CHARITY REGISTRATION NUMBER: 1194835
Fulwell Community Association CIO Unaudited Financial Statements
31 May 2023
CS ACCOUNTING LIMITED
5 McMillan Close Saltwell Business Park Low Fell Tyne & Wear NE9 5BF
Fulwell Community Association CIO
Trustees' Annual Report
Year ended 31 May 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 May 2023.
Reference and administrative details
Registered charity name Fulwell Community Association CIO Charity registration number 1194835 Principal office Chapman Street Sunderland SR6 8HS
The trustees
A Connolly M Hartnack P Davis S Boyers V Lownds SL Connolly (Appointed 26 January 2023) Independent examiner C Smith 5 McMillan Close Saltwell Business Park Low Fell Tyne & Wear NE9 5BF
Structure, governance and management
The FCA became a Charitable Incorporated Organisation on the 17th June 2021. The FCA trustees are responsible for making decisions on all matters of general concern and importance to the community centre including deciding on how the funds of the FCA are to be spent.
Objectives and activities
Fulwell Community Association (FCA) manages premises & facilities for the local community. The FCA is committed to enabling as many people as possible from the community to benefit from use of the large hall and adjoining room and kitchen. The FCA support a wide range of activities such as: Sequence Dancing, Wearside Field Club (talks & walks), Parents & Toddlers Group, Art Club, Karate, Weight Management, Yoga, Iaido and Tai Chi. The community centre also accommodates public meetings, Children's Parties, Community Meetings and a Presbyterian Evangelical church.
- 1 -
Fulwell Community Association CIO
Trustees' Annual Report (continued)
Year ended 31 May 2023
Achievements and performance
The FCA became a Charitable Incorporated Organisation on the 17th June 2021. It has seen a steady growth in groups using the community facilities since COVID closed the premises and a number of groups failed to return. The majority of groups using the facilities are charged at business rates. There are a small number of organisations who hire the hall under the community group's scheme. The income generated by all groups has allowed the community centre to re-invest in its fabric and fittings.
Financial review
It has been another successful year for the charity and the trustees are pleased with the current state of the charity's finances.
The net incoming resources for the year amounted to £8,270 (2022 £9,655). Balance of reserves carried forward £62,750 (2022 £54,480).
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
A Connolly Trustee
- 2 -
Fulwell Community Association CIO
Independent Examiner's Report to the Trustees of Fulwell Community Association CIO
Year ended 31 May 2023
I report to the trustees on my examination of the financial statements of Fulwell Community Association CIO ('the charity') for the year ended 31 May 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
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.
C Smith Independent Examiner 5 McMillan Close Saltwell Business Park Low Fell Tyne & Wear NE9 5BF
- 3 -
Fulwell Community Association CIO
Statement of Financial Activities
Year ended 31 May 2023
| 2023 | 2023 | 2022 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ |
£ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 24,679 |
24,679 | 20,082 |
| ------------------------------ | ------------------------------ | ------------------------------ | ||
| Total income | 24,679 | 24,679 | 20,082 | |
| ============================== | ============================== | ============================== | ||
| Expenditure | ||||
| Expenditure on charitable activities | 5,6 | 16,409 |
16,409 | 10,427 |
| ------------------------------ | ------------------------------ | ------------------------------ | ||
| Total expenditure | 16,409 | 16,409 | 10,427 | |
| ============================== | ============================== | ============================== | ||
| ------------------------------ | ------------------------------ | ------------------------------ | ||
| Net income and net movement in funds | 8,270 | 8,270 | 9,655 | |
| ============================== | ============================== | ============================== | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 54,480 | 54,480 | 44,825 | |
| ------------------------------ | ------------------------------ | ------------------------------ | ||
| Total funds carried forward | 62,750 | 62,750 | 54,480 | |
| ============================== | ============================== | ============================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 12 form part of these financial statements.
- 4 -
Fulwell Community Association CIO
Statement of Financial Position
31 May 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 11 | 4,675 | 5,194 | |
| Current assets | ||||
| Cash at bank and in hand | 58,435 | 49,286 | ||
| Creditors: amounts falling due within one year | 12 | 360 | – | |
| ------------------------------ | ------------------------------ | |||
| Net current assets | 58,075 | 49,286 | ||
| ------------------------------ | ------------------------------ | |||
| Total assets less current liabilities | 62,750 | 54,480 | ||
| ------------------------------ | ------------------------------ | |||
| Net assets | 62,750 | 54,480 | ||
| ============================== | ============================== | |||
| Funds of the charity | ||||
| Unrestricted funds | 62,750 | 54,480 | ||
| ------------------------------ | ------------------------------ | |||
| Total charity funds | 13 | 62,750 | 54,480 | |
| ============================== | ============================== |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
A Connolly Trustee
The notes on pages 7 to 12 form part of these financial statements.
- 5 -
Fulwell Community Association CIO
Statement of Cash Flows
Year ended 31 May 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 8,270 | 9,655 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 519 | – |
| Accrued expenses | 360 | – |
| ------------------------- | ------------------------- | |
| Cash generated from operations | 9,149 | 9,655 |
| ------------------------- | ------------------------- | |
| Net cash from operating activities | 9,149 | 9,655 |
| ========================= | ========================= | |
| Net increase in cash and cash equivalents | 9,149 | 9,655 |
| Cash and cash equivalents at beginning of year | 49,286 | 39,631 |
| ------------------------------ | ------------------------- | |
| Cash and cash equivalents at end of year | 58,435 | 49,286 |
| ============================== | ========================= |
The notes on pages 7 to 12 form part of these financial statements.
- 6 -
Fulwell Community Association CIO
Notes to the Financial Statements (continued)
Year ended 31 May 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Chapman Street, Fulwell, Sunderland, SR6 8HS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
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 income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is
- 7 -
Fulwell Community Association CIO
Notes to the Financial Statements (continued)
Year ended 31 May 2023
impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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 recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
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:
- Fixtures and fittings - 10% reducing balance
- 8 -
Fulwell Community Association CIO
Notes to the Financial Statements (continued)
Year ended 31 May 2023
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 charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in 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 income and expenditure. 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 the statement of financial activities, 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 under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
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
- 9 -
Fulwell Community Association CIO
Notes to the Financial Statements (continued)
Year ended 31 May 2023
characteristics.
Any reversals of impairment are recognised 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.
4. Income
| Income | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Hall Rental & Donations | ||||
| Sandra's Yoga | 2,720 | 2,720 | 3,414 | 3,414 |
| Line Dancing | 1,525 | 1,525 | 1,505 | 1,505 |
| Tai Chi | 1,480 | 1,480 | 1,450 | 1,450 |
| Bulmer Room Shiatsu | 320 | 320 | 450 | 450 |
| Karate | 2,040 | 2,040 | 2,185 | 2,185 |
| Toddlers | 780 | 780 | 845 | 845 |
| Art Group | 884 | 884 | 936 | 936 |
| Dance Group | 1,800 | 1,800 | 1,480 | 1,480 |
| Big Science | 825 | 825 | 1,525 | 1,525 |
| laido | 1,560 | 1,560 | 1,500 | 1,500 |
| Slimmers | 2,040 | 2,040 | 1,985 | 1,985 |
| Bulmer Tanya Counsell | 10 | 10 | 210 | 210 |
| Field Club | 480 | 480 | 200 | 200 |
| Redby Child Minders | 660 | 660 | 80 | 80 |
| Private Hire | 1,565 | 1,565 | 2,317 | 2,317 |
| Church SEPC | 3,055 | 3,055 | – | – |
| Skinny Pigs | 2,150 | 2,150 | – | – |
| Fulwell Junior School | 385 | 385 | – | – |
| Swim City | 400 | 400 | – | – |
| ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------ | |
| 24,679 | 24,679 | 20,082 | 20,082 | |
| ============================== | ============================== | ============================== | ============================== |
5. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Support costs | 16,409 | 16,409 | 10,427 | 10,427 |
| ============================== | ============================== | ============================== | ============================== |
6. Expenditure on charitable activities by activity type
| Support | Total funds | Total fund | |
|---|---|---|---|
| costs | 2023 | 2022 | |
| £ | £ | £ | |
| Support costs | 16,409 | 16,409 | 10,427 |
| ============================== | ============================== | ============================== |
7. Net income
Net income is stated after charging/(crediting):
Depreciation of tangible fixed assets
2023 2022 £ £ 519 – =============== ===============
- 10 -
Fulwell Community Association CIO
Notes to the Financial Statements (continued)
Year ended 31 May 2023
8. Independent examination fees
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 360 | – |
| =============== | =============== |
9. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
10. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
11. Tangible fixed assets
| Fixtures and | ||
|---|---|---|
| fittings | Total | |
| £ | £ | |
| Cost | ||
| At 1 June 2022 and 31 May 2023 | 10,390 | 10,390 |
| ============================== | ============================== | |
| Depreciation | ||
| At 1 June 2022 | 5,196 | 5,196 |
| Charge for the year | 519 | 519 |
| ------------------------------ | ------------------------------ | |
| At 31 May 2023 | 5,715 | 5,715 |
| ============================== | ============================== | |
| Carrying amount | ||
| At 31 May 2023 | 4,675 | 4,675 |
| ============================== | ============================== | |
| At 31 May 2022 | 5,194 | 5,194 |
| ============================== | ============================== | |
| Creditors: amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Accruals and deferred income | 360 | – |
| =============== | =============== |
12. Creditors: amounts falling due within one year
- 11 -
Fulwell Community Association CIO
Notes to the Financial Statements (continued)
Year ended 31 May 2023
13. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 June 2022 | Income | Expenditure | 31 May 2023 | ||
| £ | £ | £ | £ | ||
| General funds | 54,480 | 24,679 | (16,409) | 62,750 |
|
| ============================== | ============================== | ============================== | ============================== | ||
| At | At | ||||
| 1 June 2021 | Income | Expenditure | 31 May 2022 | ||
| £ | £ | £ | £ | ||
| General funds | 44,825 | 20,082 | (10,427) | 54,480 |
|
| ============================== | ============================== | ============================== | ============================== | ||
| 14. | Analysis of changes in net debt | ||||
| At | At | ||||
| 1 Jun 2022 | Cash flows | 31 May 2023 | |||
| £ | £ | £ | |||
| Cash at bank and in hand | 49,286 | 9,149 | 58,435 | ||
| ============================== | ========================= | ============================== |
- 12 -
Fulwell Community Association CIO
Management Information
Year ended 31 May 2023
The following pages do not form part of the financial statements.
- 13 -
Fulwell Community Association CIO
Detailed Statement of Financial Activities
Year ended 31 May 2023
| Year ended 31 | May 2023 | |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Income | ||
| Hall Rental & Donations | ||
| Sandra's Yoga | 2,720 | 3,414 |
| Line Dancing | 1,525 | 1,505 |
| Tai Chi | 1,480 | 1,450 |
| Bulmer Room Shiatsu | 320 | 450 |
| Karate | 2,040 | 2,185 |
| Toddlers | 780 | 845 |
| Art Group | 884 | 936 |
| Dance Group | 1,800 | 1,480 |
| Big Science | 825 | 1,525 |
| laido | 1,560 | 1,500 |
| Slimmers | 2,040 | 1,985 |
| Bulmer Tanya Counsell | 10 | 210 |
| Field Club | 480 | 200 |
| Redby Child Minders | 660 | 80 |
| Private Hire | 1,565 | 2,317 |
| Church SEPC | 3,055 | – |
| Skinny Pigs | 2,150 | – |
| Fulwell Junior School | 385 | – |
| Swim City | 400 | – |
| ------------------------------ | ------------------------------ | |
| 24,679 | 20,082 | |
| ------------------------------ | ------------------------------ | |
| ------------------------------ | ------------------------------ | |
| Total income | 24,679 | 20,082 |
| ============================== | ============================== | |
| Expenditure | ||
| Rates and water | 863 | 647 |
| Light and heat | 5,116 | 2,036 |
| Repairs and maintenance | 7,913 | 5,696 |
| Insurance | 365 | 400 |
| Legal and professional fees | 360 | – |
| Telephone | 52 | 32 |
| Office costs | 1,222 | 1,058 |
| Depreciation | 518 | – |
| Expenses | – | 558 |
| ------------------------------ | ------------------------------ | |
| 16,409 | 10,427 | |
| ------------------------------ | ------------------------------ | |
| ------------------------------ | ------------------------------ | |
| Total expenditure | 16,409 | 10,427 |
| ============================== | ============================== | |
| ------------------------------ | ------------------------------ | |
| Net income | 8,270 | 9,655 |
| ============================== | ============================== |
- 14 -
Fulwell Community Association CIO
Notes to the Detailed Statement of Financial Activities
Year ended 31 May 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Support costs | ||
| Rates & water | 863 | 647 |
| Light & heat | 5,116 | 2,036 |
| Repairs & maintenance | 7,913 | 5,696 |
| Insurance | 365 | 400 |
| Legal and professional fees | 360 | – |
| Telephone | 52 | 32 |
| Office costs | 1,222 | 1,058 |
| Depreciation | 518 | – |
| Expenses | – | 558 |
| ------------------------------ | ------------------------------ | |
| 16,409 | 10,427 | |
| ------------------------------ | ------------------------------ | |
| ------------------------------ | ------------------------------ | |
| Expenditure on charitable activities | 16,409 | 10,427 |
| ============================== | ============================== |
- 15 -