Greenacres Community Association CIO Charity No. 1169731 Trustees, Report and Unaudited Accounts 31 March 2024
Greenacres Community Association CIO Trustees Annual Report Greenacres Community Association The trustees present their report with the unaudited financial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Charity No. 1169731 Principal Office Greenacre5 Community Centre Galland Street Greenacres Oldham OL43EU Trustees The following trustees served during the year.. Karen Ashley Secretary Jim Carrigan Rachel Graham Anna Kennedy Sue Lakenby Reddy Lenge Steven Molloy Joanne Whiteley Val Wyn Treasurer Chair Accountants Pennine Accounting Limited 109A Church Street Littleborough Lancashire OL15 8AA Bankers Virgin Money Iformerly The Yorkshire Bank) 47 Market Place Oldham OLI 3AD Pae 2
Greenacres Comrnunity Associatlon CIO Trustees Annual Report Partnership Work GCA ha5 a wide range of strong collaborations, both IDng 5t3nding and more recent partnerships. GCA continue5 to work in key partnerships with Action Together, Oldham Life Long Learning, Workers Educational Association, Oldham Play Action Group, Men Behaving Dadly, Oldham Council, East Oldham District Team, GCA are one of Oldham's Community Health Champions group. GCA is a partner with Action Together in the distribution of Household Support Funding with small grants and shopping vouchers. GCA also operates a small food pantry for people struggling due to the cost of living GCA operates a community fridge to reduce food waste and receives regular donations from ALDI and occasional items other supermarkets. Asset Transfer GCA continues to work towards asset transfer of the building from Oldham CoLJncil. The process is ongoing but has been agreed in principle by both partiès. FINANCIAL REVIEW GCA has net unrestricted fund surplus in the year, after transfer to cover deficits on restricted funds. This stands at £ 10,727 and unrestricted reserves at the year end were £ 195,036 The trustees have reviewed GCAS need for reserves in line with guidance issued by the Charity Commission and have therefore designated this to meet £IOO,000 planned expenditure as match for Community Ownership Fund application if this Is successful. The trustees consider that, in addition, GCA requires at least six months running cost5 should be retained to ensure that the CIO can run efficiently and continue to work to meet the needs of its users. After deducting the above designated funds. the balance of unrestricted Igenerall reserves at the year end met this target. This policy will be renewed annually by the trustees. It is the opinion of the Trustees of GCA that the current assets are adequate to meet its obligations on a fund by fund basis. Conclusion GCA has continued to maintain and develop its work in accordance with its agreed priorities. The above report has been prepared in accordance with the provision applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP IFRS 1021 Pa%e 4
Greenacres Community Association CIO Trustee5 Annual Report The trustees meet bi-monthly. All meetings are minute. Centre Manager (Job Share) also attend these meetings. In addition GCA h35 finance and personnel subgroups meeting as required. The trustees include representatives from group based at or running from the centre. The trustees are responsible for the strategic direction and development and implementation of policies within the organization. Day to day management Is delegated to the Centre Manager (lob Share) Policies to achieve objective5 GCA meets these aims through the employment of a core team, se55ional and casual pool of staff and the development of working partnerships with other agencies across the borough. GCA also works with and volunteers. GCA has a full and active commitment to equality of opportunity. GCA is committed as an equal opportunities employer to eliminating all forms of discrimination. whether based on race, gender, disability, sexual orientation age or religious belief, both through the work of the organisation and through the implementation and review of its, equal opportunities policy. GCA plays an active role in challenging such forms of discrimination The trustees have had regard to the Charity Commission guidance on public benefit. Statement of tru5tees' responsibilities in relatlon to the financial statements The charity trLJStees are responsible for preparing a tru5tees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prarticel. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for Safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the charity's trustees Karen Ashley Trustee 10 December 2024 PaRe 6
Greenacres Community Association CIO Statement of Financial Activities for the year ended 31 March 2024 Unrestricted funds Restricted funds Total funds Total funds 2024 2024 2023 2024 Note5 Income and endowments from: Donations and legacies Charitable activitie5 987 987 329 100,341 125,348 225,689 195,780 Total 101,328 125,348 226,676 196,109 Expenditure on: Charitable activities 90,601 110,542 201,143 184,859 Total 90,601 110,542 201,143 184,859 Net gains on investment5 Net income 10,727 14,806 25,533 11,250 Transfers between funds Net income before other gainslllossesl 10,727 14,806 25,533 11,250 Other gains and losses Net movement in funds 10,727 14,806 25,533 11,250 Reconciliation of funds: Total funds brought forward 184,309 380 184,689 173,439 Total funds carried forward 195,036 15,186 210,222 184.689 Paie 8
Greenacres Communlty Associatlon CIO Notes to the Accounts for the year ended 31 March 2024 l Accounting policles 8a5is of preparation The financial statements have been prepared in accordarice with Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Change in basis of accounting or to previous accounts There has been no change to the accounting policies (valuation rules and method of accountingl since last year and no changes have been made to account5 for previous years. Fund accounting Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purpose5. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted fund5 Income Recognition of income Income 15 included in the Statement of Financial Activities ISOFAI when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and Voluntary income received by way of Erants, donations and gifts is included in the the SOFA when receivable and only when the Charity ha5 unconditional entitlement to the income. Income from tax reclaims is included in the SOFA at the same time as the donations and gifts giftldonation to which it relates. Oonated services These are only included in income Iwith an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonab5y quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income Thi5 is included in the accounts when receivable. Gains11105ses1 on Thi5 includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets legacies Tax reclaims on Gains/llossesl on investment a55etS This includes any gain or loss on the sale of investments. PaRe 10
Greenacres Community Association CIO Notes to the Account5 Research and development Expenditure on research and development is written off in the year in which it Is incurred. Foreign currencies Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. Leased assets Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Lease5 which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finante expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recogni5ed as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basi5. Pension cost5 The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pay5 fixed contribution5 into 3 Separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held Separately from the charity in independently administered funds. Receipt of donated goods. facilities and services All donated goods, facilities and service5 received are recognised within incoming resources and expenditure at an estimate of the value to the charity. PaRe 12
Greenacres Community A550ciation CIO Notes to the Accounts 5 Expenditure on Charitable activitie5 Unrestricted Restricted Total Total 2024 2023 Expenditure on charitoble octivities Grants 110,542 110,542 110,483 74,376 Activities 87,481 3,120 87.481 3,120 Other GovernLTnce costs 90,601 110,542 201,143 184,859 6 Staff c05tS No employee received emoluments in excess of £60,000. 7 Debtors 2024 2023 Trade debtors 13,669 13,669 12091 12091 8 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxes and social security Other creditors Accruals Deferred income 1141 11,3521 848 805 806 9,795 11,456 9,795 9,235 Pae 14
Greenacres Community Association CIO Notes to the Accounts Paper Crafting Re-ordering & re-furbishment of building Intended acquisition of Community Centre building by asset transfer 10 Analysis of net assets between funds Unrestricted funds Restricted Total funds Net current assets 220,017 220,017 19,7951 19,7951 210,222 210,222 11 Reconciliation of net debt At31 March At l April 2023 Cash flows 2024 Cash and cash equivalents 194,133 194,133 13,876 13,876 208,009 208,009 Net debt 194,133 13,876 208,009 Pae 16
Greenacre5 Community Association CIO Detalled Statement of Financial Activities for the year ended 31 March 2024 Unrestricte d funds Restricted funds 2024 Total funds 2024 Total funds 2023 2024 Income and endowments from: Donations and legacies 987 987 329 987 987 329 Charitable activities Grants 15,663 37,395 43,904 3,379 100,341 125,348 141,011 37.395 43,904 3,379 225,689 110,863 35,027 46,696 3,194 195,780 Activities Rental Other 125,348 Total income and endowments 101,328 125,348 226,676 196,109 Expenditure on: Charitable artivities Grants 110,542 110,542 87,481 3,120 201,143 110,483 74,376 Activities 87,481 3,120 90,601 Other 110,542 184,859 Total of expenditure on charitable activities 90,601 110.542 201,143 184,859 Total expenditure Net gains on investments 90,601 110,542 201,143 184,859 10,727 14,806 25,533 11,250 Net income Net income before other gains/llos5e5} Other Gains 10,727 14,806 25,533 11,250 Net movement in funds 10,727 14,806 25,533 11,250 Reconciliation of funds: Total funds brought forward 184,309 380 184,689 173,439 Total funds carried forward 195,036 15,186 210,222 184,689 Pae 18