Spon Gate Community Project
3- 15 BARRAS LANE COVENTRY CV1 3BU
TRUSTEE’S ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST JULY 2024
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Spon Gate Community Project
3- 15 BARRAS LANE COVENTRY CV1 3BU
| Page | |
|---|---|
| Corporate Information | 3 |
| Board of Trustee’s Report | 4 |
| Independent Examiner’s Report | 7 |
| Statement of Financial Activities | 8 |
| Statement of Financial Position | 9 |
| Accounting Policies | 10 |
| Notes | 11 |
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Corporate Information
Registered Charity Number: 1199173 Registered Company Number: 10846251 Registered Office: 3- 15 BARRAS LANE Coventry, CV1 3BU Board of Trustees: Mr Omotayo Olaleye Feyisetan Dr Temitope Adetokunbo Akinremi Dr Aderonke Adedoyin Oshungbohun Bankers: Barclays Bank Plc
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Board of Trustee’s Report
1.0 Introduction
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their annual report and financial statements of the charity for the year ended 31st July 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities (the FRSSE) (effective 1 January 2015) in preparing the report and financial statement of the charity.
1.1 Public Benefit Statement
The Trustees confirm that they have complied with the duty in section 4 of the Charites Act 2011 to have due regard to the Charity Commission’s guidance on public benefit "Charites and Public Benefit".
1.2 Structure, Governance and Management
The charity was constituted under memorandum and articles incorporated on 15 December 2021.
Appointment or Election of Trustees
Trustees are appointed and or co-opted under the terms of the trust deed.
Policies Adopted for the Induction and Training of New Trustee's
The induction process for a newly appointed trustee comprises an initial meeting with the Chair and other trustees, followed by short meetings with the Parish pastor on the powers and responsibilities of the trustees.
Organisational Structure and Decision Making
The charity is organised so that the trustees meet regularly to manage its affairs. The Parish pastor manages the day to day administration of the church.
1.3 Objectives and Activities
The principal object of the charity is the relief of poverty and provide support to other charities or organisations working to prevent or relieve poverty.
1.4 Achievements and Performance
On the 31st January 2024, the Charity moved to their own Community Hub which was acquired through a long-term lease form the Coventry City Council. The Charity organised some community activities through the support of the Cost-of-Living grant. The residents were provided with free Food and groceries, warm clothing materials (Thermal socks, cap, gloves) free medical check-up for the residents, counselling for domestic violence and Mental health victims.
We also opened our Hub to the resident to make use of our internet and desktop facility, whereby they can check (Emails, Job search , etc).
On the 6th March 2024 the Shadow Minister for Industry and Decarbonisation Sarah Jones MP, while on official tour in West Midlands visited our new Community Hub in Coventry.
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Board of Trustee’s Report
The Charity organised a Community Christmas Carol/dinner for the residents on the 22nd Sunday 2024.
1.5 Financial Review
Total income received was £42,630. This income derives principally from the activities of advancing the Christian religion by way of donations from partners and individuals who attend the programmes held.
Total spending on charitable expenditure at year end was £40,278 resulting in a surplus of £2,532.
1.6 Reserve Policy
The Trustees considers that there are sufficient and adequate reserves held at the year end to manage ongoing operations and are aware of the need to establish a reserves policy to maintain a balance on unrestricted funds.
The trustees' policy is to have unrestricted and uncommitted funds (cash free reserves) of £22, 500 — £45,000 to cover 3 to 6 months of resources expended. They feel that this would enable the current activities to continue if there is a significant drop in funding. It would obviously be necessary to then consider how the funding would be replaced or activities changed.
1.7 Volunteers
While it is impossible to place a specific financial value on the contribution of our volunteers, the work we do will simply not be possible without them. We remain indebted to the commitment of over 20 volunteers.
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Board of Trustee’s Report
1.8 Trustees’ Responsibilities
The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the net income or expenditure of the charity for the year. In preparing these financial statements the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Make judgments and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Board of Trustees on 22/05/2025 and signed on their behalf by:
Full Name: Mr Omotayo Olaleye Feyisetan
Signature:
Position: Trustee Date: 22/05/2025
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Independent Examiner’s Report
Report to the trustees/members of: Spon Gate Community Project On accounts for the year ended: 31st July 2024 Charity No: 1199173
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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(1) which give me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act;
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed: Date: 22/05/2025
Name: Tobi Labeodan FCCA, for and on behalf of The Accounting Club Ltd
Relevant professional qualification(s) or body (if any): ACCA
Address: Ground Floor, Synium House, r/o 94-96 High Street, Henley in Arden B95 5FY
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Statement of Financial Activities: Year Ended 31st July 2024
| Notes Income: Donations and legacies 1 Other income (Grants) 1 Total Income Total Income Expenditures on: Charitable Activities 2 Other Charitable Activities 2 Other Costs 2 Total Expenditures Net income/(expenditure) Transfers between funds Other recognised gains/(losses): Gains/(losses) on revaluation of fixed assets Gains/(losses) on investment assets Net movement in funds Reconciliation of funds: Total funds brought forward at 1 August 2023 Total funds carried forward at 31 July 2024 |
2024 2024 2024 Unrestricted Funds Restricted Funds Total Funds £ £ £ 2,630 2,630 40,000 - 40,000 42,630 - 42,630 42,630 - 42,630 30,760 - 30,760 8,515 - 8,515 1,003 - 1,003 40,278 - 40,278 2,352 - 2,352 - - 2,352 - 2,352 - - - 2,352 - 2,352 |
2023 2023 2023 |
|---|---|---|
| Unrestricted Funds Restricted Funds Total Funds |
||
| £ £ £ |
||
| 1,894 - 1,894 |
||
| 14,225 - 14,225 |
||
| 16,119 - 16,119 |
||
| 16,119 - 16,119 |
||
| 11,752 - 11,752 |
||
| 3,514 - 3,514 |
||
| 853 - 853 |
||
| 16,119 - 16,119 |
||
| - - - |
||
| - | ||
| - | ||
| - - - |
||
| - - - |
||
| - - - |
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Statement of Financial Position: Year Ended 31st July 2024
| Notes Fixed Asset Tangible assets 3 Total Fixed Asset Current Assets Loans & Advances Accrued Income Cash at bank and in hand Other Debtors Total Current Assets Creditors: amounts falling due within one year Other Creditors Other Current Liabilities Total Creditors: amounts falling due within one year Net current assets (liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year Bank loans and other finance (long term) Other Non-Current Liabilities Total Creditors: amounts falling due after more than one year Total net assets (liabilities) The funds of the charity: Restricted Reserve General reserves Surplus/(Deficit) for the year Total charity funds |
2024 £ 5,693 5,693 20 - 20 500 2,861 3,361 (3,341) 2,352 - 2,352 2,352 2,352 |
2023 |
|---|---|---|
| £ | ||
| 536 | ||
| 536 | ||
| 1,325 | ||
| - | ||
| 1,325 | ||
| (1,000) | ||
| 2,861 | ||
| 1,860 | ||
| (536) | ||
| 0 | ||
| - | ||
| 0 | ||
| 0 | ||
| 0 |
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Accounting Policies
Accounting conventions
The financial statements are prepared in compliance with Companies Act 2006, the Charities Act 2011, the Charities Statement of Recommended Practice (FRSSE) (effective 1 January 2015).
Income
Revenue is recognised in the period in which the charity is entitled to receipt once the amount can be measured with reasonable certainty.
Expenses
Expenditure is included in the Statement of Financial Activities (SoFA) on an accruals basis and is recognised at the point when a legal or constructive obligation arises. The majority of costs are directly attributable to specific activities. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Fixed assets
Fixed assets with an individual purchase of £500 or more are capitalised and stated at cost less depreciation which is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:
| Fixtures and fittings | 20% |
|---|---|
| Equipment | 20% |
| Vehicles | 20% |
| Building | 2% |
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Notes
1. Income
| Income Donations and legacies Restricted Income Total donations & legacies Other income Gift Aid Receipts Other income Total other income Total Income 2. Expenditure Charitable Activities Premises Utilities Travel Motoring & Transportation Insurance Administration Advertising Operations Finance Charges Depreciation Honorarium Total Charitable Activities Other Charitable Activities Outreach Central Office Welfare & Benevolence Charitable Donations Total Other Charitable Activities Other Costs Professional fees and services Other costs Legal fees Accountancy fees Total Other Costs |
2024 £ 2,630 - 2,630 40,000 40,000 |
2023 |
|---|---|---|
| £ | ||
| 1,894 | ||
| - | ||
| 1,894 | ||
| 14,225 | ||
| 14,225 | ||
| 42,630 2024 £ 9,111 1,397 1,366 - 7,748 556 9,898 684 30,760 100 8,415 |
||
| 16,119 | ||
| 2023 | ||
| £ | ||
| 2,075 | ||
| 1,956 | ||
| 1,741 | ||
| 228 | ||
| 60 | ||
| - | ||
| 5,609 | ||
| 82 | ||
| 11,752 | ||
| 300 | ||
| 3,214 | ||
| 8,515 950 53 1,003 |
3,514 | |
| 760 | ||
| 93 | ||
| 853 |
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Notes
3. Tangible assets
| Cost At 1st Aug 2023 Additions Disposals Revaluations At 31st Jul 2024 Depreciation At 1st Aug 2023 Charge for the year Adjustments At 31st Jul 2024 Net Book Value At 1st Aug 2023 At 31st Jul 2024 |
Property £ - - - - - - |
Vehicles £ - - - - - - - |
Equipment £ 618 5,139 5,757 82 638 720 536 5,038 |
Fixtures & Fittings - 702 702 - 47 - 47 - 655 |
Total £ 618 5,841 - - |
|---|---|---|---|---|---|
| 6,459 | |||||
| 82 684 - |
|||||
| 766 | |||||
| 536 | |||||
| 5,693 |
4. Trustee remuneration & expenses
None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity.
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