REGISTERED COMPANY NUMBER: 04016718 (England and Wales) REGISTERED CHARITY NUMBER: 1148009
Report of the Trustees and Financial Statements for the Year Ended 31 August 2024 for
Westfield Community Development Association
Geoff Cowley & Co Ltd Willow Park Upton Lane Stoke Golding Nuneaton Warwickshire CV13 6EU
Westfield Community Development Association
Contents of the Financial Statements for the Year Ended 31 August 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
Westfield Community Development Association
Report of the Trustees for the Year Ended 31 August 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2005.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
04016718 (England and Wales)
Registered Charity number
1148009
Registered office
Westfield Community Centre Rosemary Way Hinckley Leicestershire LE10 0LN
Trustees
N M Thornber D R Peake - deceased 21.8.24 P M Adams - deceased 17.9.24 M A Hateley J Peake Trustee/Director Rev Canon D Jennings Director/Trustee Chairperson
Company Secretary
M A Hateley
Independent examiner
David Preston Chartered Certified Accountant Geoff Cowley & Co Ltd Willow Park Upton Lane Stoke Golding Nuneaton Warwickshire CV13 6EU
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Where appropriate Trustees are drawn from the Association's membership, appointed or reappointed at the annual general meeting of the Association's membership and/or from time to time co-opted by the board of Trustees.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Page 1
Westfield Community Development Association
Report of the Trustees for the Year Ended 31 August 2024
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity aims to benefit the residents of Hinckley & Bosworth Borough Council area and the neighbourhood, without distinction of gender, sexual orientation, race or political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation leisure time and occupation with the objective of improving the conditions of life for the residents.
In furtherance of its charitable objectives but not otherwise, the trustees shall have the powers to establish or secure the establishment of a community centre and to maintain or manage or co-operate with any statutory authority in the maintenance and management of such a centre for activities promoted by the charity in furtherance of the above objects.
The Association seeks to deliver a life-long community education curriculum which involves working with and delivering a broad range of services to Pre-school children and their families and carers, school age children their families and carers, young people and adults. The Association does this in a variety of ways providing some services directly and others in partnership with local voluntary or statutory organisations.
STRATEGIC REPORT
Achievement and performance
Our strategic report of the previous accounting period detailed the challenges the Association was facing due to several extraneous financial pressures which served to undermine the financial viability of the community centre.
Throughout the accounting period the continuing "cost of living crisis" and high inflation continued to add considerable pressures to the operational and infrastructure costs of the community centre and significantly raised our loan and wage costs
. These pressures had been exacerbated by the curtailment of several Local Authority funding opportunities and a sharp, post covid decline in available financial support from local and national trusts.
In addressing these issues we were exploring, initiating and developing several contingency plans and partnership options with key stakeholders including our neighbouring schools, community partners and the Borough and County councils
. The Association secured financial support from the Borough Council to continue the delivery of our day-to-day services whilst developing the contingency plans. Each of these plans involved realising our fixed assets, paying down our liabilities and restructuring our services to be delivered in partnership with one or a number of the strategic partners.
Unfortunately, whilst these contingencies were being developed our neighbouring schools and county council notified the Association that they would be delivering all of the "Wrap Around" care on their sites from September 2024. Despite best efforts to persuade our strategic partners of some 50 years to reconsider, they continued with their plans.
FINANCIAL REVIEW
The impact of these decisions meant the Association would be deprived of over £200k per annum of income from the beginning of the next accounting period. Consequently, the Association was left with no alternative but to curtail all service delivery from the end of July 2024, with a significant financial implication not least the cost of redundancy and end of contract payments due to our staff team.
At the time of reporting the Association has marketed the property and has a buyer in prospect and an intention to complete the sale by July /August 2025. At this time its remaining liabilities will be paid down and in future months its financial surpluses will be used to offer support to the local voluntary and charitable sector.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 20 May 2025 and signed on the board's behalf by:
Rev Canon D Jennings - Trustee
Page 2
Independent Examiner's Report to the Trustees of Westfield Community Development Association
I report on the accounts of the company for the year ended 31 August 2024, which are set out on pages four to thirteen.
Responsibilities and basis of report
As the charity's trustees (and also the directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independant examination, I have examined your charity's accounts as required under section 145 of the Charities Act 2011 ('the Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
My role is to state whether any material matters have come to my attention giving me cause to believe:
-
that accounting records were not kept as required by section 386 of the Companies Act 2006; or
-
that the accounts do not accord with those records; or
-
that the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; or
-
that there is further information needed for a proper understanding of the accounts.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Chartered Certified Accountant which is one of the listed bodies.
I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission I have found no matters that require drawing to your attention.
David Preston Chartered Certified Accountant Geoff Cowley & Co Ltd Willow Park Upton Lane Stoke Golding Nuneaton Warwickshire CV13 6EU
Date: .............................................
Page 3
Westfield Community Development Association
Statement of Financial Activities for the Year Ended 31 August 2024
| 31.8.24 Unrestricted funds Notes £ INCOMING RESOURCES Incoming resources from generated funds Voluntary income 2 205,309 Activities for generating funds 3 217,331 Total incoming resources 422,640 RESOURCES EXPENDED Costs of generating funds Costs of generating voluntary income 581 Fundraising trading: cost of goods sold and other costs 4 59,525 Governance costs 5 3,871 Other resources expended 447,221 Total resources expended 511,198 NET INCOMING/(OUTGOING) RESOURCES (88,558) RECONCILIATION OF FUNDS Total funds brought forward 600,359 TOTAL FUNDS CARRIED FORWARD 511,801 |
31.8.23 |
|---|---|
| Total funds |
|
| £ | |
| 151,450 | |
| 243,557 | |
| 395,007 | |
| 513 | |
| 32,190 | |
| 2,577 | |
| 442,105 | |
| 477,385 | |
| (82,378) | |
| 682,737 | |
| 600,359 | |
CONTINUING OPERATIONS
All incoming resources and resources expended arise from continuing activities.
The notes form part of these financial statements
Page 4
Westfield Community Development Association
Balance Sheet At 31 August 2024
| 31.8.24 Unrestricted funds Notes £ FIXED ASSETS Tangible assets 9 1,031,956 CURRENT ASSETS Stocks 10 - Debtors 11 21,097 Cash at bank and in hand 5,376 26,473 CREDITORS Amounts falling due within one year 12 (37,133) NET CURRENT ASSETS/(LIABILITIES) (10,660) TOTAL ASSETS LESS CURRENT LIABILITIES 1,021,296 CREDITORS Amounts falling due after more than one year 13 (509,495) NET ASSETS 511,801 FUNDS 16 Unrestricted funds 511,801 TOTAL FUNDS 511,801 |
31.8.23 |
|---|---|
| Total funds |
|
| £ | |
| 1,038,789 | |
| 9,935 | |
| 42,053 | |
| 29,500 | |
| 81,488 | |
| (83,432) | |
| (1,944) | |
| 1,036,845 | |
| (436,486) | |
| 600,359 | |
| 600,359 | |
| 600,359 | |
The notes form part of these financial statements
Page 5
continued...
Balance Sheet - continued At 31 August 2024
Westfield Community Development Association
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees on 20 May 2025 and were signed on its behalf by:
Rev Canon D Jennings -Trustee
The notes form part of these financial statements
Page 6
Westfield Community Development Association
Notes to the Financial Statements for the Year Ended 31 August 2024
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention, the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
Financial reporting standard number 1
Exemption has been taken from preparing a cash flow statement on the grounds that the parent company includes the subsidiary in its published financial statements.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided Plant and machinery - 20% on cost Motor vehicles - 25% on reducing balance
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Company status
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation while he or she is a member within one year after he or she ceases to be a member, for payment of the company's debts and liabilities contracted before he or she ceases to be a member, and of the costs, charges and expenses of winding up and for the adjustment of the right of the contributions among themselves.
Page 7
Westfield Community Development Association
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
2. VOLUNTARY INCOME
| Donations including Gift Aid Grants Grants received, included in the above, are as follows: Other grants ACTIVITIES FOR GENERATING FUNDS Kids Club and Nursery Canteen Club and Social Courses Minibus and Room Hire FUNDRAISING TRADING: COST OF GOODS SOLD AND OTHER COSTS Purchases Motor Minibus Expenses Uniforms Bad debts Labour & DBS Expenses GOVERNANCE COSTS Accountancy Professional Fees Auditors' remuneration |
31.8.24 £ 28,372 176,937 205,309 31.8.24 £ 176,937 31.8.24 £ 191,371 3,945 160 21,855 217,331 31.8.24 £ 20,459 9,472 416 27,609 1,569 59,525 31.8.24 £ 2,341 1,170 360 3,871 |
31.8.23 | 31.8.23 | 31.8.23 |
|---|---|---|---|---|
| £ | ||||
| 14,076 | ||||
| 137,374 | ||||
| 151,450 | ||||
| 31.8.23 | ||||
| £ | ||||
| 137,374 | ||||
| 31.8.23 | ||||
| £ | ||||
| 214,119 | ||||
| 3,827 | ||||
| 524 | ||||
| 25,087 | ||||
| 243,557 | ||||
| 31.8.23 | ||||
| £ | ||||
| 21,456 | ||||
| 9,651 | ||||
| 270 | ||||
| - | ||||
| 813 | ||||
| 32,190 | ||||
| 31.8.23 | ||||
| £ | ||||
| 2,217 | ||||
| - | ||||
| 360 | ||||
| 2,577 | ||||
3. ACTIVITIES FOR GENERATING FUNDS
4. FUNDRAISING TRADING: COST OF GOODS SOLD AND OTHER COSTS
5. GOVERNANCE COSTS
Page 8
Westfield Community Development Association
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
6. NET INCOMING/(OUTGOING) RESOURCES
Net resources are stated after charging/(crediting):
| Auditors' remuneration Depreciation - owned assets Surplus on disposal of fixed asset |
31.8.24 £ 360 651 (9,138) |
31.8.23 |
|---|---|---|
| £ | ||
| 360 | ||
| 2,930 | ||
| - | ||
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023 .
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023 .
8. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: General |
31.8.24 £ 357,109 15,295 6,755 379,159 31.8.24 23 |
31.8.23 | 31.8.23 |
|---|---|---|---|
| £ | |||
| 304,866 | |||
| 12,226 | |||
| 5,353 | |||
| 322,445 | |||
| 31.8.23 | |||
| 22 | |||
No employees received emoluments in excess of £60,000.
Page 9
Westfield Community Development Association
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
9. TANGIBLE FIXED ASSETS
| Freehold Plant and property machinery £ £ COST OR VALUATION At 1 September 2023 1,030,000 62,282 Disposals - (320) At 31 August 2024 1,030,000 61,962 DEPRECIATION At 1 September 2023 - 60,968 Charge for year - 248 Eliminated on disposal - - At 31 August 2024 - 61,216 NET BOOK VALUE At 31 August 2024 1,030,000 746 At 31 August 2023 1,030,000 1,314 10. STOCKS Stocks Work-in-progress 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments |
Motor vehicles £ 30,990 (13,895) 17,095 23,515 403 (8,033) 15,885 1,210 7,475 31.8.24 £ - - - 31.8.24 £ 9,297 11,800 21,097 |
Totals £ 1,123,272 (14,215) 1,109,057 84,483 651 (8,033) 77,101 1,031,956 1,038,789 |
Totals £ 1,123,272 (14,215) 1,109,057 84,483 651 (8,033) 77,101 1,031,956 1,038,789 |
Totals £ 1,123,272 (14,215) 1,109,057 84,483 651 (8,033) 77,101 1,031,956 1,038,789 |
|---|---|---|---|---|
| 31.8.23 | ||||
| £ | ||||
| 735 | ||||
| 9,200 | ||||
| 9,935 | ||||
| 31.8.23 | ||||
| £ | ||||
| 40,541 | ||||
| 1,512 | ||||
| 42,053 | ||||
Page 10
Westfield Community Development Association
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other loans (see note 14) Trade creditors Social security and other taxes Pension Control Account Other creditors Accrued expenses Deferred government grants CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 14) Other loans (see note 14) |
31.8.24 £ 8,600 3,064 (1,215) 892 23,220 2,572 - 37,133 31.8.24 £ 327,646 181,849 509,495 |
31.8.23 | |
|---|---|---|---|
| £ | |||
| 4,500 | |||
| 4,517 | |||
| 2,439 | |||
| 1,594 | |||
| 33,605 | |||
| 4,645 | |||
| 32,132 | |||
| 83,432 | |||
| 31.8.23 | |||
| £ | |||
| 339,486 | |||
| 97,000 | |||
| 436,486 | |||
13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
14. LOANS
An analysis of the maturity of loans is given below:
| Amounts falling due within one year on demand: Reliance Loan Amounts falling between one and two years: Other loans - 1-2 years Amounts falling due in more than five years: Repayable by instalments: Reliance Loan more than 1 year 15. SECURED DEBTS The following secured debts are included within creditors: Bank loans The loan is secured by a charge on the freehold property. |
31.8.24 £ 8,600 181,849 327,646 31.8.24 £ 327,646 |
31.8.23 | 31.8.23 |
|---|---|---|---|
| £ | |||
| 4,500 | |||
| 97,000 | |||
| 339,486 | |||
| 31.8.23 | |||
| £ | |||
| 339,486 | |||
Page 11
Westfield Community Development Association
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
16. MOVEMENT IN FUNDS
| Net | ||||
|---|---|---|---|---|
| movement in | ||||
| At 1.9.23 | funds | At 31.8.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 420,359 | (88,558) | 331,801 | |
| Revaluation Reserve | 180,000 | - | 180,000 | |
| 600,359 | (88,558) | 511,801 | ||
| TOTAL FUNDS | 600,359 | (88,558) | 511,801 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement in | ||
| resources | expended | funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 422,640 | (511,198) | (88,558) | |
| TOTAL FUNDS | 422,640 | (511,198) | (88,558) | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement in | ||||
| At 1.9.22 | funds | At 31.8.23 | ||
| £ | £ | £ | ||
| Unrestricted Funds | ||||
| General fund | 502,737 | (82,378) | 420,359 | |
| Revaluation Reserve | 180,000 | - | 180,000 | |
| 682,737 | (82,378) | 600,359 | ||
| TOTAL FUNDS | 682,737 | (82,378) | 600,359 | |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement in | ||
| resources | expended | funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 395,007 | (477,385) | (82,378) | |
| TOTAL FUNDS | 395,007 | (477,385) | (82,378) | |
Page 12
Westfield Community Development Association
Notes to the Financial Statements - continued for the Year Ended 31 August 2024
16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement in | |||
| At 1.9.22 | funds | At 31.8.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 502,737 | (170,936) | 331,801 |
| Revaluation Reserve | 180,000 | - | 180,000 |
| TOTAL FUNDS | 682,737 | (170,936) | 511,801 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement in | |
|---|---|---|---|
| resources | expended | funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 817,647 | (988,583) | (170,936) |
| TOTAL FUNDS | 817,647 | (988,583) | (170,936) |
Page 13
Westfield Community Development Association
Detailed Statement of Financial Activities for the Year Ended 31 August 2024
| INCOMING RESOURCES Voluntary income Donations including Gift Aid Grants Activities for generating funds Kids Club and Nursery Canteen Club and Social Courses Minibus and Room Hire Total incoming resources RESOURCES EXPENDED Costs of generating voluntary income Costs of Generating Donations Fundraising trading: cost of goods sold and other costs Purchases Childcare Toys and Consumables Motor Minibus Expenses Uniforms Bad debts Labour & DBS Expenses Governance costs Accountancy Professional Fees Auditors' remuneration Other resources expended Staff Wages & Consultancy Social security Pensions & Redundancy Building Costs Carried forward |
31.8.24 £ 28,372 176,937 205,309 191,371 3,945 160 21,855 217,331 422,640 581 13,465 6,994 9,472 416 27,609 1,569 59,525 2,341 1,170 360 3,871 357,109 15,295 6,755 12,764 391,923 |
31.8.23 |
|---|---|---|
| £ | ||
| 14,076 | ||
| 137,374 | ||
| 151,450 | ||
| 214,119 | ||
| 3,827 | ||
| 524 | ||
| 25,087 | ||
| 243,557 | ||
| 395,007 | ||
| 513 | ||
| 14,888 | ||
| 6,568 | ||
| 9,651 | ||
| 270 | ||
| - | ||
| 813 | ||
| 32,190 | ||
| 2,217 | ||
| - | ||
| 360 | ||
| 2,577 | ||
| 304,866 | ||
| 12,226 | ||
| 5,353 | ||
| 31,253 | ||
| 353,698 |
This page does not form part of the statutory financial statements
Page 14
Westfield Community Development Association
Detailed Statement of Financial Activities for the Year Ended 31 August 2024
| Other resources expended Brought forward Telephone Postage and Stationery Repairs and Cleaning Hire of Equipment Security Costs Sundry Bank Charges Volunteer Expenses Depn of Plant & Machinery Depn of Motor Vehicles Loss on sale of intangible fixed assets Loan Loan Interest Total resources expended Net expenditure |
31.8.24 £ 391,923 6,782 2,931 7,819 1,475 1,104 7,079 597 651 248 403 (9,138) - 35,347 447,221 511,198 (88,558) |
31.8.23 |
|---|---|---|
| £ | ||
| 353,698 | ||
| 6,117 | ||
| 2,823 | ||
| 37,757 | ||
| 1,431 | ||
| 1,020 | ||
| 7,694 | ||
| 607 | ||
| 846 | ||
| 438 | ||
| 2,492 | ||
| - | ||
| (144) | ||
| 27,326 | ||
| 442,105 | ||
| 477,385 | ||
| (82,378) | ||
This page does not form part of the statutory financial statements
Page 15