REPORT OF THE DIRECTORS AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR BANANA ENTERPRISE NETWORK
BANANA ENTERPRISE NETWORK CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Legal and Administrative Informatlon Trustees Report Independent Examlner's Report Statement of Flnancial Activitles Balance Sheet Note8 to the Financlal Statements 9-12
BANANA ENTERPRISE NETWORK LEGAL & ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 CHARITY NAME: Banana Enterprise Network CHARITY REGISTRATION NO: 1161408. The Charity was registered with the Charity Commission on 24 April 2015 COMPANY REGISTRATION NO:. 09133991 (England and Wales) TRUSTEES & DIRECTORS: N Lee (Chair) K Morton S Addison (Deputy Chair) 8 Goulding S Kaneen P Richardson N Tyldesley (resigned 16 July 2024) L Liptrot (appointed 22 Aug 2024, resigned 25 Nov 2024) S Ali (appointed 22 Aug 2024) W Hampton (appointed 22 Aug 2024) P Dandelion (appointed 22 Aug 2024) S Mann (appointed 22 Aug 2024) COMPANY SECRETARY: C Allman REGISTERED OFFICE: Banana Enterprise Network Ltd 14 Reedley Drive Worsley Manchester M28 7XR INDEPENDENT EXAMINER.. Champion Chartered Accountants 1 Worsley Court High Street Worsley M28 3NJ
BANANA ENTERPRISE NETWORK ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the directors and the members of the company, present their annual report and the financial statements of the Banana Enterprise Network Ltd ('the Charity.) for the year ended 31 March 2024. STRUCTURE, GOVERNANCE & MANAGEMENT Governing Document The Charity is a company limited by guarantee. It is governed by the Memorandum and Articles of Association adopted by Special Resolution dated 4 September 2024. The company changed its name from Banana Enterprise Network Ltd to Banana Enterprise Network on 16 September 2024. The company became a registered charity on 24 April 2015. Trustees Under the Articles of Association Trustees shall be appointed for a term of three years at the end of which they shall retire. A director can be reappointed by the directors for a further terms of three years. No director may serve more than nine years unless the directors consider it to be in the best interests of the charity. The Trustees usually meet a minimum of three times a year and are responsible for the day to day management of the charity. There is frequent communication between the Chair and the other Trustees in between meetings. New Trustees have an initial meeting with the Chair of Trustees and following their appointment are given an induction pack which includes the Memorandum and Articles of Association, the most recent financial statements and the Charity Commission guidance document "The Essential Trustee" The charity's insurance policy includes indemnity insurance for the Trustees. Stafflng The charity has only two paid staff, the CEO (full time) and the adminlaccounts officer (part time). The CEO'S job encompasses the roles of Chief Executive, Bid Writer, Community Engagement Officer Communicationslsocial mediallT officer, Business Adviser, Project Manager. The Trustees wish to thank Jayne Allman for undertaking the many roles successfully and appreciate the long and often unsocial hours She works to enable the charity meet its objectives. Christopher Allman is adminlaccountslheritage research officer and works many more hours than he is required to do by the charity. The Trustees realise that this staffing situation is not sustainable in the long term and they believe that if successful in taking over of the Grade11 listed building Rock Hall in Moses Gate Park as the charity's base, (as described later in this report) it would allow access to funding and revenue to support further staffing roles. The Trustees also fully recognise the contribution made by our volunteers to fundraising and activities in the Park. Risk Assessment The Trustees have identrfied and reviewed the major risks to which the Charity is exposed. They have taken steps to control and reduce those risks. OBJECTIVES AND ACTIVITIES Objectlves and Alms and Public Benefit On 20 May 2022, following approval by the Charities Commission, Clause 4 of the company's Articles of Association was changed by Special Resolution to read as follows 4. The objects of the charity are.. 4.1 The prevention or the relief of poverty by (but without prejudice to the generality of the foregoing) providing or assisting in the provision of education, training and other support designed to enable individuals to generate a sustainable income.
4.2 The relief of unemployment for the public benefit in such ways as may be thought fit including assistance to find employment. 4.3 The preservation, restoration, rna1ntenan, repair and improvement of Rock Hall Famworth, a Grade11 listed building and to advance the education of the public in the historical architectural and constructional heritage that exists in and around the said building. 4.4 Such other exclusively charitable purposes as the trustees of the charty shall detemiine from time to time. Our CEO Jayne Allman, worked on the Governments NEA (New Enterprise Allowance) programme as a Business Advisor and saw a gap for essential skills training and pre-start up support particularly focussed towards people facing additional barriers to work. This gap in provision and the number of business failures drove her to the decision to set up a social enterprise in July 2014 (we became a charity in April 2015). At the time of writing the last report in 2023, we had supported 1881 unemployed people with leaming about self-employment, since launching in 2015. Our main focus since 2023 has been on our Rock Hall project work and delivering community activities for people living on low incomes in Farnworth. The Charity operates in deprived areas and communities in Bolton and delivers funded community activities and Heritage Building related projects after starting a project to save and acquire historic Rock Hall which is situated in Moses Gate Country Park. Through this project we have been providing health and wellbeing related activities, educational programmes and other outdoor community activities to help people and their families to reduce anxiety, and be more physically active and reduce social isolation. The Hall is currently owned by Bolton Council but we are working towards acquiring it on behalf of the Community. Rock Hall stands next to the site of Farnworth Paper Mill which closed in 1883. The owner and later the managers of the Paper Mill, lived in Rock Hall. The Hall was subsequently used for Council housing but in 1982 it was reduced in size and turned into a visitor centre and HQ for the Croal Valley Park Rangers Service. In 2014 the Park Rangers were disbanded and the Hall has been empty since then. The object for the charity is to restore the hall to its original size and create a multi-purpose venue including a café, function rooms, heritage room and the hall would also become a centre once again for activities in the Park. ACHIEVEMENTS AND PERFORMANCE 1. Natlonal Lottery Communlty Fund - Adventure Rockg In November 2022 we successfully bid for funding to deliver a project providing an outdoor programme of 25 sessions heritagelwellbeing themed activities for up to 120 low-income familieslsingle parentslolder people (50+) at Moses Gate Country Park (MGCP). We began delivering sessions in January 2023. We delivered some of the sessions ourselves, but we also jointly delivered some with specialist providers (Bolton Conservation Volunteers for example). The project was successfully completed by November 2023 2. Bolton CVS - Tackling loneliness through arts and creatlvlty Our Charity's bid in May 2023 to Bolton CVS for funding to deliver 4 art painting sessions in Moses Gate Country Park for up to 30 residents was successful. Participants were invited to paint a picture of Rock Hall. All equipment was provided free of Gharge. The sessions were supported by a specialist artist (member of Bolton Art Circle) and his colleague, who gave their advice to participants. At the end of each sessions the public voted for their "Rock Hall Artist of the Year 2023). The winning painting was painted by a local elderly resident. The resident very kindly donated her painting to our Charity afterwards. 3. Coalfield Trust and Sport England Our Charity was awarded funding for delivering funded outdoor activities including for example, playing games such as Badminton, Quoits, target sports such as Archery and also including Balsam bashing and walks in the park for example. Thanks to the funding from both organisations we were able to purchase all the equipment we needed for the project, which can also be used for future activities in the park too.
- Coop Community Fund Our Charity was chosen to be part of the next round of the Co-op Local Community Fund in October 2023 and will run for 12 months until 19 October 2024. During this time, Co-op Members will be able to choose our charity as their cause and help us to raise funds for our project work. The amount of funding raised will depend on the number of Co-op members who choose our charity.
- Bolton CVS - Small Grants programme and Greener and Cleaner Grant In 2023, our Charity bid for some funding to deliver more health and wellbeing related activities in the park. We began working with a new Archery Provider which worked very well and the Archery sessions were oversubscribed. Thanks to the grant, we were also able to purchase our own soft play axe throwing equipment suitable for children and adults. As a result of the Greener Grant awarded by Bolton CVS to our Chairty, we were able to establish an "edible" community garden within Moses Gate Country Park. We worked with Bolton Conservation Volunteers and local residents. The project provided fe training on growing vegetables and created a raised bed for planting the veg etc. Fruit treeslbushes were also planted.
- Government Funding - Communlty Ownership Fund {COF) December 2022 In December 2022 we were awarded £295,000 for the Rock Hall project. This was very exciting for our charity. The project began almost immediately, then in early June 2023, the project was 'paused' by the Government's COF team, pending the result of our £4million National Lottery Heritage Fund bid. The reason for that was because for the next stage of the project, the COF team required our charity to have additional "match funding" that was not as stated on the original grant agreement from the Government. The pausing of the project left Jayne Allman without her paid job as Operations Manager for that project. Thankfully we were successful with our joint funding bid to the National Lottery Heritage Fund in September 2023 and the COF project resumed in December 2023 and will end in December 2024.
- Rock Hall Revlval Project We submitted our 2n¢ funding bid to the National Lottery Heritage Fund (NLHF) in May 2023 for almost £4million, following our successful Expression of Interest application in March 2023. The bid was considered at the 13th September 2023 committee meeting. The bid was a joint submission with Bolton Council after taking on board the feedback our Charity received from the NLHF after our failed 1 ilt attempt at securing funding. The feedback from the NLHF Committee in 2022 (our first attempt) was that they were very iMpSSed with our Charity, the amount of work we had done and the level of community engagement and support etc. They also recognised the amazing joumey we have been on since we started our Save Rock Hall project in
- The bid was strong and we were close to being funded. However, the NLHF Committee requested more clarity about how the project would be delivered in partnership with Bolton Council. We have been working in partnership with the Council to meet the requirements of the NLHF and Charity decided to reapply. Our joint funding bid was submitted in May 2023. On 14th September 2023, we received the amazing news that the National Lottery Heritage Fund had accepted our joint funding bid with Bolton Council and jointly awarded us funding of £466,662 towards the £753,162 needed to complete the Development stage of the project. Our Charity had raised £295,000 towards it from the COF fund, a small proportion of which had been spent. We received permission to start the project in early February 2024 and work began immediately. At the time of writing this report, we are currently delivering the project as per the Project Programme The capital related work (emergency repairs to the Hall and establishing a room for some "meanwhile use") began in October 2024 and should be completed by January 2025 Once the Development stage is completed successfully, we can apply for the remaining £3.2million to complete the Delivery Phase of the project. It is a huge achievement for our small Charity after working five years on our project to save Rock Hall. GOVERNANCE REVIEW As part of our Rock Hall revival project, one of the activities we said we would deliver, is a Govemance Review of our Charity. This review was undertaken by an independent specialist funded by the National Lottery Heritage Fund. Work began in March 2024 and is now compSete.
FUTURE PLANS The charity constantly seeks to identify gaps in provision of senrfices in order to meet community 'needs' and help prevent poverty. We also seek fundinglcommercial opportunities to enable us the capacity to build and grow. Our Rock Hall project will provide a massive opportunity for our Charity to grow, create jobs, provide much needed facilitieslactivities for the community and generate income which we can use to support local people in need. We are therefore still focussing more on heritage and health and wellbeing activities for the foreseeable future, whilst also exploring other commercial income ideas. FINANCIAL REVIEW Reserves Pollcy and Golng Concern The Trustees policy is to maintain unrestricted reserves of at least 12 months basic running expenses. The policy is reviewed annually. At the year end the unrestricted reserves were to £22,325 which is approximately 6 months basic running expenses. However the Trustees have expectations that over period of time the reserves can be raised to the 12 months level. RESPONSIBILITIES OF TRUSTEES The Charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., obsen4e the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that 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 Part 15 of the Companies Act 2006 relating to small companies. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irguIar1ties. APPROVED ON BEHALF OF THE BOARD: N Lee - Chair of Trustees Date:22 December 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BANANA ENTERPRISE NETWORK I report on the accounts of the charity for the year ended 31 March 2024 which are set out on pages 7 to 12. Respectlve responsibilltles of Trustees and examlner The charity's Trustees are responsible for the preparation of the financial statements. The charity's Trustees consid8r that an audit is not requirad for thls year under section 144(2) of th8 Charities Act 2011 (the 2011 Act) and that an indep8nd8nt examination is needed. It 18 my responsibility to: examine the accounts under section 145 of the 2011 Act follow the procedur8s laid down in the General Directions given by the Charity Commission und8r section 145(5)(b) of the 2011 Act; arKJ state whether partlcular matters have come to our attentlon. Basls of Independent examlner's report My examination was carried out in accordance with the General Dlrections given by the Charity Commission. An examination includes a raview 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 explanation from you as Trustees conceming such matters. The procedures undertaken do not provide all the evidence that would be requlred in an audit, and consequently no opinlon 18 given as to whether the accounts pr8sent a rue and falr view. and the report is limlted to those matters Set out in the next ststement. Independent examlner's statement Your attention 18 drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charltl88 preparing thelr report in accordance wlth the Flnancial Reportlng Standard applicabl8 in the UK and the Republic of Ireland (FRS 102) in preference to the Accounting and Reportlng by Charlties Statement of Recommended Practice Sssued on 1 April 2005 whlch is r8ferred to in the 8xtsnt regulations but has now been withdrawn. l understand that this has been done in order for the financial statements to provide a true and fair vlew in accordance with Generally Accept8d Accountlng Practice affective for reporting periods beginning on or after 1 January 2015. In connection wlth my examination, no Matter has come to my attention; (1) which gives me reasonable cause to believe that in any material respect the requirernents: to keep accountlng records in accordance wlth section 130 of the 2011 Act; and to prepare financial statements whlch accord wlth the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or (2) to whlch in my opinion, attention shouSd be drawn in order to enable a propar understsnding of the financial statements to be reached. Mark Tumer FCA Champion Accountants LLP The Institute of Chartered Accountants in England and Wales 1 Worsley Court High Street Worsley Manchester M28 3NJ Dated .' 22 December 2024
BANANA ENTERPRISE NETWORK STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 (including the Income and Expenditure Account for the year) Year ended 31.3.24 31.3.24 31.3.24 31.3.23 31.3.23 Notes Unrestricted Restricted Total Unrestricted Restritted Funds Funds Funds Funds Funds Year ended 31.3.23 Total Funds INCOME FROM Donations Interest received 458 322 458 322 2,983 20 2,983 20 Charltsble Actlvltles Other income Grants and contracts 1,822 1,162 1,822 106,740 107,902 990 1,950 990 32,734 30,784 TOTAL INCOME 3,764 106,740 110,504 5,943 30,784 36,727 EXPENDITURE ON Charitable activities 311 79,871 80,182 37,457 37,389 74,846 TOTAL EXPENDITURE 311 79,871 80,182 37,457 37,389 74,846 NEf INCOME/EXPENDITURE 138,119) FOR THE YEAR 3,453 26,869 30,322 (31,5141 {6,6051 (38,119) Total funds brought forward 11 19,494 8,000 27,494 51,008 14,605 65,613 TOTAL FUNDS CARRIED FORWARD 22,947 34,869 57,816 19,494 8,000 27,494 The statement of financial activities includes all gains and losses in the year. All income and expenditure derive from continuing activities The notes on pages 9 to12 fom part of these financial statements.
BANANA ENTERPRISE NETWORK BALANCE SHEET AT 31 MARCH 2024 31.3.24 Total Funds 31.3.23 Total Fund5 Notes Unrestricted Funds Restricted Fund5 FIXED ASSETS Tangible fixed assets Investments 621 621 932 624 624 935 CURRENT ASSETS Debtors Cash at bank 4,781 26,166 30,947 14,959 19,910 34,869 19,740 46,076 65,816 20,304 28,804 49,108 CREDITORS Amounts falllng due within one year NET CURRENT ASSETS 4,536 26,411 4,536 61,280 16,008 33,100 34,869 CREDITORS Amounts falling due after more than one year 10 4,088 4,088 6,541 TOTAL NET ASSETS 22,947 34,869 57,816 27,494 ACCUMULATED FUNDS Funds 11 22,947 34,869 57,816 27,494 TOTAL FUNDS 22,947 34,869 57,816 27,494 The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year 8nd8d 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The directors acknowl8dge their responsibilities for., (a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordanc8 with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies. The financial statements were approved by the Board of Trustees on 22 December 2024 and were signed on its behalf by: N Lee- Director The notes on pages 9 to 12 fonn part of these financial statements
BANANA ENTERPRISE NETWORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1. ACCOUNTING POLICIES Accounting convention The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard (FRS 102), and on a Going Concem basis, and with the Charities Act 2011. Group Accounts Consolidated accounts have not been prepared on account of the fact that the group qualifies as 'small' under the Companies Act. Fund Accountlng Unrestricted funds can be used in accordance with the objectives of the charity at the discretion of the trustees. Restricted funds comprise funds received for specific project purposes. A Designated fund has been created for tangible fixed asset purchases. Income All income is included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Expenditure Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Fixed Assets The company has purchased office and computer equipment but does not capitalise individual items of equipment costing less than £1,250. Depreciation is recognised so as to write off the cost of an asset over its useful life as follows.. Equipment 20°h straight line Taxation The charity is exempt from corporation tax by reason of its charitable status. 2. NET INCOME The net income is stated after charging,. Year ended 31.3.24 Year ended 31.3.23 Wages and salaries Independent Examiner's remuneration 44,017 39,033 3. TRUSTEES REMUNERATION AND EXPENSES There was no remuneration or expenses paid to Trustees
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- continued 4. GRANTS & CONTRACTS RECEIVABLE Year ended 31.3.24 Total Funds Year ended 31.3.23 Total Funds Unrestricted Funds Restricted Funds Community Ownership fund Bolton Community & Voluntary Seniices National Lottery Community Fund Bolton Council English Sports Council National Lottery Heritage Fund Coalfields Regeneration Trust Pilgrim Trust Malcolm Hewitt Associates Architectural Heritage Fund Miscellaneous contracts 17,895 22,835 19,999 10,000 10,620 9,649 5,000 5,000 4,167 17,895 22,835 19,999 10,000 10,620 9,649 5.000 5,000 4,167 17,605 630 9,999 2,050 106.740 106,740 32,734 5. EXPENDITURE Year ended 31.3.24 Total Funds Year ended 31.3.23 Total Funds Unrestricted Funds Restricted Funds Charltsble Activltles Wages and salaries & Nl Heritage activity providers Professional fees Activity equipment and materials Event costumes and refreshments Heritage items Repairs and renewals Computer expenses Training course expenses Catering van expenses Sundry expenses Telephone Post & stationery Independent Examiner Travelling Loan interest Insuran Bank charges Equipment depreciation 44,017 11,930 2,450 9,221 879 3,631 704 3,991 44,017 11,930 2,450 9,221 879 3,631 704 3,991 39,033 5,561 10,300 4,998 3,265 3,483 314 1,586 528 185 1,080 1,390 413 540 1,236 258 244 121 311 74,846 811 216 187 270 996 197 266 105 311 80,182 811 216 187 270 996 197 266 105 311 80,182 10
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- continued 6. TANGIBLE FIXED ASSETS Equipment Total Cost At 1 April 2023 At 31 March 2024 1,554 1,554 1.554 1,554 Depreciation At 1 April 2023 Charged in the year At 31 March 2024 622 311 933 622 311 933 Net Book Value At 31 March 2024 621 621 7. INVESTMENTS 31.3.24 31.3.23 Subsidiary company The charity has a wholly owned subsidiary company, Banana Enterprise Ltd. The subsidiary has not traded. A bank account was opened for the subsidiary and £1,100 was transferred in from the charity's main bank account. This was in anticipation of significant non-primary purpose trading which did not in fact occur. During the year the subsidiary's bank account was closed following the transfer of £1,100 back to the charity's main account. The aggregate of capital and reserves for Banana Enterprise Ltd. at 31 March 2024 was £3. 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade Debtors Subsidiary company HMRC Prepayments 14,959 17,605 1,100 4,291 490 19,740 1,600 20,305 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Bank loan Trade Creditor Other creditor Accruals 2,453 1,050 283 750 4.536 2,453 12,400 675 480 16,008
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024- contlnued 10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.24 31.3.23 Bank loan 4,088 6,541 11. MOVEMENT IN FUNDS At 1.4.23 Incoming Outgoing Transfers At 31.3.24 Restricted funds Restricted income.. Community Ownership fund Bolton CVS National Lottery Community Fund 8,000 Bolton Council English Sports Council National Lottery Heritage Fund Coalfields Regeneration Trust Pilgrim Trust Malcolm Hewitt Associates Miscellaneous contracts 17.895 22,835 19,999 10,000 10,620 9,649 5,000 5,000 4,167 1,575 17,895 7,964 8,000 10,000 10,620 9,649 5,000 5,000 4,167 1,575 14,871 19,999 8,000 106,740 (79,870) 34,870 Deslgnated fund Fixed Asset Fund 932 (311) 621 Unrestrlcted funds General Fund 18,562 3,763 (311) 311 22.325 27,494 110,503 (80,181) 57,816 Restrlcted funds The purpose of the charity's heritage projects is to increase people's wellbeing and employment opportunities in the deprived area of Farnworth in Bolton borough. The purpose of the charity's training projects is to provide training, information and support to unemployed persons from deprived areas to help them access self*mployment. These projects served clients in Salford, Bolton and Hattersley. 12. LIMITED BY GUARANTEE The company is limited by guarantee and consequently does not have a share capital. 12