Charity number: 276738 VICARAGE FARM COMMUNITY ASSOCIATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
VICARAGE FARM COMMUNrrY ASSOCIATION CONTENTS Page Reference and administrative details of the charity, its trustees and advlsers Trustees. report Independent examinerfs report Statement of flnan¢ial activities Balance sheet Notes to the financial statements 9-16
VICARAGE FARM COMMUNITY ASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Trust¢eslCommittee J Jones. Chairman {appointed 4 January 20251 P Hooper. Chairman Ideceased 4 January 20251 J Murphy R Weslerberg A J Ashton A Ashton G Rodgers T Goosey H Gilbrook J Aldridge Kmdridge M O'Regan L Jones L Johnson (appointed 18 September 20221 Charity rpgistgred number 276738 Principal offic The Community Centre. Grafton Close. Wellingborough. Northants, NN8 SWA A¢¢ountsnts MHA, Century House, The Lake5, Northampton. NN4 7HD Bankers HSBC Bank Plc, 47 Market Street, Wellingborough. Northants. NN8 1AE Page 1
VICARAGE FARM COMMUNITY ASSOCIATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 The Trustees present their annual report together with the financial statements of the Charity for the 1 October 202110 30 September 2022. The Trustees Confirm that the Annual report and financial statements of the charity comply with the current slatulory requirements. the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORPI "Accounting and Reporting by Charities" applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 {effeclive 1 January 20191. Objectlves and Activities . POLICIES AND OBJECTIVES To promote and benefit the inhabitants of our calchmenls area without distinction of sex. political. religious or other opinion$, by associating with the local authorities, voluntary organisations and inhabilanls in a common effort lo advance education and social welfare for recreation and leisure time. b. GRANT MAKING POLICIES The policy of the Trustees is not to make grants to individuals or lo other charities. c. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT The Trustees of Vicarage Farm Community Ass(xialion accepts the need to have regard to the Charity Commission's guidance on public benefit. They recognise that it is their responsibility lo ensure that the benefits offered by the charity are realised by promoting the Charity within the county. The aim is sel out in the Report of the Trustees. The organisalion believes in being fair, open and inclusive. Achievements and perfomiance . FINANCIAL REVIEW Thefe was a surplus foi the period amounting lo £13,39012021-. £15,476). Unreslricled funds at 30 September 2022 amounted to £407,53312021'. £394.143). The Trustees are monitoring the finan$ of the charity. and prepare an annual forecast whth is compared lo actual income and expenditure at a monthly review. b. REVIEW OF ACTIVITIES We continue lo engage with local groups, voluntary organisalions and charities lo provide space for one-off events, regular meel-ups and more. We actively host fundraising efforts and promote via our eVerrowIng social media presence.. we have been very successful this past year with not only financial contributions but vast physical donations by our patrons to the local focmj bank. We will continue these efforts along with supportsng other local charities. We have set out capital expenditure plans for improvements lo the building over the next couple of year, such as the roof, heating systems, energy efficient changes and decor,. all lo ensure that the centre remains in good stead for future use. We will of course remain commilled to a sensible spend polw and will be monitoring our cash flow carefully. Page 2
VICARAGE FARM COMMUNITY ASSOCIATION TRUSTEES. REPORT leontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2022 e. INVESTMENT POLICY AND PERFORMANCE The TNstees keep an appropriate level of working capital in the bank current account, with balances not needed for immediate use going into a high interest a¢wunt lo provide reserve working capital or to be used for future projects. The Trustees have considered the most appropriate policy for investing the funds available lo theln, and consider that this best suits the Association's situation. Financial review . GOING CONCERN After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foieseeable future. For this reason they continue lo adopt the going concern basis in preparing the financial 51atemenls. Further details regarding the adoption of the going concern basis can be found in the Accountsng Policies. The financial stslemenls have been prepared on a going concern basis. The Trustees have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The Trustees have not idenkn'fied any material uncertainties that may cast significant doubt about the ability of the charitable company to continue as a going concern. The charities business activities, together with the factors likely together wrth long temi contracts for the social club. Based on these assessments and having regard lo the resources available to the charity, the Trustees have concluded that there is no material uneertainly and that they can continue to adopt the going concein basi5 in preparing the annual report and accounts. b. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY PURPOSES FOR THE PUBLC BENEFIT The Trustees have considered the Charity Commission's requirement in respect of Public Benefit. In their view the Charity meets, in full, the criteria to satisfy the test. In particular, in planning future activities of the organisalion, the Trustees consKler how planned actrvilies will contribute lo the aims and objectwes they have sel. Structures governance and management . CONSTITUTION Vicarage Farm Community Associatron is registered with the Charity Commissioners- number 276738. The Association is administered in accordance with ils trust deed and the objeels set out below. The association is established under 8 constitution approved in 1977 and is governed by Trustees elected by ils members. The charitable and club aclwities of the Association were separated by the creation of Gleneagles Social Club in 1993. Page 3
VICARAGE FARM COMMUNITY ASSOCIATION TRUSTEES. REPORT (¢ontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2022 b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charity is the responsibility of the Trustees who are elected and coopted under the terms of the Trust deed. ¢. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES There is no formal training programme for Trustees. The Trustees have wide experience and most have many years, service as Tiuslees. d. ORGANISATIONAL STRUCTURE AND DECISION MAKING To promote and benefit the inhabilanls of our eatchmenls area without distinction of sex, polibcal, religious or other opinions, by associating with the local aulhorilies, voluntary organisalions and inhabitants in a common effort lo advance education and social welfare for recreation and leisure time.Any adult living in the catchment area Icentred on the Vicarage Farm and Glene2gles areas of Wellingborough) has a right lo become a member. The managing Trustees are elected at the association's AGM for one year. The members attending the AGM vole them onto the committee individually. Foundation Trustees are elected by the members for an indefinite period unts'l resignation or removal. The Trustees meet monthly to consider management and strategic issues related lo the Vi¢arage Farm Community Association. e. RISK MANAGEMENT The Tnjslees have considered the risks which face Vicarage Farm Community Association and particularly its inoome StarnS. The Trustees reconsider these matters periodically. These considerations have led the Trustees to place importance on the expansion of the free reserves available to Vicarage Farm Community Association when this Is possible. We are aware that the premises are loeated on leasehold land with 61 years remaining on the lease. We are therefore invesligalin9 the possibilty of purchasing the land. The charity has insurance cover for its piopety and for legal liabilities normally associated with ils operations. The charity rewgnises ils legal and moral duty to minimise personal risk lo ils users, staff and members of the PLtblic and regularly reviews ils policies. Page 4
VICARAGE FARM COMMUNITY ASSOCIATION TRUSTEES. REPORT {continuedl FOR THE YEAR ENDED 30 SEPTEMBER 2022 TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance wth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclieel. The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the ch8rity and ol the incoming resources and application of resources of the charity foi that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistentty,. observe the methods and principles in the Charities SORP., make judgments and accounting eslimales that are reasonable and prudent,. prepare the financial slalemenls on the going concern basis unless il Is inappropriate lo presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient lo show and explain the charity's Iransactior¢s and disclose with reasonable accuracy at any time the financial p0511ion ol the charity and enable them lo ensure that the financial slalemenls 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 deleetK)n of fraud and other irregularities. This report was approved by the Trustees. on28lrf2o<and signed on their behalf by.. JJon rman Page 5
VICARAGE FARM COMMUNITY ASSOCIATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VICARAGE FARM COMMUNITY ASSOCIATION {the 'charlty'l I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 September 2022. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the quirements of the Charities Act 20111'lhe 2011 Acl'l. I report in respeel of my examination of the charity's accounts Carried out under section 145 of the 2011 Act and in carying out my examination I have followed all the applicable Direelions given by the Charity Commission under section 14515)Ibl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Pract applieable lo eh8rilies preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in pference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations but has been withdrawn. l understsnd Ih8t this has been done in order for the accounts to provide a true and fair view in aeeordanee with the Generally Accepted Accounting Practice effective for reporting perlods beginning on or after 1 January 2015. I have completed my examination. I can confirm that no matters have come lo my attention in connection bmlh the examination giving me cause lo believe that in any material respect.. accounting records were not kept in pect of the charity as required by section 130 of the 2011 Act,. or the accounts do not accord with those records." or the accounts do not comply with the applicable requirements Conrning the form and content of accounts set out in the Charib'es (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irue and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connecb'on with the examination lo which attention should be drawn in this report in orde¥ lo enable a proper understanding of the accounts lo be reached. Signed.. Dated.. 16 May 2025 Rebecca Hughes Bsc (Horisl FCCA MHA Chartered Accountants Century House The Lakes Northampton NN4 7HD Page 6
VICARAGE FARM COMMUNITY ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022 Unrestrlcted funds 2022 Totsl funds 2022 Total funds 2021 Note INCOME FROM: Donations & legacies. Hire of hall Meat raffle Other donations and legacies 10,144 2,482 18,416 10,144 2,482 18,416 8,688 177 17,332 TOTAL INCOME 31,042 31,042 26.197 EXPENDITURE ON: Charitable activities 17,652 17,652 10,721 TOTAL EXPENOITURE 17,652 17,652 10,721 NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSES NET MOVEMENT IN FUNDS 13,390 13,390 13,390 13,390 15,476 15,476 RECONCILIATION OF FUNDS". Total fL*nds brought fotward 394,143 394,143 378,667 407.533 407.533 394,143 TOTAL FUNDS CARRIED FORWARD The notes on page$ 9 to 16 forrn part of these financial staternenls. Page 7
VICARAGE FARM COMMUNITY ASSOCIATION BALANCE SHEET AS AT 30 SEPTEMBER 2022 2022 2021 Note FIXED ASSETS Tangible assets CURRENT ASSETS Debtors Cash at bank and in hand 281.877 283.089 75,944 50.462 68,598 43,206 126,406 111.804 CREDITORS: amounts falling due within one year (7501 {7501 NET CURRENT ASSETS 125.666 111.054 NET ASSETS 407,533 394,143 CHARITY FUNDS Unrestricted funds 10 407,533 394,143 TOTAL FUNDS 407.533 394.143 The financi81 statements were approved by the Trustees on ?tk!¢ and signed on their behalf, by.. hairman The notes on pages 9 10 16 form part of these financial statements. Page 8
VICARAGE FARM COMPJIUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 ACCOUNTING POLICIES 1.1 Basls of preparation of financial statements The financial statements have been prepared in accordance with the Charibes SORP IFRS 1021- 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 IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Vicarage Farm Community Association constitutes a public benefit entity as defined by FRS 102. 1.2 Going concern The financial statement5 have been prepared on a going conrn basis. The Trustees have considered relevant information, includin9 the post year-end management accounts and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuring economic shutdown has had limited impact on the charity's operations. as they have Continued lo trade and operate throughout. Based on these assessments and having regard to the resources available lo the entity, the Trustees have concluded that there is no material unTrrtainty and that they can continue to adopt the going concern basi5 in preparing the annual report and accounts. 1.3 Fund accounting General funds are unre5tri¢ted funds which are available for use at the discretion of the Tru51ees in furtherance of the general obje¢tives of the charity and whi¢h have not been designated for other Putposes. 1.4 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donated services or facilities are recognised when the charity has control over the item. any conditions associated with the donated item have been met, the ieceipl of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP {FRS 1021, the general volunteer time of the Friends is not recognised and refer lo the Trustees, report for more information about their contribub'on. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift lo the charity which is the amount the charity would have been willing lo pay lo obtsin services of facilits'es of equivalent economic benefit on the open market.. a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised al the time the investment income is receivable. Page 9
VICARAGE FARM COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 ACCOUNTING POLICIES (CONTINUED) 1.5 Expendlture Expenditure is COgnised once there is a legal or constructive obligation lo Iiansfer economic benefit to a third paty, 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 classified by activity. The Costs of each activity are made up of the lolal of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single 8clivity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of b'me spent. and depreciation charges allocated on the portion of the asset's use. Governance costs are those incurred in connection with adminislralion of the charity ancl complian with conslitulional and 51atulory requirements. Charitable activities and Govemance costs are costs incurred on the charitys educational operations, including support costs and costs relating to the governance of the charity apportioned lo Charitable activitie5. 1.6 Gleneagles So¢ial Club The Club operates on premises of which the Association is the leaseholder. By its rules the Club transfers ils net surplus to the Association under gift aid. Vicarage Fam Community Association owns the only share in the Club. Any losses made by the Club are not transferred to the Association. 1.7 Leasehold bulldlngs The Commltnily Centre is held by Vicarage Farm Community Association on a 99 year lease from Wellingborough District Council granted in 1985. The cost of the leasehold1£7.0001 was written off in the year of payment. The value disclosed 1£277.0271 in the Association's balan sheet represents the cost of building the original centre together wrth the cost of subsequent additions and extensions. Significant long term building repairs have previously been capitalised and written off over four years on a slrauhl line basis. No balance remains in respect of these repairs. 1.8 Tanglble tlxed assets and depreclatlon All assets costing more than £200 are capitalised. A review for impairment of a fixed asset is carried out if events or changes in circun7slances indicate that the Carryng value of any fixed asset may not be recoverable. Shortfalls been the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities. Tangible ftxed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided al rates calculated lo write off the cost of fixed assets, less their estimat residual value, over their expected useful lives on the following bases.. Fixtures and fittings 20Yo reducing balance Page 10
VICARAGE FARM COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 ACCOUNTING POLICIES {CONTINUEDI 1.9 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the Bank. 1.10 Debtors Trade and other debtors ale recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 1.11 Cash at Bank and In hand Cash al bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from Ihe dale of acquisition or opening of the deposit or similar account. 1.12 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be reqUId in settlement. and the amount of the settlement can be eslimaled reliably. Liabilits'es are recognised al the amount that the harily ants"cipales it will pay lo sellle the debt or the amount il has received as advanced payments for the goods or services il musl provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Vvhere the effect of the lime value of money is material, the provision Is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. 1.13 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Basic financial instruments are Initially recognised at transaction value and subsequenlty measured at their settlement value with the exception of bank loans which are subsequenlty measured at arnortised cost using the effective interest method. 1.14 Corporation tax By virtue of its eharitable status, the Association is not liable for corporation tax. Page 11
VICARAGE FARM COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 INCOME FROM DONATIONS AND LEGACIES Unrestricted funds 2022 Total funds 2022 Totsl funds 2021 Hire of hall Meat raffle 10,144 2,482 10,144 2,482 8,688 177 Surplus transferred from Gleneagles social club 18,416 18,416 17,332 Total donations and legacies 31,042 31,042 26,197 Total 2021 26,197 26,197 GOVERNANCE COSTS Unrostrict¢d funds 2022 Total fund$ 2022 Total funds 2021 A¢countancy 155 155 148 Page 12
VICARAGE FARM COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 DIRECT COSTS Unrestricted funds Total 2022 Total 2021 Rates Insurance Repairs and renewals Heal and light Meal offle Bookkeeping Deprecialion Sundry 2,848 624 4,128 6,720 1,250 675 1,212 2,848 624 4,128 6,720 1,250 675 1,212 1.897 630 1,286 4,370 200 675 1,515 17,497 17,497 10,573 Total 2021 10,573 10,573 ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE other costs 2022 Total 2021 Direct costs Expenditure on govemance 17,497 155 10,573 148 17,652 10,721 NET INCOMEI(EXPENDITUREI This is stated after charging.. 2022 2021 Oeprecialion of tangible fixed assets.. - owned by the charity 1,212 1,515 Page 13
VICARAGE FARM COPJIMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 TANGIBLE FIXED ASSETS Leasehold Fixtures and building fittings Total Cost At 1 October 2021 and 30 September 2022 362,657 153.281 515,938 Depreciatlon At 1 October 2021 Charge for the year 85,630 147,219 1,212 232.849 1.212 AI 30 September 2022 85,630 148A31 234,061 Net book value AI 30 September 2022 277,027 4,850 281,8TI At 30 September 2021 277,027 6,062 283,089 DEBTORS 2022 2021 Due after more than one year Gleneagles Social Club 75.944 68,598 CREDITORS: Amounts falling due within one year 2022 2021 Accruals and deferred income 750 750 10. STATEldlENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 30 September 2022 Balance at l October 2021 Income Expenditure Unrestricted funds Reserves 394,143 31.042 (17,6521 407.533 Page 14
VICARAGE FARM COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 10. STATEMENT OF FUNDS Icontlnuedl STATEMENT OF FUNDS- PRIOR YEAR Balance al 30 September 2021 Balance at 1 October 2020 Income Expenditure General funds ReseNes 378,667 26.197 {10,7211 394.143 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Debtors due after more than 1 year Current assets Creditors due within one year 281.877 75.944 50,462 {7501 281,877 75,944 50,462 17501 407,533 407.533 ANALYSIS OF NET ASSETS BETWEEN FUNOS- PRIOR YEAR Unrestricted funds 2021 Total funds 2021 Tangible fixed assets Debtors Current assets Creditors due within one year 283.089 68.598 43.206 17501 283,089 68,598 43,206 1750) 394,143 394,143 12. CONTINGENT LIABILITIES There were no contingent liabilities at 30 September 2022 or 30 Septsmber 2021. Page 15
VICARAGE FARM COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 13. CAPITAL COMMITMENTS The company had no capital commitments al 30 September 2022 or 30 September 2021. 14. PAYMENTS TO TRUSTEES AND CONNECTED PERSONS No Trustee or person with a family or business connection with a Trustee received remuneration in the year, directSy or indirectly, from the charity Costs are incurred by the Trustees personally in pursuit of the charib'es objectives. No expenses were reimbursed to the Trustees during the period {2021- £nill. 15. INDEMNITY INSURANCE The Assoeiation has effected indemnity insurance in respect of the officers and Trustees of the Associab'on al a cost of £35512021- £3151 per annum. Page 16