**Radford Community Association Limited** ## **Radford Community Association Limited** **Annual Report and Financial Statements for the year ended 31st August 2022** |Contents:|Page| |---|---| |Trustees’ Annual Report|2 - 6| |Financial Statements|7 - 10| |Independent Examiner’s Report|11| 1 **Radford Community Association Limited** ## **For the year ending 31st August 2022** ## **Administrative Details** Organisation Name: Radford Community Association Charity Number: 700030 Company Number: 2216776 Principal Address: Jubilee Crescent Radford Coventry CV6 3EX Trustees/ Directors: Mr J Kindness (Treasurer) Mr S Martin Mr T Skipper (Chair) Ms S Ismail (Secretary) Bank: TSB Bank PLC Jubilee Crescent Radford Coventry CV6 3ET Independent Examiner: Gavin Kibble 1 Kineton Road Wyken, Coventry CV2 3NR 2 **Radford Community Association Limited** ## **Radford Community Association Limited** ## **Trustees Report** The trustees present their annual report and financial statements for the year ended 31 August 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 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 (FRS 102)" (effective 1 January 2019). ## **Objectives and activities** The charity exists for the benefit for the residents of the Radford, Coventry and surrounding areas providing activities including Education and Training The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Achievements and performance** The work of the Association has continued to grow in this financial year despite the ongoing challenges of the recent pandemic. We have renovated the garden space which had become dilapidated due to neglect and vandalism and now have one of the only outdoor community spaces in the local area. Looking ahead we are striving to be more central again in the life of the community and have plans to open a community café five days a week, basic financial and budgeting advice service and a community pantry where people can access good quality food at reduced prices. The introduction of a toddler session has been a great success with over thrirty parents and carers now using the community centre three days a week/ ## **Financial review** This year’s finances have again provided the Association with the means to carry out its core function of running Jubilee Crescent Community Centre and offering services to enhance and support the life of those in the local area. The Association is one of the few in the city which has continued to be selfsustaining with a bright financial health. ## **Risk Statement** The trustees have reviewed the risks to which a small charity is exposed. Appropriate procedures are in place to identify, monitor and review these risks on a regular basis. The insurance policy is reviewed annually. ## **Reserves Policy** It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three months unrestricted expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves is an absolute minimum while the operating reserves are often at least double this level ## **Structure, governance and management** The charity is a charity and company limited by guarantee 3 **Radford Community Association Limited** ## **Trustees Report (continued)** ## **Governance** The policy and operating decisions of the charity rest with the trustees who meet regularly to monitor the activities of the Charity. Day to day decisions are delegated to a management team and where appropriate guidance and sign off are taken from trustees. The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees elected prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the trustees' are required to: - select suitable accounting policies and then apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’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 the Charities Act 2011. The trustees are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees' report was approved by the Board of Trustees on ......................................................... Chair of Trustees. 4 **Radford Community Association Limited** ## **Radford Community Association Limited** Statement of Financial Activities for the year ended 31[st] August, 2022 **----- Start of picture text -----**
2022 2021
Unrestricted Restricted Total Unrestricted Restricted Total
Note Funds Funds Funds Funds Funds Funds
Income : £ £ £ £ £ £
Donations and Legacies 2 - 9,500 9,500 4,988 - 4,988
Income from Charitable Activities 2 84,556 - 84,556 54,006 - 54,006
Total Income 84,556 9,500 94,056 58,994 - 58,994
Expenditure :
-
Cost of Charitable Activities 3 99,511 9,560 109,071 62,828 - 62,828
Total Expenditure 99,511 9,560 109,071 62,828 - 62,828
Net income/(expenditure) (14,955) (60) (15,015) (3,834) (3,834)
-
Transfer between funds 3,530 (3,530) - - - -
Net movements in funds (11,425) (3,590) (15,015) (3,834) - (3,834)
Reconciliation of funds :
Total funds brought forward 39,341 3,590 42,931 43,175 3,590 46,765
Total funds carried forward 12 27,916 - 27,916 39,341 3,590 42,931
**----- End of picture text -----**
The statement of financial activities includes all gains and losses recognised during the year. All income and expenditure derive from continuing activities. 5 **Radford Community Association Limited** ## **Radford Community Association Limited** Balance Sheet as at 31[st] August 2022 **----- Start of picture text -----**
Note 2022 2021
£ £ £ £
FIXED ASSETS
Tangible Fixed Assets 6 4,073 5,129
Investment Assets 600 600
4,673 5,729
CURRENT ASSETS
Debtors and Prepayments 7 1,365 4,601
Cash at Bank and in Hand 22,228 33,788
TOTAL CURRENT ASSETS 23,593 38,389
CREDITORS
Amounts falling due within one year 8 350 1,187
NET CURRENT ASSETS 23,243 37,202
NET ASSETS 27,916 42,931
FUNDS
Restricted funds 12 - 3,590
Unrestricted funds 12 27,916 39,341
TOTAL FUNDS 27,916 42,931
**----- End of picture text -----**
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. Directors' responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating to the small companies regime within Part 15 of the Companies Act 2006. Approved by the trustees by (Chair) Dated : 6.3.23 6 **Radford Community Association Limited** Notes to the Financial Statements for the year ended 31[st] August 2022 ## **1: Accounting Policies** 1.1 The financial statements have been prepared in accordance with the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to organisations preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The organisation is a Public Benefit Entity as defined by FRS 102. The organisation has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements 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 Statement of Recommended Practice for organisations applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the organisation. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below: ## 1.2 Going concern At the time of approving the financial statements, the members have a reasonable expectation that the organisation has adequate resources to continue in operational existence for the foreseeable future. Thus, the members continue to adopt the going concern basis of accounting in preparing the financial statements. ## 1.3 Funds Unrestricted funds are available for use at the discretion of the members in furtherance of their objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## 1.4 Income Income is recognised when the organisation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the organisation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 7 **Radford Community Association Limited** Legacies are recognised on receipt or otherwise if the organisation has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Notes to the Financial Statements for the year ended 31[st] August 2022 (cont.) ## **1: Accounting Policies (continued)** ## 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. ## 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## 1.9 Financial instruments Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## 1.10 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: Plant and Machinery - 20% per annum of original cost 8 **Radford Community Association Limited** Notes to the Financial Statements for the year ended 31[st] August 2022 (cont.) **----- Start of picture text -----**
2: Income Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
£ £ £ £
Donations and Legacies
Grants received - 9,500 9,500 4,988
- 9,500 9,500 4,988
Income from Charitable Activities
Room Hire and other income 84,556 - 84,556 54,006
84,556 - 84,556 54,006
3: Costs of Charitable Activities Unrestricted Restricted Total Funds Total Funds
Funds Funds 2022 2021
£ £ £ £
Room Hire Costs 200 - 200 701
-
Office Expenses 5,280 5,280 2,133
Repairs and Maintenance 1,910 9,560 11,470 6,928
Utilities 30,502 - 30,502 16,448
Telephone 813 - 813 -
Accountancy 941 - 941 1,192
General 3,990 - 3,990 1,312
-
Wages and Salaries 49,838 49,838 33,348
Day Trips 960 - 960 -
Depreciation 1,056 - 1,056 766
Rates 3,531 - 3,531 -
Insurance 490 - 490 -
99,511 9,560 109,071 62,828
4: Loss before tax 2022 2021
This is stated before charging £ £
Depreciation of owned assets 1,056 766
Pension costs 897 599
5: Analysis of staff costs, staff numbers and trustee remuneration and 2022 2021
expenses £ £
Expenditure includes staff costs as follows :
Salaries 48,941 32,749
Employer Pension 897 599
Total Staff Costs 49,838 33,348
**----- End of picture text -----**
The average monthly headcount was 4 staff (2021: 3 staff) and the average monthly full-time equivalent headcount (including part-time staff) was 3 (2021:3). No employee was paid more than £60,000. The charity’s trustees were not paid or received any other benefit from employment with the charity neither were they reimbursed expenses during the year (2021:nil). No charity trustee received payment for professional or other services supplied to the charity during the year (2021: nil) 9 **Radford Community Association Limited** Notes to the Financial Statements for the year ended 31[st] August 2022 (cont.) |**6:**
**Tangible Fixed Assets**
Cost
As at 1st September 2021
Additions
Disposals
As at 31st August 2022
Depreciation
As at 1st September 2021
Charge for the year
Disposals
As at 31st August 2022
Net Book Value
As at 1st September 2021
As at 31st August 2022
**7:**
**Debtors : amounts falling due within one year:**
Debtors
**8:**
**Creditors : amounts falling due within one year:**
Accruals and deferred income|Fixtures,
Furniture
and
Equipment
Total
£
£
25,049
25,049
- -
-
-| |---|---| ||25,049
25,049| ||19,920
19,920
1,056
1,056
-
-| ||20,976
20,976| ||5,129
5,129| ||4,073
4,073| ||2022
2021
£
£
1,365 4,601| ||2022
2021
£
£
350
1,187| ||| ## **9: Related Party Transactions** There were no related party transactions during the year (2021: nil). ## **10: Guarantees** There were no guarantees given by the charity where any potential liability was outstanding at the 31st August, 2022 (2021: nil) ## **11: Capital Commitments** There were no material capital commitments on 31st August, 2022 (2021: nil) 10 ## **Radford Community Association Limited** ## Notes to the Financial Statements for the year ended 31[st] August 2022 (cont.) **----- Start of picture text -----**
12: Analysis of Movements in Balance as at Balance as at Balance as at
Restricted Funds 01/09/2020 Income Expenditure 01/09/2021 Income Expenditure Transfers 31/08/2022
Restricted Funds
Garden Fund - - - - 9,500 (9,560) 60 -
Other Small Funds 3,590 - - 3,590 - - (3,590) -
- - -
3,590 3,590 9,500 (9,560) (3,530)
**----- End of picture text -----**
## **Description of Restricted Funds** **Garden Fund** : This was a Reaching Communities Grant to renovate the garden area. **Other Small Funds :** To assist the Association with the implementation of new technology. 11 **Radford Community Association Limited** ## **Independent examiner’s report to the trustees of Radford Community Association Limited** I report on the accounts for the year ended 31[st] August 2022 which are set out on pages 5 to 11 ## **Respective responsibilities of the trustees and the examiner** The trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to - examine the accounts under section 145 of the 2011 Act; - follow the procedures laid down in the General Directions given by the Charity - Commissioner section 145 (5) (b) of the 2011 Act; and - state whether particular matters have come to my attention. ## **Basis of Independent Examiner’s Statement** 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 organisation and a comparison of the accounts presented with those records. It also includes considering 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 a full audit, and consequently I do not express an audit opinion on the accounts. ## **Independent examiner’s statement** In connection with my examination, no matters have come to my attention: (1) which give me reasonable cause to believe that in any material respect the requirements - to keep accounting records in accordance with section 130 of the 2011 Act; or – to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mozaic Innovate Ltd 1 Kineton Road, Coventry CV2 3NR 3[rd] March, 2023 12