South Grove Community A550ciatlon Charlty No. 272798 Trustees, Report and Unaudited Accounts 31 March 2024 Mason & Co. AccouNTANTS AND BUSINESS ADVISORS T.. 01832 776222 E: info@mcoaccountants.co.uk 6 THE OLD QUARRY, NENE VALLEY BUSINESS PARK, OUNDLE, PE8 4HN
South Grove Commwthy Assodatlon Contents Pages 2104 Tru5tees' Annual Report Independent Examlnerfs Report Statement of Flnancial Activities Balance Sheet Statement of Cash flows Notes to the Accounts 8t014 Detailed Statement of Flnandal Actlvltles 15to16 Page I
South Grove Communlty A550clallon Trustee5 Annual Report The trustees present thelr report wlth the unaudSted flnanclal statements of the tharlty for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Charlty No. 2n798 Prfntipal Ollke S¢th Grove Cornmunity Centre Grove Street Woodston Peterborough PE2 9AG Trustees The followlng trustees seNed durlng the year: J. Barry M. Heaney N. Thulboum Key Management Personnel Chair: Secretary: Treasurer. Alan Dallday Tlna Stockhlll Margaret Thulboum Other Commlttee Members and User Representatives include: Alan Dalllday. Tlna Schlpanl, Marlo Schipani, Tlna Stockhill and Carol Pywell. ¢ountants Mason & Co 6 The Old Quarry Nene Valley Business Park Oundle Peterborough PE84HN Banke Barclays Bank PIC Peterborough Business Centre PO Box 294 PeterborouEh PEI IEX OBJECTIVES AND ACTIVITIES Obledlves and alms Page 2
South Grove Communlty Assoclatlon Trustees Annual Report The object of the Charlty Is to establish and Improve the condition5 of Ilfe for the inhabitants of Woodston and Fletton (Peterboroughl as defined on a map contained In the constitution and known as ihee "area of benefit" This is achleved by advancing education, providing recreatlon and lelsure facillties and promoting charitable purposes. The community tentre is available for hire by an individual or organisation in accordance with the standard hiring agreement and scale of charges adopted for the year. It 15 interbded that the scale of char8es, together with the income from the bar facilities be sufficient to generate enough income to meet all expenditure incurred in providinB the centre. Community project5 are funde(I by specific appeals, funding and Brants. Publ1¢ Benefit The Trustees confirm that they have complied with the duty in section 4 of the Charltles Act 2006 to have due regard to the Charity Commission's general BuSdance on public benefit,'Charities and publlc Benefit,. The tommunlty centre Is utili5ed by all sectors of the communlty. The management Committee Is always open to and welcomes any new initiatives. ACHIEVEMENTS AND PERFORMANCE Charitable activitie5 The attache(I flnanclal statements show the current state of the Association's finances which the Trustees consider to be sound. The centre is utilised by all sectors of our community but we a always open to and welcome new inltlatlves. PLANS FOR FUTURE PERIODS Durlng the coming year the Association is continuing to improve it5 accounting systems and to seek new sources of funding. The Trustee's are actively seeking long term solution to the property. STRUCTURE, GOVERNANCE AND MANAGEMENT Governin8 Document The South Grove Communlty Assoclatlon is registered was established by a constitution adopted on 13 December 1976 and amended and approved on 27 June 1997. Or8anisational structure The Charlty is organised as an independent assoclatlon of local residents with a Management Committee compromising elected and nominated members. Actlvlties include the provision of the community centre as a permanent facility and a variety of communlty groups and project5 includlng blngo, karate ert. The Management Committee are elected on an annual basis with the Officers belng elected flrst. The annual general meetin8 15 usually held in June. The Charity relies primarlly on volunteers but does have several paid part-tlme staff. Including a Centre Manager, Bar staff and Cleaners. Statement of trustees, responsibllltles In relatlon to the flnanclal ststements The charity trustees are re5pon5ible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Page 3
South Grove Communlty Assod•tlon Trustees Annual Rep(wt The trustees are responslble for keeplng proper accountlng records that dlsclose wlth reasonable accuracy at any tlme the flnanclal posltlon of the charlty and to enable them to ensure that the flnanclal statements comply wlth the Charltles Act 2011. the appllcable Charitle5 (Accounts and Reports) RegulatM)ns, and the provlsions of the Trust deed. The Trustees are also responslble for 5afeguardlng the assets of the charity and hence tsklng reasonable steps forthe prevention and detection of fraud and other irregularlties. Approved by order of the board of trustees and signed on Its behalf by: N. Thulbourn Trustee 31 March 2024 Page 4
South Grove Community Assotlatlon Independent Examiners Report Independent Examiner's Report to the trustees of South Grove Communlty Assoclation I report to the trustees on my examination of the financial statements of South Grove Communlty Association forthe year ended 31 March 2024. Responsibilities and basls of report As the charity's trustees you are responsible for the preparation of the financial statements in accordance wlth the requirement5 of the Charities Act 20111'the Act'l. I report in respect of my examinatlon of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examlnation I have followed all the applicable Dlrectlons given by the Charity Commlsslon under section 14515llbl of the Act. Independent examiner'5 Statement I have completed my examination. I can confirm that no materSal matters have come to my attention in onnection with the examination Eiving me cause to believe that In any material respect: the 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 financlal statements do not comply with the applicable requirements concerning the form and content of financlal statements set out In the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the financlal statement5 give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concern5 and have come across no other matters in connection with the examination to whlch attention should be drawn In this report in order to enable a proper understandlng of the financial statements to be reached. Mason & Co. ACCA Mason & Co 6The Old Quarry Nene Valley Business Park Oundle Peterborough PE8 4HN 31 March 2024 Page 5
South Grove CtynmuDIty Assod*lon Statement of finandol Actlvitles lor the year ended 31 March 2024 Unrestrlcted fund5 Totsl funds Total funds 2024 2024 2023 Income and end0vMThtS Charitable actfvities Other 83,927 103 83.927 103 86.344 Total 84,030 84.030 86.367 Expendlture on: Charltable actlvltles Other 29,289 48,179 77,468 29,289 48,179 38,665 4L466 T¢>tal 77,468 80,131 Net galns on Investments Net Income 6,562 6,562 6,236 Transfers between fvnd5 Net income before other aIn(loSses) 6.562 6,562 6,236 Othergalns and losses Net movement in funds 6,562 6.562 6.236 Reconclllatlon of funds: Total funds brought forward 59.254 59.254 53.019 Total funds carrfed forward 65.816 65.816 59.255 Pa8e 6
South Grove Communlty Assodatlon Balance Sheet at 31 March 2024 Charlty No. 272798 2024 2023 Flxed assets Tanglble assets 3,546 3,546 5,562 5,562 Current assels Stocks Cash at bank and In hand io I,oio 61,260 62.270 736 52,956 53.692 Credltors: Amount falllng due withln one year Net Current assets li 62.270 53.692 Total assets less current liabllllles 65.816 59,254 59,254 Net assets exdudlng penslon asset or Ilablllty 65,816 Totsl net assets 65,816 59,254 The funds of the charity 12 Restrfcted fvnds Unrestrtrted fund5 General fvnds 12 65.816 59.254 65,816 59,254 Reserves 12 Totsl fd% 65,816 59,254 Approved by the trustees on 31 March 2024 And sl8ned on thelr behalf bv: N. Thulboum Twstee 31 March 2024 Page 7
South Grove Communlty Assoclatlon Notes to the Account$ for the year ended 31 March 2024 l A¢¢ountlng pollcles Basls of preparatlon The financlal statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charitles preparlng their accounts In accordance wlth the Flnancial Reportlng Standard applicable In the UK and Republic if Ireland IFRS 1021 issued on 16 July 2014 and the Flnancial Reportlng Standard appllcable In the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Change In basls of accountlng or to prevlous accounts There has been no change to the accounting policies Ivaluatlon rules and method of accounting) since last year and no changes have been made to accounts for prevlous years. Ftsnd accountln8 Unrestricted funds These are available for use at the discretion of the trustees In furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestrlcted funds which include a revaluation resetve representlng the restatement of Investment asset5 at their market values. These are avallable for use subject to restrictions imposed by the donor or through terms of an appeal. Deslgnated funds Revaluatlon funds Restrlcted funds Infome Recognition of income Income is included in the Statement of Financial Activities ISOFAI when the charity becomes entitled to, and virtually certain to receive, the Income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the Income and related expenditure Is expenditure reported gross in the SOFA. Donations and legacles Voluntary income received by way of grants, donatlons and gift5 is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tam reclalms on Income from tax reclalms15 included In the SOFA at the same tlme as the donations and gifts gift/donation to which it relates. Donated services These are only included in income Iwith an equivalent amount In expenditure) and facilities where the benefit to the Charity is reasonabty quantifiable, measurable and material. Volunteer help The value of any volunteer help reteived is not included In the accounts. Investment income Thls Is Included In the accounts when recelvable. Galnslllossesl on This includes any gain or10ss resulting from revalulng Investments to market value revaluation of fixed at the end of the year. assets Gains/llossesI on Investment assels This include5 any gain or loss on the sale of investments. Page 8
South Grove Community Assoclation Notes to the Accounts Expenditure Recognition of expendlture Expenditure is recognised on an accruals basls. Expenditure includes at)v VAT whlch cannot be fully recovered, and is reported as part of the expendItu to which It relates. Expenditure on These comprlse the costs associated wlth attracting voluntary Income, fundraising raising funds tradlng costs and investment management costs. Expenditure on These tomprise the costs incurred by the Charity In the delivery of its actlvities and charitable actlvltles services in the furtherance of its objects, including the making of grants and governance costs. All grant expendit4Jre is accounted for on an actual pald basis plus an accrual for 8rant5 that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutlonal and statutory requlrements of the Charity, including any auditlindependent examination fees, costs Ilnked to the strateglc management of the Charity, together wlth a share of other administration costs. These are support costs not allocated to a partlcular activity. Grants payable Governance c05t5 Other expendilure Taxatl¢n The charitv 15 exempt from tax on its charltable artivitles. Freehold Investment property Investment propertie5 are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or1055es are taken to the Statement of Financial Actlvities as they arise. Stocks Stock Is included at the lower of cost or net reallsable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willlng to pay for the item5 on the open market. Trade and other debtors Trade and othei debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade dlscounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly Ilquld investments with orlginal maturitie5 of three months or less and bank overdrafts. In the statement of financial positlon, bank overdrafts are shown wlthln borrowing5 or current li3bilitie5. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other credltors Short term creditors are measured at the transaction price. Other creditors and provisions are recognlsed where the charity has a present obligation resulting from a past event that will probably result In the transfer of fvnds to a third party and the amount due to Settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowlng for any trade discounts due. Page 9
South Grove Communlty Assoclatlon Note5 to the Accounts Research and development Expenditure on research and development Is written off in the year In which it is incurred. Forelgn Currencles Monetary assets and Ilabllltles denomlnated In currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the funrtional currency of the charlty are recorded at the rate of exchan8e on the date that the transaction occurred. All exchange differences are are taken Into account in arriving al net Incomelexpenditure. leased assets Where the charlty enters Into a lease whlch entails taking substantially all the risks and rewards of ownership of an asset, the lease Is treated as a finance lease. Leases which do not transfer substantlally all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inceptlon of the lease or, If lower, at the present value of the minimum lease payments. The corresponding Ilablllty to the lessor is Included In the balance sheet date as a flnance lease obligation. Lease payments are apportioned between flnance expenses and reduction of the lease obligation so as to achieve a constant rate of Interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifyin8 assets, in which case they are capitalised in accordance wlth the charity's polity on borrowing costs. Assets held under finance leases are depretiated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight_llne basls over the lease term. In the event that lease incentlves are recelved to enter into operating leases, such Incentives are recognised a5 a Ilability. The aggregate benefit of Incentives is recognised as a reductlon of rental expense on a straight-llne basis. Penslon costs The charSty operates a defSned contrlbution plan for its employees. A deflned tontrlbution plan is a pension plan under which the charSty pays flxed contribution5 into a separate entlty. Once the contributions have been paid the charity has no further payments obligations. The contribution5 are recognised as expenses when they fall due. Amounts not paSd are shown in accruals in the balance sheet. The assets of the plan are held separately from the charlty Sn Independently admlnistered funds. Re¢elpt of donated goods, facllltles and servlces All donated goods, facilities and services recelved are recognised within incoming resources and expenditure at an estimate of the value to the charlty. Page 10
sOh Grove Communlty Assoclatlon Notes to the Accounts 2 Statement of Flnandal Acilvitle$- prlor year Unre$trkted lunds Total funds 2023 Income and endowments from: Charitèbie artlvitses Investments 86,344 23 86,344 23 Totsl 86.367 86.367 Expendlture on: Charltable actlvitie5 38.665 41.466 38.665 41.466 Other Totsl 80,ts1 80,131 Net Income 6.236 6,236 Plet Income before other gainslllosses) Other galns and losses: Net mo¥ement in funds 6,236 6.236 6.236 6,236 Recondllatlon of funds: Total funds brought fonvard Total funds carried forwanl 53,019 53,019 59,255 59,255 3 Income from ch•rftable actl¥ltles Unrestricted Total Total 2024 2023 General 46,735 8,050 29,142 46,735 8,050 29,142 43,378 18,062 20,539 4,365 86,344 83,927 83,927 4 Other Inmme Unrestrlrted Totsl Total 2023 2024 103 103 23 103 103 23 Page 11
$th Grove Communlty A5$0d•tlon Notes to the Accounts S Expenthture on tharltable artlvlt1¢5 Unrestrlrtod Totsl 2024 Total 2023 Expendlture on chorltoble artfvltles General 24.475 2,117 2,697 24,475 2,117 2,697 16.406 2,277 16,367 3,615 Governonce costs 29,289 29.289 38,665 6 Other eXpendIre Unrestricthd Total 2024 Totsl 1,924 15.682 1.924 15.682 Employee costs Motor and travel costs 10.677 5.219 19,691 Premlses costs Amort15ation, depreclatlon, Impalrment, pr¢>fit/k>ss on dlsposal of flxed a55ets General administrative costs 23,882 23,882 3.869 369 3.455 1,922 900 1.922 900 L824 600 Le8al and professional costs 48.179 48,179 41.466 7 Net Income before transfers 2024 2023 Thls Is stated after charging.. Depreclatlon of owned fixed assets 8 stsff ¢osts 3,869 3,455 2024 2023 10.677 10,677 Salarles and wages 15.237 15.237 No employee receFved emoluments In exce55 of Eff,000. Page 12
S(Arth Grove Communlty Assodal Notes to the Accounts 9 Tanglble fixed 155ets Cost or re¥?luatlon At l April 2023 Addltk)ns At 31 March 2024 Depreclatk>n and Impalrnient At l Aprll 2023 DepcIatIOn charge for the 2L162 L853 23.015 21,162 1.853 23.015 15,600 15,61KI 369 3,869 At 31 March 2024 Net book vlues 19,469 19,469 At 31 March 2024 At 31 March 2023 10 Stocks 3.546 5.562 3,546 5.562 2024 2023 Raw materfals and consumables I,oio i.oio 736 736 Canyln8 value anatysed by artlvitles 2023 General I,oio I,oio 736 736 11 Credltors: amounts frdlllt)g due withln one year 2024 2023 Accrua15 {ii 12 Movement In funds Incomln8 resources At31 March 2024 IlncludlTh8 other At l Aprll galnsllosses 2023 Resour¢es pended Restrlcted funds: Vnre5trlrted fund&. General funds 59,254 84.030 177,468) 65,816 Totsl funds 59.254 84,030 {77,4681 65,816 Page 13
sOh Grove CommunItyAssl*tIOTr Notes to the Accounts 13 Analys1$ of net assets between funds Unrestrfcted funds Total Flxed assets Net current assets 3,546 62,270 65,816 3.546 62,270 65.816 14 Recondllatlon of net debt At31 Marth 2024 At l Aprll 2023 Cash flows Cash and cash equivalents 52,956 52,956 8,304 61,260 61,260 Net debt 51956 8.304 6L260 Page 14
South Grove Communlty Assodatlon Iletslled Statement of Finan¢lal Actl¥ltles for the year ended 31 March 2024 Vnrestrlrted funds T*1 funds Total fvnds 2024 2024 2023 Income and endowments from: Charltable actlvltles General 46,735 8,050 29,142 46,735 8.050 29,142 43,378 18,062 20,539 4,365 86,344 83,927 83.927 Other 103 103 103 103 23 23 Total Income and endoMhents 84,030 84,030 86.367 Expenditure on: Charltable actlvities General 24,475 2,117 2.697 24,475 2.117 2,697 16,406 2,277 16,367 3.615 38.665 29,289 29.289 Total of expendlture on charltable •ctl¥ltles 29,289 29,289 38,665 Other expendlture 1,924 1,924 1.924 1.924 Employee costs Salarleslwages Staff entertainment 15,237 445 15,237 445 10,677 15,682 15.682 10,677 S,219 5,219 Vehkles- General costs Premises costs Rent 951 Rates Llght, heat and power Premlses cleanlng Premises repalrs and maintenance 1.209 5,730 14.841 1.209 5,730 14,841 6,320 12,420 2,102 2,102 23.882 23,882 19.691 General administrative costs. Indudlng depredatlon and amortlsatlon Page 15
South Grove Community Association Delalled Statement of Flnandal A¢tl¥ltles Depreciation of General insurances Postage and courlers Subscrlptlons ndryexpenses Telephone, fax and broadband 3.869 877 546 3,869 877 3,455 546 336 172 327 172 327 5.791 5,791 5,279 Legal and profe55ional costs Accounlancy and bookkeeping 9LK) 9(iJ Total of expendlture of other ¢osts Totsl expendlture Net gain5 On inveslments 48,179 48,179 41.466 77A68 77.468 80.131 Net Income 6.562 6,562 6,236 Net Income belore other 8•lnslllosse51 Other Galns 6.562 6.562 6.236 Net movement In lunds 6562 6,562 6,236 Retondllatlon of funds: Total funds brought forward 59,254 59,254 53,019 Totsl funds carrled forw 65,816 65,816 59,255 Page 16