Registered Charity Number 1145178 Registered Company Number 07662038 The Oval (Stevenage) Community Association Report and Accounts for the year ended 31 March 2024
The Oval (Stevenage) Community Association Report and accounts Contents Pag• Company infom)atlon Trustee's Report Examinerfs report Statement of FinancSal Activities Balance sheet Notes to the accounts 11 13 14 15 Delalled Statement of Financial Actniities 20
The Oval (Stevenage) Community Assoclatlon Company Informatlon Dlrectors Jeanette Thomas (Chairperson) Gylyan Bolelle (resigned 10 October 2023) Paul Laurence Boielle Rose Hall Reverend Pete Orton Accountants Hargreaves Owen Llmlted Red Sky House Fairclough Hall Halls Green Herts SG4 7DP Bankers The Co - operative Bank plc PO Box 101, 1 Balloon Street Manchester M60 4EP Regl$tered offlce The Oval Community Centre The Oval Vardon Road Stevenage H8rts SG15RD Charlty number 1145178 Company number 07662038
THE OVAL (STEVENAGE) COMMUNITY ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Directors of the Com Law, present their report an ort , who are the trustees of the charr e Accounting Period 1st April 202 for the purposes of Charty to 31st March 2024. NAME. REGISTERED OFFICE AND CONSTITUTION OF THE CHARITY The full name of the charity is The Oval (Stevenage) Comrnunity Associats"on. The legal registration details are :_ Company RegiStIon Number The Registsred offi is 07662038 The Oval Community Centre. The Oval Vardon Road, Stevenage. Herts SG15RD 1145178 01438 359404 Charity Registration Number The telephone number is OBJECTIVES AND ACTIVITIES OF THE COMPANY The company 18 governed by Sts, Articles of Associatlon, as modffied by special resolution on 19th Dernber 2012. The companls charitable obj'ects, set out in its, Articles of As%)ciation, are: •to promote the benefit of the inhabitants of Stevenage without distinctlon of sex, sexual orientstion, race or of political. religious or other opinions, by ass¢xiating together the said inhabitants and the Focal authorities, voluntary and other organisatlons in a common effort to advance education and to provide facilitles in the interests of social welfare for recreation and leisure - time occupation, with the object of improving the conditions of lrfe of the said inhabitants .to establish, or secur8 the establishment of. a Community Centre and to maintaln and manage the same (whether alone or in co-operation with any local authorty or other person or body) in furtheran of these objectives .10 promote such other charitable purposes as may from time to time be detemined SUMMARY OF THE MAIN ACTIVITIES OF THE CHARITY IN RELATION TO ITS OBJECTIVES In all the activity'es undertaken by the Company. the Directors in their role as charity trustees have tEen mindful of their statutory duty to take into account the guidance on public benefit set out in The Charity Commission's Guidan Documents PB1 The Public Benefft Requirements. PB2 Running a Charity and PB3 Reporting. At the 2023 AGM, held on 1 OTh October 2023, Mrs Gylyan Boielle, who had been a Director and Trustee of the Company Sin ts foundation, as she had been for most of the time of its pdeCesSOr unincorporated charity. tendered her resignation, due to ill health. Over the years, her contributions to the Oval Community Centre and its management have b*n invaluable. Sadly, Gylyan died In January 2024. During the accounting period, the principal activity of the Company comprised the day-lfrday running and management of The Oval Communty Centre, including the letting of rooms and halls.
THE OVAL (STEVENAGE) COMMUNITY ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Gail Mardlin, the Community Centre Manager, is the Company's much valued and appreciated senior paid employee. The range and scope of aclivities undertaken, or more properfy not undertaken due to the after-effects of the pandemr, during Ihe 202312024 year can best be judged from her rep prepared for the CoMpanS 2024 AGM , which is reprodUd below (in italics). having been endorsed by the Directors. Gail had found managing the Centre both during and after the pandemic, and especialty having to deal with the staffing problems which resulted very stressful, and at the end of the 2023r2024 she swapped roles with her deputy. Centro Alanagefs Report 'Following the Covld 19 pandemic the Centre continued to remain quiet throughout the year. Regular groups started to retum. Hire remained quret in the daytime and the hire we had was not substituting t1 loss of the preschool in Juty 2022. Following the preschool closure the office staff reduced their hours, and this continued with carefijl monitored in line with bookings. The Family Centre continues to hold more face-to-face groups and made additional bookings for the main hall and portacabin to meet the demand. The Complete Education Solution continued to hire room 6 Monday to Thursday morning term times. We lost the school holiday hire from Little Performers. The Syrlan Refuge group ceased hire in June 2023, but they may retum in the future. Age Conrn retumed on 1919r23 to use the coffee bar on a Tuesday morning free of charge. It is a good opportunty to encourage local people into the ntre and hopefully work with them on future events. Unfortunately, due to low attendance the coffee mornings stopped on 1711 or23. Longfellow Pilates started to hire with us in January 2023 and has continued to hire weekty Stevenage Football Foundation extended their booking and continued to run the Extra Time Hub for over 50s on a Thursday moming. Jive Of Herts, Youth Connexions, Ostornistics and Steel Bone continued their hire with us on a regular basis. Chair yoga started here on a Friday moming for an hour on 13110123. Psychic circle started hire on a Thursday evening for 2 hours from 2119123. Yoga started on a Tuesday & Friday evening for 1 hour from 3110123. Buzz Cheerleading stsrted hiring the main hall on a Monday evening for just over an hour. extending to 2.50 hours from 2612124. Mum & Baby frtness dass stsrted on 113124 for one hour on a Friday mrniro for 6 weeks.
THE OVAL (STEVENAGE) COMMUNITY ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Messy Monsters, our own Toddler gioup reopened on 413124 with new volunteers running the group. Wednesday evenings have been bcx)ked on a regular term tim8 basis by Beezee Bodies. Adult functions remain slow, but children's parties were steady. Staffing Sarah Pye started as our Cleaner in January 2023. Unfortunately, things did not work out and she left us on 1917123. Abbey Porter started work as our cleaner on 11 th July 2023. Things did not work out with Abbey as a cleaner however, we were able to offer her position of Caretaker. Following discussions with the Committee Gail decided that she would like to cease her position of Centre Manager at the end of March 2023. It was agreed that Sarah Walker would lake the Centre Manager position and Gail would become Deputy Manager from 114124. Caretaker8 David Doy and David Slade remain fjth us 8s our main caretakers. David Slade became unwell In September 2023 and after a period of time in hospital he was diagnosed with Myasthenla gravis. He retumed to work on 5110123 and he is now on medication for this. He was on reduced hours and no lifting. Davld has improvgj slowly but Is still limited as to what he can do. During the year we have had several caretakers start work with us but unfortunatsly all have been very short tsrm. Jumble Michelle our Volunteer continued to run our Jumble Sales and was joined by Jean. The jumble takings for thls financial year Mere £979.63 (Previous year £918.23). A small improvement on the previous year. We stopped using All Recycle to collect surplice jumble for cash as they became unreliable. We n¢)w use Herts Air Ambulance who collect the surplus jumble however. we do not receive payment for rt. A huge thank you to Michelle and Jean for their tirne volunteered to the Centre for jumble sales and events. Committee Our valued committee member Rose Hall sadly k)st her husband Trefor Hall on 5th June 2023. Rose held his wake at the Centre, and we still have his wonderful paintings displayed in our Coffee Bar. The Committee donated to Herts Air Ambulance in his memory. Gylyan Boielle our valued, long standing committee mernber had been very poorly and much of Paul's time has been taken up with caring for Gylyan after having Pneumonia in June 2023. Sadly. Gylyan passed away on 111112024. Her funeral was on 1312124 and her wake was held at the centre. Gylyan will be missed by all that knew her.
ThE OVAL (STEVENAGE) COMMUNITY ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Events Summer Fair- Saturda 8th Jul 2023 The Centre and Church ran this event but unfortunatety the family centre was not able to join in this year. Local Councillors, Lloyd, Myla and Carolina kindly paid for the Donkey Rides and Fa Painter. These were available free of charge. We had lots of stalls booked with people Ing crafts etc. We charged £5.00 per table and look £60.00. We also invited regular user groups, and these were given a free table to advertise their services. The Association had a Hook A Duck, Sand Treasure and Tombola stall. kindly run by our volunteers, Rose. Denise, Jean, Abbey and Pam. There was also lots of (t{lOOr toys for children to use in the community garden. Aiden Heritage. our regular Magician, offered his Servi free of charge for the event. We took £15.50 on the sand treasure. £32.00 on hook a duck and £90.00 on the tombola stall. The event was a great success and was busy despite the weather and avoiding a few rain showers. A big thank you to all staff and volunteers for all their hard work before. during and after the event! The church had a successful day too. Famil Disco This was held on Monday 23rd October 2023 for a half tenn event. Ticket sales covered the cost of Abacus dlsco. Ticket sales were slow to start with but a total of 83 out of 100 available tid(ets vRre sold. Christmas Fair The Christmas Fair was on Saturday 2nd December 2023. We had 33 craft stalls booked. We had a Santa's grotto, which vrfas free to visit. The Famlly centre kindly prepared the grotto and ran it on the day. David Slade was Sants. We had our usual fa painter which was also free. Local Councillors kindly paid for the face painter, Santa and some new decorallons. The Association ran a tombola stall (takings £212.00) and a teddy tombola (takings £90.00). One of our volunteers, Ann sold knitt1 scarves, and sh8 kindly donated the £30 she took to the centre. Price Increase Following our increase on 1st September 2022 we made a further IncaSe in hire on 1st October 2023 by 5% and that included functions and Childn'S parties, Wages Increase There was a 7.40Vo increase as from 1 It Juty 2023. This was to keep our wages in line with the real living wage. Grants The HCC Warmer Spaces grant awarded in March 2023 was meant to be used to run an additional craftlsocial morning however the group was not sUc5SfUl. Therefore, il was agreed the money could fund the existing craft group on a Wednesday Morning. Regeneratlon of the Oval Regular Teams meetings continued with SBC, All Saints Church and the Architects to design a new centre and church. The proposed 3 floors are not ideal, but compromises have been made to increase the size of the lounge on the ground ffoor to accommodate less abled hirers. Plans were agreed in principle ready for the Planning Committee. The defib kindly funded by Own Homes continues to be invaluable and is regularly taken for emergency sltuations. A big thank you to all stsff. commlttee and volunt•er8. It has been a challenglng year with lots of staff Changes particularly caretaklng."
THE OVAL (STEVENAGE) COMMUNITY ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT The Oval (Stevenage) Community Association is a Charitab company limited by guarantee, registered with Companies House on 8th June 2011 as Company No. 07662038 and with the Charity Commission on 20th DeMber2o1l as charty no. 1145178. It was founded by the Trustees of the Oval Communty Association. registered charity no. 270150, who are the guarantors, undertaking to pay £1 each rf the company is wound up, with the express purpose of taking over the running of the Oval Comrnunlty Centre, The Oval, Vardon Road, Stevenage, from the unincorporated charity. The current Trustees are: Jeanette Thomas (chair) Gylyan Boielle Paul Laurence Boielle Rose Hall Reverend Pete Orton (appointed 8 June 2011) (resigned 10 October 2023) (appointed 8 June 2011) (appointed 8 June 2011) (appointed 3 November 2021) The trustees as noted above are also the guarantors and directors of the company. The Company being limited by guarantee. there are no directors, interest in share capital. All the directors of the company are also trustees of the charity, and their responsibilities include all the responsibilities of directors under the Companie5 Acts and of trustees under the Charities Act. The dlrectors are members of the company The Directors of the Company have no interest in any contract with the Company nor do they receiv8 8ny remuneration for their Ser1 or personal expenses.
THE OVAL {STEVENAGE) COMMUNITY ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW AND FINANCIAL STATEMENTS a Transactlons and Flnancial Posltlon These accounts have been prepared undei the historical cost convention with items recognised at cost or transaction value unless Othenlse ststed in the relevant notes to these accounts. The accounts have been prepared in accordance with the Statement of Recommended practi.. 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 (FRS102) issued on 16 July 2014 and with the Charities Act. Hon Treasureffs Report The statutory accounts, prepared on an accruals basis. record that, with income from lettings still well down on pre-pandemic levels, Ihere was a deficit on the year of (£10,999). The primary reason for the deficit on the year is that the Company's lettings income was this amount down on pre-pandemic levels. The Company did change its gas supplier in an effort to hold the bills down, we could have done without the grief and aggravation which resulted. Energy costs reduced from £18.314 to £10,795, but were still twce the pre-ukraine war level. In 2023r2024, wages in the year were £58,817. an increase of 15% on the £50,910 of the previous year, reflecting both an increase in activity levels and in the wage rates, the latter necessary to obtain replacement members of staff. Pre-pandemic, tsvo thirds of the Centre's expenditure was accounted for by salaries. In 202312024 this percentage had increased to 314 due in part to our on-going squeeze on all non-essential expenditure and in part to the on-going staffing issues outlined in the Centre Managers, Report. Eight years ago, the Company had made a commitrnent to pay its lowest paid employees the Living Wage Foundation's living wage. In the 202012021 year. because of uncertainty about the future resulting from the pandemlc, wages were frozen at the 201912020 level. In addition, the Company limrted all discretlonary expenditure to the bare minimum, in an effort to stretch the Company's reserves as far into the fvture as Frf)ssible. However, towards the end of 2021, in response to difficulties in recruiting caretaking staff, their wage rate was raised to the Living Wage Foundation rate, with a commitment to raising all staff to this rate. as a minimum, during 202212023, which commitment was duly honouted, as it has been in subsequent years. In the 202412025 year the challenge will be to judge whether and by how much activities retum to pre-pandemic levels (if they ever do) and the resultant impact on the Charitys income and the resources available to cover expendure, and this in turn will put pressure on those expenditure items over which the Company has control, which is primarity staff wages, accounts'ng for some 314 of annual expenditure. This wage percentage can only be sustained at the expense of investment in repair. renewals, fittings and fixtures and the fike. in which there has been significant under-investrnent over the previous 4 years.
THE OVAL (STEVENAGE) COMMUNITY ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 As reported in 202112022, The Oval (Stevenage) Enterprises Ltd., which ran the bar at Community Centre functions, was set up by trustees and staff members of The Oval (Stevenage) Community Association's predesSOr unincorporated charity as that charity's trading ann. The founders, who were Enterprises shareholders, intended in the fulln&ss of time to donate their shares to the chaiity. This transfei process, triggered by the death of some of the founders, started in the 2017r2018 year, and was completed in the 201812019 year. However, as reported in a previous yearfs annual report, Enterprises Directors decided to suspend operdtions when the existing premises lince fell due for renewal at the end of summer 2021, as functions with bars were so infrequent that staffing them was uneconomic. The Company receives assistance each year from Stevenage Borough Council, through leasing the Community Centre at a nominal rent The 201912020 annual report discussed at length the Borough Council's plans to sweep all the existing buildings, including the Community Centre and All Saints Church. off the Oval site and then use developers to redevelop, squeezing a Communlty Centre somewhere into an odd comer of the sile. As reported last year, the current plan is to relocate Communlty Centre and All Saints Church to a site north of its current location. with the Community Centre envisaged as a 3 storey buikling at the south end of the new site. with the main hall on the second fioor, not ideal from the Community Association's point of view. Throughout the year, discussions wlth the architects engaged by Stevenage Borough Council to design the new Community Centre, and indeed the entire aa redevelopmen( were on-going. Linked to the redevelopment plans is the Communty Association's lease of the Community Centre, which Tan out in 202112022, and which the Borough Council have informed the Association won't be renevd or extended expl on a year-by-year basis. This is having a negative effect on the Association's prospects of obtaining mote substantial grants. The Community Centre shares the Oval complex with All Saints Church. an ecumenical partnership belween the Methodist Church arKI the Church of England with a comon entran hall and shared toilets. A good working relationship with the officials and clergy of the two cxjngregations. and especially the Church of England's full-time priest, make5 for an easier life. He, with the support of the church's officials has been active in pursuing opportunities for co-operative working. All Saints Church are in a stronger position than the Community Association when it comes to the redevdopment, as the freehold of the church sile arKI the building itself, are owned by an independent body representing the original founders of All Saints Church. That is the Church of England, the Romal Catholic Church and the Methodist Church.
THE OVAL (STEVENAGE) COMMUNITY ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 b Flxed Assets During the period April 2023 to March 2024 there were additions to Fixed Assets. c Re80rves Pollcy The level of reserves held at the end of the 202312024 financial year was £115,789 which amounts to some 18 months Income at the 202312024 rate, In th8 201512016 year, as a result of the uncertainties about the long-term future of the Community Centre, and the increasing trend for the Cornpany to have to call on its own resources to keep the Communty Centre weathefproof and warm, the Dlrector&rrrustees reviewed the reserv88 policy, and fett St prudent, by the time the redevelopment of The (Tral precinct takes place, to have in reserrfes yearfs unrestricted income. Accordingly, the current level of reseNes is more than that requlred by the current reserrfes policy. The ISS with this policy Is that for the past 8 years, when the redevelopment of the Oval precinct will tske place has always been 'within the next 5 years.. Although the signs are promislng, with on the new bullding forecast to start in 2025, the Oval redevelopment is not yet a done deal, and if the Borough Council's finances become over•Stretched, the oval redevelopment could find itself once more 'kicked into the long grass.. The Company does not at present anticipate havlng to (xase operation pennanently when the existing Communlty Centre 18 demolished since the redevelopment plans provide for a replacement, albelt not like-for-like, but there wlll be disruption 1th winding down of operations in one bullding and winding them up in another, which may not be concurrent, and the replacement Centre may not be able to accommodate all the existing range of activities, resulting in some loss of revenue and increases in costs. At the beginning of the 202312024 financial year, the Directors expected to have to draw down the resetves by at least £19,500 to cover the shortfall of income over expenditure in the 2023r2024 financial year as a result of the after-effects of Ihe Covid-19 pandemic. In the event, for the reasons outlined earljer, the outcome over year was a deficit of some £11,000 reflected in the decrease in reserves. d Share Capital The company is limited by Quarant and therefore has no share capital e Responslbllltles of the truste•s In r•latlon to the financial stat•ments The Directors (who are also the charity's trustees) are responsible for preparing the Annual Report and the financial ststements in accordance with applicable law and United Klngdom Generally Accepted Accounting Practice. Company law requires the Directors to prepare financial statements for each year which glve a true and fair view of the stste of financial affairs of the company and of the profit and loss of the company for that period.
THE OVAL (STEVENAGE) COMMUNITY ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 In preparing those financial statements, th8 Directors are requlred to: - select suitable accounting policies and then apply them consistently,. - make judgements and estimates that are reasonable and pruden(. and prepare the financial statements on the going concern basls unless It is inappropriate to presume that the company will continue in business. state whether applicable accounting standards and ststements of recommended practice have been followed , subject to any material departures dlsclosed and explained in the financial statements. The Directors, as trustees, are also responsible for Maintaining proper accounting records which disclose with reasonable accuracy at any Ilme the financial position of the charity and to enable them to ensure that the financial ststeffients comply not only wtth the Companies Act 2006 but also the Charitie8 Act 2011 and 2022. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and Olr lrregularfts. In all the aclivities undertaken by the Company, the Directors in their role as charity trustees have been mindful of their statutory duty to take into account the guidance on public benefft set out in The Charity CommissiDn'8 Guidance Documents PB1 The Publlc Benefrt Requlrement8, PB2 Running a Charlty and PB3 Reporting. The dlrectors consider that for the year ended 31 March 2024, the company was entitled both to an exemption from a stalutory audit under section 477 of the Companies Act 2006 and under section 144 of the Charities Act 2011. However, the Chariti88 Act 2011 does require an independent examination and accordiryly, the directors have appointed Karen Bunyan of Hargreaves Owen Ltd as Independent Examiner. In accordance with company law, as the charItate company trustees, the Directors certify that •so far as they are aware, there is no relevant Infonnation of which the charitable company's independent examiners are unaware. and 'as the trustees of the charltable company, they have taken all the steps that they ought to have taken as directors in order to make themsefves aware of any relevant infomiation and to establish that the companys indeperKlent examiner Is aware of that infomatlon. f Method of preparation of a¢¢ounts The trustees, in thelr capacity as directors,stste that the accounts have been prepared in accordance with the special provlsions in Part 15 of the Companies Act 2006 relating lo small companles. Paul Lauren Boielle Director and Twstee { o,tak 2tsZ The Oval (Stevenage) Community Association 10
Independent examlner's report to the trustees of The Oval {Stevenage) Communlty Associatlon I report on the accounts of the company for the year ended 31 March 2024, which are set out on pages 13 to 22. Respective responsibilities of trustees and examiner The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is rKrt required for Ihis year under seclion 144{2) of the Charities Act 2011 and 2022 (the 2011 Act) and thal an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: . examlne the accounts under section 145 of the 2011 Act to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act . to state whether particular matters have come to my attention Basls of Independent examIneS report My examination was carried out in accordance with the general Directions given by the Charty Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disdosures in the accounts, and seeklng explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the evldence that would be required in an audil 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 Ihe next statement. 11
Independent examIneS report to the trustees of The Oval (Stevenage) Community Assoclation Independent examinerfs 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 sectlon 386 of the Companies Act 2006 and to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Stalement of Recommended Practice: Accounting and Reporting by Charities have not been met or (2) to which, In my opinion, att&ntion should be drawn in order to enable a proper underslanding of the accounts to be reached Karen Bunyan FCCA Hargreaves Owen Ltd Chartered Certrfied Accountants Red Sky House Fairclough Hall Halls Green Weston Herts SG4 7DP The date upon which my opinion is expressed is: a? 12
The Oval (Stevonago) CommuThlty Associatlon Statemént of Flnanclal Actlvltles for the year ended 31 March 2024 Unrestrlctad Rostrieted Funds Funds Total Fund8 Last Yèar Total Funds Notes 2024 2024 2024 2023 Incoming r•$ourc•s from generated lunds Volvntary Incom8 Adivities for generating fund8 Investment Income 530 74.042 1,114 332 862 74.042 1,114 737 69,539 119 Total In¢oming rosourcos 75.686 332 76,018 70,395 Costs of charftabla aetmtlos Govemanco costs 86.087 930 86,087 930 88.991 930 Total resources expended 87.017 87,017 89,921 Net (outgolng) I Incomlng resources before transfer8 between funds Gross transfers between funds Net {outgolng) l incornlng resources before Other recognlsed gains and losses (11,331) 332 (10,999) (19,526) {11,331) 332 110.999) (19.526} Nel movement In fund8 {11,331) 332 {10,999) {19.526) Rgconciliatlon of funds Total funds brought ft>rward 124,993 1,795 126,788 146.314 Total Funds ¢arrlod forward 113.662 2,127 115,789 126,788 The net movement in funds raferTed to above is the net outgoing resources a5 defined in the Ststement of RecommerKl&d Practice for Accounting and Reporting Fssued by the Charity CommFS5ion for England & Wales and is reconciled to the total fund8 as shown in the Balan Sheet on page 16 a$ required by the 88id statement. All actlvltlos derfve from eontlnulng opèratlon8 The notos on pago$ 15 to 22 forni an Integral part of those a¢¢ounts. 13
Tho Oval {Slevenage) Community Assoclatlon Balance 8h•ot as at 31 March 2024 Notes 2024 2023 The assots and Ilabllltles of the tharity." Flxed assèts Intanglble a88ets 10 10 Tangible assets Current assets Debtors Cash at bank and in hand Total curnnt assets Credltors:. affK)unts du6 wilhin on8 yaar 7.181 113.862 121.043 3,502 128,195 131,697 10 {6271) (4.928) Net cun* assets 115.772 126.771 Totalassets less cuent Ilabllltlos 115,789 126.788 Not assets l {Ilabllltles) 115.789 126,788 The fun(ts ol the charity.. Unrestrfcted incom• funds Unrestrlct8d revenue accumulated funds Total unrostrlcted funds 113.662 124,993 113.662 124.993 Restrlctèd In¢omè fundg Restricted revènue accumulated fund8 Total restrl¢tèd funds 2,127 1.795 2.127 1,795 Total ¢harlty fvnds 115,789 126.788 The company is entitled to exemption from audit under SeCtn 477 of the Compon8 Act 2LI)6 for the year ended 31 March 2024. The members havè not required the company to obtaln an audit of its financial stalements for year ended 31 Mah 2024 in Bccordance wrth Section 476 ofthe Companles Act 2006. The dlrectors aCknOwdge their responsibilities for. {a) ensuring that the Company keeps accounting records which comply wrf(h Sections 386 and 387 of the C¢)mpanles Act 2006 and {b) preparing financial statements which givo a tNe and fair view of the statè of affairs of th8 cr#))pany as at the end of each financial year and of its profrt or ksss for each financial year in accordance wffth the requirements of Sectlon 394 and 395 and whlch otherwtse comply wSth the requirements of the Companies Act 2006 rekqting to financial statements. so far as appli¢able to the company. The finanu81 statements hav8 been prepered in accordan wlth the Special provisions of Part 15 of the Companies Act 2006 relating to sm811 companies. P, b, Euwu P Boielle Dlroctor Approv•d by the board of trustee8 on The notes on pagos 15 to 22 form an integral part ol those account•. 14
The Oval (Stevenage) Community Association Notes to the kcounts for the year ended 31 March 2024 1 Accounting pollcles Basls of preparation of the accounts The Charity constitutes a public berEfrt entty as defined by FRS 102. The financial statements have been prepared in accordance with AccountirvJ and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102). the Charities Act 2022, and UK Generally Accepted Practice as it applie5 from 1 January 2015. The financial statements are prepared on a goirYJ conrn basis. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The significant accounting policies applled In the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. In¢oming Resources Incoming resources 8r8 accounted for on a recelvable basis i.e. they ar8 included rf the date receivable falls wlthln the period covered by these accounts. Investment Income Bank Interest received is Included on an actual receipts basis. Recognition of Ilabllltles Liabilities are recognised on the accruals basis In 8¢cordance with normal accounting principles, modffied where necessary in accordance viith the guidance given in the Statement of Recommended Practice for Accounting and Reporting (revised June 2008) issued by the Charity Commissioners for England & Wales . Hxed assets and depreclation Upon incorporation, fixed assets were transferred from the unincorporated association at nil book value - consequently in respect of these assets no depreciakn'on has been charged in this accounting period. Fixed Assets that have been purchased in subsequent years are stated at cost less depreciation. Depreciation has been provided at the following rates in order to WTite off the assets (less their ests'mated residual value ) over their estimated useful economic lives. Fixtures, ffftlngs & office equipment 25% straight line Taxatlon As a registered charity, the company is 8x8mpt from income and corporation tax to the extent that its income and gains are applicable to charitsble wrposes only. Value Added Tax is not recoverable by the company , and is therefore included in the levant costs In the Statement of Financial Activities 15
The Oval (Stevenage) Communlty Associatlon Notes to the Accounts for the year ended 31 March 2024 Funds structure policy The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the o*'ects of the charity. Such funds may be held in order to finance both working capital and capital investment. Restricted funds have been provided to the charity for particular purposes, and it is the policy of the b)ard of trustees to carefully the monitor the application of those funds in accordance with the restrictions placed upon them. The is no formal policy of transfer between funds or on the allocation of funds to designated funds. other than that described above. Any other proposed transfer betrween funds would be considered on the particular circumstances. Transition to FRS 102 No reststement of it8m8 ha8 been required in making the transition to FRS 102. The transition date was 1 April 2015. 2 Winding up or dissolutlon of the charity If upon winding up or dissolution of the charity th8re remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charit8b18 body or bodies having similar objects to the charity. 3 Surplus for the flnancial year 2024 2023 This is stated after crediting Revenue from ordinary activities 74,904 70,276 and after charging:" Reportlng Accountant's fees 930 930 Funds belonging to the ch8rity have not been used for the purchase of insurance to protect the charity from loss arising from the neglect or defaults of its trustees,employees or agents, or to indemnify its trustees,employees or agents, against the consequences of any neglect or default on their part. 4 Statement that no expenses w•ro paid to trustees or connect•d persons No expenses were paid to trustees or persons connected with them. 5 Analysis of suppori costs An analysis of support costs by activity (Appendix 2) Is included in the detsiled schedule to the Statement of Financial Activities. 16
The Oval (Stevenage) Community Association Notes to the Accounts for tho year ended 31 March 2024 6 Staff Costs and Emoluménts 2024 2023 Gross Salaries 58.815 50,910 Numbers of full tlme employ••s or full tlmo equlvalents 2024 2023 Engaged on charitable activities There were no feas or other remuneration paid to the trustees 7 Intanglble Flxed Assets Shares In group undortaklng Cost At 1 April 2023 Additions 10 At 31 March 2024 10 10 Ordinary shares with a nominal value of £1 each in The Oval (Stevenage) Enterprises Ltd - now a dormant cnpanY ceased trading on 5 April 2022 March 2019. were donated to the charity in the year ended 31 The charity now holds 1 OOYO of the share capital of The Oval (Stevenage) Enterprises Ltd 8 Tangible fixed assets Flxlures, fittlngs & office equlpment I Asset cost At 1 April 2023 AddÉtions At 31 March 2024 19,285 19,285 Accumulated dopreclatlon At 1 April 2023 Charge for the year At 31 March 2024 19,278 19.278 Net book value At 31 March 2024 At 31 March 2023 17
The Oval <Stevenage) Communily Association Notes to the Accounts for the year ended 31 March 2024 9 Debtors 2024 2023 Trad• debtors Prepaid expenses 7,181 3,502 7,181 3.502 10 Creditors: amounts falllng du• wlthln one year 2024 2023 Trad• ereditors Ac¢fued expensès PAYE and Nl Defeffed incom$ and grants In advance 638 1.680 878 2.075 179 2,893 1,350 5,271 4.926 11 Analysis of the Net Movement in Funds 2024 2023 Net movement in funds from Statement of Financial Activitios Net resources applied on functional red assets {10,999} 25,134 Net movement in funds •vallable for future activities 10,999 25,134 12 Particulars of Individual Funds and analysls of assets and Ilablllties representing funds At 31 March 2024 Unrestrthd Deslgnatod Restrictsd Total fund$ funds funds Funds Intsngiblt Fixed Assets Tanglble Flxed Assets Current Assets Current Liabilities 10 10 118.916 (5,271) 2,127 121.043 15.271) 113,662 2,127 115.789 Funds at 2023 Movements Transfers Between Funds at 2024 as bolow Unrestricted Fwe Marshall Trainlr¥J 124,993 60 25 31 111,2651 661 113.662 60 125} (31) SBC Messy Monsters LBC - First Ald SBC- Story Time LCB Summer Falr SBC Christmas Fair SBC Advertisement board HCC Warmer spaces LCB Training LLB ccrv SBC Summer Falr SBC Xmas Fair LCB Funding 2024 20 155} {1201 1131 1201 {2881 120 25 12 951 200 951 (2001 16001 12701 {48) 300 1.100 30 1,054 126,788 19,265 115,789 18
The Oval (Stevenage) Community Assoclatlon Notes to the Accounts for the year ended 31 March 2024 13 Endowment Funds The charity had no endowment funds in the year ended 31 March 2024 14 Share Capftal The charity is incorporated under the Companies Act 2006 and is limited by guarantee, each member having undertaken to contribute such amounts not exceeding one pound as may be required in the event of the company being wound up whilst he or she is still a member or within one year thereafter There are 7 members of the company (2023 -7) 19
tho) ¢ryevJr I O
Thè Oval (stenage) Communlty Assoeiation Schodulè to the Statomont of Financlal Acllvltl•s for the year ended 31 March 2024 Unr•strfct•d Reslrfcted Total Funds Funds Funds 2024 2024 2024 Prlor Period Tolal Fund8 2023 In¢omlng Ro$ource8 Voluntary In¢omo Grnnts.1ogacl•8 and donatlons Gov•mm•nt and publlc bodl•8 Incomlng rnsour¢•s of a rnvenue natura Grant income Total Total Grant$,Lggacigs & Donatlon8 R•¢•lv•d Gifts in klnd, don•t•d sorvico8 and facllltl•8 Glfts and DonatSon8 Total G1ft8 in kind, donated servi¢05 and facllltl•• Total Voluntary Income Acllvltlos for generatlng funds 530 530 530 332 332 332 862 862 862 737 737 737 530 332 862 737 Fundraising actlvrtles Total of actlviti•s for gengratlng funds Ba deposlt Intere$l weived 74,042 74.042 1.114 74.042 74,042 1.114 69.539 69.539 119 Total Invo8tmont Income Total Incoming Rasources 75,686 332 76,018 70.395 Costs of ganératlng funds DYre¢t$upportcosts Coffee bar costs 176 176 176 119 176 119 Staff costs In support oleh•rlthble actmlles Salarles- Administrallve Staff Penslon ContsibuUons - admlni$lratNe staff 38,081 1,554 39,635 38,081 1,554 39.635 33,337 1,201 34,538 Employ80 eosts.. Travel and subsi$len¢6 Conferences & Courses 12 12 37 12 12 37 Pr¢mlses Costs Rent and rates payable Insurance Llght and heat Cleaning Premlses ppairs and r8n8wals ami system maintenance Caretaker 1,445 940 1,445 711 891 18,314 8,171 1,429 672 16.1C 46,294 10,796 9,913 724 10,796 9,913 724 563 14,793 39,174 14,793 39,174 21
The Oval (Stevenagé) Communlty Assoclatlon Schedulo to the Statemont of Financlal A¢tlvltl•s for the year endod 31 March 2024 Unrestrfcted R•8trf¢t•d Total Fund8 Fund$ Funds 2024 2024 2024 Prior Perlod Total Funds 2023 Telepho intemfyt Postage ststionery and prlntlng Gifts and donatlons IT Systems ffointsnance ertl$ing and PR Sundry expenses Bad debts 1.539 39 1.539 39 1256 121 1,977 1,256 121 1,977 216 2.073 763 763 695 5.695 5.142 Legal fees Lice and pemilts Cornpanles Hous 1,395 1.395 1,395 1119 Depreciation of assets used for charitable pwposes 742 742 Total Support costs 86,087 Total Expended on Charltable A¢tlvltle$ 86,087 86,087 Govemance costs that are not dirfjct management fUn¢thS inhernnt In generatlng funds. servlce dellvery andprogrammo or pmJe¢t work Sp•cllk govornance costs Reportkng Accountanf8 Fefrs 88.991 930 Total gavornance ¢osts 930 930 930