CHAIUTY NUNtBER: 1146873 COhtPANY Nu]BER. 05431986 NEWTOIITh & VICTORIA SPRtNGBOARD LTD A ColNIPNy LLMITED BY GUARANTEE ANNUAL RFPORT AND FINANCTAL STATEMENTS FOR THE YEAR EJI ED 31 MARCH 2024
NEwfoiiry & VICTORI.A SPRINGBOARD LTD NUAL REPORT AND FII"AINCIAL STATElkIEN"TS FOR THE YE.4R E"DED 31 MARCH 2024 CONTENTS PAGE Reference and AdministTative Inforniation Annual Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8- 10
NEWTOWN & IqCTORIA SPRINGBOARD LTD REFERENCE AS'D ADNItNISTRATIVE INFORMATION FOR THE YEAR EDED 31 MARCH 2024 Ch2rity name: Newtown & Victoria Springboard Ltd Working name: Victoria Park Con)munity Centre Charity Re(FiStration Number: 1146873 Company Registration Number: 05431986 Registered Office: Victoria Park Drive Bridgwater Sornerset TA6 7AS Trustee Dlreetors: The following Trustee Directors were in office as at the date of this report: Mr G Hutshes Mrs L Fowler MrMJLerry Ms LC Russ Mrs S Grafton MrIKButt Mrs L Mead Mrs C Burbridge Mr L Duddridge Mrs E Marsh Company Secretary (resi.Lmed 13 June 2023) tb Company Secretary (appointed 13 June 2023) Chainnan Resigned 16 August 2024 Other Trustee Directors who held office during the year were as follows: None Accountants and Independent Examiners= Michael J. Dodden & Co. Chartered Certified Accountants 34 North Street Bridgwater Somerset TA6 3YD Bankers: Lloyds TSB 25 Cornhill Bridgwater Somerset TA6 3AY Page I
NEWTOWN & VICTORI.A SPRINGBOARD LTD ANNUAI. RF.PORT OF THE TRL:,STEES FOR THE YEAR ENI DED 31 Tr1.4RCH 2U24 The Trustees present their report and the financial statements for the year ended J l March 2024. REFERENCE AND ADMINISTRATIVE INFOILMATION The reference and administrative inforniation set out on page I forn]s part of tliis report. STRUCTURE GOVERNANCE AND MANAGEMENT The organisation is a charitable company limited by guarantee, incoryorated on 21 April 2005 and registered as a charity on 13 April 2012. Tlie company was established undei. a Meinoranduiii of Association which established the objects and powers of the charitable company 2nd is governed under its Articles of AssocÈation. In the event of the company being wound up mcmbers arc rcquii'ed to contribute an amount not exceeding £1. The directors of the company are also charity trustees for the pUoseS of charity law. Under the requirements of the Memorandum and Articles of Association, the iiiembers of the Board of Trustee Directors are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. OBJECTIVES AND ACTIVITIES The objects of the charity, as set out in its governing document, are to benefit tlie resideiits of Bridgwater, Somerset, and the surrounding area, without distinclion of sex, sexual oi'ientation, race oi. of political, religious or other opinioiis by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation leisure tiine occupation with the objective of improving the conditions of life for the residents, In furtherance of these objects but not otherwise, the cliarity has secured the establishinent of a cornmunity centre and maintains, manages, and co-operates with any statutory authoi'ity in the maintenance and management of the centre for activities promoted by the chai'ity in fui"thei'aiice of the above objects. ACHIEVEMENTS AND PERFORMANCE During the fmancial year 2023 1 2024 the charity continued to navigate a Cost of Living Ciisis with energy and raw supplies costs increasing exponentially. With the end of governinent funding to support this, prices were raised sightly to counteract. The centre was fortunate to successfiilly receive funding to cover some energy costs. The grant also funded a supplementaiy 'waiin bap ]d hoi di"ink' initiative to support customers. ThRS was well received and supported over 200 people. Despite the challenging price increases, improvements were inade to the centre, repairs to the illaiji fi.ont doors, and unexpected failures led to purchasing replacement water pumps and commercial fans. Lunch Club and Youth club continue, youth club fvnding ended in July 2023 and the centie conLinued to fund the much-needed provision. Further funding is being sought. The Panty has grown to reacli its maximum membership, and thrtber funding was success] 10 employ a Part-time panlry coordinator, increase the membership and create 'zero waste. community events. These will take place in the new financial year. Page 2
The onsite Pharniacy began the process to change hands, there was a delay due to local authority changes and the lease was due ro be completed by January 2024. Unfortunatrly, further delays have been faced through no fault of their own and revenue been impacted greatly by this. FINANCIAL REVIEW The company also has a capital reserve fund for costs outside of nornial operational costs. During 2023 12024 no funds were spent from the capital reserve. The cornpany also continues to hold an independent reserve account separate to its trading accounts to ensure it meets the requirements of the charity commission of having a financial reserve of approx. 3 months expenditure. The cornpany secretary who is the Company RFO alongside the Company bookkeeper continue to monitor the potentially taxable supplies of the company on a rolling 12 month basis to ensure these supplies do not exceed the HMRC VAT threshold which was £85,000 in the year under review incre&sing to £90,000 from l . April 2024. This report has been prepared in accordance with the Statement of Recomrnended Practice: Accounting and Reporting by Charities (FRS 102) and in accordance with the special provisions of Part I S of the Companies Act 2006 relating to small companies. Approved by the Trustees on 5 November 2024 and signed on their bebalf by". MrMJLery Chair of the Board Newtown and Victoria Springboard Ltd th 5 November 2024 Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EwfowN & VICTORI.4 SPRINGBOARD LTD FOR'I"HE YEAR F.VDF.D 31)qARCH 20?4 I report on the fmancial statements of the company for the year ended 31 Marcli 2024, which are set out on pages 5 to l O. Respective Responsibilities of Trustees and Examiner The Trustees (who are also the directors of the company for the pury)oses of company law) are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company la, and is eligible for independent examination, it is my responsibility to: examine the accounts under Section 145 of the Charities Act. to follow the procedures laid down in the General Directions given by the Charity Coiiimission under Section l45(5)(b) of the Charities Act; and to state whether particular matters have come lo my attention. Basis of Independent Examiner's Report My examination was carried out in accordance with the General Dii'ections givcn by tlie Cliarity Commission. An examination includes a review of the accounting records kept by the chai'ity and a cornparison of the financial statements presented with those records. It also includes considei'ation of any unusual items or disclosures in the financial statements, and the seeking of explaiiations froiii you as trustees concerning any such matters. The procedures undertakeii do iiol provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whethei tlie rinancial statements present a 'true and fair view, and tlie report is limited to those inattei's set out in the statement below. Independent Examiner's Statement In connection with my examination, no material inatters have come to our attention which gives ine reasonable cause to believe that, in any material respect: a) the accounting records were not kept ill accordance with Section 130 of the Charities Act; oi. b) the accounts did not accord with Lhe accounting records. I 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 financial statements lo be reached. Michael J. Dodden & Co. Chartered Certified Accountants 34 North Street Brid ater Am), Cleaveley FCCA ATT Date: Pa8e 4
NEwfowN & VICTORIA SPRINGBOARD LTD ST.4TETrIENI T OF FANCIAL ACTIVITIES FOR THE YEAR EliDED 31 MARCH 2024 Unrestricted Restricted Funds Funds Totsl 2024 Total 2023 Note INCOMING RESOURCES Grants and donations Activities for generating funds". Rents receivable Facility charges Other fundraising activities Bank interest Capital Maintenance Contribution Total incoming resources 19,540 15,236 34,776 65,500 140,915 108,017 6,057 4,676 140,915 108,017 6,057 4,676 146,684 67,910 8,991 1,969 ?79,205 15,236 294,441 293,924 RESOURCE,$ EXPENI)FD Costs of generating funds= Openino Stock Facility costs Less: Closing stock Printing. postage and stationery Telephone Computer costs and subscriptions Sundry expenses Charitable activities: Direct costs Staffing costs Rates, insurance and utilities Repairs and maintenance and hire Cleaning Governance costs: Legal fees Accountancy and bookkeeping Bank charges Depreciation of assets 2,000 36,262 (2.821) 1,244 1,811 3,650 1,015 2,000 39,186 (2.821) 1,244 1,811 3,650 1,015 2,000 27,651 (2.000) 971 1,684 2,614 1,880 2.924 1,120 147.074 54,179 26,725 1,418 3,335 1,873 3,000 4,455 148,947 57,179 26,725 1,418 1,600 140,273 32,015 21,318 2,205 3,443 4.723 539 3,91 I 3.443 4,723 539 3,911 300 1.869 495 4,053 Total resources expended 286,293 11,132 297,425 238,928 Net inl(out) resources for the year (7.088) 4.104 (2,984) £54,996 Total funds brought foriyard 241,181 25,378 266,559 £211,563 Restricted funds spent on fixed assets 130 (130) Total funds carried forward 234 ?23 29,352 263,575 £266,559 All activities of the clwity are continuing operations. Page 5
NEWTOWN & VtCTORIA SPRINGBOARD LTD BALA_YCF. SHEET AS AT 311%.LIRCH 2024 2024 2023 Note FIXED ASSETS Tangible fixed assets l],649 12.156 CURRENT ASSETS Stock Accrued income Debtors and prepayments Cash at bank and in hand 2,821 13,474 17,979 283,444 2,000 23,394 312,240 317,718 337,634 CREDITORS: AMOUNTS FALLING DUE WITIIIN ONE YEAR Trade creditors Other creditors Accruals and deferred income 1,182 903 63,707 911 82,320 65,792 83,231 NET CURRENT ASSETS 251,926 254,403 NET ASSETS 263,575 £266,559 REPRESENTED BY:, Restiicted funds Unrestricted ndS 29,352 234,223 25,378 241,181 TOTAL FUNDS 263,575 £266,559 The dii"ectors' statements required by Sections 475(2) and (3) are shown on the following page which foms part of this Balance Sheet. Page 6
NEwfowN & VICTORIA SPRINGBOARD LTD ANNUAL REPORT OF TItE TRLTSTEES FOR THE YEAR E_NDED 31 LRCH 2024 In approving these financial statements as directors of the company we hcreby confirni: a) that for the year stated above the company was entitled to the exemption conferred by Section 477 of the Companies Act ?006. b) that no notice has been deposited at the re(Yistered office of the company pursuant to Section 476 requesting that an audit be conducted for the year ended 31 March 2024. and c) that we acknowledge our respoDsibilities for: l ) ensuring that the company keeps accounting records which comply with Section 386. and 2) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the year then ended in accordance with the Tequirements of Section 393 and which otherwise cornply with the provisions of the Compallies Act 2006 relating to fillancial statements. so far as applicable to the company. These accounts have been prepared in accordance with tbe Statement of Recommended Practice: Accounting and Reporting by Charities (revised 2005) and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to smakl companies. The financial statements were approved by the Board on 5 November 2024 and signed on its behalf by Mr. M J Lerry Chairman Mrs. L Fowler Company Secretary Company registration number 05431986 Page 7
NEWTOWN & VtCTORIA SPRINGBOARD LTD NOTES TO THE FINA.NCIAL STATENJENTS FOR THE YF..4R ENDED.11 NI.IRCH 2024 ACCOUNTING POLICTES Basis of Accounting The Financial Statements have been prepared Rn accordance with the liistorical cost convention, applicable accounting standards, the Statement of Recoinmended Practice: "Accounting and Reporting by Charities" (FRS 102) and the Charities Act ?01 l. The principal accounting policies which have been adopted on a consistent basis withiii tliat convention are set out below. Incoming Resources Income is recognised in the year in which the Charity is entitled to receipt and the ainount can be measured with reasonable Certainty. Grants and donations are recognised on a receivable basis. Grants and donations i'eceived foi. the general purposes of the Charity are credited to unrestricted funds. Grants aiid donations subject to specific wishes of the donors are carried to relevant restricted funds. Resources Expended Resources expended are accounted for in the year in which they al'e incuiTed. Tlie Chai'lty is not registered for VAT and consequenily input VAT payable on expenses is included within the item of expense to which it relates. Where an item of expenditure falls directly within one cost category it is attributed to that category only. Where expenditure iiivolves more than one category it is apportioned on a reasonable and justifiable basis. Tangible Fixed Assets and Depreciation Depreciation is provided at rates calculated to write off the cost less residual value of eacli asset over its expected useful life, as follows: Equipment Fixtures and fittings Computer equipment 25 % reducing balance 25 % reducing balallce 330/0 straight line Restricted Funds Restricted funds arise where donors place restrictions on how the inoney can be spent. Botli the income and capital of the funds may be applied for the particular charitable Purposes. Unrestricted Funds These are fldS whRch can be used in accordance with the chaTitable objects at the discretioii of the Trustees. Page 8
EWTOWN & VICTORIA SPRINGBOARD LTD NOTES TO THE FTh.ANCIAL STATEMENTS FOR THE YEAR ENDED 31 K4RCH 2024 2. STAFF COSTS AND EMOLUMENTS 2024 2L123 Wages and salaries Employer's National Insurance Employer's Pension costs Staff Training 143,438 2.714 2,795 134,881 1,307 3,047 1,038 148,947 140.273 There were no employees with emoluments above £60,000 in either the Cuent or previous year. None of the Trnstees received any rernuneration or reimbursement of expenses from the Charity during either the CUellt or previous year. 3. TANGIBLE FIXED ASSETS Fixtures and Computer Fittings Equipment Equipment Total COST At l Apri12023 Additions 12,787 2,098 34,707 1,050 6,767 256 54,261 3,404 At 31 March 2024 14,885 35,757 7,023 57.665 DEPRECIATION At l April 2023 Charge for the year 9,640 1,311 25,698 2.515 6.767 85 42,105 3,911 At 31 March 2024 10,951 ?8,213 6,852 46,016 NET BOOK VALUES At 3 1 March 2024 £3,934 £7,544 £171 £11,649 At 31 March ?023 £3,147 £9,009 £12,156 All tangible fixed assets are used in the direct fifftherance of the Charity's objectives. Page 9
NEwfowN & VICTORIA SPtUNGBOARD LTD NOJ'ES TO THF. FINA)'CIAL STATETrIENTS FOR THE YEAR ENDED 31 MARCH 2024 4. RESTRICTED FUNDS Balance Brought Incoming Fonvard Resources Balance Carried Forward Resources Expended Community interest SDC - 2018 Summer activities B TC - Young parents group BTC-2018 SDC Summer Activities 20 I7 B TC Youth Grant BTC Grant Specific - 2018119 Suinmer Fair 20201?021 SCC - Lunch Club Active Living Al't Club BTC Lunch club Pantry - SDC SCC Community Hub Grant Cost of Living Fund Zero Waste Fund 399 400 354 980 64 602 1,872 1,757 500 4,149 670 500 3,131 i 0,000 399 400 354 543 64 1,102 (437) 500 (1,872) (1,585) 172 500 3,767 670 68 2,376 8,436 781 9,720 (382) (432) (755) (1,564) (4,235) 5,016 9,720 £25,378 15,236 (11,262) £29,352 Page 10