COLCHESTER CAP DEBT CENTRE
(CHARITABLE INCORPORATED ORGANISATION) ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023
CHARITY REGISTRATION No: 1152204
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
| Page | |
|---|---|
| Legal and Administrative Information | 3 |
| Trustees' Report | 4 to 5 |
| Independent Examiner's Report on the Accounts | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9 to 17 |
COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
1152204
LEGAL FORM
Charitable Incorporated Organisation
WORKING NAMES
CCDP
START OF FINANCIAL YEAR
01 April 2022
END OF FINANCIAL YEAR
31 March 2023
TRUSTEES AT 31 MARCH 2023
Nigel Drew Sian Simpkins Amanda Drew Michael Roberts Toby Bull Appointed 18 October 2022 Andrew Neill Appointed 01 August 2022 Rev Sara Batts-Neale Appointed 6 June 2022 Jonathan Joseph Ewbank Resigned June 2022
The existing trustees appoint any new trustees following the provisions laid out in the CIO's governing instrument.
GOVERNING INSTRUMENT
Foundation registered 29 May 2013, amended 20 January 2015.
REGISTRATION DATE
29 May 2013: CIO registration
OBJECTS
The relief of poverty for persons in Essex who are in conditions of need, hardship or distress of their social and/or economic circumstances, by providing services including, but not limited to, debt counselling and support with finding employment.
CORRESPONDENCE ADDRESS
The C3 Centre Ypres Road Colchester Essex CO2 7FD
PRIMARY BANKERS
The Co-operative Bank plc PO Box 101 1 Balloon Street Manchester M60 4EP
INDEPENDENT EXAMINER
Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2023
Colchester CAP Debt Centre (CCDC) exists for the relief of poverty through debt counselling, money advice, job clubs and other related activities in the Colchester, Essex area. CCDC’s priorities remained the same as in 2021-22: to maintain financial stability and to increase capacity for debt counselling.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.
The Centre saw another busy year against the backdrop of the national cost of living crisis working at 100% capacity or higher for most of the year. April 2022-March 2023 saw the centre book 63 initial appointments. The period started with 53 live cases. By the end of the period this had become 78 live cases. CCDC booked 33 sessions in comparison with a regional average of 8 over a 6 month period, demonstrating both the increasing demand for CCDC and the strong relationships with referrers. There were 11 active volunteers during this period. The Centre recorded high numbers of clients with Debt Relief Orders, reflecting a change to the eligibility criteria which came into force in June 2021.
During this period, the team of LifeSkills coaches and volunteers ran three new groups in different locations across the town: one evening course, and two during the day. One of these was in conjunction with the free community cafe and advice hub where the bike repair and maintenance sessions, set up the previous year in partnership with Cycling UK, have continued fortnightly. The cooking on a budget sessions proved so popular with attendees that they led to a Supper Club, where simple, budget meals were prepared and eaten together once a week during the winter months.
LifeSkills aims to prevent debt issues building by sharing skills to enable people to live well on a low income. 4 volunteer coaches are now trained to deliver LifeSkills, with a growing team of volunteers to support them. During this reporting period 15 people attended the Lifeskills groups, and about 30 people through related sessions. The Trustees are confident that investment in these groups benefits those who are at risk of falling into unmanageable debt and supports financial stability, and feedback from those attending supports this.
The strategy for client social events was reviewed during the year. Client attendance at organised activities, such as a summer picnic, was disappointing – reflecting the effects of Covid; often chaotic lives, and the cost-of-living crisis. Trustees adopted a policy to signpost clients to events organised by partner churches– usually at the same key periods, such as Christmas and Easter. This helped protect the financial sustainability of the Centre but also ensure that clients and families were able to take opportunities to make social connections, reducing isolation and offering a chance for a faith and spirituality to be considered.
A new website & promotional video was launched in April 2022, CCDC held a celebration evening in July 2022 and staged a CAP Sunday event in mid-October.
The deputy centre manager completed their training and a new administrator began in post July 2022. The chair of trustees resigned in June 2022 for personal health reasons and two trustees joined the board, taking on the role of chair and fundraising respectively. The Centre also enhanced its safeguarding practices, implementing safer recruitment practices more fully rather than relying only DBS checks.
The trustees continue to work to maintain financial stability, in a challenging financial environment for statutory and third sector agencies. Fundraising continued via grant-making bodies and individual/ church donations.
In 2022/23 our costs came to £61,516 – a 5.5% an increase on the previous year.
Income from grants reduced significantly from £27,488 to £12,338. Gifts and donations were also lower, £29,433 received in 2021/22 and £28,189 in 2022/23.
The net impact for the year was therefore a deficit of £14,592 taking our total retained funds at the year end to £30,699 and a bank balance of £28,854.
The trustees have every confidence that the charity will meet its financial obligations when they become due. In 2022/23 trustees maintained reserves of £20,000, in excess of three months' operating costs. This is kept under review.
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31ST MARCH 2023
Responsibiities of Trustees
Charity law requires the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and resources expended for the period. In preparing those financial statements, the Board of Trustees should follow best practice and are required to;
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select suitable accounting policies and apply them consistently
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make judgments and estimates that are reasonable and prudent
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comply with applicable accounting standards 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 charity will continue in operation
The Board of Trustees is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:-
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the charity is operating efficiently and effectively
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all assets are safeguarded against unauthorised use or disposition and are properly applied
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proper records are maintained and financial information used within the charity or for publication is reliable
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the charity complies with relevant laws and regulations
The systems of internal control are designed to provide reasonable but not absolute assurance against material misstatement or loss.
Approved by the Trustees on….....................................
Signed on their behalf by Trustee …..............................
Printed Name:
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
Report to the trustees/ members of Colchester Cap Debt Centre on the accounts for the year ended 31st March 2023.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
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which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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· to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF
Date: 22nd January 2024
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023
| Notes INCOMING RESOURCES Donations & Legacies 3a Charitable Activities 3b Other Income 3c TOTAL INCOMING RESOURCES PAYMENTS Costs of Charitable Activities 4 NET INCOMING/(OUTGOING) RESOURCES Balances Brought Forward BALANCES CARRIED FORWARD NET MOVEMENT IN FUNDS TRANSFERS BETWEEN FUNDS RESOURCES EXPENDED |
Unrestricted Restricted Total Total Funds Funds 2022/23 2021/22 £ £ £ £ 43,756 - 43,756 59,061 2,809 - 2,809 10 360 - 360 3,110 |
|---|---|
| 46,925 - 46,925 62,181 |
|
| 54,802 6,715 61,516 58,149 |
|
| 54,802 6,715 61,516 58,149 |
|
| (7,877) (6,715) (14,592) 4,032 - - - - |
|
| (7,877) (6,715) (14,592) 4,032 |
|
| 37,937 7,355 45,291 41,259 |
|
| 30,059 640 30,699 45,291 |
All of the Charity's operations are classed as continuing operations.
The notes form part of these financial statements, found on pages:9 to 17
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) BALANCE SHEET
AS AT 31 MARCH 2023
| Assets Notes Tangible Assets 2 Current Assets 8 7 Total Current Assets 9 10 5 Debtors & Prepayments Cash at bank and in hand Creditors:amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETSless current liabilities Creditors:amounts falling due in more one year NET ASSETS FUNDS OF THE CHARITY General Funds Restricted funds TOTAL FUNDS |
Unrestricted Restricted Total Total Fund Fund 31-Mar-23 31-Mar-22 £ £ £ £ 465 - 465 620 1,918 - 1,918 323 28,214 640 28,854 45,241 |
|---|---|
| 30,132 640 30,772 45,564 |
|
| 538 - 538 893 29,594 640 30,234 44,671 |
|
| 30,059 640 30,699 45,291 - - - - |
|
| 30,059 640 30,699 45,291 |
|
| 30,059 - 30,059 37,937 - 640 640 7,355 |
|
| 30,059 640 30,699 45,291 |
Approved by the Trustees on …..22 January 2024..................................
Signed on their behalf by Trustee …..............................
Printed Name: Michael Roberts
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
Basis of Preparation:
The financial statements of the CIO have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS102)) and applicable accounting standards.
The CIO has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
Colchester CAP Debt Centre meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
The functional currency of the CIO is sterling (£).
Preparation of accounts on a going concern basis
Preparation of the accounts is on a going concern basis. The Trustees are of the view that the level of reserves will support the CIO going forward.
The CIO has opted to prepare its accounts using natural categories.
Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period.
Material prior period errors
No material prior year errors have been identified in the reporting period.
1. ACCOUNTING POLICIES
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
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the charity becomes entitled to the income;
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it is more likely than not that the trustees will receive the resources; and
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the monetary value can be measured with sufficient reliability.
Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
Grants and Donations
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).
Tax Reclaims on Donations and Gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Government Grants
The CIO has not received government grants in the reporting period.
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the Trustees' annual report.
Income from interest, royalties and dividends
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
Expenditure and Liabilities (continued)
Liability Recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the CIO to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Governance and Support Costs
Support costs represent the cost of central functions, for example governance costs, payroll administration, information technology. Governance costs are those support costs which relate to public accountability of the CIO and its compliance with regulation and good practice.
Employee benefits
Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.
Redundancy cost
The CIO made no redundancy payments during the reporting period.
Deferred income
No material item of deferred income has been included in the accounts.
Creditors
The CIO has creditors which are measured at settlement amounts less any trade discounts.
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
Fixed Assets
These are capitalised if they can be used for more than one year, and cost at least £150. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets on a straight line basis over 3 years from the month they are purchased.
This page does not form part of the statutory financial statements
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
2. TANGIBLE FIXED ASSETS
| Additions At 1 April 2022 Accumulated Depreciation At 1 April 2022 Charge for the Year At 31 March 2023 Net Book Value At 31 March 2023 Cost At 1 April 2022 At 31 March 2023 |
Equipment 2022/23 £ £ 1,556 1,556 - - |
|---|---|
| 1,556 1,556 |
|
| 935 935 155 155 |
|
| 1,091 1,091 |
|
| 465 465 |
|
| 620 620 |
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st March 2023 : None 31st March 2022 : None
This page does not form part of the statutory financial statements
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
3. INCOME AND ENDOWMENTS FROM:
| Note b) Other Trading Activities c) Charitable Activities Lifeskills Income Fundraising Grants Pledges ACTS giving a) Donations & Legacies Gifts and Donations |
Unrestricted Restricted Total Total Funds Funds 2022/23 2021/22 £ £ £ £ 28,189 - 28,189 29,433 12,338 - 12,338 27,488 1,940 - 1,940 2,140 |
|---|---|
| 43,756 - 43,756 59,061 |
|
| 2,809 - 2,809 10 |
|
| 2,809 - 2,809 10 |
|
| 360 - 360 3,110 |
|
| 360 - 360 3,110 |
This page does not form part of the statutory financial statements
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
4. RESOURCES EXPENDED
| Governance Costs Accountancy and Independent Exam Professional and Payroll Fees Depreciation Other Costs ACTS giving CAP Head Office Christmas Hamper Client Events Fuel Poverty Grant expenditure Insurance Printing, Postage and Stationery Telephone and Computers Training Lifeskills Other Costs a) Charitable Activities Staff Costs Staff Travel Wages and Salaries Support Costs Advertising |
Unrestricted Restricted Total Total Basis of Funds Funds 2022/23 2021/22 allocation £ £ £ £ 1,727 - 1,727 902 Direct cost 28,890 6,715 35,605 30,546 Direct cost 843 - 843 2,102 Direct cost 800 - 800 965 Direct cost 224 - 224 302 Direct cost 513 - 513 721 Direct cost 296 - 296 370 Direct cost 155 - 155 566 Direct cost 1,954 - 1,954 1,988 Direct cost 12,520 - 12,520 10,300 Direct cost 1,455 - 1,455 1,425 Direct cost 729 - 729 1,339 Direct cost 600 - 600 530 Direct cost 147 - 147 2,959 Direct cost 848 - 848 1,735 Direct cost 1,980 - 1,980 576 Direct cost Direct cost 618 - 618 586 Direct cost 503 - 503 236 Direct cost 54,802 6,715 61,516 58,149 |
|---|---|
This page does not form part of the statutory financial statements
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COLCHESTER CAP DEBT CENTRE
(CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
5. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
| CAP Release Group Essex Community CBH Voluntary Welfare |
Balance Gains & Balance 01-Apr-22 Income Expenditure (Losses) Transfer 31-Mar-23 £ £ £ £ £ 640 - - - - 640 6,715 - (6,715) - - - - - - - - - |
|---|---|
| 7,355 - (6,715) - - 640 |
PREVIOUS FINANCIAL YEAR
| CAP Release Group Essex Community CBH Voluntary Welfare |
Balance Gains & Balance 01-Apr-21 Income Expenditure (Losses) Transfer 31-Mar-22 £ £ £ £ £ 640 - - - - 640 - 8,700 (1,986) - - 6,715 - 9,238 (9,238) - - - |
|---|---|
| 640 17,938 (11,223) - - 7,355 |
This page does not form part of the statutory financial statements
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
6. INVESTMENTS
The CIO held no investment assets during this or the previous financial period.
7. CASH AT BANK AND IN HAND
| 7. CASH AT BANK AND IN HAND | |
|---|---|
| Current Account | Unrestricted Restricted Total Total Funds Funds 31-Mar-23 31-Mar-22 £ £ £ £ 28,214 640 28,854 45,241 |
| 28,214 640 28,854 45,241 |
8. DEBTORS AND PREPAYMENTS
| Gift Aid Tax Recoverable ACTS 435 Giving Sundry accounts receivable |
Unrestricted Restricted Total Total Funds Funds 31-Mar-23 31-Mar-22 £ £ £ £ - - - (500) 1,918 - 1,918 629 - - - 194 |
|---|---|
| 1,918 - 1,918 323 |
9. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals Independent Examiner's Fee |
Unrestricted Restricted Total Total Funds Funds 31-Mar-23 31-Mar-22 £ £ £ £ (80) - (80) 307 618 - 618 586 |
|---|---|
| 538 - 538 893 |
This page does not form part of the statutory financial statements
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
10. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this or the previous financial period.
11. STAFF COSTS AND NUMBERS
| Gross Wages & Salaries Employer's National Insurance Costs Less: HMRC Employer Allowance Employer's Pension Contributions |
TOTAL 2022/23 £ 35,363 496 (496) 242 35,605 |
TOTAL 2021/22 £ 30,414 448 (448) 132 |
|---|---|---|
| 30,546 |
The average number of employees engaged on a part time basis in the following activities:
| TOTAL | TOTAL | |||
|---|---|---|---|---|
| 2022/23 | 2021/22 | |||
| Furthering the charitable objects | 4 | 4 | ||
| Administration and Support | 1 | 1 |
Staff are paid through the PAYE system. No employees received emoluments in excess of £60,000. (2021/22- None)
The key management personnel of the charity comprise the Board of Trustees, and the Debt Centre Manager. No trustees are remunerated. The total employee benefits (including employer national insurance and employer pension contributions) of the key management personnel of the charity were £11,012 (2019/20: £10,283).
The CIO does pay employer pension contributions on behalf of any employee, although a stakeholder pension scheme is offered to those eligible employees who wish to contribute. The staging date for auto enrolment date for the CIO was April 2017, at which point a pension scheme was made available to eligible employees.
12. TRUSTEES AND OTHER RELATED PARTIES
David Buckingham received £300 for a promotional video during the year, he is the son in law of 2 trustees Nigel and Mandy Drew.
No other related parties received remuneration during this financial year. The only other payments made to trustees and the related parties mentioned above were reimbursement of expenses incurred whilst acting on behalf of the organisation. No material transaction took place between the organisation and a trustee or any person (2021/22- None)
| 13. CURRENT YEAR ANALYSIS OF NET ASSETS BY FUND Fixed Assets Net Current Assets Liabilities (due in more than one year) 13.a) PRIOR YEAR ANALYSIS OF NET ASSETS BY FUND Fixed Assets Net Current Assets Liabilities (due in more than one year) |
Unrestricted Designated Restricted 31-Mar-23 31-Mar-22 Funds Funds Funds Total Total £ £ £ £ £ 465 - - 465 620 29,594 - 640 30,234 44,671 - - - - - |
|---|---|
| 30,059 - 640 30,699 45,291 |
|
| Unrestricted Designated Restricted 31-Mar-22 31-Mar-20 Funds Funds Funds Total Total £ £ £ £ £ 110 - - 110 270 40,510 - 640 41,150 25,054 - - - - - |
|
| 40,620 - 640 41,260 25,324 |
This page does not form part of the statutory financial statements
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COLCHESTER CAP DEBT CENTRE (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
14. RISK ASSESSMENT
The Trustees actively review the major risks which the CIO faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate
15. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
This page does not form part of the statutory financial statements
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