Company Registration Number: 8189686 Charity Registration Number: 1152468 OAKLEY VALE COMMUNITY CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2025 li Ookley Vale Community Cenlre
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 Cotby Northamptonshire NN18 8JF Board of Trustees Peter Moden Veronica Toth Judy Caine Trevor Conway Chair Vice Chair Secretary Treasurer Committee Members: Yasmin Checkley Paul Balmer Eirwen Phipps Phil Proctor Annette Amato Damien Fletcher Bankers: HSBC. Corby Independent Examiner: Chris Godbold 5 Home Farm Close, Great Oakley, CORBY, NN18 8HQ
OAKLEY VALE COMMUNITY CENTRE INDEX Report of the Board of Trustees Responsibiltties of the Board of Trustees Report of the Independent Examiner Accounting Policies Ststement of Financial Activities Balan Sheet Notes to the Financial Statements 10-11 Approval of Financial Statements 12
OAKLEY VALE COMMUNITY CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31$tMarch 2025 Page 1 The members ofthe Board ofTrustees of Oakley Vale Communty Centre (OVCC) present their report together with Financial Statements for the year ended 31 March 2025. Structure and Govemance OVCC is a Company Limited by Guarantee. having no share capital. It became a registered charity on 18 June 2013. TrUStS operate under its Memorandum and Articles of Association. The Centre is managed by a part-time paid Centre Manager (18 hours per week) and 2 part-time paid caretakers - one working evenings, the other covering the weekends. In addition to the above, the Board of Trustees oversees all aspects of the Centre and currently consists of 4 Trustees, and 6 committee members. The trUStS can nominate TrUStS I committee members as they see fft. Having extra committee members to take on event-organising roleslpublicity etc. has been of great value to the Centre. Usage houts at the Centre remain constant but there are still at least 35 hours that could be let out. This is a priority for us over the next 12 months with all Tnjstees and committee members actively promoting the Centre. Hours have this year been the highest ever, at one point being 57. Funding We received grants from both North Northamptonshire Council (for the general running of the Centre) and Corby Town Council (for specified activtti'es). These are described in the Notes to the Accounts on page 10. Objectives The Objects of OVCC are to.. establish, and secure the establishment of, a community ntre to benefft 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. race or political, religious or other opinions by association. 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 promote such 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-paty in politics and non-sectarian in religion. We meet these objectives through the effective operation and management of the Community Centre, its use as a community faciltty 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 2025 Page 2 Objectives (continued) Public Benefit Oakley Vale is a continually growing development area with over 3,750 homes built. Most residents are new to the Corby area with only about 60 % being lte British. 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 community development I cohesion activities on the Oakley Vale estate, social engagement and mental health and well-being. The public benefit will come from having a well used community facilrty, the benefit from the users, activities and from the activities run by OVCC. Activities Apart from day to day running of the Centre hosting a variety of community sporting, dance and other activities and our weekly warm hub cafe we have now established 4 events per year that residents look fOard to: 1. Oakley Fest family fun day (July) 2. Macmillan Coffee Moming (September) 3. Carols Round the Tree (December) 4. Christmas Fayre {DeMber} The Centre continues to be used during the day and evening 7 days a week 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 continue to ensure close ties between 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 benefft from having PV Panels through redUd purchased electricity costs and income from the Faed-in-Tariff. In addition, last yearfs review of all our service providers - gas, electricity, phone, intemet and building rna1ntenan - has saved us hundreds of pounds this year. Achievements and Perfomiance A Business Plan has been approved for 202516 which contsins a number of objectives and progress in attaining them. Income & Expenditure are monitored at each Board Meeting. The monitoring required by North Northants Council, under the service level agreement for the grant, was collected and provided.
OAKLEY VALE COMMUNITY CENTRE (A Company Limrted by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31StMarch 2025 Page 3 Achievements and Perfomiance (continued) The main achievement is the continuing smooth operation of the Community Centre and the beginnings of it feeling like a real community hub. Usage fluctuates but the general trend is upwards Financial Review A loss of £1,383 occurred in 2024r25. This followed a surplus of £7,606 in 2023124. Due to the continuing cost-of-living crisis, especially energy prices, we decided to keep our hire rates and deposits at the current level. Our cash flow has remained posrtive with deposits held and payment required in advance. There have been very few issues wrth payments, none of which resulting in bad debts. Bills are paid promptly. Risk Assessment The Board does not believe it is subject to any substsntial 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 indemnity Insuran to protect it in the event of a claim. Reserves and Invesknent Policies The Board's intent is to achieve a reserve of 6 months operating costs and rep1arnent of furniture and equipment every 10 years on average as and when necessary. Our reserves currently stand at £61,035, of which £750 are considered Restricted.
OAKLEY VALE COMMUNITY CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31StMarch 2025 Page 4 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 state 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 suitsble accounting policies and then apply them consistently. 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 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 wrth 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 - Chair of Trustees Date: Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES AND MEMBERS OF THE OAKLEY VALE COMMUNITY CENTRE Registered Charity No. 1152468 (England & Wales) Company Registration No. 8189686 I report on the accounts of the Charity and Company for the year ended March 31, 2025, which are set out in attached pages 8 to 11. Respective responslbilitle5 of the trustees and examfner The trustees (who are also the dIreCto of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011. This Act provides for the accounts to be audited or, at the d7scretion of the trustees 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 examlned. HavTng been appointed by the trustees to exarnlne the accounts. it is my responsibility to examine the accounts under section 145 of the Act and - in carrying out that examination - to follow the applicable directions given by the Charity Commission under section 145 (5) {b) of the Art. Basas of Independent Examiner's Statement My examination was carried out in accordance with the general directions give 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 include5 consideration of any unusual items or disclosure5 of the accounts and seeking explanations from the trustees concerning any such matters. The procedure5 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. v?ew. The report is limited to those matters set out in the following statement. Independent Examiner's Statement In connectTon with my examination, no matter has come to my attention: Which gives me reasonable cause to believe that In any material respect the requirements". to keep accounting records in accordance with the Companie5 Act 2(M)6 and to prepare accounts which accord with the accounting records. comply with the accounting requirements of the Companies Act 21J)6 and with the methods and principles 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 enabte a proper understanding of the accounts to be reached. (signed by) Chris Godbold 5 Home Farm Close, Great Oakley, CORBY, NN18 8HQ November 22, 2025 Page 6
OAKLEY VALE COMMUNITY CENTRE (A Company Limfted by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS PRINCIPAL ACCOUNTING POLICIES The financial statements of the Charitable Company, which is a public benefit entity under FRS 102 have been prepared under the historical cost convention and in accordan with the Companies Act 2006 and the Statement of Recommended Practi SORP (FRS 102) issued 1st October 2019, applicable to UK Accounting Standards and the Charities Act 2011. Fomiat The Company has taken advantage of the provisions of the Companies Act 2006 and presented an income and expenditure account in the fonn of a statement of financial activities on the grounds that it enables the financial ststements to show a true and fair view of the result for the period. The principal accounting policies of the Company are set out below: Incomin Resources Voluntsry Income Voluntary income, including donations, legacies and grants that provide core funding or are of a general nature are recognized where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliabilty. Investment Income Interest is brought into account on a re1vable basis and dividend income on a received basis. Income from Charitable Activities Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions is recognized as eamed. Grant income in this category provides fvnding to support perf0rnan activities and is recognized where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Resources Ex nded Expenditure is recognized when a liabilty is incurred. 1 . Costs of Generating Funds are those costs incurred in attracting voluntary income. 2. Charitable Activities include expenditure associated with direct ServIS and membership support. 3. Governance Costs include those incurred in the governan of the charity and its assets and are primarily associated with constitutional and statutory requirements. Allocation of Costs Costs are allocated to functional headings on the basis of direct costs plus overheads on a fair and reasonable estimated basis. Page 7
OAKLEY VALE COMMUNITY CENTRE (A Company Limfted by Guardntee) ANNUAL REPORT AND FINANCIAL STATEMENTS PRINCIPAL ACCOUNTING POLICIES (continued) Investments There are no investments at present. Leased Assets Payments made under operating leases are charged to the income and expendrture account on a straight-line basis over the lease term. The Charity currently has no leased assets. Tan ible Fixed Assets and De reciation Depreciation is calculated to write down the cost of all tsngible fixed assets by instalments over their expected useful lives. The Directors have set a materiality level of £5,000 per individual item, under which no purchase will be capitalized. Specffic policies are as follows.. Computers and short-lrfe assets: 2 to 3 years straight-line method Long-life assets: 5 to 10 years straight-line method At present the Chanty has no fixed assets. VAT The Charity is not registered for Value Added Tax. Fund Accountin Funds held by the Charity are either. With the charitable objects at the discretion of the Directors. Designated Funds - these are funds set aside by the Directors 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 putpose of each fund are 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 31StMareh 2025 STATEMENT OF FINANCIAL ACTIVITIES The notss on pages 10 and 11 forni part of these financial statements Page 8 NOTE 2025 INCOME Hire Income Grants Fundraisin Oakle Misc Total Income 2024 £37,624 £9,710 £36,118 £13,890 £1,837 re £87 £385 £52,230 £47,421 EXPENDITURE lo ment Costs Utilities 2025 £20,427 £11,781 £11,640 £686 £1,130 2024 £18,550 £10,001 £9,293 £1,282 £428 of Premises Insuran Business Rates EPI Goveman Purchase of e ui ment Centre Mana ement Oakley Fest & Coffee Mornin Total Ex £118 £500 £2,425 £2, 145 £2,758 £264 enditure £48,804 £44.624
OAKLEY VALE COMMUNITY CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31StMarch 2025 Page 9 BALANCE SHEET At 3110312025 At 31m3/2024 NOTE CURRENT ASSETS At bank - current account At Market Hart)orou h Buildin Total £63,482 £20 £63,502 Socie £64, 066 £64.066 Add Debtors Pre- ments to traders £809 £1,036 Total Assets £64.311 £65,102 Deduct Creditors Trade creditors due within 1 ear lo ment costs due within 1 ear £1,345 £1,931 £885 £1, 799 Totsl Creditors Funds available at eriod-end £61,035 £62,418 RECONCILIATION OF FUNDS Totsl funds brou ht forward Sur lus loss for the riod Total funds carried fonmard £62,418 £1,383 £61.035 £55, 162 £7,606 £62418
Page 10 OAKLEY VALE COMMUNITY CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31StMarch 2025 NOTES 1. The following grants were received during the period." 2025 2024 £8.330 £8,905 £600 £1,000 £2,185 £400 £800 Premises Grants Kin 's Coronation Warm Hub Defibrillators Christmas Carols Oakle Fest Corb 75th Anniversa lacement s eakers Christmas Carols £150 £750 £480 Total £9.710 £13 890 The grants reiVed from North Northamptonshire Council were for the general running of the Centre. As expenses incurred in running the Centre exceeded the sum awarded, these grants were not considered Restricted. Three grants totslling £1,380 were reiVed from Cort)y Town Council for particular purposes and were thus considered Restricted. They were". £150 for commemoration of the 75th anniversary of Corby local govemment (which was celebrated as part of the OVCC-organized Oakley Fest) £480 towards the cost of organizing Christmas carols (expenses for which are incorporated in Upkeep of Premises) £750 for the replacement of two speakers The first two grants were expended appropriately during the year, while it was not possible to source the required speakers, and the money was held at year*nd as Restricted fvnds.to be expended during 2025-26. The average number of full-time equivalent employees in the year was 1 (2023.1). No employee earned in eXsS of£60,000 during the year. Governan costs include the independent examination ofthe accounts and Companies House filing fees. The lower charge in 202415 resulted from an ovetprovision in the accruals at the end of the previous year. Debtors Prepayments 2025 £809 2024 £1,036
Page 11 OAKLEY VALE COMMUNITY CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31StMarch 2025 NOTES {continued) Cash at Bank and In Hand 2025 2024 HSBC Current Account Market Harborough Building Socie Totsl £63.482 £20 £63,502 £64.066 Creditors: amounts falling due within 1 year 2025 £1,931 £334 £1,011 £3.276 Em lo ment costs Governance costs Other trade creditors Total 2024 £1, 799 £885 Restricted Funds All reserves apart from £750 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 be required not exceeding £1. 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. The trustees are also the Directors of the Company. For the year ending March 31, 2025, the company was entitled to exemption from audit under Section 477 of the Companies Act 2006. The Directors acknowledge their responsibilities as follows: (i) the members have not required the company to obtain an audit of its accounts for the year In question in accordan with section 476 the directors acknowledge their responsibilities for comptying with the requirements of the Act with respect to accounting records and the preparation of accounts (iii) these accounts have been prepared in accordan with the provisions applicable to companies subject to the small companies, regime. The accounts have been prepared in accordance with the special provisions relating to small companies within the Companies Act, 2006. (li)
OAKLEY VALE COMMUNITY CENTRE (A Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31StMarch 2025 Page 12 The financial statements were approved and authorised for issue by the Board on 26th November 2025 Signed on behalf of the Board of trustees Peter Moden Director/Chair