Kingsgrove Community Hub
Report and Accounts Year ended 31 August 2024
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
Kingsgrove Community Hub
COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024
Trustees
Dr Neil William Townsend Eileen Jane White Daniel Charles Harbour Dr Kenneth John Armour
Governing Document
Memorandum and Articles of Association dated 11 August 2022 as amended by written special resolution dated 21 November 2022.
Company Registration Number 14290081 Charity Registration Number 01201363
Principal Address & Registered Office 70 Westfield Way Charlton Wantage Oxfordshire
Independent Examiner
Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB
| Contents | Page |
|---|---|
| Company Information | 1 |
| Trustees' Annual Report | 2-4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Cashflow Statement | 8 |
| Notes to the Accounts | 9-11 |
Page 1
Kingsgrove Community Hub
Directors’/Trustees’ report for the period 1[st] September 2023 to 31[st] August 2024
The trustees, who are the charity's directors for the purposes of company law, have pleasure in submitting the Report and Accounts for the period of operations ended 31[st] August 2024.
Administrative details
The company is a registered charity no 1201363. The register office is 70 Westfield Way, Charlton, Wantage, Oxfordshire, OX12 7EP.
The directors, who are also trustees of the charity, who served during the period were:
K J Armour
D C Harbour
N W Townsend
E J White
Structure, governance and management
The charity is a company limited by guarantee without share capital, registration number 1429081. It is governed by its Memorandum and Articles of Association.
New trustee directors may be appointed from time to time by the company’s parent, Oxfordshire Community Churches (registration number 0322320, registered charity no. 1056921). At least two of the company’s trustee directors must be independent of the parent, being neither employees nor trustees of the parent.
The company is anticipated to be the “employer” under the JCT construction contract and will contribute £1.7m (26%) of the Hub’s currently anticipated total construction cost of £6.5m. Once commissioned, the title of the Hub will rest with Crab Hill Developments Limited who will grant KCH a 125-year Lease with an annual peppercorn premium. The Landlord has no Option to Break, but The Company can give three months’ notice.
Objective and activities
The company was established to build and manage a community building / facility to provide amenities for the local community in the Kingsgrove housing development in Wantage, Oxfordshire and the surrounding region.
During the period under review the company continued to develop plans for the building of the community centre by:
- Engaging with architects, building contractors and others to continue the pre-construction phase of the community centre.
Page 2
-
Engaging with potential sources of finance, beyond those already available from the estate developers, to provide funds to enable the construction to be completed.
-
Work continued in the development of policies and procedures for the future operation of the facility.
In planning the activities the Trustees have applied the guidance on public benefit issued by the Charity Commission.
Financial review
The results for the year are set out in the attached financial statements.
| eview for the year are set out in the atached fnancial statements. |
|
|---|---|
| Summary fnancial results Total income Total expenditure Net movement on funds |
£1,077,325 (£34,057) |
| £1,043,268 |
Principle sources of funding
The principal sources of funding are donations and grants. The largest source of donation during this period was from The Penuel Trust.
Key risks and uncertainties
Key risks and uncertainties have been assessed as:
-
i. Insufficient or timely funding streams to complete build.
-
ii. Changes in planning law, VAT thresholds or construction industry regulations impacting negatively on plans.
-
iii. Inflationary pressures impacted by events beyond our control affecting feasibility of build.
-
iv. Slower development phase leading to increased build costs.
-
v. Change of personnel or project partners impacting on timescales and alignment of purpose.
-
vi. Availability of materials plus risk of project overrun.
-
vii. Unpredictable costs of energy and inflationary pressure affecting viability of ongoing income streams once opened.
Plans for future periods
Our core plan for the next two years is to conclude detailed planning for the build phase of the Hub development and to complete the build, ready for an anticipated opening in September 2026.
Reserves policy
At present the company holds no long-term reserves. A reserves policy will be developed once the construction phase nears completion and prior to the facility opening.
Page 3
Responsibilities of trustees under company law
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and estimates that are reasonable and prudent;
-
state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approval
This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the trustees and signed on their behalf by:
EJWhite
EJWhite (Apr 6, 2025 18:42 GMT+1)
Eileen White
Date: Apr 6, 2025
Page 4
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF
Kingsgrove Community Hub
('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024 on pages 6 to 11 following, which have been prepared on the basis of the accounting policies set out on pages 9 and 10.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. This examination was performed in the place of an audit, as authorised by the Charity Commission in a dispensation granted on 12 February 2025.
Independent examiner’s statement
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Sarah Crispin
Sarah Crispin (Apr 8, 2025 09:40 GMT+1)
Sarah Crispin ACA Institute of Chartered Accountants in England & Wales Stewardship 1 Lamb's Passage London EC1Y 8AB
Date: Apr 8, 2025
Page 5
Kingsgrove Community Hub
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
| Note INCOME AND ENDOWMENTS FROM: Donations 3 Investments 4 Total income and endowments EXPENDITURE ON: Charitable activities 5 Raising funds 6 Total expenditure Net income/(expenditure) Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 1,056,995 20,330 1,077,325 26,240 7,817 34,057 1,043,268 1,043,268 39,782 1,083,050 |
Restricted Funds £ - - - - - - - - - - |
Total Funds 2024 £ 1,056,995 20,330 1,077,325 26,240 7,817 34,057 1,043,268 1,043,268 39,782 1,083,050 |
Total Funds 2023 £ 75,669 - |
|---|---|---|---|---|
| 75,669 | ||||
| 35,887 - |
||||
| 35,887 | ||||
| 39,782 | ||||
| 39,782 - |
||||
| 39,782 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
All income and expenditure was unrestricted in the current and previous year.
The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.
The notes on page 9-11 form part of these accounts.
Page 6
Kingsgrove Community Hub
BALANCE SHEET
AS AT 31 AUGUST 2024
| Note FIXED ASSETS Tangible assets 7 CURRENT ASSETS Debtors 8 Cash at bank and in hand 9 CREDITORS: Amounts falling due within one year 10 Net current assets Total assets less current liabilities TOTAL NET ASSETS FUND BALANCES Unrestricted Funds General funds |
Unrestricted Funds £ 146,459 146,459 20,039 919,534 939,573 (2,982) 936,591 1,083,050 1,083,050 1,083,050 1,083,050 |
Restricted Funds £ - - - - - - - - - - - |
Total Funds 2024 £ 146,459 146,459 20,039 919,534 939,573 (2,982) 936,591 1,083,050 1,083,050 1,083,050 1,083,050 |
Total Funds 2023 £ - |
|---|---|---|---|---|
| - | ||||
| 45,457 - |
||||
| 45,457 (5,675) |
||||
| 39,782 | ||||
| 39,782 | ||||
| 39,782 | ||||
| 39,782 | ||||
| 39,782 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2024 and has been granted an audit dispensation under Regulation 34(3)(a) of the Charities (Accounts and Reports) Regulations 2008 for the year ended 31 August 2024.
The member has not required the company to obtain an audit of its financial statements for the period ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006 and the audit dispensation awarded by the Charity Commission. However, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.
The directors (who are the charitable company's trustees for the purposes of charity law) acknowledge their responsibilities for:
-
(a) ensuring that the charitable company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its net income or expenditure for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
The financial statements were approved by the Board of Directors and were signed on its behalf by:
EJWhite EJWhite (Apr 6, 2025 18:42 GMT+1) --------------------------------------EILEEN WHITE Apr 6, 2025 Date: _______
Company number: 14290081
Charity number: 01201363
The notes on page 9-11 form part of these accounts.
Page 7
Kingsgrove Community Hub
FOR THE YEAR ENDED 31 AUGUST 2024
CASH FLOW STATEMENT
| Cash flows from operating activities: Net cash provided by/(used in) operating activities Cash flows from investing activities: Dividends, interest and rents from investments Purchase of property, plant and equipment Net cash provided by/(used in) investing activities Analysis of changes in net debt: Cash Bank loans: Falling due within one year Falling due after one year Finance lease obligations: Falling due within one year Falling due after one year Total net funds / (debt) Cash and equivalents at the beginning of the year Change in cash and equivalents due to exchange rate movements Cash and cash equivalents at the end of the year Change in cash and equivalents in the reporting period |
Note a b b At start of year £ - - - - - - |
2024 £ 1,045,663 20,330 (146,459) (126,129) 919,534 - - 919,534 Cash-flows £ 919,534 - - - - 919,534 |
2023 £ - |
|---|---|---|---|
| - | |||
| - | |||
| - - - |
|||
| - | |||
| At end of year £ 919,534 - - - - |
|||
| 919,534 |
Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities
| Adjustments for: Dividends, interest and rents from investments (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by (used in) operating activities Note b: Analysis of cash and cash equivalents Cash at bank with immediate access Notice deposits (with a term of three months or less) Total cash and cash equivalents Net income/(expenditure) for the reporting period (as per the statement of financial activities) |
2024 £ 1,043,268 (20,330) 25,418 (2,693) 1,045,663 2024 £ 63,132 856,402 919,534 |
2023 £ 39,782 - (45,457) 5,675 |
|---|---|---|
| - | ||
| 2023 £ - - |
||
| - |
Page 8
Kingsgrove Community Hub
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2024
1 Statutory Information
The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.
2 Accounting Policies
These financial statements are prepared on a going concern basis, under the historical cost convention.
These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The principles adopted in the preparation of the financial statements are set out below.
a) Going concern
-
The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
-
b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
-
c) Expenditure Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
The Charities SORP requires charities with income over £500,000 to allocate costs to the various activities undertaken by the charity. The nature of the work of the charity is considered to be so integrated that the core charitable activity costs are considered to be for the one activity.
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
d) Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
- e) Tangible fixed assets Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £5,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation will be charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life.
Assets under construction represents capital expenditure on the development of Kingsgrove Community Hub. Depreciation will not be charged on this asset until the construction work is complete.
The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.
f) Taxation
The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
Page 9
Kingsgrove Community Hub
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 Accounting Policies (cont.)
- g) Financial instruments The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).
h) Critical accounting estimates and areas of judgement
The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.
3 Donations
| Donations of cash and similar Grants receivable Gift Aid recoverable 4 Investment income Bank interest 5 Charitable expenditure a Costs incurred directly on specific activities Project management fees Professional & legal fees Miscellaneous expenses b Costs incurred on support & administration Governance costs Independent examiner's fee Office & IT costs Insurance Total expenditure 6 Cost of raising funds Fundraising costs Investment manager fee |
2024 £ 53,062 1,000,000 3,933 1,056,995 2024 £ 20,330 20,330 2024 £ 11,773 11,452 469 23,694 1,710 1,710 533 303 2,546 26,240 2024 £ 7,344 473 7,817 |
2023 £ - 75,669 - |
|---|---|---|
| 75,669 | ||
| 2023 £ - |
||
| - | ||
| 2023 £ 6,167 27,207 90 |
||
| 33,464 | ||
| 1,590 | ||
| 1,590 577 256 |
||
| 2,423 | ||
| 35,887 | ||
| 2023 £ - - |
||
| - |
Page 10
Kingsgrove Community Hub
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2024
7 Tangible fixed assets
| Assets under construction £ Cost At 1 September 2023 - Additions 146,459 At 31 August 2024 146,459 Accumulated depreciation At 1 September 2023 - Charge for the year - At 31 August 2024 - Net book value At 31 August 2024 146,459 At 31 August 2023 - |
Total 2024 £ - 146,459 |
|---|---|
| 146,459 | |
| - - |
|
| - | |
| 146,459 | |
| - |
Assets under construction represents expenditure spent on the development of Kingsgrove Community Hub. Depreciation will not be charged on this asset until the construction work is complete.
8 Debtors
| Falling due within one year: Gift Aid recoverable VAT recoverable Prepayments Cash held on behalf of the charity h at Bank and in Hand Cash at bank with immediate access Notice deposits itors: liabilities falling due within one year Trade creditors Accruals |
2024 £ 3,933 15,866 240 - 20,039 2024 £ 63,132 856,402 919,534 2024 £ 124 2,858 2,982 |
2023 £ - - - 45,457 |
|---|---|---|
| 45,457 | ||
| 2023 £ - - |
||
| - | ||
| 2023 £ - 5,675 |
||
| 5,675 |
9 Cash at Bank and in Hand
10 Creditors: liabilities falling due within one year
11 Transactions with related parties
During the year the charity received donations totalling £35,287 from its parent charity OCC and £15,030 from trustees (total 2023: £75,669).
12 Members
The charitable company is a wholy owned subsidiary of Oxfordshire Community Churches (Company no. 03223210 & Charity no. 1056921). OCC commits to contribute an amount of £10 if the charity is wound up.
Page 11