FINAL Charity RegIS￿tiOn Rumber.. 1188765 Lymington Community Association Annual Rq)ort and Unauditcd Financial Srateinents ror ihe Y¢8r Ended 31 August ?0?4 Lymington Community Association Contents Trnstees, Report I to 8 Statement of Trustees, Ruyonsibilities Independent Examine￿$ Report 10 Statement of Financial Activities Balance Sheet l2 Siaternellt of Cash Flows 13 No￿$ io the Financial Sta*tnents 141029 Li'niington Communih. A550Cllltion Trustees, Report For the l'ear Ended 31 August 2V24 I"%ipieinber ?0? i 10 .11 .4uiYU It ?U?4. .4cLouniIn￿ iinLI RepilrtillLY bv ChariliL4- %iattnient ol. ReiLiniinen(leil Praitlit appliL4ible lp ihaiiliL Referenre .4dniiiJistratii-e Det4il¥ Tru51ee. L Lewi% J Rufftll L Daw%on N Bri)¥wne P ,Illen Jlumer J C Tabor IAppoint¢d L)n 31d Junt )0?4 1 .4 J C'ald￿¢11 1.4ppoii)led on I I, SIPILiiibtr !O?:I Sertior IIxJiggemeiit'feJni RaLhel Smith Centi'e klghbourhorf without distinction of se.i Sexual orientstioll. rdce ol'of political, rcligious or other opinions by a.%viating together the ￿ld r￿identS and ihe local authorities. voluntary other organisatiun5 a ¢OTntnon cffort to advat)cc eduration and t(F provide facililirs in Ilie interests of social welf&re for recreation and leisure tirne (KCLTpation with the objective of imp¥oving the conditions of life for the rcsidents. The L850ciation achieve5 its PTilleipal objectives and aims through the operdtion of the Lymitig Comrnuniiy Centrv, rwuiing cour5e5 ￿)d providing facilitie5 for activitie5 open to ages and diver%itie%. The TrusteLS confimi t4at Ihry have complied with the above objectives. Recrulthient uppftbithieni ￿Atr￿¥lL?￿s Elections al'e held annually fot the Offica3 and Tnjstees. These wdl be held at the ADilu￿ General Meeting oil Thursday 6 ￿larch 2025- a list is providd on page l. ArrweMentsfor.sethng key m4vnagemeRtper5Onmel￿mlUWr(thO The Board OrTfU￿*S are re￿￿￿9]ble for selliiig the remuneralion of management perwnnel. Orgtsrtl$4lioM¢rl.vrtsdMre Th¢ Board ofTru5tees determinesthe0ve￿£ strategy anddevelopTneDtof theL>Truington CoJnn]iillity A&s￿Jail0￿ and appro￿e5 the Annual Budget for operaiion. The Senior Managemcni Team overs¢¢ tlie M￿l￿gem￿l ofthe Centrt. withthe Centremallaget being re5W)￿ble foi tbe day to day rujining together widi a teani of staff 2nd voluThleers. Relationship Trith Related PArties Trn5tee None of L)ur"fruste£s receive remunerdtion forthetr WO￿ with the Lymington Community Ass￿lation. P4tWle benefil This Report sds out ouractiviiie& achievemeiits. and perfo]Tnancedur]ng theyear. which are directly related to the objects and purposes for which the charity exists. The Centre's a¢tivitie& course5 alld facilities are for Ilie benrfit Df thc wholr communi¢y. Thc Tw51ees ¢onfitm that they have coinplid with ihe requirernents of section 17 of the Charitie Aei ?01 110 have due Legatd 10 tlie public tenefit guidance published by the Chariiy Conimission for England alld Wales Page 4 L?Tringtott Comn)unity As$o¢iAtion Trnstees, Report For the Year Ended 31 August 2024 Use of yoluntee We are indebwl to all the volunteers who help operate the Malt Cijieniaand Tlieatre. the Malt Café, the Malt Lounge Bar, Book Ctsrridor. fidd Boutiqlleand who &ssist with malntejkn￿ce and help keep the grounds and gt¢rdens tsdy. The Centre ¢ould not opera1¢ yrythout their help and oil belialf of all the u5eT5 of the L￿nIngtO￿ C0￿Munity Centre we thank them for their timr and their contnbution. Achievements Perform#*¢e Thi5 report cover5 the 12-nionth wi(Ml from 1st September 2023 to 31 st of August 2024. The Charity had 841 membets at the ernd of Augux 20?3. OUT membvship d￿reaSed ￿ 778 member8 at 31 August ?0?4. with 27 members signed up to the ftew inernbership package being a friend of the Malt Cii)ema The Board h85 pla¢ed membership growth &s a priority for ?02412025 with various initiates ate beiiig put in place. Since the begiftning ol thi8 periLKi rth)m hite. u)urses. café and inc(Trme and events liave (x)ntinued to grow iDcoTne and diversity. FIowevEr. due lo Covid tsilbtcl filins ai'ailable for 20231?024 did not attract tlie audienie% wt hoped for aT)d Iherefore the Cinenja And Bar has r￿uced year a gre¥t success and leadLng to a planned repeat Exhibition 0￿"e[ Easter 20?5. Thanks io Sttmn Fartner, BU￿]y. ￿ld the staff and volw)teers. Ka￿¥ar00 Moon sn ¢onjun¢ti(x) with the LCA pui oil fundraising eveni of dance and music on th¢ I l May 2024. The LCA attended the Iqew For￿ Show from 30fy July- l. Augu4 2024. A Serieg of Paper Floristtry Classe8 ¢omm•)ced iji July 2024 LCA helped the LPTC or¥anise an eveni ar Woodside Gard￿$ for the c¢)mmunity on Sunday 41h August 2024. The LCA arrdnged ilie 5ta]l& aDd provided a Pinim's ahd Cake Stdl. assisted witli the Tombola ￿geth￿ wilh a stall ￿ promole ihc atiivitits of the LC Once again infortnation about the Lymington Community Cenire was distribut￿ to Iwal Estate Agents forthem to share with resi(knts nEW tD the area by Judy RulT¢ll. Throughoul thc ycar. Judi Turner m￿c and donHieA jarns and cliuiDey5 which we available for sale in (he Café and at the Craft Fairs. Page 7 L)'miogton Community Association Trustee5' Report For the Year Ended 31 August 20?4 The B(￿K Cuiridor c()Illiniies to do well with the sal¢ ot donated t4N)k$. DVD'S. Jiqsaws and CDS wilh fale8 of £8.770 i¥hiLh 15 a 8Tr,. increase on vear. ridal Bouii4iie haa ¢1 Tr¢r¥ succt5sful y¢ar raisin%w L?9.?8.1 ivhich is a150 inireaie on ihe prior yeaT. Once again. we operaia the ?00 Club whicli was drawn on¢e a month. The cliaritv not re¥isiertd with fundrasing standards. Tidal Boiiti4iie ri(Idl ￿)Illi(]￿e L)P¢1Tr￿ tsn 1 sept￿n￿r 10?1 offeriiig dOrt￿ed go￿1 qualTri) ladiei Jnd uejit lutliing. ac￿¢S￿rieS aiid ￿h￿leS tor %ale ha* been 2 great succc>£ and LD yrar end .1 I.08.?024 raii¢d E?9 )8i. Di)ndtions vl Ladies. ￿le0 s aDd Childr¢n s Cloih¢s lewelleti .4cL¢Ssories are rellue*ied appreciaied_ Flu¥JJ¢i41 relit) Prrnetp#l]itMdiiig souree.% The p￿lI¢1paI fundjng 4ourte* Df intome 10 ihe A￿s￿la1]￿n 10 ". O?4 i¥trt Room Hitt nt £17ti.478, Pre- School itliome of £117 120. Cinema incotne of £67.919 and ￿laIt Cafe iiTrcoine of 81.694.-¥IeinbLrship iinc. park pcrtnitl £)1:616. -&dditio>n•l fundillg sourres .4nnllal Granl wa4 kindly tetytii'ed from LPTC £7.SIX>. Tft addition. a further￿ni of £1,400 was donated lo the Pre-sihoul tor speLialis1 chaiF5 for ihe thkldFen iA)tslling £8.9W. In￿'est￿tenÉ policy and peifnrniauce Undey Ihe ConitilU150n ol-CIU. Ilie charity ha5 the to make ￿lY invrtmtni whi¢h Ihe I￿51e iee tit.'I'he IN￿te5 has"e con51d¢rcd thc mo%1 apprqjriète poli¢J' for inwestlDg lund% and haie fDund thai ca4h dep0s1¢8 me¢1 their requiremerÉts to gellera* iiicome. Policy o* rvJetyvs The Tru5t¢e5 an(J tnonitor ihc re%rTre position on a rcgular bds"i%. The Esiabl*shmeni Fund, represents the ialue of the fExed &ssetq tt>e aLctrunts Jncludiag the on¥oing addiiion ￿ the value of the building Nia tht ongosng detrelopmer.i ¢.Kpellditure. The 'Devclopnient Funds. dEsi￿ed 10 fund fvn*re refurbishm(wr and as P&rt of the Imgoinu Celebrdttng 70 r¢ntwal of the CeDtsE. Th¢ T)isaster Reco￿try Reserve Fund. is designed to prntect the Centre in ihe unlikely eient of losurc or serious adVe￿e t¥￿}r this 15 mainlain¢d ￿ £140.IM]O. The'Pr¢-Schwl Fund, reYrves are only available to the PTE-Sch(K>l art to be maiiitaiiied ai a Le￿e1 to cover any ¢xpecied and unexpr£ied conting¢nci¢s. The 'LIntesiriG￿d Encom¢ Fwid. represe￿[5 the cumUl￿]￿e surplus &%ailable for onooijig general impro&ement% to the cenire and ieam resources. The level for unrestricted rcseTr"es fiind i £50.iWO for the finanLial year which 15 2 M￿1th) operdllOlI Cost Page 8 Lymillgton Commullih. Assoeiation Trustees. Report For the Year Ended 3J .4ugu5t ?U?4 The TTU%t¢es we wiisfied ihat ihes¢ Polices have IMI adhered 10 tor iht ￿riLld and Ihe reserve positiL7n is appTopriaie lor Iht Cent￿. flo*n¢ial ittstrumettts Objcetives ondpoliei&¥ rhe fharits 5 a¥likiti¢s exFK)se il to a number of fIn￿le1a1 risks in¢liiding r¥¢dit risk. cash flow risk and Iiquidiw risk. Crgdli rts* Ili¢ Cha￿￿ S Pfincipal financlal a5%15 8r¢ bank balances and ca>h ￿rtd trade and otlier r¢ieii'abl¢5. Tlie C'hariij's CTtdil risk i5 priina￿l} athibutable its trade r¢¥¢ivablei Th¢ aDiounts presenteJ in Ihe halanie :htet art of allowanLefi lor doubttul [￿til"aL*les. .41) altfiill'ance tor impaiFTnenl is illade wher¢ there is an iden¢ilied 10*5 el'eni *"hiih: on pieiioii% experitllue, ei idence of a I'eduLiion ill IFie-. eco%erabiliiy of the Lash flow%. I'he ￿redit ri.ik Ort 15quid trwid> and deritr8u￿e finan¥ial I￿￿[￿￿1¢n[S 1% limited bttau)e the LOiIDt¢fparties aye banki w iih high ¢redii-rdiings assigntd Interndtional Lredtl-raiinq agenLies. Li¥uitlity ri%* In L)rd¢r lo maintain liquidit)- to •liure thai sutlicieiit fund% aTe aia51able tor oiiuoinq operations diid Iuiure deieloprnenis. the C-haniy a mi.xlure ol skort-iemi bank )iLWNls an(1 an iiiie%imenl F llrthei. detai15 regard5n￿ liquidity can be f4wnd in the st￿¢t￿ent ot accob￿lin IiranLial %tatemtnis. policits Iii the G&ing eonctrn The Tfusiee% ha￿"¢ ¥ebiu4ed rhe l¢nancial circurn51allces of L¥tn'.ngtoii CotnmuniEJ A8sociatiDJi and consider th31 adeqiiaie resOUtfeS ¢Olllinue ¢0 ￿ availablt to fllttd Iht aili¥iiitr* Ot the AsSDcialiDn for The ti)rtseeable furure. 'fhe T[￿￿t¢S are of the kieu. that the.4s%ociation 1% a £yoing ivncern. The annlial rep(Trrt appr￿￿ed by Eht ttusttty Llt the Chariiy on .. and signed on its klitklFby= Lesle￿ DaiTrqon Treasurer ¥ Browtie Chair Page 9 LyllEiugtou Cotttmuulty knoeiAtion TrThstees' Report or the YeAr Ended Jl August 2024 Skntsment ofTrts8t*s' RupoThsthllitic8 Tho tThstew are Ety￿¥1b1& ftkr the ond the 5tareniwts t rth¢e WiLb The Uwled KÈEl8dom AoL¥wEttiug Strah4wthlUnitvJ Kttt8d0￿ Gejkdty Accwed A¢thmting Practitt) azkd wpli¢abl-18w The law ￿p￿l¢abl￿tpcIo réquiresthtiniyietsttkpw finaRctat smteneEJ4forgocltfinancial whitth d truc 8Dd fair vtew of the of aff2iF5 of thectotnd ofthe incomivg 8Lid application of Eesourto ot thE CIO for ￿tat peFiod. l& pr4>)ri￿o. rh￿t finanual statetnen(4 the urtees or¢ ￿q￿¥r¢rf to.. bscTrr thc rttttthots and prtncipks in the CIO SORP: Trnake jtLdg¢mentsaDd ￿]MateS are pnK1¢nL stslc Wt*rtheT applicable UK A￿(￿￿11￿B Ststtslarts b&v¢ bttn follo%r& gjbjtyl to ¥ny ityat•ial dyoturts di*losed and explainfxl in the fil￿￿031 staicmMt¥ a￿1 PT¢pwr th¢fi08nci81 th¢goin¥ coll¢trn b&%is li is i[wo￿tel¢ tD pr&4ume th¥1 thr chariiy The trnsteeyar¢ Y¢wtssible fvr kewrng adequareW￿nt￿nE rrcorasthatare sufficient expl￿￿ the ch&"ity's traftsaLEtons atk4 with rr4sDnthe at 3ny lime the fThikin¢i81 Position OF th¢. cbarity %Ailc Ibem ￿[e ¢bat tr finM¢l￿ #&¢meDtg cothply the Charitilg 2011 &n& the epplithlc Clwitfs {Accovrtss afjd Rew*tsl Regul*ions. TEey gre also re￿ptyL￿b[￿ for vres￿rding the &¥ws ofihe GhaFity for tskii¥ re8A)nabEe iW5 foi the prevthtion ar,ddcttchon of fraud attd oti)er ]rre￿13r[lie "rhe trusttrs ftrttbHiiittswic6eiid iDwi￿yo[thtc￿4￿tstr firwial infotmgtÈ inclLtded ￿ iknechorily's Trhth%ite. ILKis1￿￿Oll ind*Unttrd Kijjgdom ¥ovttJJing thtprwtion di85¢Min￿￿on o finatte1￿ 5ktm¢n15 diffff from 1¢gI￿ati￿￿) tsth￿ juri￿.CO0￿$. Approv¢dby thet¥u4ees of the ¢b4rity on 5tt) M3¥ch 20?5 8rtd its behaifby: L Dawsoii Treasnrer N BrowiTre Cbalr P￿10 Jndepelldont Rq)Drt to tkn Memb•rn of Lymlmgton Communlty Asso¢i*¢i•n ¢hgrity) fot th¢yez¢Fth131Aup*21¥24. Thisr•Ts]lladesoldytofbedwdYsio¥t¢A W. ￿cOrd￿ wlththe Cl*iiies My work the r¢qttIf¢Ma￿QFthe (Jwiw Au2011 (thE2011 AL*J l Tewrt inrrye£lof my examill&io￿or￿c&I￿ity'1fin￿ld Statem￿¢0￿[edc￿ullder$e¢lI0D 145 oflhe2011 AtL 1rtcwTllg4M*myexaD￿￿1tsYcfO1￿Wcdalltht4Wllehbk DTrNx*)u%8tvetybytheChtycoJmis umlwxction 145(5Xb) ofthe2011 AeL 145 Df the 2011 A¢L Icoofmllth*I aMquBbfi￿Io u#&thth¢ex8millknbecwse laEnJ nKmbrrof ACC& whith is oneof the listed iKyJie& withGenerailyAccepttd AcoJth8 Pff8(aiceetTe£liv¢ fff ffwtsnw￿I￿b¢g1th1￿ on(¢aft¢T l JanuBry2015. ntsn8 recor& werr kept tn resp¢£X of thecknity aswllr•J byseBtMJrt 130of the 3011 A¢1" or shoukt bedTr￿} i* this r¢rthi iti orth¥ ofthe fill￿¢1￿ 8wements to bc reached ardett Ch¢lvaaoi8ymFcfA SKS Au(ht LLP TW9 IAD P4¢ 11 Lymington Community Association state￿ellt of Finan¢i41 Activities for the Year Ended 31 August 2024 (Including Income And Eypenditure Aecount and Ststement of Total Recognised Gain$ and Losses) Uttrtstrlctsd ReSt￿ted Tot&1 2024 TotAI 2023 Note$ In¢on* and from Donation and L￿cleS Charitabl¢ activities Other ts'ading activities Investrni I)￿0￿ other IM)n i02.438 510.012 281.557 482.781 510.013 3S.054 25,016 25.016 1.856 8,371 613 Totsl Income 877.i77 877,377 810339 Cost of raising ftuKIs Expendiilre Dn charitable activillcs Total Ex￿￿d1ture 5.136 600.027 5. 136 600,027 3.874 574,33S 605, 163 605,163 578,21? Net (eX￿￿liture}I1ThCOn tr￿￿Fer fr4)m old eharity I"ratEsfeF b&twc¢rt 272.?14 431127 17 121.526 {121.5261 Net iuconEllex￿1mknturPI & u¢t ]JK>vement in ful￿5 afteTtran5fen .193.740 {l21.5261 272.214 •32.127 Total fuThts. brouEIrt forward 1.339.688 301595 1,641.283 1.409.156 Total futh. carried f•rn*rd 17 ],::23,42S IbO,069 1.91i.4()7 1.641.28i All of the charity's activiti￿ dcrive frorn continuo)0 opemions dwing the above two wiod. TOTAL RECOGNISED GAtNS AND LOSSKS The charity has no re¢wised gains or low other than the above Jnovemfflt in funds for the above fiTtancial periods. Thc notrq on page8 14 to ?9 forni an integrdl part of [h￿c flnan¢1￿ statements. Pa8e 12 of 31 LyTnillgton Community As$ociation (ReglstrAtion number: i188765) Bal&nee Sheet as at 31 August 2024 Notes 2024 2023 tlxed Assets Tanwble a55e15 13 1207.840 996.660 Current avsety 14 15 3,710 3.492 tkbtoi Cash at bar& and iii hatxl 751475 650,476 788.705 718,691 LsalNlities Cr¢di¢ors Falli1￿ due with in 0￿ ￿ar E6 {83.048} 174.(h81 Net *S5ets 705,657 644,623 Net 85Set8 1,913 497 1,641,283 The furul¥ of the charity Unrestricted firKJ5.' Gen¢i'g1 Desib4uied Re%tricted fiJM15 17 17 17 53.450 1,679,978 I80.(￿9 57,884 1,2SI,804 301,595 Tot#1 charity fllwis 1913.497 1641283 iese accollnts wer¢ approved by the Iwsltts on and were signed L)n Iheir behajf by: L Daw%i)n Treasurer N Browne Chair Tlie Llotes OR pages 14 to 29 fonn an integral pzrt of these financial statements. Pw13 Lymington Community Association StAtement of Cash Flow$ for the Year Ended 31 August 2024 2024 2023 CAsh flow fro￿ 0￿￿ting gdivitie5 Net trK)vem¢Dt in fuDds Add b￿k depre¢iaiion Increase in Stock D¢crea5c I {incre&se) in debtors In¢reas¢ in crediknrs Net C#sh tknwgenernted from 0￿rat1￿ Aftivitie5 27?214 58,185 (?181 32.?04 2.11127 49,140 I I,C)741 172001 i71,365 292 0.17 Cash tlows Imminyestiiig #¢tiYit*s PLwclthse ol'ttin¥ible fixed assets {269.366) {117,6661 69,3661 117666 Cosh nows from flwncing atttvities Cash wed ID gttivities Increase in c8%h & cash equivalethts in year 101,999 174.-371 Cash & cash ¢qwvalents at ts be￿onI￿of year 650,476 476.105 Total c4sh & cash t￿￿vate￿$ at the e]Kl of tbe year 75?.475 650.476 P8ge 14 Lymington Community AsSOCi4ti0 Notes to the Financial State￿ellts for the Year Ended 31 August 2024 l Accfyum￿ng policies St¥tement of cornpliallce ThE financiGIJ 5tatcments have b￿) prepared in accordancewith Accounting aad Reporting by ChaTlties.' StateM¢￿t of Recotnmended PTacti¢e applicable to charities pryaring their accounts in acrordaDGe With Ihe Financial Repoiting Standard applithlc In the UK 2nd Republic of Ireland (FRS 10?) (effective l January ?0191_ (Chwitieq SORP (FRS 102}). the Fil]￿1cLaI RepoTting StAndard applicable in rhe ar.d Republic of ITeland (FRS 1021 and ChaFilie5 Act 2011. The fiuancial stale[ne[￿ buve been pwared to give a 'tTrie aud fair view and bBve departed tn)m the Charities (Ac¢oEmts aud Repoitsl Ke8ulatlQlls 2008 only to the exLeot required to provide a 'true aDd la￿ vEew'. This depanure h&q involved followingthe Accounting and Reportiv.g b¥ Chariiits.. stat￿Ment of Recommeiided Practice appliLable ¢harilitr piepai'itig their account5 in accordance with the Financial Reporting Stwidard applicable in the UK and iiepublic of Irelartd i￿ued in O¢iob¢r 20-, 9 TatheT than the Accounting and Rtpoiting by Charstiaq.. Statement ot Recommenda£ Th7Cticc effttiive from April 21KJ5 which has since been withdrawn. B*$is of prepArxtion Lymingtoii Community AsstKiation is a Chari¢abl¢ It*cor]x)rdted Organtsation in England. The addre$8 Df Iht principal office is 8iVen ill the charity Inforniation on page l of these financial 5latements. The nature of the ¢hariiy's operaiions and principa] aclivities are given on page 2. The financial $1atemcnts for the yeaT end¢d 31 August 2024 Wethe fir# firtancs￿ s￿lements ihat comply with FRS 102. Th¢ chariry meets the definition of a public benefit Mtily under FRS 102. A￿￿ets &id liabiltties are initially recognised at hi4torical cogt or transaction value unle55 Othenvise sthta iii the relevant ac¢ollntiRg policy note5. The financial statements are presented in sterling which is the fU[￿tional currency of the Charity and rounded to the near¢si £1. Going ¢on¢er llie charit) s Financial s￿e￿ients show a net surplus of £172.2141?0?3 - £?32.1?7} for the yw. iotal reserve 01 £1.913.49712023 - £1,641.?83} free Teserves of £53.450 (20?3- j7,884). Tlie Trustee5 have assesqed whetherthe use ot'the going concern basi5 15 appTOPtiaiC and have coiisidei'td posqible events ()r conditions Ihal mi¥ht =a5t significant dwb¢ on the abiliry of tht chaiiry io contiiiue as a ¥oins conLen). TiiL51t¢s will CQlllinut lo monitor and ensure spending io be dotte in line with income in OTd¢i' to m2int£in target level ot reserves. The review of c&%hflow for 12 months fTI)m the date of approval of ihe financid staiknnneiits. tjie ass(Kiated aS￿Mption% that und¢rpin it. secured new ineomeand thesteps thatcould betaken10 reduc¢exp￿Iditurt 5hoiild ihi.% be nec¢s5ary. Based on the inforniation alK)Ye. the TTu￿ers have a Teasonabli expe£tation that the cliarity ha5 adequate resource to continue in opert&tion forthe foreseeable Fulure and will reina£ii sllrplus in future pe¥iods. Therefore, the truste¢g have adopted the going ¢oncern basis iii preparillg these a¢¢ounts. Page 15 Lymington Community Association Notes to the Financial Ststements for tbe Year Ended 31 August 2024 Jntome and endowmeDts All ,.ncorning ￿soili￿e￿ a￿ includEd in ihe Statement of Financi￿ Activites (SDFAI when the charity is legally entitled lo tile income after any performance conditions have bten me4 the amount be tllea5ured reliably and it is probable that the income will be rtteived. Voluntary income including donation_£. giA¥ lega¢ies and grdnts that provide core funding or are of a gene na￿re is recognis¢d wbai the ¢hariiy has &iiit[e￿t￿t to the incom& it is probablt that the inEonLe will be Tccesved and the amount Can be rntr4su￿d with suffficient rdiability. Dontttions andlegucies Donations and legacies are recognised on areceivablebasis when Kceipi isprobable and d)e aD)ount cai) be trliably mea.w5rd. GnFnts receiv￿ble Gt'wit% are reb(gni%ed when Ihecharity has an eniitlement to the funds and any conditions linked to thegrant5 have been mel. Where perfomiance conditSOn5 are attached to the gLWIt and a￿ y* to be met. the irtcolne iq recognised as a liability and included OE] the l)aiane¢ shed defeffd Income to be released. D¥ferrerf income D¢lerfed income repiEsenL% atnounis rtteivEd fDr future p￿.0dS and is ￿leaSed toincoming resouices iii the peyiixi for which, it has been receiTred. Such incoine is onl> deferra when.. - The dOi￿r 5pecLfiLs (liat tjie grant or donation mtjst only t¢ used ia futhre accountin8 periods: or - Th¢ donor has impo%d condi¢iOnS whi¢h MU￿ k mel before the charity has llnconditional entitleineni. Incoming resource5 fTom tsx reclaims are includ￿ ill (he s￿temellt of FiRanci21 Activiti&8 at the same tifnc a5 the Yft to which ih¢y relate. Expendliure Ail ex4Knditure is rexognised once ihere is a legal or constructive oblisation to that expeiiditui'e, it 1% probable seiilem¢nl is required and the amounl can be tneasured reltably. All costg are￿I0¢￿ed totbe applicable expenditure hea(lillg thai &ggiEgate %imilar cO￿S lo Ihat category. IlTrere ¢05[5 cannot be diFecily attt'ibuted to par(icular lieadings Ihey hav¢ beuj dI￿ated ort a basis ¢on5i#ent with tht use of re￿UrCeS, with central 41aff co.%ts allDcated on the basis of time sp¢nt. and dq)]Eciation clLar8es ailocaled the of the asset's Use. Other support cosLq arE aLItKated based on rhe spread of staff costs. The.se are Costs incurral in attracting voluntary income. thc manag¢￿ent of investments a]id tl)os¢ incurred in tradillg aclivit£es that raise fvnds. Charitable cxpenditure ¢ornpris¢s those eD51s Jncurtrd by th¢ charity in thE delivery of lis activities ajid $ervi¢&% ror it5. beneliciaries. It ittcludes boih costs that can be allocated directly to such activities and tl)05e c051s of an indirect iiature necewry to 5UPPOrt them. Page 16 Lymington Community AssociatioD Notes to the Financial Statements for the Year Ended 31 August 2024 Government gran¢8 Government gI7ntg are recognised based on ihe accrual M￿¢1 and are rn¢a5UTed at the lair value of Ihe ass¢t e¢eived oi. r¢ctivable. Grants are Clas￿Ified as relariiig eirher to revenueor to assets. Gr￿Ls relating to revenue ar¢ recwiised in in¢ome over the peri(Ml in which the Tela¢ed are recogtiised. Grants relating to assets recugnised over the eX￿ted usefvl life of the asset. Wbere part of a grant relating to an assct is defETred, it i recognised as deferred iiiwme. TaxRtio The tyharity ts considered 10 Pa￿ the te%ts set out in Pwagrdph I Schedule 6 of the Finallce Act 20IO alld tberefort It iiieets the detiniiion of a charitable CDmpaThy For UK cotporaiiort purpo_fts. AccoTdin8ly, the cliarity 15 potentially exernpt frotn t￿atIOn in respect of incorDe OT capjtal gains re¢eived within categoMe% covered by Chapter I Pan I l of the CoLPOtatiDn Tax A¢t:010 or Seclion 256 of rhe Taxation of Cliatgeable Gains Act 1992, to the extent ihw siich incotne OT gain5 arc applied eK¢lu%ively to tharitable p￿r￿se5. Tafjgible fixed Assets IndEvidiial Fix&1 assets are initially recorded at C05L any subSeq￿e[lI arrumulated depreLi8tioJ) ￿ld subsequent a￿uMulated impairment IosKs. Individu￿ fixed ossets C05tin8 £300 or ￿Ore ￿e¢apItalised at cost. The colleciive Cosis perrwning to develDpmeni pn)jects will be ¢onsideted as total ￿)d not an individual a55ets. In relation to.he freehold properries tee8 relaiillg to any planni[￿ drawing& ar¢hitrcl4 artd surveyoJ3 for ￿Illre pi'ojeciq are treated ELS reveiiue expellditurr. ¢preci8tion amortisa￿ll Deprcciati(M) is provided on iangible fixed asset5. so asto ￿n￿OtT¢he c¢)st or ¥￿ts￿lI0￿. le55 any e5titnattd residual value. over their eX￿¢t¢d us¢ful economic lifr as follows.. A￿et clo5$ Otlier firehold property Depreciation method and rate Strnight line basi5 Coinpiiiei equiptnent.. 66.70/u fi151 year. 11.30/0 second yearbasis. Fuiiiiture and UiPTll¢iit-. 3 ycar straight line basis 2/0 Sttaight line basis 5/0 Strnght line basis FixÉures. fittings and equipmeni Freehold Fuller McLellan H￿[ Celebrating 70 refurbishment Sttstk Stock i¥ ￿]u¢d at tbe loweT of cost and estimated selling price tosts 10 complete and ¥ll, after due regard for obsolete and slow stocks. Co4t Is dettrniined u%ing the fiixt-it4 fi￿-out (FIFO). Trade debtorts "rrade debiors are amount5 due fro￿ tu￿0merS for meJchandise sold or services perforn)￿ in the ordinary ¢wi'se Dl'business and are reCo￿lised in¥tiaEly at the I￿sarIl0￿ piict. They a￿. subsequently rncawred &t arnortised cost Lising the effectiye interesi Incth￿, Itss provigon for Èfftpaiment. A provision for the imwdimeiii of is e*ablj￿hed when tlieTe 1% dijective evidence the will not be able to colle£1 all ￿nOun1$ due a¢¢ording to the ortginal terms of the receivables. Page 17 Lymington Community A5sociatioD Notes to the Finaucial state￿ellts for tbe Ye4r EDded 3l .4ugust 2024 C#8b xnd tash equiv#leTrty C￿Sh and cash equivdenL% comprise cash on hand and call depo.sits. and other short-terni highly liquid in¥estmenis that ar¢ rcadily Convertible ID a known amoTht of cash and are subje¢i to an insignificant risk of change iii value. Tr4de ¢r¢dltors Ti7de ¢rediior5 are obligaiioDS to pay tor g(¥)ds or services that liave been acqii%red in ilie oi'dinary course of busiiits$ from supplier5. .4¢¢ount5 payable are ¢11ssifJeo as ¢urrcnt liabiliiies If ihc tharity does 11(Ft have aD uncondiiionai right, ar theend of the reporting peri(d ro defer.￿lleMent of die Creditor for * least twelve months after the reportiag date. U Ihcre is an unconditional righi ￿ dcfcr 5CttleJnent for at least twelve month5 after the reporting date. they are presented a% non-currenl liabiliri¢5. Trade ¢reditors are recogni5ed initially ￿ the transaaion price and AthsequeAtly measured at amortised cort Using th¢ effective inteTe5t methLMJ. strncture Unrestritted iiicome funds are gerter￿ fuftds available for use at the ¢nJfftees di¥¢rthion in furthernnee Of the objective5 of the Cli￿ty. Desigfjaied fiinds arc uNrc5tricrcd fund4 52t aside for %ye¢ifi¢ purposes at ihc dis¢ft*ion of the tru5tee5. RestrÉcted income fuuds are tliose donated f(M' use in a particular area or for specific putpose& the use of whicli is rc%tricteti to that area or puypose. FiiiAneial instrnments The charity only has fi￿￿el&1 assets and financial li&bilities of a kind that qualify as basic financial in.4Tum¢Dt8. B*siG fJnan¢ial in%tnJtncnl$ arr initially re¢ogthi%ed at tranq&xion value and subs¢qiiently measured at their setFIEmeni value with tht ¢KCq)tioll of bank104in5 ¥trlu¢h are ￿b￿c9L1e￿tlY (neasured at amortised co4t U51ng tli¢ effective interest rnethod. Page 18 LymillgtOD Conllnunity Association Notes to the Finthneial Statements for the Year Ended 31 August 2024 Pension costs Contillbutions are ¢haTged 10 the Siaiement of Finan¢ial Activities in the period in which they are payable. The Set￿ of the defined contribution 5th￿￿e$ aTe held yeparwly fmm ihose of the Company in ind¢p¢ndently administered funds. Jiidgemeut 8Dd key sour¢¢s of estimation llnetrtainty In tlie applickltitrll uf the ¢harity's Accouniing p)li¢1￿ the tharity ts rLwuired to mgke Jud￿nents. estirnaies and &%su[nptiO￿J Hboul tbe carrying a]nount of a55et5 ￿]d liabiliucs ihai art not readil}, apparent from Dilier sources. The Estimates and asS￿lated &%sumptions Elre bused on historical experience and other fa¢iors that are wiisidered to be relevant. A¢¢ud reslllts may differ from these e&iTtth. The coinpany makes estitnates and assumpiitsns ¢on¢tming the fuLUFt. The resulting accountiiig estirnates will, be definitioii, seldom equal the reltLted aclual resul￿ The ¢stiM￿e5 and assumprions thai have a %ignificani risk ot causing a Material adjustn3ent to Iht ewing ￿nOlInts of as4d5 and liabilitie5 Wlthiii the iiext financi￿ yv4r att addr¢s8ed below. (i} Uselul eco￿onilC lives of tangible a55Ct The annual depreciation charse tor ta51b￿blE as5eiS are sensifive to changvs ID the ellimaied economic lives and r&8idU￿ v￿LIes of the assets. The llseful economic lives and resid1￿[ value4 ale re-ag5e%sed annually. They are ￿Mellded wlien necessary. The tstimates and undettying &ssutnptÉons are reviewed on an oiigoitLg basis. Revi*40ns to acrouiiting esiimaies are recogni￿4 in the p&iod in which tlie estimate 15 reNised where tlie reN'isioii affect.i only tliat period. ot in the peri(Mt of rhe ￿vIsion and fyiure ￿rI(￿lS where the revision affects both current and furnre period& Page 19 L)Thington Community AsSOCiAtion Notes to the Finaneial Slxtements for the Ye*r Ended 31 August 2024 2 Income from donfitrons And leg•des Unrestrirted Gener•1 Total 2024 To¢41 21123 Restthted Govermmettt Grar Fund Raising-celtbrating 70 CEL70 - Malt Hall c1￿[t¥ CEL70- Toilet.£ & Staircase RecoThfiguratio CEL70- Malt Cafe Re￿bI.￿l Rai51ng- 200 Club Fund Ra￿11ng- Gatrr% Clt Fund Raislt?g- General Iknr&ilior6 FLird Raisirvd- Gift .4td reCI￿l￿ed Fund Ra15itE-Other Donation for Wift & Acce88 Ranps develOpn￿￿$ Donation for Toilet De￿tIOpnKD1 8.900 24,688 3,14? 10.867 ?50,000 8,900 24,688 3,142 10.86? 250.000 291 53 3.357 1,146 7,500 S3 3.357 1.146 4.135 37.500 213,202 30?,438 281557 Income frojn don man%gement ￿￿JO￿lle1 Z024 2023 Staff ¢ost$ Wages and Salaries So¢ial %ecurity tost Pension ￿st 301.333 17,098 5.557 282,997 14,573 5.141 313.988 302.711 No einployee received emoliiments oFmore than £60.OIX) during the year. No hustee re￿ived any ren)unerarion for their 8ervi¢es as trnstets or wiy reimlxjrsement of ¢xpen8es. The key management per%onn¢l of the charity conwris¢ the Centre N(anager and th¢ Preschool Manager, the total employee benefits of ihe key managemeni petsonnel of die charity were £50.iSI (202_3_£72.786). Staff Numbers The m4)ndily aY￿￿e numF*r of persons lincluding.%enior Managemen￿e￿der￿ip leam) ejnyloyed by the chariiy during Ihe year lfijll time ¢quiv8lenl) wa8 as follows= 2024 2023 No Caretsker5 Admini￿tratiOn CateFSn¥ %taff Manager PT¢school 17 17 The average monthly number of persorns employed by the charity during the y&ir was 17 {2023-17) 12 Taxfitio The Charity is retsistered chariiy and is therefore exem￿ frorn ￿atiOn. P￿¢ 2S Lymtngton Community Association Notu to the Financial Statements for the Year Ended 31 August 2024 13 Tangible fix¢d a$$¢ts LAtKI CoJi¥Nrter Celebrati1￿ 70 Freehold Ftdler ¢q￿l￿Ment reTur￿h￿*rt McIEllan Hall Cost At 1st S¢pt¢mber 2023 AdditiotL4 175271 245,568 2,061 70.1 586,815 ?68,663 706.890 A% at 31st Au￿1 2024 175.?71 24>568 2.763 Depreci&tion At 1st September 2023 Charge for tk year 120.224 243.122 916 1.748 5?] 114,375 39.109 240,496 14,136 A5 8131st August 2024 244.038 Net Book V*li As at 31st AugLst 2024 51.543 1.531 495 702,015 452,258 As at 3 1st Awst 2023 55,047 313 472.460 466,394 Tot C05t At I 51 SepleEtthr 2023 AdditiO]LS 1,716.625 269,366 As at 3181 AUg￿r 2024 1985,991 Depreciatio At 1st Sq)ieillber 2023 awge lor y¢ar 719,965 58.185 at 31st AUg￿t ?094 778 1$0 Net Book VAlue A5 at 3 1st AUg￿t ?￿4 1,207,840 As at 3 1st August 2093 928 134 Page 26 LyminEton Conununity Associatlo Notes to the Financial Slalements for the Year Ended 31 August 2024 14 Stock 2024 2023 3.710 3,492 3,710 15 Debtors 2024 2023 Trade Debtors Prepayrnerts (Kher debtor4 (Freda Holnrs legd¢y) Accrued Inco￿ 11.478 ?0,481 25,659 21.131 17.350 583 561 16 Credltors: wnovnt fallthg d￿@ witbth ye 2024 2023 Trade Creditors Other Greditor% Other taxation and stcurily Pension scheme ci'edilor Accruals Deferred IrKoTlle (see tK>te below) 3.:. 57 7,750 6.977 9.793 9.827 1.243 17,fv13 35.562 15.?27 48.i52 83.048 Deferred In¢ome: 2024 2023 Deferr¢d Incorrt ￿atre a¢ isk Sq)tettther An￿Unt deferred in the yvar AnxKrt released to in year 35 56? {87.060) 174,121 (51.499) (57.035) Deterred balance ai star eThJ 48552 35,562 Page 27 Lymington Community Association Notes to the Financial Statements for the Year Ended 31 August 2024 17 Fund5 Balance At 31st August 2024 at I Incon1￿ Res0￿￿e5 SeOeTEknr2023 Te50wce& expewkd Trallsfen Unrestricted tknrestricted get*rnl fiuKis' De$ibmatrd Es'itthllslmieNt FtsiMI Pre-school FwKi Dewelopn¥nt Fu￿- Malt Hall C1￿[rA th%aster R¢covwy therve Developnrrt Pla￿l￿g tkvelopnETrt TrutKI-CaF¢ Refwb Developnrnt F￿￿-wellIngt0n Ro0mR¢f￿b Developnrrt FUt￿.NeW Pre SckKKbl DevelOpn￿￿t FU[￿- Lift & Acces> Total Designated 57,884 877.177 1605.163} 1?76,648) 53,450 1.098.533 ii(x)o 5.6l9 I40.1￿) 268.663 1297,lQ7 12,000 101 140,000 15.619) 230.781 230.7RI 95.651 (95.651) 398,174 Tot141 UnTe5trieted 39.688 877 605 163 121 26 1733 427 R￿i￿rIÈtd Celebrating 70 Devel0pnr￿ C70 Fth¥J- Toil¢1 tkvelop￿nl Total Restrieted 116,195 63.874 185.4(KJ 121526 180,LN$9 301 Total F 877J77 005,163 1913 497 Page 28 Lymingtoo Conununftty Association Notes to tbe Finaneirdl StAtements for the Year Ended 31 August 2024 UM'estri¢ied general fuTh15 Desigr]atrd Estobli.¥hmertt Furtd Pre-school Fund Developnrni Fut￿ - Malt Hd]I Disaster Recovery RB¥erv¢ DewelOpr￿llt Furxl PlanTllll8 Dev¢loprnent Fund-café Refttrb Deielopment Fund-Welling￿n Room Refvrb DevelopmeTrt F'u￿1-NCM. Pye SclK>DI Development FwMJ- Lift & Acce￿ Ranys 70,459 540,417 (512.598} 146.J94} 57,884 913.373 12,000 5.619 140.(X)O IIS.160 1,0?8,533 5.619 140,000 90.566 37,500 (32.415) 95,651 TgtsLI Desisr0t¢d 1.161.558 37.500 (32.415) 115.560 1,281.804 T(*al Urnrsiricted 1 238 017 545 OI3 Regtrl¢ted Celebrating 70 De￿￿1￿PIne￿t C70 Ftsnd- Toilei Dewlopment Total Re%1rict¢d 171.119 19.220 213.202 232.4!? (33.1991 (40.966) {27.8011 68,767 116.195 185,400 301.595 171139 Total Funds 1.409.156 810,339 {578.12 1.641.283 The spe£ifi¢ purposes for whi¢h the funds are io be applied are as follgws-. Tlie 'Pre-S¢hool Fund, FtpresenLS fvnds available 10 the presLhool. Ofsted require the Pre-school su,i)luq to be rcinvestcd ID Pre-school resourcts. Included within the Pre-S¢h(M)l inconiiiig resour¢es is fitnding f*om H3mpshiiE County Council of £Nil (2023-ML). The ￿slablIshMent Fund, represen￿ ih¢ value of the fixed assets. in the accounL%. The 'DeVelop￿ent Funds, have been de¢i￿ated by the Tn￿tts for fututt reftsrbishinent of the various elements of the buildin¥. The ￿]saster Recovery Reserve, Is a designaled ￿n(fj 10 afound 3 mollths of the total annud expenditure of the asSi￿latiOn, to be Kept 8t this level to cover costs in the unlikely cvent of £￿tre c105ure or provide recovery resour¢e% in the event of a temporary criws. Toilet Developtnent 15 a restricted fvnd for the rernoval of the Wellingion 4￿r¢4$¢ and Install￿tort ot new landing. To provide . nwv Éoil¢ts including l accessible toilrt UPStaiT5. Reconfigujztion of the existing toilets downstaii'5 to proTride a new Changing Places la¢ility. Unre%lricted in¢ome ￿TrdS are available to be spent ongeneral cxpcllditure and llon5pecific projectsat the Tnf5tees di%¢reiion. Page 29 Lymington Community A550ciAtion Notes to the Financial Statements for the Year Ended 31 August 2024 18 Analy$l¥ of net Assets betYsee￿ fvnd Unrestiicted fumts Ge]*n Deiignated Re5tticted TotAI flind5 #t 315t Augitst 2024 Tangible fixed as¥rf CiLTrent assets Curreni liabilitie5 Toi&l Net assets 1.207.840 472.138 1.207.840 788,705 83,048 1913,4Y7 136.498 83,(H8 180.069 ,079,978 180.069 Unreslrirted fwxts G¢nerAI DtSi8n&ied RestTiCted Total fullds Rt 31st August 2023 Tangible fixed asstts cU￿e[rt a55Ets' Tent liabilities Totrd Net asgets 996,660 ?85.144 996.660 718.691 174,06R 1,641 131.95? 301.595 1281J104 301595 19 Related party Thei¢ were llo rdated pany trdnsactiofjsits the year. 20 Uitimite Controlling Party The charity was under th¢ control of the Board of TTUStees throug1￿￿t the year. 21. Trustee5 aiid officers. li*bility' i￿￿r1￿Ce The I￿¢tati￿rt ar￿nge5 insurAnce cover of £l.LKKI.(X)O for the tru#ees and officers against liabilitii¥ in Irldtion to the asswiation. Page 311