VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Company Registration Number: 07886190 Registered Charity Number: 1147104
VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANfEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 CONTENrs Page Trustees, Annual Report Independent Examiner's Report to the TnteeS 9-10 ststement of Financial Activities BalanLe Sheet 12-13 Notes to the Financial Statements 14-23 MANAGEMENT INFORMATION Detailed Income and Expenditure A¢¢ount - Total Funds 24
Page I VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 The injstees are pleased to present their annual report and unaudited Financial Slat¢menls for the year ended 31 March 2023, which are also prepared to meet the requitements for a Dir¢ctors' Report and Financial Stat¢ments for Companies Act purposes. The Financial Statements comply with th¢ Charili¢s Act 2011, the Companies Act 2006, the M¢morandum and Articles of Association and Accounting and Reporting by Charities: Statement of Rc¢omm¢nded Practice applicable to charities pr¢paring their Financial Ststements in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102). REFEREiYCE AND ADMINISTRATIVE INFORMATION Cbarity Name: Velmore Community ASsl8tiOn Cbarity Registration Number: 1147104 Company Registration Number 07886190 Principal Office: Velmore Centre Falkland Road Eastleigh Hampslll're S053 3GY Regtstered Offlee Addres#: Velmore Centre Falkland Road Eastleigb Hampshire S053 3GY The Truste The trust¢¢s who served the company during the year were follows: Mr G Riddoch MrAJWatt MrRADibb Mrs K Hatchett Mrs L Ross Chair Treasurer Secretary: To be advertisedlappointed
Page 2 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANfEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 21123 REFERENCE AND ADMINISTRATIVE INFORMATION (CONTINUED) Our Advisors Ind¢p¢nd¢nt Examin¢r: Abraham & Dobell 230 Shirley Road Southampton S015 3HR oWEIVEs AND ACTIVITIES The charitable company's objectives and principal tiVitieS are: to promote the benefit of the inhabilants of th¢ Velmore Estate and North End Copse in the borough of E&stleigh without distinction of scx, sexual oricntatioN age. disability. nationality, race or of wlitical, religious or other opinions. by association together the said inhabilants and the statutory authorilies, voluntary and other or8anisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure-time occupation with th¢ objKt of improving the conditions of life for the said inhabitants" to establish or secure the establishment of a Community Centre and to maintsin and manage the same (whether alone or in co-operation with any statutory authority or other person OT body) in furtherance of the Objects: and to promote such other charitable purposes as may from time to time be detern]ined. The charitable company shaIl be non-party in politics and non-sectsrian in religion. The area of b¢nefit shall be Velmore Estate and North End Copse in the borough of E&sti¢igh. This area is bounded by Leigh Road, Bournemouth Road. Chestnut Avenue and the M3. Public Benefit Statemenl All of our activities are undertaken to fijrther ourcbaritable purpK)ses forthe public benefit. In shaping our objectives and plam)in8 our activities. the trustees have considered the Charity Cornmission's guidance on public benefit including the guidance 'Public Benefit: Running a Charity (PB2)'.
Page 3 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIIIIITED BY GUARANTEE) TRUSTEES* ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 ACHIEVEMENTS AND PERFORMANCE Covid 19 Th¢ year has been free from disruption due to the Covid pandemic of previous years. However, the pandemic continued to affect the Centre by the change of lifestyles it brought about. Sorn¢ clients were still reluctant to mix socially and some business hiTes had adapted to new ways of working without physi¢al meetings. This was exasperated during the year by incTeasing costs affecting people's budgets. Centre Management The C¢ntre management structure continu¢d to prove a successful working model for the Community Association. The current Centre Manager was appointed in July 2021 and Sue runs the Centre effectively and efficiently and is supported by a cohesive and dedicated team of staff and volunt¢¢rs. The staff in the key support roles of admin assistant and café manager remained unclHnged during this reporting period and so the Centre has benefited from an experienced staff team. Buildings Maintenanee The programme of routine maintenance at the Centre was completed during the year and the inspection of the emergency lighting system highlighted that a number of units failed to meet the statutory requiT¢Enents. A programme of installing replacement fittings was undertaken and all the lights now meet the test requirements. The hot air heating system in Belmont Hall was replaced with a Tadiator system by an approved Gas Safe contractor. The previous heating system was obsolete and unreliable and had caused significant disruption to VelmoTe Preschool who use the hall. The project was supported by a Hampshire County Council grant and a number of contributions from the local community. The Association is very grateful for this support which reduced the overall cost to the Association by half. Health & Safety Health and safety incidents and accidents are reported to the Trustee Board. Th¢re have been 3 minor accidents with small cuts or blSing but notbing that required anything more than on-the-spot treatment and no corrective actions for the Centre were identified. Business Development The focus of business development during this period has been to return the income streams to the pre-pand¢mic levels. The hire income has increased and a major contribution to this has been due to a higher level of social media presence advertising the activities and also the increased hire of looms for health-related es. The level of engagement of the Association with the community has also Iw] enhanced durkng this period. A new Tegular meeting "The Social Cafe" was started on a Thursday aftemoon with the intention of providing a friendly space for people to come for activity OT just for chat and r¢freshment. l.his has drawn in some residents fTom local supported accommodation. Ther¢ has. been a program of social one-off events such &q the clStmaS Fair and a Queen's Jubilee Tea which has also brought good numbers into the Ccntre. The Centre has also Tun events in support of otheT Charities Including Guide Dogs and Macmtllan Cancer support and these have a high level of support from the community.
PAg¢ 4 VELMORE COMMUIYITY ASSOCIATION {A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 ACHtEVEMENfs AND PERFORMANCE (CONTIIYUED) The number of community led group5 has increased over this past year with Bingo. Table Tennis, Qui2 and Knit and Natter all being rl weekly or monthly by members of the community with good levels of community attendance. The agreement with Velmore Church to operate the building ended within this year an following a Teview, a new agreement was signed off for a further l O years. Cherry Tree Cafe The Cherry Tr¢e cafe continues to be reco1Zed as a key lo¢ai resour¢e for people who live on the estate. The main demand Dn the cafe space continues to be as a place to meet-up and socialize. This is particularly trne for the older generations. The Trustees continue to monitor the cost of this PTovision to the Association and seek ihrough the management to maximize the income but recogniz¢ its importanc¢ as a social need. Dwing the year, to reduce the subsidy of the cafe from the other income streams, the number of paid staff hours in the cafe were reduced but replaced by volunteers. FINANCIAL REVIEW The chltable company increased its income to £80,348 compared to £57,306 in the previous year. This was due to increased charitable activities in the year compared to the year ended 31 March 2022. Expenditure also in¢r¢ased to £71,507 cornpared to £49,041 in the year to 31 March 2022. As a resulL the chariiable company achieved a surplus in the year to 31 March 2023 of £8.841 (2022 - £8,265). The financial aim of Velmore Community Association during this period was to rebuild the income following the impacl of Covid. Ai the outset of the Ye there was a cautious approach as at that time many users were r¢luctant to r¢turn. Th¢ P&L budget for the year predicted a small loss but this has been turned into a profit due to higher levels of sales income than were anticipated. There have also been a number of grants and donations which have supported the activity of the Association and the rinances are In a healthy position to consider some impTovements to the building and ways to further engage with the community. Reserves Prior to Covid the Trustees had an aim to create a reserve. of 3 months, turnover over the following two years. This was set aside during the Covid pandemic but the Trustees recognised the importance of this and fOrnlised a reserves policy during this period.
Page 5 VELMORE COMMUNITY ASSOCIATIOTrI (A COMPAIYY LIMrrED BY GUARANfEE} TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 FJNANCIAL REVIEW (CONTINUED) Inve$tm¢nt Policy In accordance with the reserves policy a sum of £15,400 was put into a Coryorate Instant Deposit account with the Co-op. PLANS FOR FUTURE PERIODS To continue to engage with the community and to consider new ideas and initiativ¢s to promote Velmore Centre with the local community. To investigate the employment of a community engagement peTSOn. To look for more opportunities for 8ocial engagement groups by community volunteers. To continue to develop initiatives and services to refl¢¢t the needs of lo¢al residents and business communities and to be aware of the potential Competition for these from other nearby facilities. To build vn the reputation of the V¢lmoTe C¢ntr¢ a hub for h¢alth and wellbeing activities in the community through development and promotion of seTvices. To investigate the provision of an additional 'health room, lo allow mor¢ health-r¢lat¢d services to delivered on the estate. To Continue to promote our Café and reach out to a broader Tange of ¢li¢ntele with targeted menus and offers. To continue to maintain links and work with local partners. lo work closely with the local Li)-opcrative Store who have agreed to have Velmore Conunuwty Association as their Charity Partn¢r" in the next fll)ancial yeaT. To continue to work with Fedex who donate community volunt¢¢r hours to support maintenance. particularly at Belmont Hall. To conlinue to monitor the hire Tates and compare with the rates of similar organisations in th¢ aTea to ensure we remain competitive in this market. To review all service contracts and reguJaT suppliers to ensure that we are receiving the best possible rates available. and to nlake clwlges where improvements can be obtsined. To inv¢stigal¢ the upgrade of the lighting within the Centre to reduce energy consumption.
Page 6 VELMORE COMMUNITY ASSOCIATIOIY (A COMPANY LIMITED BY GUARANTEE) TRUSTEES9 ANNUAL REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Gov¢rning Doeumcnt The OTganis<ltion is a charitable company limited by guarantee, incorporaÉ¢d on 19 D¢c¢rnber 2011 and reglstered as a charity on 3 May 2012. The company was estsblish¢d under a Memorandum of Association which established the obj¢¢ts and powers of the charitable company and is governed by its Articles of Association. Anybody can apply to the Board of Directors to become a member of the charitable company and each member is Tequired to contribute £1 Èn the event uf the charitsble company winding up. The Association works within current, relevant legislation, in particular Health and Safety at Work Act 1974, Employment Act 2001, Charities Act 2011, Companies Act 2006. Data Protection Act 1988, together with appropriate guidance including Charities Statement of Recommended l¥actice (SORP (FRS 102)) and European Working Time Directiv¢. Recruitment and Appointment of the Trnstees The directors of the company are also charity trustees foT the puryoses of charity law. The trustees are appointed by membeTS' agreement at an Annual General Meeting. A third of the directors shall retire (but may be re-appointed) by rotation at each Annual General Meeting. Trustees have not been paid any remuneration for their roles as Trustees. Trust¢e Induction and Training Trusiees are reuruid and appoinied in accordance with the Articles of Association. Induction and training of new trustees is aTranged by the Board on an individual basis. Risk Management The trnstees have examined the major strategic, business and operational risks which the charitable company faces and confinn that systerns have been established to enable r¢gular reports to be produced so that the necessary steps can be taken to lessen these risks. Organisational Structure The trSteeS of Velmore Community Association meet 6 times a year, ensuring that any decisions are agreed at a quonlln meeting of the Board of Trustees. The Board of Trustees, at the date of signing this Report, comprised 5 trustees. The trustees come from a variety of Professional backgrounds relevant to the work of the ¢haritsble company. The tTUStees delegate day to day responsibility for the running of the organisation to Senior Executives who are responsible for delivering services.
Page 7 VELMORE coMNf ASsOcTIo1y (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (coNrINUED) FOR THE YEAR ENDED 31 MARCH 2023 STRucfuRE, GOVERNANCE AND AGEMEN[ (cowriNUED) Related Parties Velmore Community Association collaborates with a number of key parties to ensure the charltable company meets its objectives. The key parties are: Vivid Homes Eastleigh Borough Council Chandlers Ford Parish Council Co-operative Stores Velmore Friendship Group Velmore Church One Community Key Mrlnagement and Personnel Remuneration The trustees consider the Board of Trustees and the Senior Management Team comprise the key managycment personnel of the charitable company in charge of directing and controlling the charitable company and running and opcrating th¢ ¢harity on a day to day basis. All trustees give their time freely and no remuneration w&s paid to trustees in the year. 'rhe pay of the Senior Management Team is reviewed by the trustees periodically on the basis of the perfornlance of the individual concerned and the charitable company as a whol¢. RESPOIYSIBILITIES OF THE DIRECTORS The charitable company's directors (who are trustees for the purpos¢s of charity law) are responsible for preparing an annual report and Financial Statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to pr¢pare Financial StateMts for ¢ach financial period, which give a true and fair view of the stat¢ of the affairs of the charitsble company as at the Balance 8heet date and of its incoming Tesources and application of resourtts. including income and expenditure, for the fllwLcial period. In preparing those Financial Statements the directors are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP IFRS 102). make judgements and estimates that are reasonable and pnent. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements. and prepare the Financial Statements on Ihe going concern basis unless it is inappropriat¢ to Presume that the charitable company will ¢ontinue on that basis.
Page 8 VELMORE COMMUNITY ASSOCIATION (A COMPAIYY LIlTED BY GUARANfEE) TRUSTEES* ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 RESPONSIBILITIES OF THK DIREcfoRS (CONTINUED) The directors are responsible for keeping proper accounting records that dis¢los¢, with reasonable accuracy at any time, the fancIal position of the charitable company and to ¢nable them to ensure that the Financial Staten]ents comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the charitable company and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are reswnsible for the maintenance and intrgrity of the corporate and financial infornialion included on the charitablc company's websile. Legislation in the United Kingdom governing the preparation and dissemination of the Financial Slaiements may diff¢r from legislation in other jurisdictions. SMALL COMPANY PROVISIONS This report has been prepared in accordance with the provAsions applicable to companies entitl¢d to the small companies exemption under the Companies Act 2006. Approved by the trusteu on 16 November 2023 And slgned on tbelr behalf by: G RIDDOCH CHAIR A WATT TREASURER
Page 9 INDEPENDENf EXAMINER'S REPORT TO THE TRusfEES OF VELMORE COMMuNrrY ASSOCIATION (A COMPAI%Y LIMITED BY GuAREE} FOR THE YEAR ENDED 31 MARCH 2023 I report to the charity tntstees on my examination of the Accounts of V¢lmoTe Community Association (the Company) for the year ended 31 March 2023. RESPONSIBILITIES AND BASIS OF REPORT As the charity's ts1 of the Company (and also its directors for the purposes of company law) you are responsible foi the preparation of the Accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that th¢ Accounts of the Company are not required lo be audited under Part 16 of the 2006 Acl and are eligible for independent examination, I report in resp¢¢t of my examination ofyour charity's Accounts as Carried out under section145 of the Charities Aci 2011 ('the 2011 Act,). In carrying out my examination I have followed the Dir¢¢tions given by thc Charity Commission under section 145(5)(b) of the 2011 Act. INDEPENDENT EXAMIIYER'S STATEMENT I have completed my examination. I confinn that no matters have come to my att¢ntion in connection with the examination giving me cause to believe: accounting rerdS were not kept in respect of the Company as required by section 386 of the 2006 ACL the Accounts do not accord with those records. the Accounts do nol comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the Accounts give a 'true and fair view which is not a matter considered as part of an independent examination; or the Accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their Accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland (FRS 102)).
Page 10 INDEPENDENf EXAMtNER'S REPORT (CorED} TO THE TRusfEES OF (A COMPANY LIMrrED BY GUARANTEE) FOR THE YEAR ENDED 31 MARCH 2023 INDEPENDENT EXAMINER'S STATEMENT (CONTINUED) I have no conc¢rns and have come across no other matters in connection with the examination to which attention should be drawn in the report in order to enable a proper understsnding of th¢ Accounts to be reached. 16 Nov¢mb¢r 2023 D J MANT FCA ABRAHAM & DOBELL Chartered Aeeountants 230 Shlrley Rovdd Southampton S015 3HR
Page 11 VELMORE COMMUNITY ASSOCIATIO (A COMPANY LIMITED BY GUARANTEE) STATEMENf OF FINANCIAL ACrlTIEs (INCORPORATING INCOME AND EXPENDITURE ACCOUND FOR THE YEAR ENDED 31 MARCH 2023 2023 Unrestrieted Restrieted Totr41 Funds Fundj Funds 2022 Total Fund8 Notes INCOME Donations and legacies Charitable aclivities Other trading activities Coronavirus sch¢m¢s and relief 17.134 62,769 445 17.134 62,769 445 16,060 37,806 525 2,915 TOTAL INCOME 80,348 80,348 57.306 EXPENDITURE Charitsble activities 71,507 71,507 49.041 TOTAL FXPFNDITURE 71,507 71,507 49,041 NET INCOMEI(EXPEIWITUREy NET MOVEMENTS tN FUNDS FOR THE YEAR 8.841 8,841 8,265 RECONCILIATION OF FUNDS Total funds brougbt forward 43,652 43.652 35,387 Total funds carried forward £52,493 £52,493 £43,652 The Ststement of Financial Activities includes all gains and losses recognised ID the year. All income and expenditure derive from Continuing activities.
Page 12 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMrrED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2023 Notes 2023 2022 FIXED ASSETS Tangibl¢ fixed ass¢ts 2,336 3,347 TOTAL FIXED ASSETS 2,336 3,347 CURRENT ASSETS Debtors Cash at bank and in hand io 6,055 48,863 5,355 38,612 TOTAL CURRENT ASSETS 54.918 43,967 LIABILITIES Creditors.. Amounts falling due within one year 4,761 3,662 NET CURRENT ASSETS 50,157 40,305 TOTAL ASSETS LESS CURRENT LIABILITIES 52,493 43,652 ET ASSETS 13 £52.493 £43,652 THE FUNDS OF THE CHARITABL COMPANY Unrestrict¢d income funds 14 52,493 43,652 TOTAL CHAIUTABLE COMPANY FUNDS £52.493 £43,652
Page 13 VELMORE COMMUNITY ASSOCIATIOY4 (A COMPANY LIMITED BY GUARANTEE) BALINCE SHEET (CONTINUED) AS AT 31 MARCH 2023 For the year end 31 March 2023 the charitable company was entitled to ¢xemption from audit under section 477 of the Companies Act 20(K) rclating to small o)mpanies. Directors, Resp)nsibilities: The directors have not required the company to obtain an alIt of its Accounts for the year in question in accordance with section 476. and the directors acknowledge their reswnsibilities for complying with thc requirernents of the Act with Tespect to accounting records and the preparation 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 which constitute the annual Financial Statements required by the Companies Act 2006 and are for circulation to m¢mbeTS of the charitsble company. The notes on pages 14 to 23 fomi part of these Fi[Wla1 Statemcnts. Approved by the trustees on 16 November 2023 and slgDed on their behydlf by: G RtDDOCH CHAIR AWA TREASURER CoMpY Registration Number: 07886190
Page 14 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANfEE) NOTES TO THE FINANCIAL sfATEMENrs FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES Ch¥drity Information Velmore Community Association is a charitable company established under its Memorandum and Articles of Association and registered with the Cliarity Commission and Companies House in England and Wales. The principal address is Velmore Centre, Falkland Road, Eastleigh, Hampshire, S053 3GY. The charitable company is a public benefit entity. The principal accounting policies adopted, judgements and key sources of estimation uncertsinty in the preparation of the Financia] Slatements are &$ follows: (a) Basis of Prep¥dration The Financial Statements bav¢ been prepared in acconlance with Accounting and ReportAng by Charities: Ststement of Recommended Practice applicable to charities preparing their Financial Statemcnts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Iland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ircland (FRS 102) and the Companies Act 2006. The Financial Statements are prepared in sterling, which is the fictiOnal curr¢ncy of the charitsblc company. Monetary amounts are rounded to the nearest £. Ib) Income All income is included in the Statement of Financial Activities when the charitable company Is ¢niitl¢d io the inwmc wid thc atnount Gan Ix quantificd with rraJonabl¢ accuracy. The following specific policies are applied lo particular categories of income: Donations and legacies are received by way of donations and gifts and are included in full in the Statement of Financial Activities when receivable. Donated serviccs and facilitics are included at the value to the charitable company where this can be quantified. The value of services provided by volunteers has not been included in these Financial Ststements. Investment incom¢ is included when receivable. Income from charitable trading activities 15 accounted for when earned. Income from grants, where related to perfomiance and specific deliverables, are accounted for &8 the chatitsble company earns the right to consideration by its perforniance. Government grants are recognised at the fair value received or receivable.
Page 15 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMrrED BY GUARANTEE) NOTES TO THE FINAI¥CIAL KfATEMENrs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLlCtES (coNfiNUED) (c) Expenditur¢ Expenditure is TognIsed on an accruals b&sis as a liability is inCud. Expenditure includes VAT &s the charitable company is not VAT registered and is reported as part of the expenditure to which it relates. Costs of raising funds wmprise the costs asgKiated with attracting voluntary income and the costs of trading for fundraising purp)ses. Expenditure on charitsble a¢tivities comprises those costs incurred by the chaTirable company in the delivery of its activities and services for its beneficiaries. It includes both osts that can be allocated direct]y to such activities and their associated support costs. Support costs are those functions that assi the work of the charitsble company but do not directly undertake the charitsble activities. Thes¢ costs have been allocated between the expenditure categories of the Stalement of Financial Activities on a basis d¢tsigned to reflect the use ofthe resource and are apportioned on an appropriate basis, ¢¥ floor arcas. per capita or estimated usa8e. Governance Costs include those costs associated with meeting the constitutional and 8tstutory requirements of the charitable company and include the Independent Examiner's fees and costs linked to the strategic management of the charitable company. (d) Tangible Fixed Assets All fixed assets are initially recorded at cost Icss accumulated depreciation and any IpaImI¢nt losses. Fixed assets over £500 are capitalised. Depreciation is calculated so as to write-off the cost of an asseL less its estimated r¢sidual value, over the useful economic life of that ass¢t as follows: Equipment Fixtures and Fittings 250/0 reducing bance 250h reducing balance (¢) Debtors Trade and other debtors are recognis¢d at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade dIullts due. (0 Cash at Bank and in Hand Cash at bank and in hand includes cash and short tern] higbly liquid investments with a short maturity of three months or le&s from the dat of acquisition or opelling of th¢ deposit or similar accounL
PAge 16 VELMORE commu ASSOCIATION (A COMPANY LtMITED BY GUARAIYTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES (coNfiNUED) (g) Creditors and Provl$ion$ Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measuted OT estimated reliably. Creditors and provisions ate nornially recognised at their settlement amount after allowing for any trade discounts due. (h) Operating Le¢$ Rentals payable under operating leases are charged to the StstemeDt of Financial Activilies evenly over the period of the lease. (i) Taxation The charitable company is exempt from CorptIOn Tax on its charitable activities. (i) Fund Accounting Unrestricted fijnds consist of the 8¢neral purp03es fund and d¢si8nat¢d fund3. Designated funds are funds estsblished by the trustees from time to time for specific projects or purpos¢s, are not in any way restricted and any surplus or deficit will be transferred tolfrotn the general purposes 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 PUTpose and use of designated and restricted funds is set out iii tlic iivt¢s tv th¢ FiiiallGial Statciiiciits. (k) Donated Service8 Donaied services and facilities are included at the value to the charitable company where this can be quantified. O) Finao¢ial Instruments The ckntable company only has financial assets and financial liabilities of a kind that qualify as basic financial instrLlln¢nts. B&sic fllw]cial instnllnents are initially recognised at transaction value and subsequently me&sured at their settlement value with the exception of bank loans which are subs¢qu¢ntly measured at 8mortised cost using the effective interest method. (m) Significant Judgements and Estimates Preparation of the Financial Statements may require management to make significant judg¢m¢nis and estimales. There are no items in the Financial Ststements. where judgements and estimates would have a significant effect on amounts recognised in the Financial Statements.
Page 17 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMrrED BY CUARANfEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 DONATIONS AND LEGACIES 2023 Unre8tri¢ted Restritted Total Funds Funds Funds 2022 Total Funds Grants received Oth¢r donations 7,297 9.837 7,297 9,837 13,516 2,544 £17,134 £17,134 £16,060 In 2022 the income from donations and legacies of £16.060 was unrestricted. There were no donated services and facilities receivable which could be quantified in the year {2022 - none). INCOME FROM CHARITABLE A[VITIEs 2023 Unrestricted Restricted Total Funds Funds FundJ 2022 TotAI Funds Rental income Cafe income Miscellaneous 46,729 15,389 651 46,729 15,389 651 30,147 7.116 543 £62,769 £62,769 £37.806 In 2022 the income from charitsble activities of £37,806 was unrestricted.
Pag¢ 18 VELMORE COMhIUNITY ASSOCIATION (A COMPANY LIMITED BY GUARAwfEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 OTHER T114DING ACTtVITIES 2023 Unrestricted Restricted Total Funds Funds Funds 2022 Total Funds Other activities £445 £445 £525 tn 2022, the income from other trading activities of £525 was unrestricted. CORONAVIRUS SCHEMES AND RELIEF 2023 Unrestricted Restricted Total Funds Funds Funds 2022 Total Funds CoTonavirus Job Retention Scheme EBC Business Rates Relief Scheme 2,915 £2,915 AtYALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITES 2023 Unrestricted Restrieted Total Funds Funds Funds 2022 Total Fund$ Cornmunity Centre wsts Support costs Governance costs 66,324 3,987 1,196 66,324 3,987 1,196 44.675 3244 1,122 £71,507 £71.507 £49,041 In 2022 the expenditure on charitable activities of £49,041 w&s unrestricted.
Page 19 VELMORE COMMUNTfY ASSOCIATION (A COMPANY LIMrrED BY GUARANfEE) NOTES TO THE FINANCIAL sTATEME[s (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS The charitable company identifies the costs of its support fimctions. It then identifies those costs which relate to the governance function. Having identified its governance Costs, th¢ remaining support costs together with the governance costs are app)rtioned between the key charitable activities undertaken (see note 6) in the year. Refer to th¢ table below for the basis for apportionment and the analysis of supp)rt and govemance costs. General Support GovernaD¢¢ Total Basis of Fundj Apportionment Other costs Independent Examiner's fees 3,987 3,987 1,196 Usage Governance 1.196 £3,987 £1,196 £5,183 ANALYSI,S OF.STAFF COSTS, TRUSTEF. REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL 2023 2022 Wages and salaries Employer's pension 41,791 591 27,332 327 £42,382 £27,659 Particulars of Employees The average number of employees during the year was &s follows: 2023 2022 Adn]inistration statr No employee received remun¢rdtion of more than £60,000 during th¢ year (2022 - £nil}. No payments were made to TneS by way of remuneration or eXpenS during the year {2022 - £nil}.
Page 20 VELMORE COMMUNITY ASSOCIATION (A COMPAIYY LIMtrED BY GUARANfEE) NOTES TO THE FINANCIAL STATEMEKrs (CONTINUED) FOR THE YEAR EIWED 31 MARCH 2023 TANGIBLE FIXED ASSETS Fixtures & Equipment Fittings Total Cost At l April 2022 Disposals ,772 (922) 17.524 19,296 (841) (1,763) As at 31 March 2023 850 16,683 17,533 Depreciation At l April 2022 Provided for the year Eliminated on disposal 1,642 130 (922) 14,307 15.949 881 ,oii (841) (1,763) As at 31 March 2023 850 14,347 15,197 Net Book Values As at 31 March 2023 £2.336 £2,336 As at 31 March 2022 £130 £3,217 £3,347 10. DEBTORS 2023 2022 Trade debtors 6.055 5355 £6.055 £5J55
Page 21 VELMORE COMMUNITY ASSOCIATION (A COMPANY LNITED BY GUARANfEE) NOTES TO THE FINANCIAL STATEMENrs (CONTINUED) FOR THE YF.AR ENDED 31 MARCH 2023 I I. CREDITORS: Amounts falling due within one year 2023 2022 Trade creditors PAYE and pension Accruals 887 374 3,500 986 372 2.304 £4.761 £3,662 12. FINANCIAL llYSTRUMENTS Financial instnjments measured at amortised cost comprise the following.. 2023 2022 Financial assets that are debt instTLunents Financial liabilities that are debt instruments £6,055 £4,387 £5,355 £3,290 13. AtNALYSIS OY NET ASSETS BETWEEN FUNDS 2023 Unrestricted R¢$tricted Total FuDds Funds Funds 2022 Total Fund8 Tangible fixed assets Current assets cueTrt liabilities 2.336 54.918 (4.761) 2,336 3,347 54,918 43,967 (4.761) (3,662) Total funds £52,493 £52,493 £43.652
Page 22 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANfEE) NOTES TO THE FINANaAL sfATEMENrs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14. ANALYSIS OF CHARITABLE FUNDS At Incoming Outgoing At 01.04.21 Resources Resources 31.03.22 Anatysis of Movements in Unrestricted Funds General Funds 43.652 80,348 71,507 52,493 Total Unrestrlcted Funds 43,652 80,348 71,507 52,493 Totsl Funds £43.652 £80.348 £71.507 £52,493 Unrestricted Fundg Unrestricted Funds comprise those funds which trustees are fre¢ to use in accordance with th¢ charitable objects. 15. ANALYSIS OF CHARITABLE FUNDS (coNfiNUED) Rey¢rALted Funds Restricted Funds are fimds which have been given for p8rticular purposes and projects. Th¢ R¢stricted Funds must be for the SIfiC purpose as laid down by the donor. Th¢re were no restricted funds held during the year. 16. RELATED PARTY TRANSACTIONS Th¢r¢ were no related party transactions arising in the year to 31 March 2023 (2022 - £nil}. 17. TAXATION As a r¢gistered charity. the tncome is generally exempt from Corporation Tax under Section 478 of the Corporation Taxes Act 2010 by reason of its cjwitablc objccts and activities.
Page 23 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 18. LEGAL STATUS OF THE CHARITABLE COMPANY The charitable conlpany is limited by guarantee and has no share capital. The liability of each tru8tee, tn the event of winding-up, ts limited to £1.
THE FOLLOWING PAGE DOES NOT FORM PART OF THE STATUTORY FINANCIAL STATEMENTS
Page 24 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANfEE) DETAILED UNRESTRIcfED INCOME AND EXPETrIDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 INCOME Donations and 1¢gl¢S Charitable activities Other trading activities Coronavirus schem¢s and relief 17.134 62,769 445 16,060 37.806 525 2,915 80,348 57.306 EXPENDITURE Café purchases Friendship club expenses Wages and salaries F.mployers' pcnsion l.ight and heat Repairs and maintenance InsUrCe Accountancy Other professional fees Telephone Other office costs Licences and subscriptions Independent Examiner's fees Depreci10 Other sundry items 3,858 76 41,791 591 5.317 11,320 1,594 2.249 413 758 567 297 1.196 I,oii 469 1,493 25 27,332 327 4,529 5,150 1,559 1.765 66 722 691 1,667 1,122 2,435 158 71,507 49,041 SURPLUS FOR THE YEAR £8.841 £8,265