NORTH WALSHAM COMMUNITY ASSOCIATION
ANNUAL REPORT
YEAR ENDED 31 MARCH 2025
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 – Resigned 20/11/2024 Mrs E Taylor 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 2025
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 2025.
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 2024 to 31 March 2025 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
In 2024, hirings have once again increased by approximately £12,500, which is a strong improvement and a positive indicator of growing activity. However, this growth has been partially offset by an increase in wage costs, which have risen by £6,000, and utilities, which are also up by £6,000. On a more positive note, maintenance and renewals costs have decreased compared to 2023. That said, a significant amount was still incurred due to the main gas heater failing its annual inspection, necessitating urgent repairs or replacement.
Financial review
The Consolidated Statement of Financial Activities for the year is set out on page 6. The total incoming resources amounted to £95,937 (2024 £78,136) and, after deducting the total resources expended of £109,410 (2024 £122,243), there were net (outgoing) / incoming resources of (£13,473) (2024 (£44,107)).
At (£13,473), the net result for the year ended 31 March 2025 is up by £30,634.
The net outgoing resources have been added to the consolidated funds to leave a balance at 31 March 2025 of £175,083 (2024 £188,556), 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 2025/26.
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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;
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made judgements and estimates that are reasonable and prudent;
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stated whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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.
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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 2025 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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: 21/08/2025
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NORTH WALSHAM COMMUNITY ASSOCIATION
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
| Notes Incoming resources Activities to further the Charity's objects: Hire charges Government Grants 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 2024 Transfers Fund balances carried forward 31 March 2025 |
Unrestricted £ 67,178 1,700 610 24,865 1,584 95,937 44,737 44,043 1,965 8,090 6,880 3,695 109,410 (13,473) 188,556 175,083 - 175,083 |
Restricted £ - - - - - - - - - - - - - - - - - - |
Total 2025 £ 67,178 1,700 610 24,865 1,584 95,937 44,737 44,043 1,965 8,090 6,880 3,695 109,410 (13,473) 188,556 175,083 - 175,083 |
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 |
The notes set out on pages 8 to 14 form an integral part of these accounts
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NORTH WALSHAM COMMUNITY ASSOCIATION
CONSOLIDATED BALANCE SHEET
31 MARCH 2025
| Consolidated | Consolidated | Association | Association | ||
|---|---|---|---|---|---|
| Notes | 2025 | 2024 | 2025 | 2024 | |
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible assets | 7 | 95,901 | 103,399 | 95,901 | 103,399 |
| Investments | 8 | - | - | 3 | 3 |
| 95,901 | 103,399 | 95,904 | 103,402 | ||
| Current assets | |||||
| Stock | 9 | 2,933 | 2,776 | - | - |
| Debtors | 10 | 5,780 | 5,421 | 18,976 | 13,936 |
| 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 | 36,920 | 45,094 | 13,189 | 27,672 |
| balances | |||||
| Cash in hand | 834 | 980 | 109 | 54 | |
| 85,712 | 93,516 | 71,519 | 80,907 | ||
| Creditors: Amounts falling due | 12 | 6,530 | 8,359 | 6,530 | 8,359 |
| within one year | |||||
| Net current assets | 79,182 | 85,157 | 64,989 | 72,548 | |
| Total net assets | 175,083 | 188,556 | 160,983 | 175,950 | |
| Funds | |||||
| Unrestricted funds: | |||||
| General funds | 13 | 91,217 | 106,274 | 84,676 | 99,733 |
| Restricted funds | 14 | - | - | - | - |
| Designated funds | 14 | 83,866 | 82,282 | 76,217 | 76,217 |
| 175,083 | 188,556 | 160,893 | 175,950 |
The notes set out on pages 8 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 2025
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 2025
Accounting policies continued
(i) Fund accounting
Funds held by the charity are either:
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Unrestricted general funds —these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
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Designated funds —these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.
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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.
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NORTH WALSHAM COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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 2025 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 |
2025 £ 24,865 14,650 10,215 320 9,895 - 9,895 (9,895) Nil |
2024 £ 21,302 15,100 |
|---|---|---|
| 6,202 328 |
||
| 5,874 - |
||
| 5,874 (5,874) |
||
| 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 2025 are shown below:
| Fundraising income Cost of fundraising activities Surplus (Deficit) for the year Balance 1 April 2024 Receipts from North Walsham Community Association Payments to North Walsham Community Association Balance 31 March 2025 |
2025 £ 1,584 - - 6,065 1,584 - 7,649 |
2024 £ - - |
|---|---|---|
| - 6,065 - - |
||
| 6,065 |
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NORTH WALSHAM COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4. Net outgoing resources
Net outgoing resources is stated after charging:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Depreciation and amortisation of owned assets | 9,017 | 9,980 |
5. Total resources expended
| Governance costs £ Direct charitable expenditure: Wages and salaries - Premises costs - - Other expenditure: Trading expenditure - General charity expenditure - Independent examination fee 2,161 Other financial services 1,535 3,696 . Staff costs Wages and salaries Social Security costs Pension costs Employment Allowance The average number of employees for the |
Staff costs £ 44,737 - 44,737 - - - - 44,737 charity was: |
Depreciation £ - 9,017 9,017 - - - - 9,017 2025 £ 51,949 2,287 878 (2,287) 52,827 5 |
Other £ - 35,025 |
Total £ 44,737 44,042 |
||
|---|---|---|---|---|---|---|
| 35,025 14,970 1,965 - - |
85,779 14,970 1,965 2,161 1,535 |
|||||
| 51,960 | 109,410 | |||||
| 2024 £ 47,264 1,822 601 (1,822) 47,865 5 |
||||||
6. Staff costs
No employee received total employee benefits of more than £60,000.
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NORTH WALSHAM COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
7. Tangible fixed assets
| Cost 1 April 2024 Additions 31 March 2025 Depreciation 1 April 2024 Charge for the year 31 March 2025 Net book amount 31 March 2025 31 March 2024 . Fixed assets investments Cost at 31 March 2025 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 - 1,520 1,520 217,359 173,113 390,472 133,066 152,487 285,553 5,150 3,868 9,018 138,216 156,355 294,571 79,143 16,758 95,901 84,293 19,106 103,399 Consolidated Association 2025 2024 2025 2024 £ £ £ £ - - 3 3 |
|---|---|
8. Fixed assets investments
9. Stock
| Consolidated | Consolidated | Association | Association | ||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| Bar stock for resale | 2,933 | 2,776 | - | - |
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NORTH WALSHAM COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
10. Debtors
| Trade debtors Prepayments and accrued income Other debtors |
Consolidated 2025 2024 £ £ 5,420 5,421 360 - - - 5,780 5,421 |
Association 2025 2024 £ £ 5,420 3,239 360 - 13,196 8,516 |
|---|---|---|
| 18,976 13,936 |
11. Bank Accounts
Bank statements could not be obtained for the NS&I investment 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 2025 2024 £ £ 900 - 2,674 3,058 2,956 5,301 6,530 8,359 |
Association 2025 2024 £ £ 900 - 2,674 3,058 2,956 5,301 |
|---|---|---|
| 6,530 8,359 |
13. Analysis of net assets between funds
| Tangible fixed assets Investments Current assets Current liabilities |
General Funds £ 95,901 - 1,846 (6,530) 91,217 |
Restricted Funds £ - - - - - |
Designated Funds £ - - 83,866 - 83,866 |
Total Funds £ 95,901 - 83,866 (6,530) |
|---|---|---|---|---|
| 175,083 |
13
NORTH WALSHAM COMMUNITY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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 2024 £ 106,274 15,000 10,000 500 15,000 40,717 6,065 188,556 |
Incoming Resource s £ 95,937 - - - - - - 95,937 |
Outgoing Resources £ (109,410) - - - - - - (109,410) |
Transfer s £ (1,584) - - - - - 1,584 - |
At 31 March 2025 £ 91,217 15,000 10,000 500 10,000 40,717 7,649 |
|---|---|---|---|---|---|
| 175,083 |
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
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• Furniture replacement fund £10,000 • Easement fund £500 • Roof repair fund £10,000
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:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Mr C Jeary | 4,229 | 3,197 |
| Mrs A Hudson | 63 | 68 |
14
NORTH WALSHAM COMMUNITY ASSOCIATION
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025
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 2025
| Income Hire Charges Interest received Government Grants 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 Licences Professional fees Sundry expenses Bank charges (Loss) for the year |
2025 £ £ 68,762 610 1,700 9,895 - 80,967 44,737 940 19,671 475 10,133 3,807 3,868 5,150 44,044 964 163 679 3,695 0 158 5,659 94,440 (13,473) |
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) |
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) |
|---|---|---|---|
| 62,708 106,815 |
|||
| 940 19,671 475 10,133 3,807 3,868 5,150 |
1,212 13,509 487 33,331 3,807 4,830 5,150 |
||
| 44,044 | 62,326 | ||
| 964 163 679 3,695 0 158 |
744 409 295 3,870 160 157 |
||
| 5,659 | 5,635 | ||
| (44,107) |
15