Charity registration number 1153334 Company registration number 08050352 (England and Wales)
CHESHIRE CONNECT LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
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CHESHIRE CONNECT LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr CP Sykes Mr TD Briggs Ms KL Francis Mr R Mckay (Appointed 17 November 2022)
Charity number 1153334 Company number 08050352 Registered office St John's Chambers Love Street Chester Cheshire CH1 1QN Independent examiner NS Jenkins - FCA Mr N S Jenkins FCA c/o UHY Hacker Young St John's Chambers Chester Cheshire CH1 1QN
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CHESHIRE CONNECT LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
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CHESHIRE CONNECT LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 APRIL 2023
The trustees present their annual report and financial statements for the year ended 30 April 2023.
Governing document
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing documents, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
Our objectives are delivered by matching relevant skills and expertise offered pro bono from the business community to resource needs in the voluntary sector. We do this in five ways: short term projects, or quick fixes; longer-term projects involving a range of professional skills; sourcing trustees, mentors, or critical friends to deliver longer-term ongoing support; providing targeted support for 12 charities through the Transform Programme and, providing leadership development and support.
The Charity's Objects are, for the benefit of the Public:
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(A) - To promote the efficiency and effectiveness of charities,
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(B) - To promote civic responsibility and good citizenship.
The projects carried out engaged with 400 local businesses and skilled individuals and over 300 charities and nonprofit organisations. We are continuing our plans to create a greater percentage of High Impact Matches and we are delighted to see an increase in the number of projects which have involved a range of business skills and resulted in longer-term, higher-impact outcomes. We have also encouraged more skills exchanges between charities, leveraging the wealth of skills and experience within the sector.
Cheshire Connect is a small charity which matches the skills and expertise of local businesses and professionals, offered free of charge, with the needs of the community and voluntary sector. We were established as a Registered Charity in 2013. Our work impacts positively on a wide range of disadvantaged individuals and groups that use and rely on the charities that we support. Skills offered by businesses include business planning, financial forecasting, website development, IT systems reviews, marketing, HR advice, and mentoring.
Charitable activities
We are developing our services to build stronger, more sustainable communities in Cheshire by helping charities and businesses to work together. By matching relevant business skills and expertise to the needs of charities we work in partnership to enable them to deliver their front-line services more effectively and to build capacity where appropriate.
Our Values:
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Collaboration - working effectively in partnership with businesses, charities and key stakeholders to develop stronger communities together;
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Understanding - we build knowledge of our local communities and strong relationships to clearly understand how we can best direct our resources;
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Passion - we are passionate about stimulating lasting change and building stronger communities.
Fundraising activities as at year end 30th April 2023, we have raised £152,075 which includes £98,600 in donations from local businesses, £4,567 in gift aid, £43,075 in personal donations, and £5,833 in grant from the Steve Morgan Foundation.
Investment performance
The charity does not hold any investments.
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CHESHIRE CONNECT LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
Internal and external factors
Everything we do at Cheshire Connect is based on our values. We work closely with a number of partners. Local Government, Cheshire Constabulary, the Church and local charitable trusts are key stakeholders in Cheshire and play an important part in our work. As we strive to better understand our local communities it is evident that securing funding and resources is increasingly challenging, whilst demand continues to increase for services offered by charities and community organisations.
We offer five main types of skills exchanges: Short-term projects, or Quick Fixes; Longer-term projects involving a range of professional skills; and, sourcing Trustees, Mentors, or Critical Friends to deliver longer term ongoing support; Leadership development; and, targeted support through the Transform Programme.
Our team of Business Connectors develop strong relationships with voluntary sector organisations and local businesses. We work with voluntary sector organisations to identify which business skills and expertise will improve outcomes for them and their service users. Simultaneously we give local businesses an opportunity to offer Employer Supported Volunteering (ESV) experiences. Our service is aimed at providing a meaningful opportunity for employees to expand and develop their range of skills and experience whilst they use their business expertise to make a difference to the local community.
Over the next financial year, we want to also focus on intensive strategic support for a number of charities that need to rapidly expand their services to meet the demand post pandemic. The ‘Transform Programme’ will allow us to support these charities in the ways that will give them focused strategic support over an eighteen month period.
Financial review
The results for the year are shown in the Statement of Financial Activities.
Income for the year has increased to £152,191 (2022: £130,479) with a decrease in expenditure to £125,693 (2022: £129,084).
This leaves total funds at 30 April 2023 of £83,235 of which £nil is restricted (2022: £56,737, of which £nil was restricted).
Reserves policy
Cheshire Connect Limited needs reserves for the following reasons:
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Covering unforeseen day-to-day operational costs.
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A source of income, such as grant, not being renewed. Funds might be needed to give the trustees time to action if income falls below expectations.
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Planned commitments that cannot be met by future income alone, such as plans for an asset purchase or funds for a significant project that requires Cheshire Comment Limited to provide matched funding.
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The need to fund short-term deficits in a cash budget.
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The aim is to have sufficient funds to cover employee's salaries for three months.
Structure, governance and management
The charity has a Board of Trustees which meets regularly and is responsible for the strategic direction and policy of the charity. At present the Board comprises the four trustees and the CEO, Martin Howlett.
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.
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CHESHIRE CONNECT LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr CP Sykes
Mr TD Briggs Ms VL Nuttall (Resigned 20 October 2022) Mrs SJ Verity (Resigned 20 October 2022) Ms KL Francis Mr R Mckay (Appointed 17 November 2022)
Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purposes of charity law and are known as members of the Management Committee.
All trustees give their time voluntarily and receive no benefits from the charity.
The trustees' report was approved by the Board of Trustees.
Mr TD Briggs
Trustee
29 September 2023
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CHESHIRE CONNECT LIMITED
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHESHIRE CONNECT LIMITED
I report to the trustees on my examination of the financial statements of Cheshire Connect Limited (the charity) for the year ended 30 April 2023.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mr N S Jenkins FCA
c/o UHY Hacker Young St John's Chambers Love Street Chester Cheshire CH1 1QN
Dated: 29 September 2023
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CHESHIRE CONNECT LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income and endowments from: Donations and legacies 3 146,242 5,833 Investments 4 116 - Other income 5 - - Total income 146,358 5,833 Expenditure on: Charitable activities 6 119,860 5,833 Net income for the year/ Net movement in funds 26,498 - Fund balances at 1 May 2022 56,737 - Fund balances at 30 April 2023 83,235 - |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 152,075 126,110 4,167 116 2 - - 200 - 152,191 126,312 4,167 125,693 112,060 17,024 26,498 14,252 (12,857) 56,737 42,485 12,857 83,235 56,737 - |
Total 2022 £ 130,277 2 200 |
|---|---|---|
| Donations and legacies 3 Investments 4 Other income 5 Total income Expenditure on: Charitable activities 6 Net income for the year/ Net movement in funds Fund balances at 1 May 2022 Fund balances at 30 April 2023 |
||
| 130,479 | ||
| 129,084 | ||
| 1,395 55,342 |
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| 56,737 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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CHESHIRE CONNECT LIMITED
BALANCE SHEET
AS AT 30 APRIL 2023
| Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Unrestricted funds - general |
2023 £ 14,048 72,605 86,653 (3,860) |
£ 442 82,793 83,235 83,235 83,235 |
2022 £ 4,500 55,320 59,820 (3,672) |
£ 589 56,148 |
|---|---|---|---|---|
| 56,737 | ||||
| 56,737 | ||||
| 56,737 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 April 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 29 September 2023
Mr TD Briggs
Trustee
Company registration number 08050352
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CHESHIRE CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
1 Accounting policies
Charity information
Cheshire Connect Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is St John's Chambers, Love Street, Chester, Cheshire, CH1 1QN.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing documents, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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CHESHIRE CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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CHESHIRE CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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CHESHIRE CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
3 Donations and legacies
| Unrestricted Restricted funds funds general 2023 2023 £ £ Donations and gifts 146,242 - Grants receivable - 5,833 146,242 5,833 |
Total Unrestricted Restricted funds funds general 2023 2022 2022 £ £ £ 146,242 126,110 - 5,833 - 4,167 152,075 126,110 4,167 |
Total 2022 £ 126,110 4,167 |
|---|---|---|
| 130,277 |
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CHESHIRE CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
| 4 | Investments | ||
|---|---|---|---|
| **Unrestricted ** | Unrestricted | ||
| funds | funds | ||
| general | general | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Interest receivable | 116 | 2 | |
| 5 | Other income | ||
| **Total ** | Unrestricted | ||
| funds | |||
| general | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Other income | - | 200 | |
| 6 | Charitable activities | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Staff costs | 109,506 | 118,879 | |
| Depreciation and impairment | 147 | 196 | |
| Sundry expenses | 16,040 | 10,009 | |
| 125,693 | 129,084 | ||
| 125,693 | 129,084 | ||
| Analysis by fund | |||
| Unrestricted funds - general | 119,860 | 112,060 | |
| Restricted funds | 5,833 | 17,024 | |
| 125,693 | 129,084 |
Fees payable to the independent examiner for the year ended 30 April 2023 relating to the independent examination of the financial statements are £1,560 (2022: £1,560).
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CHESHIRE CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
7 Employees
| Employment costs Wages and salaries Social security costs Other pension costs |
2023 Number 5 2023 £ 102,650 3,845 3,011 109,506 |
2022 Number 6 |
|---|---|---|
| 2022 £ 79,933 33,225 5,721 |
||
| 118,879 |
There were no employees whose annual remuneration was more than £60,000.
8 Trustees
There were no trustees' remuneration or other benefits for the year ended 30th April 2023 nor for the year ended 30th April 2022.
There were no trustees' expenses paid for the year ended 30th April 2023 nor for the year ended 30th April 2022.
9 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
10 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Equipment | |
| £ | |
| Cost | |
| At 1 May 2022 | 2,243 |
| At 30 April 2023 | 2,243 |
| Depreciation and impairment | |
| At 1 May 2022 | 1,654 |
| Depreciation charged in the year | 147 |
| At 30 April 2023 | 1,801 |
| Carrying amount | |
| At 30 April 2023 | 442 |
| At 30 April 2022 | 589 |
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CHESHIRE CONNECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
11 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Other debtors Prepayments and accrued income |
2023 £ 14,048 - 14,048 |
2022 £ - 4,500 |
| 4,500 |
There are £nil contingent assets in the year ending 30 April 2023 (2022 - £5,833).
12 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other taxation and social security Other creditors Accruals and deferred income |
2023 £ 1,873 428 1,559 3,860 |
2022 £ - - 3,672 |
| 3,672 |
13 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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