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2023-03-31-accounts

Charity registration number 290845

ITALIAN COMMUNITY ASSOCIATION

(ASSOCIAZIONE COMUNITA ITALIANA)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

D Broccoli M Storti A M Connell

Charity number 290845

General committee members

Management

M Cereste G Manna C Serluca M Pompeo

I Caruso

Chairman Vice Chairman Treasurer Secretary Fleet manager

Principal address The Fleet Complex Fleet Way, High Street Fletton Peterborough United Kingdom PE2 8DL Independent examiner Azets Audit Services Westpoint Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ Bankers Lloyds Bank Fletton Peterborough United Kingdom PE2 8EL HSBC Cathedral Square Cathedral Square Peterborough United Kingdom PE1 1XL

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) CONTENTS

Page
Trustees report 1 - 3
Statement of Trustees responsibilities 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Balance sheet - charity only 8
Notes to the financial statements 9 - 21

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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)" (effective 1 January 2019).

Objectives and activities

The objectives of the Association are to promote the benefits of the inhabitants of the City of Peterborough, with the objective of improving conditions of life for the said inhabitants. By associating the local authorities, voluntary organisations and inhabitants in a common effort to advance education and to provide facilities in the interest of social welfare for recreation and leisure-time occupation. To establish a community centre and to maintain and manage a centre for activities promoted by the Association and its constituent bodies in furtherance of the objectives.

Having considered the Charity Commissions guidance on Public Benefit the trustees consider that the objectives are in accordance with the need of continuance of Public Benefit.

The Association is actively pursuing the potential and viability for the development of the Fleet Complex site in order to extend the recreational activities for the members and local community. The work, if approved, will be funded by the Association.

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

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees to present a strategic report.

Achievements and performance

The trustees are pleased to report that despite the difficult economic climate the charity has continued to improve the Fleet facilities.

Fund raising events were specifically aimed at family and cultural events, to ensure the continued growth of the Association and to represent the whole community. The welfare sub-committee are able to provide for individuals and members with special needs and disabilities.

The annual Peterborough's Italian Festival was held in September within Peterborough's City Centre to celebrate and promote the Italian Community Association history, culture and heritage within the City of Peterborough.

The ICA sport football club was registered (1 July 2012) with the football association. The ICA sport is run by volunteers and furthers the charity's aim to represent the whole community and families. The sport club has continued to grow throughout the year and is now looking to improve the sporting facilities for the community by purchasing land (completed February 2016) in order to provide safe facility and pitches.

Expenditure and investment commenced in the year on the development of the planned sports facilities.

Financial review

The results for the year are set out in the attached Statement of Financial Activities and Profit and Loss Account.

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted reserves are needed:

a) to provide funds which can be designated to specific projects to enable these projects to be undertaken at short notice and

b) to cover administration, fundraising and support costs without which the charity could not function.

The trustees consider it prudent that unrestricted funds should be sufficient to avoid the necessity of realising fixed assets held for the charity's use and to cover one year's administration, fundraising and support costs. The level of reserves is monitored and reviewed by the trustees regularly.

Risk Management

The trustees and general committee have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risks.

The trustees and the general committee have implemented risk management strategy that comprises of regular reviews and business planning process. Systems and procedures have been put in place to mitigate those risks identified in the plan. Procedures implemented include health and safety inspection of the premises, staff training and incorporation of health and safety duties to specific staff and review insurance policies.

Plans for Future Periods

It is the charity's intention to apply for grants in order to create an all weather sports pitch on the land purchased to create an all year round sports facility.

Membership

Full membership is open to individuals of 18 years and over, living in the area of benefit. Individuals under the age of 18 may be admitted, but shall not be entitled to vote.

Structure, governance and management

The charity is governed by its Constitution. The Constitution was formed and adopted on 13 June 1984 and amended, pursuant to clause 15, at the Annual General Meeting of the Association held on 28 June 1998.

The Trustees who served during the year and up to the date of signature of the financial statements were: D Broccoli M Storti A M Connell

The Association seeks to bring new Trustees and general committee members, who can complement the skills base of the existing members of the board. Invitation is made at the Annual General Meeting and at other times throughout the year. Interested parties are invited to meet with the Chairman and other committee members to obtain an understanding of the charity, its aims and objectives and how they may be able to further develop the charity.

The Chairman formally proposes any new trustee to the committee and, if approved, the new trustee is invited to join the General Committee. All members of the General Committee shall retire from office at the conclusion of the Annual General Meeting two years after the date on which they came into office, but they may be re-elected or re-appointed.

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Organisational Structure

The policies, objectives of the Association are directed by the General Committee, which are elected from the membership, by the members at the Annual General Meeting and will include a representative from Peterborough City Council/local authority. The General Committee will meet at least six times a year to consider and decide the strategic direction and policy of the charity. The General Committee also take the opportunity to consider issues such as legal, premises, planning and staff matters which have arisen between meetings.

The General Committee also meet regularly with representatives from those responsible for the operational management of the Association on a day to day basis, ensuring that the Association delivers the services specified and that progress is made in achieving the Association's objectives.

Manager

A manager is appointed by the General Committee to manage the day to day operations of the Association and the running of the Fleet Complex.

Remuneration of Key Management Personnel

The remuneration of key management personnel is reviewed and set by the Committee as a whole.

Independent Examiner

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as independent examiner of the charity will be put at a General Meeting.

The Trustees report was approved by the Board of Trustees.

A M Connell

Trustee Dated: 22 April 2024

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, 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 charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ITALIAN COMMUNITY ASSOCIATION

I report to the Trustees on my examination of the consolidated financial statements of the Group comprising of Italian Community Association (the charity) and its subsidiary undertaking for the year ended 31 March 2023.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the consolidated financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). You have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both the Charity and the Group are not required by charity law to be audited and instead have chosen to have an independent examination.

I report in respect of my examination of the consolidated financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

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 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.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mark Jackson FCA DChA Azets Audit Services

Westpoint Lynch Wood Peterborough Cambridgeshire PE2 6FZ United Kingdom

Dated: 23 April 2024

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and
legacies
4
4,788
8,278
Charitable activities
3
36,391
-
Other trading
activities
6
202,189
-
Investments
5
11
-
Total income
243,379
8,278
Expenditure on:
Raising funds
7
51,844
-
Charitable activities
8
160,544
5,835
Total expenditure
212,388
5,835
Net gains/(losses) on
investments
11
(22,355)
-
Net movement in funds
8,636
2,443
Fund balances at 1 April
2022
605,750
15,736
Fund balances at 31
March 2023
614,386
18,179		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
13,066
53,654
2,468
36,391
26,994
-
202,189
159,615
-
11
-
-
251,657
240,263
2,468
51,844
32,100
-
166,379
133,091
-
218,223
165,191
-
(22,355)
(9,094)
-
11,079
65,978
2,468
621,486
539,772
13,268
632,565
605,750
15,736		 Total
2022
£
56,122
26,994
159,615
-
242,731
32,100
133,091
165,191
(9,094)
68,446
553,040
621,486

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
19
Unrestricted funds		 2023
£
5,952
10,507
172,178
188,637
(21,305)		 £
92,005
373,228
465,233
167,332
632,565
18,179
614,386
632,565		 2022
£
10,461
12,010
131,114
153,585
(18,919)		 £
97,418
389,402
486,820
134,666
621,486
15,736
605,750
621,486

The financial statements were approved by the Trustees on 22 April 2024

A M Connell Trustee

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) BALANCE SHEET - CHARITY ONLY

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
19
Unrestricted funds		 2023
£
-
61,295
105,958
167,253
(11,974)		 £
113,082
373,236
486,318
155,279
641,597
18,179
623,418
641,597		 2022
£
5,200
48,903
84,765
138,868
(10,887)		 £
115,878
389,410
505,288
127,981
633,269
15,736
617,533
633,269

The financial statements were approved by the Trustees on 22 April 2024

A M Connell Trustee

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Italian Community Association is a charity registered in England and Wales.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's constitution adopted 28 November 1984, 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 charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention. 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 charity 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

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

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 charity.

1.4 Incoming resources

Income is recognised when the charity 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 charity 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 charity 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.

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Charitable expenditure comprises those costs incurred by the charity in the deliverance of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

1.6 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:

Property improvements 10% per annum on cost Television and satellite equipment 15% per annum on cost Fixtures and fittings 10% and 15% per annum on cost Computer equipment 15% per annum on cost Bar and catering equipment 15% per annum on cost

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 the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity 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).

1.9 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.

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.10 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.

1.11 Financial instruments

The charity 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 charity's balance sheet when the charity 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.

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 charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Charitable activities

Charitable Charitable
Activities Activities
2023 2022
£ £
Player registration and match fees 34,241 26,005
Recovered fines and referee fee contributions 400 297
Sponsorships - player kits 750 400
Performance related grants 1,000 -
Fundraising income - 292
36,391 26,994

4 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£
Grants, donations and gifts
4,788
8,278
Donated goods and services
-
-
Other donations
-
-
4,788
8,278
For the year ended 31 March 2022
53,654
2,468
Grants
Italian Consulate
-
5,835
Grant - release on fixed assets
-
-
Welfare Subcommittee
-
2,443
British Gas Grant
4,788
-
4,788
8,278		 Total
2023
£
13,066
-
-
13,066
5,835
-
2,443
4,788
13,066		 Total
2022
£
12,475
43,622
25
56,122
56,122
6,000
5
2,443
4,027
12,475

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

5 Investments

Unrestricted
funds
2023
£
Interest receivable
11
6
Other trading activities
Income from trading subsidiary
Fundraising events
Lettings
Other trading activities
7
Raising funds		 Total Unrestricted
funds
2023
2022
£
£
11
-
2023
£
57,212
503
144,474
202,189		 Total
2022
£
-
2022
£
35,633
7,383
116,599
159,615
**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Trading costs
Operating trading company undertaking non-charitable trading activity 51,844 32,100
51,844 32,100

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

8 Charitable activities

Staff costs
Depreciation and impairment
Light and heat
Cleaning and laundry
Printing and stationery
Catering
Water, rates and rent
Repairs and maintenance
Professional fees
Sundries
Insurance
Entertaining
Donations
Transport costs
Sports club costs
Disciplinary fines
Other charitable expenditure
Analysis by fund
Unrestricted funds
Restricted funds		 Member
Activities
Welfare
Committee
Sports
Committee
Entertainment
Committee
Fleet
Management
£
£
£
£
£
-
-
-
-
74,677
-
-
-
-
5,413
1,096
-
-
-
2,991
-
-
-
-
2,848
-
-
-
-
156
4,787
-
-
-
-
-
-
-
-
1,088
-
-
-
-
39,044
-
-
-
-
-
1,405
-
-
-
2,518
16,778
-
-
-
2,096
1,814
-
-
-
794
-
-
-
-
-
80
-
-
-
-
369
-
700
-
-
665
-
-
-
-
7,060
-
-
-
-
34,054
-
700
-
131,625
34,054
-
700
-
125,790
-
-
-
-
5,835
34,054
-
700
-
131,625		 Total
2023
£
74,677
5,413
4,087
2,848
156
4,787
1,088
39,044
-
3,923
18,874
2,608
-
80
1,069
665
7,060
166,379
160,544
5,835
166,379		 Total
2022
£
78,033
7,578
-
1,815
724
3,175
555
3,354
78
6,532
17,988
2,900
1,200
130
234
312
8,483
133,091

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

8 Charitable activities

(Continued)

Member Welfare Sports
Entertainment		 Fleet Total
Activities Committee Committee Committee Management 2022
£ £ £ £ £ £
For the year ended 31 March 2022
Unrestricted funds 29,362 2,332 1,200 840 99,357 133,091

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
6 6
Employment costs 2023 2022
£ £
Wages and salaries 72,997 76,053
Other pension costs 1,680 1,500
74,677 77,553

11 Net gains/(losses) on investments

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2023 2022
£ £
Revaluation of investments (22,355) (9,094)

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

13 Tangible fixed assets

Freehold land
and buildings
Leasehold
land and
buildings
Television and
satellite
equipment
Fixtures and
fittings
Computer
equipment
Group
£
£
£
£
£
Cost
At 1 April 2022
287,591
13,800
70,839
98,824
3,293
At 31 March 2023
287,591
13,800
70,839
98,824
3,293
Depreciation and impairment
At 1 April 2022
202,308
13,800
63,707
94,462
2,653
Depreciation charged in the year
113
-
2,433
2,683
183
At 31 March 2023
202,421
13,800
66,140
97,145
2,836
Carrying amount
At 31 March 2023
85,170
-
4,699
1,679
457
At 31 March 2022
85,284
-
7,132
4,362
640		 Total
£
474,347
474,347
376,930
5,412
382,342
92,005
97,418

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

13 Tangible fixed assets

(Continued)

Freehold land
and buildings
Leasehold
land and
buildings
Television and
satellite
equipment
Fixtures and
fittings
Computer
equipment
Charity
£
£
£
£
£
Cost
At 1 April 2022
313,824
-
-
92,363
-
Additions
-
-
-
-
-
At 31 March 2023
313,824
-
-
92,363
-
Depreciation and impairment
At 1 April 2022
202,307
-
-
88,001
-
Depreciation charged in the year
114
-
-
2,683
-
At 31 March 2023
202,421
-
-
90,684
-
Carrying amount
At 31 March 2023
111,403
-
-
1,679
-
At 31 March 2022
111,517
-
-
4,362
-		 Total
£
406,187
-
406,187
290,308
2,797
293,105
113,082
115,879

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

14 Fixed asset investments

Investment in
subsidiary
undertaking
Fixed term
deposit
Charity
£
£
Cost or valuation
At 1 April 2022 & 31 March 2023
8
389,402
Carrying amount
At 31 March 2023
8
389,402
At 31 March 2022
8
389,402		 Total
£
389,410
389,410
389,410

Peterborough Italian Social Club Limited is a wholly owned subsidiary of Italian Community Association and is incorporated in England and Wales. Peterborough Italian Social Club Limited runs the social club for the members of the Italian Community Association. The charity owns the entire issued share capital of 8 Ordinary shares of £1 each.

15
Stocks
Cyptocurrency - BitCoin / CashFX
Finished goods and goods for resale
16
Debtors
Amounts falling due within one year:
Trade debtors
Amount owed by parent undertaking
Other debtors
Prepayments and accrued income
Deferred tax asset		 Group
2023
£
-
5,952
Group
2023
£
9,116
-
-
826
9,942
565
10,507		 2022
£
5,200
5,261
2022
£
8,214
-
780
1,806
10,800
1,210
12,010		 Charity
2023
£
-
-
Charity
2023
£
9,116
51,352
-
826
61,294
(1,986)
59,308		 2022
£
5,200
-
2022
£
8,183
38,914
-
1,806
48,903
-
48,903

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

17
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 Group
2023
£
4,266
10,534
2,249
4,256
21,305		 2022
£
1,998
10,027
2,549
4,345
18,919		 Charity
2023
£
3,773
5,430
2,249
523
11,975		 2022
£
1,998
6,340
2,549
-
10,887

19 Deferred taxation

Deferred tax assets and liabilities are offset where the charity has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities Liabilities Assets Assets
2023 2022 2023 2022
Balances: £ £ £ £
Advanced capital allowances - - 565 1,210
Movements in the year:
Liability/(Asset) at 1 April 2022
Charge to profit or loss
Liability/(Asset) at 31 March 2023		 2023
£
(1,210)
645
(565)

19 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement Movement in funds Movement in funds
in funds
Balance at Incoming Balance at Incoming Resources Balance at
1 April 2021 resources 1 April 2022 resources expended 31 March 2023
£ £ £ £ £ £
Benevolent fund 13,268 2,468 15,736 2,443 - 18,179
Consulate grant - - - 5,835 (5,835) -
13,268 2,468 15,736 8,278 (5,835) 18,179

ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

20 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31 March 2023 are
represented by:
Tangible assets
92,005
-
Investments
373,228
-
Current assets/(liabilities)
130,974
18,179
596,207
18,179		 Total
2023
£
92,005
373,228
167,332
632,565		 Total
2022
£
97,418
389,402
134,666
621,486

21 Related party transactions

Owing to the nature of the charity objectives and activities and the composition of the general committee being drawn from the local public and private sector organisations, it is inevitable that transactions may take place with the charity in which a member of the committee may have an interest. All transactions involving such organisations are conducted at arm's length and in accordance with the charity's financial regulations and normal procurement procedures.

During the year, the ICA Sports Club Chairman, C Serluca, has repaid the charity an amount of £300 (2022: £550).

At the end of the year £2,249 (2022: £2,549) was outstanding. The loan is on an interest free basis and repayable on demand.