Berrow Community Association Limited Annual General Meeting 7[th] May 2025
Chairmans Statement
Yet again it’s been a busy year for our Village Hall. Bookings have remained stable and we have welcomed some new regular users. Weekend bookings have started to Improve so it’s a very busy hall.
The year has seen us carry out some vital improvements to the building. The flat roof has now been completely restored solving the damp issues we were experiencing. The new sound system with its hearing loop has been well received. The lighting in the main halls has been switched to LED bulbs and along with the Solar panels, which are now in place, means we will see a reduction in our electrical costs. The back area has been prepared by Richard Eaton Trustee and we await the laying of the concrete. The Hall floor has been sanded back and resealed ensuring its future for the coming years. Our huge thanks must go to The Hinckley Point Community Fund and the Sunley Foundation who made all of this possible.
The year has seen some staff changes with Graham Walter our Hall manager standing down and his replacement Clare Prior quickly coming up to speed. We have also welcomed new Trustees Simone Lynch who brings to the Trustees experience in the Insurance Industry and Mike Wise a local resident and ex Chair of the Parish Council.
It was with thanks and good wishes we said goodbye to Owen Davies our previous chair who after 12 years of service to the Hall decided to stand down.
The village hall lottery continues to provide a vital source of income but there is a need to recruit a few more participants to ensure it continues to give the funds we need for the hall. The trustees will be reviewing our charges over the coming months to ensure we continue to balance the books but remain fair to all our users.
In concluding I would like to thank our great team of staff and my fellow trustees for all their support over the past year . We have faced many challenges but by working together we have continued to provide a Hall fit for purpose.
David Stickels Chair 07. 05 .2025
Registration number.. 819S454 Berrow Community Association Limited (A company limited by guarantee) Annual Report and Unaudited Financial Statements for the Year Ended 30 September 2024 WESTCOTTS CHARTERED ACCOUNTANTS & BU$INE85 ADVISER$
BERROW COMMUNITY ASSOCIATION LIMITED CONTENTS Company Information Directors, Report Accountants, Report Profit and Loss Account and Statement of Retained Earnlngs stalement of Financial Position Notes to the Unaudited Financial Statements 61010 Detailed Statement of Comprehensive Income 11
BERROW COMMUNITY ASSOCIATION LIMITED COMPANY INFORMATION Dir8Ctor8 Mr KM Gough Mr M Wise Mr D Stickels Mr R Eaton Reg Istered offl¢e Village Hall Parsonage Road Berrow Burnham on Sea Somersel TA8 2NW Accountant8 Westcotts Chartered Accountants 80 Oxford Street Burnham-on-sea Somerset TA8 1EF Page 1
BERROW COIAMUNITY ASSOCIATION LIMITED DIRECTORS, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The directors present their report and the financial statements for the year ended 30 September 2024. Dlrectors of the company The directors who held Offi during the year were £s follows,, Mr K M Gough Mr Q Davies FCA (ceased 19 June 2024) Mr M Wise Mr D Stickels Mr R Eaton Small companles provlsion statement Thls report has been prepared in accordance with the special provisions relating to companies subject to the small companies regirne within Part 15 of the Companies Act 2006, Approv&J and authorised by the Board on o v¥ and signed on its behalf by.. Mr D Stickels Director Page 2
CHARTERED ACCOUNTANTS. REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF BERROW COIAMUNITY ASSOCIATION LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2024 In order lo assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approv81 the accounts of Berrow Community Association Limited for the year ended 30 September 2024 as Sel out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us. As a practising rnember firm of the Institute of Chartered Accountants In England and Wales IICAEW), we are subject to ils ethical and other professional requirements which are detailed at http'.Ilwvww. icaew.comlregulation, This report is made solely to the Board of Directors of Berrow Community Association Limited, as a body, in accordance w'th the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Berrow Community Asscciaticn Limited and state those matters that we have agreed to state to the Board of Director8 of Berrow Community Association LSmited, as a body, in this report in accordance wth ICAEW Technical Release 07116 AAF, To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Berrow Community Associatlon Limited and ils Board of Directors as a body for our work or for this report. It is your duty to ensure that Berrow Community Associstion Limited has kept adequate accounting records and to prepare statutory aGcounts that give a true and fair view of the assets, liabilities, financial posltlon and profit of Berrow Community Association Limited. You consider that Berrow Community Association Limiled is exempt from the statutory audit requirement for the year. We have not been instructed lo carry out an audit or a review of the accounts of Berrcw Community Association Limited, For this reason, we have not verlfled the accuracy or completeness of the accounting records or informatlon and explanations you have given to us and vwe do not, therefore, express any opinion on the statutory accounts. Westcotts Chartered Accountants 80 Oxford Street Burnham-on-sea Somerset TA81EF Date.. Page 3
BERROW COMMUNITY ASSOCIATION LIMITED PROFIT AND LOSS ACCOUNT AND STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED 30 SEPTEMBER 2024 {As restated) 2024 2023 Note Turnover 63,676 38,530 Administrative expenses 228,223 31,060 Operating surplu8 Other interest receivable and similar income Interest payable and similar charges 291899 29 5,882 15,653) 28 6,046 6,018 Surplus before tax 1,452 Surplus for the financlal year Retained earnings brought forward Retained earning8 carried forward 286,246 1,452 255,028 253,576 541,274 255,028 The notes on pages 6 to 10 form an integral part of these flnancial statements, Page 4
BERROW COMMUNITY ASSOCIATION LIMITED (REGISTRATION NUMBER: 8199454) STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2024 (As reststed) 2024 2023 Note Flxed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 633,859 340,281 724 1,223 4,642 6,589 4,484 10,895 16,173 Creditors.. Amounts falling due within one year 19,215 16,540 Net current liabilities 12,626 367 Total assets less current liabilities 621,233 79,959 339,914 Credltorn.. Amounts falling due afler more than one year Net assets 84,886 541274 255,028 ReseNes Profit and10ss account 541,274 255,028 Surplus 541,274 255,028 For the financial year ending 30 September 2024 the cornpany was entitled to exemption from audit under section 477 of the Comp8nies Act 2006 relating to Small companies. Di rectors, responsibilities- The members 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 a¢knOedge thelr responslbllitles for complyirvJ with the requiremenls of the Act with respect to accountlng records and the preparatlon of accounts. These financial statements have been prepared in accordance wilh the provisions applicable to companies subject to the small companies regime and FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland,. Approved and authorised by the Board on . 2D>¥. and signed on its behalf by.. Mr D Stickels Director The notes on pages 6 to 10 fomi an integral part of these financial statements. Page 5
BERROW COMMUNITY ASSOCIATION LIMITED NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 1 General Infonnation The company is a company limited by guarantee, Sncorporaled in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £Nil towards the assets of the company In the event of liquidation. The address of its regislered office is., Vlllage Hall Parsonage Road Berrow Burnham on Sea Somerset TA8 2NW Principal activity The prlnclpal activity of the company Is rental of Berrow Village Hall. 2 Accountlng policles statement of compliance These financial statements have been prepared in accordance wlth Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, and the Companies Act 2006 (as applicable to companies subject to the small companies, regirne)- Basls of preparation These financial statements have been prepared uslng the historical cost convention except that as disclosed in the accounting policies certain Items are shown at fair value. The financlal statements are prepared in sterling which is the functional currency of the entity. Chang8s in accounting policy The following have been applied for the first time from 1 October 2023 and have had an effect on the financial statements.. Freehold Property The accounting policy in respect of the depreciation of freehold property has been revised in the year under review, with the result that there is a restatement of the previous year. The restatement was made by the directors so that the v8luation and depreciation of the property reflected the provisions of FRS 102. As a result of this restatement, accumulated depreciation in respect of prior years of £63,923 has been adjusted. Revenue recognition Turnover is measured at the fair value of the conslderation received or receivable and represents amounts receivable for the letting of the company's freehold property, net of Value Added Tax, together with rents, grants and funding re1ve. Page 6
BERROW COMMUNITY ASSOCIATION LIMITED NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) 2 Accounting pollcles {contlnued Tangibl@ assets Tangible assets are slated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly 8ttributable Incremental costs incurred i n their acquisition and installation. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset prevlously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognlsed revaluation increase accumulated In equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the eXs$ shall be recognised in profit or loss. Depreciation Depreciation is charged so as to write off tha cost of assets, other than land and properties under construction over their estimated useful lives, as follows.. Asset class Fumiture and equipment Freehold property Sclar panels Impaimient A review for indicators of impairm8nt is Garried out at eaGh reporting date, with the recoverable amount beln9 estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewecl for possible reversal at each reporting dale. Depreclation method and rate 20 % straighl line 2% straight line 1 OD/0 Straight l ine Cash and cash equlvalents Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are Subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown withi n borrowing or current liabilities stocks Stocks are measured at the lower of cost and estimated selllng price less costs to complete and sell. Costs Include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Page 7
BERROW COKqMUNITY ASSOCIATION LIMITED NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) 2 Accountlng policies (continued) Borrowings Interest-bearing borrowings are Initially recorded at fair value, net of transaction costs. Interest-bearlng borrowings are subsequently carried at amortised cost, with the differen between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar Gharges. Borrowings are classified as current liabllitles unless the com pany has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Share capltal The company is a company 11mll by guarantee and has no share rApital. Financlal Instruments Recognltlon and measurement A financial asset or a fin2nclal Ilability is recognised only when the company becomes paty to the contractual provisions of the instrument, Basic financial Instruments are Inltially recognised at the transaction pri, unless the arrangement constitutes a financing transaction, where It Is recognised at the present value of the fulure payments discounted at a market rate of interest for a similar debt instrument. 3 Staff numbers The average number of persons employed by the company (including directors) during the year, wa5 412023 - 4). Page 8
BERROW COMMUNITY ASSOCIATION LIMITED NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) 4 Profit before tax Arrived at after chargingl{creditingl 2024 2023 Depreciation expense 13,g19 S Tangible assets Freehold property Furniture & equipment Solar panels Total Cost or valuatlon At 1 October 2023 Revaluations Additions 399,518 300,482 13,720 13,205 426,443 300,482 7,015 7,015 At 30 September 2024 Depreclatlon At 1 October2023 Charge for the year At 30 September 2024 Carylng amount At 30 September 2024 700,000 13 205 733,94Q 70,315 11,200 13,206 2,641 1,320 86,162 13,919 81,515 3961 100081 618,485 9 244 633,859 At 30 September 2023 329,203 514 10,564 340,281 Revaluation The freehold property was revalued by the directors on 30 September 2024 to £700,000. The valuation was based on the rental yield of the property. Included within freehold property is land at a Value of £140,000. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £399,518 (2023 £399,518). Page 9
BERROW COMMUNITY ASSOCIATION LIMITED NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) 6 Debtors 2024 2023 Trade debtors Other debtors Prepayments 1,009 3,946 207 538 7 Credltors Creditor6: amounts falllng due wlthln one year 2024 2023 Note Due within ong year Loans and bDrrowngs Trade creditors Taxation and SOGial security Accruals and deferred income Other creditors 4,528 30 4,528 25 904 10,953 130 14,477 180 19,215 16,540 Creditors: amounts falllng due after more than on8 y8ar 2024 2023 Note Du8 aft8r ong year Loans and borrowings 79,959 84,886 8 Reserves Profit and loss account.. This reserve records retained earnings and accumulated losse5. Page 10
8ERROW COMMUNITY ASSOCIATION LIMITED DETAILED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Turnover 28,568 Other Income Lottery funding Grants and subsidies 2,049 33,059 35,108 2,281 2,000 4,281 Gross surplus 63,676 Administrativ8 expenses Wages and salaries Rates and water Light and heat Insurance Repairs and maintenance Roof Repairs Floor r&varnishing etc Telephone Website costs LInCeS Sundry expenses Cleaning and materials Accountancy fees Legal and professional fees Bank charges Depreciation of tangible assets Gainl{loss) from investment property 14,087 1,287 1,704 1,425 2,261 26,388 5,400 418 534 987 12 2,637 1,160 12,292 330 2,711 1,155 837 362 728 366 155 1,772 973 123 60 9,196 60 13,919 1300,482) 228,223 31,OeO Operating surplus other interest receivable and similar income Interest payable and sirllilar expenses 291899 (291 5,682 (281 5,653 6,018 Surplus before tax 286 246 This page does not form part of the statutory financial statements. Page11
Registration number.. 819S454 Berrow Community Association Limited (A company limited by guarantee) Annual Report and Unaudited Financial Statements for the Year Ended 30 September 2024 WESTCOTTS CHARTERED ACCOUNTANTS & BU$INE85 ADVISER$
BERROW COMMUNITY ASSOCIATION LIMITED CONTENTS Company Information Directors, Report Accountants, Report Profit and Loss Account and Statement of Retained Earnlngs stalement of Financial Position Notes to the Unaudited Financial Statements 61010 Detailed Statement of Comprehensive Income 11
BERROW COMMUNITY ASSOCIATION LIMITED COMPANY INFORMATION Dir8Ctor8 Mr KM Gough Mr M Wise Mr D Stickels Mr R Eaton Reg Istered offl¢e Village Hall Parsonage Road Berrow Burnham on Sea Somersel TA8 2NW Accountant8 Westcotts Chartered Accountants 80 Oxford Street Burnham-on-sea Somerset TA8 1EF Page 1
BERROW COIAMUNITY ASSOCIATION LIMITED DIRECTORS, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The directors present their report and the financial statements for the year ended 30 September 2024. Dlrectors of the company The directors who held Offi during the year were £s follows,, Mr K M Gough Mr Q Davies FCA (ceased 19 June 2024) Mr M Wise Mr D Stickels Mr R Eaton Small companles provlsion statement Thls report has been prepared in accordance with the special provisions relating to companies subject to the small companies regirne within Part 15 of the Companies Act 2006, Approv&J and authorised by the Board on o v¥ and signed on its behalf by.. Mr D Stickels Director Page 2
CHARTERED ACCOUNTANTS. REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF BERROW COIAMUNITY ASSOCIATION LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2024 In order lo assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approv81 the accounts of Berrow Community Association Limited for the year ended 30 September 2024 as Sel out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us. As a practising rnember firm of the Institute of Chartered Accountants In England and Wales IICAEW), we are subject to ils ethical and other professional requirements which are detailed at http'.Ilwvww. icaew.comlregulation, This report is made solely to the Board of Directors of Berrow Community Association Limited, as a body, in accordance w'th the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Berrow Community Asscciaticn Limited and state those matters that we have agreed to state to the Board of Director8 of Berrow Community Association LSmited, as a body, in this report in accordance wth ICAEW Technical Release 07116 AAF, To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Berrow Community Associatlon Limited and ils Board of Directors as a body for our work or for this report. It is your duty to ensure that Berrow Community Associstion Limited has kept adequate accounting records and to prepare statutory aGcounts that give a true and fair view of the assets, liabilities, financial posltlon and profit of Berrow Community Association Limited. You consider that Berrow Community Association Limiled is exempt from the statutory audit requirement for the year. We have not been instructed lo carry out an audit or a review of the accounts of Berrcw Community Association Limited, For this reason, we have not verlfled the accuracy or completeness of the accounting records or informatlon and explanations you have given to us and vwe do not, therefore, express any opinion on the statutory accounts. Westcotts Chartered Accountants 80 Oxford Street Burnham-on-sea Somerset TA81EF Date.. Page 3
BERROW COMMUNITY ASSOCIATION LIMITED PROFIT AND LOSS ACCOUNT AND STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED 30 SEPTEMBER 2024 {As restated) 2024 2023 Note Turnover 63,676 38,530 Administrative expenses 228,223 31,060 Operating surplu8 Other interest receivable and similar income Interest payable and similar charges 291899 29 5,882 15,653) 28 6,046 6,018 Surplus before tax 1,452 Surplus for the financlal year Retained earnings brought forward Retained earning8 carried forward 286,246 1,452 255,028 253,576 541,274 255,028 The notes on pages 6 to 10 form an integral part of these flnancial statements, Page 4
BERROW COMMUNITY ASSOCIATION LIMITED (REGISTRATION NUMBER: 8199454) STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2024 (As reststed) 2024 2023 Note Flxed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 633,859 340,281 724 1,223 4,642 6,589 4,484 10,895 16,173 Creditors.. Amounts falling due within one year 19,215 16,540 Net current liabilities 12,626 367 Total assets less current liabilities 621,233 79,959 339,914 Credltorn.. Amounts falling due afler more than one year Net assets 84,886 541274 255,028 ReseNes Profit and10ss account 541,274 255,028 Surplus 541,274 255,028 For the financial year ending 30 September 2024 the cornpany was entitled to exemption from audit under section 477 of the Comp8nies Act 2006 relating to Small companies. Di rectors, responsibilities- The members 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 a¢knOedge thelr responslbllitles for complyirvJ with the requiremenls of the Act with respect to accountlng records and the preparatlon of accounts. These financial statements have been prepared in accordance wilh the provisions applicable to companies subject to the small companies regime and FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland,. Approved and authorised by the Board on . 2D>¥. and signed on its behalf by.. Mr D Stickels Director The notes on pages 6 to 10 fomi an integral part of these financial statements. Page 5
BERROW COMMUNITY ASSOCIATION LIMITED NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 1 General Infonnation The company is a company limited by guarantee, Sncorporaled in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £Nil towards the assets of the company In the event of liquidation. The address of its regislered office is., Vlllage Hall Parsonage Road Berrow Burnham on Sea Somerset TA8 2NW Principal activity The prlnclpal activity of the company Is rental of Berrow Village Hall. 2 Accountlng policles statement of compliance These financial statements have been prepared in accordance wlth Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, and the Companies Act 2006 (as applicable to companies subject to the small companies, regirne)- Basls of preparation These financial statements have been prepared uslng the historical cost convention except that as disclosed in the accounting policies certain Items are shown at fair value. The financlal statements are prepared in sterling which is the functional currency of the entity. Chang8s in accounting policy The following have been applied for the first time from 1 October 2023 and have had an effect on the financial statements.. Freehold Property The accounting policy in respect of the depreciation of freehold property has been revised in the year under review, with the result that there is a restatement of the previous year. The restatement was made by the directors so that the v8luation and depreciation of the property reflected the provisions of FRS 102. As a result of this restatement, accumulated depreciation in respect of prior years of £63,923 has been adjusted. Revenue recognition Turnover is measured at the fair value of the conslderation received or receivable and represents amounts receivable for the letting of the company's freehold property, net of Value Added Tax, together with rents, grants and funding re1ve. Page 6
BERROW COMMUNITY ASSOCIATION LIMITED NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) 2 Accounting pollcles {contlnued Tangibl@ assets Tangible assets are slated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly 8ttributable Incremental costs incurred i n their acquisition and installation. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset prevlously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognlsed revaluation increase accumulated In equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the eXs$ shall be recognised in profit or loss. Depreciation Depreciation is charged so as to write off tha cost of assets, other than land and properties under construction over their estimated useful lives, as follows.. Asset class Fumiture and equipment Freehold property Sclar panels Impaimient A review for indicators of impairm8nt is Garried out at eaGh reporting date, with the recoverable amount beln9 estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewecl for possible reversal at each reporting dale. Depreclation method and rate 20 % straighl line 2% straight line 1 OD/0 Straight l ine Cash and cash equlvalents Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are Subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown withi n borrowing or current liabilities stocks Stocks are measured at the lower of cost and estimated selllng price less costs to complete and sell. Costs Include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Page 7
BERROW COKqMUNITY ASSOCIATION LIMITED NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) 2 Accountlng policies (continued) Borrowings Interest-bearing borrowings are Initially recorded at fair value, net of transaction costs. Interest-bearlng borrowings are subsequently carried at amortised cost, with the differen between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar Gharges. Borrowings are classified as current liabllitles unless the com pany has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Share capltal The company is a company 11mll by guarantee and has no share rApital. Financlal Instruments Recognltlon and measurement A financial asset or a fin2nclal Ilability is recognised only when the company becomes paty to the contractual provisions of the instrument, Basic financial Instruments are Inltially recognised at the transaction pri, unless the arrangement constitutes a financing transaction, where It Is recognised at the present value of the fulure payments discounted at a market rate of interest for a similar debt instrument. 3 Staff numbers The average number of persons employed by the company (including directors) during the year, wa5 412023 - 4). Page 8
BERROW COMMUNITY ASSOCIATION LIMITED NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) 4 Profit before tax Arrived at after chargingl{creditingl 2024 2023 Depreciation expense 13,g19 S Tangible assets Freehold property Furniture & equipment Solar panels Total Cost or valuatlon At 1 October 2023 Revaluations Additions 399,518 300,482 13,720 13,205 426,443 300,482 7,015 7,015 At 30 September 2024 Depreclatlon At 1 October2023 Charge for the year At 30 September 2024 Carylng amount At 30 September 2024 700,000 13 205 733,94Q 70,315 11,200 13,206 2,641 1,320 86,162 13,919 81,515 3961 100081 618,485 9 244 633,859 At 30 September 2023 329,203 514 10,564 340,281 Revaluation The freehold property was revalued by the directors on 30 September 2024 to £700,000. The valuation was based on the rental yield of the property. Included within freehold property is land at a Value of £140,000. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £399,518 (2023 £399,518). Page 9
BERROW COMMUNITY ASSOCIATION LIMITED NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (CONTINUED) 6 Debtors 2024 2023 Trade debtors Other debtors Prepayments 1,009 3,946 207 538 7 Credltors Creditor6: amounts falllng due wlthln one year 2024 2023 Note Due within ong year Loans and bDrrowngs Trade creditors Taxation and SOGial security Accruals and deferred income Other creditors 4,528 30 4,528 25 904 10,953 130 14,477 180 19,215 16,540 Creditors: amounts falllng due after more than on8 y8ar 2024 2023 Note Du8 aft8r ong year Loans and borrowings 79,959 84,886 8 Reserves Profit and loss account.. This reserve records retained earnings and accumulated losse5. Page 10
8ERROW COMMUNITY ASSOCIATION LIMITED DETAILED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Turnover 28,568 Other Income Lottery funding Grants and subsidies 2,049 33,059 35,108 2,281 2,000 4,281 Gross surplus 63,676 Administrativ8 expenses Wages and salaries Rates and water Light and heat Insurance Repairs and maintenance Roof Repairs Floor r&varnishing etc Telephone Website costs LInCeS Sundry expenses Cleaning and materials Accountancy fees Legal and professional fees Bank charges Depreciation of tangible assets Gainl{loss) from investment property 14,087 1,287 1,704 1,425 2,261 26,388 5,400 418 534 987 12 2,637 1,160 12,292 330 2,711 1,155 837 362 728 366 155 1,772 973 123 60 9,196 60 13,919 1300,482) 228,223 31,OeO Operating surplus other interest receivable and similar income Interest payable and sirllilar expenses 291899 (291 5,682 (281 5,653 6,018 Surplus before tax 286 246 This page does not form part of the statutory financial statements. Page11