Charity Registration No. 1162716
Company registration No. 08489974
TIPTON COMMUNITY ASSOCIATION LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
TIPTON COMMUNITY ASSOCIATION LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr B Williams |
|---|---|
| Mr P Allen | |
| Mr P Richards | |
| Secretary | Mr P Allen |
| Charity Number | 1162716 |
| Company Number | 08489974 |
| Registered Office | Brook Street Community Centre |
| Brook Street | |
| Tipton | |
| West Midlands | |
| DY4 9DD | |
| Independent Examiner | Bytheway & Co Accountants |
| Heame House | |
| 23 Bilston Street | |
| Sedgley | |
| Dudley | |
| West Midlands | |
| DY3 1JA |
TIPTON COMMUNITY ASSOCIATION LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees report | 1-2 |
| Independent Examiners Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6-12 |
TIPTON COMMUNITY ASSOCIATION LIMITED TRUSTEES REPORT (INCLUDING Directors' report) FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their report and financial statements for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in Note1 of the accounts and comply with the Charity's commissioners, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Objectives and activities
The main objectives of the Charity are to secure, maintain and further develop the facility currently known as Brook Street Community Centre in Tipton, and also to organise events and functions to improve the quality of life for the inhabitants of Tipton and the neighbourhood and to advance the education of the public in the leisure activities available within the area.
To further benefit the residents of Tipton in the metropolitan borough of Sandwell, West Midlands and the neighbourhood without distraction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interest of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for the residents.
The stated objectives will achieve the longer term strategy of the Charity.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
In addtion to developing activities and social welfare services both at and from the Community Centre, the Charity has undertaken many major events which include the annual Santa's Sleigh tour and other general activities.
The Management Committee and other volunteers donate their time free of charge to the Charity and the Trustees wish to place on record their thanks and appreciation for their efforts.
Achievements and performance
The main event during the year was Santa's Sleigh which was allowed to go ahead along with other Christmas events taking place with social distancing.
Financial Review
The Trustees are mindful that there has been a surplus in funds during the year due to receipts of government grants exceeding expenditures which was lower due to the pandemic. The Trustees will continue to review activities in the current year in order to have sufficient funding levels to continue with the progress that has already been achieved.
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TIPTON COMMUNITY ASSOCIATION LIMITED TRUSTEES REPORT (INCLUDING Directors' report) Continued FOR THE YEAR ENDED 31 MARCH 2023
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure. Although the level of reserves have fallen this year, the Trustees are fully committed to maintaining adequate levels of reserves in the forthcoming period.
Each year, the Trustees carry out a risk assessment, upon the activities undertaken in order to safeguard the assets of the Charity. The trustees intend to review the assessment each year in order to maintain the effectiveness of any measures implemented as a result of the assessment.
The trustees intend to continue to advance the principal aims of the Charity and explore alternative avenues in order to achieve further progress in the future.
Structure, governance and management
The Charity is a company limited by guarantee.
The Trustees, who are also 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 B Williams (resigned 6 February 2023) Mr P Allen Mr P Richards Mrs P Bagley (resigned 26 July 2022)
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding-up.
The organisational structure will be of standard registration of other charities.
The Charity maintains links and works with any and all parties who have an interest in the furtherance of its charitable objectives.
The Trustees report was approved by the Board of Trustees on 11 June 2024.
Mr P Allen
Trustee
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TIPTON COMMUNITY ASSOCIATION LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TIPTON COMMUNITY ASSOCIATION LIMITED
Independent Examiners Report to the trustees of Tipton Community Association Ltd.
This report on the financial statements of the Community Association for the year ended 31 March 2023 set out on the following pages is in respect of an examination carried out in accordance with the requirements of the Companies Act 2006.
Respective responsibilities of the trustees and the examiner
As members you are responsible for the preparation of the financial statements; and consider that the audit requirement of s144(2) of the Charities Act 2011 (the Act) does not apply and that an independent examination is needed. It is my responsibilty to examine the accounts under s145 of the Act, state on the basis of procedures specified in the General Directions given by the Charities Commissioners under s145(5)(b) the Act, and state whether particular matters have come to my attention.
Basis of independent examiners' report
My examination was carried out in accordance with the General Directions under s145(5)(b) of the Act. That examination includes a review of accounting methods kept by the Trustees and a comparison of the accounts presented with these records.
It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning 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 present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiners' statement
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect, the requirements:
to keep accounting records in accordance with s130 of the Act; and
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act and regulations have not been met, or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Bytheway and Co.
Bytheway & Co Chartered Certified Accountants Heame House 23 Bilston Street Sedgley Dudley DY3 1JA
3
TIPTON COMMUNITY ASSOCIATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Notes Income from: Donations and legacies 2 Charitable activities 3 Government grants 4 Total Income Resources expended Charitable activities 5 Total Expenditure Total funds brought forward Net income/(expenditure) for the year Total funds carried forward |
Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 £ £ £ £ 5,000 10,000 15,000 975 63,574 - 63,574 34,565 4,501 - 4,501 31,340 73,075 10,000 83,075 66,880 56,435 24,924 81,359 75,680 56,435 24,924 81,359 75,680 (24,591) 41,203 16,612 25,412 16,640 (14,924) 1,716 (8,800) (7,951) 26,279 18,328 16,612 2023 |
|---|---|
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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TIPTON COMMUNITY ASSOCIATION LIMITED BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2023
Company No. 08489974
| Notes Fixed Assets Tangible assets 9 Current Assets Investments 10 BSCC Trading Ltd Cash at bank and in hand Creditors:amounts falling due within one year 11 Net Current Assets Total assets less current liabilities Net Assets Funds of the charity Unrestricted Funds Restricted Funds |
£ £ £ £ - 954 1 1 14,191 10,591 17,442 7,465 31,634 18,057 (13,306) (2,399) 18,328 15,658 18,328 15,658 18,328 16,612 (7,951) (15,404) 26,279 23,216 18,328 7,812 2022 2023 |
|---|---|
The charity is entitled to the exemption from the audit requirement contained in s477 of the Companies Act 2006, for the year ended 31st March 2023.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing the financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 which otherwise comply with the requirements of the Compnies Act 2006 relating to financial statements, so far as applicable to the company.
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
Mr P Allen - Trustee
….................................................................
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TIPTON COMMUNITY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Tipton Community Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Brook Street Community Centre, Brook Street, Tipton DY4 9DD, United Kingdom.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charitys' governing document, 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)" (as amended for accounting periods commencing from 1 January 2016). The Charity is a public Benefit Entity s defined by FRS 102.
The Charity has taken advantage of the provisions in the Statement of Recommended Practice (SORP) for charities applying FRS 102 update Bulletin 1 not to prepare a Statement of Cash Flow.
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. The principal accounting policies 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. Therefore 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 unless the funds have been designated for other purposes. 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 Incoming resources
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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TIPTON COMMUNITY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31 MARCH 2023
1.4 Incoming resources - continued
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discount, VATand other sales related taxes.
1.5 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 basis:
Plant and machinery
15% Straight Line
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 net income/expenditure for the year.
1.6 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).
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually,and whenever there is an indication that the asset may be impaired.
1.7 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 with borrowings in current liabilities.
1.8 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 its financial instruments.
Financial instruments are recognised in the Charitys' 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.
Impairment of financial assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
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TIPTON COMMUNITY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31 MARCH 2023
1.8 Incoming resources - continued
If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in net (expenditure)/income for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in net (expenditure)/income for the year.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, are settled, or when the Charity transfers the financial assets and subsequently all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classed 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.
Dercognition of financial liabilities
Financial liabilities are derecognised when the Charitys' contractual obligations expire or are discharged.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the empployee'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.
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TIPTON COMMUNITY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31 MARCH 2023
| 2. Donations and legacies Donations and gifts 3. Income from charitable activities Minibus and photocopier Carnival, canal festival, santa's sleigh 4. Government grants Grants Total Income |
2022 Unrestricted Restricted Funds Funds Total Total £ £ £ £ 5,000 10,000 15,000 975 5,000 10,000 15,000 975 - - - - 63,574 - 63,574 34,565 63,574 - 63,574 34,565 4,501 4,501 31,340 4,501 - 4,501 31,340 73,075 10,000 83,075 66,880 2022 |
|---|---|
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TIPTON COMMUNITY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31 MARCH 2023
| 5 Charitable activities Projects Mini bus and photocopier Hire and activities Events expenses Publicity expenses Share of governance costs note 6 6 Support costs Staff costs Depreciation Rates Insurance Light and heat Repairs and maintenance Postage and stationery Telephone Sundry expenses Accountancy Analysed between Charitable activities |
2022 Charitable Recharge Expenditure Total Total £ £ £ £ - - - - 1,985 - 1,985 4,404 9,194 - 9,194 5,620 3,631 - 3,631 7,628 114 - 114 335 14,924 - 14,924 17,987 10,000 56,435 66,435 57,693 24,924 56,435 81,359 75,680 2022 Restricted Governance Funds Costs Total Total £ £ £ £ 10,000 43,882 53,882 36,370 - 954 954 1,620 - 613 613 - - 1,845 1,845 2,591 - 2,619 2,619 6,675 - 2,740 2,740 4,745 - 676 676 491 - 895 895 859 - 771 771 3,162 - 1,440 1,440 1,180 - - - 10,000 56,435 66,435 57,693 10,000 56,435 66,435 57,693 2023 2023 |
|---|---|
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year.
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TIPTON COMMUNITY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31 MARCH 2023
8. Employees
Number of Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries Pension costs 9. Fixed Assets Tangible Cost As at 1 April 2022 Additions As at 31 March 2023 Depreciation As at 1 April 2022 Charge for year As at 31 March 2023 Net Book Value as at 31 March 2023 10. Current asset investments Unlisted investments |
£ £ Plant & Motor Machinery vehicles 12,089 6,211 - - 12,089 6,211 11,135 6,211 954 - 12,089 6,211 - - 2023 |
2023 2022 Number Number 5 5 2023 2022 £ £ 53,180 35,754 702 616 53,882 36,370 2022 £ £ Total Total 18,300 18,300 - - 18,300 18,300 17,346 15,726 954 1,620 18,300 17,346 - 954 2023 2022 1 1 |
|---|---|---|
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TIPTON COMMUNITY ASSOCIATION LIMITED NOTES TO THE FINANCIAL STATEMENTS Continued FOR THE YEAR ENDED 31 MARCH 2023
| 11. Creditors: amounts falling due in one year Other creditors Accruals and deferred income 12. Analysis of net assets between funds |
2023 2022 £ £ 10,650 1,199 2,656 1,200 13,306 2,399 |
|---|---|
| Fund balances as at 31 March 2023 are represented by:- Tangible assets Current assets/liabilities |
Unrestricted Restricted 2023 2023 2023 2022 £ £ £ £ - 0 - 954 18,328 0 18,328 15,658 18,328 - 18,328 16,612 |
|---|---|
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