Saltash Waterside Community Association
Annual Report
Year ended 31 March 2023
## **Saltash Waterside Community Association**
## Financial Statements
## Year ended 31 March 2023
**Contents Page** Trustees and Professional Advisors Trustees’ Report 2 - 3 Independent Examiner’s Report Income and Expenditure Account (Incorporating Statement of Financial Activity) Balance Sheet Notes and Accounting Policies
## **Saltash Waterside Community Association**
## Trustees and Professional Advisors
## Year ended 31 March 2023
## **Trustees and Principal Officers**
## **Trustees:**
Mr A D Marsh Mr R Bickford Mr A Hearl
## **Registered Office**
Ashtorre Rock Waterside Old Ferry Road Saltash Cornwall PL12 4GT
## **Principal Officers:**
**Chairman** Mrs L Marsh **Secretary** Mrs M Truscott
**Treasurer** Mrs S Harfield-Mitchell
## **Professional Advisers**
**Bankers:** Lloyds Bank Plc 67 Fore Street Saltash Cornwall PL12 6AJ
**Accountants** PKF Francis Clark Melville Building East Unit 18, 23 Royal William Yard Plymouth PL1 3GW
**Solicitors:**
Nicholls & Sainsbury 131 Fore Street Saltash Cornwall PL12 6TT
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## **Saltash Waterside Community Association**
## **Trustees’ Report**
Year Ended 31 March 2023
The Trustees submit their report and unaudited financial statements for the year ended 31 March 2023. The accounts have been drawn up in accordance with appropriate statutory regulations, the association’s governing document and follows best practice as set out in the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102).
## **Charity Number** 299044
## **Status**
The Saltash Waterside Community Association is a charity governed by a Trust Deed dated 5 March 1991 and is registered with the Charity Commission under the reference number 299044.
## **Principal activity**
The principal aim of the Charity is to provide recreational activities for the inhabitants of Saltash and surrounding neighbourhood.
## **Objectives**
The principal charitable purpose of the charity is the provision of recreational activities, with the object of improving the conditions of life for the inhabitants.
## **Structure and election process**
The board of Trustees, a body of not less than three nor more than six, controls the charity and are elected for life or until such time as they retire.
The Trustees are assisted by three officers who serve for a period of five years and eight committee members who are re-elected each year.
Elections are held at the Annual General Meeting where a quorum of at least 15 members is required and members are elected by a majority of persons present.
## **Reserves**
Income generation has been maintained through annual local events and a regular core of people who use the facilities. As with most charities any interest on funds is at an all-time low and the Trustees are monitoring the situation.
The charity's aim is to continue to hold sufficient reserves to cover at least 12 months of expenditure.
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## **Saltash Waterside Community Association**
## **Trustees’ Report (continued)**
## **Public benefit**
The Charities Act 2011 introduced the requirement for charities to show that they have provided public benefit. The trustees have reviewed the objects, goals, services and objectives of the charity in the light of this requirement and can confirm that Saltash Waterside Community Association serves the public benefit.
## **Financial review**
During the year, the charity has continued to raise funds which have enabled the association to continue to provide recreational activities. The surplus for the year amounted to £19,734 which, when taken from the balance brought forward, resulted in a increase in funds to £306,244.
Following preparations including COVID risk assessments, Ashtorre Rock fully reopened after a 16 month COVID shutdown on 19th July 2021. After a slow start, first floor hirings and usage of Ashtorre’s tea-room have recovered with our income stream regained. Remote entry access system has been fitted to the first-floor access door.
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## **Saltash Waterside Community Association**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The trustees who served during the year were as follows. Mr A D Marsh Mr A Hearl Mr R Bickford
## **Signed on behalf of the Trustees**
**……………………….**
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## **Saltash Waterside Community Association**
## **Independent examiners’ report to the trustees of Saltash Waterside Community Association**
I report on the accounts of the Association for the year ended 31 March 2023, which are set out on pages 5 to 7.
## **Responsibilities and basis of report**
As the charity trustees of Saltash Waterside Community Association you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of Saltash Waterside Community Association accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since Saltash Waterside Community Association’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of Saltash Waterside Community Association as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
## **James Barrett PKF Francis Clark Chartered Accountants & Registered Auditors PLYMOUTH**
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## **Saltash Waterside Community Association**
Income and Expenditure Account (Incorporating Statement of Financial Activities)
Year ended 31 March 2023
|||**Unrestricted**|
**Unrestricted**|
**Unrestricted**|
|---|---|---|---|---|
|||**Funds**||**Funds**|
|||**2023**||**2022**|
||**£**|**£**|**£**|**£**|
|**Income**|||||
|Membership fees|**369**||309||
|Donations: Sundry|**656**||416||
|Government grant|
**-**||8,000||
|Fundraising:|||||
|Kitchen & Draws|**48,430**||22,478||
|Hire of first floor|**12,288**||7,709||
|Bank interest received|**554**||10||
||**–––––––**||**–––––––**||
|||**–––––––**||–––––––|
|||**62,297**||38,922|
|||`══════`||`══════`|
|**Expenses**|||||
|Fundraising:|||||
|Kitchen & Draws|**12,907**||7,531||
|Event expenses|**271**||193||
||**–––––––**|**13,178**|–––––––|7,724|
|**General**|||||
|Property repairs – maintenance|**7,763**||7,225||
|Insurance|**3,413**||4,282||
|Heat and light|**4,030**||1,475||
|Water rates|**993**||-||
|Telephone, postage and stationery|**1,147**||1,253||
|Cleaning|**4,840**||3,396||
|Accountancy|**1,200**||1,200||
|Miscellaneous expenses|**235**||725||
|Depreciation|**5,764**||23,165||
|Covid-19 Measures|
**-**||918||
||**–––––––**||–––––––||
|||**–––––––**||–––––––|
|||**29,385**||43,621|
|||**`══════`**||**`══════`**|
|**Surplus/ (Deficit) for the year**||**19,734**||(12,441)|
|||**`══════`**||**`══════`**|
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## **Saltash Waterside Community Association**
|Balance Sheet||||
|---|---|---|---|
|31 March 2023||||
|||**2023**|**2022**|
||**Note**|**£**|**£**|
|**Fixed Assets**|**2**|**189,387**|193,716|
|**Current Assets**||||
|Balance at bank||**114,235**|90,582|
|Debtors||-|-|
|Prepayments||**3,822**|3,413|
|||**–––––––**|**–––––––**|
|**Total Current Assets**||**118,057**|93,995|
|**Current Liabilities**||||
|Creditors||(**1,200)**|(1,200)|
|||**–––––––**|–––––––|
|**Net Current Assets**||**116,857**|92,795|
|||**–––––––**|–––––––|
|**Net Assets**||**306,244**|286,510|
|||**`══════`**|**`══════`**|
|**Unrestricted Funds**||||
|Opening balance||**286,510**|298,952|
|Excess of expenditure over income||**19,734**|(12,441)|
|||**–––––––**|–––––––|
|||**306,244**|286,510|
|||**`══════`**|**`══════`**|
**Approved by the Trustees on ………………… and signed on their behalf by:**
**……………………………………….**
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## **Saltash Waterside Community Association**
Notes and Accounting Policies
Year ended 31 March 2023
## **1 Accounting Policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 **.**
## **Basis of preparation**
Saltash Waterside Community Association meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## _**Donations and legacies**_
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
## Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources and depreciation charges allocated on the portion of the asset’s use.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including independent examination, strategic management and trustees’s meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £500.00 or more are initially recorded at cost.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
|Asset class|Depreciation method and rate|
|---|---|
|Freehold property|2% straight line|
|Furniture and fixtures|20% straight line|
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
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## **2 Fixed Assets**
|**Cost**
As at 1 April 2022
Additions
As at 31 March 2023
**Depreciation**
As at 1 April 2022
Charge for the year
As at 31 March 2023
**Net book value**
As at 31 March 2023
As at 31 March 2022|**Freehold**
**Property**
**£**
**Balcony**
**Extension**
**£**
**Fixtures and**
**Equipment**
**£**
**Total**
**£**
47,943
162,994
95,714
306,651
-
-
1,435
1,435
47,943
162,994
97,149
308,086
4,795
16,300
91,840
112,935
959
3,260
1,545
5,764
5,754
19,560
93,385
118,699
42,189
143,434
3,764
189,387|
|---|---|
||43,148
146,694
3,874
193,716|
## **a) Freehold Property**
The property has been included at its historic cost in 1991.
## **b) Depreciation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Freehold Property Balcony Extension Fixtures and Equipment
2% straight line basis 2% straight line basis 20% straight line basis
## **3 Trustees’ Remuneration and Expenses**
No remuneration was paid by the trust to any of the trustees for their services as trustees during the year.
## 4 **Taxation**
The charity is a registered charity and is therefore exempt from taxation.
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