CHARITY REGISTRATION NUMBER: 304343 North Oxford Association Unaudited Financial Statements 31 March 2024
North Oxford Association Financial Statements Year ended 31 March 2024 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial posilion Notes to the financial statements
North Oxford Association Trustees, Annual Report Year ended 31 March 2024 The trustees present their reporl and the unaudited financial statements of the charity for th8 year ended 31 March 2024. Reference and adminisirative details Reglstered charlty name North Oxford Association Charity regislration number 304343 Prlnclpal offlce Diamond Place Summertown Oxford OX2 7DP The trustees Mrs J Field Mrs S Van Noorden Mrs M Shannon Mr M Heaton Mrs P Eyton Mrs A Taylor Ms S Levete Mr A Holman Mr C Fletcher-campbell (Appointed 8 December 2023} Independent examlner N J Cadwallader FCCA For and On Behalf of David Cadwallader & Co Limited Suite 3 Bignell Park Barns Cheslerlon Bicester Oxon OX26 1TD
North Oxford Association Trustees, Annual Report (Continued) Year ended 31 March 2024 Structure, governance and management The North Oxford Associalion constitution was originally adopied on the 23 October 1969. A revised constitution was adopted on 19 November 2015. The Association is a registered charity and has been in operation since 23 October 1969. The Memorandum and Articles of Association govern the activities of the association and its management is the responsibility ol the Trustees. The selection of Trustees is designed to supplement the existing skills and expertise of the Board and is governed by an informal skills assessment. Appointment of Trustees is made in accordance with the Articles of Association. Trustees are trained in Iheir duties informally and inducted by their fellow Board in the duties and responsibilities of a Trustee. Rlsk Assessmenl The Trustees of North Oxford Association recognise and accept their responsibility for ensuring that risks to which the charily is exposed are reviewed and steps taken lo mitigate potential damage by the use of appropriate preventative controls and corrective actions. They are aware ol the Charities SORP issued in 2005 and accept the requirement, in relation to all aspecls of their work, for regular assessment ol operating strengths and weaknesses. To this end the risk managemenl strategy comprises an an annual review of Ihe iisks which the charity may face,. the eslablishmenl ol systems and procedures lo miligate those risks identified., and the implementation ol procedures designed to minimise any potential impact on the charity should any ol those risks materialise. Objectives and aciivltles Through its work North Oxford Association aims to achieve the following.. 1. To promote the benefit of the inhabitants ol Oxford City in the area north of The Martyrs, Memorial without distinction of race, sex or of political, religious or other opinions by associating the local authorities, voluntary organisations and inhabitants in a common effort to advance education and to provide facilities in the interest of social welfare for recreation and leisure time occupation with the object of improving the conditions of life for the said inhabitants. 2. To establish or secure the establishment of premises for the benefit of the community. We have referred to the guidance contained in the Charity Commission's general guidance on public benelit when reviewing our aims and objectives and in planning our future activities. Achlevemenls and performance During the year the charity continued lo operate in line with lis chatitable objectives. Details of the incoming resources are given in Notes 2-5 of the accounts.
North Oxford Association Trustees, Annual Report (contlnued) Year ended 31 March 2024 Flnanclal revlew The Charity's trading results are shown on page 5. In the year to March 2019, the last before Covid, hire income was £75,125. In the current year under review, this had finally recovered to £76.160. Expenses, on the other hand were much higher in 2019 than now with resultanl annual losses ol some £10.000. Charity funds were some £54,000 at March 2021 and are now £57,534 after a surplus in the year under review of £9,217. So, in my last report after almosl exactly 6 years as treasurer, l am now confident that NOA, led by our current centre manager and supported by the remaining trustees and our new treasurer, has a good future. Plans for tuture periods The Association has no plans at this time to subslanlially alter its activities. The trustees, annual report was approved on 24 October 2024 and signed on behalf of the board of trustees by: Mrs M Shannon Trustee Chair
North Oxford Association Independent Examiner's Report to the Trustees Year ended 31 March 2024 I report to the trustees on my examination of the financial slatemenls of North Oxford Association {'Ihe charitVI for the year ended 31 March 2024. Responslbllllles and basis of report As Ihe trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my exam ination of the charity's financial statements 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 seclion 145{5)(b) of the Act. Independent examlner's slatement I have completed my examination. I confirm that no material matters have come to my allention in connection with the examination giving me cause to believe thal in any material respect.. accounting records w8re nol kept in respect ol the charity as required by seciion 130 of the Act., or the financial statements do not accord with those records., or the financial statements do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities (Account5 and Reports) Regulations 2008 other than any requirement thal Ihe 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 Ihe examinalion lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. N J Cadwallader FCCA Independent Examiner For and On Behalf of David Cadwallader & Co Limited Suite 3 Bignell Park Barns Chesterton Bicester Oxon OX26 1 TD O *oa4
North Oxford Association Statement of Financial Activities Year ended 31 March 2024 2024 Restricted funds Tolal funds 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Investment income Other income 1,498 81,076 1,970 6,902 1,498 81,076 1,970 6,902 91,446 7,597 70,771 130 2,096 80,594 Toial income 91.446 Expendlture Expenditure on charitable activities Total expendllure 82,229 82,229 82,229 83.925 82,229 83,925 Net Ineomel(expendlture) and net movement in funds 9,217 9,217 13,3311 Reconclllallon of funds Total funds brought forward Total funds carrled forward 45,692 2,625 2,625 48,317 57,534 51,648 54,909 48,317 The statement of financial activities includes all gains and losses recognised In the year. All income and expenditure derive from continuing aclivilies. The notes on pages 7 10 14 form pavt of these flnancial statements.
North Oxford Association Statement of Financial Position 31 March 2024 2024 2023 Note Flxed assets Tangible fixed assets 14 362 1,199 Current assets Stocks Debtors Cash at bank and in hand 15 16 276 10,573 58,278 69,127 313 5,678 50,616 56,607 Credltors: amounts falling due wllhln one year Nei curreni assels 17 11,955 9,489 57,172 57,534 57,534 47,118 48,317 48,317 Total assets less current Ilabllllles Net assets Funds of Ihe charlty Restricted funds Unrestricted funds 2,625 54,909 57,534 2,625 45,692 48,317 Toial charlty funds 19 These financial slatements were approved by the board of trustees and authorised for issue on 24 October 2024, and are signed on behalf ol the board by.. cJkn Mrs M Shannon Trustee Chair The notes on pag8s 7 to 14 form part ol th8S8 flnancial statements.
North Oxford Association Notes to the Financial Statements Year ended 31 March 2024 General Information The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Diamond Place, Summertown, Oxford, OX2 7DP. Statement ol compllance 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 lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (Charities SORP IFRS 1021} and the Charities Act 2011. Accountlng pollcles Basls ol preparatlon Th& financial statements have been prepared on the historical cost basis, as modified by the revaluaiion of certain financial assets and liabilities and investment properties measured al fair value thfough income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgemenls and key sources ol estimaiion uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under ihe circumstances. Fund accountlng Unreslricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular fulure project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. Incomlng resources All income is included in the statement of financial activities when enlitlement has passed to the charity, it is probable that the economic benelits associated wilh Ihe transaction will flow to Ihe charity and the amount can be reliably measured. The following spocific policies are applied to particular categories of income: income from donations or grants is recognised when Ihere is evidence of entitlemenl to the gift, receipt is probable and its amount can be measured reliably.
North Oxford Association Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accounllng pollcles (contlntsedj Incoming resources (contlnued) legacy income is recognised when receipt is probable and enlitlement is eslablished. income from donated goods is measured at the fair value of the goods unless Ihis is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facililies and services are recognised in Ihe accounts when received if the value can be reliably measured. No amounts are included for the contribution ol general volunleers. income from contracts for the supply of services is recognised with the delivery of Ihe contracted service. Where the supply is provided over a period of time, the income is recognised over the period to which the contract relales. This is classified as unrestricted funds unless there is a contractual requirement for it lo be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising aclivilies, events, non- charitable trading activities, and the sale of donated goods. expendilure on charilable aclivities includes all cosls incurred by a charity in undertaking activities Ihal further its charitable aims for the benefil of its beneficiaries, including those support costs and costs relating lo the governance ol the charity apportioned lo charitable aclivilies. other expenditure includes all expenditure that is neither related to raising lunds for Ihe charity nor part of its expenditure on charitable aciivilies. All costs are allocated to expenditure categories reflecting ihe use ol the resource. Direct costs attributable to a single activity are allocated direciiy lo that activity. Shared costs are apportioned belween the activities they contribute to on a reasonable, jLJStiliable and consistent basis. Tanglble assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any langible assets carried al revalued amounts are recorded at the lair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the stalemenl of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses. except to which it offsets any previous revalualion gain. in which case the loss is shown wilhin other recognised gains and losses on the statement of financial activities,
North Oxford Association Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting pollcles (continued) Depreclatlon Depreciation is calculated so as to wrile off Ihe cost or valuation of an asset, less its residual value. over the useful economic life of that asset as follows.. Equipment 20°/0 Straight line Impalrment ot flxed assels A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairmenl testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made ol the recoverable amount ol the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generales cash inflows that largely independent of the cash inflows from other assets or groups of asseis. For impairment testing ol goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit Irom the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Stocks Stocks are measured at the lower of cost and estimated selling price less costs lo complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the Stock to its present location and condition, Flnancial Inslruments A financial asset or a financial liability is recognised only when the charity becomes a party io the contractual provisions of the instrument. Basic financial instruments are inilially recognised al the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amorlised cost. Where investments in shares are publicly Iraded or their fair value can otherwise be measured reliably, the investment is subsequently measured al lair value with changes in fair value recognised in income and expenditure. All other such inveslments are subsequently measured at cost less impairment. Other financial instruments. including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest Ihal is not a market rale, in which case the assel is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
North Oxford Association Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounllng policies (continued) Flnancial inslruments (conllnued) Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activilies. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the slalement ol financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually lor impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount ol the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Deflned contrlbu15on plans Contributions lo defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset lo the extent that the prepayment will lead lo a reduclion in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months ol the end ol the r8POrting date in which the employees Yender the related service, the liability is measured on a discounted present value basis, The unwinding ol the discount is recognised as an expense in the period in which it arises. Donatlons and legacles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations External donations Internal donalions 638 860 638 860 6,039 1,558 6,039 1,558 1,498 1,498 7,597 7,597 Chariiable activltles Unrestricted Total Funds Unrestricted Tolal Funds Funds 2024 Funds 2023 Hire of facilities Membership fees Coffee shop income Classes 76.160 565 1.362 2,989 76,160 565 1,362 2,989 81,076 66,997 464 736 2.574 66.997 464 736 2,574 81,076 70,771 70.771 10-
North Oxford Association Notes to the Financial Statements fconllnued) Year ended 31 March 2024 Invesiment income Unreslricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 1,970 1,970 130 130 Other Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Council energy contribution 6,902 6,902 2,096 2,096 Expendlture on charitable aciivities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 General Activities Coffee bar Courses Support COSIS 72,849 4,847 2,938 1,595 72,849 4,847 2,938 1,595 82,229 75,216 3,703 2,800 2,206 75,216 3,703 2,800 2,206 83,925 82,229 83,925 Expendlture on charitable actlvllles by activlty type Activities undertaken directly Support costs Total funds 2024 Tolal fund 2023 General Activities Coffee bar Courses Governance costs 72,849 4,847 2,938 72,849 4,847 2,938 1,595 82,229 75,216 3,703 2,800 2,206 83,925 1,595 80,634 1,595 10. Net Incomel{expendlture) Nel incomellexpenditurel Is Slated after chargingl{creditingl: 2024 2023 Deprecialion of tangible fixed assets 837 1,115 11. Independent examlnatlon fees 2024 2023 Fees payable to the independonl examiner for: Independent examination of the financial statements 990 990
North Oxford Association Notes to the Financial Statements (continued) Year ended 31 March 2024 12. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Employer contributions to pension plans 36,336 683 33.591 649 37,019 34,240 The average head count of employees during the year was 212023.. 31. The average number of full-litne equivalent employees during Ihe year is analysed as follows.. 2024 No. 2023 No, Number of staff No employee received employee benefits of more than £60,000 during the year12023'. Nil). 13. Trustee remunerallon and expenses No remuneration or other benefils from employment with the charity or a relaled enlity were received by the trustees 14. Tanglble fixed assets Equipmenl Total Cost At 1 Aprll 2023 and 31 March 2024 Depreciation At 1 April 2023 Charge for the year Al 31 March 2024 16,394 16,394 15,195 837 15,195 837 16,032 16,032 Carrylng amount Al 31 March 2024 362 362 At 31 March 2023 1,199 1,199 15. Stocks 2024 2023 Raw materials and consumables 276 313 16. Deblors 2024 2023 Trade deblors Other debtors 10,400 173 5,548 130 10,573 5.678 12-
North Oxford Association Notes to the Financial Statements (continued) Year ended 31 March 2024 17. Credilors: amounts falllng due within one year 2024 2023 Accruals and deferred income Other creditors 4,745 7,210 3.611 5,878 11,955 9,489 18. Penslons and olher post reiirement beneflts Deflned contrlbution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £68312023: £649). 19. Analysis of charltable funds Unrestrlcted funds Al 1 April 2023 Al 31 March 2024 Income Expenditure General Fund 45,692 91,446 182,229) 54,909 At 1 April 2022 At 31 March 2023 Income Expenditure General Fund 49,023 80,594 183,925} 45,692 Restricted funds At 1 April 2023 At 31 March 2024 Income Expenditure NOA Holiday Fund 2,625 2,625 At 1 April 2022 At 31 March 2023 Income Expenditure NOA Holiday Fund 2,625 2,625 13-
North Oxford Association Notes to the Financial Statements (conllnued) Year ended 31 March 2024 20. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 362 66,502 (11,955) 54,909 362 69,127 {11,955) 57,534 2,625 2,625 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Nel assets 1,199 53,982 19,4891 45,692 1,199 56,607 19,4891 48,317 2,625 2,625 14-