Charity Registration No. 1148132 Company Registration No. 07751720 (England & Wales)
PHOENIX COMMUNITY CENTRE (A COMPANY LIMITED BY GUARANTEE)
Annual Report & Unaudited Financial Statements For the Period Ending 31 December 2021
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REFERENCE & ADMINISTRATIVE DETAILS
Registered charity name Phoenix Community Centre Charity registration number 1148132 Company registration number 07751720 Registered & Principal Office Wern Road Goodwick Pembrokeshire SA64 0AA THE TRUSTEES: The Trustees of the Charity are as follows: M J Hughes W B Morris A G Truss J D Deason A W Garnon Secretary A J Evans Bankers HSBC plc High Street Haverfordwest Pembrokeshire SA31 3JT
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PHOENIX COMMUNITY CENTRE
TRUSTEES ANNUAL REPORT Year Ended 31 December 2021
The Trustees, who are also Directors for the purpose of company law, present their annual report and financial statements of the charity for the period ending 31[st] December 2021.
The Trustees
The Trustees who served the company during the period were as follows:
J D Deason W B Morris M J Hughes A G Truss A W Garnon
The directors of the charitable company (“the charity”) are its trustees for the purpose of charity law and throughout this report are collectively referred to as trustees.
STRUCTURE, GOVERNANCE & MANAGEMENT
Legal Status
The Charity is a limited company incorporated in the United Kingdom, registration number 07751720, and is governed by its Memorandum and Articles of Association. Phoenix Community Centre is also registered with the Charity Commission, number 1148132. The Trustees are also Directors of the Charitable Company.
Organisation
The Trustees are responsible for establishing policies and procedures for ensuring an appropriate level of internal controls are put in place to protect the interests of the Charity. The Trustees are also responsible for the day to day running of the Charity.
The Trustees consist of members from the Centre’s User Groups who bring a wide range of skills to the Charity.
Risks
The Charity faces a number of risks and uncertainties, some of which are inherent in the nature of its operations. The Trustees look at the risks faced and implements what it believes to be, appropriate methods or strategies to manage those risks to the extent that it is able to do so. The Trustees periodically reviews its chosen strategies to ensure it continues to meet the challenges faced.
The key risk, which the Charity faces, is failure of its duty of care to the service of its User Groups. To mitigate this risk the Trustees have established appropriate policies, procedures and internal controls to ensure the standard care is of the highest level.
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PHOENIX COMMUNITY CENTRE
TRUSTEES ANNUAL REPORT (continued) Year Ended 31 December 2021
OBJECTIVES & ACTIVITIES
The Phoenix Centre is a community partnership, which has developed a new community centre serving the twin towns of Fishguard & Goodwick – and their surrounding rural villages. The new centre was built on the site of Fishguard & Goodwick Sports Club’s former clubhouse. The site is equidistant between Fishguard and Goodwick and is centred within the twin town’s playing fields at the Phoenix Park. It is located on land reclaimed from what was, prior to 1974, the local rubbish tip.
The driving force behind the project is the local sports clubs’ commitment to open up the new building to the wider community use. It is a project unique in Wales; whereby a number of local sports clubs (football, rugby, squash and tennis) have joined forces with cultural groups, disability support groups, Pembrokeshire Youth Service, senior citizens and Pembrokeshire Lifelong Learning.
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Main Aims:
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Improve social cohesion and healthy lifestyles by involving all sections of the community of North Pembrokeshire.
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Encourage good citizenship through volunteering and socially inclusive participation.
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Main Objectives:
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Provide a community centre for Fishguard & Goodwick and the surrounding north Pembrokeshire rural population that is fit for purpose.
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Develop long standing partnerships that facilitate participation in arts, cultural activities, health related exercise, lifelong learning and sport.
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Implement an agreed business plan for the centre that delivers - Financial sustainability, full community involvement and Maximum participation
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Social Outcomes:
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The Phoenix Community Centre, through the provision of facilities for sport, music, community services, dance and cultural activities aims to encourage:
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Healthy lifestyles
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Social cohesion, good citizenship and volunteering
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Social inclusion
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Community education
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Youth activities that counter anti-social behaviour
ACHIEVEMENTS & PERFORMANCE
The Centre’s financial position has remained stable during the past couple of years, a result of the introduction of new user groups using the facilities, which has generated additional income streams, however the position continued under pressure during 2021 as a result of the economic downturn driven by the Coronavirus (“COVID-19) pandemic, which presented unprecedented challenges for the Charity. However, with continued assistance from the COVID-19 local authority grant fund coupled with the restart of sporting activities the Charity has managed the risk with minimum financial impact.
The financial position of the Charity is reported within the Financial Statements reported on pages 6 to 13.
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PHOENIX COMMUNITY CENTRE
TRUSTEES ANNUAL REPORT (continued) Year Ended 31 December 2021
Dividends
Phoenix Community Centre is a company limited by guarantee and therefore is non-profit making. Consequently, no dividends will be distributed for the year ending 31 December 2021.
Investment Powers
Under the Memorandum and Articles of Association, the Charity has the power to make any investment which the Trustees see fit.
LOOKING AHEAD / FUTURE DEVELOPMENTS
The primary focus of the Charity in the forthcoming year will be to continue its charitable activities to deliver its objectives whilst building on the already established relationships with its key User Groups. In addition, the Trustee’s will continue to identify further funding sources to meet maintenance activities to ensure the integrity of the building, which has been a continued challenge as a result of a number of defects from the construction.
The Charity will look for opportunities to improve service quality and efficiency while controlling costs and maintaining a standard care of the highest level in order to ensure the Charity’s objectives can be met. The Trustees feels the Charity will continue to make progress and implement the strategies and actions necessary to address the challenges faced in the coming years. With the continued support of both its Volunteers and its wider stakeholders, the Trustees believe the Charity has a sound future, with the potential to deliver a significant benefit to the local area of North Pembrokeshire.
The above is subject to continued management of the COVID-19 risk as the UK emerges from various restrictions. The Trustees have adopted a proactive approach to managing this risk, which continues to pose a threat for the Charity in the short-term. The risk is managed in line with Government guidelines appropriate to the size and activities of the Charity. As the risk evolves the Trustees continue to monitor the potential impact on the Charity.
By order of the Board
A W Garnon
A W Garnon Chairman of the Board
22 June 2022
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PHOENIX COMMUNITY CENTRE
TRUSTEES RESPONSIBILITIES Year Ended 31 December 2021
The Trustees (who are also directors of Phoenix Community Centre for the purpose of company law) are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare Financial Statements for the financial year. Under that law the Trustees have elected to prepare the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of the profit or loss of the Charitable Company for that period. In preparing these Financial Statements, the Trustees are required to:
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Select suitable accounting policies and apply them consistently,
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Observe the methods and principals in the Charities SORP,
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Make judgement and accounting estimates that are reasonable and prudent,
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State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements,
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Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure the Financial Statements comply with the Companies Act 2006. They 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.
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PHOENIX COMMUNITY CENTRE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT) Year Ended 31 December 2021
| Notes | Unrestricted | Restricted | Total 2021 | Total 2020 | |
|---|---|---|---|---|---|
| Funds | Funds | ||||
| Continuing activities: | (£) | (£) | (£) | (£) | |
| INCOMING RESOURCES | |||||
| Incoming resources - generating funds: | |||||
| Voluntary income | 19,524 | - | 18,767 | 31,225 | |
| Activities from generating funds | 4,128 | - | 4,885 | 3,474 | |
| Incoming resources - charitable activities | 5,880 | - | 5,880 | 4,460 | |
| TOTAL INCOMING RESOURCES | 2 | 29,532 | - | 29,532 | 39,159 |
| RESOURCES EXPENDED: | |||||
| Costs of generating funds | (28,269) | - | (28,269) | (21,362) | |
| Charitable activities | (2,350) | - | (2,350) | (2,350) | |
| Governance costs | - | - | - | - | |
| TOTAL RESOURCES EXPENDED | 3 | (30,619) | - | (30,619) | (23,712) |
| NET INCOMING /(OUTGOING) RESOURCES BEFORE TRANSFERS |
(1,087) | - | (1,087) | 15,447 | |
| Transfers between funds | - | - | - | - | |
| NET INCOME/(EXPENDITURE) BEFORE FINANCING |
(1,087) | - | (1,087) | 15,447 | |
| Interest expenditure | 4 | - | (4,282) | (4,282) | (7,921) |
| NET INCOME/(EXPENDITURE) FOR THE PERIOD |
(1,087) | (4,282) | (5,369) | 7,526 | |
| Total funds brought forward | (60,340) | (37,747) | (98,087) | (105,613) | |
| TOTAL FUNDS CARRIED FORWARD | (61,427) | (42,029) | (103,456) | (98,087) |
The Statement of Financial Activities includes all gains and losses in the period and therefore a statement of total recognised gains and losses has not been prepared.
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PHOENIX COMMUNITY CENTRE
BALANCE SHEET Year Ended 31 December 2021 Company Registration Number: 07751720
| Notes | 2021 | 2020 | |||
|---|---|---|---|---|---|
| (£) | (£) | ||||
| FIXED ASSETS | |||||
| Tangible assets | 5 | 197,889 | 211,545 | ||
| CURRENT ASSETS | |||||
| Debtors | 6 | 4,773 | 1,053 | ||
| Cash at bank and in hand | 7 | 19,020 | 19,532 | ||
| 23,793 | 20,585 | ||||
| CREDITORS:Amounts falling due within one year | 8 | (12,880) | (12,802) | ||
| NET CURRENT ASSETS / (LIABILITIES) | 10,913 | 7,783 | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 208,802 | 219,328 | |||
| CREDITORS: Amounts falling due after more than one year |
9 | (128,039) | (133,196) | ||
| NET ASSETS | 80,763 | 86,132 | |||
| CHARITY FUNDS | |||||
| Restricted income funds | (61,427) | (60,340) | |||
| Unrestricted income funds | (42,029) | (37,747) | |||
| Other Restricted Reserves(1) | 184,219 | 184,219 | |||
| TOTAL FUNDS | (80,763) | 86,132 |
[(1)] Other Restricted Reserves represents the net transfer of assets from Fishguard & Goodwick Sports Club.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.'
Approved by the Board on 22 June 2022 and signed on its behalf by
A W Garnon
A W Garnon Chairman of the Board
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PHOENIX COMMUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 December 2021
1. Statutory Information
Phoenix Community Centre Limited is a private charitable company, limited by guarantee, registered in England and Wales. The company’s registered number and registered office address can be found on the company’s reference and administration page.
2. Accounting Policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), and the requirements of Accounting and Reporting for Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 (Charities SORP (FRS 102)), the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared and reported in GBP sterling and all values reported are rounded to the nearest pound unless otherwise stated.
Going concern
There is no material uncertainties about the company’s ability to continue for the foreseeable future.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the Charity.
Restricted funds are those donated for use in particular area or for specific purposes, the use of which is restricted to that area or purpose.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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Income from donations are recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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Grants received to fund fixed assets are recognised as restricted incoming resources in the year in which the Charity is entitled to the funds. Similarly, other grants to fund revenue expenditure are recognised in the financial year in which the Charity is entitled to those funds. Until such time the grant is recognised as deferred revenue in the balance sheet.
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Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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PHOENIX COMMUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (continued) Year Ended 31 December 2021
2. Accounting Policies (continued)
Resources expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been disclosed under headings that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance Costs
Governance costs include the cost of any legal advice to Trustees on governance or constitutional matters.
Taxation
The Charity is exempt form corporation tax on its activities.
Fixed Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Tangible fixed assets costing more than £500 are capitalised.
Depreciation is provided against at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows;
Buildings 4% straight line Fixtures & Fittings 10% Reducing Balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Debtors
Debtors are stated at their gross amounts less any provisions for uncollectible amounts.
Cash at bank and in hand
Cash at bank and in hand comprise cash at bank and on hand and short-term deposits, which can be recalled on demand, usually within twenty-four hours.
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PHOENIX COMMUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (continued) Year Ended 31 December 2021
2. Accounting Policies (continued)
Liabilities
Liabilities are recognised for amounts to be paid in the future for goods or services received, whether billed by the supplier or not.
Provisions
Provisions are recognised when the Charity has an obligation (legal or constructive) arising from a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Charity expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the Statement of Financial Activities net of any reimbursement. If the effect of time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the Trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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PHOENIX COMMUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (continued) Year Ended 31 December 2021
3. Incoming Resources
| Donations received Hire of Centre’s Facilities Service Level Agreements Gift Aid Donations – Phoenix Community Enterprise Local Authority COVID-19 Grants 4. Total Resources Expended Wages & salaries Equipment & materials Land lease Premises running costs Insurances Legal & Professional charges Bank charges & interest Depreciation |
2021 Voluntary Funds 2021 Activities from Generating Funds 2021 Charitable Activities 2021 Total 2020 Total £ £ £ £ £ - - - - 225 - 4,128 - 4,128 3,574 - - 5,880 5,880 4,460 4,524 - - 4,524 900 15,000 - - 15,000 30,000 |
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| 19,524 4,128 5,880 29,532 39,159 |
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| 2021 Cost of Generating Funds 2021 Charitable Activities 2021 Governance Costs 2021 Total 2020 Total £ £ £ £ £ - - - - - (5,872) - - (5,872) (1,759) - (2,350) - (2,350) (2,350) (6,398) - - (6,398) (3,986) (2,291) - - (2,291) (2,943) (22) - - (22) (211) (30) - - (30) 1,427 (13,656) - - (13,656) (13,890) |
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| (28,269) (2,350) - (30,619) (23,712) |
5. Interest Charges
Interest charges during the year amounted to £4,282 (2020: £7,921) and was accrued on the bank loan that the Charity has with the Charity Bank (note 10).
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PHOENIX COMMUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (continued) Year Ended 31 December 2021
6. Tangible Fixed Assets
| Cost: At 1 January 2021 Additions Grants Received At 31 December 2021 Depreciation: At 1 January 2021 Charge for the period At 31 December 2021 Net Book Value 31 December 2021 Net Book Value 31 December 2020 |
Buildings Fixtures & Fittings Total £ £ £ 288,462 53,870 342,332 - - - - - - |
|---|---|
| 288,462 53,870 342,332 |
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| 98,085 32,702 130,787 11,538 2,118 13,656 |
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| 109,623 34,820 144,443 |
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| 178,839 19,050 197,889 |
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| 190,377 21,168 211,545 |
Tangible Fixed Assets represent assets transferred from Fishguard & Goodwick Sports Club during 2012. Grant funding received by Fishguard & Goodwick Sports Club for the construction of the Phoenix Community Centre amounted to £1,121,300, which has resulted in a reduction in the carrying value of Tangible Fixed assets and was received from:
| Big Lottery Welsh Assembly Government Pembrokeshire County Council LIF Capital Grants Planed 7. Debtors Taxes and VAT Gift Aid Donations (Phoenix Community Enterprise) Service Level Agreements Prepayments |
2021 £ - 4,524 - 249 4,773 |
£ 500,000 490,000 50,000 10,000 71,300 1,121,300 2020 £ - 900 - 153 |
|
|---|---|---|---|
| 1,053 |
8. Cash at Bank and in Hand
The Charity had cash at bank amounting to £19,020 (2020: £19,532), which was fully repayable on demand.
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PHOENIX COMMUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS (continued) Year Ended 31 December 2021
9. Creditors: Amounts falling due within one year
| Trade Creditors Deferred revenues Accrued expenses (including interest) Taxes and VAT Other creditors Bank Loan (note 10) |
2021 £ - 5,015 2,174 533 - 5,158 12,880 |
2020 £ 112 6,750 942 164 - 4,834 |
|---|---|---|
| 12,802 |
10. Creditors: Amounts falling due after one year
| Bank Loan(3) | 2021 £ 128,039 128,039 |
2020 £ 137,762 |
|---|---|---|
| 137,762 |
(3)The Charity received a bank loan of £165,000 from The Charity Bank to fund the remaining construction works of the Phoenix Community Centre. The loan is secured over the assets of the Charity and is repayable in instalments over a period of twenty-five years commencing in 2012.
11. Members’ Liability
The Charity 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 Charity in the event of liquidation.
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