706) |
Balance at 31 May 2023 £ 116,445 - |
|---|---|---|---|---|
| 116,445 | ||||
| Balance at 31 May 2022 £ 107,547 4,155 |
||||
| 111,702 |
10 Analysis of net assets between funds
| Current assets Current liabilities Total net assets |
Unrestricted funds General £ 117,315 (870) 116,445 |
Total funds at 31 May 2023 £ 117,315 (870) |
|---|---|---|
| 116,445 |
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Top Valley Community Centre Ltd
Notes to the Financial Statements for the Year Ended 31 May 2023
| Current assets Current liabilities Total net assets |
Unrestricted funds General £ 108,530 (983) 107,547 |
Restricted funds £ 4,155 - 4,155 |
Total funds at 31 May 2022 £ 112,685 (983) |
|---|---|---|---|
| 111,702 |
11 Benefits in kind
Nottingham City Council provides the building free of charge.
12 Fees payable to independent examiner
During the period, the fees payable (excluding VAT) to the charity’s independent examiner Community Accounting Plus are analysed as follows:
| Independent examination Other financial services |
2023 £ 660 326 986 |
2022 £ 630 365 |
|---|---|---|
| 995 |
13 Taxation
The charity is a registered charity and is therefore exempt from taxation.
14 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
15 Related party transactions
There were no related party transactions in the year.
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