Charity registration number 1166307
NEW GENERATION COMMUNITY TRUST
BLACKFEN COMMUNITY LIBRARY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr C Regan | |
|---|---|---|
| Ms J Wright | ||
| Mr J West | ||
| Ms C Stevens | ||
| Ms F Alade | (Appointed 4 July 2022) | |
| Charity number | 1166307 | |
| Principal address | Blackfen Community Library | |
| 7-9 Blackfen Parade | ||
| Blackfen | ||
| Kent | ||
| DA15 9LU | ||
| Independent examiner | Colin Dadswell FCA FCCA DChA | |
| Caladine Limited | ||
| Chantry House | ||
| 22 Upperton Road | ||
| Eastbourne | ||
| East Sussex | ||
| BN21 1BF | ||
| Bankers | Lloyds Bank plc | |
| Butler Place | ||
| Chelmsford | ||
| Essex | ||
| CM1 1JS |
NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 15 |
NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
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 constitution, the Charities Act 2011 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
The charity's objectives are:
1) To advance education through the provision of a public library and to provide facilities in the interests of social welfare for recreation and leisure-time occupation with the object of improving the condition of life for these inhabitants.
2) To relieve those in need in the London borough of Bexley and its surrounding neighbourhood, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Details of the activities which took place during the year are given in the separate 'Annual Report' document filed alongside these accounts.
Financial review
The unrestricted funds showed a surplus for the year of £32,059 leaving unrestricted funds of £169,862 at the year end.
The charity also held restricted funds of £29,449 at the year end.
Reserves policy
Any reserves at the end of the financial year will be allocated to provide a strategic reserve for the enhancement of the library facilities for the community with agreement from the Trustees.
The priority for any reserves generated will be to create a reserve for the enhancement of the library facilities for the community. The Trustees expect that a reserve of 10 to 15 percent of income should ideally be maintained for a contingency.
Risk assessment
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a Charitable Incorporated Organisation governed by a constitution dated 31 March 2016, registered with the Charity Commission in England and Wales, registration number 1166307.
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr C Regan Ms J Wright Mr J West Ms J Dubbey Ms C Stevens Ms F Alade
(Retired 4 July 2022)
(Appointed 4 July 2022)
- 1 -
NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Charity Trustees are responsible for the general control and management of the charity. The Trustees give their time freely and receive no remuneration or other financial benefits.
The Trustees meet together, as a body, quarterly and are responsible for all decisions taken in relation to running the charity, the community facilities and the activities provided by the charity. To assist in the smooth running of the charity, the Trustees have set up responsibilities. The day-to-day management of the charity, community facilities and projects are delegated to staff.
Induction and Training of Trustees
Following appointment, new trustees are introduced to their new role and given copies of the Trust Deed and a guide to the policies and procedures adopted by our charity. A number of publications from the Charity Commission are also provided, including the guidance on charities and public benefit. This ensures that new trustees are aware of the scope of their responsibilities under the Charities Act. Initially, new trustees work with an existing trustee assisting on particular activities and projects run by the charity. After satisfactory feedback from existing trustees, they are then given the task of leading a particular activity or project, reporting progress at Trustees’ meetings.
The trustees' re p ort was a p proved by the Board of Trustees.
.............................. Ms C Stevens Trustee
17/1/2024 Date: .............................................
- 2 -
NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2023
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 3 -
NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF NEW GENERATION COMMUNITY TRUST
I report to the trustees on my examination of the financial statements of New Generation Community Trust (the charity) for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of 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
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Colin Dadswell FCA FCCA DChA
Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF
Dated: .........................
- 1 -
NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||||
|---|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | ||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | ||||
| Notes | £ | £ | £ | £ | £ | £ | |||
| Income from: | |||||||||
| Donations and | |||||||||
| legacies | 3 | 47,249 | 62,742 | 109,991 | 120,504 | 40,387 | 160,891 | ||
| Charitable activities | 4 | 5,463 | - | 5,463 | 5,358 | - | 5,358 | ||
| Other trading | |||||||||
| activities | 5 | 110,443 | - | 110,443 | 63,209 | - | 63,209 | ||
| Investments | 6 | 657 | - | 657 | 6 | - | 6 | ||
| Total income | 163,812 | 62,742 | 226,554 | 189,077 | 40,387 | 229,464 | |||
| Expenditure on: | |||||||||
| Raising funds | 7 | 38,992 | - | 38,992 | 22,811 | - | 22,811 | ||
| Charitable activities | 8 | 93,611 | 41,540 | 135,151 | 82,168 | 31,290 | 113,458 | ||
| Total expenditure | 132,603 | 41,540 | 174,143 | 104,979 | 31,290 | 136,269 | |||
| Net incoming resources | |||||||||
| before transfers | 31,209 | 21,202 | 52,411 | 84,098 | 9,097 | 93,195 | |||
| Gross transfers | |||||||||
| between funds | 17 | 850 | (850) | - | 6,598 | (6,598) | - | ||
| Net income for the year/ | |||||||||
| Net movement in funds | 32,059 | 20,352 | 52,411 | 90,696 | 2,499 | 93,195 | |||
| Fund balances | at 1 April | ||||||||
| 2022 | 137,803 | 9,097 | 146,900 | 47,107 | 6,598 | 53,705 | |||
| Fund balances at 31 | |||||||||
| March 2023 | 169,862 | 29,449 | 199,311 | 137,803 | 9,097 | 146,900 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY STATEMENT OF FINANCIAL POSITION AS Af31 MARCH 2023 2023 2022 Flxed assets Fumilure, equipment and sofvare Curront assots Trade and other CVable8 Cash al bank and in hand 5.378 3.777 11,100 134,384 199.243 199,243 15,3101 145.484 12.361) Curront Ilabllltlo8 Nel curfgnt assets 193,933 143,123 Total assets less current liabilibes 199,311 146,900 Income funds Restricted funds Unrestricted funds 29,449 169,862 9,097 137,803 199,311 146,900 171112024 The financial stslements v4* approved by the Trustees on .... .. . Mr Trustee sl
NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
New Generation Community Trust is a Charitable Incorporated Organisation governed by its constitution. The Charity's principal address is Blackfen Community Library, 7-9 Blackfen Parade, Blackfen, DA15 9LU.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011 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)". 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 applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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 adopted are set out below.
1.2 Going concern
At the time of approving the accounts, 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 accounts.
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.
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.
Revenue 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 discounts.
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NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 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.
Liabilities are recognised when a constructive obligation exists, the payment is probable and the obligation can be measured or estimated reliably.
Resources expended are allocated to the particular cost centre to which they relate and include irrecoverable VAT.
1.6 Furniture, equipment and software
Furniture, equipment and software 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:
Furniture, equipment and software 25% 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 the statement of financial activities.
1.7 Impairment of non-current 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.
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NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies (Continued)
Basic financial assets
Basic financial assets, which include trade and other receivables 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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables 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 payables 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 payables 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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NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3 Donations and legacies
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Donations and gifts | 10,520 | - | 10,520 | 1,455 | - | 1,455 |
| Grants received | 36,729 | 62,742 | 99,471 | 119,049 | 40,387 | 159,436 |
| 47,249 | 62,742 | 109,991 | 120,504 | 40,387 | 160,891 |
4 Charitable activities
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Sale of books | 1,810 | 2,780 |
| Venue hire | 3,653 | 2,578 |
| 5,463 | 5,358 |
- 5 Other trading activities
| Unrestricted | Unrestricted | Unrestricted | Unrestricted | ||
|---|---|---|---|---|---|
| funds | funds | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Events | 5,918 | 2,990 | |||
| Café income | 104,525 | 60,219 | |||
| Other trading activities | 110,443 | 63,209 | |||
| 6 | Investments | ||||
| Unrestricted | Unrestricted | ||||
| funds | funds | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Interest receivable | 657 | 6 |
- 10 -
NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
7 Raising funds
| Unrestricted | Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Fundraising and publicity | ||||||
| Advertising | 282 | 456 | ||||
| Trading costs | ||||||
| Café consumables and small equipment | 38,710 | 22,355 | ||||
| 38,992 | 22,811 | |||||
| Charitable activities | ||||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Staff costs | 79,809 | 71,597 | ||||
| Depreciation and impairment | 2,445 | 2,960 | ||||
| Printing and stationery | 4,030 | 3,591 | ||||
| Groups and activities | 8,170 | 5,464 | ||||
| Training costs | 439 | 181 | ||||
| Sundry | 59 | 162 | ||||
| Cleaning and maintenance | 7,588 | 5,856 | ||||
| COVID 19 expenditure | - | 40 | ||||
| 102,540 | 89,851 | |||||
| Share of support costs (see note 9) | 29,855 | 21,987 | ||||
| Share of governance costs (see note 9) | 2,756 | 1,620 | ||||
| 135,151 | 113,458 | |||||
| Analysis by fund | ||||||
| Unrestricted funds | 93,611 | 82,168 | ||||
| Restricted funds | 41,540 | 31,290 | ||||
| 135,151 | 113,458 |
8 Charitable activities
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NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9 Support costs
| Support costs | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Support | Governance |
2023 | Support | Governance |
2022 | ||||||||
| costs | costs | costs | costs | ||||||||||
| £ | £ | £ | £ | £ | £ | ||||||||
| Business rates | 4,198 | - | 4,198 | 1,072 | - | 1,072 | |||||||
| Insurance | 1,149 | - | 1,149 | 891 | - | 891 | |||||||
| IT and telephone | 8,705 | - | 8,705 | 9,599 | - | 9,599 | |||||||
| Utilities | 12,361 | - | 12,361 | 7,869 | - | 7,869 | |||||||
| Bank charges | 1,917 | - | 1,917 | 1,313 | - | 1,313 | |||||||
| Licences and | |||||||||||||
| subscriptions | 1,525 | - | 1,525 | 1,243 | - | 1,243 | |||||||
| Legal and professional | - | 1,300 | 1,300 | - | - | - | |||||||
| Accountancy and | |||||||||||||
| Independent Examination | - | 1,456 | 1,456 | - | 1,620 | 1,620 | |||||||
| 29,855 | 2,756 | 32,611 | 21,987 | 1,620 | 23,607 | ||||||||
| Analysed between | |||||||||||||
| Charitable activities | 29,855 | 2,756 | 32,611 | 21,987 | 1,620 | 23,607 |
Governance costs includes payments to the accountants of £625 (2022: £600) for Independent Examination fees.
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
11 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |||
|---|---|---|---|---|
| Number | Number | |||
| Cafe and Admin | 8 | 9 | ||
| Employment costs | 2023 | 2022 | ||
| £ | £ | |||
| Wages and salaries | 78,451 | 70,587 | ||
| Other pension costs | 1,358 | 1,010 | ||
| 79,809 | 71,597 |
There were no employees whose annual remuneration was more than £60,000.
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NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12 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 Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
13 Furniture, equipment and software
| 13 | Furniture, equipment and software | ||||
|---|---|---|---|---|---|
| Furniture, equipment and | |||||
| software | |||||
| £ | |||||
| Cost | |||||
| At 1 April 2022 | 20,827 | ||||
| Additions | 4,046 | ||||
| At 31 March 2023 | 24,873 | ||||
| Depreciation and impairment | |||||
| At 1 April 2022 | 17,050 | ||||
| Depreciation charged in the year | 2,445 | ||||
| At 31 March 2023 | 19,495 | ||||
| Carrying amount | |||||
| At 31 March 2023 | 5,378 | ||||
| At 31 March 2022 | 3,777 | ||||
| 14 | Trade and other receivables | ||||
| 2023 | 2022 | ||||
| Amounts falling due within one year: | £ | £ | |||
| Other receivables | - | 11,100 | |||
| 15 | Current liabilities | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Other taxation and social security | 3,505 | 896 | |||
| Accruals and deferred income | 1,805 | 1,465 | |||
| 5,310 | 2,361 |
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NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
16 Retirement benefit schemes
Defined contribution schemes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £1,358 (2022 - £1,010).
17 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | ||||
|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources |
Transfers |
Balance at | ||
| 1 April 2022 | resources | expended | 31 | March 2023 | ||
| £ | £ | £ | £ | £ | ||
| National Lottery Community Fund | 9,097 | 61,494 | (41,540) | - | 29,051 | |
| W Kendall | - | 1,248 | - | (850) | 398 | |
| 9,097 | 62,742 | (41,540) | (850) | 29,449 |
Movements for the year ended 31 March 2022
| Movement in funds | Movement in funds | ||||
|---|---|---|---|---|---|
| Balance at | Incoming | Resources |
Transfers | Balance at | |
| 1 April 2021 | resources | expended | 31 | March 2022 | |
| £ | £ | £ | £ | £ | |
| Postcode Lottery | 6,598 | - | - | (6,598) | - |
| National Lottery Community Fund | - | 28,887 | (19,790) | - | 9,097 |
| Bexley VSC | - | 9,500 | (9,500) | - | - |
| Let's Talk podcast | - | 2,000 | (2,000) | - | - |
| 6,598 | 40,387 | (31,290) | (6,598) | 9,097 |
-
Postcode Lottery the trustees agreed that this grant was not restricted so could be used for general expenditure.
-
National Lottery Community Fund this grant from the National Lottery is used to run a variety of activities and invest in the Blackfen Community Hub for the benefit of the local community. Part of the balance remaining at the balance sheet date is reserved to buy a new carpet.
-
Bexley VSC this grant from Bexley Voluntary Service Council was used for three community projects in 2021-22.
Let's Talk - this fund was used to create a pilot podcast with young people.
- 14 -
NEW GENERATION COMMUNITY TRUST BLACKFEN COMMUNITY LIBRARY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
17 Restricted funds (Continued)
W Kendall - this grant received was restricted to the cost of a PA system. Prior to the year end a deposit of £850 was paid with the remainder of the costs being incurred after the balance sheet date. As the PA system has been capitalised, a transfer equal to the value of the amount spent to date has been transferred to Unrestricted funds as the restriction on these funds has been satisfied.
18 Analysis of net assets between funds
| Unrestricted | Unrestricted | Restricted |
Total |
Unrestricted | Restricted |
Total |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Fund balances are represented by: | ||||||
| Property, plant and | ||||||
| equipment | 5,378 | - | 5,378 | 3,777 | - | 3,777 |
| Current assets/(liabilities) | 164,484 | 29,449 | 193,933 | 134,026 | 9,097 | 143,123 |
| 169,862 | 29,449 | 199,311 | 137,803 | 9,097 | 146,900 |
19 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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