VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Registration Number: 07886190 Registered Charity Number: 1147104
VELMORE COMMUINITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Trustees, Annual Report Independent Examiner's Repon to the Trustees 9-10 Stateinent of Financial Activities Balance Sheet 12- 13 Notes to the Financial Statements 14-22 MANAGEMENT INFoRL TION Detailed Income and Expeiiditure Account - Total Funds 23
Page I VELMORE COMMUNITY ASSOCIATIOI¥J (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 m&cH 2024 The trustees are pleased to present their annual report and unaudited Financial Statements for the year ended 31 March 2024, which are also prepared to meet the requirements for a Directors, Report and Financial Statements for Companies Aci purposes. The 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 ReLoinm¢nded Practice applicable io charities preparing their Financial Statements in accordance witli the Financial Reporting Standard applicable in the UK and Republic ot. Ireland (FRS 102). REFERENCE AND ADMINISTRATIVE INFORMATION Charity Name: Velmore Community Association Chydrity Reglstration Number: 1147104 Company Registration Number: 07886190 Principal Office: Velmore Centre Falkland Road Eastleigh Hampshire S053 3GY Registered Offlce Address: Velmore Centre Falklaiid Road Eastleigh Hampshire S053 3GY The Trustees The trustees who served the company during rhe year were as follows.. Mr G Riddoch MrAJWatt MrRADibb Mrs K Hatchett Mrs L Ross Mrs T Martin Chair Treasurer Appt 16.01.2024 Secretary: To be advertisedlappointed
Page 2 VELMORE COIIqMUINI'fY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMIIYISTRATIVE INFORMATION (CONTINUED) Our Advtsors Tndependent Examin¢r: Abraham & Dobell 230 Shirley Road Southampton S015 3HR OBJEC'fTVF.S AND ACTIVITIES The ch<iritable company's objectives and principal activities are: to promote the benefit of the inhabitants of the Velmore Estate and North End Copse in the borough of Eastleigh witliout distinction of sex, sexual orientation, age, disability, natioiiality, race or ot"political, religious oi. other opinions, by association together the said inhabitants and the btiltutory authorities, voluLltary aiid other organisations iii a comLnon effort to advance eduLation and to provide facilities in the interests of social welfare for recrcation and leisure-time occupation with the object of improving the conditions of life for the said inhabitants; to establish or secure the establishment of a Cornmunity Centre and to maintain and manage the same (whether alone or in co-operation with any statutory authority or other person or body) in fLUther¢illLe of the Objects. and to promote such other chaiitable purposes as may from time to time be detennined. The charitable company shall be non-party in politics and non-sectarian in religion. The area of benefit sliall be Velmore Estate and North End Copse in the borough of Eastleigh. This area is bounded by LLigh Road, Bournemouth Road, Chestnui Avenue and thc M3. Public Benefit Statement All of our activities are undertaken to further our charitable purposes for the public benefit. In shaping our objectives and planning our activities, the trustees have considered the Charity Commission's guidance oil public benefit including the guidance 'Public Beiiefit: Running a Charity (PB2)'.
Page 3 VELMORE COMMufiITY ASSOCIATIOIY (A COMPANY LIMITED BY GUARLINTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE Centre Management Tlie Centre manageinent structure continued to prove a successful working model for the Community Association. The cu¢llt Cents'e Managcr has been in position for nearly three year8 and Sue runs the Centre cffectively and efficiently and is supported by a cohesive and dedicated team of staff and volunteers. She also is the first port of call for a nwnber of local residents when they need help or directing io the organisations who can help. The staff in the key support roles of admin assi.8tant and cat"é manager rernained unchanged during this reporting period and so the Centre has benefited from an experienced staft" team. Buildings Maintenance The programiiie of routine maintenance at the Centre was completed during the year. This included replacing around half of the fire extinguishers and taking out a new maintenance contract for the alarm system with a new provider. Thus, the routine expenditure was higher than budgeted for. There were no significant improvement projects undertaken during this year. Minor running repairs were carried out and some additional work was canied our on the external lights. This supplemented the emergency lighting project undertaken in the previous period. Health & Safety Health and safety incidents and accidents are reported to the Trustee Board and they are pleased to be able to report that there have been only minor accidents with small cuts or bruising but nothing that i'equired anythiniF more than on-the -spot treatment. No corrective actions for the Centre were identified. Business DeYelopm¢nt The focus of business development during this period has been to ensure thai there is sufficient income to continue to provide the community focused activities in the Centre. However, the Trustees are concerned that this should not be to the detriment of delivering the charitable objectives and a service to the conununity. The Trustees carried out a review of the Centre usage for a typical week (June 2023). The usage was categorized by the user type alld looked at by hours booked and user hours. (Number of users x number of hours for the session). The analysis for the period choscn showed that 690/0 of the hours booked were for community activity and 750/0 of the user-hours were community activity. The Board was satisfied that the Association was achieving the charitable objective with regard to the community. The Board agreed to repeat this exercise at regular intervals to monitor the deliverance of its objective.
Page 4 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE (CONTINUED) Buslness Development (Continued) This year the community led groups for Bingo, Table Tennis, Quiz and Knit and Natter have all continued and have good attendance. A new community led group for indoor Kurling has been started and this has proved to be very popular. 1.hcrc have been two community fairs during the pcriod, one in the sumrner and one at Christmas. The latter was particularly ,8uccessful with entertainment from a choir which regularly meets at the Centre. The Church partncr has also run approximaiely quarterly Sunday dinner services which attract a good number of CentrL uscrs. The Centre has also run events in support of other Charities including Guide Dogs and Macmillan Cancer support and these have a high level of support frorn the conimunity. Cherry Tree Cafe The Cherry Tree café continues to be recognized as a key local resource for people who live on the estale. The main demand on the café space continues to be as a place to meet-up and socialize. This is particularly true tor the older generations. The Trustees continue io monitor the cost of this provision to thc A.8sociation and seck through the nianagement to maximize the income but recognize its importance as a social need. A numbcr of promotions and menu styles were tried during thc year but there was no significant increase in income. The Café manager went off for 12 weeks in February for a planned procedure and so there was a salary saving without a significant impact in income, This is under review by the Trustees and a different offering is being planned. FINLNCIAL REVIEW The charitable company increased its income to £86,135 compared to £80,348 in the previous year. This was due to increased charitable activities in the year compared to the year ended 31 March 2023. Expenditure also increased to £74,936 compared to £71,507 in the year to 31 March 2023. As a result, the charitsble company achieved a surplus in the year to 31 March 2024 of £11,199 (2023 £8,841). Each year a budget is proposed and approved by the Board. The financial aim of VCA during this period was to inake a modest profit of around £5,000 and plan to use this to improve the delivery of service to the local area. During the year there were a number of grants and donations which have made a greater level of income over expenditure possible. Discussions around commissioning a needs assessment of the local area and the possible appointmenT of a part-time community engagement officer have taken place but as yet no significant plans have been put in place.
Page 5 VELMORE COMMUIYITY ASSOCIATION (A COMPANY LIMITED BY GUAIL4NTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW (CONTINUED) Reserves and Investment Policy There is a reserves policy in place and this was reviewed in January 2024 and due to increases in salarie8 and turnovLr an additional £1,800 was addcd to the reserve fund. This is held in a Corporate In.stant Deposit account with the Co-op. PLANS FOR FUTURE PERIODS To continuc to engagc with the community and to consider new ideas and initiatives to prornote Velmore Centre with the local community. To investigate the employment of a community engagement person. To look for more opportuiiities for social engagement groups by community volunteers. To continue to develop initiatives and services to reflect the needs of local residents and business Lommunities ld to be aware of the poteiitial competition for these from other nearby facilities. To build on tlie reputation of the Velmore Centre as a hub for Iiealtli and wellbeing activities in the community through development and promotion of services. To investigate the provision of additional 'health room, to allow more health-related services to be delivered on the estate. To continue io promote our Café and reach out ro a broader range of clientele with targeted menus and offers. To continiie to maintain links and work with local partners. To work closely with the local Co-operative Store who have agreed to have Velmore Cotniiiuiiiiy Association as thcir "Chai"ity Partncr in th¢ n¢xt financial year. To continue to work with Fedex who have previously donated communiry volunteer hours to support maintenance, particularly at Belmonl Hall. To explore the possibility of other local businesses giving'charity Days" to Velmore Centre. 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 market, To review all service contracts and regular suppliers to ensure that we are receiving the best possible rates available, and to make changes where improvements can be obtained. To investigate the upgrade of the lighting within the Centre to Teduce energy consumption.
Page 6 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The organisation is a charitable company limited by guarantee, incorporated on 19 Decemb¢r 2011 and registered as a charity on 3 May 2012. The company was established under a Memorandum of Association which established the objects 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 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 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 Recommend¢d Practice (SORP (FRS 102)) and European Working Time Directive. Recrultment and Appolntment of the Trustees The directors of the company are also charity trust¢es for the purposes of charity law. The trustees arc appointed by members, 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 becn paid any remuneration for their roles as Trustees, Trustee Inductlon and Tralnlng Trustees are recruited and appointed in accordance with the Articles of Association. Induction and training of new trustees is arranged by the Board on an individual basis. Rlsk Management The trustees have examined the major strategic, business and operational risks which the charitable company faces and confirni that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. Organisational Structure The trustees of Velmore Community Association meet 6 tim¢s a year, ensuring that any decisions are agreed at a quorum meeting of the Board of Trnstees. The Board of Trustees, at the date of signing this Report, compriscd 6 tn]stees. The trustees come from a variety of professional backgrounds relevant to the work of the charitable company. The trustees delegate day to day responsibility for the running of the organisation to Senior Executives who are responsible for delivering services.
Page 7 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 IVtARCH 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT (CONTINUED) Related Parties Velmore Community Association collaborates with a number of key partics to ensure the charitable coinpany meets its objectives. The key parties are.. Chandlers Ford Parish Council Co-operative Stores Eastleigh Borough Council Vclmore Church Vivid Homes Key Management And Personnel Remuneratlon The trustees consider the Board of Trustees and the Senior Management Team comprise the key management personnel of the charitable company in charge of directing and controlling the charitable company ajid Nnning and operating the chariry on a day to day basis. All trustees give their time freely and no reiniineration was paid to trustees in the year. The pay of the Senior Management Team is reviewed by the trustees periodically on the basis of the performance of the individual concerned and the charitable conipany as a whole. RESPONSIBILITIES OF THE DIRECTORS Thc ¢harirable cornpany's directors (who arc trustees for the purposes of charity law) are responsible for preparing an annual report and Financial Statements 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 Lrue and fair view of the state of tlie affairs of the charitabl¢ coinpdny as at the Balance Sheet date and of its incoming resources and application of resources, including income and expenditure, for the tinancial period. In preparing those Financial Statements the directors are required to.. select suitable accounting policies and then apply them consistently. observe the inethods and principles in the Charities SORP (FRS 102). iiiake judgements and estimates that are reasonable and prudeiit. statc wliether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements. and prepare the Finaiicial Statemeiits on the going concem basis unless it is inappropriate to presume that the charitsble coinpany will continue on that basis.
Page 8 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 RESPONSIBILITIES OF THE DIRECTORS {CONTINUED) The director8 are responsible for keeping proper accounting records that disclose, with reasonable accuracy at any time, the financial position of the charitable company and to enable them to ensure that the Findncial Statements 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 ot" fraud and other irregularities. Thc dircctors are rcsponsible for the maintenance and integrity of the corporate and financial intormation included on tlie charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of the Financial Statements may differ from legislation in other juri.sdictions. SMALL COMPANY PROVISIOI%S This report has been prepared in accordance with the provisions applicable to conipanies entitled io the small companics exemption Lll]der the Companies Act 2006. Approved by the trustees on 12 November 2024 and signed on their behalf by; {Vi,_V G RIDDOCH CHAIR A WATT TREASURER
Page 9 INDEPENDENT EXMINER's REPORT TO THE TRUSTEES OF VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARALNTEE) FOR THE YEAR ENDED 31 MARCH 2024 report to the charity trustees on my examination of the Accounts of Velmore Community Associalion (the Conipany) for the year ended 31 March 2024. RESPONSIBILITIES AND BASIS OF REPORT As the charity'8 trustees of the Company (and also its directors for the pury)oses of company law) you are respoiisible for the preparation of the Accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.). Having satÉsfied niyself that the Accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report iii respect of my examination of your charity's Accounts as carried out under section 145 of the Charilies Act 2011 ('the 2011 Act,). In caryiiig out my exainination I have followed the Directions given by the Cliarity Coinmissioii under section 145(5)(b) ot, the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have conipleted niy exaniination. I confinn that no matters have come to my attention in comiection with the examination giving rne cause 10 believe.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act. the Accounts do not accord witl) those records; the Accounts do not cornply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the Accouiits give a 'true and fair view which is not a matter considered as part ot" an independent cxamination. or the Accounts have not been prepared in accordance with the methods and principles of the Statement of Recominended Practice for accounting and reporting by charities (applicable to charities preparing rheir Accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Page 10 INDEPENDENT EMMINER'S REPORT (CONTINUED) TO THE TRUSTEES OF VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMI ITED BY GUARANTEE) FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT EXAMINER'S STATEMENT (CONTINUED) I have no concerns 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 understanding of the Accounls to be reached. 12 November 2024 D J MANT FCA ABRAHAM & DOBELL Chartered Accountants 230 Shirley Road Southampton S015 3HR
Page 11 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FI ANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Unrestrieted Total Funds Funds 2023 Total Funds Notes INCOME Donations and le(yacies Charitable activities Other tradin(y activities Investmenl inLome 12,402 73.294 270 169 12,402 73,294 270 169 17,134 62,769 445 TOTAL INCOME 86,135 86.135 80,348 EXPENDITURE Charitablc activities 74,936 74,936 71,507 TOTAL EXPENDITURE 74,936 74.936 71,507 NET INCOME/(EXPENDITURE)/ NET MOVEME.NTS IIN FUNDS FOR THE YEAR 11,199 I k,199 8,841 RECONCILIATIO, OF FUNDS Total funds brought forward 52,493 52.493 43,652 Total funds carried forward £63,692 £63,692 £52,493 The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Page 12 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2024 Notes 2024 2023 FIXED ASSETS Tangible fixed assets 1,752 2,336 TOTAL FIXED ASSETS 1.752 2,336 CURRENT ASSETS DLbtors Cash at bank and in hand 10 8,541 58,231 6,055 48,863 TOTAI, CURRENT ASSETS 66.772 54,918 LIABILITIES Creditors.. Arnounts falling due within one year 4,832 4,761 NET CURRENT ASSETS 61,940 50,157 TOTAL ASSETS LESS CURRENT LIABILITIES 63,692 52,493 NET ASSETS l3 £63,692 £52,493 THE FUNDS OF THE CHARITABLE COMPANY Unrestricted incorne funds 14 63,692 52,493 TOTAL CHARITABLE COMPANY FUNDS £63,692 £52,493
Page 13 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE} BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 For the year ended 31 March 2024 the charitsble company was entitled to exemption from audit under seciion 477 of tlie Companies Act 2006 relating to srnall companies. Directors, Respoiisibilities: The directors have not required the company to obtain an audit of its Accounts for the year in questii)n in accordance with section 476. aiid the diiector8 aLknowledgc thcir responsibilities for complying with the requirements of the Act with rLspect to accounting records and the preparation of Accounts. The directoi's have prepared Financial Staternents in accordance with the special provisions of Pan 15 of tlie Lompanies Act relating to small companies which constitute the annual Financial Statements I'equired by the Companies Act 2006 and are for circulation to members of the charitable company. The notes 011 pages 14 to 22 fonn part of these Financial Statements. Approved by the trustees on 12 iNovember 2024 and signed on their behalf by: G RIDDOCH CHAIR A WATT TREASURER Company Registration Number: 07886190
Page 14 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Charlty Information Velniore Conimunity Association is a charitable company established under its Memorandum and Articles of Association and registered with the Charity 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. Tlic principal accounting policieg adopted, judgements and key sources of estimation uncertainty in the preparation of the Financial Stateinents are as follows: (a) Basis of Preparation The Financial Statements have been prepared in accordance with Accoiinting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their Financial Statemeiits in accordance with the FinanLial Reporting Standard applicable in the UK aiid Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Financial Reporting Staiidard applicable in the UK ld Republic of Ir¢land (FRS 102) and the Companics ALt 2006. The Financial Statements are prepared in sterling, which is the functio11 currency of the charitable company. Monetary amounts are rounded to the nearest £. (b} Income All income is included in Ihe Statement of Financial Activities when the charitable vIiiptIlly IS ¢11(itlcd 10 thb ini*QEn¢ aiid th¢ thmoiint ean be quantified with reasonable accuracy. The following specific policies are applied to 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 services and facilities are included at the value to the charitable company where this can be quantified. The value of services provided by volunteers has not beeii included in these Financial Staiements. Investmeiit income is included when receivable. Income from charitable trading activities is accounted for when earned. Income from grants. where related to perforn]ance and specific deliverables, are accounted for as the charitable company earns the right to consideTation by its perfonnance. Government gr][S are recognised at the fair value received or receivable.
Page 15 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FTNANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (CONTINUED) (c) Expenditure Expenditure is recognised on an accruals b&8is as a liability is incurred. Fxpenditure includes VAT as the charitable cornpany is not VA T registered and is reported as part of the expenditure to which it relates. Costs of raisiiig t'unds ¢ompri8e the costs associated with attracting voluntary income and the costs of trading for fundraising purposes. Expenditure on charitable activities cornprises those costs incurred by the charitable company in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and their associated support costs. Support costs are those functions that assist the work of the charitable company but do not directly undertake the charitable activities. These cosrs have been allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of Ihe resource ld are apportioned on an appropriate basis, eg floor areas, per capita or estimated usagc. Governance cosis include those costs associated with meeting the constitutional aiid statutory 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 Ffixed Assets All lixcd a53CiS tC inirially rccord¢d at cost le&s accumulated depreciation And any impainnent losses. Fixed assets over £500 are capitalised. Depreciation is calculated so as to write-off the cost of an asset. less its estirnated residual value, over the useful economic life of that asset as follows: Eqiiipment Fixtures and Fittings 25 % reducing balance 25 % reducuig balance (e) Debtors Trade and other debtors are recocrllised at the settlement amount due. Prepayments are valued at the amount prepaid nei of any trade discounES due. (f) Cash at Bank and in Hand Cash at bank and in hand includes cash and shon terni highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 16 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARAIYTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (CONTINUED) (g) Creditors and Provisions CrLditors and provisions are recognised where the charity has a preseni obligation resulting troin a past evcnt that will probably result in the transfer ot fvnds to a third party and the amoun( due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nonnally recognised at their settlement amount after allowing tor any trade discounts due. (h) Operating Leases Rentals payable under operating leases are charged to the Stateinent of Financial Activities evenly over the period of the lease. (i) Taxation The charitable company is exempt from Corporation Tax on its charitable activities. O) Fund Accounting Ui]restricted fuiids consist of the general purposes fund and designated fLmds. Designated funds are tunds established by the trustees trom time to time for specific projects or pUoses, are not in any way restricted and any surplus or defieit will be transferred to/from the general purposes fund when the designated fund is closed. Restricted Funds are funds subject to speciflc resti'ictions imposed by donors or by the purpose of the appeal. The purpose and use of designated and restricted ftmds is set out iii tlic notG3 to tlic Financial StatCLncnts. (k) Donated Services Donated Services and facilities are included at the value to the charitable company where this can be quantified. (l) Financial Instruments The charitable company only has financial assets 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 measured at amortised cost using the effective interest method. (m) Significant Judgements and Estimates Preparation of the Financial Statements may require management to make significant judoements and estimates. There are no items in the Financial Statements where judgements and estimdtes would have a significant effect on amounts recogllised in the Financial Statements.
Page 17 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 Unrestricted Total Funds Funds 2023 TotAI Funds Grants reccived Other donations 5,570 6,832 5,570 6,832 7,297 9,837 £12,402 £12,402 £17,134 In 2023 the income from donations and legaci¢s of £17,134 was unrestricted, TherL were no donated services and facilities receivable which could be quaniified in the year (2023 - none). INCOME FROM CHARITABLE ACTIVITIES 2024 Unrestrlcted Total Funds Funds 2023 Total Funds Rental incoine Café income Miscellaneous 57,318 15,976 57.318 15,976 46,729 15,389 651 £73,294 £73,294 £62,769 In 2023 the income froin charitable activities of £62,769 was unrestricted.
Page 18 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 OTHER TRADING ACTIVITIES 2024 Unrestricted Total Funds Funds 2023 Total Funds Other activities £270 £270 £445 In 2023, the income from othcr trading activities of £445 was unrestricted. INVESTMENT INCOME 2024 Unrestricted Total Funds Funds 2023 Total Funds Bank interest received £169 £169 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITES 2024 Unrestricted Total Funds Funds 2023 Total Funds Community Centre costs Support costs Governance costs 69,892 3,786 1,258 69,892 3.786 1.258 66,324 3.987 1.196 £74,936 £74,936 £71,507 In 2023 the expenditure on charitable activities of £71,507 was unrestricted.
Page 19 VELMORE COMMUNITY ASSOCIATIO (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A'ALYSIs OF SUPPORT AND GOVERNANCE COSTS The charitable company identifies the costs of its support functions. It then identifies those costs wliich rclatc to the govciTrance function. Having identified its governance cogts, the remaining support costs together with the governance costs are apportioned between the key charitable activities undertaken (see note 6) in the year. Refer to the table below for the basis for apportionment and thc analysis of support and govcrnance costs. Cyeneral Support Governance Total Basis of Funds Apportionment Other costs IndependLnt Examiner's fees 3,786 3,786 1,258 Usage Governance 1,258 £3.786 £1,258 £5,044 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL 2024 2023 Wag¢s aiid Salaries Employer's pension 45,691 667 41,791 591 £46,358 £42,382 Particulars of Employees The average nuinber of employees during the year was as follows: 2024 2023 Administration staff No employee received remuneration of more than £60,000 during the year (2023 - £nil). No payrnents were made to I'rustees by way of remuneration or expenses during the year (2023 £nil).
PAge 20 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUIllL4NTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINI UED) FOR THE YEAR ENDED 31 MARCH 2024 TANGIBLE FIXED ASSETS Fixtures & Equlpment Fittfings Total Cost At l April 2023 Disposals 850 (850) 16.683 17,533 (850) As at 31 March 2024 16,683 16,683 Depreciatlon At l April 2023 Provided for the year Eliminated on disposal 850 14,347 584 15,197 584 (850) (850) As at 31 March 2024 14,931 14,931 Net Book Values As at 31 March 2024 £1,752 £1,752 As at 31 March 2023 £2,336 £2,336 10. DEBTORS 2024 2023 Trade debtors 8,541 6,055 £8,541 £6,055
Page 21 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUAIL4NTEE) NOTES I'O THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IlARCH 2024 I I. CREDITORS: Amounts falling due within one year 2024 2023 Trade creditors PAYE and pension Accruals 901 313 3.618 887 374 3,500 £4,832 £4,761 12. FINANCIAL INSTRUMENTS Financial instruments measured at amortised cost comprise the following., 2024 2023 Fiiiancial assets that are debt instruments Financial liabilities that are debt insiruments £8,541 £4,519 £6,055 £4,387 13. AIYALYSIS OF NET ASSETS BETWEEIN FUNDS 2024 Unrestricted Total Funds Funds 2023 Total Funds Tangible fixed assets Current assets Current liabilitics 1,752 1,752 2,336 66,772 66,772 54,918 (4,832) (4,832) (4,761) Total funds £63,692 £63,692 £52,493
Page 22 VFLMORE COMMUINITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14. ANALYSIS OF CHAIUI'ABLE bULYDS At Incoming Outgoing At 01.04.23 Resources Resources 31.03.24 Analysis of Movements in Unrestricted Funds General Funds 52.493 86,135 74,936 63,692 Total Unrestricted Funds 52,493 86,135 74,936 63,692 Total Funds £52,493 £86,135 £74,936 £63,692 Unrestricted Funds Unrestricted Funds comprise those funds which trustees are free to use in accordance with the cliaritable objects. 15. RELATED PARTY TIL4NSACTIONS There were no related party transactions arising in the year to 31 March 2024 (2023 - £nil). 16. TAXATION As a registered charity, the income is generally exempt from Corporation Tax under Section 478 of the Corporation Taxes Act 201 O by reason of its charitable objects and activities. 17. LEGAL STATUS OF THE CHARITABLE COMPANY The charitable cornpany is limited by guarantee and has no share capital. The liability of each trustee, Èn the event of winding-up, is liinited to £1.
THE FOLLOWING PAGE DOES NOT FORM PART OF THE STATUTORY FINANCIAL STATEMENTS
Page 23 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) DETAILED UNRESTRICTED INCOME AND EXPKNDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME Donations and legacies Charitable activities Other trading activities Bank interest received 12,402 73.294 270 169 17,134 62,769 445 86,135 80,348 EXPENDITURE Caté purchases Friendship club expenses Wages and salaries Employers, pension Light and heat Repairs and maintenance Insurance Accountancy Othcr professional fees Telephone Other office costs Licence8 and sub.8criptions Independent Examiner's fees Depreciation Other sundry items 4,078 3,858 76 41,791 591 5,317 11,320 1,594 2,249 413 758 567 297 1,196 1,011 469 45,691 667 9,553 6,533 1,724 2,478 53 566 689 980 1,258 584 82 74,936 71,507 SURPLUS FOR THE YEAR £11,199 £8,841