ｄｯ｣ｵｓｩｧｮ＠ｅｮｶ･ｬｯｰ･＠ｉｄＺ＠ＴＷＷｂｂＷＱＸＭｃＰｄＲＭＴＰＹＲＭＸｆｂＲＭＳＵＴｆｄＳｅＴＷＰＸｅ
COMPANY REGISTRATION NUMBER: 02196012 CHARITY REGISTRATION NUMBER: 298215
Primrose Hill Community Association Company Limited by Guarantee Unaudited Financial Statements
31 March 2021
GROMAN & COMPANY
Chartered Accountants 5 Violet Hill St. John's Wood London NW8 9EB
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Primrose Hill Community Association
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2021
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities (including income and | |
| expenditure account) | 6 |
| Statement of financial position | 7 |
| Statement of cash flows | 8 |
| Notes to the financial statements | 9 |
| The following pages do not form part of the financial statements | |
| Appendix I | |
| Detailed statement of financial activities | 20 |
| Notes to the detailed statement of financial activities | 22 |
| Appendix II | |
| Community Association Management Accounts |
Appendix III
Library Management Accounts
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Primrose Hill Community Association
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2021
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.
Reference and administrative details
Registered charity name
Primrose Hill Community Association
Charity registration number 298215 Company registration number 02196012 Principal office and registered 29 Hopkinsons Place office Fitzroy Road London NW1 8TN The trustees Amanda Dickins (Chair) Maureen Betts (Vice Chair) Nadia Crandall (Treasurer) Doro Marden Lucy Cottrell Jason Pittock Petar Savic Marijke Good Tim Kirkpatrick Centre manager Mick Hudspeth Company secretary Lorna Fowler Independent examiner AI Groman FCA 5 Violet Hill St. John's Wood London NW8 9EB
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Primrose Hill Community Association
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2021
Structure, governance and management
Governing Document
The charity is constituted as a company limited by guarantee and is therefore governed by a Memorandum and Articles of Association, dated 19 November 1987 and also registered with the Charity Commissioners.
Appointment, induction & training of Trustees
All members are circulated with invitations to nominate trustees prior to the AGM advising them of the retiring trustees and requesting nominations for the AGM. When considering co-opting trustees, the Board has regard to the requirement for any specialist skills needed.
New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity.
During the induction day they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Organisation
The charity is organised so that the directors meet regularly to manage its affairs. There is one full time executive, M Hudspeth, who both manages the day to day administration of the charity and organises fundraising initiatives. The remaining staff are employed to run particular service sections or with specific administration or building responsibilities.
Risk management
The trustees regularly discuss the risks the charity may face, and when potential risks are identified systems and procedures to mitigate those risks are put in place, together with the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
Objectives and activities
The charity's object and its principal activity continue to be that of promoting the benefit of those persons living and working in that part of the London Borough of Camden which lies within a half mile radius of the Centre.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future services. In particular the board of trustees consider how our planned services will contribute to the aims and objectives they have set.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
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Primrose Hill Community Association
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2021
Achievements and performance
The continuing impact of the COVID-19 pandemic led to another challenging year for the Community Association. For the second year in a row, we were unable to put on our traditional events such as the Summer Fair in Chalcot Square, the Jumble Sale and the popular Top of the Hill Quiz.
Three separate lockdowns meant 12 months of stop-start for both the Community Centre and the Library. We took care to follow relevant advice as well as government guidelines, opening when permitted with measures in place to keep our community as safe as possible, measures including social distancing, number limits, regular cleaning, no waiting on site policy and record keeping.
In such circumstances, careful financial management has been essential, made reality by the sterling efforts of our Treasurers and a new bookkeeper/accountant. We utilised all available government support but, most of all, were able to weather the storm thanks to the generosity of our community and many individual donors, including those supporting specific work, such as Neighbourhood Nosh, On The Hill and the Library.
On the bright side, necessity proved the mother of invention, as the year brought out the deep wells of creativity in our community and wonderful volunteers. Our Events team organised an impressive array of online talks and events, drawing on local talent such as Andrew Marr talking about his book ‘New Elizabethans’ and Scott Maslen giving guidance on meat free cooking. Meanwhile, ‘On the Hill’ ran two creative competitions – short stories on the theme of “Living in Lockdown” and photographs capturing “A Joyful Moment” in Primrose Hill.
A new summer tradition was created on a beautiful day in August, when the Primrose Hill Art Trail turned our local streets into an outdoor art gallery, showcasing the huge array of artistic talent in our community. The Art Trail was very well received by the participating artists and wider community and looks set to become an annual fixture.
And last, but very much not least, a new volunteer group came together to support their neighbours through food - “Neighbourhood Nosh”. Nosh uses donated food, much of which would otherwise go to waste, to create 150 three course mostly home-made, healthy, vegetarian meals every week.
Financial review
The Association, in this context the combination of the Community Centre and the Library, made a surplus of £91,325 (2020: £68,524) in the financial year, April 2020 to March 2021. This is the combined result of the Community Centre and the Library.
In practice the funding and Accounts of the two organisations are kept separate.
The combined Accounts exclude inter-organisational charges because they are one statutory body. However, these charges do affect the operational results of each party. The Management Accounts of the Community Association and the Library are attached as a key element in the Trustees Report. There are reports from both Treasurers attached to their separate Management Accounts. (See Appendices II and III)
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Primrose Hill Community Association
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2021
Plans for future periods
Expanding the reach and diversity of our membership continues to be a priority. We will reintroduce a formal membership scheme, managed via an online platform to minimise administration. This will enable us to improve communication with our members. Membership fees will be kept low, with measures in place to ensure that membership is accessible to everyone in our community, including a concessionary rate and offline application process for those who find online difficult.
We will continue to provide community activities and services whenever we can, building on the innovations of the past year. Further development of Neighbourhood Nosh is a priority and plans are being developed for further online / hybrid events and another Art Trail. We will continue to develop our partnerships with other local organisations, working more collaboratively and thinking holistically about how we work within and support our community.
ＱＲＯＲＳＯＲＰＲＱ The trustees' annual report and the strategic report were approved on .............................. and signed on behalf of the board of trustees by:
Amanda Dickins (Chair) Trustee
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Primrose Hill Community Association
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Primrose Hill Community Association
Year ended 31 March 2021
I report to the trustees on my examination of the financial statements of Primrose Hill Community Association ('the charity') for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
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:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 accounts to be reached.
AI Groman FCA Independent Examiner
5 Violet Hill St. John's Wood London NW8 9EB
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Primrose Hill Community Association
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ |
£ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 25,462 |
130,299 | 155,762 | 162,387 |
| Investment income | 6 | 378 |
844 | 1,223 | 3,928 |
| Other income | 7 | 74,868 |
12,326 | 87,194 | 179,857 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 100,708 | 143,469 | 244,179 | 346,172 | |
| ================================ | ================================ | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 8 | 2,450 |
3,340 | 5,790 | 11,754 |
| Expenditure on charitable activities | 9,10 | 114,162 |
43,645 | 157,810 | 262,277 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 116,612 | 46,985 | 163,600 | 274,031 | |
| ================================ | ================================ | ================================ | ================================ | ||
| Net losses on investments | 11 | – |
– | – | 1,547 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net income | (15,904) | 96,484 | 80,579 | 70,594 | |
| ================================ | ================================ | ================================ | ================================ | ||
| Other recognised gains and losses | |||||
| Gains/(losses) from revaluation of fixed | |||||
| assets | – | 10,746 | 10,746 | (2,070) | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net movement in funds | (15,904) | 107,230 | 91,325 | 68,524 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 449,341 | 573,167 | 1,022,508 | 953,985 | |
| -------------------------------- | -------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 433,437 | 680,397 | 1,113,834 | 1,022,509 | |
| ================================ | ================================ | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 18 form part of these financial statements.
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Primrose Hill Community Association
Company Limited by Guarantee
Statement of Financial Position
31 March 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 16 | 372,224 | 371,030 | |
| ----------------------------------------- | ----------------------------------------- | |||
| Current assets | ||||
| Debtors | 17 | 5,183 | 10,041 | |
| Investments | 18 | 39,716 | 24,677 | |
| Cash at bank and in hand | 912,354 | 758,879 | ||
| -------------------------------- | -------------------------------- | |||
| 957,253 | 793,597 | |||
| Creditors: amounts falling due within one year | 19 | (215,644) | (142,118) | |
| -------------------------------- | -------------------------------- | |||
| Net current assets | 741,609 | 651,479 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total assets less current liabilities | 1,113,833 | 1,022,509 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Net assets | 1,113,833 | 1,022,509 | ||
| ========================================= | ========================================= | |||
| Funds of the charity | ||||
| Restricted income funds: | ||||
| Revaluation reserve | 14,698 | 3,952 | ||
| Other restricted income funds | 665,699 | 582,416 | ||
| Unrestricted funds | 433,437 | 436,141 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total charity funds | 23 | 1,113,834 | 1,022,509 | |
| ========================================= | ========================================= |
For the year ending 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on ＱＲＯＲＳＯＲＰＲＱ ........................, and are signed on behalf of the board by:
Amanda Dickins (Chair) Trustee
The notes on pages 9 to 18 form part of these financial statements.
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Primrose Hill Community Association
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 80,579 | 70,594 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 13,985 | 22,163 |
| Net losses on investments | – | 1,547 |
| Dividends, interest and rents from investments | (301) | (581) |
| Other interest receivable and similar income | (922) | (3,347) |
| Accrued expenses | 6,500 | – |
| Changes in: | ||
| Trade and other debtors | 4,858 | 2,232 |
| Trade and other creditors | 3,257 | 454 |
| Deferred Income movement | 63,769 | (99,524) |
| -------------------------------- | ---------------------------- | |
| Cash generated from operations | 171,725 | (6,462) |
| Interest received | 922 | 3,347 |
| -------------------------------- | ---------------------------- | |
| Net cash from operating activities | 172,647 | (3,115) |
| ================================ | ============================ | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 301 | 581 |
| Purchase of tangible assets | (15,179) | (147,623) |
| Purchases of other investments | (15,039) | – |
| Proceeds from sale of other investments | – | 4,099 |
| Adjustments from movement in market value | 10,746 | (2,070) |
| -------------------------------- | -------------------------------- | |
| Net cash used in investing activities | (19,171) | (145,013) |
| ================================ | ================================ | |
| Net increase/(decrease) in cash and cash equivalents | 153,476 | (148,128) |
| Cash and cash equivalents at beginning of year | 758,879 | 907,007 |
| -------------------------------- | -------------------------------- | |
| Cash and cash equivalents at end of year | 912,355 | 758,879 |
| ================================ | ================================ |
The notes on pages 9 to 18 form part of these financial statements.
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Primrose Hill Community Association
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2021
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 29 Hopkinsons Place, Fitzroy Road, London NW1 8TN.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Primrose Hill Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Primrose Hill Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Straight line over the life of the lease Equipment - 25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The company is limited by guarantee of £1 per member without share capital.
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Primrose Hill Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 23,813 | 14,178 | 37,992 |
| Gift Aid Tax Recoverable | 1,649 | 2,890 | 4,539 |
| Grants | |||
| LB of Camden | – | 102,000 | 102,000 |
| LB of Camden - Deferred grant re Lease | – | 11,231 | 11,231 |
| ---------------------------- | -------------------------------- | -------------------------------- | |
| 25,462 | 130,299 | 155,762 | |
| ============================ | ================================ | ================================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 17,750 | 12,670 | 30,420 |
| Gift Aid Tax Recoverable | 32,443 | – | 32,443 |
| Grants | |||
| LB of Camden | – | 75,000 | 75,000 |
| LB of Camden - Deferred grant | – | 13,293 | 13,293 |
| LB of Camden - Deferred grant re Lease | – | 11,231 | 11,231 |
| ---------------------------- | -------------------------------- | -------------------------------- | |
| 50,193 | 112,194 | 162,387 | |
| ============================ | ================================ | ================================ | |
| Investment income | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Income from listed investments | – | 301 | 301 |
| Bank interest receivable | 378 | 543 | 922 |
| -------------- | -------------- | ----------------------- | |
| 378 | 844 | 1,223 | |
| ============== | ============== | ======================= | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Income from listed investments | – | 581 | 581 |
| Bank interest receivable | 606 | 2,595 | 3,201 |
| Other interest receivable - Gift Aid | 135 | 11 | 146 |
| -------------- | ----------------------- | ----------------------- | |
| 741 | 3,187 | 3,928 | |
| ============== | ======================= | ======================= |
6. Investment income
- 12 -
ｄｯ｣ｵｓｩｧｮ＠ｅｮｶ･ｬｯｰ･＠ｉｄＺ＠ＴＷＷｂｂＷＱＸＭｃＰｄＲＭＴＰＹＲＭＸｆｂＲＭＳＵＴｆｄＳｅＴＷＰＸｅ
Primrose Hill Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
7. Other income
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Other income | 19,665 | 9,441 | 29,106 | |
| Library project | – | 2,885 | 2,885 | |
| Summer festival | (35) | – | (35) | |
| Bar income | 2,222 | – | 2,222 | |
| Letting income | 42,216 | – | 42,216 | |
| Other miscellaneous income | 80 | – | 80 | |
| JRS Grant | 10,720 | – | 10,720 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| 74,868 | 12,326 | 87,194 | ||
| ============================ | ============================ | ============================ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2020 | ||
| £ | £ | £ | ||
| Other income | 16,673 | 5,500 | 22,173 | |
| Library project | – | 14,610 | 14,610 | |
| Summer festival | 8,782 | – | 8,782 | |
| Bar income | 10,023 | – | 10,023 | |
| Letting income | 90,042 | 20,649 | 110,690 | |
| Other miscellaneous income | 11,447 | – | 11,447 | |
| Fundraising events for lease | 2,132 | – | 2,132 | |
| -------------------------------- | ---------------------------- | -------------------------------- | ||
| 139,099 | 40,759 | 179,857 | ||
| ================================ | ============================ | ================================ | ||
| 8. | Costs of raising donations and legacies | |||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Costs of generating income - Other activities | 2,450 | 3,340 | 5,790 | |
| ----------------------- | ----------------------- | ----------------------- | ||
| 2,450 | 3,340 | 5,790 | ||
| ======================= | ======================= | ======================= | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2020 | ||
| £ | £ | £ | ||
| Costs of generating income - Other activities | 11,370 | – | 11,370 | |
| Fundraising - Lease fund | 384 | – | 384 | |
| ---------------------------- | -------------- | ---------------------------- | ||
| 11,754 | – | 11,754 | ||
| ============================ | ============== | ============================ |
- 13 -
ｄｯ｣ｵｓｩｧｮ＠ｅｮｶ･ｬｯｰ･＠ｉｄＺ＠ＴＷＷｂｂＷＱＸＭｃＰｄＲＭＴＰＹＲＭＸｆｂＲＭＳＵＴｆｄＳｅＴＷＰＸｅ
Primrose Hill Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
9. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Support costs | 114,162 | 43,645 | 157,810 | ||
| ================================ | ============================ | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Support costs | 150,509 | 111,769 | 262,277 | ||
| ================================ | ================================ | ================================ | |||
| 10. | Expenditure on charitable activities by activity type | ||||
| Support | Total funds | Total fund | |||
| costs | 2021 | 2020 | |||
| £ | £ | £ | |||
| Core charitable activities | 96,037 | 96,037 | 110,052 | ||
| Activities and outings | 12,451 | 12,451 | 46,878 | ||
| Library project | 37,876 | 37,876 | 96,626 | ||
| Governance costs | 11,446 | 11,446 | 8,721 | ||
| -------------------------------- | -------------------------------- | -------------------------------- | |||
| 157,810 | 157,810 | 262,277 | |||
| ================================ | ================================ | ================================ | |||
| 11. | Net losses on investments | ||||
| Restricted | Total Funds |
Restricted | Total Funds | ||
| Funds | 2021 |
Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on listed investments | – | – | (1,547) | (1,547) |
|
| ============== | ============== | ======================= | ======================= | ||
| 12. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 13,985 | 22,163 | |||
| ============================ | ============================ | ||||
| 13. | Independent examination fees | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 4,800 | 4,800 | |||
| ======================= | ======================= |
- 14 -
ｄｯ｣ｵｓｩｧｮ＠ｅｮｶ･ｬｯｰ･＠ｉｄＺ＠ＴＷＷｂｂＷＱＸＭｃＰｄＲＭＴＰＹＲＭＸｆｂＲＭＳＵＴｆｄＳｅＴＷＰＸｅ
Primrose Hill Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
14. Staff costs
The average head count of employees during the year was 7 (2020: 8). The average number of full-time equivalent employees during the year is analysed as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Number of staff - Administration | 4 | 7 |
| Number of staff - Management | 1 | 1 |
| -------------- | -------------- | |
| 5 | 8 | |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
15. Trustee remuneration and expenses
SORP 2015 requires the following statement to be made:- no remuneration or other benefits from employment with the charity or a related entity were received by the trustees;
16. Tangible fixed assets
| Land and | ||||
|---|---|---|---|---|
| buildings | Equipment | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 April 2020 | 400,344 | 8,612 | 408,956 | |
| Additions | 14,974 | 205 | 15,179 | |
| -------------------------------- | ----------------------- | -------------------------------- | ||
| At 31 March 2021 | 415,318 | 8,817 | 424,135 | |
| ================================ | ======================= | ================================ | ||
| Depreciation | ||||
| At 1 April 2020 | 31,588 | 6,338 | 37,926 | |
| Charge for the year | 13,270 | 715 | 13,985 | |
| -------------------------------- | ----------------------- | -------------------------------- | ||
| At 31 March 2021 | 44,858 | 7,053 | 51,911 | |
| ================================ | ======================= | ================================ | ||
| Carrying amount | ||||
| At 31 March 2021 | 370,460 | 1,764 | 372,224 | |
| ================================ | ======================= | ================================ | ||
| At 31 March 2020 | 368,756 | 2,274 | 371,030 | |
| ================================ | ======================= | ================================ | ||
| 17. | Debtors | |||
| 2021 | 2020 | |||
| £ | £ | |||
| Prepayments and accrued income | 245 | 245 | ||
| Other debtors - Accounts receivable: On The Hill | – | 5,788 | ||
| Other debtors | 4,938 | 4,008 | ||
| ----------------------- | ---------------------------- | |||
| 5,183 | 10,041 | |||
| ======================= | ============================ |
- 15 -
ｄｯ｣ｵｓｩｧｮ＠ｅｮｶ･ｬｯｰ･＠ｉｄＺ＠ＴＷＷｂｂＷＱＸＭｃＰｄＲＭＴＰＹＲＭＸｆｂＲＭＳＵＴｆｄＳｅＴＷＰＸｅ
Primrose Hill Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
18. Investments
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| PHCL - Quoted investment portfolio | 39,716 | 24,677 | |
| ============================ | ============================ | ||
| 19. | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Trade creditors | 686 | – | |
| Accruals and deferred income | 205,038 | 134,769 | |
| PHCA Barclaycard Commercial | 3,410 | – | |
| Other creditors | 6,510 | 7,349 | |
| -------------------------------- | -------------------------------- | ||
| 215,644 | 142,118 | ||
| ================================ | ================================ | ||
| 20. | Deferred income | ||
| 2021 | 2020 | ||
| £ | £ | ||
| At 1 April 2020 | 134,769 | 234,293 | |
| Amount released to income | (11,231) | (99,524) | |
| Amount deferred in year | 75,000 | – | |
| -------------------------------- | -------------------------------- | ||
| At 31 March 2021 | 198,538 | 134,769 | |
| ================================ | ================================ |
21. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,180 (2020: £1,950).
- 16 -
ｄｯ｣ｵｓｩｧｮ＠ｅｮｶ･ｬｯｰ･＠ｉｄＺ＠ＴＷＷｂｂＷＱＸＭｃＰｄＲＭＴＰＹＲＭＸｆｂＲＭＳＵＴｆｄＳｅＴＷＰＸｅ
Primrose Hill Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
23. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At 1 April | Gains and | At 31 March | |||
| 2020 | Income | Expenditure | losses | 2021 | |
| £ | £ | £ | £ | £ | |
| General funds | 405,341 | 100,708 | (116,612) | – | 389,437 |
| Designated Fund - | |||||
| Building maintenance | 10,000 | – | – | – | 10,000 |
| Designated Fund - | |||||
| Contingency fund | 34,000 | – | – | – | 34,000 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------- | -------------------------------- | |
| 449,341 | 100,708 | (116,612) | – | 433,437 | |
| ================================ | ================================ | ================================ | ============== | ================================ | |
| At 1 April | Gains and | At 31 March | |||
| 2019 | Income | Expenditure | losses | 2020 | |
| £ | £ | £ | £ | £ | |
| General funds | 364,371 | 190,033 | (162,263) | – | 392,141 |
| Designated Fund - | |||||
| Building maintenance | 10,000 | – | – | – | 10,000 |
| Designated Fund - | |||||
| Contingency fund | 34,000 | – | – | – | 34,000 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------- | -------------------------------- | |
| 408,371 | 190,033 | (162,263) | – | 436,141 | |
| ================================ | ================================ | ================================ | ============== | ================================ | |
| Restricted funds | |||||
| At 1 April | Gains and | At 31 March | |||
| 2020 | Income | Expenditure | losses | 2021 | |
| £ | £ | £ | £ | £ | |
| Restricted Fund - | |||||
| Library fund | 569,215 | 143,469 | (46,985) | – | 665,699 |
| Revaluation reserve | 3,952 | – | – | 10,746 | 14,698 |
| -------------------------------- | -------------------------------- | ---------------------------- | ---------------------------- | -------------------------------- | |
| 573,167 | 143,469 | (46,985) | 10,746 | 680,397 | |
| ================================ | ================================ | ============================ | ============================ | ================================ | |
| At 1 April | Gains and | At 31 March | |||
| 2019 | Income | Expenditure | losses | 2020 | |
| £ | £ | £ | £ | £ | |
| Restricted Fund - | |||||
| Library fund | 539,592 | 156,140 | (111,769) | (1,547) | 582,416 |
| Revaluation reserve | 6,022 | – | – | (2,070) | 3,952 |
| -------------------------------- | -------------------------------- | -------------------------------- | ----------------------- | -------------------------------- | |
| 545,614 | 156,140 | (111,769) | (3,617) | 586,368 |
|
| ================================ | ================================ | ================================ | ======================= | ================================ |
- 17 -
ｄｯ｣ｵｓｩｧｮ＠ｅｮｶ･ｬｯｰ･＠ｉｄＺ＠ＴＷＷｂｂＷＱＸＭｃＰｄＲＭＴＰＹＲＭＸｆｂＲＭＳＵＴｆｄＳｅＴＷＰＸｅ
Primrose Hill Community Association
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2021
24. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | – | – | – |
| Current assets | – | – | – |
| -------------- | -------------- | -------------- | |
| Net assets | – | – | – |
| ============== | ============== | ============== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Tangible fixed assets | 235,627 | 135,403 | 371,030 |
| Current assets | 210,414 | 441,065 | 651,479 |
| -------------------------------- | -------------------------------- | ----------------------------------------- | |
| Net assets | 446,041 | 576,468 | 1,022,509 |
| ================================ | ================================ | ========================================= | |
| Analysis of changes in net debt | |||
| At | At | ||
| 1 Apr 2020 | Cash flows | 31 Mar 2021 | |
| £ | £ | £ | |
| Cash at bank and in hand | 758,879 | 153,475 | 912,354 |
| Current asset investments | 24,677 | 15,039 | 39,716 |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| 783,556 | 168,514 | 952,070 | |
| ================================ | ================================ | ================================ |
25. Analysis of changes in net debt
- 18 -
ｄｯ｣ｵｓｩｧｮ＠ｅｮｶ･ｬｯｰ･＠ｉｄＺ＠ＴＷＷｂｂＷＱＸＭｃＰｄＲＭＴＰＹＲＭＸｆｂＲＭＳＵＴｆｄＳｅＴＷＰＸｅ
Primrose Hill Community Association
Company Limited by Guarantee
Management Information
Year ended 31 March 2021
APPENDIX I
The following pages do not form part of the financial statements.
- 19 -
ｄｯ｣ｵｓｩｧｮ＠ｅｮｶ･ｬｯｰ･＠ｉｄＺ＠ＴＷＷｂｂＷＱＸＭｃＰｄＲＭＴＰＹＲＭＸｆｂＲＭＳＵＴｆｄＳｅＴＷＰＸｅ
Primrose Hill Community Association
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 31 March 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 37,992 | 30,420 |
| Gift Aid Tax Recoverable | 4,539 | 32,443 |
| LB of Camden | 102,000 | 75,000 |
| LB of Camden - Deferred grant | – | 13,293 |
| LB of Camden - Deferred grant re Lease | 11,231 | 11,231 |
| -------------------------------- | -------------------------------- | |
| 155,762 | 162,387 | |
| -------------------------------- | -------------------------------- | |
| Investment income | ||
| Income from listed investments | 301 | 581 |
| Bank interest receivable | 922 | 3,201 |
| Other interest receivable - Gift Aid | – | 146 |
| ----------------------- | ----------------------- | |
| 1,223 | 3,928 | |
| ----------------------- | ----------------------- | |
| Other income | ||
| Other income | 29,106 | 22,173 |
| Library project | 2,885 | 14,610 |
| Summer festival | (35) | 8,782 |
| Bar income | 2,222 | 10,023 |
| Letting income | 42,216 | 110,690 |
| Other miscellaneous income | 80 | 11,447 |
| Fundraising events for lease | – | 2,132 |
| JRS Grant | 10,720 | – |
| ---------------------------- | -------------------------------- | |
| 87,194 | 179,857 | |
| ---------------------------- | -------------------------------- | |
| -------------------------------- | -------------------------------- | |
| Total income | 244,179 | 346,172 |
| ================================ | ================================ |
- 20 -
ｄｯ｣ｵｓｩｧｮ＠ｅｮｶ･ｬｯｰ･＠ｉｄＺ＠ＴＷＷｂｂＷＱＸＭｃＰｄＲＭＴＰＹＲＭＸｆｂＲＭＳＵＴｆｄＳｅＴＷＰＸｅ
Primrose Hill Community Association
Company Limited by Guarantee
Detailed Statement of Financial Activities (continued)
Year ended 31 March 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Costs of raising donations and legacies | ||
| Activity costs | 5,790 | 11,754 |
| -------------------------------- | -------------------------------- | |
| Expenditure on charitable activities | ||
| Wages and salaries | 75,119 | 109,540 |
| Employer's NIC | 5,689 | 8,857 |
| Pension costs | 1,180 | 1,950 |
| Rent | 223 | 224 |
| Rates and water | 42 | 6,365 |
| Light and heat | 6,168 | 8,064 |
| Repairs and maintenance | 5,796 | 9,535 |
| Insurance | 2,338 | 911 |
| Other establishment - Cleaning & sundry | 13,698 | 21,159 |
| Advertising and marketing | 806 | – |
| Legal and professional fees | 10,521 | 4,802 |
| Telephone | 2,121 | 2,097 |
| Other office costs | 4,118 | 8,337 |
| Amortisation | 11,231 | 11,231 |
| Depreciation | 2,756 | 10,932 |
| Direct project costs | 15,738 | 53,632 |
| Library furniture | (360) | 4,356 |
| Bank charges | 303 | 262 |
| 323 | 23 | |
| -------------------------------- | -------------------------------- | |
| 157,810 | 262,277 | |
| -------------------------------- | -------------------------------- | |
| -------------------------------- | -------------------------------- | |
| Total expenditure | 163,600 | 274,031 |
| ================================ | ================================ | |
| Net losses on investments | ||
| Gains/(losses) on listed investments | – | 1,547 |
| -------------------------------- | -------------------------------- | |
| ---------------------------- | ---------------------------- | |
| Net income | 80,579 | 70,594 |
| ============================ | ============================ |
- 21 -
ｄｯ｣ｵｓｩｧｮ＠ｅｮｶ･ｬｯｰ･＠ｉｄＺ＠ＴＷＷｂｂＷＱＸＭｃＰｄＲＭＴＰＹＲＭＸｆｂＲＭＳＵＴｆｄＳｅＴＷＰＸｅ
Primrose Hill Community Association
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 March 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Costs of raising donations and legacies | ||
| Costs of generating income | ||
| Activity costs | 5,790 | 11,370 |
| Fundraising - Lease fund | ||
| Activity costs | – | 384 |
| ----------------------- | ---------------------------- | |
| Costs of raising donations and legacies | 5,790 | 11,754 |
| ======================= | ============================ | |
| Expenditure on charitable activities | ||
| Core activities | ||
| Support costs | ||
| Wages/salaries | 60,152 | 69,172 |
| Employer's NIC | 5,439 | 5,941 |
| Pension costs | 1,260 | 1,166 |
| Car park costs | 223 | 224 |
| Rates & water | – | 4,158 |
| Light & heat | 6,500 | – |
| Repairs & maintenance | 3,737 | 5,395 |
| Insurance | 1,415 | – |
| Cleaning & sundry | 9,915 | 8,482 |
| Advertising and marketing | 806 | – |
| Telephone | 986 | 1,317 |
| Office costs | 2,857 | 3,440 |
| Depreciation | 2,537 | 10,640 |
| Bank charges | 210 | 117 |
| ---------------------------- | -------------------------------- | |
| 96,037 | 110,052 | |
| ---------------------------- | -------------------------------- | |
| Activities | ||
| Support costs | ||
| Direct project costs | 12,451 | 46,878 |
| ---------------------------- | ---------------------------- | |
| Library Project | ||
| Support costs | ||
| PHCL: Wages and salaries | 14,967 | 40,368 |
| PHCL: Employer's NIC | 250 | 2,916 |
| PHCL: Pension costs | (80) | 784 |
| PHCL: Rates | 42 | 2,207 |
| PHCL: Light & Heat | (332) | 8,064 |
| PHCL: Repairs & maintenance | 2,059 | 4,140 |
| PHCL: Insurance | 923 | 911 |
| PHCL: Cleaning & sundry | 3,783 | 12,677 |
| PHCL: Telephone | 1,135 | 780 |
| PHCL: Library project office costs | 1,261 | 4,897 |
| PHCL: Amortisation | 11,231 | 11,231 |
| PHCL: Depreciation | 219 | 292 |
| PHCL: Library project | 2,002 | 6,225 |
| PHCL: Library furniture | – | 966 |
| PHCL: Bank charges | 93 | 145 |
| PHCL: Stockbrokers fees | 323 | 23 |
| ---------------------------- | ---------------------------- | |
| 37,876 | 96,626 | |
| ---------------------------- | ---------------------------- |
- 22 -
ｄｯ｣ｵｓｩｧｮ＠ｅｮｶ･ｬｯｰ･＠ｉｄＺ＠ＴＷＷｂｂＷＱＸＭｃＰｄＲＭＴＰＹＲＭＸｆｂＲＭＳＵＴｆｄＳｅＴＷＰＸｅ
Primrose Hill Community Association
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 March 2021
| Governance costs | ||
|---|---|---|
| Accountancy fees | 4,800 | 4,802 |
| Governance costs - bookkeeping, legal and professional fees | 5,721 | – |
| Licenses & permits | 1,285 | 529 |
| Bad debts | (360) | 3,390 |
| ---------------------------- | ----------------------- | |
| 11,446 | 8,721 | |
| ---------------------------- | ----------------------- | |
| -------------------------------- | -------------------------------- | |
| Expenditure on charitable activities | 157,810 | 262,277 |
| ================================ | ================================ |
- 23 -