THE CHARING CROSS CENTRE ACCOUNTS FOR THE YEAR ENDED 31 ST MARCH 2023
THE CHARING CROSS CENTRE
Contents
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Page no.
Charity information 1
Statement of trustees’ responsibilities 2 - 4
Independent Examiner’s Report 5
Accounts comprising:-
Statement of financial activities 6
Balance sheet 7
Notes to the accounts 8 - 13
Charity Information
Charity registration number: 304027
Location of principal activity:-
17-19 St John Maddermarket
Norwich
Norfolk
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Mr A Jarrold, Mr D Ford and Mrs L Hunt, trustees of the charity, hold title to the above property.
Trustees/Management Committee
A Jarrold T Fellas (Vice Chair) P Hunt (Treasurer) J Roberts S Seeley A Wilson-Wright D Ford (Chair) L Hunt
Accountants
Stephenson Smart (East Anglia) Limited Queens Head House The Street Acle Norwich NR13 3DY
Bankers
The Co-Operative Bank PLC P.O. Box 250 Skelmersdale WN8 6WT
1
THE CHARING CROSS CENTRE TRUSTEES’ REPORT
The trustees present their annual report and financial statements of the charity for the year ended 31 March 2023.
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 Charities Act 2011. The charity has applied Update Bulletin 1 as published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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) (second edition effective 1 January 2019) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Objectives and activities for the public benefit
The charity is governed by its constitution which was revised in 1987 and amended in 1999. Its objectives are to assist young people to mature and develop by providing facilities, further education, training and recreation. The trustees confirm that they have referred to the Charity Commissions guidance on public benefit when reviewing the charity’s aims and objectives.
The accounts
The Statement of Financial Activities for the year is set out on page 6 of the financial statements. A summary of the financial results and the work of the charity are set out below.
Income generation
Incoming resources slightly increased against the previous year.
Investment policy and returns
The trustees’ policy is to invest funds that are not immediately required into the CAF UK Equity Fund and bank savings accounts.
Fund-raising
The funds raised by the charity are set out on page 6 of the Financial Statements.
Resources expended and services
The resources expended are set out on page 6.
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THE CHARING CROSS CENTRE TRUSTEES’ REPORT (Continued)
Reserves
The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately twelve months of unrestricted charitable expenditure (£105,000). In addition, the trustees have set aside sufficient funds to support the purchase of the freehold property (£73,265) and to set up a fund of £139,000 in respect of future major repairs which may be required to the freehold property, based on quotes obtained.
The actual level of reserves at 31 March 2023 is in excess of this policy.
Governance and internal control
The charity comprises a panel of existing trustees who are nominated for re-election annually. The trustees meet at least 6 times per year to review the charity’s performance. New trustees are appointed by the appropriate resolution prior to the Annual General Meeting.
The trustees review the financial and other affairs of the charity throughout the year and review the charity’s investments, reserves and risk management ensuring all necessary controls are implemented.
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 period. In preparing those financial statements, the trustees are required to:-
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
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prepare the financial statements on the going concern basis.
The trustees have overall responsibility for ensuring that the charity has an appropriate system 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, the Charity (Accounts and Reports) Regulations and the provision of its constitution document. 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.
Risk Management
The trustees carried out a detailed review of the risks to which it was exposed. The trustees monitor these risks at their regular meetings and review the overall risks annually. As part of this process the trustees have implemented a risk management strategy which comprises:
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annual review of the risks which the charity may face;
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the establishment of systems and procedures to mitigate those risks identified; and
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the implementation of procedures designed to minimise any potential impact on the charity should any of these risks materialise.
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THE CHARING CROSS CENTRE TRUSTEES’ REPORT (Continued)
Employee involvement and employment of the disabled
Employees have been consulted on issues of concern to them by means of regular consultative committee and staff meetings and have been kept informed on specific matters directly by management.
The charity has implemented a number of detailed policies in relation to all aspects of personnel matters including:
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Equal Opportunities policy
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Health & Safety policy
In accordance with the charity’s equal opportunities policy, the charity has long established fair employment practices in the recruitment, selection, retention and training of disabled staff. Full details of these policies are available from the charity’s offices.
Accountants
A resolution proposing that Stephenson Smart (East Anglia) Limited be re-appointed as accountants of the charity will be put to the Annual General Meeting.
This report was approved by the Board on 21 September 2023
Mr D Ford (Chair)
4
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES ON THE UNAUDITED FINANCIAL STATEMENTS OF THE CHARING CROSS CENTRE
We report on the accounts of The Charing Cross Centre for the year ended 31 March 2023 set out on pages 6 to 13.
Respective responsibilities of trustees and independent examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is our responsibility to:
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examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission
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(under section 145(5)(b) of the Charities Act), and
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to state whether particular matters have come to our attention
Basis of independent examiner’s statement
Our examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with our examination, no matter has come to our attention (other than that disclosed below):
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(1) which gives us reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 386 of the 2011 Charities Act;
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Stephenson Smart (East Anglia) Limited Queens Head House The Street Acle Norwich NR13 3DY
Date: 25 September 2023
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THE CHARING CROSS CENTRE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023
Unrestricted Restricted general fund fund £ £ Incoming resources Room hire 83,635 - Office rent 52,732 - Council grants - - Coronavirus Job Retention Scheme - - Bank interest 712 - Catering services 577 - Office cleaning 130 - Donations 78 - Total incoming resources available for charitable purposes 137,864 - Resources expended (note 4) Governance 4,496 - Charitable activities 146,115 1,000 Total resources expended 150,611 1,000 Net incoming / (outgoing) resources for the year (12,747) (1,000) Unrealised market value adjustment on investment assets 6,347 - (6,400) (1,000) Fund balance brought forward 1st April 2022 419,440 177,000 Fund balance carried forward 31st March 2023 413,040 176,000 The unrestricted general fund is made up as follows:- Designated funds - Purchase of property 73,265 - 12 months charitable expenditure 105,000 - Provision for major property repairs 139,000 2 317,265 General fund 96,775 413,040 |
2023 Total funds £ 83,635 52,732 - - 712 577 130 78 137,864 4,496 147,115 151,611 (13,747) 6,347 (7,400) 596,440 589,040 |
2022 Total funds £ 59,829 51,823 13,200 12,171 74 260 104 126 137,587 4,181 103,532 107,713 29,874 14,046 43,920 552,520 596,440 |
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THE CHARING CROSS CENTRE BALANCE SHEET AT 31ST MARCH 2023
| Notes Fixed assets Tangible fixed assets 5 Investments 6 Current assets Debtors 7 Cash at bank and in hand Liabilities:amounts falling due within one year 8 Net assets Funds Restricted funds: 9 Unrestricted funds: 10 Total funds(page 6) |
2023 £ £ 248,896 200,296 449,192 17,689 127,512 145,201 5,353 139,848 589,040 176,000 413,040 589,040 |
2022 £ £ 250,306 193,949 444,255 22,437 133,835 156,272 4,087 152,185 596,440 177,000 419,440 596,440 |
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Approved by the Board of Trustees on 21 September 2023 and signed on its behalf by:
Mr P Hunt (Treasurer)
7
THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
1. Accounting policies
1.1 The financial statements have been prepared in accordance with applicable accounting standards in the United Kingdom. A summary of the more important accounting policies of the charity, which have been applied consistently, is set out below.
1.2 Constitution
The financial statements are governed by the terms of the constitution as revised in 1987 and amended in 1999.
1.3 Basis of accounting
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 Charities Act 2011. The charity has applied Update Bulletin 1 as published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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) (second edition effective 1 January 2019) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared on an accruals basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid.
The financial statements are prepared in accordance with the historical cost convention, with the exception of investments which are included at market value.
1.5 Funds
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1.5.1 All incoming resources are recognised once the charity has entitlement to the resources.
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1.5.2 Total funds are analysed appropriately between restricted and unrestricted funds.
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1.5.3 Liabilities and expenses of the charity have been allocated to the general fund by the trustees and the appropriate proportion recharged to the restricted fund.
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1.5.4 Overheads and support costs have been allocated between charitable activity and governance.
1.6 Tangible fixed assets and depreciation
- 1.6.1 Depreciation is provided on the cost of tangible fixed assets, to write them down to their estimated residual values over their expected useful lives. The principal annual rates used for the assets are:-
Freehold property buildings Equipment
1% straight line 20% reducing balance
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THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (Continued)
1.6.2 The property is held as an asset used to assist the charity in the furtherance of its objectives by giving young people the opportunity to train in the administration of its letting activities. The cost of this asset is its purchase cost together with any incidental costs of acquisition. Any subsequent improvements will be added to the value of this asset should the trustees consider that they will enhance the rental or capital value of the property. Other costs incurred, which in the trustees' opinion are not expected to generate future rental income or increase the property's capital value, will be written off against the appropriate fund.
1.7 Any information technology equipment and associated peripherals are written off in the year of purchase on the basis they have a limited residual sale value.
1.8 Investments
Investments are stated at market value of the balance sheet date. The SOFA includes the adjustment to reflect market value at the year end.
1.9 Cash at bank
Cash at bank includes cash and highly liquid deposit accounts.
1.10 Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist.
2. Net incoming resources
Net incoming resources are arrived at after charging:-
3.
| Accountants remuneration Committee expenses Staff costs Wages and salaries |
2023 2022 £ £ 1,200 1,200 350 350 2023 2022 £ £ 71,737 67,355 |
|---|---|
The average weekly number of employees during the year was made up as follows:-
| Office and management Security |
2023 3 2 5 |
2022 3 2 |
|---|---|---|
| 5 |
No employee earned £60,000 p.a. or more in either year.
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THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
(Continued)
4. Allocation of resources expenditure
5.
| Unrestricted General Fund £ Resources expended Charitable expenditure- Wages 71,737 Cleaning 9,454 Telephone, post, and stationery 2,767 Repairs and renewals and building maintenance contract 44,406 Sundry expenses 4,540 Audit and accountancy 1,518 Rates and water 955 Light and heat 13,121 Bank charges - Insurance 1,703 Depreciation 410 150,611 Tangible fixed assets Freehold Property £ Cost At 1st April 2022 and at 31st March 2023 282,465 Depreciation At 1st April 2022 Charge for year 32,200 1,400 At 31st March 2023 33,600 Net book value At 31st March 2023 248,865 At 31st March 2022 250,265 |
Unrestricted General Fund £ 71,737 9,454 2,767 44,406 4,540 1,518 955 13,121 - 1,703 410 |
Governance £ 1,803 - 138 - 227 1,518 48 656 - 85 21 |
Charitable Activities £ Basis of apportionment 69,934 5% manager salary 9,454 2,629 5:95 44,406 4,313 5:95 - 907 5:95 12,465 5:95 - 1,618 5:95 389 5:95 146,115 Total £ 312,177 61,871 1,410 63,281 248,896 250,306 |
|---|---|---|---|
| 150,611 | 4,496 | ||
| Equipment £ 29,712 29,671 10 29,681 31 41 |
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THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (Continued)
6. Investments
| Investments | ||
|---|---|---|
| Market value at 31st March 2022 Market value adjustment Market value at 31st March 2023 |
2023 £ 193,949 6,347 200,296 |
2022 £ 179,903 14,046 |
| 193,949 |
The investment represents the CAF UK Equity Fund. The cost of the investment was £55,000.
7.
Debtors
Trade and other debtors are recognised at the settlement amount due.
| Debtors Prepayments |
2023 £ 17,373 316 17,689 |
2022 £ 22,281 156 |
|---|---|---|
| 22,437 |
8. Liabilities falling due within one year
Creditors with no stated interest and payable within one year are recorded at transaction price.
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Creditors and accruals | 5,353 | 4,087 |
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THE CHARING CROSS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
(Continued)
9. Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of grants held on trust to be applied for specific purposes:-
| Balance | Incoming | Repayment/ | Balance | ||
|---|---|---|---|---|---|
| 31st March 2022 | resources | Expenditure 31st March 2023 | |||
| £ | £ |
£ |
£ | ||
| Freehold property fund (Note | 9.1) | 177,000 | - | 1,000 | 176,000 |
| 177,000 | - | 1,000 | 176,000 |
- 9.1 During the 1999 year the charity purchased freehold property, used for charitable purposes, with the assistance of grants received from:-
| Norwich Consolidated Charities National Lottery Charities Board |
£ 50,000 150,000 |
|---|---|
| 200,000 |
Both grants were restricted wholly for the purpose of purchasing the property. The trustees must consult the National Lottery Charities Board if they wish to sell the property within 80 years of purchase. The fund is reduced each year by an amount equivalent to the depreciation.
10. Unrestricted funds
The trustees consider it prudent that the unrestricted reserves should be sufficient:
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(a) To avoid the necessity of realising fixed assets held for the charities use (£73,265);
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(b) To cover one year’s administration, overhead and support costs (£105,000);
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(c) To provide a maximum pool equal to £139,000 to cover future major items of property expenditure based on quotes from suppliers.
The unrestricted reserves are currently above that range by approximately £96,000.
The trustees are constantly looking at further opportunities to contribute to projects that are compatible with the charity’s objectives.
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THE CHARING CROSS CENTRE NOTE TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (Continued)
11. Analysis of net assets between funds reduced each year by an amount equivalent to the depreciation
| Fund balances at 31 March 2023 are represented by:- Tangible fixed assets Investments Current assets Current liabilities |
Unrestricted Restricted funds funds £ £ 72,896 176,000 200,296 - 145,201 - (5,353) - 413,040 176,000 |
Total funds £ 248,896 200,296 145,201 (5,353) |
|---|---|---|
| 589,040 |
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