**REGISTERED CHARITY NUMBER: 270790**
REPORT OF THE TRUSTEES AND
## FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
FOR
PARKWOOD COMMUNITY ASSOCIATION
Stephen Hill Partnership (Holdings) Limited Registered Auditors 139-141 Watling Street Gillingham Kent ME7 2YY
PARKWOOD COMMUNITY ASSOCIATION
## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
The trustees present their report with the financial statements of the charity for the year ended 31st December 2024. The trustees have adopted the provisions of 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).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The main object of the charity is to develop the community centre facilities to meet the ongoing needs of the local community and keep the community association building in good repair. The charity meets these objectives by generating income through the provision of services and events for the local community.
## **Significant activities**
The activities provided by the charity are varied. Its main income generating activities include hall hire to local community groups as well as hire and catering for private functions. The 'Poppets' playgroup is run for the benefit of local children and parents, generating funds through a mixture of self generated fees and local council funded contributions. Significant funds are also generated through membership income, raffles and lotteries. A licence to occupy charity premises has historically been granted for the Parkwood Community Association (Social Club) Limited. Its activity contributes to the charity through an occupational licence fee for the use of the premises and deed of covenant contributions.
## **Public benefit**
The charity runs for the public benefit by generating activities and events acting as a focal point, bringing the local community together.
## **ACHIEVEMENT AND PERFORMANCE**
## **Fundraising activities**
The association is planning to look at new ways to fundraise in 2025, with the intention of encouraging more people to make use of the facilities as a community hub.
## **FINANCIAL REVIEW**
## **Principal funding sources**
The principal funding sources are generated by unrestricted activities and the amortisation of the grant funding which is being amortised equally over the agreed term of twenty years.
## **Reserves policy**
The committee of trustees has established a policy whereby unrestricted funds will be used to provide for the ongoing future maintenance of the community centre building. This includes the monthly mortgage payments which account for the £17,125 gross transfer from the unrestricted fund to the restricted fund.
It is essential going forward that the new committee continue to give attention to increasing reserves to meet future expenditure and to improve the daily cash flow of the business.
## **FUTURE PLANS**
The aim of the association is to maintain the membership numbers and to increase them, and upgrade facilities for members. Also for Poppets to increase the number of children to the maximum allowed.
The association aims to extend the facilities offered to include more catering packages and children party catering packages, to encourage more hall hire income, and to generally encourage more events to take place in the hall.
During the coming year, the aim is to closely monitor costs and income to monitor the effects of the budget changes concerning employment costs.
To meet its objectives, it is essential that the association has a strong and active committee that are dedicated to fundraising in particular. A volunteer led publicity drive, perhaps using social media, to raise the profile of the association and the activities it holds, is recommended.
Page 1
PARKWOOD COMMUNITY ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The governing document of the charity is the official constitution dated 27 April 1979.
## **Recruitment and appointment of new trustees**
Trustees are elected by a majority vote of association members present at the Annual General Meeting.
## **Organisational structure**
The committee consists of two holding trustees, four main trustees and a number of lay trustees. The committee meets on a monthly basis, or more if required. Individual trustees are encouraged to offer suggestions and commit time to aid the development of the charity and to continue to communicate outside these meetings.
## **Induction and training of new trustees**
New trustees gain knowledge of the operation of the charity through attendance at the meetings of trustees, which are held monthly. The trustees are aware of their responsibilities from guidance provided by the charity commission.
## **Related parties**
The Parkwood Community Association (Social Club) Limited is permitted to trade on the charity's premises and has entered into a deed of covenant whereby all of its profits are payable to the charity. The charity also receives payments under an occupation licence from the Parkwood Community Association (Social Club) Limited for the use of the trading area. The Parkwood Community Association (Social Club) Limited is a friendly society governed by the Co-operative and Community Benefit Societies Act 2014. The deed of covenant falls due for renewal on 31 March 2028.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
270790
## **Principal address**
Parkwood Green Rainham Gillingham Kent ME8 9DN
## **Trustees**
Mr M Taylor (Holding) (deceased 31.10.24) Mr A Wheeler (Holding) Ms R Parry (Chair) Ms C Riches (Secretary) (resigned 31.3.24) Mrs E Mellish (Treasurer) Mr I Reid (Vice chair) (resigned 31.3.24) Ms T Reid (resigned 31.3.24) Mr K Mellish (resigned 31.3.24) Ms J Shields (Secretary)
## **Auditors**
Stephen Hill Partnership (Holdings) Limited Registered Auditors 139-141 Watling Street Gillingham Kent ME7 2YY
## **Solicitors**
Hawkridge & Company 39 Canterbury Street Gillingham Kent ME7 5TR
Page 2
PARKWOOD COMMUNITY ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024
## **REFERENCE AND ADMINISTRATIVE DETAILS Bankers**
Barclays Bank plc 263-265 High Street Chatham Kent ME4 4BZ
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- 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 which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Ms R Parry (Chair) - Trustee
Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF PARKWOOD COMMUNITY ASSOCIATION
## **Opinion**
We have audited the financial statements of Parkwood Community Association (the 'charity') for the year ended 31st December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31st December 2024 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF PARKWOOD COMMUNITY ASSOCIATION
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF PARKWOOD COMMUNITY ASSOCIATION
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, an then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion..
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following.
- The nature of the industry and sector, control environment and business performance.
- Results of our enquiries of management about there own identification and assessment of the risks of irregularities.
- Any matters we identified having obtained and reviewed the association documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance.
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
- To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships.
- tested journal entries to identify unusual transactions.
- assess whether judgement and assumptions made in determining the accounting estimates were indicative of potential bias.
investigate the rational behind significant or unusual transactions.
- In response to the risks of irregularities and non-compliance with laws and regulations, we designed procedures which include, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation.
- enquiring of management as to actual and potential litigation and claims.
- reviewing correspondence with HMRC, relevant regulators.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any material misstatement that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF PARKWOOD COMMUNITY ASSOCIATION
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Stephen Hill Partnership (Holdings) Limited Registered Auditors 139-141 Watling Street Gillingham Kent ME7 2YY
Date: .............................................
Page 7
## PARKWOOD COMMUNITY ASSOCIATION
## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
-
Other trading activities
2
365,309
Investment income
3
1,010
**Total**
366,319
**EXPENDITURE ON**
Raising funds
270,458
Other
136,879
**Total**
407,337
**NET INCOME/(EXPENDITURE)**
(41,018)
**Transfers between funds**
14
35,137
**Net movement in funds**
(5,881)
**RECONCILIATION OF FUNDS**
Total funds brought forward
89,771
**TOTAL FUNDS CARRIED FORWARD**
83,890|Restricted
fund
£
26,797
-
-
26,797
-
2,904
2,904
23,893
(35,137)
(11,244)
68,250
57,006|2024
Total
funds
£
26,797
365,309
1,010
393,116
270,458
139,783
410,241
(17,125)
-
(17,125)
158,021
140,896|2023
Total
funds
£
26,797
343,564
620
370,981
248,897
129,498
378,395
(7,414)
-
(7,414)
165,435
158,021|
|---|---|---|---|
The notes form part of these financial statements
Page 8
## PARKWOOD COMMUNITY ASSOCIATION
## BALANCE SHEET 31ST DECEMBER 2024
|Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
7
16,246
**CURRENT ASSETS**
Debtors
8
15,253
Cash at bank and in hand
71,800
87,053
**CREDITORS**
Amounts falling due within one year
9
(19,410)
**NET CURRENT ASSETS**
67,643
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
83,889
**CREDITORS**
Amounts falling due after more than one year
10
1
**ACCRUALS AND DEFERRED INCOME**
13
-
**NET ASSETS**
83,890
**FUNDS**
14
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
fund
£
324,785
-
-
-
-
-
324,785
(107,003)
(160,776)
57,006|2024
Total
funds
£
341,031
15,253
71,800
87,053
(19,410)
67,643
408,674
(107,002)
(160,776)
140,896
83,890
57,006
140,896|2023
Total
funds
£
391,135
15,339
85,209
100,548
(23,231)
77,317
468,452
(122,858)
(187,573)
158,021
89,771
68,250
158,021|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mrs E Mellish (Treasurer) - Trustee
The notes form part of these financial statements
Page 9
PARKWOOD COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
## **1. 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.
## **Financial reporting standard 102 - reduced disclosure exemptions**
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
## **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.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost Freehold improvements - 5% on cost Fixtures and fittings - 20% on cost Office equipment - 20% on cost
## **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.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 10
## PARKWOOD COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
## **1. ACCOUNTING POLICIES - continued**
## **Building project grants**
Grants received from the National Lottery Fund and other sponsors are released to the Building Project Fund over the estimated economic life of the refurbishment cost of twenty years.
## **2. OTHER TRADING ACTIVITIES**
## **3.**
|Hall hire
Occupation licence
Membership and guest fees
Playgroup
Activities and entertainments
Raffles and lotteries
Contributions from activities
Electricity recharged to Vodafone
Pool table and video machine
Deed of covenant
Catering
Consulting charges reimbursed
**INVESTMENT INCOME**
Deposit account interest|2024
£
23,731
53,083
8,118
159,207
11,022
13,845
17,660
12,556
3,958
29,000
17,895
15,234
365,309
2024
£
1,010|2023
£
23,575
52,800
8,757
112,143
14,022
11,206
16,287
12,208
4,727
64,000
7,847
15,992|
|---|---|---|
|||343,564|
|||2023
£
620|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st December 2024 nor for the year ended 31st December 2023.
## **5. STAFF COSTS**
The average monthly number of employees during the year was as follows:
|Office
Cleaning
Playgroup
Catering|2024
2
4
6
1
13|2023
2
4
7
-|
|---|---|---|
|||13|
No employees received emoluments in excess of £60,000.
continued...
Page 11
## PARKWOOD COMMUNITY ASSOCIATION
## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Other trading activities
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
Other
**Total**
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**7.**
**TANGIBLE FIXED ASSETS**
Freehold
Freehold
property
improvements
£
£
**COST**
At 1st January 2024 and
31st December 2024
145,214
827,268
**DEPRECIATION**
At 1st January 2024
66,796
536,634
Charge for year
2,904
41,363
At 31st December 2024
69,700
577,997
**NET BOOK VALUE**
At 31st December 2024
75,514
249,271
At 31st December 2023
78,418
290,634|Unrestricted
fund
£
-
343,564
620
344,184
248,897
126,594
375,491
(31,307)
18,230
(13,077)
102,848
89,771
Fixtures
and
fittings
£
68,988
46,905
5,837
52,742
16,246
22,083|Restricted
Total
fund
funds
£
£
26,797
26,797
-
343,564
-
620
26,797
370,981
-
248,897
2,904
129,498
2,904
378,395
23,893
(7,414)
(18,230)
-
5,663
(7,414)
62,587
165,435
68,250
158,021
Office
equipment
Totals
£
£
57,966
1,099,436
57,966
708,301
-
50,104
57,966
758,405
-
341,031
-
391,135|
|---|---|---|
continued...
Page 12
PARKWOOD COMMUNITY ASSOCIATION
## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**8.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
|---|---|---|---|---|
||||2024|2023|
||||£|£|
||Trade debtors||310|1,259|
||Prepayments||14,943|14,080|
||||15,253|15,339|
|**9.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
||||2024|2023|
||||£|£|
||Trade creditors||5,835|5,888|
||Taxation and social security||4,579|3,608|
||Other creditors||8,996|13,735|
||||19,410|23,231|
|**10.**|**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**||||
||||2024|2023|
||||£|£|
||Other creditors|107,002||122,858|
|**11.**|**LOANS**||||
||An analysis of the maturity of loans is given below:||||
||||2024|2023|
||||£|£|
||Amounts falling due in more than five years:||||
||Repayable by instalments:||||
||Mortgage - Barclays Bank plc|107,002||122,858|
|**12.**|**SECURED DEBTS**||||
||A charge dated 9 March 2010 exists over the freehold premises to secure monies advanced by|||Barclays Bank plc|
||to the charity.||||
|**13.**|**ACCRUALS AND DEFERRED INCOME**||||
||||2024|2023|
||||£|£|
||Building Project grants - The Big Lottery Fund|148,176||172,873|
||Other Building Project grants||12,600|14,700|
|||160,776||187,573|
continued...
Page 13
## PARKWOOD COMMUNITY ASSOCIATION
## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
## **14. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**Restricted funds**
Building Project Fund
**TOTAL FUNDS**
Net movement in funds, included in the above are a
**Unrestricted funds**
General fund
**Restricted funds**
Building Project Fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Building Project Fund
**TOTAL FUNDS**|At 1.1.24
£
89,771
68,250
158,021
s follows:
At 1.1.23
£
102,848
62,587
165,435|Net
movement
in funds
£
(41,018)
23,893
(17,125)
Incoming
resources
£
366,319
26,797
393,116
Net
movement
in funds
£
(31,307)
23,893
(7,414)|Transfers
between
At
funds
31.12.24
£
£
35,137
83,890
(35,137)
57,006
-
140,896
Resources
Movement
expended
in funds
£
£
(407,337)
(41,018)
(2,904)
23,893
(410,241)
(17,125)
Transfers
between
At
funds
31.12.23
£
£
18,230
89,771
(18,230)
68,250
-
158,021|
|---|---|---|---|
continued...
Page 14
## PARKWOOD COMMUNITY ASSOCIATION
## NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
## **14. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|Incoming
resources
£
**Unrestricted funds**
General fund
344,184
**Restricted funds**
Building Project Fund
26,797
**TOTAL FUNDS**
370,981
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1.1.23
in funds
£
£
**Unrestricted funds**
General fund
102,848
(72,325)
**Restricted funds**
Building Project Fund
62,587
47,786
**TOTAL FUNDS**
165,435
(24,539)|Resources
Movement
expended
in funds
£
£
(375,491)
(31,307)
(2,904)
23,893
(378,395)
(7,414)
Transfers
between
At
funds
31.12.24
£
£
53,367
83,890
(53,367)
57,006
-
140,896|
|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Building Project Fund
**TOTAL FUNDS**|Incoming
resources
£
710,503
53,594
764,097|Resources
Movement
expended
in funds
£
£
(782,828)
(72,325)
(5,808)
47,786
(788,636)
(24,539)|
|---|---|---|
continued...
Page 15
PARKWOOD COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
## **15. RELATED PARTY DISCLOSURES**
The charity receives regular payments from Parkwood Community Association (Social Club) Limited, a Co-operative and Community Benefit Society run from the premises of Parkwood Community Association, under a deed of covenant dated 27th April 1988. In the year under review these amounted to £29,000 (2023: £64,000).
Monies were received for the use of the bar area under an occupation licence granted by the charity. For the year under review this amounts to £53,083 (2023: £52,800).
## **16. POTENTIAL CLAIM**
During the year an incident occurred at the centre resulting in a personal injury claim. This claim is ongoing and the Association`s insurers have confirmed that it is on cover. As such, no provision is required in the accounts.
Page 16
## PARKWOOD COMMUNITY ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Building Project grants - The Big Lottery Fund
Other Building Project grants
**Other trading activities**
Hall hire
Occupation licence
Membership and guest fees
Playgroup
Activities and entertainments
Raffles and lotteries
Contributions from activities
Electricity recharged to Vodafone
Pool table and video machine
Deed of covenant
Catering
Consulting charges reimbursed
**Investment income**
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Rates, water and insurance
Light and heat
Cleaning and laundry
Repairs to premises
**Other trading activities**
Activity and entertainment costs
Catering costs
Wages and salaries - playgroup
Pensions
Improvements to property
**Support costs**
**Management**
Administrative salaries
Carried forward|2024
£
24,697
2,100
26,797
23,731
53,083
8,118
159,207
11,022
13,845
17,660
12,556
3,958
29,000
17,895
15,234
365,309
1,010
393,116
18,306
27,596
6,911
24,583
77,396
31,453
12,052
106,405
1,789
41,363
193,062
98,655
98,655|2023
£
24,697
2,100|
|---|---|---|
|||26,797
23,575
52,800
8,757
112,143
14,022
11,206
16,287
12,208
4,727
64,000
7,847
15,992|
|||343,564
620|
|||370,981
17,182
24,558
7,640
27,949|
|||77,329
28,420
6,282
94,070
1,433
41,363|
|||171,568
90,473
90,473|
This page does not form part of the statutory financial statements
Page 17
## PARKWOOD COMMUNITY ASSOCIATION
|DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST DECEMBER 2024
**Management**
Brought forward
Pensions
Equipment leasing
Postage, stationery and telephone
Computer running costs
Sundries
Legal and professional charges
**Finance**
Bank charges
Mortgage
**Human resources**
Advertising and marketing
**Other**
Freehold property
Fixtures and fittings
**Governance costs**
Auditors' remuneration
Total resources expended
**Net expenditure**|2024
£
98,655
1,466
1,654
2,336
3,197
5,075
2,882
115,265
1,409
9,191
10,600
633
2,904
5,837
8,741
4,544
410,241
(17,125)|2023
£
90,473
1,511
1,094
2,762
2,083
5,764
2,709
106,396
1,441
9,626
11,067
288
2,904
5,160
8,064
3,683
378,395
(7,414)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 18
PARKWOOD COMMUNITY ASSOCIATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
|||Page||
|---|---|---|---|
|Report of the Trustees|1|to|3|
|Report of the Independent Auditors|4|to|7|
|Statement of Financial Activities||8||
|Balance Sheet||9||
|Notes to the Financial Statements|10|to|16|
|Detailed Statement of Financial Activities|17|to|18|