Charfty regl•tr•tlon numb•r 290845 ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) LEGAL AND ADMINISTRATIVE INFORMATION Tr0& M Slortl A M Connfjll Charlty numb•r 290845 G•n•ral ¢ommitt•• m•fflb•rs M Cere51è G Manna C Serluca H Conle Chairman M¢e Chaiman Treasurgr Secretary Manag•m•nt I Caru$0 Fl891 mana9er Principl addr• The Fleet Complex Fle81 Way, Hlgh Slrg01 Fletton Peterborough United Kingdom PE2 8DL Indep•ndent •xamln•r Azels Audf( Servl¢os Weslpoinl Lynch Wood Pelerborough Cambridgeshire Unrted Kingdom PE2 6FZ Bankern HSBC Calhgdral Squar8 Cathedral Square Pelerborough United Kingdom PEI 1XL Lloyds Bank 27-31 W&$lgal Peterborough United Kingdom PE1 1YH
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) CONTENTS P• Trustees r8POrt Statement of Trustees r•sponsibi1rf1o$ Ind•p8ndenl examin8rf$ report Stalemant of finan(yal activities Balan¢e sheet Notes lo Ihe financ4al slatemor 8-18
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustèès prèsènt thèir annual roport and financial ststements for the year ended 31 March 2024. The financial 51alemenls have been prepared in accordance with the accounting policAes set oul in nolg 1 tg the financial statements and comply with the charity's goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Slatemenl of Recommended Practice applicable to charities preparin9 their accounts in accordance with the Financial Rèporting Standard applicable in Ihè UK and Reptjblic of Ireland IFRS 102}. (effective 1 January 20191. Obje¢tive$ anil activities The objectives of the Asso¢iation are lo promote the benefits of the inhatAtants of the City of Pelerborough, with the obiÈctivÈ of iMpron9 ¢ondilions of life foi the said inhabitants. By 8SS0ry81ing the local aulhorrties, volunlary organisalions and inhabitants in a common effort to advance education and lo provide facilities in the interest of social welfare for recreation and leisure-lime occupation. To establish a comrnunily centre and to maintain and manage a centre for actiwties promoted by the Assocjation and its constituent bodies in furtherancè of thè objectives. Havin9 considered the Charity Commissions guidance on Public Benefit the Iruslees consider that the objectives ara in a¢¢ordan¢e with the need of conlinuan¢e of Publi¢ Benefit. The Association is 8ctivety pursuing the potential and *iabilty for the development of the Fleet Complex site in order lo extend the recreational activities for the mernber5 and local community. The work, if approved, will be funded by the Assoaalion. The Trustees have paid regard to guldance i$$ugd by the Charity Commi$sion in decsding what activities the charty should undèrtakè. Strntegic report The descnplion undei the headings "Achievements and perfomian¢e' and "Financial review. rneet the company law requiiernenls for the Trustees to present a slralegi¢ report. Achievements and pfrrforniancfr The Iluslees ale pleaseil lo report that despite the dIul1 economi¢ Llimale the tharity has continued to improve the Fleet tscililies. Fund raising events were specifically aimed al family and cultural events, lo ensure the continued growth of th& Association and lo represent the whole community. The welfare sUCOMmittee are able to provHle for Indidu31$ and members with special needs and disabilrties. The annual Pelerborough's Italian Fèstival was held in Sèptember within Pelerborough's Cty Centre to celebrate and promotè the Italian Community Asso¢iation history, ¢ulture and heritage wrthtn the Cty of Peterborough. The ICA sport football club was registered 11 Juty 20121 with the footbal association. The ICA sport is run by volunteers and furthers the charily's aim lo represent the whole comrnunity and lamilies. The sporl dub has continued to grow throughout Ihe year and is now looking to improve the sporting facilities for thè communty by purchasing land Icompleted February 2016) in order to prOlde safe facility and pitches. Expenditure and investment commenced in the year on the development of the plannèd sports farylth"es. Finan¢i•l review The results for the year are sel out in the attached Statement ol Financial A¢tivrties and Proffil and Loss Account.
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) TRUSTEES REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Unreslrrted reserves are needed.. al to provide funds which can be designated lo specific projects to enable these piojtrcts to be undertaken at short notice and bl to cover administration. fundraising and support costs wthout which the charity could not fvn¢tion. The trustee5 consider r( prudent that unreslrided funds should be sufficient to avoid the necessity of realising fixed assets held for the charty's use and to cover one yearfs adminislralion, fundraising and support costs. The level ol reserves is monitored and reviewed by the Iiustees regularly. Risk Managemènt The trustee5 and general committee have examined the major slralegic, business and operational risks which thè charity faces and confirm that systems have been established lo enable regular reports to be produced so th81 the necess8ry sleps can be taken lo lessen the risk5. The Iruslees and the general committee have implemented risk managemenl strategy that ¢ompri5es of regular reviews and business planning process. Systems and procedures have been put in place lo mitigale those risks identrfied In Ihe plan. PfocÈdures imF4emented include heallh and safety inspection ol the premises. staff training and incorporation of health and safety duties to specific staff and review insurance poliaes. Plans for Future P*rlods 11 is the charity's intèntion lo apply for grants in order to ueate an all weathèr sports pitch on the land purchased lo create an all year round sports facility. M•mb•r5hip Full membership is open to individuals 0118 years and over. living in the are8 ol benefrt. Individuals under the age of 18 may be admitted. but shall not be entitled lo vote. StN¢tur•, govèrnance and management Tha charity 1$ govemed by ils Conslilulion. The Conslilulion was formed and adopted on 13 Junè 1984 and mended, pursuant to dause 15, at the Annual General Meeting of thé Association held on 28 June 1998. The Tnjstees who served during thè year and up to the dale of signature of Ihe finanaal statements werè.. D Broccoli (Resigned 16 January 20241 M Storti A M Connell The Assorialion seeks lo bfing new Trustees and general comrnitte¢ m•mber5. who can complement the skills base ol the existing members ol the board. Invilation is made at IheAnnual General Meeting and at other times throughout the year. Interested parties are invrted to meet with the Chaim)an and other committee members lo obtain an understanding of the ¢harrty, 115 aims and objectives and how they may be able to further develop Ihe charity. The Chaiman formalty proposes any new trustee to the COTnmitt&e and, if approved. the new trustee is invited to join the Gèneral Commillee. All membèrs of the General Commrttee shall ielire from office at the conclusion (>f the Annual General Meeting tr40 years after the dale on which they came into office, bul thèy may be re-elerted or re-appointed.
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Organlsatlon•l Stru¢ture The policies, objeclwes of the Association are directed by the General Cornmittee, which are eleded from the membership, by the members at the Annual General Meeting and will indude a representative from Pèterborough City Counrivlocal authority. Thè General Committee will meel at least stx times a year to consider and dAd the $lr8legi¢ direction and policy of the charity. The General Committee also take the opportunrty to consider issues SUL* as legal, Pfemises, planning and staff matters whith have arisen befvleen meetings. The General CoMMee also meet regularly with representatives Irom those responsible for the operational management of Ihe Assoaation on a day to day basis, ensuring that the ASslatn delivers the services specified and that progress is made in achieving the Association's objectives. M•n•g¥r A manager is appointed by the General Commrftee to manage the day to day operats'ons of the Association and the running of the Fleet Complex. Remuneratlon of Key Managemgnt P•rsonno1 The remuneration of key management personnel is reviewed and s81 by the Committee as a whole. Independent Examiner In accordance with Ihe company's 8rti¢les, a rÈstslution proposing that Azèts Audit SÈNice$ rèappointed as independent examiner of the charity will be pul 81 a General Meeting. Th us rt was app ved by the Board of Trustees. A M Conn•ll Trustee Dated".
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Tru51eès are responsible for preparing the Trustees Report and the financial stalemenls in accordance with applicable law and United Kingdom A¢¢ounling SlarKlards (United Kingdom Generally Accepted Awunting Practicel. The law applicable lo charities in England and Wdlès requires the Trustees lo prgpare financial slalements for each financial year which give a true and fair view of the slate ol affairs ol the charity and of the incoming resources and application of resource5 of the charity for that year. In pr$paring these finanual statements, the Trustees are required to.. select suitable accounting polirAe5 and then apply thèm consistently., - observe the methods and prtnciF4es in the Chariti'es SORP.. make judgements and estimates that are reasonable and Prudent., slate whether applicablè accounting Standards have been followed, subject lo any material dèpartures disclosed and explained in the financial staternenls", And piepare Ihe financial statements on the going concern basis unless rt is inappropriate to presurne that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting rerdS that disclose with Teasonable accuracy at any lirne the financial position of the charity and enable Ihem lo ensure Ihat the financial statements comply with the Charities A¢t 2011, the Charity (Accounts and Reports) Regulation5 2008 and the provisions of the trust deed. They are also responsible for $8leguarding the assets of thè charity and hence for taking reasonable steps lor the prèvention and detection of fiaud and othw irrègularilie5.
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 consolidaled financial statements of the Group comprising ol Italian Community Association {the chartyl and its subsidiary undertaking lor the year ended 31 March 2024. Re5pon5ibilities and basis of report As the Trustees of the charity you are responsible for the preparalton of the consolidated financial slalemenls in 8¢¢ordance with the requirements of the Charities Act 2011 (the 2011 Act). You have chosen to prepare COn501idaled a¢¢ounls for thè Group. You arè satisfied that the accounts of bolh the Charity and the Group are nol required by chatY law lo be audited and instead have chosen to havè an indepèndènt examination. I raport in respect of my examination of the consolidated financAal statements carried out undeT sectitin 145 of the 2011 Act. In carrying OLrt my examination I have followed all the applicable Directions given by the Charity Commission under section 1451Sllbl of the 2011 Act. Independent examinerfs statement Your attention Is diawn to Ihe fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Chaiilies preparing their a¢counts in accordance with the Finanual Reporting Slandard applicable in Ihe UK and Republic of Ireland IFRS 1021 in prefergn¢e lo the A¢coLJnling and Reporting by Charities." Statèmènt of Recommended Practice issueil on 1 April 2005 which is referred lo in thè extant regulations but has now been withdrawn. l understand Ihal this has been done in ordef for financial statements to Provide a true and fair view in accordance with Gènelally A¢cepled Accounting Practice effeclive for reporting periods beginning on or after 1 January 2015. I have completed my exarninalion. l ¢onfim that no mattèrs have come to my attention in eonnèctiot) with the examination giving me cause to believe Ihal in any fflalerial respect.. a¢Vling re¢ord$ were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financial statements do not accord with those records,. or the finanaal slaternents do not comply with the applicable requiremènts ¢on¢eming the form and ¢onlenl ol accounts set out in the Charilies (Account5 and Reports) Regulations 2008 olhei Ihan any requirernent that the accounts give a true and fair view which is not a matter considered as part ol an independent examination. I have no concems and have Come across no other matters in connection with the examinalion to which attention should be drawn in this report in order lo enable a proper understanding of the financial statèmènts to be r8ached. Mark Jackson FCA DChA Azets Audit Servl¢es Weslpoinl Lynch Wood Petèrborough Cambfidgeshire PE2 6FZ United +Qngdom Dated.. .202<
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Rèstricted funds funds 2024 2024 Totsl Unrestrict•d Restri¢tod funds lunds 2023 2023 Total 2024 2023 Notes eom• from. Donation5 and legacies Charitable adiMti&s Other trading aclivities Investments 3.884 35.775 8,418 12,302 35,775 4,788 36,391 8.278 13.066 36.391 136.50B 30 136.508 30 144,977 144.977 11 Totsl Income 176,197 8,418 184,615 186,167 8,278 194,445 Ex nditurè on: Charitable activitie5 153,486 5.975 159,461 157,928 5,835 163,761 Net gainslllossesl on investments 10 31.121 31,121 122.355) 122,3551 Nèt movement In fund$ 53,832 2.443 56,275 5.886 2.443 8,329 Fund balances al 1 April 2023 623,417 18,179 641.596 617.532 15,736 633,268 Fund balance$ at 31 Mar¢h 2024 677,249 20,622 697,871 623,418 18.179 641,597 WARNING.. Brought forward rèserves do not agr•• to ¢omparntive$ The statement of financial activities inclLsdes 811 gains and losses recogni5ed in the year. All income and expenditure derive from continuing activities.
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Not•• Flxed a¥i•ts Tan9lbl& assets Investments 12 13 111.843 404,357 113,082 373,236 516.200 486.318 Current •ss•ts Debtors Cash al bank and in hand 14 62,231 125.214 61.295 105.958 187,445 167,253 Crgdltor¥: •mounts f•lllng dug wlthln on• y•ar 115 {5,7741 111,9741 Net currènt a880ts 181,671 155.279 Tol•l u$•ts l•¥¥ curr•nt Il•bllltl•¥ 697.871 641,597 In¢ome fvnds Restricted funds unlestred funds 20,622 877,249 18,179 623.418 697,871 041,597 ents were pp ved by the Trustèes on A M Connell Tnmtso
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charfty Information Italian Comrnunty AssocAatitsn Is a charrty regisler8d in England and Wales. 1.1 Accounting convention The financial slalements have beèn prepared in accordance with the charity's conslrtution adopted 28 November 1984, the Charities Act 2011 and 'A¢¢ounting and Reporting by Charities." Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republ of Ireland IFRS 1021" las am&nded lor aCUnting penods commencing from 1 January 20161. The ¢harity is a Public Benefit Entty as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for ¢harilies apptying FRS 102 Update Bulletin 1 not to prepare a Slalement ol Cash Flows. For the current period, The charrty has taken advantage of Ihe small group exemptions and has elected lo t)ot consolidate the accounts with ifs Subsidiary Companies. The finanaal statements are prepared in sterling. which is the functional currency of the ¢harily. Monetary amounts in these financial Ststemenls ale rounded lo the nearest £. The financial $18tements have been prepared under Ihe historical cost convèntion. The prinapal accounling poliries adopted a Sèt oul bek)w. 1.2 Going ¢oncem At the time of approving the finanaal staternenls. the Trustees have a Teasonable expectation that the charity has adequate resources to continue in operational existence for thè foreseeable future. Thus the Trustees ¢ontinue to adopt Ihe going conrn basis ol accounting in prepang the financi31 slalemenls. 1.3 Charitsbl• funds Unrestrieted funds are available for use al the dlscretion of thtr Trustees in furtherance of their charitable objectives. Re5tricled funds a subject to Specific conditions by donors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the note5 to the finanrial slatemenls. Endowment funds a subject lo spècific conditions by donors that the capital musl be maintained by the charity. 1A Incom• Income is recognised when the charty is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and il 1$ probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charty ha5 been notsfied of the donation, unless performance conditions require deferral of the amounl. In¢ome tax recoverablè in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacie5 are recognised on receipt or otheise if Ihe charily has been notified of an impending dislribulion, the amount is known, and receipt 15 expectèd. If the amount is not known. Ihe legacy is Irealed as a contin9enl a55et.
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polleie$ ICont5nu&d) 1.6 ExndItUre Expenditurè is rècognised once there is a legal or constrLKtive obligation to transfer economic benefit lo a third party, it is probable that a tiansfer of enOMiC benefits will be required in settlernenl. and the amount of the obligation Can be measured reliably. Expenditure is classified by activity. The costs of each a¢tiwty are made up of the total ol direct Costs and shared costs, including support costs involved in undertaking each a¢livily. Direct costs attributable lo a single activity are allocated directly to that a¢ts'vity. Shaied co$15 which contribute to morè th8n onè activity and support costs which are not attiibulable to a single acliwty are apportioned between those activitie5 on a basis consistent wrth the use of resources. Central staff costs are allocal8d on Ihg basis ol lime Spent. and depreaalion charges are 8llocate¢J on the portion of the asset's use. Charitable expenditu MprISeS those cos15 incurred by the charity in the deliverance of ils activities and seNces for its benefiTh8rie5. It includes both costs that can be allocated directly lo such actiwties and those costs of an indirect nature nece55ary lo support them. 1.6 TangIb fixèd a$$•ts Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, nel of depreciation and any impairmenl10ssgs, Depreaation is recognised $0 as to writè off the ¢osl or valuation of assets less their residual wdlues over their usefvl lives on the following bases.. Freehold land and buildings Leasehold land and buildings Fixtures and fitts'ngs 10¥0 per annum on cost (buildings only) 10°A per annum on cost Ibuildings only) 10% and 15°A p91 annum on wsl Freehold land is not depreciated. The gain or loss arising on the disposal of an asset is determined as the differencè betmeen the sale proceed5 and the carrying value of the asset, and 15 recognised in the statement of ffinancol activities. 1.7 Fix•d ass•t Invèstmènts Fixed asset investments are initially mèasurèd at ITansa¢lion price excluding transaction ¢osls. and are subsequently measured at fair value al èaiy) reporting dale. Changes in fair value arè fe¢ogni5ed in net incomellexpenditurel for the year. Transa(aion $1$ are expensed as incurred. A subsidiary is an entity controlled by the charty. Control is the power to govem the finan¢ial and tsperaling pOIleS of the entity $0 as to obtsin benefits from ts activrties. 1.8 Impaimient of fixed ass•ts At each reporting end date, the charrty reviews the carying amounts of 115 tangible assets to determine whether the is any indication that those assets have suffered an imp8imienl loss. If any such indication exists, the recoverable amounl of the assèt is gslimaled in order lo determine the extent of the imp8itmenl loss lif any). 1.9 Cash and cash equlvalents Cash and cash equivalents indude cash in hand, deposits held 81 c811 wlh banks, other short-term liqui¢J investments with original maturities of thr8a months or les$, and bank overdrafts. Bank overdrafts are shown within borrowings in currenl liabilities.
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢eounting polieles {Continuedl 1.10 Finanelal Instruments The charity ha5 elected to appty the provisions of Section 11 'Basic Financial Instruments. and Section 12 'Olher Financial Insliuments Issues, of FRS 102 10 811 of its financi81 instruments. Financial instiumenls are fe¢ognised in the ¢harrty's b#l8n¢0 Sheet when the chaTty becorne5 party lo the contractual piovisions of the inslrumenl. Financial asse13 and liabilities are offset, with the net amounts presented in the financial slalements. when there 1$ 3 legally enfor¢eable right 10 Set off the recognised amounts and there is an intention lo settle on a nel basis or to realise the asset and settle the liability simullanegusly. Baslc finan¢•al ass•ts Basic financial assets, which include debtors and cash and bank balances. are ini(ially measured al transaction price including Iransadion costs and are subsequently carried 81 aMorSed cost using the effective interèst method unless the aiiangement constitutes a finanang transaclitsn. where the transaction 15 rneasured at the present value of the future receipts discounted al a market rale of interest. Financial assets das5ified as receivable within one year a not amortised. Basic finan¢lal Ilabllities Basic finanual liabilrtie5. induding creditors and bank loans are inrtially iecognised al transaction PTice unless the arrangement conslilules a financing Iiansaction. where the debt instrument is measured at the present value of the YutLJre paymen15 discounted al a market rale of interest. Financial liabilitie5 dassiffied as payable within one year are not amortised. Debt inslrumenls are subsequently ¢grried at amorti$8d cost, using the effective intèrest rale method. Trade creditors are obligations to pay foi goods or services thal have b¢en acquired in the ordinary course of operations from supplieis. Amounts payable are cla55rfiÈd as current liabilities rf payment is due wtthin one year or le55. If not, they ale prèsenled as non-CUTrent liabilrties. Trade ¢fedilors are recognised initially at transaction pri¢e and subsequently measured at amoriised cost using the effective interest method. Dere¢ognlllon of finanelal liabilities Financial liabilities are dereco9nised when the charity's contractual oblig81ions expire or are discharged or can¢èlled. 1.11 Emplo¥ nefIts The cost of any unused holiday enliuement is re¢ognised in the period in which the employee's s¢tvices are receivèd. TeTmination benefits are recognised immediately as an expense when the charity Is demonstrably committed to lerminatè the employment of an employee or to provide termination benefits. 1.12 Rètlrement ben•flts Payments lo defined contribution retirement b•nerrt hemeS are charged as an expense as they fall duè. 10-
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crltlcal accountlng estlmate8 and Judgem?nts In the application of the charity's accounting policies, thè Trustees are required lo makè judgèments, eslirnales and assurnplions about the ¢airying amount ol asstrts and liabilities that a not readily apparent from other source5. The eslimales and 8ssoci8ted assumptions are based on histor*¢al experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Rewsions lo accounting stimates arg recognised in the period in which the estimate is revised where the rewsion affecls only that period, or in the period ol the rèvision and future periods where the revision affects both current and fLrture periods. Charitable activities Charltsbl• Chatltable A¢tivitie$ A¢tivities 2024 2023 Player registration and match fees Recovered fines and referee lee contribution5 Sponsorships- player kts Perfomance related grants Fundraising income 34,806 144 750 34,241 400 750 1,{0 75 35.775 36.391
v>0>
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Inv•stm•nts Unve¥trlct•d Unre•trfct•d fund• fund• 2024 2023 Interest re¢eivab 11 Oth•r tradlng activltl 2024 2023 Fundraising ovants Lettings 2,295 134.213 503 144,474 Other trading aCtlI1•S 136,$08 144,977 13-
3)C> (00 tL 0> JJ rno J thaj OUJ Lh Lh (J o) ) Ln fD Lh ¢p fo h) in¢D O
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Tru$te•s None of the Tru$le8s lor any pgrsons connectgd with them) rgceive(l any rgmuner8lion OT bgn8fits from the charity during the year. Employ••s The average monthly number of •mployees during the year was.. 2024 Number 2023 Numb•r Employm•nt cmts 2024 2023 Wages and salaries Oth•r pension $ts 70,712 1,680 72,997 1,680 72,392 74,677 There were no employees vthose annu81 remuneration was more than £80.C. 10 N•t yln•lllou••l on Inv•#lments Unrnstrlctèd Unrn$trkt•d fund• fundi 2024 2023 Rev8lu81ion of inv•8lments 31.121 122,3551 11 Taxatlon The charity Is exempt from lax on income and gains falling within section 505 of th• T8xesAd 1988 or sectljn 252 of the Taxolion of Chargeable Gains Act 1992 to the extent that thes• 8re applied lo ils ¢harilable objects. 15-
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 12 Tangible fixed assets Frg•hold lond and bylldinys Lea8ohold Flxturos and land and f4tt1ngB bulldlng• Cost At 1 April 2023 111,402 202,422 92.363 406,187 Al 31 March 2024 111.402 202.422 92,363 406,187 Depfv¢lation and Impalrnient At 1 April 2023 Depreciation charge(1 in the year 202.422 90,684 1.238 293.106 1.238 At 31 March 2024 202,422 91.922 294.344 Carrying amount Al 31 March 2024 111.402 111,843 Al 31 March 2023 111,403 1,679 113.082 13 Fixed asset invostments Fixed t•rni depo$lt investments Total Cost or valuation At 1 April 2023 Valuation ch8ng8S 373.228 31,121 373,236 31,121 At 31 March 2024 404.349 404,357 Carying amount At 31 March 2024 404,349 404.357 Al 31 March 2023 373,228 373.236 2024 2023 Other inveslments eompri5e'. Not•s Inveslments in subsidiaries Peterborough Italian Social Club Ltmited is a wholly owned subsidiary of Italian Community Association and is incoTpoTated in England and Wales. Peleiborough Italian Social Club Limited run5 the social club for the member$ of the Italian Community Association. The charity owns the enb're 15sued share caprtal of 8 Ordinary shares ol £1 each. 16-
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Debtors 2024 2023 Amounts falling du* within one y•ar: Trade debtors Amounts owed by fgllow gioup undertaklngs Prepayments and accrued income 8.823 53,211 197 9,117 51,352 826 62,231 61,295 15 Creditors: amounts fallSng du• within one y•ar 2024 2023 Other taxation and social securrty Trade creditors Other ¢dItorS Accruals and deferred income 661 2,1S¥J 2,049 874 3,773 5,430 2,249 522 5,774 11,974 16 Re$tri¢ted funds The incomg funds of Ihe charity include restricted fvnds cornprisin9 thè following un•xperKled balancès of donations and grants held on trust for specific purpo$&$'. Mov•m8nt In lund¥ Incomlng R•tsources Bate at gXP8ndod 1 Aprll ZOZJ Mov•m•nt in funds Incoming R0$0Urtes Baknc• at reyourcgs exp•nd•d 31 Mar¢h 2024 Bakince at 1 Aprll 2D22 B&nevolenl fund Con$ulate grant 15.736 2,443 18,779 2,443 20,622 5,835 15,835} 5,975 15,9751 15,736 8.278 15,8351 18.179 8,418 {5,9751 20,622 17 Operating aSe commttm•nts The eharity leases its building5 from Peterborough City Counal on a peppercom rent. The c¢Jrr8nt lease end5 in 2049. 17-
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Analysls of nt assets boiw8•n funds Unrestrict•d Re5trfct8d funds funds 2024 2024 Total Unr•stricted Rgstri¢ted funds funds 2023 2023 Totsl 2024 2023 Fund balance5 al 31 March 2024 are representéd by.. Tangible assèts Investments Current asselsl{liabilitiesl 111,843 404,357 161.049 111,843 404.357 181,671 113.082 373,236 137,100 113.082 373,236 155,279 20.622 18,179 677,249 20,622 697,871 623.418 18.179 641,597 19 Reltsd party transaction Owing lo the nature of the charity objectives and aclivrtiès and the ¢omposilion ol the general commrtee bèing drawn from the local public and private sè¢tor organisations, il is inevilable that transactions may take place with the charrty in which a mernber of the Committee may have an interest. All transactions involving such organisations are conducted at am's length and in accordance wilh the charity's ffinancial Tegulalions and normal procur&ment procedures. During the year, the ICA Sport5 Club Chairman. C Serfuca, has been repaid by the charity an amount of £200 12023.. £3001. At the end ol the year a payable balance of £2,049 12023.. £2.2491 remains outstanding. The loan is on an interest Iiee basis and repayable on dèmand. 18-
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2024
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Mpmbern Activlty In¢om• from momb•rn In¢om• from oth•r lou Festival donations Incom&- British Go$- EleCm1Y 98neraled Gain on investments 3,884 4,788 3.914 5,799 3.914 5,799 L••s: •xpens•# Incurr•d Italian Feslival 9.113 1.096 19,113} 11,096) 15,1991 4,703 Surplu¥lld•fl¢ltl from •ub ¢ommltteo¥ Welfare actlwlies Sports aetivrties Entertainment 8Ctivitie8 2.712 3,955 12781 2,707 6,999 1240) 8,389 9,466 1.190 14,169 Exp?ndltur• Food ¥nd refreshments- Pensioners Meal Food and refre$hmenls- Children's Xmas party Republican Day Loss on investments 2.747 1,720 1.232 {31,1211 2.040 300 2,447 22,355 25.422 127,1421 Surplu•lldeficltl on m•mb•rs •ctlvltl•s 28,812 112.9731
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 W•lfarn Sublommitt 2024 2023 In¢om• Petertjorough City CouncJl 9ranls Subsolplions- Dropin C8ntr8 2,443 2.443 3,408 2.707 Exp•ndlturn Staff 696 1696) Surplus on wellare actlYltle* 2,712 2,707
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Sports Sub4ommlttoè 2024 2023 Incom Player regislrallon and match fees Sponsorships- playing kits Player fines raeovered Fund raising income 34,806 7SO 144 75 34,241 750 400 35,775 35,391 Exp•ndltuM Registration fees Pil¢h hire and referee fe•s Playing kits Player Iransfvr lees Equipment and match balls Professional CRB ChkS Laundry Insurance Discjplinary fine5 Pitch mainlenancg Courses End of season trophies Exiernal coo¢hing 1.405 16.778 17,975 203 22 1,479 140 1.774 io 80 389 400 403 6,751 400 1.884 700 4,994 120 1,466 700 {31.8201 128.391} Surplus on sports a¢tfviti 3,955 7,000
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Entertalnmènt Sub4ommltt•o 2024 2023 ICAAnnlv•rn*ry Ball Incom• Ticket salè$ 1,330 239 Exp•ndFtuYe Entertainment ¢osl$ 11.8081 14791 Surplus 1278) 12401 Surplui on ent•rt#inm•nt a¢tlvltl•• 1278) 12401
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Fl•et M•nag•m•ntActivltt¢8 2024 2023 Income from pmperty Hlr& ol F18et 134,213 144,474 Grant- Consulatè 5.975 5,835 140,188 150.309 Exp•ndMure Wages Employee pension Light and heat Cl&aning materials Printing and stationery Telephone and fax Water rates and rent Property repairs arml mainlgnance SundT*S Insurance Websiie and inlemet D&pr8cialion 70,712 1,680 12,665 2,196 224 767 1.455 10.458 5,802 2,743 784 1,239 72,997 1,880 2,991 2,848 1,088 39,044 2,518 2.096 794 2.796 {110,525) {129.008) Surplu• on Fh•t Managem•nt A¢tlvltl•8 29,663 21.301
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Flx•d as8•ts Freehold land and bulldlngs Flxture$ and fittings 111,402 441 111,403 1,679 111.843 113,082 Shares hèld in Peterborough Ilallan soal Club Due from PISC Limited 53,211 51.352 53,219 51.360 165.062 184,442 Curr•nt aswts DebtOTS Prepayments Accru&d in¢ome Bank dgposrt ac¢ounts- 8,823 197 9.116 826 3,247 888 16,005 404,349 3,247 888 13,766 373,228 ICA Benevolenl Fun¢J Fleet Management ICA- fixed depo811 account Bank current accounl5- Fleet Management Sports Sub-committee Enlertainmgnl WeWare Lloyds Business Extra Youth Club Sports commrttee account Cash in hand- ICA Cash in hand- Sports committ88 88,458 20 1.299 2,416 73.637 20 1.577 2,147 1,094 582 8,764 210 26 582 10,969 210 26 538.583 489,128 Curr•nt Ilabllltl Creditors and accruals Other taxation and soaal CUrity Accruals Loan- Mr C Serfuca- Chairman ICA Sports 2,190 5.430 3,773 522 2,249 874 5,774 11,974 $32,809 477.155 N•t •$••ts 697,871 641,597
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) BALANCE SHEET ICONTINUED) ASAT31 MARCH 2024 Funds Employed Accumulat•d Fund- Momrn Aellvltles Balance BIFwd Surplu81 {defidll in Ihe year 61,679 24,168 77.095 {15,4161 85,847 61,679 A¢¢umulatsd Fund. Flo•t Manag•m•ntAtllvltl•• Balancg BIFwd Surplus in the year 581,739 29,663 540,438 21,301 591.402 561,739 677,249 623.418 A¢cumulat•d Fund- Benevohnt Fund B8lan¢e BIFwd Surplus in the year 18,179 2,443 15,736 2.443 20,622 18,179 Total equlty 697.871 641,597