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2022-03-31-accounts

Charity Registration No. 276477

FORESTDALE RESIDENTS ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FORESTDALE RESIDENTS ASSOCIATION

LEGAL AND ADMINISTRATIVE INFORMATION

Officers Nicky Hunt - (Chairman)
Adrian Douglas (Vice Chair)
Gwen Woollett (Secretary)
Steve Hooton (Treasurer)
Committee Members Samantha Blakeman
Andy Stranack (ex-officio)
Dave McGrath (ex-officio)
Trustees Dave Haworth
Adrian Douglas
Chris Tymon
Charity number 276477
Registered office The Forum Community Centre
Bardolph Avenue
Croydon
Surrey
CR0 9BG
Independent examiner Accotax Ltd T/As Cruse + Burke
73 Park Lane
Croydon
CR0 1JG

FORESTDALE RESIDENTS ASSOCIATION

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the accounts 7 - 13

FORESTDALE RESIDENTS ASSOCIATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their report and financial statements for the year ended 31 March 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the association's constitution, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The association's objects are:

The policies adopted in furtherance of these objects are detailed in our Employees handbook which covers such topics as: Health & Safety at work; Equal Opportunity; Data Protection; Training; Security; Grievance; Stress; Drug & Alcohol; Computer, Email & Internet; Social Media; etc. and there has been no change in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the association should undertake.

The trustees and executive committee have continued to oversee the management and maintenance of the community centre but funds have restricted this to minor maintenance. The committee continue to support the coordination group of the management companies of the local private roads (Forestdale Forward Group) by convening and hosting their quarterly meetings.

Achievements and performance

Financial review

It is the policy of the association that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and six-month’s expenditures. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the association’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the association is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The trustees are supported by an executive committee elected by the members at the annual general meeting. The community centre is managed by a centre manager employed by the association. The centre manager attends and reports to the committee.

The trustees who served during the year and up to the date of signature of the financial statements were: Dave Haworth Adrian Douglas Chris Tymon

The trustees' report was approved by the Board of Trustees.

FORESTDALE RESIDENTS ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Adrian Douglas TrLJStoo Dal8d'. 4Q£)+ Jan 13, 2023

FORESTDALE RESIDENTS ASSOCIATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2022

The trustees are responsible for preparing the Trustees' Report and the accounts 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 requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the association and of the incoming resources and application of resources of the association for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the association and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the institution . They are also responsible for safeguarding the assets of the association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FORESTDALE RESIDENTS ASSOCIATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF FORESTDALE RESIDENTS ASSOCIATION

I report on the financial statements of the association for the year ended 31 March 2022, which are set out on pages 5 to 13.

Respective responsibilities of trustees and examiner

The association’s trustees are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as 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 financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:

Waqas Sagar Chartered Certified Accountant Cruse + Burke 73 Park Lane Croydon CR0 1JG

Dated: .........................

FORESTDALE RESIDENTS ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Notes
Income and endowments from:
Donations and legacies
2
Charitable activities
Other trading activities
3
Investments
Other income
4
Total income
Expenditure on:
Raising funds
Charitable activities
Other Expenditure
7
Total resources expended
Net outgoing resources before transfers
Gross transfers between funds
Other recognised gains and losses
Revaluation of tangible fixed assets
Net movement in funds
Fund balances at 1 April 2021
Fund balances at 31 March 2022		 2022
£
-
-
215,752
-
21,116
236,868
-
-
254,380
254,380
(17,512)
-
-
(17,512)
7,451
(10,061)		 2021
£
-
-
63,409
-
46,208
109,617
-
-
164,407
164,407
(54,790)
-
-
(54,790)
62,241
7,451

FORESTDALE RESIDENTS ASSOCIATION BALANCE SHEET ASAT31 MARCH2022 2022 2021 Flxed assets Tangible assets Current assets Stocks Dabtors Cash 31 bank and in hand 781 332 5.027 2.423 1.131 10.645 44.021 49,048 14,199 Cre(Iltors: amounts lalllng due wlthln one year 11 I3.3￿} 17.0801 N81 currant ass818 45,658 7,119 Totsl assets legs current Ilabllltles 46,439 7,451 Credltors: amounts fAIIID8 du after thAn ver (56.5(Kl) N¢t ASirt￿lL1￿bll11lts) (iO,Q61) 7.451 Income funds unig51iiclgd funds I10,(￿1) 7,451 110,061 7,451 Tho linar￿￿al stalaThnts warg approwj by the Trusl8esJ&n...1.3..2023 Adrian Douglas Tmstee Chris TY￿ Thistee 4£￿<

FORESTDALE RESIDENTS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

1.1 Accounting convention

The accounts have been prepared in accordance with the association's constitution, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The association is a Public Benefit Entity as defined by FRS 102.

The association has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the association. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the association has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the association.

1.4 Incoming resources

Income is recognised when the association is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the association has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the association has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

FORESTDALE RESIDENTS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvement to property 10% Straight Line Plant & machinery 25% Reducing Balance Fixture and fittings & Equipment 25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.6 Impairment of fixed assets

At each reporting end date, the association reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The association has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the association's balance sheet when the association becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

FORESTDALE RESIDENTS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the association’s contractual obligations expire or are discharged or cancelled.

2 Donations and legacies

2022 2021
£ £
Donations and gifts - -
Legacies receivable - -
Unrestricted
Restricted Endowment
funds
funds
funds
£
£
£
Bar Sales
174,569
-
-
Hire fees
5,071
-
-
Subscriptions & Entrance fees
20
-
-
Gaming Machines, Pool Table & Juke
Box
6,046
-
-
Entertainment Fund
71
-
-
Lottery & Casino
29,975
-
-
Other trading activities
215,752
-
-		 Total
2022
£
174,569
5,071
20
6,046
71
29,975
215,752		 Total
2021
£
47,048
2,570
991
1,164
216
11,420
63,409
2022 2021
£ £
Other income 21,116 46,208

FORESTDALE RESIDENTS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Details of Certain Items of Expenditure
Independent Examiner's Fees
Accountancy		 2022
£
520
2,275
2,795		 2021
£
520
1,230
1,750

6 Employees

Number of employees

The average monthly number of employees during the year was:

2022 2021
Number Number
6 6
Wages and salaries 71,572 69,312
Social security costs - -
Other pension costs 2,100 1,828
73,672 71,140

There were no employees whose annual remuneration was £60,000 or more.

FORESTDALE RESIDENTS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

7 Analysis of Other Expenditure

Unrestricted Restricted Endowment
funds
funds
funds
Bar Cost
80,639
Wages & Salaries
71,572
Nest Pension Costs
2,100
Staff training
-
Equipment Hire
10,426
TV Channel Rental
7,251
Lottery
Rent Rates & Insurance
10,215
Light & Heat
9,793
Cleaning & Laundry
19,995
Repairs & Renewals
14,650
Gardening
1,800
Telephone, Advertising & Stationery
5,997
Discos, Bands & Entertaining
Licences & Subscriptions
1,235
Legal & Professional Fees
2891
Stocktaking
1,742
Accountancy & Bookkeeping
2,795
Bank & Card Charges
1,727
Sundry Expenses
4,709
Refuse Collection
Depreciation
261
Cash Balance Adjustment
4,582
Travel Expenses
254,380
-
-		 Total
2022
80,639
71,572
2,100
-
10,426
7,251
10,215
9,793
19,995
14,650
1,800
5,997
1,235
2891
1,742
2,795
1,727
4,709
261
4,582
254,380		 Total
2021
24,135
69,312
1,828
-
4,281
2,449
1,988
9,826
10,006
9,568
6,572
3,000
1,652
611
491
1,805
1,040
3,439
2,133
682
3,005
117
6,388
80
164,407

FORESTDALE RESIDENTS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

8
Tangible fixed assets
Improvement
to property
Plant &
machinery
Fixture and
fittings &
Equipment
£
£
£
Cost
At 1 April 2021
27,787
7,093
274
At 31 March 2022
27,787
7,093
984
Depreciation and impairment
At 1 April 2021
27,786
6,834
202
Depreciation charged in the year
1
65
195
At 31 March 2022
27,787
6,899
397
Carrying amount
At 31 March 2022
-
195
586
At 31 March 2021
1
259
72
9
Stocks
2022
£
Finished goods and goods for resale
5,027
10
Loans and overdrafts
2022
£
Bank loans
56,500
Payable more than one year
56,500		 Total
£
35,154
35,864
34,822
261
35,083
781
332
2021
£
2,423
2021
£
6,500
6,500

FORESTDALE RESIDENTS ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

11
Creditors: amounts falling due within one year
Notes
Bank loans
11
Other taxation and social security
Other creditors
Accruals and deferred income		 2022
£
-
384
2,906
100
3,990		 2021
£
6,500
380
-
200
7,080

13 Related party transactions

There were no disclosable related party transactions during the year (2021 - 2022).