Charlty reglstratlon number 290846 IEngland and Wales) ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) LEGAL AND ADMINISTRATIVE INFORMATION Tru$ts9S M Storti A M Connell Charty nurnber 290845 General committee members M Ceresle G Manna C Serluca H Conle D D'Angelo Chairman Vice Chairman (resigned 27 February 20251 Treasurer Secretary Vice Chairman lappoinled 27 February 20251 Management I Catuso Fleet manager Prlnclpal address The Fleet Complex Fleet Way, High Street Fletton Peterborough Unf(ed Kingdom PE2 8DL Independent examlner AzelsAudit Services Westpoint Lynch Vvood Pelerborough Cambridgeshire Unf(ed Kingdom PE2 6FZ Bankers HSBC Cathedral Square Cathedral Square Pelerborough Unrted Kingdom PE1 1XL Lloyds Bank 27-31 Weslgale Peterborough United Kingdom PE1 1YH
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) CONTENTS Pagg Trustees report statement of Trustees responsibilities Independent examinerfs report Stslemenl of financial activities Balance sheet Notes lo the financial statements 8-17
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial slalements for the year ended 31 March 2025. The financial slalemènts have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the ¢harily's governing document, the Charities Act 2011 and Accounting and Reporting by Charities". Slalemenl of Recommended Practice applicable lo charities preparing their accounts in a¢¢ordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 JanLJary 20191. ObJectlves and actlvltles 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 inhabilanls. By associating the local aulhorilies, voluntary organisalions and inhabitants in a common effort lo advance education and lo provide facilities in the interest of social welfare for recreation and leisure-time occupation. To establish a community centre and lo maintain and manage a Centre for activities promoted by the Association and ils consliluenl 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 sile in order lo extend the recreational activities for the members and local comrllunity. The work, if approved, will be funded by the Association. The Trustees have paid due regard lo 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 lo present a strategic report. Achlevements and perfom)ance 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 al family and cultural events, lo 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 Pelerborough's ltslian Festival was held in September within Pelerborough's City Centre to celebrate and promote the Italian CommunityAssociation history, CLJlture and heritage within the City of Peterborough. The ICA sport football club was registered 11 July 20121 wth the football association. The ICA srort is run by volunteers and furthers the charity's aim lo represent the ¥whole community and families. The sport dub has continued lo grow throughout the year and is now looking lo improve the sporting facilities for the community by purchasing land (completed Febtuary 20161 In ordei lo 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 sel out in the allached Ststemenl of Financial Activities and Profil and Loss Account.
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted reserves are needed.. al lo provide funds which can be designated to specific projects lo enable these projects to be undertaken al short notice and bl lo cover administration, fundraising and support costs wilhoul which the charity could not fundion. The trustees consider il prudent that unreslricled funds should be sufficient lo avoid the necessity of realising fixed assets held for the charty's use and to cover one year's administration, fundraising and supwrt costs. The level of reserves is monitored and reviewed by the Iruslees regulady. Risk Management The trustees and general committee have examined the major strategic. business and operational risks which the charity faces and confimi that systems have been estsblished lo enable regular reports to be produced $0 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 proces5. Systems and procedures have been put in place to mitigate those risks identified In the plan. Procedures implemented Include health and safely inspection of the premises, staff tiaining and incorporation of health and safety duties to specific staff and review insurance policies. Plans for Future Peri<>ds 11 is the charity's intention lo apply for grants in order to create an all weather sports pitch on the land purchased to create an all year round sports facility. M&mb8rship Full membership is open lo individuals of 18 years and over, living in the area of benefit. Individuals under the age of 18 may be admrtted, but shall not be entitled to vole. structure, governance and management The charity is governed by ils Conslilulion. 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." 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 al the Annual General Meeting and at other times throughout the year. Interested parties are invited lo meet with the Chairman and other committee members to obtain an understanding of the charty, ils aims and objectives and how they may be able to further develop the charity. The Chaimian formally proposes any new trustee lo the committee and, if approved, the new trustee is invited lo join the General Committee. All members of the General Committee shall retire from office at the Conclusion of the Annual General Meeting years after the date on which they came into office, bul they may be re-elected or re-appDinted.
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 organ1$aonal Structur• The polioes, objeiveS of thÈAsS0xt10n a directed by the General Commrtt8•, which are elected from th• rn¢mbership, by the mernbers at the Annual General Meeting and will include a representative from PeteO0T0Ugh City Councilllocal authority. The General Committee will meet at least six bmès a year to consider and decide the Strat1¢ direction and policy of the charity. The General Committee also take the opportunity to consider Issues such as legal, premises, plannin9 and stsff matters which have arisen bethen mèètin95. The General Committee also meet gulartY with presentatiV*S frorn those responsible for the operational management of IheAssociabon on a day to day ba$i$, ensuring that the Assooakn'on delivèrs thè services specArd and that progress is made in achiewng the AssorAath"on's objedv¢s. Manager A rnanager is appointed by the General Comrnittee to manage the day to day opèrations of the As$o¢iation and rurining of the Fleet Cornplex. Remun•ratlon of K•y Managerngnt Per¥onn•l The remuneral'on ol key managernant Personnel is revwed and set by tho Commrttgè a$ a whole. Independent Examiner In accordance with the company's artides, a resolutson proposing thatA2ets Audit Services be reappoint 08 independent examiner of the charity will be put at a General Meetyng. The Trustees Tèpon was approvtrd by the Board of Trustees. M Stor Trustae Dated. ...4...4.: IoLb
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are responsible for preparing the Trustees Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the Trustees lo prepare financial slalemenls 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 application of resources of the charity for that year. In preparing these financial stslemenls, the Trustees are required lo.. select suitable a¢counling policies and then apply them Consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slalements", and prepare the financial slalements on the going concern b85is unless 11 is inappropriate to presumè that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial stslements comply with the Charities Act 2011, the Charity IAccounls 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 thè Trustees on my examination of the consolidated financial slalemenls of the Group comprising of Italian Community Association Ilhe chartyl and rts subsidiary undertaking for the year ended 31 March 2025. Respon$iblllti•s and ba$ls of report As the Trustee5 of the charity you arè responsible for the preparation of the consolidated financial statements in acctsrdance with the iequirements Of the Charities Ad 2011 Ilhe 2011 Act). You have chosen lo prepare con501idated accoun15 for the Group. You are satisfied that the accounts of both the Charity and the Group are not required by charity law lo be audited and Instead have chosen to have an independent examination. I report in respect of my examination ol the consolidated financial slaternènts carried out under section 145 of the 2011 A¢t. In carrying out my examination I have followed all the applicable Direction5 gwen by the Charrty Commission under section 145{5llbl of the 2011 Act. Ind•pend•nt eyamln•rfs statement Your attention is drawn lo thè fact that the charsty has prepared the financjal slalemenls in ac¢ordan¢e with Ihe relevant version ol the Statement of Recommended Pradice applicable to chanliès preparing their financial statements in accordance with the Flnancial Reporting Standard appli¢able in the UK and Republic of Ireland IFRS 1021 in preference lo Ihe Accountin9 and Reporting by Charities.. Statement of Recommended Praciice issued on 1 April 2005 which is releired to in the extant regulations but has now been withdrawn. l undèrstand that this has been done in order for the financAal stalemants to provide a true and fair view in accordance wtth UK Generally Accepted Accounting PfaGtice. I have completed my examination. I confirm that no matters have Come to my attention in connection with the examination giving me cause lo believè that in any maleiial respect.. accounling records were ntst kept in respect of the charity as required by Section 130 01 the Charities Act 2011. the financial slalements do not accord with those records". or the finanual Statements do not compty with the applicable requirements concerning the form and content of financial staternènts set out in the Charities (Accounts and Reportsl Regulatson5 2008 other than any requirement thal the financial statements give a Irue and fair wew, which is not a matler considered as part of an independent examination. I have no con¢ems and have come across no other matters in connedion with the examination to which attention should be drawn in this report in Order tts enable a propel understanding of the financial statèments to be reached. Mark Jackson FCA DChA Azets Audit Ser¥ices Westpoint Lynch Wood Pelethrough Cambridgeshire PE2 6FZ United Kingdom Dated.. .i...5.....2.o2A.
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Restrlcted funds funds 2025 2025 Total Unrestrlcted Restrlcted funds funds 2024 2024 Totsl 2025 2024 Notes In¢om9 from: Donations and legacies Charitable activities Other trading ath'vities Investments 4,402 38,106 149,848 213 6,186 10,588 38,106 149.848 213 3,884 35,775 136.508 30 8,418 12,302 35,775 136,508 30 Totsl income 192,569 6,186 198,755 176,197 8,418 184,615 Expanditure on: Charitable activities 179,733 6,186 185,919 153,487 5,975 159,462 Totsl expenditure 179,733 6,186 185,919 153,487 5,975 159,462 Net gainslllossesl on investments 11 2,768 2,768 31,121 31,121 Net Income and movement In funds 15,604 15.604 53,831 2,443 56,274 Reconclllatlon of funds: Fund balances at 1 April 2024 677,249 20,622 697,871 623,418 18,179 641,597 Fund balancas at 31 March 2025 692,853 20,622 713,475 677,249 20,622 697,871 The statement of finanaal activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA> BALANCE SHEET ASAf31 MARCH 2025 2025 2024 Not•s Flxed assets Tangible assets Investments 13 14 111,974 477,125 111,843 404,357 589,099 516,200 Currnnt assets Dèbtors Cash at bank and In hand 43,180 89,328 62,231 125,214 132,508 187,445 Creditors-. amounts f•lling due within on• year {8.1321 15,7741 N•t current ass•ts 124,378 181,671 T¢)tal a$¥•ts l•$$ current liabilltles 713,475 697,871 Tho funds of thè charlty Restricted income funds Unrgstricted funds 20 18 20.622 692,853 20,822 677.249 713.475 697,871 Zq 14 Zozb The financial statements wère approved by the Trustees on .............. . Storti rru$tee
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charity infomiation ltslian Community Association is a charity registered in England and Wales. 1.1 Accountlny conventlon 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 lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 las amended for accounting periods commencing from 1 January 20161. The charity is 8 Public Benefit Enlily as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Slalement of Cash Flows. For the current period, The charity has taken advantage of the small group exemptions and has eleded to not consolidate the accounts with il's subsidiary companies. The finanaal statements have departed from the Charities IAccounts and Reportsl Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practi which is referred lo In the Regulations but which has since been withdrawn. The financial statements are prepared in slerfing, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern Al the lime of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial stslemenls. 1.3 Charitable funds Unrestricted funds are available for use 81 the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors 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 capitsl musl be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to rfc after any perforrnan conditions have been met. the amounts can be measured reliably, and il 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 lax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on reIpt or otherwse 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 Irealed as a conlingenl asset.
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounllng poll¢lg$ Icontlnugdl 1.$ Expanditurg Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third paty, It is probable that a transfer of economic benefi15 will be required in selllemenl, 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 dir1 costs and shared wsls. including support costs involved in undertaking each activity. Direct costs attributable lo 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 betteen those aclivilEs 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 ils activities and services for ils beneficiaries. It includes both costs that can be allocated directly lo such activf(ies and those costs of an indirect nature necessary lo support them. 1.6 Tangible fixed assets Tangible fixed assets are initl8lly measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaimient losses. Depreaation 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.. Freehold land and buildings Leasehold land and buildings Fixtures and fittings 1 OOA per annum on cost (buildings only) 1 OQ/o per annum on $t (buildings onlyl 10°/0 and 15.fi per annum on cost Freehold land is not depreciated. The gain or loss arising on the disposal of an asset is determined as the difference belween 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 al each reporting dale. Changes in fair value are recognised in nel incomellexpenditLJrel for the year. Transaction costs are expensed as incurred. A subsidiary is an entity controlled by the charty. Control is the power to govern the financial and operating policies of the enlily so as to obtain benefits from ils aclivilies. 1.8 Impalrment of flxed 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 impaimienl loss. If any such indication exists, the recoverable amount of the asset Is eslimaled in order to determine the extent of the impairment loss lif any). 1.9 Cash and cash equlvalanls Cash and cash equivalents indude cash in hand, deposits held at call with banks, other short-lerm liquid investments with original malurilies of three months or les5, and bank overdrafts. Bank overdrafts are shown thin borrowings in cuirenl Iiabililies.
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounllng poll¢lg$ Icontlnugdl 1.10 Flnancial instrum8nl$ The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the contractual provisions of the inslrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and setue the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balan8, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion, where the transaction is measured at the present value of the ftjlure receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. 8aslc flnanclal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a market rale of interest. Financial liabilities classified as payable wthin one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or setvices 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 al transaction price and subsequenuy 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 dischaTged or cancelled. 1.11 Employee benefits The cost of any unused holiday enlillement is recognised in the period in which the employee's servi¢es are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed lo terminate the employment of an employee or to provide termination benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 10-
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Crltlcal accountlng estlmates and Judgements In the application of the charity's accounting policies, the Trustees are required lo make judgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Charitable activities Charltsble Charltable Actlvities Actlvities 2025 2024 Player registration and match fees Recovered fines and referee fee contributions Sponsorships- player krts Fundraising income 33,723 549 1,150 2,684 34,806 144 750 75 38,106 35,775 Income from donations and legacies Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Grants 4,402 6,186 10,588 3,884 8,418 12,302 Grants Italian Consulate Welfare Subcommittee British Gas Grant 6,186 6,186 5,975 2,443 5.975 2,443 3,884 4,402 4,402 3,884 4,402 6,1 10,588 3,884 8,418 12,302
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from Investments Unrestricted Unrestricted funds funds 2025 2024 Interest receivable 213 30 Other tradlng actlvltles 2025 2024 Fundraising events Lettings 1,600 148,248 4,794 131,714 Other trading activities 149,848 136,508 12-
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ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Net movement In funds 2025 2024 The nel movement in funds is slated after chargingllcredilingl.. Fees payable for the independent examination of the charity's financial slalements Depreryation of owned tangible fixed assets 169 1,238 Charity independent examiners fee is covered by the charity's trading subsidiary Peterborough ltslian Social Club Limited. Tru$ts9$ None of the Trustees lor any persons connected with Iheml received any remuneration or benefits fr(wn the Charity during the year. 10 Employees The average monthly number of employees during the year was". 2025 Number 2024 Number Employment costs 2025 2024 Wages and salaries Other pension costs 80.048 1,680 70,712 1,680 81,728 72,392 There were no employees whose annual remuneration was more than £60,000. 11 Gains and losses on investments Unr9strlcted Unr9Strlctgd funds funds 2025 2024 Gainslllossesl arising on.. Revaluation of investments 2,768 31,121 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 lo its charitable objects. 14-
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Tanglble fixed assets Freehold land and buildings Leasehold Fixtiire5 and land and fitting$ bulldlngs Totsl Cost Al 1 April 2024 Additions 111,402 202,422 92,363 300 406,187 300 Al 31 March 2025 111,402 202,422 92,663 406,487 Depreciation and impaimient Al 1 April 2024 Depreryation charged in the year 202,422 91,922 169 294,344 169 Al 31 March 2025 202,422 92,091 294,513 Carrying amount Al 31 March 2025 111,402 572 111,974 Al 31 March 2024 111,402 441 111,843 14 Flxed asset Investments Fixed term Other deposit investments Total Charlty Cost or valuatlon Al 1 April 2024 Additions Valuation changes 404,349 70.000 2,768 404,357 70,000 2,768 Al 31 March 2025 477,117 477,125 Carrylng amount At 31 March 2025 477,117 477,125 Al 31 March 2024 404.349 404,365 2025 2024 Other investments comprise.. Notes Investments in subsidiaries Pelerborough Italian Social Club Limited is a wholly owned subsidiary of Italian Community Association and is incorporated in England and Wales. Pelerborough 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-
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Debtors 202S 2024 Arnounts falling due within one year: Trade debtors Amounts owed by fellow group undertakings Prepayments and accrued income 13,800 29,109 271 8,823 53,211 197 43,180 62,231 16 Crgdltors: amounts falllng du9 wlthln ong year 2025 2024 Other tsxation and social security Trade creditors Other creditors Accruals and deferred income 1,960 1,930 3,595 647 661 2,190 2,049 874 8,132 5,774 17 Retlrement beneflt schemes 2025 2024 Defined contrlbutlon schemes Charge to profit or loss in respect of defined contribution schemes 1,680 1,680 The Charity operates a defined contribution pension scheme for all qualifying employees. The assets ol the scheme are held separately from those of the charty in an independently administered fund. 18 Unrestrlcted funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These include designated ftjnds which have been sel aside out of unreslricled ftjnds by the trustees for specific purposes. At 1 Aprll 2024 Incomlng resources Resources expended Galns and At 31 March losses 2026 General funds 677,249 192,569 1179.7331 2,768 692,853 Previous year: At 1 April 2023 Incoming reyources Resources expended Gains and At 31 March losses 2024 General funds 623,418 178,197 1153,4871 31,121 677,249 16-
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Analysls of net assets between funds Unrastricted Rastrictgd funds funds 2025 2025 Total Total 2025 2024 Fund balances at 31 March 2025 are represented by.. Tangible assets Investments Current assètsllliabililiesl 111,974 477,125 103,754 111,974 477,125 124,376 111,843 404,357 181,672 20,622 692,853 20,622 713,475 697,872 20 Rg$trl¢led fund$ The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Movemont In fund$ Incomlng Resources resourc8S OXP8nded Movam9nl In fund$ Incoming Resources Balancè at resources 8xpended 31 March 2025 Balance at 1 Aprfl 2023 Balance at 1 Aprll 2024 Benevolent fund Consulate grant 18,179 2,443 20,622 20,622 5,975 15,9751 6,186 16,1861 18.179 8,418 15,9751 20,622 6.186 16,1861 20,622 21 Operating lease commitments The charity leases its buildings from Peterborough City Council on a peppercorn rent. The current lease ends in 2049. 22 Relatsd party transa¢tlon¥ Owing lo 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 pla wth the charity in which a member of the committee may have an interest. Ai transactions involving such organisations are conducted al ami's length and in accordance with the charity's finanaal regLlalions and normal procurement procedures. During the year, the ICA Sports Club Chaiman, C Seduca, has ken paid by the charity an amount of £nil 12024.. £2001. Al the end of the year a payable balance of £2,049 12024.. £2,049) remains oulslanding. The loan is on an interest free basis and repayable on demand. 17-
ITALIAN COMMUNITY ASSOCIATION (ASSOCIAZIONE COMUNITA ITALIANA) MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 MARCH 2025
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Mgmbars Activity Income from rnember5 Subscriptions received 1.452 2,499 Income from other sources Festival donations Income- British Gas- Electricity generated Gain on investments 4,402 213 3,884 30 4,615 3,914 6,067 6,413 Less: expenses incurred Italian Festival 8,455 9,113 18,4551 19,1131 12,3881 12,7001 Surpluslldeficitl from $ub ¢omm1tt99S Welfare activities Spotts activities Entertainment activities 18911 1891 15511 2,712 3,955 12781 11,5311 6,389 13,9191 3,689 Expenditure Food and refreshments- Pensioners Meal Food and refreshments- Children's Xmas party Republican Day Loss on investments 4,072 1,850 2,938 12,7681 2.747 1,720 1,232 131,1211 16.0921 25,422 Surpluslldeficltl on members actlvltles 110,0111 29,111
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Welfare Sub.Commlttee 2025 2024 Income Peterborough City Counal grants Subscriptions- Dropin Centre 2,443 985 3,408 Expenditure Stsff 891 696 18911 16961 Surplus on welfare activities 18911 2,712
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Sports Su1COmmIttee 2025 2024 Income Player registration and match fees Sponsorships - playing kits Player fines recovered Fund raising income 33,723 1,150 549 2.684 34,806 750 144 75 38,106 35,775 Expenditure Registration fees Pitch hire and referee fees Playing kits Player transfer fees Equipment and match balls Professional CRB checks Insurance Disciplinary fines Pitch maintenance Courses End of season trophies External coaching 2,685 23,550 1,356 120 2,112 60 442 680 4,816 280 2,094 1,463 17,975 203 22 1,479 140 400 403 6,751 400 1,883 700 138.1951 {31,8191 Surpluslldeficltl on sports actlvltles 1891 3,956
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Entertalnment Sub£ommlttee 2025 2024 Income Ticket sales 148 1,330 Expenditure Entertainment costs 16991 11,6081 15511 {2781 Deficit on entertainment activities 15511 12781
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) DETAILED TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Fleet Management Actlvltles 2025 2024 Income from property HI of Fleet 148,248 131,714 Grant- Consulate 6,186 5,975 154,434 137,689 Expenditure Wages Employee pension Light and heal Cleaning materials Printing and stationery Telephone and fax Water rates and rent Property repairs and maintenance Sundries Insurance Website and internet Depreciation 80,048 1,680 9,305 2,894 180 1,210 2,046 10,935 16,853 2,471 1,028 169 70,712 1,680 12,665 2,196 224 767 1,455 10,458 5,603 2,743 784 1,238 1128,8191 1110,5251 Surplus on Fleet Management Activities 25,615 27,164
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Fixed assets Freehold land and buildings Fixtures and fittings 111.402 572 111,402 441 111.974 111.843 Shares held in Pelerborough Italian Social Club Due from PISC Limited 29,109 53,211 29,117 53,219 141,091 165,062 Currant assgts Debtors Prepayments Bank deposit accounts- 13,800 271 8,823 197 ICA ICA Benevolent Fund Fleet Management ICA- fixed deposit account Bank current accounts- Fleet Management Sports sCOmmittee Entertainment Welfare Lloyds Business Extra Youth Club Sports committee account Cash in hand - ICA Cash in hand - Sports committee 3,283 3,247 888 16,005 404,349 17,622 477,117 57,352 88,458 20 1,299 2,416 1,094 582 10,969 210 26 748 2,107 1,094 6,886 210 26 580,516 538,583 Current liabilities Creditors and accruals Other laxalion and soryal security Accruals Loan - Mr C Serlu¢a- Chairman ICA Sports Wages control account 1,930 1,960 647 2,049 1,546 2,190 661 874 2,049 8,132 5,774 572,384 532,809 Net a$$ets 713.475 697.871
ITALIAN COMMUNITY ASSOCIATION {ASSOCIAZIONE COMUNITA ITALIANA) BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 Funds Employed Accumulated Fund - Members Activities Balance BIFwd Surplusl Ideficitl in the year 90,790 110,0111 61,679 29,111 80,779 90,790 Accumulated Fund - Float Managamont A¢tlvltl8$ Balan BIFwd Surplus in the year 586,459 25,815 561,739 24,720 612,074 586,459 692,853 677,249 Accumulated Fund - Benevolent Fund Balance BIFwd Surplus in the year 20,622 18,179 2,443 20,622 20,622 Total equity 713,475 697,871