Company Registratlon Numbor: 8189686 Charlty Registration Number: 1152468 OAKLEY VALE COMMUNITY CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 3111 MARCH 2023 Oakley Vale Communitu Centre
ORGANISATION INFORMATION Company Registration Number: (Company regist8r8d on 23 August 2012) 8189686 Charlty Reglstratlon Number.. (Charity registered on 18 June 2013) 1152468 Registored office: 20 Butland Road Corby Northamptonshire NN18 8JF Communlty Centre addre88: 20 Butland Road Corby Northamptonshire NN18 8JF Board of Truste. Peter Moden Judy Caine Trevor Conway Steven Lambert Colin Gibbs Chair Secretary Treasur8r Vlce Chalr Trustee Commlttee Members: Yasmln Checkley Sue Soulder Paul Balmer Mary Lambert H8nry Oblie Resignations from tho board: December 2022 Andrew Farrington Vice Chair Bankars: HSBC, Corby Ind8pendent Examlner: Chris Godbold
OAKLEY VALE COMMUNiff CEKfRE INDEX Report of the Board of Trustees Responsibilities of the Board of Trustees Report of the Independent Examiner Accounting Poliaes Statement of Financial Activitiès Notes to the Financial Statements Balanc£ Sheet 10
OAKLEY VALE COMMUNrrY CENTRE (A Company Limited by Guarantee) Page 1 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st March 2023 The members of the Board of Trustees of Oakley Vale Community Centre (OVCC) present their report together with Financial Ststements for the year ended 31 March 2023. Structure and Gov•manco OVCC is a Company Limited by Guarantee. having no share capital. It became a registered charity on 18 June 2013. Trustees operate under its Memorandum and Artlcles of Associatlon. The tsntre conb'nues to be managed by a part-b'me paid centre manager {15 hours per week) and 2 part-time paid caretak6rs - one working evenings. and the other covering the weekends. In addition to the above the Board of Trustees oversees all aspects of the centrè and currently {as of 3181 March. 2023) consists of 5 Trustees, and 5 committee m8mbers. The trustees can nominate Trustees I committee members as they see fft. Having extrd commrtiee members to take on event-organising roleslpublicity etc. has been of great value to the centre. Usage hours at the centre remain cyjnstant but there are still at least 40 hours that could be let out. This is a priority for us over the next 12 months with all Trustees and committee members actively promotlng the centre. We dSd not anticipate in our last annual report receiving a grant from the council this year but in fact we did. This was due to pressure from all the communty centres in the town, none of whom felt they could yet survive without this having just come out of the pandemic and with the increased cost of living - especially in relation to energy bills. We also received a very specific grant to e8tsblish a communlty café ar8a in the centre which existing users want, which has attracted new users and has started to makè thè ¢entre feel like a real hub within the community. Objeetlvos The Objects of OVCC are: To estsblish, or secure the estsblishment of, a communty centre to benefft the residents In the Borough of Corby and th8 neighbourhood and to maintain. manage and coop8rat8 With any statutory authority in the maintenance and management of such a centre without distinction of sex, sexual orientation, race or polits'cal. religious or other opinions by association. To advance education and to provide facAlits'es in the interests of social welfare for re¢atIOn and lelsure-time occupation with the object of improving the h8allh and wellbelng of the r8sidents in the Borough of Corby and the neighbourhood. To promote SUGh purposes as are charitable according to the laws of England and Wales for the benefit of the public as may from time to time be detemiined. The Company shall be non- party in politi and non-sectarian in religion. We meet thesè objectives through the effective operation and management of the Community Centre, its use as a communty faality and by events that we run to supplement those organised by others. These events will be mainly aimed at C(xnmunity Development and Cohesion.
OAKLEY VALE COMMUNITY CENTRE {A Company Limited by Guarantee) Page 2 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st March 2023 Publi¢ Ben8fft Oakley Vale is a new development area with over 3,500 new homes built. Most residents are new to the Corby area with only about 60 % being Whit8 British. Th8r8 are 17 differant first languages being spoken at the Primary Schools. Having now secured a number of activities regularty occurring at the Centre, we are now looking at gaps in provision and supporting and encouraging organisations to put on activities to fill the gaps. Particular emphasis on this work is to support community development I cohesion activities on the Oakley Vale estate, social engag8m8nt and mental health and well-being following the pandemic. The public benefit will come from having a well used community faality. the benefit from the users, activities and from the activities run by OVCC. Actlvltle• Our main activity has been the running of the Centre and this year planning of a large community celebratlon for our 10th blrthday In July 2023. The Centre Contlnues to be used durlng the day and evening 7 days a week on most Weeks and there is some activity every week of the year. The range of activities book8d is extensive and, in t8nii time, th8 building is In use during the day and evening 7 days a week. There is availability for use of the building for daytime activities on weekdays and for parties at weekends. We contlnu8 to communicate with th8 Oakl8y Vale community through th8 Community Associatlon meetings and have this year established greater ties beeen our two groups. We continue to asslst thé football clubs through th8 period before changing rooms are bullt. We have invested in the building through Improvements and contlnue to benefit from having PV Panels through reduced purchased electricity costs and income from the Feed-in-Tariff. In addilion, our chair undertook a major review of all our servlce providers- gas, electricity, phone, intemet and building maintenance and secured for us better deal for all saving us hundreds of pounds each year. Achlevements and Perfomiance A Business Plan has been approved for 202314 which contains a number of objectives and progress In attalnlng them. Income & Expenditure are monitored at each Board Meetlng. The monitoring required by North Northants Council, under the service level agreement for the grant, was collectad and provided. Now being out of COVID-19 restrlctlons we were able to relnstate our carols 8round the centr8 Christmas tree in December 2022 with the local school choirs and residents. The event was huge success, and we look forward to once again making it an annual event. The main achievement is the continuing operation of the Communty Centre, achieving smooth operation of the Centre. getting its usage to a high level and reaching the target level of reserves.
OAKLEY VALE COMMUNITY CEKfRE {A Company Limited by Guarantee) Page 3 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31marCh 2023 Flnanclal Revlew A surplus of £7,386 was achieved in 2022123 {£2.109 in 2021122). Our reserves are currently £55.718 Havlng increased hire rates last year due to the cost-of41ving crisis, especialty energy prices. we have decided to keep our hire rdt88 at the current level but to increase our deposit for one off bookings. Our cash flow has remalned positive with deposits held and paent required in advance. There have b88n vèry few issues with payments. none of which resulting in bad debts. Bills are paid promptly. Rlsk Assessment The Board does not believe it is subied to any substsntial risk beyond the liabilities disck)sed in its Annual Report and Accounts. The Business Plan has been prepared to mitigate any risks. Th8 organisation has publlc, employer and professional Indemnlty Insurance to prot8Ct it in the event of a claim. Reserves and Investment Poll¢le8 Th8 Board's intent is to achieve a reserve of 6 months operating costs and replacement of fumiture and equipment every 10 years on average as and when necessary. All reserves are unrestricted. with the excoption of £266 whith remains from a grant received from North Northamptonshire Council for the purpose of celebrating the King's Coronation. It Is anticipated that this money will be spent in accordance with the grant conditions during 2023124.
OAKLEY VALE COMMUNITY CEKfRE {A Company Limited by Guaranloe> Page 4 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 3111 March 2023 STATEMENT OF RESPONSIBILMES OF THE BOARD OF TRUSTEES Company law requires the members of the Board of Trustees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the company and of the incorne and expenditure of the company for that period. In preparing those financial statements, the members of the Board of Trustees are required to: select suitable accounting poliaes and then apply them o)nsist6nty. make adjustments and estimates that are reasonable and prudent. prepare the financial statements on the going concem basis unless it Is inappropriate to presume that the company will continue its activities. The members of the Board of Trustees are responsible for maintaining proper ac¢ounting records which disclose with reasonable accuracy at any time the financial position of th8 company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They have a general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other Irregularities. SIGNED ON BEHALF OF THE BOARD OF TRUSTEES P8t8r Moden- Chalr of Trustees Date:
INDEPENDENT EXAMINER'S REPORT TO ThE TRUSTEES AND MEMBERS OF THE OAKLEY VALE COMMUNITY CENTRE Registered Charity No. 11524681En8land & Wales) Company Reglstration No. 8189686 Page 5 I report on the accounts of the charlty and company for the year ended March 31, 2023, which are set out in attached pages 8 to 12. Respectlve respon51bllvties of the trustees and examlner The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparatlon of accounts in accordance with the requirements of the Charities Act 2011. This Act provides for the accounts to be audited or, at the discretion of the trustees and subject to the charity's gross income for the year concerned, to be subject to Independent examfnatlon. The trustees have determined that, for this year, the accounts should be Independently examined. Having been appolnted by the trustees to examine the accounts, it is rny responslbfillty to examine these under section 145 of the Act and - in carrying out that examlnatlon - to follow the appllcable directions given by the Charity Commission under section 14515) (b) of the Act. Basls of Independent Examfner's Statement My examlnatlon was carrled out In accordance with the general directions glven 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 conslderatlon of any unusual items or dfsclosures of the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evldence that would be required in an audit and consequently no opinion Is given as to whether the accounts present a 'true and falr, vlew. The report Is Ilmlted to those matters set cxrt In followlng statement. Independent Examlner's Statement In connectlon wlth my examlnatfon, no matter has come to my attentlon: whlch gives me reasonable cause to believe that In any material respect the requirements: to keep accounting records in accordance wlth the Companles Act 2006 and to prepare accounts whSch accord with the accounting records, comply wfth the accounting requirements of the Cornpanies Act 2C4)6 and with the methods and princlples of the Statement of Recommended Practice, Accounting and Reporting by Charities have not been met; or to which, in my opinion. attention should be drawn In order to enable a proper understandlng of the accounts to be reached. (signed by) Chris Godbold 5 Home Farm Close, Great Oakley, CORBY, NN18 8HQ January 30. 2024
OAKLEY VALE IA Company Llmited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS Page 6 PRINCIPAL ACCOUNTING POLICIES The financial statements of the Charitsble Company, which is a public benefit entity under FRS 102, have been prepared under the historical cost convention and in acCOrdar with the Companies Act 2CIJ6 and the Statement of Recommended Prdctice SORP IFRS102) issued l ° Ortober 2019, applicable UK Accounting Standards and the Charities Act 2011 • Format The company has taken advantage of the provisions of the Companies Act 21)J6 and presented an income and expenditure account in the forni of a statement of financial artiwties on the 8roundsthat It enables the flnancial statements to show a tnje and fair view of the result for the perlod. The principal accounting policles of the company are set out below. Incomlng Resources Voluntary Income Voluntary income, includln8 donations, legacles and grants that provide core funding or are of a general naturearerecognised wherethere isentitlement, rtaInty0f receipt andthe amount can be measured with sufficient reliability. Investment Income Interest is brought into account on a receivable basis and dNidend income on a recelved ba51s. Income from Charitable Artlvttles Income from charitable attivities includes Income Ceived under contract or where entrtlement to grant funding15 subjectto specific performance conditions is COgnised as earned. Grant income in thls cate80ry provides funding to support perfonnance activities and is recognised where there Is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Resources Expended Expendlture Is COgnised when a liability is Incurred. l . Costs of Generating Funds are those costs incurred in attracting voluntary Income. Charitsble Artlvitles include expendlture associated with direct services and membership support. Governance Costs include those incurred in the governance of the charityand its assets and are primarily associated with constitLrtional and statutory requirements.
ANNUAL REPORT AND FINANCIAL STATEMENTS Pa8e 7 PRINCIPALACCOUNTING POUCIES Allocation of Costs Costs are allocated to functional headings on the basls of dlrect costs plus overheads on a fair and reasonable estimated basis. Investments There are no investments at present. Leased Assets Payments made under operatlng leases are charged to the income and expenditure account on a stralght-llne basis over the lease term. There are currently no leased assets Tangible Fixed Assets and Depreciation Depreciation is calculated to write down the cost of all tangSble flxed assets by Instalments over the expected useful lives. The dlrectors have Set a materiality lever of E5k per individual item under which no purchase wlll be capitalised. Specific policies are as follows: Computers and short Sife assets 2 3 years straight method Long life assets 5 - 10 years stralght Ilne method At present the charity has no flxed assets. VAT OVCC Is not re8lStered for VAT. Fund Accountlng Funds held by the charlty are elther.. wlth the charltable objects at the dlscretlon of the Executlve Committee. Designated Funds - these are fund5 Set aside by the Executive Commlttee out of unrestricted funds for specific future purposes or projects. Restricted Funds these are fund5 that can only be used for partlcular restricted purposes wlthln the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restrlcted purposes. Further explanation5 of the nature and purpose of each fund is included in the notes to the financlal statements.
OAKLEY VALE COMPIUNITh CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS Page 8 FOR THE YEAR ENDED 31*1 March 2023 STATEMENT OF FINANCIAL ACTIVITIES NOTE 2023 2022 INCOME HSre Income GTrnls Fundralsln Bank interest Misc Total Incom• £30 896 £4,165 £16,095 £1.145 £33 £590 £53 609 £54 £1,929 EXPENDITURE Em lo ment Costs 2023 £15 932 £8.194 £7,917 £1.041 £200 2022 £13 883 of Promlse8 Insurance Rates Accountanc Feès Centre Aclivilles ment Centre Mana Miscellaneous Hire De oslt Retums Total Ex ndttur• £4.613 £4,181 £0 ement £280 £991 NOTE8 2023 £12,495 £400 2022 Premises Grant8 Kin s Coronation Coffoe Machine Warm Hub £200 Total £16 095 All grants were recglved from North Northamptonshlre Council and that for the King's Coronation was rgslrfctod. Thè av6rag8 number of full-tlmè equlvolenl employees In the year w88 1 12022.'1) No employee earn8d In excgss of £60,000 durtng the year. This is the cost of the coffee machine. partly pald for by the grant from NNC With eff8Ct frcsm 2023, monays rèturned to hirers for any re880n lincluding tho retum of deposits) are deducted from thè value of Hire Income, to 9ive 8 net figure for Income from thls 50urG¢. There aro no fixed as8ets. Debtors 2023 2022 Prepayments and accrued income £1,088 £1,758
OAKLEY VALE COMMUNrrY CENTrE IA Company Limsted by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS Page 9 FOR THE YEAR ENDED 31At March 2023 STATEMENT OF FINANCIAL ACTMTIES (contlnuod) Ca8h at Bank and In Hand 2023 2022 HSBC Current Account Scottish Widows Pett Cash rotal £55.368 £0 £350 £55 718 £5.731 £42,435 £50 Credltorn: amount8 falllng duo wtthln 1 year 2023 £200 £1,444 2022 £956 £7,242 Other Creditors AcctU819 and deferred income Total Restrlct•d Funds All r8S8rves Sre unrestricted. vAth the exception of £266 which remains from a grant recelved from North Northamptonshire Council for the purpose of celebralng the Klng's Coronation. It is anticlp8ted that this money will be spent in accordance with the grant conditions during 2023124. Sharo Capltal and Mombors, Uablllty The company is limited by guarantee and does not h8ve a share caprtal Every member of the company undertakes to contribute to the assets of the Mpany, in the event of it being wound up while helshe is a trustee or within one year afterwards, for payment of the d8bts and Ilatylities of the company. charges and expenses of winding up and for the adjustment of the rights of contributories among themselves, suth amounts as may b8 required not exceeding £1 Ultlmata Controlllng Party The charity is under th8 ultlmate control of the trustees the names of whom are shown at the front of these accounts. 10 11
OAKLEY VALE COMMUNITY CENTrE (A Company Llmlted iry Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS Page 10 FOR THE YEAR ENDED 31•t March 2023 BALANCE SHEEr rrhe nol06 on pages 8 and 9 fomi part of these financlal statements) Flxed As80ts- nll 2023 2022 Current assets Debtors £1.088 £1. 758 Cash at Bank and In Hand £55,718 £48.216 Total CurrentAss8ts £56,806 £49,974 CREDITORS: Amounts falllng withln one y•ar £1.644 N•t Currnnt Assot• £54,812 (£2, 198) (£47, 776) (£47,776) N•t a$sot• £55,162 For the year endln8 March 31, 2023, the company was entitled to exemptlon from audlt under Section 477 of the Companles Art 21Jl6. The dlrertors acknowledge thelr SPonSIbl11t{es for: the members have not QuIred the company to obtain an audlt of Its COUnts for the year In question in accordance wtth section 476 the dlrectors acknowledge thelr responsibilitles for comptydng wlth the requlrements of the Act wlth respect to accountlng records and the preparation of accounts these accounts have been prepared in attordance with the provisions applicable to companies subjert to the small companies. regime. The accounts have been prepared In accordance with the special provlslons relatlng to small companies wlthln the Companies Art. 26. The financial ststements were zpproved and authorised for issue by the Board on January 31. 2023. Signed on behalf of the Board of trustees Peter Moden Director/Chair