# **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 relief of unemployment
- the advancement of education, training, or retraining, particularly among unemployed people, and providing unemployed people with work experience
- the provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help in setting up their own business, or to existing businesses
- the provision of recreational facilities in the interests of social welfare for the public at large or those who by reason of their youth, age, infirmity or disablement, financial hardship, or social and economic circumstances, have need of such facilities
- promoting the efficiency and effectiveness of charities and the effective use of charitable resources
- promotion of the voluntary sector by providing facilities and support
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgments and accounting 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 concern basis unless it is inappropriate to presume that the charitable company 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 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**