VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) REPORT AND FINANCIAL STATEMENTS FOR THE YEIlR ENDED 31 MARCH 2022 Company Registration Number: 07886190 Registered Charity Number: 1147104
VELMORE COMMUYITY ASSOCIATION {A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 CONTENTS Page Trust¢es' Annual Report Independent Examiner's Report to the Trustees 9-10 Siatemcni of Financial Activities Balance Sheei 12- 13 Notes to the Financial Staiements 14-23 MANAGEMENT INFORMATION Detailcd Incomc and Expenditure Account- Total Funds
Page I VELMORE COMMUNITY ASSOCIATION (A cOmPy LIMtTED BY GUARANTEE) TRUSTEES. ANNUAL REPORT FOR THE YEAR EW4DED 31 MARCH 2022 The tnteeS are Pled to present their annual report and unaudited Financial Statenjents for the year ended 31 March 2022, wbich are also prepared to meet the requirements for a Directors, Rq)ort and Financial Ststements for Companies Act PUTposes. Thc Financial Statements Comply with the Charities Act 2011, the Companies Act 2006. the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Rccommended Practice applicable to clwitics prepating their Financial Staternents in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). REFERENCE AND ADh(tNISTRATIVE INFORMATION Charity Name: Velmore Community Association Charity Registration Number: 1147104 Company Registration Number: 07886190 Principal Office: Velmore Centre Falkland Road Eastleigh Hampshire S053 3GY Registered Office Address: Velmore Centre FalkId Koad Eastleigb Hampsbire S053 3GY The Trustees The trustees who served the company duTing the year were as follows: Mr G Riddocb MrA Watt Mrs M D F Atkinson MrRADibb Mrs K Hatchett Mrs L Ro&$ Chair Treasurer Resigtled 31.12.21 Secretary: To be advertise(Vappointcd
Page 2 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 REFERENCE AND ADMINISTRATIVE INFORMATION (CONTINUED) Our Advisors IndLp¢ndent Examiner: Abraham & Dobell 230 Shirley Road Southampion S015 3HR OBJECTIVES AND ACTIVITIES The chariiable company's objeciives and principal activities are: to promote the benefit of the inhabitants of the Velmore Estate and North End Copse in the borough of Eastlei8h without distinction of sex, sexual orientation, age, disability. nationality, race or of political. religious or other opinions, by association together the said iT)habitanls and the statutory authorities, voluntary and other organisations in a common effort to advance edu¢aiion and to provide fa¢ilities in the interests of social welfare for recreation 2nd leisure-time occupation with the object of improving the conditions of life for the said inhabitants. to establish or secure the estsblishmeni of a Community Centre and to maintain and manage the same (whether alone or in Coryoperation with any sLqtutory authority or other person or body) in rth¢rance of the Objects: and to promote such other chariiable Purposes as may from lime to time be de*rn]ined. The ¢haritable company shall be non-paty in politics and non-sectsrian in religion. The area of benefit shall be Velmore Estaie and North End Copse in the borough of Eastleigh. This area 15 bounded by Leigh Road. Bournemouth Road, Chesthut Avenue and the M3. Public Benefit Statement All of our activities are undcrtaken to furtherour charitsble purposes forthe public ben¢fit. Jn shaping our objectives and plannlng our activities. the tnjstees have considered the Charity Commission's guidance on public benefit including the guidance 'Public Benefit: Running a Chan'ty (PB2)'.
Page 3 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARTEE) TRUSTEES, ANNUAL REPORT (COIYTINUED) FOR THE YEAR EYDED 31 IIARCH 2022 ACHIEVEMENTS AND PERFORMANCE Covid 19 The activilies of the Centre were still being impacted by the Covid pandemic at the beginning of this financial year. The UK Gov¢nent had published a road map to Coming out of the pandemic and in rcsponse the VCA produccd an action plan based on thcse Tules. The C¢ntrc was closed duc to Covid at the beginning of April but re-opened with a free outside café from 12 April 2021. This was funded by a grant from Chandler's Ford Parish Council. This service was offered to the estate to reach out lo pcopl¢ who had been isolated by the lockdowns. The café thcn rcDJrned io a paid service and from 17, May the Centre re-opened with inside aclivilies ai a reduced capaciry. Finally on 21 June all Covid restrictions were lifted. Despite, the relaxalion of Testrictions the Centre clients were hesitant to return and a number of hirers found a similar situation and so this was a time of great uncertainty. Thc number of bookings has slowly continued to gradually in¢r¢ase month by month during this year but still did not llY return to the pre-covid times. Centre Management The Centre management structure continued to prove a successful working model for the Community Asso¢ialion even during the pandemic and the govemmenl Furlough Scheme was used where possible. The fomier Ccntre ManagLY had passed away in the January prior to this pcriod and so th¢ Centre was being run by the Administration Assistant with help from the Treasurer. The Café Supervisor, who was also the cleaner, decided io leave ai the end of April as the Covid restrictions wcrc lifted and so the Centre bcnefited from a period of reduc Sthlng costs. Th¢ caf¢ continued to run with the Café Assistani covering some extra hours and with a group of volunteers for which the VCA is very grateful. The job vacancies were advertised in MaT¢h but suitable stsff were in short supply after Covid and so new staff were not appointed immediately. A nNv Centre Manager, Sue Cornish, was appointed and slarted in July 2021. A new cleaner started in the same month but the caté role was ditficuli to fill. Finally. a new Café Supervisor was appointcd and started in Marcli 2022. The Administration Assis18nl left in December 2021 and was immediately replaced. The Centre is now fully staffed and Sue Cornish has establish a cohesive and dedicated team of staff and volunteers. During the year Margaret Atkinson resigned from the VCA board. It is recognised that the number of members should be expanded. but ¢nquires in this area have noi been successful. Bulldlngs MAlntenance The closure of the Centre due to the pandemic neces5itsted that 211 costs should be reduced as much as possible and generally only essential setvices and maint¢nance were carried out. Sincc thc rc- opening the nomial maintenance programmes have resumed but no significant additional maintenance has been carried out over this period. The fabric of the café ehairs was beginning to look very worn and these were recovered using a grani received from Hatnpshire County Council. Another failure of the bot air beating system in Belmont Hall Occed in the winter and although it was able to be repaire¢ it did nc¢¢ssilate a period of temporary hcating again. The replaccment of this system will be investigated in the next year.
Page 4 VELMORE COMhWNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT {COL¥TINUED) FOR THE YEAR ENDED 31 MARCH 2022 ACHIEVEMENTS AND PERFORMANCE (CONTINUED) Health & Safety Health and safety incidents and accidents are reportd kn the Trustec Board. There have been no incidents duritig this period. The 4)pen1ftg of the building after the closure ai th¢ end of 2021 was done in a controlled way following all appropriate government guidance. Actions included restricting the numbers using the building, incTvJsed ventilation and gUlar cleaning. Business Development The uncertain situation during the year once restriclions were lifted did not allow business development.. rather the focus was on actions to keep the business running and supporting the ncigyhborhood. A number of local authority grants for business re-op¢nin8 were applied for and received. These together with the government fijrlough payments allowed the business to continue during this period. Cherry Tree Café The Chery Tree café was recognized as a key local resource for people who had been confined lo home for long periods during Covid and so. as pemitted by the Covid rules, the café was re-opened as soon as possible. The main demand on the café space is as a place to meel-up and socialize. This is particularly true for the older generations. The aprM)intment of a new café supervisor at the end of this period was made with a plan for the expansion of thc offering from tlie café both in lenns of hours and offerings. The Board plan to maintain a close scrutiny on the cost and return on this resource. FINANCIAL REVIEW The charitable company had a dccrease in income to £57.306 compared to £60,998 in the previous year. This was mainly due to a reduction in coronavirus support payments received from HM Revenue & Customs and Easilcigh Borough Council. This totslled £36,171 in the year to 31 March 2021. compared to £2.915 in the year to 31 March 2022. Expenditure also decreased £49,041 (2021- £53.747). As a result, the chaTitable company acbieved a swplus in the year to 31 March 2022 of £8,265 (202 I - £7,251). The financial aim of VCA during this period has been to survive the ongoing impact of the pandemic. This has conlinued to be addressed by mininusing costs, using the Furlough Scheme where possible, using volunteers to supplement staff or cover staifing gaps aT)d by applying for all applicable grants. The income in this year was around 78010 of the pre-covid year but by the care1 controls exeTcised there has been a small increase in profit over the Y to 31 March 2021.
Page 5 VELMORE COMMUNITY ASSOCIATION (A CO.MPANY LIMfrED BY GLARANTEE) TRUSTEES, ANNUAL KEPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 FINANCIAL REVIEW {CONTINUED) Reserves Prior to Covid the Trustees had an aim to create a Tescrve of 3 months. turnover over the following two years. This was set aside by the Covid pandemic but the Trusfres recognise the importaDce of this and commit to the fomlalising a reserves policy during 2022. (This policy was signed off by ihe Board in September 2022). Investment Policy Due to the uncertainty of the Covid 19 pandemic the VCA f(mds have been held in ihe current account but on¢e the reserves policy is agrced then consideration of investmcnt will be made. PLANS FOR FUTURE PERtODS To continue to enga8e with the community and re-start Centre nm activities which ceased during the Covid times. To continue lo develop initsatives and services to reflect the needs of I1 residents and business communities and io bc aware of the potential competition for these from the new Stoneham development. To build on the repuiation of the Velmore Centre as a hub for health and wellbeing activities in the community through development and promotion of services. To maxirnise the use of the Velmore Centre and continue to maintain links with local parthers. To consider new ideas and initiatives to promote Velmore Centre with the local community and to continue to promote our Café and reach out to a broader range of clientel¢ with targeted hour5 and appropriale menus. To work closely with the local Covoperdtive Siore who have agreed to have Velmore Community Association as their "Charity Partner. in th¢ next financial year. To continue to monitor the hire rates and compare with the rates of similar organisations in the area to ensure we remain competitive in this markeL To review all service contracts and regular suppliers to ensure that we are receiving the best Possible rates available, and to make chang¢s where improvements can be obtsined. To investigate the repla¢ement of the heating syslem at Belmont Hall and possible energy improvement options. To fomalize a Resetves Policy.
Page 6 VELMORE COMbfUNITY ASSOCIATION (A COMPANY LIMITED BY GUAIL4NTEE) TRUSTEES. AIYNUAL REPORT {CONTlINUED) FOR THE YEAR ENDED 31 MARCH 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The organisation is a charitable company limiied by guarantee. incorporated on 19 December 2011 and registered as a Charity on 3 May 2012. The company was estsblished under a Mernorandum of Association which ¢slablishcd the objccts and powers of thc charitable company and is govemed by ils Articles of Association. Anybody can apply to the Board of Directors to become a memb¢r of the charitsble company and each member is required to contribute £1 in the event of the charitable company winding up. The Association works within current. relevant legislation, in particular Health and Safety al Work Act 1974, Employment Act 2001. Charities Act 2011. Companies Act 2006, Dats Protection Act 1988, to¥¢th¢r with appropriate guidance including Charities Stawment of Recommendcd Practice (SORP (FRS 102)) and European Working Time Directive. Reerultment and Appointment of the Trustees The directors of the company are also charity truslces for the PuoseS of charity law. The truslces are appoinied by membm, agreement at an Annual Gencral Meetins. A third of the directors shall retire (but may be re-appointed) by rolation ai each Annual G¢neral Meeting. TTUStees have not been paid any remuneraiion for their roles as Trustees. Trustee Inductlon and Training Truslees are recruited and appoinied in accorildnc¢ with th¢ Artillcs of As'svciatioll. Induction and training of new trustees is arrdngcd by the Board on an individual basis. Rlsk Manydgement The trustees haTr'e examined thc major strategic. b1n¢sS and operational risks which the charitable cornpany faces and confirn) thai systems have been established to enable regular reports to be produced so that the necessary steps w be taken lo lessen these risks. Organisallonal Structure The Uste¢S of Velmore Community Association meet 6 times a year, ensuring that any decisions are agreed at a quorum meeting of the Board of Trusiees. The Board of Trustees. at the date of signing this Report, cornprised 5 trustees. The trustecs come from a variety of profcssional backgrounds Televant to the work of the charitable company. The trustees delegate day to day responsibility for the nll)ning of the organisation to Senior Executives who are rcsponsible for delivering services.
Pydge 7 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT {CONTINUED) Related Partles Velmore Community Association collaborates with a number of key parties to ensure the clwttable company meets its objectives. The key parties are.. Vivid Homes Easileigh Borough Council Chandlers Ford Parish Council Co-operative Stores Velmore Friendship Group Vclmor¢ Church One Communiry Key M*nagement and Personnel RemunerailoD The trustees consider the Board of Truslees and the Senior Management Team comprise the key management personnel of the chariiable company in charge of directing and controlling the charitable company and running and operating the charity on a day to day basis. All trnstees give their time freely and no remuneration w&s paid to Inistees in the year. The pay of the Senior Manasement Team is reviewed by the tStee$ pertodically on the basis of the perfom]ance of the individual concerned and ihe chariiable company as a whole. REspof4SIDILITIES or TIIE DIRECTORS The charitable company's directors (who are trustees for the putpose5 of charity law) are responsibl¢ for preparing an annual report and Financial Ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to prepare Financial Statements for each financial period, which give a true and fair view of the state of the affairs of the clwitable company as at the Balance Sheei date and of its incoming resources and application of resources. in¢luding income and expenditure, for the financial period. In Preparing those Financial Ststements the directors ar¢ Tequired to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP (FRS 102); make judgements and estimates that are reasonable and pmdent. slate whether applicable UK accounling standards have been followe(L subject to any material departures (h'sclosed and explained in the Financial Statements. and prepare the Financial Staternents on the going concern b&sis unless it is inappropriate to presume that the charitable company will continue on that b&sis.
Page 8 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUAIL4NTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 RESPONSIBILITIES OF THE DIRECTORS (CONTINUED) The directors are responsible for keeping proper accounting records that disclose, with Teasonable accuracy al any iimc, the financial position of ihe charitable company and io cnable thcm to ensure that ihc Financial Statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the a55ets of the charitable company and hence. for taking reasonable steps for the prevention and detection of fraud and other itTcgularitics. The directors are responsible for the mainienance and integrity of the COOrale and financial infomiation included on the charitable company's website. Legislation in the United kn'ngdom governing thc preparation and dissemination of the Finan¢ial Staiements may differ from Icgislation in other jurisdictions. SMALL COMPANY PROVISIONS This rcport has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption under the Companies Act 2006. Approved by the trustees on 8 December 2022 and slgned on ihelr behalf by: G RIDDOCH CHAIR A WATT TREASURER
Page 9 INDEPENDENf EXAMINER'S REPORT TO THE TRUSTEES OF VELMORE COMMUNTfY ASSOCIATION {A COMPANY LIMrrED BY GUARANfEE) FOR THE YEAR ENDED 31 MARCH 2022 report to thc charity trnst¢es on my examination of the Accounts of Velmore Community Association (the Company) for the year ended 31 March 2022. RESPONSIBILITIES AND BASIS OF REPORT As the charity's trustees of the Company (and also its directors for the purposes of company law} you arc r¢sponsible for the preparation of thc Accounts in accordance with the requirements of the Companies Aa 2006 {'the 2006 Act.). Having s&tisficd mysclf that the Accounis of the Company are not required to be audited under Part 16 of the 2006 Aci and are eligible for independent examination, I report in respect of my examination of your charity's Accounts as carried out under section l45 of the Charitses Act 2011 ('the 201 l Acl,). In canying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Aci. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confimi that no matters have come to my attention in connection with ihe examination giving me uSe to believe: aOnting records were not kept in respect of the Company as required by section 386 of the 2006 Act. the Accounts do not accord with those records: 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 'twe and fair view which is not a matter considered as part of an independeni exarnination; or the Accounts have not been prepared in accordance with the rnethod5 and principle5 of the Statement of Recommended Practice for accounting and reporting by charities (applieable to charities preparing their Accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Page 10 INDEPENDEr EXAMINER'S REPORT (CONTINUED) TO TFtE TRUSTEES OF VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMrrED BY GUARANTEE) FOR THE YEAR EED 31 MARCH 2022 INDEPENDENT EXAlLNER.s STATEMEIYT (CONTINUED) I have no Concerns and have com¢ across no other matters in connection with the examiiiation to which attention should be drawn in the report in ordcr to enable a proper undcrstanding of the Accounts to be reached. 8 December 2022 D J MANT FCA ABRAHAM & DOBELL Chartered Accountants 230 Shlrle) Road Southimpton SOIS 3HR
Ptdge J I VELMORE COMMUNITY ASSOCIATION {A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCtAL ACYtVITtES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022 2022 UDrestrfict¢d Restrleted Total Funds Funds Funds 2021 Total FuJJds Notes INCOME Donations and legacies Charitable activities Oth¢r trading aclivilies Coronavirus schemes and relief 16.060 37,806 525 2.915 16.060 37,806 525 2.915 17,699 7.128 36.171 TOTAL INCOME 57.306 57,306 60.998 EXPENDITURE Chilable activities 47,036 2,005 49,041 53,747 TOTAL EXPENDITURE 47.036 2,005 49.041 53,747 NET INCOMEI(EXPEf4DITUREV NET MOVEMENTS IN FUNDS FOR THE YEAR 10,270 (2.005) 8,265 7,251 RECONCILIATION OF FUNDS Total funds brought forward 33,382 2.005 35,387 28.136 Total funds caTried forward £43.652 £43,652 £35,387 The Ststement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Pydge 12 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2022 Notes 2022 2021 FIXED ASSETS Tangible fixed assets io 3,347 5,782 TOTAL FIXED ASSETS 3,347 5.782 CURRENT ASSETS Debtors Cash at bank and in hand 5.355 38,612 269 33,341 TOTAL CURRENT ASSETS 43,967 33.610 LIABILITIES Crcditors: Amounts falling due within one year 12 3,662 4,005 NET CURRENT ASSETS 40,305 29,605 TOTAL ASSETS LESS CURRENT LIABILITIES 43,652 35.387 NET ASSETS 14 £43.652 £35,387 THE FUNDS OF THE CHAIUTABLE COMPANY 15 Unrestricted income fun¢ls Resmctcd in¢ome fimds 43,652 33,382 2,005 TOTAL CHARITABLE COMPANY FUNDS £43.652 £35.387
Page 13 VELMORE COMMUNrrY ASSOCIATION (A COMPANY LIMITED BY GUARthTEE) BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022 For the year ended 31 March 2022 the cban'iabl¢ company was entitl to exemption from audit under section 477 of the Companies Act 2(K)6 ff lating to small companies. Directors. Reswnsibilities: The direclors have not required the company to obtsin an audit of its Accounts for the year in qucstion in accordance with scction 476" and the directors acknowledge their responsibilities for complying with the reqUirnents of the Act with pect to accounting records and the preparntion of Accounts. The directors have prepared Financial Statements in accordance with the special provisions of Part 15 of the Companies Act relating to small companies whA¢h constitute the annual Financial Stalernents required by the Companies Act 21K)6 and are for c1Ul&tiOn to members of the charitsble Company. The notes on pages 14 to 23 forn] part of these Financial Statements. Approved by the ¢ru$tees on 8 December 2022 and slgn¢d on thelr behalf by: G RIDDOCH CHAIR A WATT TREASURER Company Regi$trntion Number: 07886190
Page 14 VELMORE COMMUNITY ASSOCIATION (A COMPANY LI[[rED BY GUARANfEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES Charlty Information Velmorc Community Association is a charitable company cstablished under its Memorandum and Articles of Association and registered with the Charity Commission and Companies House in England and Wales. The principal address is Veimore Centre, Falkland Roal Eastleigh. Harnpshirc. S053 3GY. The charitable company is a public benefit entiiy. The principal accounling policies adopied. judgements and key sources of estimation uncertainty in the preparation of the Financial Ststements are as follows.. (a) Ba$1$ of PreparAtlon The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities= Statement of Recommended Practice applicablc to charities pieparing their Financial Stalemenis in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 1021- (Charities SORP (FRS 102)), the Financial Reporting Standard applicablc in the UK and Republic of Ireland (FRS 102) and the Companies Aci 2006. The Financial Statements arc prepared in sterling, which is the fim¢tional currency of the charitable company. Monetary amounts are rounded to the neatest £. {b) In¢ome All income is included in the STatement of Financial Activities when the Charitable wiiipdny 15 Eiiiiilrd tv thr iii¥viiir asiiowii c1 bc 4uwiiificd willi Lra&uirdbl¢ accuracy. The following specific policies are applied to particular categories of income.. Donations and legacies are received by way of don3ti0ns and gift5 and are included in fijll in the Statcment of Financial Aclivilies when receivable. Donated services and facilities are included at the value to the charilable company where this can be quantified. The value of services provided by volunteers has not been included in these Financial Statetnents. Investment income is included when receivable. Income from chariiable trading activilies is a¢¢ounted for when earned. Income from grants, where related to perfonnance and specific deliverables, are accounted for as the charitable company earns the right to consideration by its perforniance. Government grants are recognised at the fair value received or receivable.
Page 15 VELIlORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GL'ARANfEE) NOTES TO THE FtNANCtAL STATEMENTS {CONTlIYUED) FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES (CONTINUED) (c) Expendlture Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT as the charitable company is not VAT registered and is reported as part of the expenditure to which il relates. Costs of rdisin8 funds comprise the costs associated with attracting voluntary income and the costs of trading for fimdraising puTposes. Expenditure on charitable athivities C¢)mprises those costs incurred by the charitable company in the delivcry of its activities and services for its beneficiaries. It includes boih cost5 that can be allocated dirlAY io such activities and their associated support costs. Support costs are those functions that assist the work of the charitable company but do not directly undenake the charitable a7Vities. These costs have been allwated between the expendlture categorie5 of the Siaiement of Financial Activities on a basis designed to rcflcct the use of th¢ r¢sourc¢ and are apportioned on an appropriate basis. eg floor areas. per capita or estimated usage. Govcrnance costs include those costs associated with meeting the constirutional and statutory requirements of the charitable company and include the Independent Examiner's fees and Cosis linked to the strategic management of the charitable company. (d) Tanglble Fixed Assets All flxcd t3¢15 ar¢ initially r¢¢ord¢d at ¢08t Ic88 accumulatcd dcpr¢¢iolion and any impainnent loss¢s. Fixed assets over £5(Kl are capitslised. Depreciation is calculated so as io write-off the cost of an 8sse¢ less its estimated residual value, ov¢r the useful economic life of that asset as follows.. Equipmenl Fixttres and Fittings 250/0 reducing balance 25 /• reducing balance (e) Debtor% Trnde and other debtors are recolsed at the settlement amount due. Prepayments are valued at the amouni prepaid nei of any trade discounts due. (O CYd5h at Bank and in Hand Cash al bank and in band include5 cash and short teTm highly liquid investrnents with a shon maturity of three rnonths or less from the date of acquisition or opening of the deposit or similar accounL
Page 16 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES (CONTINUED) (g) Creditors 2nd Provisions Creditors and provisions are recognised where the charity ljas 8 present obligation resuliing from a past event that will probably result in the transfer of funds to a thiTd party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowing for any trade discounts due. {h) Operating Leas Rentals payable under operdting leases arc charged to the Statement of Financial Activities evenly over the period of the Icase. (i) TAxatlon The charitable Company is exempt from Corporation Tax on its charitsble activities. (i) Fund Accounting Unrestricied fillmts consisi of the gener81 Purposes fjjnd and designated fjjnds. Designated funds ar¢ funds established by the Inistees from time to tirne for specific projects or puOses, are not in any way restricted and any S]US or deficit will be transferred tolfrom the general PUTposes fund when the designated fund is closed. Restricted Funds are funds subject to specific restrictions imposed by donors or by the purpose of the appeal. The purpose and use of designated and restricted fimds is set out in the notes io the Financial Stat¢ments. (k) Donated Sen4ees Donated 5etvices and facilities are included at the value to the cbaritable company where this can be quantified. (l) FinAncial Instruments The charitable company only has financial ast5 and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently mllred at amortised cost using the effective interest methi)d. (m) Significant Judgements Estirn%tes Preparation of the Financial Statements may require management to makc SIlficant judgements and estimates. There are no items in the Financial Statements where judgements and estimates would have a significant effect oll amounts recognised in the Financial Statements.
Page 17 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO TItE FTNANCIAL STATEMENTS (CONTLYUED) FOR THE YEAR ENDED 31 MARCH 2022 DONATIONS AND LEGACIES 2022 Unr¢strlcted Restricted Total Funds Fund$ Funds 2021 Total Fund$ Granis received Other donations 13.516 2.544 13,516 2.544 10,310 7,389 £16,060 £16.060 £17,699 Of the income from donations and le8acies of £17,699 in the year 2021, £14,586 was unre$tri¢ted and £3,113 was restricted. There were no donated services and facilities receivable which could be quantified in the year (2021 none). INCOME FROM CHARIT ABLE AcfIviTIES 2022 UDf¢s¢rlcled Re¥lrl¢l¢d Tolal Funds Funds Funds 2021 Tolul Funds Rental income Café income Miscellaneous 30,147 7,116 543 30,147 7,116 543 5.187 1,941 £37.806 £37.806 £7.128 In 2021 the income from charitable activities of £7,128 was unrestticted.
Page 18 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMrrED BY GUARANTEE) NOTES TO THE FtNANCIAL STATEMENTS {CONTLNUED) FOR THE YEAR ENDED 31 MARCH 2022 OTHER TRADING AcfiviTIES 2022 Unrestricted Restricted Totil Funds Fund$ Funds 2021 Total Funds Other activities £525 £525 In 2021. the income from other trading activities of £nil w&$ unrestticled. CORONAVIRUS SCHEMES AND RELIEF 2022 Unrestricted Restrl¢ted Totthl Funds Funds Funds 2021 Total Fund$ Coronavirns Job Retentton Scheme EBC Business Rates Relief Scheme 2.915 2,915 25,671 10,500 £2,915 £2,915 £36.171 ANAL YSIS OF EXPEf4DITURE ON CIIARITABLE ACTIVITES 2022 Unrestrlcted Restrlcted Totgl Funds Funds Fund8 2021 Total Funds Community Centre costs Support costs Govcrnance costs 44247 1.667 1.122 2,005 46,252 1,667 1,122 51.280 1,313 1,154 £47,036 £2.005 £49,041 £53,747 The expenditure on charitable activities in 2021 of £53,747 comprised unrestricted fiu]ds of £50,939 and £2.808 restricted funds.
Pag¢ 19 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NiyfES TO THE FINANCIAL STATEMENTS (CONTIIYUED) FOR THE YEAR ENDED 31 MARCH 2022 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS The charitable company identifies the costs of its supix)rt functions. It then identifies those Osts which relate to th¢ governance function. Having idcntifi¢d its governance costs. the remaining support costs together with the governance Costs are apportioned between the key charitable &ctivities undertaken (see not¢ 6) in the year. Refer to the table below for the basis for apportionment and th¢ analysis of suppor¢ and govcrnance costs. General Support Governance Total BASIS of Funds Apportionment Other cost8 Independent Examiner's fees 1.667 1,667 1,122 Usage Governanc¢ 1.122 £1.667 £1.122 £2,789 NET INCOmE1xPENDlTURE) FOR THE YEAR 2022 2021 This is ststed after charging: Depreciation Independent Examiner's fees £2,435 £1.122 £1.928 £1.154 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNEIL4TJON AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL 2022 2021 Wages and salaries Employer's pension 27,332 327 37,188 508 £27.659 £37.696
Page 20 VELMORE COMMUNITY ASSOCIATION (A COMPLYY LIMITED BY GUARANTEE) NOTES TO THE FtNANCtAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMEYI t PERSONNEL (CONTINUED) Particulars of Employees The average number of employees during the year w&s as follows: 2022 2021 Administralion sthff No employee received remuneraiion ofmore than £60.000 during the year (202 l - £nil). No panents were made to Trus¢$ by way of remuneration or expenses during the year (2021 £nil). 10. TANGIBLE FIXED ASSETS Flxtures & Equipment Flttlngs Total Cost At l April 2021 1,772 17,524 19,296 As ai 31 March 2022 1.772 17.524 19.296 Depreeiatlon At l April 2021 Provided for the year 909 733 12,605 1,702 13,514 2,435 As at 31 March 2022 1,642 14.307 15.949 Net Book Values As at 31 March 2022 £130 £3,217 £3,347 As at 31 March 2021 £863 £4,919 £5.782
Page 21 VELMORE COMMUNITY ASSOCIATION (A cOmPNy LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTI.NUED) FOR THE YEAR ENDED 31 MARCH 2022 I I. DEBTORS 2022 2021 Trade debtors 5.355 269 £5.355 £269 12. CREDITORS: Amounts falllng due within one year 2022 2021 Trade crcditors PAYE and pension Accruals 986 372 2,304 ,406 295 2,304 £3,662 £4,005 13. FINANCL4L INSTRUMENTS Financial inslnunents measured at amortised cost comprise the following.. 2022 2021 Financial assets that are debt Instnents Financtal liabilities that are debt instruments £5,355 £3,290 £269 £3.710
Page 22 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (COYTI.NUED) FOR THE YEAR ENDED 31 MARCH 2022 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2022 Unrestricted Restricted Total Funds Funds Funds 2021 Total Funds Tangible fixed assets Cuffent assets CUent liabilities 3,347 43,967 (3.662) 3,347 5.782 43,967 33.610 {3.662) (4,005) Total fijnds £43.652 £43,652 £35,387 15. ANALYSIS OF CHARITABLE FUNDS At IDeomlng Outgolng At 01.04.21 Resources Resources 31.03.22 Analysls of Movements In Unrestrlcted Funds General Funds 33,382 57,306 47,036 43.652 Total Unrestrlcted Funds 33.382 57,306 47,036 43,652 Analysfis of Movements In Restrl¢ted Funds Covid Support Fund Café Chairs Fund ,602 403 403 Total Restricted Funds 2,005 2.005 Total Funds £35.387 £57,306 £49,041 £43.652 Unrestrlcted Funds Unrestricted Funds comprise those fiaS which trustees are free to use in accordance with the charitable objects.
Page 23 VELMORE COMMUNITY A&SOCIATION {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCTAL STATEMENIS (CONTLIYUED) FOR THE YEAR ENDED 31 .MARCH 2022 15. ANALYSIS OF CHARITABLE FUNDS {CONTINUED) Restri¢ted Funds Restricted Funds are funds which have been Ven for particular purposes and projects. The Restricted Funds must be used for the specific putpose as laid down by the donor. The Covid Support Fund represents a donation received in order to provide Covid support for work in Ihe communiry. This was fully ulilised in th¢ y¢ar. The Café Chairs Fund represents a grant received for the re-upholstery of the café's ¢haiTS. This was fiilly utilised in the year. 16. RELATED PARTY TRANSACTIONS There were no related party transactions arisin8 in the year 10 31 March 2022 (2021- £nil}. 17. TAXATION As a registered charity, the income is generally exempt from Corporation Tax under Section 478 of Ibe Corporation T&Kes Aci 2010 by reason of its charitable objects and acliK'iTies. 18. LEGAL STATUS OF THE CHARITABLE COMPANY The charitable company is limited by guarantre and has no slwe capitsl. The liability of each Irusiee, in the event of winding-up, is limited to £1.
THE FOLLOWING PAGE DOES NOT FORM PART OF THE STATUTORY FINANCIAL STATEMENTS
Page 24 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) DETAILED UNRESTRICTED AND RESTIUCTED INCOME AND XPED1TuRE ACCOUNT FOR THE YEAR ENDED 31 VIARCH 2022 2022 2021 INCOME Donaiions and legacies Charitable activities Oiher trading activities Coronavirus schemes and relief 16,060 37,806 525 2.915 17,699 7,128 36,171 57,306 60,998 EXPENDITURE Cafè purchases Friendship club expenses Wagcs and salaries Employers, Nl EmployeT'S Allowance Employers, pension Room hire Light and heat Repairs and maintenance Insurance Accountancy Other professional fee5 Telephone Otlici" uifire costs Depreciation Other sunthy itenLS 1.493 25 27.332 1,177 (1,177) 327 686 54 37,188 1.570 (1.570) 508 240 3.393 3,515 1.487 1.424 40 697 102 1.928 18 4,529 5.150 1,559 1,765 722 691 2.435 158 46.252 51,280 Licences and subscriptions Indcpcndent Examiner's fees 1,667 1,122 1.313 1,154 49,041 53,747 SURPLUS FOR THE YEAR £8,265 £7,251