BOTM AGM – Friday 20 December Chairs Report
It was another tough year for the Centre, like all Centres across the borough. Funding from Central and local government has reduced as part of cost saving measures across the voluntary sector which has had a knock-on effect to all similar type Centres. However, due to our good financial standing we have been able to continue to grow the number of sessions we offer our community and the variety. We are now close to full regards availability of the Centre. With usage of the Centre running from morning to evening throughout the week. From toddlers right he way through to our more senior service users there are sessions available and once again the BOTM Boxing team won yet another award for their work in the Community. We continue to offer service providers who provide services for children and our older service users, the Centre for free. The number of people using our subsidised pantry continues to grow as we continue to look at ways of helping our community through the cost-of-living crisis. For the third year, we have offered people the use of our Warm Room, where people can get hot food and drinks through the Winter for free.
Staff wise we sadly had to say goodbye to Jane as our Manager. Jane helped build the Centre to the brilliant position it is in now. When we came out of Covid, the Centre was virtually dormant, however, Jane arrived with the new Board, and we have all worked together to make it the success it is today. We all wish Jane well for the future. We were lucky that we managed to get Gillian to replace Jane, who has picked the baton up seamlessly and is already making her mark at the Centre after only a few months. The Centre is in safe hands.
Financially the Centre is in a good place. We report our accounts to the Charity Commission, however, they way the Commission works means we report nearly twelve months behind. So, we have just reported April 23 to April 24. During this time, we agreed as a Board, to invest on many much-needed one-off maintenance projects. The whole Centre had its windows replaced and now has triple glazing which is now protected by new BOTM insignia protectors. The back area was completely re-landscaped and re-designed, and we now have an allweather garden for service users to use, throughout the year and new fencing. The toilets were redesigned and re-painted. All the emergency doors were replaced, and we also now have a new more secure front door. We also replaced the shutters for the garage. We have completely refurbished the interior of the Centre. In total we invested just short of £33,000 on the one-off maintenance and repairs. This led to an operating loss for the year of just short of £31,000. Without doing the one-off repairs we would have made a small profit of around £2,000. This year, which is our next reportable financial year to the Commission, there have been a significantly reduced number of large cost projects. Our main partner Cadent continues to work with us on our Warm Rooms and we are distributing information and running classes on energy saving, dangers of carbon monoxide etc on their behalf. Their investment in the Centre is much appreciated and we thank them for everything they have and continue to do for us.
We can also confirm that we have finally managed to complete a new tenancy lease with the Council which lasts 25 years. This helps the Centre to continue the great work it has been doing for decades to come.
All in all, it has been a very successful year for the Centre in what have been testing times for everyone in the Cost-of-Living Crisis and we will continue to work with our service users and wider Community on finding ways on how to increase what our Centre can offer them.
Chris Furlong – BOTM Chair
Back O'th Moss Community Centre Unaudited Financial Statements
31 March 2024
CLARE SMITH ACCOUNTANCY LTD
Accountants Hooley Bridge Mill Bamford Road Heywood OL10 4AG
Back O'th Moss Community Centre
Financial Statements
Year Ended 31 March 2024
| Contents | Page |
|---|---|
| Management Committee Report | 11 |
| Statement of Income and Retained Earnings | 22 |
| Statement of Financial Position | 33 |
| Notes to the Financial Statements | 55 |
| The following pages do not form part of the financial statements | |
| Detailed Income Statement | 1010 |
| Notes to the Detailed Income Statement | 1111 |
Back O'th Moss Community Centre
Management Committee Report
Year Ended 31 March 2024
The officer presents his report and the unaudited financial statements of the society for the year ended 31 March 2024.
Principal activities
The principal activity of the club during the year was providing community services to OAP's.
Officer
The officer who served the society during the year was as follows:
Mr C Furlong
This report was approved by the management committee on 17 December 2024 and signed on behalf of the board by:
Mr C Furlong Member Registered office: Back O'Th Moss Community Centre 42 Coppy Bridge Drive Rochdale OL16 3AR
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Back O'th Moss Community Centre
Statement of Income and Retained Earnings
Year Ended 31 March 2024
| Year Ended 31 March 2024 | |||
|---|---|---|---|
| 2024 | 2023 | ||
| Note | £ | £ | |
| Turnover | 118,221 | 139,700 | |
| Cost of sales | 31,925 | 7,937 | |
| --------------------------------- | --------------------------------- | ||
| Gross Profit | 86,296 | 131,763 | |
| Administrative expenses | 117,279 | 67,303 | |
| --------------------------------- | --------------------------------- | ||
| Operating (Loss)/Profit | (30,983) | 64,460 | |
| --------------------------------- | --------------------------------- | ||
| (Loss)/Profit Before Taxation | 5 | (30,983) | 64,460 |
| Tax on (loss)/profit | – | – | |
| ----------------------------- | ----------------------------- | ||
| (Loss)/Profit for the Financial Year and Total Comprehensive Income | (30,983) | 64,460 | |
| ======================== ======================== |
|||
| ===== | ===== | ||
| Retained Earnings at the Start of the Year | 101,255 | 36,795 | |
| --------------------------------- | --------------------------------- | ||
| Retained Earnings at the End of the Year | 70,272 | 101,255 | |
| ======================== ======================== |
|||
| ========= | ========= |
These financial statements were approved by the management committee and authorised for issue on 17 December 2024, and are signed on their behalf by:
Mr C Furlong Member
Secretary
The notes on page58585 form part of these financial statements.
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Back O'th Moss Community Centre
Statement of Financial Position
31 March 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | ||
| Fixed Assets | |||||
| Tangible assets | 6 | 4,201 | 4,918 | ||
| Current Assets | |||||
| Debtors | 7 | 491 | 2,029 | ||
| Cash at bank and in hand | 67,736 | 104,232 | |||
| ----------------------------- | --------------------------------- | ||||
| 68,227 | 106,261 | ||||
| Creditors: Amounts Falling due Within One Year | 8 | 2,156 | 9,924 | ||
| ----------------------------- | --------------------------------- | ||||
| Net Current Assets | 66,071 | 96,337 | |||
| ----------------------------- | --------------------------------- | ||||
| Total Assets Less Current Liabilities | 70,272 | 101,255 | |||
| ----------------------------- | --------------------------------- | ||||
| Net Assets | 70,272 | 101,255 | |||
| ======================== | ======================== | ||||
| ===== | ========= | ||||
| Capital and Reserves | |||||
| Profit and loss account | 70,272 | 101,255 | |||
| ----------------------------- | --------------------------------- | ||||
| Members Funds | 70,272 | 101,255 | |||
| ======================== | ======================== | ||||
| ===== | ========= |
The society is satisfied that it is entitled to exemption from the requirement to obtain an audit under section 84 of the Co-operative and Community Benefit Societies Act 2014.
The members have not required the society to obtain an audit of its financial statements for the year in question in accordance with the Act.
The officer acknowledges their responsibilities for:
-
ensuring that the society keeps proper accounting records which comply with section 75 of the Cooperative and Community Benefit Societies Act 2014 (the Act);
-
establishing and maintaining a satisfactory system of its books of accounts, its cash holdings and all its receipts and remittances in order to comply with section 75 of the Act; and
-
preparing financial statements which give a true and fair view of the state of affairs of the society as at the end of the financial year and of its income and expenditure for the year in accordance with the requirements of section 80, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the society.
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The statement of financial position continues on the following page. The notes on page58585 form part of these financial statements.
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Back O'th Moss Community Centre
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the management committee and authorised for issue on 17 December 2024, and are signed on their behalf by:
Mr C Furlong Member
Registration number:
The notes on page58585 form part of these financial statements.
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Back O'th Moss Community Centre
Notes to the Financial Statements
Year Ended 31 March 2024
1. General Information
The society is registered under the Co-operative and Community Benefit Societies Act 2014. The address of the registered office is Back O'Th Moss Community Centre, 42 Coppy Bridge Drive, Rochdale, OL16 3AR.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery - 25% straight line Fixtures & Fittings - 25% straight line Office Equipment - 25% straight line
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Back O'th Moss Community Centre
Notes to the Financial Statements (continued)
Year Ended 31 March 2024
3. Accounting Policies (continued)
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the society are assigned to those units.
Financial Instruments
A financial asset or a financial liability is recognised only when the society becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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Back O'th Moss Community Centre
Notes to the Financial Statements (continued)
Year Ended 31 March 2024
3. Accounting Policies (continued)
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the society during the year amounted to 2 (2023: 2).
5. Profit Before Taxation
Profit before taxation is stated after charging:
| Profit before taxation is stated after charging: | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Depreciation of tangible assets | 4,195 | 3,326 | |
| ======================== | ======================== |
6. Tangible Assets
| Plant and | Fixtures and | Fixtures and | ||||
|---|---|---|---|---|---|---|
| machinery | fittings Motor vehicles | Equipment | Total | |||
| £ | £ | £ | £ | £ | ||
| Cost | ||||||
| At 1 April 2023 | 9,629 | 780 | 1 | 4,088 | 14,498 | |
| Additions | 280 | 2,355 | – | 843 | 3,478 | |
| ------------------------ | ------------------------ | -------------- | ------------------------ | ----------------------------- | ||
| At 31 March 2024 | 9,909 | 3,135 | 1 | 4,931 | 17,976 | |
| ======================== | ||||||
| ======================== | ======================== | ============== | ======================== | ===== | ||
| Depreciation | ||||||
| At 1 April 2023 | 5,833 | 780 | – | 2,967 | 9,580 | |
| Charge for the year | 2,567 | 589 | – | 1,039 | 4,195 | |
| ------------------------ | ------------------------ | -------------- | ------------------------ | ----------------------------- | ||
| At 31 March 2024 | 8,400 | 1,369 | – | 4,006 | 13,775 | |
| ======================== | ||||||
| ======================== | ======================== | ============== | ======================== | ===== | ||
| Carrying amount | ||||||
| At 31 March 2024 | 1,509 | 1,766 | 1 | 925 | 4,201 | |
| ======================== | ||||||
| ======================== | ======================== | ============== | ======================== | ===== | ||
| At 31 March 2023 | 3,796 | – | 1 | 1,121 | 4,918 | |
| ======================== | ||||||
| ======================== | ======================== | ============== | ======================== | ===== |
7. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 490 | – |
| Other debtors | 1 | 2,029 |
| -------------- | ------------------------ | |
| 491 | 2,029 | |
| ============== | ======================== |
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Back O'th Moss Community Centre
Notes to the Financial Statements (continued)
Year Ended 31 March 2024
8. Creditors: Amounts Falling due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors | 66 | 87 | |
| Social security and other taxes | 1,585 | 2,576 | |
| Other creditors | 505 | 7,261 | |
| ------------------------ | ------------------------ | ||
| 2,156 | 9,924 | ||
| ======================== | ======================== |
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Back O'th Moss Community Centre
Management Information
Year Ended 31 March 2024
The following pages do not form part of the financial statements.
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Back O'th Moss Community Centre
Detailed Income Statement
Year Ended 31 March 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Turnover | 118,221 | 139,700 |
| Cost of Sales | ||
| Purchases | 31,925 | 7,937 |
| ----------------------------- | --------------------------------- | |
| Gross Profit | 86,296 | 131,763 |
| Overheads | ||
| Administrative expenses | 117,279 | 67,303 |
| --------------------------------- | ----------------------------- | |
| (Loss)/Profit on Trading | (30,983) | 64,460 |
| --------------------------------- | ----------------------------- | |
| Operating (Loss)/Profit | (30,983) | 64,460 |
| --------------------------------- | ----------------------------- | |
| (Loss)/Profit Before Taxation | (30,983) | 64,460 |
| ======================== ======================== |
||
| ========= | ===== |
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Back O'th Moss Community Centre
Notes to the Detailed Income Statement
Year Ended 31 March 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Administrative Expenses | ||
| Wages and salaries | 49,498 | 36,311 |
| Staff pension contributions | 966 | 727 |
| Rates and water | 2,544 | 3,548 |
| Light and heat | 12,269 | 6,135 |
| Insurance | 819 | 844 |
| Repairs and maintenance (allowable) | 32,799 | 6,188 |
| Motor expenses | 4,857 | – |
| Travel and subsistence | – | 8 |
| Hire costs (non-operating leases) | – | 356 |
| Telephone | 562 | 811 |
| Office expenses | – | 470 |
| Printing postage and stationery | 1,817 | 347 |
| Staff training | – | 35 |
| Sundry expenses | 307 | 344 |
| Laundry and cleaning | 3,673 | 2,918 |
| Charitable donations (allowable) | – | 2,055 |
| Advertising | 345 | 396 |
| Entertaining | – | 156 |
| Legal and professional fees (allowable) | 180 | 543 |
| Accountancy fees | 2,448 | 1,785 |
| Depreciation of tangible assets | 4,195 | 3,326 |
| --------------------------------- | ----------------------------- | |
| 117,279 | 67,303 | |
| ======================== ======================== |
||
| ========= | ===== |
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Our ref: CS/Back /T /C Your ref:
Monday, 23 December 2024 09:59
Strictly private & confidential The Committee Back O’Th Moss Community Centre
Dear Committee
BACK O’TH MOSS COMMUNITY CENTRE FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31ST MARCH 2024
Further to our recent discussions, I am pleased to enclose final accounts for the period ending 31st March 2024.
In summary, the turnover for the year is £118,211 compared to £139,700 in 2023
Overhead expenses total £149,204.
The most significant expenses are as follows: -
Wages and salaries £49,498
Light and heat £12,269
Laundry, cleaning and waste removal, £3,673
The net loss for the period is £30,983 compared to a profit of £64,460 in 2023.
I am not sure about the status of the business, to determine what tax is payable or by whom.
If you are happy with the contents of the accounts and the attached letter, could you please sign your agreement on page 3 and return to me. (separate page) The copy of the accounts is for your records.
Finally, I enclose a note of charges.
Kind regards
Clare Smith
For Clare Smith Accountancy Ltd