REGISTERED CHARITY NUMBER: 303057
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2021
for
CANONS COMMUNITY ASSOCIATION
Khushkam Limited Chartered Certified Accountants 46-48 Byron Road Wealdstone Harrow Middlesex HA3 7SS
CANONS COMMUNITY ASSOCIATION
Report of the Trustees
FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The aim of the charity is to promote any charitable purpose for the well-being of the inhabitants residing in Stanmore and Edgware and the neighbourhood without distinction of sex or of political, religious or other opinions by the advancement of education and the provision of facilities in the interests of social welfare for recreation and leisure time occupation with the object of improving the conditions of life and health for the said inhabitants. to associate with the local authority, voluntary organisations and residents in a common effort to advance all forms of education, and to foster a community spirit for the achievement of these and such other purposes as may by law be deemed to be charitable.
Significant activities
The charity has progressed well from the previous year with success in increased private lets.
Canons Association Limited, a wholly owned subsidiary of the Canons Community Association, is responsible for the management of the Bar. Sales are on the increase and it is now back in profit.The staff of the Canons Association Limited are responsible for the security of the entire Association and cover a lot of Association duties outside of normal office hours.
Volunteers
Its real strength lies in the enormous amount of voluntary service it receives from its members who willingly and generously give of their time at all hours. Volunteers do not receive any remuneration and on almost all cases never even claim out of pocket expenses. The Charity's General Committee (with the aid of executive and other committees) are also responsible for the management of the building including rental of halls and their maintenance. All other activities of the Association are done through voluntary sections and members who donate to the Association in furtherance of its objects.
FINANCIAL REVIEW
Reserves policy
It is the policy of the charity to maintain unrestricted funds at a level which approximatley equates to three years' unrestricted expenditure. This provides sufficient funds to cover management, administration and support costs. This also allows for forward planning on a going concern basis. Reserves will also be required for when the lease is up for renewal in 2021.
The year has seen an increase in lettings with the corresponding increase in total incoming resources, the support costs have been kept at the same levels as in previous years' thus there is an increase in the surplus on activities. The newly refurbished bar is also showing an increase in sales and the hope is that this will continue to increase.
FUTURE PLANS
There is a redecoration program that is ongoing and was started last year and is continuing until all necessary projects have been completed. The repairs to the roof have been completed. The lease of the Association is due for renewal in 2021 and the trustees are working towards ways of increasing income such that they are in a position to meet all corresponding costs.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Canons Community Accociation ("the charity") was established in 1957 and registered as a charity on 1st January 1961. The charity's constitution was amended in October 2001.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
303057
Page 1
CANONS COMMUNITY ASSOCIATION
Report of the Trustees
FOR THE YEAR ENDED 31 MARCH 2021
Principal address
1-17 Wemborough Road Stanmore Middlesex HA7 2DU
Trustees
J W Benn Jnr Chair D Cox Deputy Chair B Clipstone Treasurer Mrs P Richards P Smith S McNamara D Norton Mrs M Kinsella Mrs J Clake M O'Brien Mrs E O'Brien B Smith
Independent Examiner Sangita Patel FCCA Khushkam Limited Chartered Certified Accountants 46-48 Byron Road Wealdstone Harrow Middlesex HA3 7SS
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ J W Benn Jnr - Trustee
Page 2
Independent Examiner's Report to the Trustees of Canons Community Association
Independent examiner's report to the trustees of Canons Community Association
I report to the charity trustees on my examination of the accounts of Canons Community Association (the Trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust 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 the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable 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.
Sangita Patel FCCA Khushkam Limited Chartered Certified Accountants 46-48 Byron Road Wealdstone Harrow Middlesex HA3 7SS
Date: .............................................
Page 3
CANONS COMMUNITY ASSOCIATION
Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2021
| 31.3.21 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 56,081 Other trading activities 3 25,851 Investment income 4 801 Other income - Total 82,733 EXPENDITURE ON Charitable activities 5 General 60,741 Support costs 1,989 Total 62,730 NET INCOME 20,003 RECONCILIATION OF FUNDS Total funds brought forward 531,493 TOTAL FUNDS CARRIED FORWARD 551,496 |
31.3.20 Total funds £ 7,567 103,504 3,551 120 114,742 75,998 1,080 77,078 37,664 493,829 531,493 |
|---|---|
The notes form part of these financial statements
Page 4
CANONS COMMUNITY ASSOCIATION
Balance Sheet 31 MARCH 2021
| 31.3.21 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 8,064 Investments 11 75 8,139 CURRENT ASSETS Debtors 12 5,563 Cash at bank and in hand 551,662 557,225 CREDITORS Amounts falling due within one year 13 (13,868) NET CURRENT ASSETS 543,357 TOTAL ASSETS LESS CURRENT LIABILITIES 551,496 NET ASSETS 551,496 FUNDS 14 Unrestricted funds 551,496 TOTAL FUNDS 551,496 |
31.3.20 Total funds £ 17,943 75 18,018 12,392 541,627 554,019 (40,544) 513,475 531,493 531,493 531,493 531,493 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. B Clipstone - Trustee
............................................. J W Benn Jnr - Trustee
The notes form part of these financial statements
Page 5
CANONS COMMUNITY ASSOCIATION
Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property Fixtures and fittings - 20% on cost
Tangible fixed assets for use by the charity are stated at cost.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Sections
Association's activities are carried out through autonomous sections and members. Assets and liabilities of sections, which are autonomous, have been excluded from the balance sheet. Income surpluses are included in the statement of Financial Activity only to the extent that these surpluses have been donated by the sections.
continued...
Page 6
CANONS COMMUNITY ASSOCIATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2021
| 2. DONATIONS AND LEGACIES Members and other donations Grants Subscriptions Subscriptions affiliations fee Grants received, included in the above, are as follows: Other grants 3. OTHER TRADING ACTIVITIES Hire of Premises - Sections Hire of Premises - Affiliates Private lets Gift Aid 4. INVESTMENT INCOME Deposit account interest 5. CHARITABLE ACTIVITIES COSTS General Support costs |
Direct Costs £ 2,738 - 2,738 |
31.3.21 £ 151 55,930 - - 56,081 31.3.21 £ 55,930 31.3.21 £ - - 25,851 - 25,851 31.3.21 £ 801 Support costs (see note 6) £ 58,003 1,989 59,992 |
31.3.20 £ 577 - 6,940 50 7,567 31.3.20 £ - 31.3.20 £ 8,815 18,545 66,421 9,723 103,504 31.3.20 £ 3,551 Totals £ 60,741 1,989 62,730 |
|---|---|---|---|
continued...
Page 7
CANONS COMMUNITY ASSOCIATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2021
6. SUPPORT COSTS
| Management £ General 57,986 Support costs - 57,986 |
Governance Finance costs £ £ 17 - - 1,989 17 1,989 |
Totals £ 58,003 1,989 59,992 |
|---|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
The managing trustee J W Benn Jnr - Chairman, was paid £4336.33 (2020 - £12,271.20.) for cleaning and set up services rendered during the year, transactions being at arms length. He was also paid £1959.68 (2020-£2,461.31) for various maintenance work, staff cover and equipment supplied during the year, these transactions were also at arms length.
The treasurer B Clipstone was paid £45.00 (2020- £62.25) during the year for the maintenance and upkeep of the website, this was at arms length.
There were no other trustees' remuneration or benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020..
.
.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
8. STAFF COSTS
No employee received remuneration of more than £50,000.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income Other income |
Unrestricted fund £ 7,567 103,504 3,551 120 |
|---|---|
| Total EXPENDITURE ON Charitable activities General Support costs |
114,742 75,998 1,080 |
| Total | 77,078 |
| NET INCOME | 37,664 |
continued...
Page 8
CANONS COMMUNITY ASSOCIATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2021
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 10. TANGIBLE FIXED ASSETS COST At 1 April 2020 and 31 March 2021 DEPRECIATION At 1 April 2020 Charge for year At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 There were no investment assets outside the UK. |
Short leasehold £ 203,564 187,221 9,479 196,700 6,864 16,343 |
Unrestricted fund £ 493,829 531,493 Fixtures and fittings Totals £ £ 45,557 249,121 43,957 231,178 400 9,879 44,357 241,057 1,200 8,064 1,600 17,943 Shares in group undertakings £ 75 75 75 |
|---|---|---|
Canons Association Limited is a wholly owned subsidiary of Canons Community Association.
continued...
Page 9
CANONS COMMUNITY ASSOCIATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2021
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 14. MOVEMENT IN FUNDS At 1.4.20 £ Unrestricted funds General fund 531,493 TOTAL FUNDS 531,493 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 82,733 TOTAL FUNDS 82,733 Comparatives for movement in funds At 1.4.19 £ Unrestricted funds General fund 493,829 TOTAL FUNDS 493,829 |
31.3.21 31.3.20 £ £ 5,563 12,392 31.3.21 31.3.20 £ £ (9,260) (9,260) 12 - 23,116 49,804 13,868 40,544 Net movement At in funds 31.3.21 £ £ 20,003 551,496 20,003 551,496 Resources Movement expended in funds £ £ (62,730) 20,003 (62,730) 20,003 Net movement At in funds 31.3.20 £ £ 37,664 531,493 37,664 531,493 |
|---|---|
continued...
Page 10
CANONS COMMUNITY ASSOCIATION
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2021
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 114,742 114,742 |
Resources Movement expended in funds £ £ (77,078) 37,664 (77,078) 37,664 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.19 £ 493,829 493,829 |
Net movement in funds £ 57,667 57,667 |
At 31.3.21 £ 551,496 551,496 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 197,475 (139,808) |
57,667 |
| TOTAL FUNDS | 197,475 (139,808) |
57,667 |
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
16. OPERATING TRADING RESULTS OF A SUBSIDIARY (CANONS ASSOCIATION LIMITED)
The turnover for the year was £19,198 (2020 - £68,309) with cost of sales of £9,455 (2020 - £27,854) giving a gross profit of £9,873 (2020 - £40,455). Administrative expenses were £30,737 (2020- £31,195) giving a net profit of £4,136 (2020 -net profit of £9,260); a grant of £25,000 was received leading to the surplus.There is no tax to pay as the company has arranged to make a donation of £4,136 (2020 - £9,260) to Canons Community Association, the charity that owns the share capital of Canons Association Limited. There were reserves of £49,130 brought forward, so the total reserves now stand at £49,130, a healthy position.
Page 11
CANONS COMMUNITY ASSOCIATION
Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2021
| Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2021 |
||
|---|---|---|
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Members and other donations | 151 | 577 |
| Grants | 55,930 | - |
| Subscriptions | - | 6,940 |
| Subscriptions affiliations fee | - | 50 |
| Other trading activities | 56,081 | 7,567 |
| Hire of Premises - Sections | - | 8,815 |
| Hire of Premises - Affiliates | - | 18,545 |
| Private lets | 25,851 | 66,421 |
| Gift Aid | - | 9,723 |
| Investment income | 25,851 | 103,504 |
| Deposit account interest | 801 | 3,551 |
| Other income | ||
| Advertising income | - | 120 |
| Total incoming resources | 82,733 | 114,742 |
| EXPENDITURE | ||
| Charitable activities | ||
| Telephone | 389 | 729 |
| Postage and stationery | 170 | 809 |
| Licences and fees | 1,744 | 2,151 |
| Website hosting & maintenance | 435 | 62 |
| Support costs | 2,738 | 3,751 |
| Management | ||
| Wages | 19,033 | 16,376 |
| Subcontractor costs | 4,288 | 10,581 |
| Rates and water | 955 | 3,651 |
| Insurance | 3,652 | 3,875 |
| Light and heat | 9,161 | 14,160 |
| Rent | 1,000 | 1,000 |
| Repairs and maintenance | 10,378 | 12,787 |
| Short leasehold | 9,480 | 9,480 |
| Fixtures and fittings | 400 | 623 |
| Bank interest | (361) | (327) |
| 57,986 | 72,206 |
This page does not form part of the statutory financial statements
Page 12
CANONS COMMUNITY ASSOCIATION
| Detailed Statement of Financial Activities | ||
|---|---|---|
| FOR THE YEAR ENDED 31 MARCH 2021 | ||
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| Management | ||
| Finance | ||
| Bank charges | 17 | 41 |
| Governance costs | ||
| Accountancy and legal fees | 1,989 | 1,080 |
| Total resources expended | 62,730 | 77,078 |
| Net income | 20,003 | 37,664 |
This page does not form part of the statutory financial statements
Page 13
CANONS COMMUNITY ASSOCIATION
Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
| Detailed Statement of Financial Activities | 12 | to | 13 |