**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **ANNUAL REPORT**
**YEAR ENDED 31 MARCH 2024**
**REGISTERED CHARITY NUMBER: 304022**
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **INDEX TO ACCOUNTS**
||**Page**|
|---|---|
|Legal and administrative information|1 – 2|
|Report of the Trustees|3 – 4|
|Report of the Independent Examiners|5|
|Consolidated statement of financial activities|6|
|Consolidated balance sheet|7|
|Notes to the accounts|8 – 14|
|Management information|15|
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **Legal and Administrative Information**
The association is registered with the Charity Commission (registration number 304022). It is managed by an executive committee of trustees who are elected by the members of the association.
## **Address of Charity**
North Walsham Community Centre New Road North Walsham Norfolk NR28 9DE
## **Trustees and Members of the Executive Committee who held office during the year:**
Chairman Mr C A Jeary Honorary Secretary Mrs A Hudson Members Mr R Oakley Mrs E Taylor Mr C Titmuss – Resigned 05/09/2023 Mr M Kirby
1
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **Legal and administrative details** continued
## **Bankers**
HSBC 18 London Street Norwich Norfolk NR2 1LG
## **Solicitors**
Hansells Canada House 4 Grammar School Road North Walsham Norfolk NR28 9JH
## **Independent Examiner**
Mr A Hart H & M Accountancy Solutions Ltd Nelson House, 13 Mundesley Road North Walsham Norfolk NR28 0DA
2
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **REPORT OF THE TRUSTEES AND EXECUTIVE COMMITTEE**
## **FINANCIAL YEAR ENDED 31 MARCH 2024**
The trustees, who are also members of the executive committee (managing body), submit their annual report and financial statements for the year ended 31 March 2024.
## **Governing document**
The charity is governed by a constitution dated 5 July 1971 amended 7 July 1998.
## **Consolidation of financial statements**
The financial statements of the association for the year 1 April 2023 to 31 March 2024 have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the charity's governing document, the Charities Act 2011 and 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 (FRS102) (effective 1 January 2015). Consolidated financial statements are required to help provide a true and fair overall view of the affairs and activities of the association and its subsidiary company, North Walsham Community Centre Limited. The directors of the subsidiary company are association nominees and the company donates the net profits arising from its trading activities to the association.
## **Objectives of the association**
The association owns, maintains and manages for public benefit, the North Walsham Community Centre to provide meeting facilities to the local community for a wide range of education, social welfare, recreation and leisure activities. The facilities range from a large theatre to small meeting rooms and include two fully equipped kitchens and two bars.
## **Achievements and performance**
Hirings have improved from 2023 by approximately £13,000 but this hasn’t been the same for the bar which has seen a £7,000 reduction in profit due to reduced weekend bars. The sitting out area roof has also been stripped and replaced at a cost of £29,000. Meaning that due to a large maintenance cost the centre has made a loss again this year of £44,107.
## **Financial review**
The Consolidated Statement of Financial Activities for the year is set out on page 6. The total incoming resources amounted to £78,136 (2023 £79,515) and, after deducting the total resources expended of £122,243 (2023 £119,594), there were net (outgoing) / incoming resources of (£44,107) (2023 (£40,079)).
At (£44,107), the net result for the year ended 31 March 2024 is down by £4,028.
The net outgoing resources have been added to the consolidated funds to leave a balance at 31 March 2024 of £188,556 (2023 £232,663), which the Committee believe to be a satisfactory state of affairs.
## **Reserves policy**
It is the policy of the charity to maintain unrestricted reserves to cover expenditure for a period of 12 months.
## **Risk management**
The charity monitors its risk on an ongoing basis and has ensured that both policies and funding to mitigate those risks will be met during the financial year 2024/25.
3
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **Report of the trustees and executive committee** continued
Internal risks are minimised by the implementation of authorisation and checking procedures covering all transactions undertaken and monitoring procedures to ensure consistent and quality delivery of the services provided by the centre. The trustees regularly review these procedures to ensure that they meet the needs of the charity.
## **Public benefit statement**
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission.
## **Fixed assets**
Details of fixed assets are as set out in note 7 to the accounts.
## **Governance and internal control**
Charity law 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 surplus or deficit of the charity for that year. In preparing those financial statements, the trustees have:
- selected suitable accounting policies and then applied them consistently;
- observe the methods and principles in the applicable Charities SORP;
- made judgements and estimates that are reasonable and prudent;
- stated whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepared the financial statements on the going concern basis.
The trustees have overall responsibility for ensuring that the charity has appropriate systems of controls, financial and otherwise. They are also responsible for keeping proper accounting records which 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. 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.
The Trustees who served during the year and up to the date of this report are set out on page 1. The Trustees have full decision making responsibility and meet regularly.
## **Appointment of Trustees**
The Trustees are elected by the members of the general committee at the Annual General Meeting. Additionally, the Trustees may co-opt further individuals as Trustees, which also have to be approved by the members of the general committee.
> This report was approved by the trustees on ………………………………… This report was approved by the trustees on J20 Novemace, 2024
…………………………………………… Mr C Jeary Mr C Jeary **CHAIRMAN** CHAIRMAN
4
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES AND EXECUTIVE COMMITTEE**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set out on pages 6 to 14.
## **Responsibilities and basis of report**
As the charity's trustees 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 charity's accounts carried out under section 145 of the 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**
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 the charity 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 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.
Mr A Hart H & M Accountancy Solutions Ltd Nelson House, 13 Mundesley Road North Walsham Norfolk NR28 0DA
Date: 20/11/2024
5
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 MARCH 2024**
|**Notes**
**Incoming resources**
**Activities to further the Charity's**
**objects:**
Hire charges
**Activities for generating funds:**
Interest received
Trading subsidiary income
2
Quasi subsidiary income
3
**Total incoming resources**
**Resources expended**
**Cost of activities in furtherance**
**of the Charities objects:**
Wages and salaries
6
Premises costs
5
General charity expenditure
**Costs of generating funds:**
Trading subsidiary expenditure
Wages
6
Other costs
**Governance costs:**
Professional fees
**Total resources expended**
5
**Net (outgoing) / incoming**
**resources**
Fund balances brought forward 1
April 2023
Transfers
Fund balances carried forward 31
March 2024|**Unrestricted**
**£**
56,292
542
21,302
-
**78,136**
38,854
62,326
1,765
9,011
6,417
3,870
**122,243**
**(44,107)**
232,663
188,556
-
188,556|**Restricted**
**£**
-
-
-
-
**-**
-
-
-
-
-
-
**-**
**-**
-
-
-
-|**Total**
**2024**
**£**
56,292
542
21,302
-
**78,136**
38,854
62,326
1,765
9,011
6,417
3,870
**122,243**
**(44,107)**
232,663
188,556
-
188,556|**Total**
**2023**
**£**
41,568
211
35,910
1,826|
|---|---|---|---|---|
|||||**79,515**|
|||||36,138
54,425
1,934
10,530
12,425
4,142|
|||||**119,594**|
|||||**(40,079)**
272,742|
|||||232,663
-|
|||||232,663|
The notes set out on pages 8 to 14 form an integral part of these accounts
6
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **CONSOLIDATED BALANCE SHEET**
## **31 MARCH 2024**
|||**Consolidated**|**Consolidated**|**Association**|**Association**|
|---|---|---|---|---|---|
||**Notes**|**2024**|**2023**|**2024**|**2023**|
|||**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|7|103,399|113,379|103,399|113,379|
|Investments|8|-|-|3|3|
|||103,399|113,379|103,402|113,382|
|**Current assets**||||||
|Stock|9|2,776|2,544|-|-|
|Debtors|10|5,421|3,239|13,936|21,113|
|Premium Bond||50|50|50|50|
|National Savings Investment|11|23,195|23,195|23,195|23,195|
|Account||||||
|National Savings Income Bonds||16,000|16,000|16,000|16,000|
|Bank and Building Society|11|45,094|76,015|27,672|53,226|
|balances||||||
|Cash in hand||980|2,497|54|888|
|||93,516|123,540|80,907|114,472|
|**Creditors: Amounts falling due**|12|8,359|4,256|8,359|4,256|
|**within one year**||||||
|**Net current assets**||85,157|119,284|72,548|110,216|
|**Total net assets**||**188,556**|**232,663**|**175,950**|**223,598**|
|**Funds**||||||
|Unrestricted funds:||||||
|General funds|13|106,274|145,381|99,733|142,381|
|Restricted funds|14|-|-|-|-|
|Designated funds|14|82,282|87,282|76,217|81,217|
|||**188,556**|**232,663**|**175,950**|**223,598**|
ch These accounts were approved by the Executive Committee on……………………………………. These accounts were approved by the Executive Committee on, 2 Novembee 20 24
…………………………………………. For and on behalf of the Executive Committee Chairman: Chairman:ER RR Mr C Jeary CceceJeary For and on behalf of the Executive Committee
> The notes set out on pages 8 to 14 form an integral part of these accounts The notes set out on pages8 to 14 form an integral part of these accounts
7
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **1. Accounting policies**
## **(a) Basis of preparation**
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements consolidate as a group undertaking the accounts of North Walsham Community Centre Limited, the shares of which are held for the benefit of the Association, and the accounts of the Friends of North Walsham Community Association which is deemed to be a quasi-subsidiary.
The charity constitutes a public benefit entity as defined by FRS 102.
## **(b) Incoming resources**
Income from operating activities in furtherance of the charity's objects is included in the period in which the charity is entitled to receipt.
## **(c)**
## **Grants and donations**
Grants and donations, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year they are receivable.
## **(d) Gifts in kind**
Non monetary assets gifted to the company for a specific project are capitalised, placed into a restricted fund and written off over their estimated useful lives.
## **(e) Voluntary help**
There is a significant level of support received by way of voluntary help. This unpaid assistance is not quantifiable and does not appear on the Statement of Financial Activities.
## **(f) Resources expended**
Resources expended are recognised in the period in which they are incurred.
## **(g) Tangible fixed assets**
Individual fixed assets are capitalised at cost or trustee's valuation if gifted. Depreciation is charged at the following rates:
Leasehold property Over period of lease Fixtures, fittings and equipment 4 – 20% straight line
## **(h) Stocks**
Stocks are stated at the lower of cost and net realisable value.
8
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **Accounting policies continued**
## **(i) Fund accounting**
Funds held by the charity are either:
- Unrestricted general funds —these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
- Designated funds —these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.
- Restricted funds —these are funds that can only be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of the management and support costs.
Further explanations of the nature and purpose of each fund is included in the notes to the financial statements.
## **(I) Taxation**
The association is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
9
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **2. Trading subsidiary income and expenditure**
The trading subsidiary North Walsham Community Centre Limited (Company Number: 02371452), manages the bar facilities. It donates its profits to the Association. Trading results extracted from its accounts to 31 March 2024 are shown below:
|Turnover
Less: Cost of sales
Gross profit
Administration expenses
Operating profit
Donations received
Net profit for the year
Donation to
North Walsham Community Association
Amount retained for the year|**2024**
**£**
21,302
15,100
6,202
328
5,874
-
5,874
(5,874)
Nil|**2023**
**£**
35,910
21,742|
|---|---|---|
|||14,168
1,213|
|||12,955
-|
|||12,955
(12,955)|
|||Nil|
## **3. Quasi-subsidiary income and expenditure**
The quasi-subsidiary, Friends of North Walsham Community Association, organises fundraising events and donates its profits to the Association. Results extracted from its accounts to 31 March 2024 are shown below:
|Fundraising income
Cost of fundraising activities
Surplus (Deficit) for the year
Balance 1 April 2023
Receipts from North Walsham Community Association
Payments to North Walsham Community Association
Balance 31 March 2024|**2024**
**£**
-
-
-
6,065
-
-
6,065|**2023**
**£**
1,826
1,717|
|---|---|---|
|||109
5,956
-
-|
|||6,065|
10
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **4. Net outgoing resources**
Net outgoing resources is stated after charging:
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Depreciation and amortisation of owned assets|9,980|24,810|
## **5. Total resources expended**
|**Governance**
**costs**
**£**
Direct charitable
expenditure:
Wages and salaries
-
Premises costs
-
-
Other expenditure:
Trading expenditure
-
General charity
expenditure
-
Independent
examination fee
1,700
Other financial services
2,170
3,870
**. Staff costs**
Wages and salaries
Social Security costs
Pension costs
Employment Allowance
The average number of employees for the|**Staff**
**costs**
**£**
38,854
-
38,854
-
-
-
-
38,854
charity was:||**Depreciation**
**£**
-
9,980
9,980
-
-
-
-
9,980
**2024**
**£**
47,264
1,822
601
(1,822)
47,865
5|**Other**
**£**
-
52,346||**Total**
**£**
38,854
62,326|
|---|---|---|---|---|---|---|
|||||52,346
15,428
1,765
-
-||101,180
15,428
1,765
1,700
2,170|
|||||69,539||122,243|
|||||||**2023**
**£**
44,509
3,359
889
(2,089)
46,668
5|
||||||||
||||||||
## **6. Staff costs**
No employee received total employee benefits of more than £60,000.
11
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **7. Tangible fixed assets**
|**Cost**
1 April 2023
Additions
31 March 2024
**Depreciation**
1 April 2023
Charge for the year
31 March 2024
**Net book amount**
31 March 2024
31 March 2023
**. Fixed assets investments**
Cost at 31 March 2024
North Walsham Community Centre Limited
Ordinary shares of £1 each (incorporated
in England)|**Consolidated & Association**
**Leasehold**
**property**
**Fixtures,**
**fittings &**
**equipment**
**Total**
**£**
**£**
**£**
217,359
171,593
388,952
-
-
-
217,359
171,593
388,952
127,916
147,657
275,573
5,150
4,830
9,980
133,066
152,487
285,553
84,293
19,106
103,399
89,443
23,936
113,379
**Consolidated**
**Association**
**2024**
**2023**
**2024**
**2023**
**£**
**£**
**£**
**£**
-
-
3
3|
|---|---|
## **8. Fixed assets investments**
## **9. Stock**
||**Consolidated**|**Consolidated**|**Association**|**Association**||
|---|---|---|---|---|---|
||**2024**|**2023**|**2024**|**2023**||
||**£**|**£**|**£**|**£**||
|Bar stock for resale|2,776|2,544||-|-|
12
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **10. Debtors**
|Trade debtors
Prepayments and accrued income
Other debtors|**Consolidated**
**2024**
**2023**
**£**
**£**
5,421
3,239
-
-
-
-
5,421
3,239|**Association**
**2024**
**2023**
**£**
**£**
5,420
3,239
-
-
8,516
17,874|
|---|---|---|
|||13,936
21,113|
## **11. Bank Accounts**
Bank statements could not be obtained for the NS&I investment account and Friends bank account due to problems with the names on the account. This is currently being resolved and not expected to have a material impact on the financial position of the charity.
## **12. Creditors**
|Trade creditors
Accruals and deferred income
Other creditors|**Consolidated**
**2024**
**2023**
**£**
**£**
-
-
3,058
2,300
5,301
1,956
8,359
4,256|**Association**
**2024**
**2023**
**£**
**£**
-
-
3,058
2,300
5,301
1,956|
|---|---|---|
|||8,359
4,256|
## **13. Analysis of net assets between funds**
|Tangible fixed assets
Investments
Current assets
Current liabilities|**General**
**Funds**
**£**
103,399
-
11,234
(8,359)
106,274|**Restricted**
**Funds**
**£**
-
-
-
-
-|**Designated**
**Funds**
**£**
-
-
82,282
-
82,282|**Total Funds**
**£**
103,399
-
93,516
(8,359)|
|---|---|---|---|---|
|||||188,556|
13
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2024**
## **14. Statement of funds**
|**Unrestricted funds:**
General fund
**Designated funds:**
Lobby improvements
fund
Furniture replacement
fund
Easement fund
Roof repair fund
Contingencies reserve
Repairs and
improvement
reserve
**Total funds**|**At 1 April**
**2023**
**£**
145,381
15,000
10,000
500
15,000
40,717
6,065
232,663|**Incoming**
**Resource**
**s**
**£**
78,136
-
-
-
-
-
-
78,136|**Outgoing**
**Resources**
**£**
(122,243)
-
-
-
-
-
-
(122,243)|**Transfer**
**s**
**£**
5,000
-
-
-
(5,000)
-
-
-|**At 31**
**March**
**2024**
**£**
106,274
15,000
10,000
500
10,000
40,717
6,065|
|---|---|---|---|---|---|
||||||188,556|
Purposes of designated funds:
The contingencies reserve comprises monies set aside for emergencies. The repairs and improvements reserve represents the monies currently held by the Friends of North Walsham Community Association for general improvements to the centre. In 2018 the Trustees deemed it appropriate to designate funds to various areas of the centre which are in need of improvements.
- The Trustees designated the following from General Funds: • Lobby improvements fund £15,000 • Furniture replacement fund £10,000 • Easement fund £500 • Roof repair fund £10,000 (2023: £15,000)
## **15. Related party transactions**
Certain Trustees received approved remuneration and expenses for services provided to the Association in addition to their duties as Trustees. The amounts paid were as follows:
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Mr C Jeary|3,197|1,930|
|Mrs A Hudson|68|533|
14
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **MANAGEMENT INFORMATION**
**FOR THE YEAR ENDED 31 MARCH 2024**
The information set out on page 15 does not form part of the report and financial statements
**NORTH WALSHAM COMMUNITY ASSOCIATION**
## **MANAGEMENT INFORMATION**
## **INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 31 MARCH 2024**
|**Income**
Hire Charges
Interest received
North Walsham Community Centre
Ltd:
Management charge
Donation
**Less**
**Expenditure**
Wages and salaries (inc direct
costs)
**Premises**
Cleaning
Light, heat and water
Rent and rates
Repairs, renewals and
maintenance
Insurance
Depreciation of fixtures and fittings
Amortisation of leasehold property
**Management and administration**
Telephone and internet
Printing, postage, stationery &
adverts
Office equipment maintenance
Licences
Professional fees
Sundry expenses
Bank charges
**(Loss) for the year**|**2024**
**£**
**£**
56,292
542
5,874
-
62,708
38,854
1,212
13,509
487
33,331
3,807
4,830
5,150
62,326
744
409
-
295
3,870
160
157
5,635
106,815
**(44,107)**|**2023**
**£**
**£**
43,394
211
12,955
-
56,560
37,402
1,118
14,146
1,319
5,425
6,342
5,711
19,099
53,160
685
417
-
272
4,142
419
142
6,077
96,639
**(40,079)**|**2023**
**£**
**£**
43,394
211
12,955
-
56,560
37,402
1,118
14,146
1,319
5,425
6,342
5,711
19,099
53,160
685
417
-
272
4,142
419
142
6,077
96,639
**(40,079)**|
|---|---|---|---|
||||56,560
96,639|
||1,212
13,509
487
33,331
3,807
4,830
5,150|1,118
14,146
1,319
5,425
6,342
5,711
19,099||
||62,326|53,160||
||744
409
-
295
3,870
160
157|685
417
-
272
4,142
419
142||
||5,635|6,077||
|||||
||||**(40,079)**|
15