REGISTERED CHARITY NUMBER: 1196955
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023
for
The Epsom Wells Community Association
Ark Accountancy Limited Chartered Certified Accountant 31 Cheam Road Epsom Surrey KT17 1QX
The Epsom Wells Community Association
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 10 |
| Detailed Statement of Financial Activities | 11 |
The Epsom Wells Community Association
for the Year Ended 31 December 2023
Report of the Trustees
Status
EWCA was created on 1 July 2021 as an unincorporated entity and registered as a charitable incorporated organisation (CIO) on 6 December 2021, for exclusively charitable purposes pursuant to the Charity Commission for England and Wales.
This is the first set of financial statements being prepared by the Charity.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Wells Community Centre has now reopened and made available to the community for hire purposes. The secondary objective is to also run classes that fulfil the values of education, wellbeing, environment and community.
In setting the EWCA’s objectives and planning its activities, the Trustees have considered Section 17 of the Charities Act 2011. In doing so they are satisfied that they have complied with their duty to have regard to the Public Benefit guidance published by the Charity Commission. The EWCA’s activities and achievements are outlined throughout this Trustees’ Report and the Trustees believe they fully demonstrate that the EWCA is providing public benefit.
The objects of the EWCA are;
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To further or benefit the residents of surrey and the neighbourhood, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for the residents.
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In furtherance of these objects but not otherwise, the trustees shall have power: to establish or secure the establishment of a community centre and to maintain or manage or co-operate with any statutory authority in the maintenance and management of such a centre for activities promoted by the charity in furtherance of the above objects.
Public benefit
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit.
Grantmaking
The Trustees meet regularly to consider what grants they will make and to review any feedback they have received. The Trustees are committed to applying the EWCA’s resources in a responsible manner for the purposes of yielding maximum benefit.
FINANCIAL REVIEW
Financial position
Total incoming resources amounted to £39,149 (2022 12,204). The asset base of the EWCA stands at £19,429 (2022 £10,816).
Investment policy and objectives
Investment Policy
Under the constitution (governing document), the EWCA has the power to invest in any way the Trustees wish. The Trustees, having regard to the liquidity requirements of the EWCA and to the reserves policy have operated a policy of keeping available funds in an interest-bearing deposit account.
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The Epsom Wells Community Association
for the Year Ended 31 December 2023
Report of the Trustees
FINANCIAL REVIEW
Reserves policy
The Trustees are committed to applying the EWCA's resources in a responsible manner for the purposes of yielding maximum benefit.
To achieve this the Trustees, aim to keep reserves to a minimum in order to ensure that most of the income generated is distributed, and that the EWCA operates on minimal overheads with many services provided by the Trustees and Companies related to them.
Restricted Fund
Restricted funds are generated when the donor stipulates how their donation may be spent. In most cases, there will be a time lag between when such funds are received and when they are expensed. The Trustees ensure that these funds are expensed in accordance with the terms under which they have been donated to the EWCA. During the year £500 was donated which had restrictions placed on them.
Expendable Endowment
Expendable Endowment Funds include all funds received which the Trustees are authorised to spend when and if they decide to spend these funds. The funds may be used to further the specific charitable purposes the EWCA was established to support. These costs can include both direct and support costs associated with activities undertaken by the Restricted Funds within the EWCA.
Operational Reserves
Cash flow projections for income and expenditure are regularly reviewed by the Trustees to ensure that the level of disposable net assets is adequate and that the EWCA is in a position to meet all its grant-making and working capital commitments for the foreseeable future.
The reserves policy is reviewed annually to reassess the risks and reflect any changes to the EWCA’s income, capital, financial obligations and long-term plans for charitable expenditure.
The unrestricted funds are expendable at the discretion of the Board of Trustees in furtherance of the objects of the funds.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The Trustees are selected on the basis of their skills and expertise and the contribution, in particular in the areas of business management and development, which they can make to determine the strategy and policies of the EWCA and to monitor implementation.
The Trustees are responsible for finance, development and planning. There is no formal process for training Trustees, but training is provided to individual Trustees and to the Trustees as a whole as needs arise. All Trustees give their time freely and no Trustee remuneration was paid in the year.
Organisational structure
The Board of Trustees meets to review and update the EWCA’s strategy and areas of activity, including consideration of grant-making, a review of the reserves policy as well as the overall risk profile of the EWCA.
Risk management
The Trustees are responsible for the management of the risks faced by the EWCA and have examined the major strategic, business and operational risks to which the EWCA is and may be exposed. They are satisfied that the systems and controls are in place to mitigate and manage exposure to such major risks identified by the Trustees. They continue to review current processes recognising that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed
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The Epsom Wells Community Association
Report of the Trustees
for the Year Ended 31 December 2023
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1196955
Principal address
The Wells Community Centre Spa Drive Epsom Surrey KT18 7LR
Trustees
Mrs V G Marchant Ms J Hancock M C Todd C Notman-Watt Ms D L Sparham J Marchant B Murton R Cordell Dr V Rees (resigned 23.4.23) Mrs S Miller (appointed 11.1.24)
Independent Examiner
Mary E Ryan FCCA Ark Accountancy Limited Chartered Certified Accountant 31 Cheam Road Epsom Surrey KT17 1QX
Approved by order of the board of trustees on 25 September 2024 and signed on its behalf by:
Mrs V G Marchant - Trustee
Page 3
Independent Examiner's Report to the Trustees of The Epsom Wells Community Association
Independent examiner's report to the trustees of The Epsom Wells Community Association
I report to the charity trustees on my examination of the accounts of The Epsom Wells Community Association (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts 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.
Mary E Ryan FCCA
Ark Accountancy Limited Chartered Certified Accountant 31 Cheam Road Epsom Surrey KT17 1QX
30 September 2024
Page 4
The Epsom Wells Community Association
Statement of Financial Activities
for the Year Ended 31 December 2023
| Period | |||||
|---|---|---|---|---|---|
| 6.12.21 | |||||
| Year Ended | to | ||||
| 31.12.23 | 31.12.22 | ||||
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 7,328 | 28,499 | 35,827 | 12,204 | |
| Other trading activities | 3 | 2,231 | - | 2,231 | - |
| Other income | 1,091 | - | 1,091 | - | |
| Total | 10,650 | 28,499 | 39,149 | 12,204 | |
| EXPENDITURE ON | |||||
| Charitable activities | |||||
| Charitable Activities | 9,919 | 20,617 | 30,536 | 1,388 | |
| NET INCOME | 731 | 7,882 | 8,613 | 10,816 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 10,316 | 500 | 10,816 | - | |
| TOTAL FUNDS CARRIED FORWARD | 11,047 | 8,382 | 19,429 | 10,816 |
The notes form part of these financial statements
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The Epsom Wells Community Association
Balance Sheet
31 December 2023
| 31.12.23 | 31.12.22 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | funds | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| CURRENT ASSETS | ||||||
| Cash at bank and in hand | 11,887 | 8,382 | 20,269 | 10,816 | ||
| CREDITORS | ||||||
| Amounts falling due within one year | 6 | (840) | - | (840) | - | |
| NET CURRENT ASSETS | 11,047 | 8,382 | 19,429 | 10,816 | ||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 11,047 | 8,382 | 19,429 | 10,816 | ||
| NET ASSETS | 11,047 | 8,382 | 19,429 | 10,816 | ||
| FUNDS | 7 | |||||
| Unrestricted funds | 11,047 | 10,316 | ||||
| Restricted funds | 8,382 | 500 | ||||
| TOTAL FUNDS | 19,429 | 10,816 |
The financial statements were approved by the Board of Trustees and authorised for issue on 25 September 2024 and were signed on its behalf by:
V G Marchant - Trustee
The notes form part of these financial statements
Page 6
The Epsom Wells Community Association
Notes to the Financial Statements for the Year Ended 31 December 2023
1. GENERAL INFORMATION
The EWCA is a Charitable Incorporated Organisation (CIO), registered in England and Wales (company CE027482). The address of its registered office is 7 Spa Drive, Epsom, Surrey, KT18 7LR.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
3. OTHER TRADING ACTIVITIES
| Period | ||
|---|---|---|
| 6.12.21 | ||
| Year Ended | to | |
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Fundraising events | 2,231 | - |
continued...
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The Epsom Wells Community Association
Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the period ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the period ended 31 December 2022.
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||||
| fund | fund | funds | ||||
| £ | £ | £ | ||||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations and legacies | 11,704 | 500 | 12,204 | |||
| EXPENDITURE ON | ||||||
| Charitable activities | ||||||
| Charitable Activities | 1,388 | - | 1,388 | |||
| NET INCOME | 10,316 | 500 | 10,816 | |||
| TOTAL FUNDS CARRIED FORWARD | 10,316 | 500 | 10,816 | |||
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN | ONE YEAR | ||||
| 31.12.23 | 31.12.22 | |||||
| £ | £ | |||||
| Other creditors | 840 | - | ||||
| 7. | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| movement | At | |||||
| At | 1.1.23 | in funds | 31.12.23 | |||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 10,316 | 731 | 11,047 | |||
| Restricted funds | ||||||
| Magic Little Grant | 500 | - | 500 | |||
| Surrey County Council for repairs | - | 7,882 | 7,882 | |||
| 500 | 7,882 | 8,382 | ||||
| TOTAL FUNDS | 10,816 | 8,613 | 19,429 |
continued...
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The Epsom Wells Community Association
Notes to the Financial Statements - continued
for the Year Ended 31 December 2023
7. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 10,650 | (9,919) | 731 |
| Restricted funds | |||
| Surrey County Council for surveys | 2,000 | (2,000) | - |
| Surrey County Council for repairs | 24,999 | (17,117) | 7,882 |
| Thames Water | 1,500 | (1,500) | - |
| 28,499 | (20,617) | 7,882 | |
| TOTAL FUNDS | 39,149 | (30,536) | 8,613 |
| Comparatives for movement in funds | |||
| Net | |||
| movement | At | ||
| in funds | 31.12.22 | ||
| £ | £ | ||
| Unrestricted funds | |||
| General fund | 10,316 | 10,316 | |
| Restricted funds | |||
| Magic Little Grant | 500 | 500 | |
| TOTAL FUNDS | 10,816 | 10,816 | |
| Comparative net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 11,704 | (1,388) | 10,316 |
| Restricted funds | |||
| Magic Little Grant | 500 | - | 500 |
| TOTAL FUNDS | 12,204 | (1,388) | 10,816 |
continued...
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The Epsom Wells Community Association
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
Page 10
The Epsom Wells Community Association
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| Detailed Statement of Financial Activities for the Year Ended 31 December 2023 |
||
|---|---|---|
| Period | ||
| 6.12.21 | ||
| Year Ended | to | |
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 7,328 | 11,704 |
| Grants | 28,499 | 500 |
| 35,827 | 12,204 | |
| Other trading activities | ||
| Fundraising events | 2,231 | - |
| Other income | ||
| Insurance refund | 1,091 | - |
| Total incoming resources | 39,149 | 12,204 |
| EXPENDITURE | ||
| Charitable activities | ||
| Events costs | 740 | - |
| Repairs | 18,617 | - |
| 19,357 | - | |
| Support costs | ||
| Management | ||
| Rates and water | 194 | - |
| Insurance | 2,627 | - |
| Light and heat | 1,150 | - |
| Postage and stationery | 26 | - |
| Sundries | 342 | - |
| 4,339 | - | |
| Governance costs | ||
| Legal fees | 5,220 | 1,388 |
| Independent examiner's fee | 1,620 | - |
| 6,840 | 1,388 | |
| Total resources expended | 30,536 | 1,388 |
| Net income | 8,613 | 10,816 |
This page does not form part of the statutory financial statements
Page 11