Charity number: 276738 VICARAGE FARM COMMUNITY ASSOCIATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
VICARAGE FARM COMMUNITY ASSOCIATION CONTENTS Page Reference and administrative details of the charity. its trustees and advÈsers Trustees. report Independent examlner's report Statement of financial activities Balance sheet Notes to the financial statemonts 9-16
VICARAGE FARM COMMUNITY ASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Trusteeslcommittge J Jones. Chairman lappoinled 4 January 20251 P Hooper, Chairman (deceased 4 January 20251 J Murphy R Westefberg A J Ashton A Ashton G Rodgers T Goosey H Gilbrook J Aldridge K Aldridge M O'Regan L Jones {resigned 12 October 20221 L Johnson Charlty registered number 276738 Prlncipal offlce The Community Centre. Grafton Close, Wellingborough. Northants. NN8 SWA Accountants MHA. Century House. The Lakes, Northampton, NN4 7HD Bankers HSBC Bank PIC. 47 Market Street, Wellingborough, Northants, NN8 IAE Page 1
VICARAGE FARM COMMUNITY ASSOCIATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Tnjstees present their annual report together with the financial statements of the Charity for the 1 October 2022 to 30 September 2023. 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 goveming document and the provisions of the Ststement of Recommended Practice ISORPI "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 Iland {FRS1021 leffeclive 1 January 2019). Objectlves and Activitles a. POLICIES AND OBJECTIVES To promote and benefit the inhabitants of our catchments area without dislinclion of sex, political, religious or other opinions, by associating with the local authorities. voluntary organisalions and inhabitants in a common effort lo advance education and social welfare for recreation and leisure lime. b. GRANT MAKING POLICIES The policy of the Trustees is not lo make grants lo individuals or lo other charities. ¢. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY'S PURPOSES FOR PUBLIC BENEFIT The Trustees of Vicarage Farm Community Association accepts the need lo have regard lo the Charity Commission's guidance on public benefit. They recognise that it is their responsibility to 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. Achlevements and performance . FINANCIAL REVIEW There was a surplus for the period amoLtnting lo £68,50012022.. £13,390}. Unreslricled funds at 30 September 2023 amounted to £476.03312022. £407,533}. The Trustees are monitoring the finances of the charity. and prepare an annual forecast which is compared to actual income and expenditure at a monthly review. b. REVIEW OF ACTIVITIES We continue to engage with local groups, voluntary organisations and charities lo provide space for one-off events, regular meel-ups and more. We aGlively host fundraising efforts and promote via our ever-growing social media piesence., we have been very successful this past year with not only financial contributions but vast physical donations by our patrons to the local food bank. We will continue these efforts along wth sUPPOrting other local charities. We have sel out capital expenditu plans for improvements to the building over the next couple of year, such ss the roof, healing systems, energy efficient changes and decor., all lo ensure that the centre remains in good stead for future use. We will of course remain committed to a sensible spend policy and will be monitoring our cash flow carefully. Page 2
VICARAGE FARM COMMUNITY ASSOCIATION TRUSTEES, REPORT (continued} FOR THE YEAR ENDED 30 SEPTEMBER 2023 c. INVESTMENT POLICY AND PERFORMANCE The Trustees keep an appropriate level of working capital in the bank current account, with balances not needed for immediate use going into a high interest account to provide reserve working capital or lo be used for future projects. The Tnjslees have considered the most appropriate policy for investing the fvnds available to them. and consider that this best suits the Association's situation. Flnanclal revlew a. GOING CONCERN After making appropriate enquiries. the trustees have a reasorsable expectation that the ¢harity has adequate resources to continue in operats'onal existence for the foreseeable future. For this reason they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Account'ng Policies. The financial slalements have been prepared on a going concern basis_ The Trustees h8ve 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 identified any malefial uncertainties that may east significant doubl about the ability of the charitable company lo continue as a going concern. The charities business activities, together with the factors likely together with long term ¢onlr2¢ts for the social club. Based on these assessments and having regard to the resources available to the charity, the Trustees have concluded that there is no material uncertainly and that they can continue to adopt the going concern basis in preparing the annual port and accounts. b. MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY PURPOSES FOR TrIE 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 Consider how planned activities will contribute lo the aims and obie¢tives they have sel. Structurej governance and management a. CONSTITUTION Vicarage Farm Community Association is registered with the Charity Commissioners - number 276738. The Association is administered in accordance with ils trust deed and the objects set out below. The association is established under a constitution approved in 1977 and is govemed by Trustees eleGted by its members. The charitable and club activities of the Associab'on were separated by the creation of Gleneagles Social Club in 1993. Page 3
VICARAGE FARM COMMUNITY ASSOCIATION TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 30 SEPTEMBER 2023 b. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charity is the responsibilty of the Trustees who are elected and co-opted under the terms of the Trust deed. c. 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 Trustees. d. ORGANISATIONAL STRUCTURE AND DECISION MAKING To promote and benefit the inhabitants of our catchments area wilhoul distinction of sex, political, religious or other opinions, by associating with the local aulhorilies, voluntary organisalions and inhabilanls in a common effort lo advance education and sOQI81 welfare for recreation and leisure lime.Any adult living in the calchmenl area Icenlred on the Vicarage Farm and Gleneagles areas of Wellingboroughl ha5 a right to become a member. The managing Trustees are elected at the association's AGM for one year. The members attending the AGM vole them onlo the committee individually. Foundation Trustees are elected by the members lor an indefinite period until Sign3b'0n or removal. The Trustees meet monthly lo consider management and strategic issues related to the Vi¢arage Farm Community Association. e. RISK MANAGEMENT The Tfustees have considered the risks which face Vicarage Farm Cornmunity Association and parttcularly ils income streams. The Trustees reconsider these matters periodically. These considerats'ons have led the Trustees to place importance on the expansion of the free feserves available to Vicarage Farm Community Association when this is possible. We are aware that the premises are located on leasehold land with 60 years remaining on the lease. We are therefore investigating the possibility of purchasing the land. The charity has insurance cover for its property and for legal liabilities normally associated with ils operations. The charity recognises ils legal and moral duty to minimise personal risk to its users, staff and members of the public and regularly reviews its policies. Page 4
VICARAGE FARM COMMUNITY ASSOCIATION TRUSTEES, REPORT (continued} FOR THE YEAR ENDED 30 SEPTEMBER 2023 TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Trustees. report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Aceepled AccoLtnting Practi¢el. The law applicable to charities in England & Wales requires the Trustees lo prepare financial slalements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and applic8tion of resources of the charity for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently,. 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 conrn basis unless it Is in8ppropr¢ate lo presume that the charity will continue in operatson. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial positson of the charity and enable them lo ensure that the fi'nancial statements compty 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. This report was approved by the Trustees, on 25Ffrl2cLand signed on their behalf by.. Chalnnan Page 5
VICARAGE FARM COMMUNITY ASSOCIATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VICARAGE FARM COMMUNITY ASSOCIATION (the 'charity') I report to the charlty Trustees on my examinatM)n of the accounts of the charity for the year ended 30 September 2023. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Acl 2011 I'the 2011 Act.). I report in respect of my examinatson of the chanty'$ accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5llbl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Your attention is drawn to the fact that the eh21ity has piepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice 2pplieable to eharities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Ch8rilies.- Slalemenl of Recommended Pra¢tits issued on 1 April 2005 which is refeired to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in Accordance Iwth the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I can confimi that no matters have come to my attention in connection vAth the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 ACL or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and content of accounts Set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concems and have come aeross no other matters in connection with the examinats'on to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Signed. Rebecca Hughes BS¢ (Honsl FCCA MHA Chartered Accountants Century House The Lakes Northampton NN4 7HD Dated: 16 May 2025 Page 6
VICARAGE FARM COMMUNITY ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note INCOME FROM". Donations and legacies 88.423 88,423 31,042 TOTAL INCOME 88,423 88.423 31,042 EXPENDITURE ON: Charitable activities 19,923 19.923 17,652 TOTAL EXPENDITURE 19,923 19,923 17,652 NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSES NET MOVEMENT IN FUNDS 68.500 68,500 68,500 68.500 13.390 13.390 RECONCILIATION OF FUNDS: Total funds brought forward 407,533 407,533 394,143 476,033 476,033 407.533 TOTAL FUNDS CARRIED FORWARD The notes on pages 9 to 16 form part of these financi81 stalemenls. Page 7
VICARAGE FARM COMMUNITY ASSOCIATION BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Note FIXED ASSETS Tangible assets CURRENT ASSETS Debtors Cash at bank and in hand 280,907 281,877 141,298 54,978 75,944 50,462 196.276 126.406 CREDITORS: amounts falling due wlhin one year 11,1501 1750) NET CURRENT ASSETS 195,126 125,656 NET ASSETS 476,033 407,533 CHARITY FUNDS Unreslricled funds 10 476,033 407,533 TOTAL FUNDS 476.033 407,533 The financial statements were approved by the Trustees on 2tPfrbKkns and signed on their behalf. by.. - Chaiman The notes on pages 9 to 16 form part of these financial stslements. Page 8
VICARAGE FARM COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES 1.1 Basls of preparation of financial staternentg The financial statements have been prepared in accordance wth the Charities SORP IFRS 1021- Accounting and ReFX)rting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 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 8 public benefit entity as defined by FRS 102. 1.2 Going coDcem The financial statements have been prepared on a going corTrcern basis. The Trustees have considered relevant information, including the post year-end management a¢counts and the impact of subsequent events in making their assessmenL Based on these assessments and having regard to the resources available to the ents'ty. the Trustees have concluded that there is no material uncertainly and that they can continue lo adopt the going concern basis in preparing the annual report and a¢¢ounts. 1.3 Fund accounting General fund5 are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objecb'ves of the chatity and which have not been designated for other purposes. 1.4 Income All in¢ome is recognised once the charity has enlillement to the income, il is probable that the income will be received and the amount of income receivable can be measured reliabty. 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 receipt of economic benefit from the use of the charity ol the item is probable and that economic benefi't ean be measured reliably. In accordance with the Charities SORP {FRS 1021, the general volunteer time of the Friends is not recognised and refer to the Trustees. report for more informatK)n about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a eorresponding amount is then recognised in expenditure in the period of reipt Income tax recoverable in relation lo donations recewed under Gift Aid or deeds of covenant is recognised at the lime of the donation. Income tax recoverable in relation to investment income is recognised at the time the inve$tmenl income is reNable. Page 9
VICARAGE FARM COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES (CONTINUED) 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benef1 lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the 8mounl of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct cosls and shared costs, including support costs involved in undertaking e8ch activity. Direct costs allributable to a single activity are 811ocaled directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single ackn'vity are apportioned been those acb'vilies on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation Charges allocated on the portion of the asset's use. Governan costs a those inCUrd in ¢onnectson with adminislralion of the charity and compliance with conslitulional and stalulory requifemenls. Charitable activities and Governance costs are costs incurred on the charity's educational operations, including Support costs and costs relating lo the governance of the chanty apportioned to charitable activities. 1.6 Gleneagle8 Soclal Club The Club operates on premises of which the Association is the leaseholder. By ils rules the Club transfers ils net surplus lo the Association under gift aid. Vicarage Farm Community Association owns the only share in the Club. Any losses made by the Club are not transferred lo the Association. 1.7 Leasehold bulldlngs The Community Centre is held by Vicarage Fami Communty Association on a 99 year lease from Wellingborough District Council granted in 1985. The cost of the leasehold (£7,000) was wrttten off in the year of payment. The value disclosed (£277,027) in the Association's balance Sheet represents the e051 of building the original centre together with the cost of subsequent additions and extensions. Significant long term building repairs have previously been capilalised and written off over four years on a straight line basis. No balance remain5 in respect of these repairs. 1.8 Tangible fixed assets and depreciation All assets costs'ng more than £200 are capitalised. A review for impairment of a fixed asset is Carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable 8mounls are recognised as impairments. Impairment losses are recognised in the Statement of finan¢ial aclivilies. Tangible fixed assets are carried at cost. net of depreciation and any provision lor impairment. Depreciation is provided al rates calculated to write off the cost of fixed assets, less their eslimaled 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 2023 ACCOUNTING POLICIES {CONTINUED 1.9 Interest ¢tIVable 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 are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net 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 malurily of three months or less from the date of acquisition or onIng of the deFosII or similar account. 1.12 Llabllitles and provisions Liabilities are recognised when there is an obligation al the Balance sheet dale as a iesull of a past event, il is probable that a transfer of economic benefit will be required In settlernent, and the amount of the settlernenl can be estimated reliably. Liabilities are recognised at the amount that the charity anlieipales it will pay to sellle the debt or the amount il has received as advanced payments for the goods or services il musl provide. Provisions are measijred at the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised within interest payable and similar charges. 1.13 Flnanclal instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their setttemenl value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.14 Corporatlon tax By virtue of ts charitable 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 2023 INCOME FROM DONATIONS AND LEGACIES Unrestricted funds 2023 Total funds 2023 Total funds 2022 Hire of hall Meal raffle Surplus transferred from Gleneagles Social Club 10,967 1,870 75,586 10,967 1,870 75.586 10,144 2,482 18,416 Total donations and legacies 88,423 88,423 31,042 Total 2022 31,042 31,042 GOVERNANCE COSTS Unrestricted funds 2023 Total funds 2023 Total funds 2022 Accountancy 563 563 155 Page 12
VICARAGE FARM COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 DIRECT COSTS Unrestrfcted funds Total 2023 Total 2022 Rates Insulance Repairs and renewals Heal and light Meat raffle Bookkeeping Depreciation Sundry 6,391 673 6,391 673 2,848 624 4,128 6.720 1,250 675 1,212 40 10,546 45 675 970 60 10,546 45 675 970 60 19,360 19,360 17.497 Total 2022 17.497 17.497 ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE Other costs 2023 Total 2022 Direct costs Expenditure on governance 19,360 563 17,497 155 19,923 17,652 NET INCOMEI{EXPENDITUREI This is staled after charging.. 2023 2022 Depreciation of tangible fixed assets.. owned by the charity 970 1,212 Page 13
VICARAGE FARM COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 TANGIBLE FIXED ASSETS Leasehold Fixtures and building littings Total Cost At 1 October 2022 and 30 Septembe¥ 2023 362,657 1S3,281 515,938 Depreciation At 1 October 2022 Charge for the year 85,630 148,431 970 234.061 970 At 30 September 2023 85,630 149,401 235,031 Net book value AI 30 September 2023 277.027 3.880 280,907 AI 30 September 2022 277,027 4,850 281,877 DEBTORS 2023 2022 Due after more than one year GneagleS Soci81 Club 141,298 75,944 CREDITORS: Amounts falling due wlthln one year 2023 2022 A¢¢ru2ls and deferred income 1,150 750 Page 14
VICARAGE FARM COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 10. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 30 Septembei 2023 Balance at 1 October 2022 Income Expenditurg Unrestrlcted funds Reserves 407,533 88,423 119,9231 476,033 STATEMENT OF FUNDS- PRIOR YEAR Balance al 30 September 2022 Balance at 1 October 2021 Income Expenditure Genero1 funds Reserves 394,143 31,042 (17,6521 407,533 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Unrestrleted funds 2023 Total funds 2023 Tangible fixed assets Debtors due after more than 1 year Current assets Creditors due within one year 280,907 141,298 54,978 <1,1501 280.907 141.298 54.978 11.1501 476,033 476,033 Page 15
VICARAGE FARM COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unreslricled funds 2022 Total funds 2022 Tangible fixed asset$ Debtors Current assets Creditors due wthin one year 281,877 75,944 50,462 17501 281,877 75,944 50,462 17501 407,533 407,533 12. CONTINGENT LIABILrriES The were no contingent liabilities at 30 September 2023 or 30 September 2022. 13. CAPITAL COMMITMENTS The charity had no capital commitrnents at 30 September 2023 or 30 September 2022. 14. PAYMENTS TO TRUSTEES AND CONNECTED PERSONS No Trustee or person wslh a family or business connection with a Trustee recenied remuneration in the year. directly or indirectly, from the charity. Costs are incurred by the Trustees personally in pursuit of the charities objectives. No expenses were reimburseos lo the Trustees during the perhJd12022- £nill. 15. INDEldlNITY INSURANCE The Association has effected indemnity insurance in respect of the officers and Trustees of the Association al a cost of £37S12022 - £3551 per annum. Page 16