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← Gfs Community Enterprise

2024-03-31-accounts

GFS Community Enterprise

Company registration number: 10042412 Charity Number: 1169462

Trustees’ Report and Financial Statements

For the Year Ended 31 March 2024

GFS Community Enterprise Trustees’ Report and Financial Statements For the year ended 31 March 2024

Contents

Contents
Page:
Trustees and Professional Advisors 1
Trustees’ Report
Chair’s Statement 2
Financial Review 3
Structure, Governance and Management 4-5
Statement of Responsibilities 6
Independent Examiner’s Report 7
Financial Statements
Statement of Financial Activities 8
Balance Sheet 9
Statement of Cash Flows and Net Debt Analysis 10
Notes to the Financial Statements 11-20

GFS Community Enterprise Trustees’ Report For the year ended 31 March 2024

Trustees

Philippa Goff Helen Thomson (Chair) Howard Metcalf Jacqueline Simpson Jane South Peter Atkinson Susan Flattery (appointed 3[rd] January 2024) Emily Jones (appointed 23[rd] April 2024) Jonathan Morgan (resigned 15[th] May 2024)

Registered Office

1st Floor 51a St Paul’s Street Leeds LS1 2TE

Independent examiner

Sally Appleton Saffery LLP 10 Wellington Place Leeds LS1 4AP

Bankers

Santander Bootle Merseyside L30 4GB

Solicitors

Wrigleys 3[rd] Floor 3 Wellington Place Leeds LS1 4AP

Page 1

GFS Community Enterprise Trustees’ Report For the year ended 31 March 2024

Chair’s Statement

It has been another successful year for The Old Fire Station and on behalf of the Board, I am proud to present the Trustees’ Report and Financial Statements for the year ended 31 March 2024. Each year we are building on the knowledge of what works and what we can do to increase the number and range of local people coming into The Old Fire Station. The range of services and activities offered at The Old Fire Station, and our positive engagement with local communities, are a credit to all staff, volunteers, and trustees. We also want to say a huge thank you to Jonathan Morgan, who has stepped down from the GFS Board, as his three terms of office finish this year. His commitment, ideas and belief in what The Old Fire Station could become has been a big factor in us being able to realise our vision and getting us to where we are today.

We continue to monitor the impact of The Old Fire Station as a community and family hub, with many case studies capturing the value of services and activities, all of which help to build community involvement throughout all we do. There have been some changes in the occupancy of tenants, and we are looking at how we can expand capacity on site, with plans for the repurposing of the garage to a community room. We will be in a position to tell you more about what we have achieved on this in next year’s report.

The Old Fire Station has continued to strengthen partnerships with all organisations housed in the building and others in Gipton; working together to deliver support for the wellbeing of the community. The focus is on community-based health, digital inclusion partnerships, and volunteering across organisations through Meet Me At The Old Fire Station.

The Old Fire Station continues to be seen as a safe place to come to and we are a designated safe space for support, help and a place to meet. We are always looking for opportunities to ensure that the setting remains welcoming to all, and for how we can improve the experience of people visiting and using our building.

Helen Thomson Chair of Trustees

Page 2

GFS Community Enterprise Trustees’ Report For the year ended 31 March 2024

Financial Review

Review of financial activity

The financial statements have been prepared in accordance with the Companies Act 2006 and Charities Act 2011. The company has adopted FRS102 and complies with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (effective 1 January 2019).

During the year net outgoing resources of £68,000 (2023: £50,000) were deducted from the restricted funds and an unrestricted deficit of £4,000 (2023: £11,000 surplus) was realised during this period of operation resulting in the net assets of the company decreasing by £72,000 (2023: £39,000). The company’s total funds amounted to £2,391,000 (2023: £2,463,000) at 31[st] March 2024 of which the net book value of the building is £2,224,000.

Reserves Policy

The policy of the company is to maintain sufficient capital in order to carry out its charitable objectives.

Unrestricted free general reserves: The Trustees are committed to holding general reserves to ensure that the core activities of GFS will continue into the future. The Trustees consider the range of unrestricted free general reserves required are represented by the following 2 scenarios: 1) GFS ceases to operate and the legal obligations to pay which would be incurred; and 2) GFS needs to implement a turnaround plan and the running costs which would be needed during this period taking in to account any income which is secure.

This gives a target range of reserves of £28,000 to £38,000. The Trustees report that the free general reserves of the Charity (our unrestricted reserves less our fixed assets) at 31[st] March 2024 have increased to £33,000 (2023: £27,000). Designated reserves of £17,000 (2023: £27,000) are “ring-fenced” and no longer form part of free general reserves.

Designated reserves: Designated funds are those unrestricted funds which have been set aside by trustees for an essential spend or future purpose. These funds are then ‘ring-fenced’ and no longer form part of unrestricted general funds. During 2024 the trustees have designated £nil (2023: £12,000) to the fund for maintenance of the building. Further amounts will be designated into this maintenance fund when the financial results and the free general reserves position allow. It is expected that this designated reserve will be spent on major items of maintenance which are expected to occur over the next 10 years as the building ages.

Restricted Reserves: The composition of, and movement in, restricted reserves is shown in note 12 to the financial statements. The restricted funds at the year-end were either held in the form of cash in bank accounts, current assets or in fixed assets - property.

Page 3

GFS Community Enterprise Trustees’ Report For the year ended 31 March 2024

Structure, Governance and Management

Legal and Administrative details

The company was incorporated on 3[rd] March 2016 as a company limited by guarantee with registered company number 10042412. It is a registered charity under the Charities Acts 2011, registration number 1169462. Community Foundation for Leeds (referred to throughout as Leeds Community Foundation) is the sole member of this company. The principal and registered office is Leeds Community Foundation, 1st Floor, 51a St Paul’s Street, Leeds, LS1 2TE.

Principal Activity

The company was set up to purchase, develop and operate the former fire station in Gipton as a community and enterprise hub. Gipton Fire Station opened in 1937 and closed its doors for service as an active fire station in 2015 having played a significant role in the local community for 75 years. Working with the community, Leeds Community Foundation facilitated the funding of the purchase and renovation of the building using grants from Jimbo’s Fund – the legacy of local entrepreneur Jimi Heselden. Born and brought up in East Leeds, Jimi went on to run a number of successful businesses but never forgot the importance of “giving back”. Between 2010 and 2013, Jimi donated substantial funds to enable Leeds Community Foundation to make grants to community organisations in the local area.

During the period since incorporation, on 3[rd] March 2016, the company has purchased the old fire station at Gipton and renovated the site with this work being completed in July 2017. The site – known as The Old Fire Station – opened to the general public in September 2017 as a Community and Enterprise Hub. It is home to a number of primarily Third Sector tenants including charities and social enterprises. In addition, it has a community café open for tenants, visitors and the general public and a range of meeting rooms available for hire by the local community, charities, and businesses on a graded hire rate. GFS has worked collaboratively with a number of the tenants to deliver projects in the local area that are in line with GFS’s charitable objectives.

The charitable objectives of the company are to own and manage a building to enable tenants to provide the following services:

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning activities.

Page 4

GFS Community Enterprise Trustees’ Report For the year ended 31 March 2024

Structure, Governance and Management (continued)

Trustees

The trustees are appointed by the Board of Trustees. The Articles of Association allow for a minimum of 3 trustees and a maximum of 10. LCF, for so long as it is the sole member, shall be entitled at any time by written notice to the Charity to appoint and/or remove any person or persons as a Trustee or Trustees. One third (or the number nearest one third) of the Trustees must retire each year, those longest in office since their last appointment retiring first. A retiring Trustee who remains qualified may be reappointed until they have served a maximum of nine years. Additional trustees have been appointed during this period to broaden the skills of the Board.

Meetings

The Board of Trustees meet regularly to agree the broad strategy and areas of activity of the company. At the meetings, the Trustees are regularly updated on the range of activities and the associated financial budget and performance.

Policies and Procedures adopted for the Recruitment, Induction and Training of Trustees

The Board keeps the skill requirements for the Trustee Body under review. Any recruitment of new Trustees is undertaken by open advertisement and through a dialogue with interested parties. When an individual expresses an interest in becoming a Trustee, an initial meeting is held with the Chair. References are sought and a proposal to appoint a new Trustee is submitted to the Board for approval. Once an appointment has been made, the newly elected Trustee undergoes an induction programme. The Charity keeps up to date with key developments and training is provided to Trustees as and when required.

Risk Factors

The Trustees actively review the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Fundraising

The company does not use a professional fundraiser or commercial participator to raise funds and we do not directly approach individual members of the public. Local press campaigns are used to raise awareness of our work and advise people how to donate should they wish to do so. During the period, no complaints have been received about our fundraising activities. Our fundraising practices comply with Charities Act 2011, the Charities (Protection and Social Investment) Act 2016, and the Code of Fundraising Practice.

The Future

We will continue our engagement with the community to develop The Old Fire Station and ensure that the setting remains as welcoming today as it has always been and seek to improve it to make it even better. When the financial results and the free general reserves position allow, we will continue to build our designated reserve for maintenance of the building.

Page 5

GFS Community Enterprise Trustees’ Report

For the year ended 31 March 2024

Trustees’ Responsibilities Statement

The trustees (who are also directors of GFS Community Enterprise for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law 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 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 these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees on 12 August 2024.

Helen Thomson

Chair of Trustees

On behalf of GFS Community Enterprise

Page 6

GFS Community Enterprise Independent Examiner’s Report to the members of GFS Community Enterprise For the year ended 31 March 2024

Independent examiner’s report to the trustees of GFS Community Enterprise

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Respective responsibilities of trustees and examiner

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the Company 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also 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 examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for 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).

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 accounts to be reached.

Signed:

Name: Sally Appleton Institute of Chartered Accountants England and Wales Address: Saffery LLP 10 Wellington Place, Leeds, LS1 4AP

Date: 04/10/24

Page 7

GFS Community Enterprise Statement of Financial Activities For the year ended 31 March 2024

Unrestricted
Funds
Notes
£'000
Income and endowments from:
Donations
2
1
Charitable activities
3
-
Other trading activities
4
181
Investments
5
_
Total
187
_
Expenditure on:
Charitable activities
5,6
161
Other
7
30
_
Total
191
_
Net (loss)/income
(4)
_
Net movement in funds
12
(4)
Reconciliation of funds:
Total funds brought forward
54
_
Total funds carried forward
50
___ _ __		 Restricted
Funds
£'000
-
92
1
-
_
93
_
161
-
_
161
_
(68)
_
(68)
2,409
_
2,341
__ ____		 Total
Funds
2024
£'000
1
92
182
5
_
280
_
322
30
_
352
_
(72)
_
(72)
2,463
_
2,391
 Total
Funds
2023
£'000
-
89
162
2
_
253
_
266
26
_
292
_
(39)
_
(39)
2,502
_
2,463

All activities related to continuing operations.

All gains and losses recognised in the period are included above.

The statement of financial activities also complies with an income and expenditure account for Companies Act purposes.

Page 8

GFS Community Enterprise Balance Sheet

As at 31 March 2024

Notes
2024
£'000
Fixed assets
Tangible fixed assets
8
Current assets
Debtors
9
36
Cash at bank and in hand
228
_
264
Liabilities:
Creditors: amounts falling due
within one year
10
(97)
_
Net current assets
Net assets
11
Funds
Restricted funds
12
Unrestricted funds: General
12
Unrestricted funds: Designated
12
Total funds		 2023
£'000
£'000
2,224
19
208
_
227
(55)
_________
167
_________
2,391
 _
2,341
33
17
__
2,391
 ____		 £'000
2,291
172
___
2,463
__ _
2,409
27
27
__
2,463
 ____

The notes on pages 11-20 form part of these financial statements.

For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The trustees have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies’ subject to the small companies’ regime.

Approved by the Trustees on 12 August 2024 and signed on its behalf by:

Helen Thomson

Chair of Trustees

Page 9

GFS Community Enterprise Statement of Cash Flows and Net Debt Analysis For the year ended 31 March 2024

Cash flows from operating activities:
Net loss for the financial period
Adjustments for:
Depreciation charges
Dividends and interest from investments
Increase in debtors
Increase/(Decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Dividends and interest from investments
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of period
Cash and cash equivalents at the end of the period		 2024
£'000
(72)
67
(5)
(17)
42
_
15
5
___
5
20
208
___
228
 ____		 2023
£'000
(39)
68
(2)
(3)
(22)
_
2
2
___
2
4
204
___
208
 ____

Net Debt Analysis

Cash
Total		 At 1 Apr
2023
£’000
208
___
208
_ __ ___		 Cash
flows
£’000
20
_

20
_ __ ___		 At 31 Mar
2024
£’000
228
_

228
_ __ ___

Page 10

GFS Community Enterprise 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 Statement of recommended Practice ‘Accounting and Reporting by Charities’ (effective 1 January 2019) and applicable United Kingdom accounting standards including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Going concern

The board of Trustees have considered the financial position of the charity and based on a review of forecasts and available funds, have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of the financial statements and annual report.

Income

All incoming resources are included in the Statement of Financial Activities when the company is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Charitable activities - Grant income is recognised based on the performance model and recognised when performance criteria have been met.

Donations and legacies - Voluntary income is received by way of grants, donations and gifts (including donations in kind). These amounts are included in full in the Statement of Financial Activities in the year in which they are receivable.

Rental income - income from a tenant’s leases or from a licence to occupy is recognised on an accruals basis in accordance with this policy.

Expenditure

All expenditure is accounted for on an accruals basis. No costs need to be apportioned to activities as all costs can be directly attributed to specific activities.

Charitable activities - Costs incurred specifically in the ownership, development, and operation of The Old Fire Station in Gipton.

Other costs - Costs incurred in connection with governance and compliance with constitutional and statutory requirements. These costs include costs related to independent examination and legal fees.

Fixed assets

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of the assets over their expected useful lives on a straight-line basis.

Land & Buildings 2.5%
Office Furniture and equipment 25%
IT Equipment 33%

Fund accounting

Monies earmarked by donors, or by the terms of an appeal for particular projects, are accounted for separately, as a Restricted Fund. The notes to the accounts show the movements and balances on any such restricted funds. Unrestricted funds may be spent on any legitimate charitable aim, as laid down in the company’s Memorandum & Articles of Association.

Page 11

GFS Community Enterprise Notes to the Financial Statements For the year ended 31 March 2024

1 Accounting policies (continued)

Reserves

Unrestricted free general reserves: The Trustees are committed to holding general reserves to ensure that the core activities of GFS will continue into the future. There is a calculated range of reserves against which the actual reserves will be measured at each year end.

Designated reserves: Designated funds are those unrestricted funds which have been set aside by trustees for an essential spend or future purpose. These funds are then ‘ring-fenced’ and no longer form part of unrestricted general funds.

Restricted reserves: Trustees consider for what purpose restricted funds are held and ensure they are being spent in accordance with the funding agreement setting out the restrictions.

Financial instruments

The provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 are applied to all financial instruments.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity held for working capital.

Debtors and other assets

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end 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. The impairment loss is recognised in the income and expenditure account.

Creditors, loans and provisions

Creditors, loans and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial Liabilities are only derecognised when, and only when, obligations are discharged, cancelled or they expire.

Amounts recognised as provisions are best estimates of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Judgements and estimates

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates based on the physical condition of the assets.

Page 12

GFS Community Enterprise Notes to the Financial Statements For the year ended 31 March 2024

2 Donations

Unrestricted funds:
Donations received		 2024
£'000
1
_
1
 ____		 2023
£'000
-
_
-
 ____

3 Charitable activities: income

Restricted funds:
Healthy Holidays
Meet Me At The Old Fire Station
Small grants
Bike Friendly
Digital Inclusion
Household Support
Veolia – garage conversion
Locality
Other trading activities
Unrestricted funds:
Rental income received
Events income
Restricted funds:
Events income		 _

 2024
£'000
-
11
12
2
-
20
37
10
_
92
__ ____
2024
£'000
179
2
__
181
1
___
182
_		 2023
£'000
21
11
8
-
40
9
-
-
_
89
 _
2023
£'000
160
2
__
162
-
_
-
__ ____

4 Other trading activities

Page 13

GFS Community Enterprise Notes to the Financial Statements For the year ended 31 March 2024

5 Charitable activities: costs

Unrestricted funds:
Property running costs
Salaries and social security costs
Other support and administration costs
Restricted funds:
Property running costs
Activity based costs
Activity based costs: salaries
6 Staff costs and remuneration
Salaries
Pension costs		 2024
£'000
79
41
41
_
161
70
59
32
___
161
___
322
 _
2024
£'000
72
1
__
73
 ____		 2023
£'000
59
32
36
_
127
71
57
11
___
139
___
266
 _
2023
£'000
42
1
__
43
 ____

The average number of employees during the year was 3 FTE (2023: 2 FTE). No employee (2023: 0) had total employee benefits (excluding employer pension costs and national insurance costs) of more than £60,000. During this year and the prior year, no Trustees received remuneration, and none were reimbursed for travel and other expenses.

7 Other costs

Unrestricted funds:
Legal and professional costs
Independent Examiner’s remuneration		 2024
£'000
27
3
___
30
__ ____		 2023
£'000
23
3
_
26
 ____

Trustees have not charged any expenses in relation to governance.

Page 14

GFS Community Enterprise Notes to the Financial Statements For the year ended 31 March 2024

8 Fixed assets

Cost
Opening balance at 1 April 2023
Closing balance at 31 March 2024
Depreciation
Opening balance at 1 April 2023
Charge for the year
Closing balance at 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023

Land and
Buildings
£'000
2,658
_
2,658
_
368
66
______
434
 ____
2,224
__
2,290
_ __ ___
Office
equipment
£'000
53
_
53
 _
52
1
______
53

 Office
equipment
£'000
53
_
53
 _
52
1
______
53

 IT
equipment
£'000
17
_
17
 _
17
-
______
17


 IT
equipment
£'000
17
_
17
 _
17
-
______
17


 _









_
_
__ ___
-
 __ ___
1
_ __ ___		 __
_

-
_ __ ___
-
_ __ ___

Page 15

GFS Community Enterprise Notes to the Financial Statements For the year ended 31 March 2024

9 Debtors

Trade debtors
Prepayments and accrued income		 2024
£'000
29
7
__
36
__ ____		 2023
£'000
9
10
__
19
__ ____

10 Creditors: amounts falling due within one year

Trade creditors
Accruals and deferred income
VAT Liability
NI/PAYE		 2024
£'000
6
82
8
1
__
97
__ ____		 2023
£'000
4
42
9
-
__
55
__ ____

Included in accruals and deferred income is £36,000 (2023: £28,000) of rental income received in the year that relates to future periods, and £28,000 (2023: £nil) of grant income received in the year that relates to activities taking place in future periods.

Deferred income Analysis

Deferred income
Total		 At 1 Apr
2023
Movement
£’000
£’000
28
36
_
_________
28
36
__
_ __ ___		 At 31 Mar
2024
£’000
64
___
64
_ __ ___

Page 16

GFS Community Enterprise Notes to the Financial Statements For the year ended 31 March 2024

11 Analysis of Net Assets between Funds

Current year
Unrestricted
Funds
£'000
Fixed assets
-
Current assets
36
Current liabilities
(69)
Cash
83
_
Net Assets
50
 _
Prior year
Unrestricted
Funds
£'000
Fixed assets
-
Current assets
17
Current liabilities
(55)
Cash
92
__
Net Assets
54
 ____		 Restricted
Funds
Year Ended
31 March
2024
£'000
£'000
2,224
2,224
-
36
(28)
(97)
145
228
_
_________
2,341
2,391
 _
_
Restricted
Funds
Year Ended
31 March
2023
£'000
£'000
2,291
2,291
2
19
-
(55)
116
208
_
_
2,409
2,463
 _
_ __

Page 17

GFS Community Enterprise Notes to the Financial Statements For the year ended 31 March 2024

12 Movement in Funds

Current year
Unrestricted funds: General
Unrestricted funds: Designated
Total Unrestricted funds
Restricted funds:
Jimbo’s Fund
Small grants
Bike Friendly
Meet Me At The Old Fire Station
WYH Targeted Prevention
Strategic: Resilience
Household Support
Digital Inclusion
Veolia
Locality
Total Restricted funds
Total Funds		 At 1 April
2023
£'000
27
27
_
54
 _
2,363
-
-
-
2
4
1
39
-
-
__
2,409
 ____
2,463
 Income Expenditure
£'000
£'000
187
181
-
10
_
_________
187
191
 _
_
-
70
13
11
2
1
11
11
-
1
-
4
20
20
-
34
37
1
10
8
_________
_________
93
161
 _
_ __
280
352

 Transfer
£'000
-
-
_
-
 _
-
-
-
-
-
-
-
-
-
-
__
-
 ____
-
 At 31
March
2024
£'000
33
17
___
50
__ _
2,293
2
1
-
1
-
1
5
36
-
______
2,341
__ ____
2,391

Jimbo’s Fund – grant received to enable the purchase and fund the renovation of The Old Fire Station. Costs primarily relate to depreciation.

Digital Inclusion Fund - to help promote the benefits of being online to digitally excluded people in the community.

Household Support Fund – to distribute food vouchers to people in the community.

Veolia Fund – for the conversion of the garage to a community space.

Page 18

GFS Community Enterprise Notes to the Financial Statements For the year ended 31 March 2024

12 Movement in Funds (continued)

Prior year
At 1 April 2022
£'000
Unrestricted funds
28
Unrestricted funds - designated
15
_
Total Unrestricted funds
43
 _
Restricted funds:
Jimbo’s Fund
2,434
Healthy Holidays
-
Small grants
1
Season of Light
2
Bike Friendly
-
Meet Me At The Old Fire Station
6
Covid Prevention Project
16
WYH Targeted Prevention
-
Strategic: Resilience
-
__
Total Restricted funds
2,459
 ____
Total Funds
2,502
 Income Expenditure
164
153
-
-
_
_________
164
153
 _
_
-
71
21
21
8
9
-
2
11
11
-
4
-
12
9
8
40
1
_________
_________
89
139
 _
_ __
253
292

 Transfer
(12)
12
_
-
 _
-
-
-
-
-
-
-
-
-
__
-
 ____
-
 At 31
March
2023
£'000
27
27
___
54
__ _
2,363
-
-
-
-
2
4
1
39
______
2,409
__ ____
2,463

13 Related Party Transactions

During the year, an amount of £22,275 (2023: £16,578) was payable to Leeds Community Foundation for finance and administration services, of which £nil (2023: £nil) was owed by GFS Community Enterprise to Leeds Community Foundation as at 31 March 2024.

Healthy Holidays grants from Leeds Community Foundation totalling £2,362 were received in 2023/24, of which £2,362 was deferred to 2024/25.

14 Pensions

GFS has registered as an employer with the NEST workplace pension scheme. The assets of the scheme are held separately to those of GFS in independently administered funds. The pension charge in the year represents contributions to the NEST pension scheme and amounted to £1,300 (2023: £1,000). There were no outstanding contributions at 31 March 2024 (2023: £nil).

Page 19

GFS Community Enterprise Notes to the Financial Statements For the year ended 31 March 2024

15 Comparative Statement of Financial Activities (incorporating statutory income & expenditure account) for the year ended 31 March 2023

Unrestricted
Funds
£'000
Income and endowments from:
Donations
-
Charitable activities
162
Other trading activities
2
_
Total
164
_
Expenditure on:
Charitable activities
127
Other
26
_
Total
153
_
Net loss
11
_
Net movement in funds
11
Reconciliation of funds:
Total funds brought forward
43
_
Total funds carried forward
54
___ _ __		 Restricted
Funds
£'000
89
-
-
_
89
_
139
-
_
139
_
(50)
_
(50)
2,459
_
2,409
__ ____		 Total
Funds
2023
£'000
89
162
2
_
253
_
266
26
_
292
_
(39)
_
(39)
2,502
_
2,463

Page 20