REGISTERED COMPANY NUMBER: 04333000 (England and Wales)
REGISTERED CHARITY NUMBER: 1147469
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2022
for
North Huyton Communities Future
Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ
North Huyton Communities Future
Contents of the Financial Statements for the Year Ended 31 March 2022
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Page |
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Report of the Trustees |
1 |
to |
3 |
Report of the Independent Auditors |
4 |
to |
5 |
Statement of Financial Activities |
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6 |
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Balance Sheet |
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7 |
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Cash Flow Statement |
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8 |
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Notes to the Cash Flow Statement |
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9 |
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Notes to the Financial Statements |
10 |
to |
18 |
Detailed Statement of Financial Activities |
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19 |
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North Huyton Communities Future
for the Year Ended 31 March 2022
Report of the Trustees
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreportwith the
financialstatementsofthecharityfortheyearended31March2022.Thetrusteeshaveadoptedtheprovisionsof Accounting
andReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Theobjectivesoftheorganisationarebasedaroundcontinuingandsustainingtheregenerationprogrammebegununder the
area's New Deal for Communities programme.
Thisworkincludesprojectmanagementofthemajorhousingregenerationprogramme,distributionofasmall grants
programme,managementoftwocommunitycentres,supportoftwocommunity-baseddeliveryorganisations,ownership and
managementofa smallresidentialpropertyportfoliothathouseshouseholdsmostlynominatedbyKnowsley'sHousing Options
Service.
ACHIEVEMENT AND PERFORMANCE
NHCFhascontinuedtosupportcommunitydevelopmentintheNorthHuytonareathroughitsfundingofitshighly successful
Small Change Grants Programme.
In2021/22overthirtylocalcommunitygroupsweresupportedthroughthislong-establishedprogrammewhichis administered
through a resident led panel.
Inaddition,thecompanycontinuedtosupporttwokeycommunitygroups,HIYAandL14,whosecommunityand youth-based
programmes are targeted in specific areas of North Huyton.
HIYAoperatesoutofoneofNHCF'stwocommunitybuildings,theHillsideNeighbourhoodCentre,whileL14isbasedin the
other, the GATE Community Centre.
BothofthesebuildingshavebeenmanagedthroughNHCF,whocontinuetoofferusageofthecentrefreetolocal community
groups and subsequently host a multitude of groups and events.
The company owns and lets out twelve properties in the area, which is helping to sustain the company long term.
NHCFcontinuestoprojectmanagetheRevivehousingdevelopmentprogrammeandhasoverseenanothersignificantrise in
properties built and sold this year.
FINANCIAL REVIEW
The organisation continues to be retained as the project managers of the Revive scheme for which it receives an annual fee.
However, its main income stream over the last 10 years has been from its returns on land sold through the Revive programme.
ThecompanyhasworkedwithPartnerstorealisethelandreceiptofoneofthelasttworemaininglandphaseswhichwill help
sustainthecompanyintothefuturewiththefinalphaseduetobereleasedin2023/24.Theorganisationhas enacted
significantlycostsreductionsinpreviousyearswhichwillenabletheorganisationtofullysupportthegrantsand centre
expenditure which is where the company's focus will be over the next few years.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledby itsgoverningdocument,a deedoftrust,andconstitutesa limitedcompany,limitedby guarantee, as
defined by the Companies Act 2006.
NHCFisa companylimitedbyguaranteeanda registeredcharity.Theorganisationisrunthrougha Boardofninemembers, six
of which are local nominated residents that represent the six sub estates that make up the designated area in which it operates.
TheothermembersincludetwolocalcouncillorswhoarenominatedfromKnowsleyMetropolitanBoroughCounciland a
representativefromthearea'sNeighbourhoodNetwork.Theresidentrepresentativesareputforwardviathe corresponding
area residents association. The other members are selected from their respective organisations.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
04333000 (England and Wales)
Page 1
North Huyton Communities Future
Report of the Trustees
for the Year Ended 31 March 2022
Registered Charity number
1147469
Registered office
The Gate
600 Princess Drive
Huyton
Knowsley
L14 9NQ
Trustees
P G Lankertis
A C Mason
K W McGlashan
D G Storey
B M Thompson
F McCann
M O'Mara MBE (resigned 31.3.22)
Auditors
Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Thetrustees(whoare alsothedirectorsofNorthHuytonCommunitiesFutureforthepurposesofcompanylaw)are responsible
forpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewithapplicablelawandUnited Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgivea trueandfairviewof the
stateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationofresources,includingtheincome and
expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatanytime the
financialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancialstatementscomplywith the
CompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecharitablecompanyandhencefor taking
reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Page 2
North Huyton Communities Future
Report of the Trustees
for the Year Ended 31 March 2022
ThisreporthasbeenpreparedinaccordancewiththespecialprovisionsofPart15oftheCompaniesAct2006relatingto small
companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
...........................................................................
K W McGlashan - Trustee
Page 3
Report of the Independent Auditors to the Members of
North Huyton Communities Future
Opinion
WehaveauditedthefinancialstatementsofNorthHuytonCommunitiesFuture(the'charitablecompany')fortheyear ended
31March2022whichcomprisetheStatementofFinancialActivities,theBalanceSheet,theCashFlowStatementandnotes to
thefinancialstatements,includinga summaryof significantaccountingpolicies.Thefinancialreportingframeworkthathas been
appliedintheirpreparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerally Accepted
Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditofthe financial
statementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewiththeethical requirements
thatare relevantto our auditof thefinancialstatementsin theUK, includingtheFRC'sEthicalStandard,and we havefulfilled our
otherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewehaveobtained is
sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccountingin the
preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsorconditions that,
individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sabilitytocontinueasagoingconcernfor a
period of at least twelve months from when the financial statements are authorised for issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedintherelevant sections
of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedinthe Annual
Report, other than the financial statements and our Report of the Independent Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextentotherwise explicitly
stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoing so,
considerwhethertheotherinformationis materiallyinconsistentwiththefinancialstatementsor our knowledgeobtainedin the
auditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistenciesorapparent material
misstatements,wearerequiredtodeterminewhetherthisgivesrisetoamaterialmisstatementinthefinancial statements
themselves.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthis other
information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironmentobtainedinthecourseof the
audit, we have not identified material misstatements in the Report of the Trustees.
WehavenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requiresustoreporttoyouif, in
our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Page 4
Report of the Independent Auditors to the Members of
North Huyton Communities Future
Responsibilities of trustees
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsofthe charitable
companyfor the purposesof companylaw)are responsiblefor the preparationof the financialstatementsand for being satisfied
thattheygivea trueand fairview,and forsuchinternalcontrolas thetrusteesdetermineis necessaryto enablethe preparation
of financial statements that are free from material misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thetrusteesare responsibleforassessingthecharitablecompany'sabilityto continueas a
goingconcern,disclosing,as applicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccounting unless
thetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations,orhavenorealisticalternativebutto do
so.
Our responsibilities for the audit of the financial statements
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrom material
misstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthatincludesour opinion.
Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithISAs (UK)
willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandare considered
materialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsof users
taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We assessedthesusceptibilityof thecompany'sfinancialstatementsto materialmisstatement,includinghowfraudmight occur.
Audit procedures performed by the company engagement team included:
-
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
-
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
-
Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable law and regulations;
-
Challenging assumptions and judgements made by management in its significant accounting estimates, in particular: - Depreciation of fixed assets, valuation of property, accruals and defined benefit pension scheme obligations.
DespitetheauditbeingplannedandconductedinaccordancewithISAs(UK)thereremainsanunavoidableriskthat material
misstatementsinthefinancialstatementsmay notbedetectedowingtoinherentlimitationsoftheaudit,andthatby their very
nature,any suchinstancesof fraudor irregularitylikelyinvolvecollusion,forgery,intentionalmisrepresentations,or the override
of internal controls.
AfurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedontheFinancial Reporting
Council'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReportofthe Independent
Auditors.
Use of our report
Thisreportismadesolelytothecharitablecompany'smembers,asabody,inaccordancewithChapter3ofPart16of the
CompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecharitablecompany'smembers those
matterswe are requiredto stateto themin an auditors'reportand forno otherpurpose.Tothefullestextentpermittedby law,
wedonotacceptor assumeresponsibilitytoanyoneotherthanthecharitablecompanyandthecharitablecompany's members
as a body, for our audit work, for this report, or for the opinions we have formed.
Kate Taylor FCCA (Senior Statutory Auditor)
for and on behalf of Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ
Date: .............................................
Page 5
North Huyton Communities Future
Statement of Financial Activities
for the Year Ended 31 March 2022
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
1,082,482
Charitable activities
5
Local Business Support Scheme
-
Investment income
4
56,264
Total
1,138,746
EXPENDITURE ON
Raising funds
6
10,000
Charitable activities
7
General charitable purpose
323,672
Total
333,672
Net gains/(losses) on investments
(343,091)
NET INCOME/(EXPENDITURE)
461,983
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit schemes
(236,000)
Net movement in funds
225,983
RECONCILIATION OF FUNDS
Total funds brought forward
1,825,135
TOTAL FUNDS CARRIED FORWARD
2,051,118 |
Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
- |
31.3.22
Total
funds
£
1,082,482
-
56,264
1,138,746
10,000
323,672
333,672
(343,091)
461,983
(236,000)
225,983
1,825,135
2,051,118 |
31.3.21
Total
funds
£
43,230
45,479
64,926 |
|
|
|
153,635 |
|
|
|
-
502,165 |
|
|
|
502,165 |
|
|
|
311,017 |
|
|
|
(37,513)
(129,000) |
|
|
|
(166,513)
1,991,648 |
|
|
|
1,825,135 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The statement of financial activities includes all gains and losses recognised in the year.
The notes form part of these financial statements
Page 6
North Huyton Communities Future
Balance Sheet
31 March 2022
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
11
-
Investment property
12
1,977,350
1,977,350
CURRENT ASSETS
Debtors
13
29,115
Cash at bank and in hand
455,118
484,233
CREDITORS
Amounts falling due within one year
14
(9,374)
NET CURRENT ASSETS
474,859
TOTAL ASSETS LESS CURRENT LIABILITIES
2,452,209
DEFINED BENEFIT PENSION SCHEME OBLIGATIONS
16
(401,091)
NET ASSETS
2,051,118
FUNDS
15
Unrestricted funds
TOTAL FUNDS |
Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
- |
31.3.22
Total
funds
£
-
1,977,350
1,977,350
29,115
455,118
484,233
(9,374)
474,859
2,452,209
(401,091)
2,051,118
2,051,118
2,051,118 |
31.3.21
Total
funds
£
-
1,919,350 |
|
|
|
1,919,350
31,885
177,589 |
|
|
|
209,474
(19,689) |
|
|
|
189,785 |
|
|
|
2,109,135
(284,000) |
|
|
|
1,825,135 |
|
|
|
1,825,135 |
|
|
|
1,825,135 |
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitablecompaniessubject to
the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon............................................. and
were signed on its behalf by:
.............................................
K W McGlashan - Trustee
The notes form part of these financial statements
Page 7
North Huyton Communities Future
Cash Flow Statement
for the Year Ended 31 March 2022
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Sale of fixed asset investments
Sale of investment property
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of the
reporting period |
31.3.22
£
277,529
-
277,529
-
-
-
277,529
177,589
455,118 |
31.3.21
£
(447,877)
(3,000) |
|
|
(450,877) |
|
|
(13,149)
90,649 |
|
|
77,500 |
|
|
|
|
|
(373,377)
550,966 |
|
|
177,589 |
The notes form part of these financial statements
Page 8
North Huyton Communities Future
Notes to the Cash Flow Statement for the Year Ended 31 March 2022
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING |
ACTIVITIES |
|
Net income/(expenditure) for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Losses/(gain) on investments
Interest paid
Decrease/(increase) in debtors
Decrease in creditors
Difference between pension charge and cash contributions
Net cash provided by/(used in) operations |
31.3.22
£
461,983
343,091
-
2,770
(10,315)
(520,000)
277,529 |
31.3.21
£
(37,513)
(311,017
3,000
(10,174
(2,173
(90,000) |
|
|
(447,877) |
2. ANALYSIS OF CHANGES IN NET FUNDS
|
At 1.4.21 |
Cash flow |
At 31.3.22 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank and in hand |
177,589 |
277,529 |
455,118 |
|
177,589 |
277,529 |
455,118 |
Total |
177,589 |
277,529 |
455,118 |
The notes form part of these financial statements
Page 9
North Huyton Communities Future
Notes to the Financial Statements
for the Year Ended 31 March 2022
1. COMPANY INFORMATION
NorthHuytonCommunitiesFuture("thecompany"isaprivatecompanylimitedbyguaranteeincorporatedin England
and Wales. The company's registered number and registered office can be found on the Report of the Trustees.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisa publicbenefitentityunderFRS102,havebeen prepared
inaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statementof Recommended
Practiceapplicableto charitiespreparingtheiraccountsin accordancewiththe FinancialReportingStandardapplicable in
theUKandRepublicofIreland(FRS102)(effective1January2019)',FinancialReportingStandard102'The Financial
ReportingStandardapplicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
Thefinancialstatementsarepreparedinsterling,whichisthefunctionalcurrencyofthecharity.Monetaryamounts in
these financial statements are rounded to the nearest £.
ThecharityhastakenadvantageoftheprovisionsintheSORPforcharitiesapplyingFRS102UpdateBulletin1not to
prepare a Statement of Cash Flows.
Going concern
Thetrusteeshaveconsideredthelikelylevelofincomeandexpenditurefortheforeseeablefuture.TheTrustees are
satisfiedthatthecharitycanmeetitsobligationsasandwhentheyfalldue.accordingly,thegoingconcernbasis of
preparation is appropriate for these financial statements.
Critical accounting judgements and key sources of estimation uncertainty
Defined benefit pension scheme obligations
ThepresentvalueoftheLocalGovernmentPensionSchemedefinedbenefitschemedependsonanumberof factors
thataredeterminedonanactuarialbasisusingavarietyofassumptions.Theassumptionsusedindeterminingthe net
costs(income)forpensionsincludethediscountrate.Anychangesinthisassumptionsdisclosedinnote15, will impact
thecarryingamountofthepensionliability.Furthermorea rollforwardapproachwhichprojectsresultsfromthe latest
fullactuarialvaluationperformedat31March2019hasbeenusedbytheactuaryinvaluingthepensionliabilityat 31
March2021.Anydifferencesbetweenthefiguresderivedfromtherollforwardapproachandafullactuarial valuation
would impact on the carrying amount of the pension liability.
Revaluation of investment properties
Thecharitycarriesitsinvestmentpropertiesat fairvalue,withchangesin fairvaluebeingrecognisedin theStatement of
FinancialActivities.Thecharityusesexternalprofessionaladvisorstodeterminethefairvalue.Thecharity's investment
properties were revalued by the trustees at the balance sheet date in reference to the external valuation.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is
probable that the income will be received and the amount can be measured reliably.
IncomefromGovernmentgrantscomprisesgrantsreceivedundertheLocalBusinessSupportScheme.Income from
governmentandothergrants,whether'capital'grantsor'revenue'grants,isrecognisedwhenthecompany has
entitlementtothefunds,anyperformanceconditionsattachedtothegrantshavebeenmet,itisprobablethat the
income will be received and the amount can be measured reliably and is not deferred.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthecharity to
thatexpenditure,it is probablethata transferof economicbenefitswillbe requiredin settlementand theamountof the
obligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassified under
headingsthataggregateallcostrelatedto thecategory.Wherecostscannotbe directlyattributedto particular headings
theyhavebeenallocatedtoactivitiesona basisconsistentwiththeuseofresources.IrrecoverableVATischargedas a
cost against the activity for which the expenditure was incurred.
Tangible fixed assets
Fixedassetsacquiredforthepurposeofmanagementandadministrationarecalculatedatcost,anddepreciation is
provided at the following rates, rates calculated to write off the cost of such assets over their expected useful lives.
Fixtures, fittings and office equipment20% straight line basis
continued...
Page 10
North Huyton Communities Future
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
2. ACCOUNTING POLICIES - continued
Investment property
Investmentpropertyis shownat mostrecentvaluation.Any aggregatesurplusor deficitarisingfrom changesin fair value
is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity.Restrictions arise
when specified by the donor or when funds are raised for particular restricted purposes.
Pension costs and other post-retirement benefits
The company operates a defined benefit pension scheme.
Legal status of the charity
TheCharityisa companylimitedbyguaranteeandhasnosharecapital.Intheeventofthecharitybeingwoundup, the
liability in respect of the guarantee is limited to £1 per member of the charity.
Financial Instruments
Basicfinancialassets,whichincludeotherdebtors,areinitiallymeasuredattransactionpriceincludingtransaction costs
and are subsequentlycarriedat amortisedcostusingtheeffectiveinterestmethodunlessthearrangementconstitutes a
financingtransaction,wherethefinancialassetismeasuredatthepresentvalueofthefuturereceiptsdiscountedat a
market rate of interest.
Basicfinancialliabilities,includingothercreditorsandpensioncreditors,areinitiallyrecognisedattransaction price
unlessthearrangementconstitutesa financingtransaction,wherethedebitinstrumentis measuredat thepresent value
of the future payments discounted at a market rate of interest.
3. DONATIONS AND LEGACIES
4.
Revive income
Other income
Land receipts
INVESTMENT INCOME
Rents received |
31.3.22
£
31,369
1,113
1,050,000
1,082,482
31.3.22
£
56,264 |
31.3.21
£
41,727
1,503
- |
|
|
43,230 |
|
|
31.3.21
£
64,926 |
continued...
Page 11
North Huyton Communities Future
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
5. INCOME FROM CHARITABLE ACTIVITIES
Activity
Grants
Local Business Support Scheme
6.
RAISING FUNDS
Other trading activities
Bad debts
7.
CHARITABLE ACTIVITIES COSTS
General charitable purpose |
31.3.22
31.3.21
£
£
-
45,479
31.3.22
31.3.21
£
£
10,000
-
Direct
Costs
£
323,672 |
31.3.21
£
45,479 |
|
|
31.3.21
£
- |
Charitableactivitiesincludesauditservicesof£8,115andallothernon-auditservicesof£2,710payabletothe charity
auditor.
8. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2022norfortheyear ended
31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
9. STAFF COSTS
31.3.22
£
Wages and salaries
36,376
Other pension costs
-
36,376
The average monthly number of employees during the year was as follows:
31.3.22
Average monthly number of employees
1
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
31.3.22
£80,001 - £90,000
- |
|
31.3.21
£
156,804
27,782 |
|
|
184,586 |
|
|
31.3.21
4
31.3.21
1 |
continued...
Page 12
North Huyton Communities Future
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
43,230
Charitable activities
Local Business Support Scheme
45,479
Investment income
64,926
Total
153,635
EXPENDITURE ON
Charitable activities
General charitable purpose
502,165
Net gains on investments
311,017
NET INCOME/(EXPENDITURE)
(37,513)
Other recognised gains/(losses)
Actuarial gains/(losses) on defined benefit
schemes
(129,000)
Net movement in funds
(166,513)
RECONCILIATION OF FUNDS
Total funds brought forward
1,991,648
TOTAL FUNDS CARRIED FORWARD
1,825,135
11.
TANGIBLE FIXED ASSETS
COST
At 1 April 2021 and 31 March 2022
DEPRECIATION
At 1 April 2021 and 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021 |
Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
- |
Total
funds
£
43,230
45,479
64,926 |
Total
funds
£
43,230
45,479
64,926 |
|
|
153,635 |
|
|
|
502,165 |
|
|
|
311,017 |
|
|
|
(37,513)
(129,000) |
|
|
|
(166,513)
1,991,648 |
|
|
|
1,825,135 |
|
|
|
|
Fixtures
and
fittings
£
32,040
32,040
-
- |
continued...
Page 13
North Huyton Communities Future
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
12.
INVESTMENT PROPERTY
FAIR VALUE
At 1 April 2021
Revaluation
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021
Fair value at 31 March 2022 is represented by:
Valuation in 2018
Valuation in 2021
Valuation in 2022
Cost |
£
1,919,350
58,000 |
|
1,977,350 |
|
1,977,350 |
|
1,919,350 |
|
£
(1,208,952)
324,166
58,000
2,804,136 |
|
1,977,350 |
If investment property has not been revalued it would have been included at the historical cost of
£2,804,136.InvestmentpropertywasvaluedonanopenmarketbasisinOctober2020byBryanGaskill Properties
Limited.
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
Other debtors
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Other creditors
Pension creditor
Accrued expenses
15.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.4.21
£
1,825,135
1,825,135 |
31.3.22
£
29,115
31.3.22
£
1,013
1,550
211
6,600
9,374
Net
movement
in funds
£
225,983
225,983 |
31.3.21
£
31,885
31.3.21
£
6,242
1,550
2,897
9,000
19,689
At 31.3.22
£
2,051,118 |
31.3.21
£
31,885 |
|
|
|
|
31.3.21
£
6,242
1,550
2,897
9,000 |
|
|
|
|
19,689 |
|
|
|
2,051,118 |
|
continued...
Page 14
North Huyton Communities Future
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,138,746
(333,672)
TOTAL FUNDS
1,138,746
(333,672)
Comparatives for movement in funds
At 1.4.20
£
Unrestricted funds
General fund
1,991,648
TOTAL FUNDS
1,991,648
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
153,635
(502,165)
TOTAL FUNDS
153,635
(502,165) |
Gains and
losses
£
(579,091)
(579,091)
Net
movement
in funds
£
(166,513)
(166,513)
Gains and
losses
£
182,017
182,017 |
Movement
in funds
£
225,983 |
Movement
in funds
£
225,983 |
|
|
225,983 |
|
|
|
At 31.3.21
£
1,825,135 |
|
|
|
1,825,135 |
|
|
|
Movement
in funds
£
(166,513)
(166,513) |
|
|
|
|
(166,513) |
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.4.20
£
1,991,648
1,991,648 |
Net
movement
in funds
£
59,470
59,470 |
At 31.3.22
£
2,051,118 |
|
|
|
2,051,118 |
continued...
Page 15
North Huyton Communities Future
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
15. MOVEMENT IN FUNDS - continued
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedintheaboveare as
follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
1,292,381
1,292,381 |
Resources
expended
£
(835,837)
(835,837) |
Gains and
losses
£
(397,074)
(397,074) |
Movement
in funds
£
59,470 |
|
|
|
|
59,470 |
16. EMPLOYEE BENEFIT OBLIGATIONS
ThecompanyparticipatedintheMerseysidePensionFundwhichisamulti-employerschemeandispartofthe Local
GovernmentPensionSchemeinEnglandandWales.Thisisadefinedbenefitpensionschemeforqualifying employes
andthebenefitsweresetinlinewithLocalGovernmentPensionSchemeRegulations.Benefitsvarieddependingon the
employee's joining date and length of participation in the Fund.
Thepensioncostandprovisionfortheyearended31stMarch2022 are basedon theadviceofa professionally qualified
actuary.Themostrecentactuarialvaluationisdated31stMarch2019whichhasbeenupdatedtoreflectthe conditions
at the balance sheet date.
Thecompanymadeacontributionof£520,000underpart64(5)oftheLGPSregulationstoexitthepensionscheme in
March 2022.
|
2022 |
2021 |
The major assumptions used by the actuary were: |
% |
% |
CPI Inflation/care benefits revaluation |
- |
2.7 |
Increase in salaries |
- |
4.2 |
Increase in pensions in payment |
- |
2.8 |
Discount rate |
- |
2.1 |
Mortality assumptions: |
2022 |
2021 |
|
Years |
Years |
Retiring today |
|
|
Males |
- |
21.0 |
Females |
- |
24.1 |
Retiring in 20 years |
|
|
Males |
- |
22.6 |
Females |
- |
26.0 |
|
2022 |
2021 |
Analysis of amount charged to operating profit: |
£000s |
£000s |
Current service cost |
- |
25 |
Net interest cost |
- |
3 |
Past service cost |
- |
- |
Total cost recognised in operating profit |
- |
28 |
|
2022 |
2021 |
Analysis of amount charged to other recognised gains/(losses) |
£000s |
£000s |
Actual return on plan assets |
. |
(244) |
Less: calculated interest element |
. |
43 |
Return on scheme assets excluding interest income |
. |
(201) |
Actuarial changes related to obligations |
. |
330 |
continued...
Page 16
North Huyton Communities Future
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
16. EMPLOYEE BENEFIT OBLIGATIONS - continued
Total (gains)/losses
.129
Theamountsincludedinthebalancesheetarisingfromthecompany'sobligationsinrespectondefinedbenefit plans
are as follows:
2022 |
2021
£000s
2,368
2,084
284
2022
£000s
2,368
(2,368)
- |
£000s |
|
|
|
Present value of defined benefit obligations
- |
|
Fair value of plan assets
- |
|
Deficit in scheme
- |
|
|
|
Movements in the present value of defined benefit obligations |
|
|
|
|
|
Liabilities at 1 April 2021 |
|
Deficit Funding |
|
|
|
Liabilities at 31 March 2022 |
|
|
|
Movements in the fair value of plan assets |
2022 |
|
£000s |
|
|
Fair value of assets at 1 April 2021 |
2,084 |
Settlement |
520 |
Deficit Funding |
(2,604) |
|
|
Fair value of assets at 31 March 2022 |
- |
|
2021
£000s
832
58
556
142
115
331
2,084 |
|
|
2022 |
|
The fair value of plan assets are as follows:
£000s |
|
|
|
Equities
- |
|
Government bonds
- |
|
Other bonds
- |
|
Property
- |
|
Cash/liquidity
- |
|
Other
- |
|
Fair value of plan assets at the end of the period
- |
|
|
|
continued...
Page 17
North Huyton Communities Future
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
17. OTHER FINANCIAL COMMITMENTS
A charge over the land at Seel Road, Huyton is held by Knowsley Metropolitan Borough Council dated 13 December 2012.
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
Page 18
North Huyton Communities Future
Detailed Statement of Financial Activities
for the Year Ended 31 March 2022
Detailed Statement of Financial Activities
for the Year Ended 31 March 2022 |
|
|
|
31.3.22 |
31.3.21 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Revive income |
31,369 |
41,727 |
Other income |
1,113 |
1,503 |
Land receipts |
1,050,000 |
- |
|
1,082,482 |
43,230 |
Investment income |
|
|
Rents received |
56,264 |
64,926 |
Charitable activities |
|
|
Grants |
- |
45,479 |
Total incoming resources |
1,138,746 |
153,635 |
EXPENDITURE |
|
|
Other trading activities |
|
|
Bad debts |
10,000 |
- |
Charitable activities |
|
|
Wages |
36,376 |
156,804 |
Pensions |
- |
27,782 |
Insurance |
11,084 |
14,573 |
Telephone |
4,356 |
936 |
Postage and stationery |
2,803 |
501 |
Community participation |
16,435 |
75,573 |
Thematics |
69,314 |
78,288 |
Community Anchor Grants |
100,000 |
80,000 |
Community Building Grants |
39,947 |
49,782 |
Other miscellaneous expenses |
3,437 |
3,280 |
Contingency (Park) |
456 |
- |
Finance administration costs |
254 |
821 |
Audit and accountancy |
5,040 |
10,825 |
Legal & Professional fees |
34,170 |
- |
Interest payable |
- |
3,000 |
|
323,672 |
502,165 |
Total resources expended |
333,672 |
502,165 |
Net income/(expenditure) before gains and losses |
805,074 |
(348,530) |
Realised recognised gains and losses |
|
|
Realised Gains/losses on investment properties |
- |
(13,149) |
Net income/(expenditure) |
805,074 |
(361,679) |
This page does not form part of the statutory financial statements
Page 19