Company Registration Number: 8189686 Charity Registration Number: 1152468 OAKLEY VALE COMMUNITY CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024 Oakley Vole Communitu Cenire
ORGANISATION INFORMATION Company Registration Number: (Company registered on 23 August 2012) 8189686 Charity Registration Number: (Charity registered on 18 June 2013) 1152468 Registered office: 20 Butland Road Corby Northamptonshire NN18 8JF Community Centre address: 20 Butland Road Corby Northamptonshire NN18 8JF Board of Trustees: Peter Moden Judy Caine Trevor Conway Chair Secretary Treasurer Committee Members: Yasmin Checkley Sue Soulder Paul Balmer Elen Phipps Phil Proctor Bankers: HSBC, Corby Independent Examiner: Chris Godbold
OAKLEY VALE COMMUNITY CENTRE INDEX Report of the Board of Trustees Responsibilities of the Board of TrUStS Report of the Independent Examiners Accounting Policies Statement of Financial Activities Balan Sheet Notes to the Financial Ststements 10-12
OAKLEY VALE COMMUNITY CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31StMarch 2024 The members of the Board of TrUStS of Oakley Vale Communrty Centre (OVCC) present their report together with Financial Statements for the year ended 31 March 2024. Page 1 Structure and Governance 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 Articles of Association. The centre continues to be managed by a part-time paid centre manager (15 hours per week) and 2 part-time paid caretakers - one working evenings, and the other coveting the weekends. In addition to the above the Board of Trustees oversees all aspects of the centre and currently (as of 31 St March, 2024) consists of 3 Trustees, and 5 committee members. The trustees can nominate Trustees I committee members as they see fft. Having extra committee member to take on event-organising roleslpublicty etc. has been of great value to the ntre. Usage hours at the ntre remain constant 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 promoting the centre. Hours have this year been the highest ever, at one point being 52. We also received 3 very specific grants as below: 1 . From the local council for general running costs of the ntre 2. From the local council to continue running our 'wam hub, communty café. This has attracted new users and has started to make the centre feel like a real hub within the community. 3. From the local council to help fund our annual 'Oakley Fesf famity fun day. Objectives The Objects of OVCC are: To estsblish or secure the establishment of, a communty ntre to benefit the residents in the Borough of Corby and the neighbourhood and to maintsin, manage and cooperate with any statutory authority in the Maintenance and management of such a centre without distinction of sex, sexual orientation. ra or political, religious or other opinions by association. To advance education and to provide facilities in the interests of social welfare for recreation and leisure-time occupation with the object of improving the health and wellbeing of the residents in the Borough of Corby and the neighbourhood. To promote such purposes as are charitable according to the laws of England and Wales for the benefrt ofthe public as mayfrom time to time be determined. The Company shall be non- paty in politics and non-sectarian in religion. We meet these objectives through the effectNe operation and management of the Community Centre, its use as a community facility and by events that we run to supplement those organised by others. These events are mainly aimed at Communty Development and Cohesion.
OAKLEY VALE COMMUNITY CENTRE {A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 318tMarch 2024 Page 2 Public Benefit Oakley Vale is a new development area with over 3,750 homes built. Most residents are new to the Corby area with only about 60 % being White Brttish. There are 17 different first languages being spoken at the Primary Schools. Having now secured a number of activities regularly 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 communty development I cohesion activities on the Oakley Vale estate, social engagement and mental health and welkbeing following the pandemic. The public benefit will come from having a well used communrty facility, the benefft from the users, activities and from the activrties run by OVCC. Activities Apart from day to day running ofthe Centre hosting a variety of communrty sporting, dance and other activities and our weekly wann hub cafe we have now established 4 events per year that residents look forward to: 1. Oakley Fest family fun day (July) 2. Macmillan Coffee Moming (September) 3. Carols Round the Tree (December) 4. Christmas Fayre (December) The Centre continues to be used during the day and evening 7 days a weeks although not all groups run during the school holidays. The range of activities booked is extensive and there is availability for use of the building for daytime activities on weekdays and for parties at weekends. We continue to communicate with the Oakley Vale communty through the Communty Association meetings and have this year estsblished greater tEs belween our two groups. We continue to assist the football clubs through the period before changing rooms are built. We have invested in the building through improvements and continue to benefrt from having PV Panels through reduced purchased electricty costs and income from the Feed-in-Tariff. I n addition, last yearfs review of all our service providers - gas, electricity, phone, internet and building maintenance - has saved us hundreds of pounds this year. Achievements and Perforniance A Business Plan has been approved for 202415 which contsins a number of objectives and progress in attaining them. Income & Expendsture are monitored at each Board Meeting. The monitoring required by North Northants Council. under the Servi level agreement for the grant, was collected and provided. The main achievement is the continuing smooth operation of the Community Centre and the beginnings of it feeling like a real communrty hub. Usage fluctuates but the general trend is upwards.
OAKLEY VALE COMMUNITY CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31StMarch 2024 Page 3 Financial Review A surplus of £7,256 was achieved in 2023124 - following a minor prior year adjustment (£7,386 was achieved in 2022123). Due to the continuing cost-of-INing crisis, especially energy pris. we decided to keep our hire rates at the current level but as year4nded 2023 have increased our deposit for one off bookings. Our cash flow has remained positive with deposits held and payment required in advance. There have been very few issues with payments. none of which resulting in bad debts. Bills are paid promptly. Risk Assessment The Board does not believe it is subject to any substantial risk beyond the liabilities disclosed in its Annual Report and Accounts. The Business Plan has been prepared to mitigate any risks. The organisation has public, employer and professional indernnity insurance to protect it in the event of a claim. Reserves and Investment Policies The Board's intent is to achieve a reserve of 6 months operating costs and replacement of furniture and equipment every 10 years on average as and when necessary. Our reserves currently stand at £62.418.
OAKLEY VALE COMMUNITY CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS Page 4 FOR THE YEAR ENDED 31StMarch 2024 STATEMENT OF RESPONSIBILITIES OF THE BOARD OF TRUSTEES Company law requires the members of the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the company and of the income 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 policies and then apply them consistently. make adjustments and estimates that are reasonable and prudent. prepare the financial statements on the going conrn basis unless rt is inappropriate to presume that the company will continue its activities. The members of the Board of Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the 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 Peter Moden- C air of Trustees Date..
INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES AND MEMBERS OF THE OAKLEY VALE COMMUNITY CENTRE Registered Charity No. 1152468 (England & Wales) Company Registratlon No. 8189686 I report on the accounts of the charity and compary for the year ended March 31, 2024, which are set out in attached pages 8 to 12. Respectlve responsibilities of the trustees and examiner The trustees {who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Charitles Act 2011 . This Act provides for the accounts to be audited or, at the discretion of the twstees and subject to the charity's gross income for the year concerned, to be subject to independent examination. The trustees have determined that, for this year, the accounts should be independently examined. Having been appointed by the trustees to examine the accounts, it is my responsibillty to examine the accounts under section 145 of the Art and - in carying out that examination - to follow the applicable directions given by the Charity Commission under section 145 {5) (b) of the Act. Basls of Independent Examiner's SLitement My examinatTon was carried out In accordance with the general directions given by the CharTty 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 of the accounts and seeking explanations froffl the trustees conceming 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 pr*nt a 'true and fair. view. The report is limited to those matters set out in the fotlowing statement. Independent Examiner's Statement In connertlon with my examination, no matter has come to my attention: 1. Which gives me reasonable cause to belleve that in any materlal respect the requirements: to keep accounting records in accordance with the Companies Act 2006 and to prepare accounts which accord with the accounting records, comply with the accounting requirernents of the Companies Act 2COS and with the method5 and principles of the Statememt of Recommaxled Prartice. Accounting afKI Reporting by Charities. have not been met- or 2. to which, in rny opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Chris Godlx)Id 5 Home Farm Close, Great Oakley. CORBY, NN18 8FKI January 17. 2025
OAKLEY VALE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS Page 6 PRINCIPAL ACCOUNTING POLICIES The financial statements of the Charitable Company, which is a public benefitentity under FRS 102, have been prepared under the histortcal cost convention and in accordance with the Companies Act 2006 and the Statement of Recommended Practice SORP (FRS102) issued l ° October 2019, applicable UK Accountin8 Standards and the Charities Act 2011 ' Format The company has taken advantage of the provisions of the Companies Act 2006 and presented an income and expenditure account in theform of a statement of financial activities on the groundsthat itenablesthe financial statements to show a true and fair view of the result for the period. The principal accounting policies of the company are set out below. Incoming Resources Voluntary Income Voluntary income, including donations, legacies and grants that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Investment Income Interest is brought into account on a receivable basis and dwidend income on a received basis. Income from Charitable Activities Income from charitable activtties includes income received under contrart orwhere entitlementto grantfunding is subjecttospecific performance conditions is recognised as earned. Grant income in this category provides funding to support performance activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Resources Expended Expenditure is recognised when a liability is incurred. l . Costs of Generating Funds are those costs incurred in attrdcting voluntsry Income. Charitable Activities include expenditure associated with direct services and membership support. Governance Costs include those incurred in the governance of the charityand its assets and are primarily associatèd with eOnsttt1Dft3I and statutory reouiremènts.
ANNUAL REPORT AND FINANCIAL sfATEMENTS Page 7 PRINCIPAL AccouTrinNG POLICIES Allocation of Costs Costs are allocated to functional heading5 on the basis of direct costs plus overheads on a fair and reasonable estimated basis. Investments There are no Investments at present. Leasea Asse[5 Payments made under operating leases are charged tothe income and expenditure account on a straight-line 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 tangible fixed assets by instslments over the expected useful live5, The directors have set a materiality lever of E5k per individual item under which no purchase will be capitalised. Specific policies are as follows: Computers and short lifr assets 2 - 3 years straight method Long life assets 5 - 10 years strdight line method At present the charity has no fixed assets. VAT OVCC is not registered for VAT. Fund Accounting Funds held by the charity are either: with the charitable objects at the discretion of the Executive Committee. Designated Funds these are funds set aside by the Executive Committee out of unrestricted funds for specific future purposes or projects. Restricted Funds these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanations of the nature and purpose of each fund is included in the notes to the financial statements.
OAKLEY VALE COMMUNITY CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31StMarch 2024 Page 8 STATEMENT OF FINANCIAL ACTMTIES NOTE 2024 2023 INCOME Hire Income Grants Fundraisin Bank interest Misc Total Income £36,118 £13,890 £1,837 £35. 746 £16.095 £1, 145 £33 £590 £53 609 £385 £S2.230 EXPENDITURE lo ment Costs Utilities 2024 £18,550 £10,001 £9,293 £1,282 £428 £500 2023 £15,932 £8,194 £7.917 £1,041 £200 £1,706 £4,613 £4,181 of Premises Insurance Rates Accountanc Fees Centre Activities Purchase of e ui ment Centre Mana ement Miscellaneous Totsl Ex nditure £2,425 £2,145 £280 £46.223 £44.624 NOTES The following grants were reiVed during the period: 2024 2023 £8.905 £12.495 £600 £400 £3,000 £200 Premises Grants Kin s Coronation Coffee Machine Vvarm Hub Defibrillators Christmas Carols Oakle Fest £1,000 £2,185 £400 £800 Total £16.095 All grants were reiVed from either North Northamptonshire Council or Corby Town Council. Those shown as Premises Grants were towards the general cost of running of the Centre and were not considered to be Restricted. The remaining grants were reiVed for the purposes shown and were considered to have been Restricted; they were used wholly for the purposes to which they were dedicated. No Restricted funds remained at the end of the financial period. The average number of fvll-time equivalent employees in the year was 1 (2023.1). No employee eamed in excess of £60,000 during the year.
OAKLEY VALE COMMUNITY CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31StMarch 2024 Page 9 STATEMENT OF FINANCIAL ACTMTIES (continued) With effect from 2024. the expend"rture on Centre activities is deducted from the income generated by them and the resultant figure is included in fundraising income. Two defibrillators were purchased at a cost of £2,200. being financed almost exclusively by a grant from North Northamptonshire Council. Remaining expenditure was on minor items for use at the Centre. There are no fixed assets. Debtors Prepayments and accrued income 2024 £1.036 2023 £1,088 Cash at Bank and In Hand 2024 2023 HSBC Current Account Pet Cash Total £55.368 £350 £55,718 £64.066 The decision was taken during the year to discontinue the Pety Cash float, with appropriate expenses being paid by bank transfer. Creditors: amounts falling due within 1 year 2024 £1,799 £885 2023 Em lo ment costs Govemance costs Other trade creditors Totsl £1,444 £200 £1.644 Restricted Funds All reserves are unrestricted. See also Note 1. Share Capital and Members, Liability The company is limited by guarantee and does not have a share capital Every member of the company undertakes to contribute to the assets of the company, in the event of it being wound up while helshe is a trustee or within one year afterwards, for payment of the debts and liabilities of the company. charges and expenses of winding up and for the adjustment of the rights of contributories among themselves, such amounts as may required not exceeding £1. 10
OAKLEY VALE COMMUNITY CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS Page 10 FOR THE YEAR ENDED 31S1March 2024 STATEMENT OF FINANCIAL ACTIVITIES (continuedl 11 Ultimate Controlling Party The charity is under the ultimate control of the trustees the names of whom are shown at the front of these accounts. BALANCE SHEET (The notes on pages 8, 9 and 10 fomi part ofthese financial statements) Fixed Assets - nil 2024 2023 Current assets Debtors £1,036 £1.088 Cash at Bank and In Hand £64,066 £55, 718 Total Current Assets £65,102 £56,806 CREDITORS: Falling due within one year £2,684 Net Current Assets £62,418 (£1.644) £55, 162 Net assets £62,418 £55,162 For the year ending March 31. 2024, the company was entitled to exemption from audit under Section 477 of the Companies Act 2006. The directors acknowledge their responsibilities for. the members have not required the company to obtain an audit of its accounts for the year In question in accordance with section 476 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. gime. The accounts have been prepared in accordance with the special pn)visions relating to small companies within the Companies Act, 2(XJ6. The financFal ststements were approved and authorised for issue by the Board on January 31, 2024. Signed on behatf of the Board of trustees