COMPANY REGISTRATION NUMBER.. 03588496 CHARITY REGISTRATION NUMBER.. 1189976 Crest Co-operative Ltd (charity) Company Limited by Guarantee Unaudited Financial Statements 31 March 2022 *ABAJJ685" 1WO812022 COMPANIES HOUSE A10 JONES & GRAHAM ACCOUNTANTS Chartered Certified Accountants 45 Vale Street DENBIGH Denbighshire LL16 3AH Crest Co-operative Ltd (charity) Company Limited by Guarantee Financial Statements Year ended 31 March 2022 Page Trustees. annual report (incorporating the directorfs report) Chartered certified accountants report to the board of truslees on the preparation of the unaudited statutory financial statements Stalement of financial activities (including income and expenditure account) Stalement of financial position Notes to the financial statements 10 The following pages do not form part of the financial statements Detailed statement of financial activities 23 Notes to the detailed statement of financial activities 26 Crest Cowoperative Ltd {charity) Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2022 The tnjstees, who aTe also the directors for the purposes of company law. present their report and the unaudrted financÉal statements of the charity for the year ended 31 March 2022. Refe￿nCe and administrative details Registered charity name Crest Co-operatNe Ltd Icharityl Charity registration number 1189976 Company registration number 03588496 Principal office and registered Unit 2 Brierley House office Ferry Farm Road Llandudno Junction Conwy LL31 9SF The trustees Mr M Thompson Mrs K M Baker Mrs A K Burke MrLJCox Company s8cretary Wendy Williams A¢¢ountants Jones & Graham Accountants Chartered Certffied Accountants 45 Vale Street DENBIGH Denbighshire LL16 3AH Crest Co-operative Ltd (charity) Company Limited by Guarantee Trustees. Annual Report {Incorporating the Directorfs Report) (continued) Year ended 31 March 2022 Slructurei govemance and rnanagement Crest co-operats.ve Ltd is governed by a voluntary board ol Trustees.. during the last ￿porting year, 6 were registered Iruslees lincluding the Chairnianl). We conlinue to search for an appropriately experiencedlskilled candidate as part of our drive to have a full board of 7 Trustees. The board of Trustees has mel quarterty by video link (due to Covid control measures) in the last year. The Senior Management team {Managing Director, Strategic Business Development Manager and the Finan￿ Manager) submit monthly reports to the Trustees and attend Ihe quarterty Trustee meetin9S to answer queries. discuss and vote upon slrategic decisions outshde of the scope of everyday operational decision making. hAinules of the meetings a￿ kept by the Company Sefftlary. All management reports are filed on our central server and include the following infomiation= Financial HR I Wellbeing Health and safety Departmental performan Operational updates Project development Gr8rt1s and contracts Crest Co-operative Ltd (charity) Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Icontinued) Year ended 31 March 2022 Objectives and activities The objectives of the Charity are speafKalty restricted to the following.. a) To advance education, training and vohjnteering particulat1y for people with disabilities or in need by reason of their social or economic or¢umstan¢es. b} The preventi￿ or reliel of poverty by Ihe recycling I reuse and pw5ion of fumrtvre. clothes and other household items to individuals in need andlor charities. or other ¢Nganis81ions working to prevent or relieve povety. cl The ￿ Iief of LTrnemployment for the benefit of the public in SLth ways as may be thought fil. including assistance to find employment. d) To promote soclal inclusion for the public benefit by preventing people from becoming socially ex¢luded. relieving the needs of those people who are sctialty excluded and assisting tnem to integrate into soaety. For the purpose of this dause 'socially excluded. means being excluded from 50ciely, or parts of society. as a result ol one or more of the following faclors." unemployment.. financial hardship" youth or old age- ill health Iphysical or mentsll., substsn¢e abuse or dependency including alcohol ané drugs.. discriminalion on fhe grounds of sex. race. disabilily. ethni¢ orTrgFn, reli9k)n, belief, creed, sexual orientation or gender re-assignrnent., pcw)r education81 oi skills attainment,. relationship and family breakdown., Foor housing (that is housing that does not meet basic habitable slandards.. crime (either as a victim of crime or as an offender rehabili(aling inlo society). el To promote such other charilable purposes as the tnjstees may from time to time detem)ine. Crest Co•operative Ltd (charity) Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continuedl Year ended 31 March 2022 Achievements and perfomiance Due lo the persistence of Ihe Covid pandemic. once again we We￿ presented with significant challenges throughout our organisalion., furtherm¢xe. addilional challenges materialised laler In the year 2021 affe¢ling the whole economy, including ourselves. Despite these issues. we continued to explore opportunity when it presented itself.. ands have made signfficant progress during 2021122, furthering the strategy and objeclives sel out in our goveming documeni. Whilsl we have met all of our objectives in lesser degrees that previous years (due lo reduced activity 8s a resuli of Covidl," new opportunilies have malerialised in an environmenl conlinually changing as a result of the pandemic, prompting the Senior M8nagement Team to mainiain focus on our core objectives and our pO￿t￿n wthin an unsetued economic landscape. During 2021122, the following notable oulcomes were achieved.. Furloughed slaff continued to receive wage lop to 100% up as Ihe Govt. conlribution reduced.- Secured £463k from WG for the further development of Ihe Happi-tat workshop ¢oncept,' the grant covers both capital and revenue expenditure and enabled Ihe a¢quisition of 3 Gloddaelh Sl. Ltandudno. Opened our third Community Reuse store on Wellinglon Rd, Rhw., also securing a contract lo let the upper fioor lo the Probation Service. 6 parts"cipanls ￿￿Ultetj under the Govl. subsidise(l Kick Start programme_ Several grants were 3c¢e55ed to enable financial resilience and continued growth wst COVID - Post furbughlrelum to work plans developed in ¢onsultab'on with staff. An in-house team ol wellbeing thampions was trained I developed wth support from RCS followng our successful participation in a pilot Red Dot 365 business wellbeing survey. Increased placements in Ihe SAP (Supported Abilities Team fornierfy Work Opps) and eslablished partnerships with Goggaeth School and YoLJth Service. Secured an an additional Probalion Service Community Payback contract for 2021122. Established the Crest food bank and Community Fridge scheme. Enhanced oui iraining dept. Wblh Pathways. ￿ck Stsrt CP initialives. Stsff wellbeing remained a primary focus for the SMT as indicators of diminished wellbeing began to materialis8," that said. the resilience. Commitment and colleclive 'can do, attitude of the team during another lesling year mu51 be adtnowledged. Our updated business plan specrfically focuses on consolidatk)n of our core activities as we emerge fiom Ihe pandemic. and outlines opportunilies, developmenis and objectives for 2022. whilst also contributing to the delivery of our long lem7 vision and the charitable objects ol the organisation,. It remains the working template for our sustainable futu￿ beyond Covid. focusing on consolidation of our core objectives of education. training. volunteering, relief of unempkjymenl, preventionlrelief ol of povety through reuse ané social inclusion by plawng to our strengths, adhering to our values, setting realistic obJeclive5 and, ultimately. delNerirrfJ our mission. Crest Co-operative Ltd (charity) Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continuedj Year ended 31 March 2022 Financial rèview The company's tumover has reduced slighlty from £957.407 in 2021 to £891.297 for the year ending 31 March 2022. This is mainly down to the significant reduction in Job Retention Scheme in¢ome during 2022 and represents 8 reduction of just 7%. The total expenditure has also reduced from £887.091 In 2021 to £863.477 in 2022. a reduction of 3%. As a result. Ihe company has achieved a s'Jrplus of £27.976 during the year ending 31 March 2022. compared to £70.316 in the previous year. These results ￿ntinUe to be encouraging. especially with 8 large amount of the trading income being iransfetred to the subsidiary company during the current year. We expect there to be further changes to the tsjmover and direct cosls for the year ending 31 March 2023 as Ihe remaining trading activities are transferred over to the subsidiary company, Crest Trading Stores Ltd. Small company provislons This ￿port has been prepared in 8cwd8nce wth ihe provisK)ns applicab￿ lo comp8nies entitled to the small companies exemption. Irustees by.. The Iruslees. annual report was approved on ...... ... . .... ............ and signeis on behalf of Ihe board of ,,161 r M Thomp Trustee Crest Co-operative Ltd (charity) Company Limited by Guarantee Chartered Certified Accountants Report to the Board of Trustees on the Preparation of the Unaudited Statutory Financial Statements of Crest CO￿operative Ltd (charity) Year ended 31 March 2022 As described on the sialement of financial position. the irustees of ihe charity are responsible foi the preparalion of the financial statements for the year endeo 31 March 2022, which comprise the statement of financial acts"vities {including income and expenditure account). slaternent of financial position and the related notes. You eonsider that the charity is exempt from an audil under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you lo fulfil your ststutory responsibilities. from the accounting records and from infomiation and explanations supplied lo us. JONES & GRAHAIA ACCOUNTANTS Chartered Certified Accountants 45 Vale Street DENBIGH Denbighshire LL16 3AH Crest Co-operative Ltd (charity) Company Limited by Guarantee Statement of Financial Activities {including income and expenditure account) Year ended 31 March 2022 2022 Unrestricled funds Total funds 2021 Total funds Nole Income and endowments Grants receivable Trading activities Investment income 369,745 521.539 13 369,745 521.539 13 456.707 500.530 170 Total income 891.297 891,297 957.407 Expenditure Expenditure on raising funds-. Costs of other trading activities Expendilure on charitable actiwb.es Taxation 80.687 782.788 - 80,687 782,788 128.848 758.211 32 10 Total expenditure 863.475 863,475 887.091 Net in¢ome and ntt movement in funds 27.822 27.822 70.316 Reconciliation of funds Total funds brought forward Total fund5 carried forward 378.546 378,546 308.230 406.368 406,368 378.547 The slalement of financial activrties includes all gain5 and losses ￿CognISed in the year. All income and expenditure ijerive from conlinuing acts"vities. The notès on pages 10 to 21 fom) part of these financial statements. Crest Co-operative Ltd {charity) Company Limited by Guarantee Statement of Financial Position 31 March 2022 2022 2021 Note Fixed assets Tangible fixed assets Investments 14 1,489,923 15 100 1,325.699 1.490.023 1,325.699 Current assets Stocks Deblors Cash at bank and in hand 16 17 75.732 216.788 376.418 303,412 85,208 388.620 608,938 Creditors= amounts falling due within one year Nèt current assèts 18 72,587 73,873 316.033 535,065 Total assets less current liabilities 1.806.056 1.86L),764 Creditors.. amounts falling due after more than ont year Net assets 19 1,399,689 1.482,218 406.367 378,546 Funds of the charity Unrestricted funds 406.368 378,547 Total charity funds 24 406.368 378,547 For the year er￿l￿g 31 March 2022 the tharity was entitled to exemption from audrt untler section 477 of the Companies Act 2006 reL8ting io small ec*npanies. Dire¢tors' resFK)nsibilities'. The members have not required the company to obtain an audit of its financial statements for the year in question in accordan￿ ￿th section 476". The di￿¢t￿ aCknOw￿dge their responsibilib.es for complying with the requirements of the Act wth respecl to accounting records and the prepafalion of financial statements. These financial statements have been Prepa￿ in accordance wth the provisK)ns applicable lo companies subject to the small companies, regime. The statement of financial position continues on the following page. The notes on page$ 10 to 21 fo￿ part of th¢s¢ financial slat¢ments. Crest Co-operative Ltd (charity) Company Limited by Guarantee Statement of Financial Position {¢onNnv8d) 31 March 2022 financial statements were approved by the tw)ard of trustees and authorised for issue on , and are signed on behaw of the board by- Mr M Thom Trustee on The notes on pages 10 to 21 forrn part of these financial statements. Crest Co-operative Ltd (charity) Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2022 General infomiation The charily is a wblic benefit entty and a privale company limited by guarantee. registered in England and Wales and a registereis charity in England and Wales. The address of the reglstered office is Unit 2 Biierley House. Ferry Faim Road. LIandUdr￿ Junction. Cor)wy, LL31 9SF. Statement of cornpliance These financial statements have been prepared in compliance with FRS 102. The Financial Reporting Stsndard applicable in the UK and the Republic of Ireland.. the Staternent of Recommended Pra¢ti¢e applicab￿ lo charities preparing their accounts in accordance with the Financial Reportlng Standard applicabje in the UK and Republic of Ireland IFRS 1021 (Charities SORP {FRS 10211 and the Companies Acl 2(K)6. Accounting policies Basls of preparatlon The financial slalements have been prepared on the historical cost basis, as mdified by the vahJalion of certain financial assets and liabilit￿S arKI investment properb.es measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the enb'ty. Going concèm There are no material uncertaintses about the charitls ability lo continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements. requires management to make judgemenls, estimates and assumptions that affect the amounts reported. These estimates and judgèments are continually reviewed and are based on experience and other factors, induding expectations of future events that are believed to be reasonable under the urcumstsnr£s. IncoTne tax The tax3lion expense ￿preSentS the aggregate amcrtjnl of Current and deferred tax recognised in ihe repo￿n9 period. Current lax is reeognised on laxablè income or expenditure for the current and past periods. Current lax is measured at the amounts of lax expected to pay or recover tjsing the tax rates and laws that have been eftacled or substantively enacted al the reportino dale. 10 Crest Co-operative Ltd (charity) Company Limited by Guarantee Notes to the Financial Statements (Contin{￿ Year ended 31 March 2022 A¢¢ounting policies fcontinuedj Fund accounting Unrestricted funds are available for use al the discretson of the trustees lo further any of the charitys purposes. Designated funds are unrestricle(I funds eam)ad(ed by the trustees for pa￿¢￿[ar fuluie project or commitment. Reslricled funds are subjected to restrictions on their expenditure declared by the donor or through the lerms of an appeal. and fall into one of two Sub￿asSeS.. restricted income funds or endowmenl funds. Incoming resources All incoming resources are induded in the ststemenl ol financial activthes when enlillement has passed to the tharity,. il is probable that the economi¢ benefits associated wilh the transaction will flow to the charity and the amounl carh be reliably meaSU￿¢J_ The following specific Oicies are applied to particular categories of income.. income from donations or grants is ￿CogniSed when there is evidence of entrtlement to ihe gift, receipt is probable 8nd rts amount Can be measured ￿lIablY. legacy in¢ome is recognised when receipt is probable and entitlemenl is established. income from donated g(￿d$ is measured at the fair value of the goods unless this is mpractical to measure reliabty, in which case the value is derived from the cost to the donor or the estimated resale vahje. Donated facilities and servi￿5 are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. inwme frorn contracts for the supply of services is recognised with the delivery ol the contracted service. This is clas&fied as unrestricted funds unless there is a contractual requI￿rne￿t fof It to be spent on a particular purpose and relumed If unspent, in which case il may be regarded as ￿$triCted. 11 Crest cO￿perative Ltd (charity) Company Limited by Guarantee Notes to the Financial Statements (conlinu Year ended 31 March 2022 Accounting policies fcLlniinued) Resour¢es expended Expenditure is reeogni5ed on an accruals basis as a liability is incurred. Expendrture includes Ény VAT which cannol be fully recovere(J. and is classiffied under headings of the stslement of financial aclivities lo which it relates.. expendrture on raising funds includes the costs of all fundraising actNilies, events. non-charilable trading activities, and Ihe sale of donated goods. expenditure on Charitsble activities includes all costs in¢urred by a charity in ijndertaking aclivities that further Its charitable aims for the benefit of its beneficiaries, including those support cosls and costs relating to the governance of the charity apportioned lo charitable aclivities. other expendÈture includes all expentjrture that is neither related to raising ftjnds for the eharity nor part of its expenditure on charilable activities. All costs are allocated to expendrture categories reflecling the use of the ￿sOurCe. Direcl costs attribulable to a single activity are allocated directty to Ihat aclivity. Shared costs are apportion between the activit￿$ they contribute lo on a reasonabk, justifiable and wisislent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently ststed at Cost less any accurnulated depreaation and impaimient losses. Any tangible assels carried at revalued amounts a￿ recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and SLtbsequent accumulated impaim)ent losses. An inciease in the ¢arrwng amount of an asset as a result of a revaluation. is recognised in other recognised gains and losses, unless it ￿VerseS a charge for tmpairmenl that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of zn asset as a result of revalu31ion, is recognised in other recognised gains and losses, except lo which it offsets any previous revaluatson gain. in which case the loss is shown within other recognised gains and losses ￿ the slalemenl of financial actNlties. Depreciation Depreciation is calcuL3ted so as to write off the CA)St or valuation of an asset. less its residual value, over the useful e￿n0m￿ life of that asset as follows= Property and improvements Long leasehold propety Enterprise activities equip & fittings Office F&F and computer equipment Motor vehicles 4% straight line 4% stratght line 250A straight line 200A straight line 25.￿ straight line 12 Crest Co-operative Ltd (charity) Company Limited by Guarantee Notes to the Financial Statements fcontinuodj Year ended 31 March 2022 Accounting policie5 (¢oniinv8d) Investments Unlisted equity inveslments are initially recorded at cosl. and subsequently measured al fair value. If fair value cannot be reliably measured, assets are measured at cost less Impair￿ent. Listed inveslmenls are measured at fair value wth changes in fair value being ￿￿nised in income or expenditure. Investments in associates Investments in associates accounted for in acC￿danCe wlh the wst model ara recorded at cost less any ac£umulale(l impairmènt l(K%ses. Invesiments in associates accounted for in a"-cordance wth the fair value model are initially recorded at the transaction price. At each reporting date. the investments are measured al fair value. with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably wthout undue cost cr effort, the Cost model will be adopted. Dividends and other distributions received from the investment a￿ re¢ognised as income wthout reg8rd to whether the distributions are from accumulated profits of the associate arising before or after the date ol acquisilion. Investments in joint ventures Investments in jointty controlled entsties accounte¢Y for in accordance with the cosl model are recorded at cost less any accumulated impairment k)sses. Investments In jointly controlled entities accounted for in accordance with the fair value model are initially recorded 8t Ihe Iransadion pri¢e_ At each reporting date. the Investments are measured al fair value. wth changes in fair value taken through income or expenditure. WheTe il is impracticable to measure fair value ￿liablY vAthout undue cost or effort. the cosl Model will be adopted. Oividen¢Js and Oiher distributKpns received from the investment a￿ ￿cOgnised as income wthout regard lo whether the éistribulions are from accumulated profits of Ihe joint venture arising before or after the dale of acquisition. Impairnient of flxed assets A review for indicators of impairnienl is ¢arried OLrt at each reporting date. wlh the ffcoverable amoljnt being estimated where such indicalors exisl. Where Ihe carying value exceeds the recoverable amounl. the asset is impaired acctxdingty. Prior impairments are also reviewed for F