VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Registration Number: 07886190 Registered Charity Number: 1147104
VELMORE COMMUNITY ASSOCIATION (A COMPANY LIIVUTED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IVIARCH 2025 CONTENTS Page Trustees, Annual Report Independent Examiner's Rcport to the Trustees 9-10 Statement of Financial Activities Balance Sheet 12- 13 Notes to the Financial Statements 14-22 MANAGEMENT INFORMATION Detailed Income and Expenditure Account - Total Funds 23
Page I VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees are pleascd to presenl their annual report and unaudited Financial Statements for the year ended 31 March 2025, which are also prcpared to meet the requirements for a Directors, Report and Financial Statements for Companies Act 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 Recommended Practice applicable to charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). REFFRENCE AND ADMINISTRATIVE INFORMATION Charity Name: Velmore Community Association Charity Registration Iyumber: 1147104 Company Registration Number: 07886190 Principal Office: Velmore Centre Falkland Road Eastlcigyh Hampshire S053 3GY Registered Office Address: Velmore Centre Falkland Road Eastleigh Hampshire S053 3GY The Trustees The trustees who served the company during the year were as follows: Mr CJ Riddoch Ms D Grinter MrAJWatt MrRADibb Mrs K Hatchett Mrs L Ross Mrs T Martin Chair Secretary Treasurer App 14.01.24 Secretary: Ms D Grinter
Page 2 VELMORE COMMUNITY ASSOCIATION (A COMPANY LI]IIITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTII4TIVE INFORMATION (CONTINUED) Our Advisors Independent Examiner: Abraham & Dobell 230 Shirley Road Southampton S015 3HR OBJECTIVES AND ACTIVITIF.S The charitable company's objectives and principal activities are: to promote the benefit of the inhabitants of the Velmor¢ Estate and North End Copse in the borough of Fastleigh without distinction of sex, sexual orientation, age, disability, nationality, race or of political, religious or other opinions, by association together the said inhabitants and the statutory authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life for the said inhabitants; to establish or sccure the establishment of a Community Ccntre and to maintain and manage the same (whethcr alonc or in co-operation with any statutory authority or other person or body) in furtherance of the Objects. and to promote 8uch other charitable purposes as may from time to time be detennined. The charitable company shall be non-paty in politics and non-sectarian Én religion. The area of benefit shall be Velmore Estate and North End Copse in the borough of Eastleigh. This area is bounded by Leigh Road, Bournemouth Road, Chestnut Avenue and the M3. Public Benefit Statement All olour activitics 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 guidancc on public benefit including the guidance 'Public Benefit: Running a Charity (PB2)'.
Page 3 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE Centre Management The Centre management structure continued to prove a successful working model for the Community Association. The current Centre Manager has been in position for nearly lour years, and Sue runs the Centre effectively 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 number of local residents when they need help or directing to the organisations who can help. There were staff changes during the year. A new position of baker was created to provide homemade cakes in the café and the existing café supervisor left and was replaced by a person who had lots of experience in running a busy cafe facility within a retail shop. These changes have been proved to be a bigy benefit to thc café. We also had a change of cleancr during the year. Buildings Maintenance 'I'he progyramme of routine maintenance at the Centrc was completed during the year. There were no significant unplanned maintenanc¢ costs or internal improvement projects undertaken during this year. A project was undertaken in the side garden of the Centre to upgrade it to match the front garden which was remodelled in 2021. This was supported by B&Q who supplied some materials. The project was completed in October with help provided as a 'B&Q in the communkty project,. Health & Safcty Healih and safety incidenls and accidents arc reported to the Trustee Board, and they arc pleased to be able to rcport that there have been only minor aLcidents with small cuts or bruising but nothing that required anything more ihan on-the-spot treatment. No corrective actions for the Ccntre wcre idcnlified. Business Development The focus of business development during this period has continued to be on ensuring that there is sufficient income through the room hires to provide community-focused activities in the Centre. The Trustees are concerned that this focus should not be to the detriment of delivering the charitable objectives and a service to the community. "Ihe Velmore Pre8chool, who had a regular hire of Belmont Flall, closed in July of this rcporting period and that was a loss to thc income stream as no other hires of significance could be found. This year the community led groups for Bingo, Table 'l"ennis, QUIL kurling and Knit and Natter have all continued and have good attendance. New community led activities have started this year with a Sing Along group meeting regularly once a month and a free coffee morning run by the Southampton Foodbank Angels has also been running on the last Saturday of every month. Both groups were well attended, and the free coffee is very popular. We have also welcomed the local police who are doing regular surgeries at the Centre. The Centre was able to host an E&stleigh Borough Council sponsored Family Grub Club. This was a six-session course for l O families about cooking and eating economic simple meals.
Page 4 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE (CONTINUED) Business Development (Contlnued) A community tea was run by the VCA in August. and foty-eigbt residents enjoyed a fun time around an afternoon tea. A Christmas Fair was run in late November which is always popular on the estate and proved to be good for the café income. The Church partner has also continued to run approximately quarterly Sunday dinner services, which attract a good number of Centre users. They also ran a Just for Fun day in August which attracts a lot of the regular Centre users. The Centre Management are very conscious of the wider needs which affect society as a whole and are dear to people's hearts. The Centre has run events in support of other Charities including Guide Dogs and Macmillan Cancer suppo¢ and these have a high level of support from the community. Communlty Café The Community Café continues to be recognized as a key local resource for people who live on the estate. The main demand on the café space continues to be as a place to meet up and socialize. This is particularly true for the older generations. The Trustees continue to monitor the cost of this provi.sion to the Association and seek through the management to maximize the income but recognize its importance as a social need. As reported in 2024 the offering from the café was under review and a new pogition was created to have cakes baked on site and these have proved popular. This, along with the ncw Cafc pcrson have increased the contribution of the café to the finances such that although it is monitored closely it is not a current concern. FINANCIAL REVIEW The Trustees approve a budget at the beginning of each financial year. The financial aim of VCA during this period was to match the expenditure to income. This was taking account of the loss of the Belmont income and the increases required by the minimum wage. During the year the grant income was less than budgeted although the donation income from users attending Centre rl activities has increased. There was less expenditure than planned comparcd to the budget, which was primarily due to staff absence and the changes to the café staffing. As a result, the charitable company income fell to £80,255 compared to £86,135 in the previous year. The reason for the fd'11 was primarily a lower level of grant incomc achi¢vcd and lowcr income from room hires. Expenditure increased to £78,489 Compared to £74,936 in the year ending 31 st March 2024. Given the changes in income and expenditure, the charity achieved a small surplus of £1,766, compared to a surplus of £l1.199 in the year to 31 March 2024.
Page 5 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW (CONTINUED) Reserves and Investment Policy There is a reserves policy in place and this was reviewed in May 2025 and due to increases in salaries and turnover an additional £2,800 was added to the reserve fund. This is held in a Corporate Instant Deposit account with the Co-op, PLANS FOR FUTURE PERIODS To continuc to engage with thc community and to consider new ideas and initiatives to promote Velmore Centre with the local community. To look for more opportunilies for social engagement groups run by community volunteers. To continue lo develop initiatives and services to reflect the needs of local residents and business communities and to be aware of the potential competition for these from other nearby facilities. To build on the reputation of the Velmore Centre as a hub for health and wellbeÉng activities in the community through development and promotion of services. To investigate the provision of an additional 'health room, to allow more health-related services to be delivered on the estate. I"0 continue to promote our Café and reach out to a broader range of clientele with targeted menus and offers. To continue to maintain links and work with local partners. To cxplore the possibility of other local businesses giving "Charity Days" to Velmore Centre. To continue to monitor the hire rates and compare them 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 made. To investigate the upgrade of the lighting within the Centre to reduce energy consumption.
Page 6 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (CONTll¥lUED) FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The organisation is a charitable company limited by guarantee, Incoorated on 19 December 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 charithble L'ompany winding up. Thc Association works within current, relevant legi8lation, in particular Health and safety at Work Act 1974, Employment Act 2001, Charities Act 2011, Companies Act 2006, Data Pri)teclion Act 1988, together with appropriate guidance including Charities Statement of Rccommended Practice (SORP (FRS 102)) and European Working Time Directive. Recruitment and Appointment of the Trustees The directors of the company are also charity trustees for the purposes of charity law. 'I'he trustee.8 are appointed by members, agrcement at an Annual General Meeting. A third of the director8 shall retire (but may be re-appointed) by rotation at cach Annual Gencral Mecting. Trustees havc not been paid any remuneration for their roles as I"rustee&*. Trustee Induction and Training Truslces 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. Risk Management The trustees have examined the major stralegic, business and operational risks which the charitable company faces and confirm that systems have been established to enable regular reports to be produced so that the necessary step8 can be taken to lesscn these risks. Organisational Structure The irustees of Velmorc Community Association meet 6 timcs a year, ensuring that any decisions are agreed at a quorum meeting of thc Board of Trustees. 'I'he Board of Trustees, at the date of signing this Rcport, comprised 7 trustees. The trustees comc from a variety of profcssional 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 MARCH 2025 STRUCTURE, GOVERNANCE AI¥D MANAGFMENT (CONTINUED) Related Parties Velmore Community Association collaborates with a number of key parties to ensure the charitable company meets its objectives. The key parties are: Chandlers Ford Parish Council Eastleigh Borough Council Velmore Church Vivid Homes Key Management and Personnel Remuneration 'I'hc trustees consider the Board ot. I'rustees and the Senior Managemcnt Team compri8e the key management pcrsonnel of the charitable company in charge ofdirecting and controlling the charitsble company and running and operating the charity on a day to day babis. All trustees give their time freely and no remuneration 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 perfonnance of the individual concerned and the charitable company as a whole. RF.SPONSIBILITIES OF THE DIRECTORS The charitable company, s directors (who &re trustces for the pu0$eS 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 pcriod, which give a true and fair view of the state of the affairs of the charitable company as at the Balance Sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial period. In preparing those Financial Statements the directors are required to: select suitable accounting policies and then apply them con8lStently' observe the methods and principles in the Charities SORP (FRS 102). mak¢ judgements and estimates that are Tcasonable and prudent. state whethcr applicable UK accounting standards have bcen followed, subject to any material departures disclosed and explained in the Financial Statements; and prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue on that basis.
Page 8 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, AI¥NUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 RESPONSIBILITIES OF THE DIRECTORS (CONTINUED) The directors 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 Financial 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 of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the coryorate and financial infonnation included on thc charitable company's websitc. l.egiislation in thc United Kingdom governing the preparation and disscmination of the Financial Statements may differ from legislation in other jurisdictions. SMALL COMPANY PROVISIONS This report 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 26 November 2025 and signed on their behalf by: G RIDDOCH CHAIR A WATT TREASURER
Page 9 INDEPEIYDEiYf EXAMINER'S REPORT TO THE TRUSTEES OF VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) FOR THE YEAR ENDED 31 MARCH 2025 report to the charity trustees on my examination of the Accounts of Velmore Community Association (the Company) for the year ended 31 March 2025. RESPOINSIBILITIES AND BASIS OF REPORT As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the prcparation of the Accounts in accordance with th¢ requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the Accounts of the Company are not required to bc audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's Accounts as carried out under section145 of the Charities Act 2011 ('the 2011 Act,). In canying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. INDFPFNDENT FXAMINER'S STATEMENT I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 3 86 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 'true and fair view which is not a matter considered as part of dn indepcndenl examination. or the Accounts have not been prepared in accordance with the methods and principles of the Statement of Recommendcd Practice for accounting and reporting by charities (applicable to charities preparing their Accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Page 10 INDEPENDEiYf EXAMJ INER'S REPORT (CONTINUED) TO THE TRUSTEES OF VELMORE COMMUMTY ASSOCIATION (A COMPANY LIMITFD BY GUARAiYfFE) FOR THE YEAR ENDED 31 MARCH 2025 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 Accounts to be reached. 26 November 2025 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 FINANCIAL ACTIVITIES NCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 2025 Unrestricted Total Funds Funds 2024 Total Funds Notes INCOME Donations and legacies Charitable activities Other trading activities Investment income 9,125 70,723 132 275 9,125 70,723 132 275 12,402 73,294 270 169 TOTAL INCOME 80,255 80,255 86,135 EXPENDITURE Charitable activities 78,489 78,489 74,936 TOTAL FXPENDITURE 78,489 78,489 74,936 NET INCOMF AND NET MOVEMENTS IN FUNDS FOR THE YEAR 1,766 1,766 11,199 RECONCILIATION OF FUNDS 'rotal t.unds brought forward 63,692 63,692 52,493 Total funds carricd forward £65,458 £65,458 £63,692 The Statement of F inancial 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 2025 Notes 2025 2024 FIXED ASSETS Tangible fixed assets 3,490 1,752 TOTAL FIXED ASSETS 3,490 1,752 CURRENT ASSETS Dcbtors C(Ish at bank and in hand 10 7,899 59,794 8,541 58,231 TOTAL CURRENT ASSETS 67,693 66,772 LIABILITIES Creditors: Amounts falling due within one year 5,725 4,832 NET CURRENT ASSETS 61,968 61,940 TOTAL ASSETS LESS CURRENT LIABILITIES 65,458 63,692 NET ASSETS 13 £65,458 £63,692 THF FUNDS OF THE CHARITABLE COMPANY Unrestricted income funds 14 65,458 63,692 TOTAL CHARITABLE COMPANY FUNDS £65,458 £63,692
Page 13 VELMORE COMIIIUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 For the year ended 31 March 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to snull companies. Directors, Responsibilities: The directors have not required the company to obtain an audit of its Accounts for the year in question in accordance with section 476. and the directors acknowledgc their responsibilities for complying with the requirements of the Act with respcct to accounling records and the prcparatÉon of Accounts. The directors havc prepared Financial Statements in accordance with the 8pecial 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 membcrs of the charitablc company. The notes on pages 14 to 22 forn] part of these Financial Statements. Approved by the trustees on 26 November 2025 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 2025 ACCOUNTING POLICIES Charity Information Velmore Community 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. The principal accounting policies adopted, judgements and key sources of estimation uncertainly in thc prcparation of the Financial Stalements are as fallows: (a) Basis of Preparation 'I'he Financial Statcments have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their Financial Slalements in accordance with the14 inancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Financial Statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts are rounded to the nearest £. (b) Income All income is includcd in the Statement of Financial Activities when the charltable company is entitled to the income and thc amount can be quantitied 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 rcceivable. Donated services and facilities are included at the value to the charitable company where this can be quantified. The value of services providcd by volunteers has not been includcd in these Financial Statements. Investment income is included when rcceivable. Income from charitablc trading activitics is accounted for when earncd. Income from grants, where related to perfonnance and specific deliverables, are acLounled for as the charitable company carns the right to consideration by its perfonnance. Government grants are recognised at the fair value received or receivable.
Page 15 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUAIL4NTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDFD 31 IVIARCH 2025 ACCOUNTING POLICIES (CONTINUED) (c) Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VA T as the charitable company is not VAT registered and is reported as part of the expenditure to which it relates. Costs of raising funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes. Expenditure on Lharitable aclivities Lomprises Ihose costs incurred by the charitable c()mpany in the delivcry of its activities and scrviccs 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 thal assist the work of the charitable company but do not dircctly undertake the charitable activities. These costs have been allocated betwcen the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource and are apportioned on an appiopriate basis, eg floor areas, per capita or estimated usage. Govcrnance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and inLlude the Independent Fxamin¢r's fees and costs linked lo the strate&iic managFement of the charitable company. (d) Tan£iblc Fixed Asset$ All fixed assets are initially recorded at cost less accumulated depreciation and any impainnent losses. Fixed assets over £500 are capitalised. Depreciation is calculated so &s to write-off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Fixtures and Fittings 25 % reducing balance (e) Debtors I'radc and other debtors arc recognised at the settlement amount due. Prepayments arc valued at the am()unt prepaid net of any trade discounL% due. (D Cash at Bank and in Hand Cash at bank and in hand includes cash and short 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 GUIIRANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (CONTINUED) (g) Creditors and Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably r¢sult in the transfer of funds to a third paty and the amount due to settle the oblÉgation can be measured or estimated reliably. Creditors and provisions are norn]ally recognised at their settlement amount after allowing for any tradc discounts due. (h) Taxation The charitable company is exempt from Corporation 'l'ax on its charitable activities, (i) Fund Accounting Unrestricted fimds consist of the general purposes fund and designated fids. Designated funds are funds established by the trustees from time to time for specific projects or pUoses, are not in any way restricted and any sury)lus or deficit will be transferred to/from the general purposes fund when the designated fid is closed. Re8tricted Funds <e funds subject to speLific rcslrictions imposed by donors or by the purpose of the appeal. The purpose and use of designated and restricted funds is set out in the notes to the F inancial Statements. ti) Donated Services Donated services and facilities are included at the value to the charitable company wher¢ thi8 can be quantified. (k) Financial Instruments The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financia] instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their setilement value with the exception of bank loans which are subsequently measurcd at amortised cost using the cft¢ctive intercst method. (l) Significant Judgements and Estimates Preparation of the Financial Statcments may rcquire management to make significant judgements and estimates. There are no items in the Financial Statements where judgements estimates would have a significant effect on amounts recognised in the Financial Statements.
Page 17 VELMORE COMMUNITY ASSOCIATION {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDFD 31 MARCH 2025 DOIYATIONS AND LEGACIES 2025 Unrestricted Total Funds Funds 2024 Total Funds Grants received Other donations 1,678 7,447 1,678 7,447 5,570 6,832 £9,125 £9,125 £12,402 In 2024 the income from donations and legacies of £12,402 was unrestricted. There were no donated services and facilities receivable which could be quantified in the year (2024 - none), INCOME FROM CHARITABLE ACTIVITIES 2025 Unrestricted Total Funds 2024 Total Rental income Café income 52,604 18,119 52,604 18,119 57,318 15,976 £70,723 £70,723 £73,294 In 2024 the income from charitable activities of £73,294 was unrestricted.
Page 18 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINAI¥CIAL STATEMENTS (CONTINUED) FOR THE YEAR FNDED 31 MARCH 2025 OTHER TRADING ACTIVITIFS 2025 Unrestricted Total Funds Funds 2024 Total Funds Other activities £132 £132 £270 In 2024, the income from other trading activities of £270 was unrestricted. INVESTMFNT INCOME 2025 Unrestrieted Total Funds Funds 2024 Total Funds Bank interest received £275 £275 £169 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITES 2025 Unrestricted Total Funds Funds 2024 Total Funds Community Centre costs Support costs Governance costs 73,331 3,976 1,182 73,331 3,976 1,182 69,892 3,786 1,258 £78,489 £78,489 £74,936 In 2024 the expenditure on charitable activities of £74,936 was unrestricted.
Page 19 VELMORÉ COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIYDED 31 MARCH 2025 ANALYSIS OF SUPPORT AND GOVFRNANCE COSTS The charitable company identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, 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 the analysis of support and governance costs. General Support Governance Total Basis of Funds Apportionment Other costs Independcni Examiner's f¢es 3,976 3,976 1,182 Usage Governance 1,182 £3,976 £1,182 £5,158 ANALYSIS OF STAFF COSTS, TRUSTEF, REMUNF.RATION AND EXPENSES AND THE COST OF KEY MANAGFMENT PERSOIYNFL 2025 2024 Wages and salaries Employer, s pension 46,594 577 45,691 667 £47,171 £46,358 Particulars of Ernployees The average number of employees during the year was as follows: 202.fj 2024 Administration staff No employee received remuneration of more than £60,000 during the year (2024 - £nil). No payments were made to Trustees by way of remuneration or expenses during the year (2024 - £nil).
Page 20 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEK) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THF YEAR ENDED 31 MARCH 2025 TANGIBLE FIXED ASSETS Fixtures & Fittings Total Cost At l April 2024 Additions 16,683 2,964 16,683 2,964 As at 31 March 2025 19,647 19,647 Depreciation At l April 2024 Provided for the year 14,931 1,226 14,931 1,226 As at 31 March 2025 16,157 16,157 Net Book Values As at 31 March 2025 £3,490 £3,490 As at 31 March 2024 £1,752 £1,752 10. DEBTORS 2025 2024 Trade debtors 7,899 8,541 £7,899 £8,541
Page 21 VELMORE COMMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTIIYUED) FOR THE YEAR ENDED 31 MARCH 2025 I I. CREDITORS: Amounts falling due within one year 2025 2024 Trade creditors PAYE and pension Accruals 1,647 460 3,618 901 313 3,618 £5,725 £4,832 12. FINANCIAL INSTRUMENTS Financial instruments measured at amortised cost comprise the following: 2025 2024 Financial assets that are debt instruments Financial liabilitics that are debt instruments £7,899 £5,265 £8,541 £4,519 13. ANALYSIS OF NET ASSETS BETWEFN FUNDS 2025 Unrestricted Total Funds Funds 2024 Total Funds Tangible fixed assets Current assets Current liabilities 3,490 3,490 1,752 67,693 67,693 66,772 (5,725) (5,725) (4,832) "rotal funds £65,458 £65,458 £63,692
Page 22 VELMORE COIIqMUNITY ASSOCIATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14. ANALYSIS OF CHARITABLE FUNDS At Incoming Outgoing At 01.04.24 Resources Resources 31.03.25 Analysis of Movements in Unrestricted Funds General Funds 63,692 80,255 78,489 65,458 Total Unrestricted Funds 63,692 80,255 78,489 65,458 Total Funds £63,692 £80,255 £78,489 £65,458 Unrestricted Funds lJnrestricted Funds comprise those funds which trustees are free to use in accordance with the charitable objects. 15. RELATED PARTY TRANSACTIONS There were no related party transactions arising in the year to 31 March 2025 (2024 - £nil). 16. TAXATION As a registered charity, the income is generally excmpt from Corporation Tax under Section 478 ot" Ihe Cory)oralion I'axes Act 201 O by reason of its charitable object8 and activitieg. 17. LEGAL STATUS OF THE CHARITABLE COMPANY The charitable company is limited by guarantee and has no share capital. The liability of each trustee, in the event of winding-up, is limited 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 EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 INCOME Donations and legacies Charitable activities Other trading activities Bank interest received 9,125 70,723 132 275 12,402 73,294 270 169 80,255 86,135 FXPENDITURE Cafe purchascs Wages and salaries Employers, pcnsion Light and heat Repairs and maintenance Insurance Accountancy Other professional fees Telephone ()ther office costs Licences and subscriptions Independcnt Examiner. s fees l)eprcciation Other sundry items 4,540 46,594 577 9,920 6,624 1,951 2,664 52 722 538 1,614 1,182 1,226 285 4,078 45,691 667 9,553 6,533 1,724 2,478 53 566 689 980 1,258 584 82 78,489 74,936 SURPLUS FOR THF YEAR £1,766 £11,199