CHARITY REGISTRATION NUMBER: 517373
Torfaen Community Enterprises Association Accounts for the Year Ended 31 March 2025
Xeinadin Limited Accountants & Business Advisors Suite 1 Brecon House Llantarnam Park Cwmbran NP44 3AB
Torfaen Community Enterprises Association
Contents of the Financial Statements for the Year Ended 31 March 2025
| Page | |
|---|---|
| Statement of Trustees’ Responsibilities | 1 |
| Independent Examiner’s Report | 2 |
| Receipts and Payments Account | 3 |
| Statement of Assets and Liabilities | 4 |
| NotestotheFinancialStatements | 5 |
Torfaen Community Enterprises Association
Trustees’ Responsibilities Statement for the Year Ended 31 March 2025
Charity law requires the trustees to prepare receipts and payments account and a statement of assets and liabilities for each financial year which give a true and fair view of the state of affairs of the charity and of the receipts and payments of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and accounting estimates that are reasonable and prudent; and
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state whether the policies adopted are in accordance with the appropriate SORP on Accounting by Charities and the Accounting Regulations and with applicable accounting standards; subject to any material departure and explained in the financial statements.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with applicable Accounting Standards and Statements of Recommended Practice and the regulations made under s44 of the Charities Act 1993. 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.
TRUSTEES
The trustees shown below have held office during the whole of the period from 1 April 2024 to the date of this report.
B J Cunningham MBE KSG S J Brooks KSS JP M Reece (resigned 5 November 2024)
Other changes in directors holding office are as follows:
L Chaney (appointed 5 November 2024)
ON BEHALF OF THE BOARD:
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J Cunningham MBE KSG- Trustee
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Date: en Clllte..
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Torfaen Community Enterprises Association
Independent Examiner’s Report To The Trustees of Torfaen Community Enterprises Association
I report on the accounts of the charity for the year ended 31 March 2025, which are set out on pages 3 to 5.
Respective responsibilities of the trustees and examiner
As described in the trustees’ responsibilities note on page 2, the trustees are responsible for the preparation of the accounts in accordance with applicable law and United Kingdom Accounting Standards. The trustees consider that the company is exempt from audit under 43(2) of the Charities Act 1993 and that an independent examination is needed.
It is my responsibility to: - examine the accounts under s43 of the Charities Act 1993; - follow the procedures laid down in the General Directions given by the Charity Commission under s43(7)(b) of the Charities Act 1993; and - state whether particular matters have come to my attention.
Basis of independent examiner's report My examination was carried out in accordance with the 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 you as trustees concerning such matters. The procedures undertaken do not provide all 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 next statement.
Independent examiner's statement
In connection with my examination, no matter has come to my attention: - which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with s41 of the Charities Act 1993; and
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of the Charities Act 1993. have not been met or - to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
D Jones FCA Independent Examiner Xeinadin Limited Suite 1 Brecon House Llantarnam Park Cwmbran NP44 3AB
Date: Gu(rers.....
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Torfaen Community Enterprises Association
Statement of Receipts and Payments for the Year Ended 31 March 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Receipts | ||||
| Sales and similar income | 35,478 | 36,260 | ||
| 35,478 | 36,260 | |||
| Grant release | 1,224 | - | ||
| Payments | ||||
| Purchases for resale | 20,473 | 22,137 | ||
| Water rates | 423 | 364 | ||
| Insurance | 2,502 | 681 | ||
| Light and heat | 1,467 | 2,430 | ||
| Management charge | 6,000 | 4,000 | ||
| Subscription | 50 | 50 | ||
| Accountancy | 438 | 396 | ||
| Repairs | 63 | 1,972 | ||
| Sundries | 34 | - | ||
| Bank charges | 464 | 337 | ||
| Advertising | 191 | - | ||
| Depreciation | 675 | - | ||
| 32,780 | 32,367 | |||
| Excess ofincome over expenditure | 3,897 | 3,893 | ||
| Bank and cash at 1 April | 6,042 | 4,452 | ||
| Surplusfor the year | 3,897 | 3,893 | ||
| Change in stock | (729) | (960) | ||
| Change in debtors | 1,843 | (1,843) | ||
| Change in creditors | (380) | 500 | ||
| Bankandcashat31March | 10,673 | 6,042 |
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Torfaen Community Enterprises Association
Statement of Assets and Liabilities As at 31 March 2025
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2025 2024
£ £ £ £
Assets
Fixed assets 9,276 -
Stock of goods for resale 6,661 5,932
Prepayments - 1,843
Cash at bank and in hand 10,673 6,042
26,610 13,817
Liabilities
Accruals & other
creditors 771 1,151
Deferred creditor 9,276 -
10,047 1,151
Net Assets 16,563 12,666
The company is entitled to exemption from for the year ended 31 March 2025.
The financial statements were approved by the Board of Directors and authorised for issue on mabe LU INZE. and were
signed on its behalf by:
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BJ Cunningham MBE KSG - Trustee S J Brooks KSS JP - Trustee
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The notes form part of these financial statements
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Torfaen Community Enterprises Association
Notes to the Financial Statements
for the Year Ended 31 March 2025
lL. STATUTORY INFORMATION
Torfaen Community Enterprises Association is registered with the Charity Commission. The registered office is 32 Gwent Square, Cwmbran, Torfaen, NP44 1PL.
ACCOUNTING POLICIES
Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"). The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to showa true and fair view.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Receipts
Revenue for the provision of services is recognised when the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and the money has been received.
Stock
Work in progress is valued at the lower of cost and net realisable value.
Grants
Incoming resources form grants are accounted for as the charity earns the right to consideration by its performance.
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