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2021-12-31-accounts

North Walsham Community Shop Report and Financial Statements

For the year to 31 December 2021

Charity no: 1178958

Contents
Contents Page
Charity Reference and Administrative Details 1
Report of the Trustees 2-4
Report of the Independent Examiners 5
Statement of Financial Activities 6
Balance Sheet 7
Notes forming part of the financial statements
8

Reference and administration information

Trustees:

All Trustees give of their time freely and no Trustee remuneration was paid in the year. Trustees received fuel reimbursement for collection and transport of goods for the shop.

Places of business:

1 Market Place, North Walsham, Norfolk, NR28 9BP

16b Church Street, North Walsham, Norfolk, NR28 9DA

Independent Examiner:

Sexty & Co., 2a Church Street, North Walsham, NR28 9DA

Bankers:

Lloyds Bank Plc, Market Place, North Walsham, NR28 9BP

1

Report of the Trustees For the year to 31 December 2021

The Trustees present their annual report and financial statements of North Walsham Community Shop for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in notes 1 to 4 to the accounts and comply with the charity’s Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities published in 2015.

Structure, governance and management

The Trust is a registered charity, number 1178958, and is constituted under a Trust Deed dated 27 June 2018 amended 7 November 2019. The financial statements include activities prior to obtaining charitable status. North Walsham Community Shop was established in 2017 to raise funds to support the people and town of North Walsham and trading commenced on 15 January 2018. It raises funds through the sale of donated items and sponsorship by businesses.

The Trustees were appointed for one year after which they will put themselves forward for re-appointment. The Trust Deed provides for a minimum of three Trustees, with all Trustees due for re-appointment each year.

All Trustees give of their time freely and no Trustee remuneration was paid in the year.

The Trustees meet monthly to agree strategy and to review and agree grants for that month. The Grants Committee is made up of the Trustees.

Risk management

The Trustees have considered the major risks to which the charity is exposed, chiefly the variability of sales income. The Trustees have reviewed those risks and have made allowance in the annual budget. To mitigate future decline in income or other external impact of the Trust’s viability, a reserve fund equivalent to 3 month’s running costs (approx. £1,800) has been established, and is included within general reserves.

Objectives and activities for the public benefit

The objects of the Trust are:

The specific focus for grants are those that;

The Trust carries out these objectives by the giving of grants to groups or individuals whose needs or projects meet these objectives.

2

Report of the Trustees

For the year to 31 December 2021 (continued)

Achievements and performance

2021 was again a difficult trading year with Covid related restrictions for much of the year. However when our shops were able to be open, customers returned and the year’s trading was very good considering the constraints, we also received NNDC Covid support grants during Q1 of £22,480.86.

The Community Fridge left 1 Market Place in March, which enabled the shop to be devoted completely to the sale of clothes. The adoption of £2/item for clothing led to a greatly increased turnover, which has helped our charity, but has also been a valuable service to financially challenged families in North Walsham.

Grant making policy

Grants are awarded to applicants whose projects meet the stated objectives and have fully explained the scope, needs and costs of these together with the benefits the project will bring to the town or to its residents.

How our grants have delivered public benefit

The list below summarises the £31,929 grants awarded in 2021 and the stated benefits or outcomes of these. The Trustees visit completed projects to witness these and attend formal openings when invited.

£1,000 Walsham Community Events towards traffic management of the Fun Day
£500 Sleep East for family sleep workshops for 26 local families
£271 Norfolk Vikings Swimming Club for portable timing clock
£430 North Walsham Football Club for U8 team kit
£20,100 North Walsham Phoenix Group for creation of a recording music studio in the Phoenix
building vault
£4,000 North Walsham Play towards the construction of the new skatepark at Trackside
£305 Anonymous individual
£1,249 Worsted Primary School towards their purchase of VR headsets for pupils
£1,100 North Walsham & Dilham Canal group for new equipment to support the work of the North
Walsham & Dilham Canal Trust’s volunteers in maintaining the canal and bankside walks
£494 VE Day for hire of tables and chairs
£1,000 North Walsham Parochial Church Council towards the overhaul of the sound system in St
Nicholas Church
£100 North Walsham Community Events towards Christmas Lights
£250 Anonymous individual
£300 Paston College towards equipment for a community café to be set up and run by Paston
College students, focusing on older or lonely members of the community
£500 North Walsham Heritage Group to help them install an interactive touch screen to share
images and videos in the Heritage Centre in Vicarage Street
£330 Towards speed awareness signage and training by the ‘Save our streets’ group

3

Report of the Trustees For the year to 31 December 2021 (continued)

Public benefit statement

The trustees have regard to the Charity Commission’s public benefit guidance.

Financial review

During 2020 the Trust received £1,045 in small donations from local businesses (2020 - £120) and £40,728 from shop sales (2020 - £21,509). The Trust also received government Covid-19 support grants via NNDC totalling £22,481 (2020 - £12,668).

Plans for the future

The Trustees have no plans for significant change in 2022.

Trustees’ responsibilities in relation to the financial statements

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements the Trustees are required to;

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Report) Regulations 2008 and the provisions of the Trust Deed. They 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.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Trustees on 22 May 2022 and signed on their behalf by;

Mr R Wright – Trustee

Mr P Oakes - Trustee

4

Report of the Independent Examiners to the Trustees of North Walsham Community Shop

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021 which are set out on pages 6 to 8.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records.

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.

I A Barlow FCCA Sexty & Co Chartered Certified Accountants and Registered Auditors 124 Thorpe Road Norwich NR1 1RS

Date: 22 May 2022

5

STATEMENT OF FINANCIAL ACTIVITIES (including summary income and expenditure account) For the year to 31 December 2021

Incoming Resources
Donations
Government Grants
Shop sales
Rag sales
Total Incoming Resources
Resources Expended
Grants
Rent
Rates
Light and heat
Insurance
Repairs and renewals
Telephone
Advertising
Printing, postage and stationery
Accountancy
Miscellaneous Expenses
Total Resources Expended
Net Incoming Resources
Transfers between funds
Net Incoming Resources After Transfers
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
2021
2020
£
£
£
£
1,045
-
1,045
3,966
22,481
-
22,481
12,668
40,728
-
40,728
21,509
1,235
-
1,235
491
65,489
-
65,489
38,634
31,929
-
31,929
14,114
9,250
-
9,250
5,386
435
-
435
-
1,163
-
1,163
987
544
-
544
939
2,394
-
2,394
7,594
443
-
443
-
-
-
-
135
70
-
70
14
1,084
-
1,084
1,205
978
-
978
952
48,290
-
48,290
31,326
17,199
-
17,199
7,308
-
-
-
-
17,199
-
17,199
7,308
29,268
500
29,768
22,460
46,467
500
46,967
29,768

6

STATEMENT OF ASSETS AND LIABILITES for the year to 31 December 2021

Notes
Fixed assets
Tangible assets
Current assets
Cash at bank and in hand
Creditors
Net current assets
Total assets less current liabilities
Funds:
Unrestricted funds
General funds
Restricted funds
4
Total funds		 2021
£
£
3,687
43,380
100
43,280
46,967
46,467
500
46,967		 2020
£
£
3,687
26,081
-
26,081
29,768
29,268
500
29,768		 2020
£
£
3,687
26,081
-
26,081
29,768
29,268
500
29,768
29,768
29,268
500
29,768

The financial statements on pages 6 to 8 were approved by the Trustees on 22 May 2022 and signed on their behalf by:

Mr R Wright – Trustee

Mr P Oakes - Trustee

7

Notes forming part of the financial statements for the year to 31 December 2021

1. Accounting policies

Accounting Convention

The financial statements have been prepared under the historical cost convention and are in accordance with applicable UK accounting standards. The financial statements also comply with the Statement of Recommended Practice: "Accounting and Reporting by Charities" published in 2015 and the Charities Act 2011.

Income

Income is accounted for on a receipts basis.

Gifts donated for resale are included as income when they are sold. No amounts are included in the financial statements for services donated by volunteers or for volunteer time.

Grants, including grants for the purchase of fixed assets, are recognised in full in the SOFA in the year in which they are receivable.

Expenditure

Expenditure is accounted for on a payments basis.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.

Tangible Fixed Assets

Tangible fixed assets are held at cost. The Trustees do not consider the valuation of the Fixed Assets to be lower than cost.

Taxation

The Charity is not liable for assessment to tax on its results.

2. Grants Made

3. Transactions with Trustees

The Trustees neither received nor waived any remuneration during the year. Trustees received fuel reimbursement for collection and transport of goods for the shop.

4. Restricted Funds

The purpose of each restricted fund carried forward at the year-end is given below:

At 31
December
Donor Purpose 2021
£
North Walsham Town Council Audio Visual Display Equipment 500

8