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COMPANY REGISTRATION NUMBER: 13247393
CHARITY REGISTRATION NUMBER: 1198254
The Chev Gateshead Ltd
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2023
The Chev Gateshead Ltd
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
3
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Notes to the financial statements
6
The Chev Gateshead Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2023 .
Reference and administrative details
Registered charity name
The Chev Gateshead Ltd
Charity registration number
1198254
Company registration number
13247393
Principal office and registered
3 Hartington Street
office
Gateshead
NE8 4EN
The trustees
Mr B Stern
Dr D Wacks
Mr S J Wallace
Independent examiner
Meir Guttentag FCCA of Chartwell Accountants and Business Consultants LLP
47 Bury New Road
Prestwich
Manchester
M25 9JY
Structure, governance and management
The Chev Gateshead Ltd was incorporated on the 5th of March 2021 as a company Limited by Guarantee with company number 13247393. It was registered as a charity with the Charities Commission on the 15th of March 2022 governed by its Memorandum and Articles. The charity registration number is 1198254.
The Trustees administer the charity and they have appointed volunteers to oversee the day to day affairs
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage exposure to the major risks.
Objectives and activities
The objectives of the Charity are the promotion of social inclusion among people and their families who are socially excluded from society or parts of society as a result of having special educational needs or disabilities in such ways as the Trustees think fit from time to time, and in particular (but not exclusively) by providing appropriate and accessible out of hours activities.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Achievements and performance
During the period the Charity continued to put on events and activities in accordance with the objectives of the Charity. We now have 13 individuals attending regularly. Attendants at our Employment and Enterprise programme will increase from 2 to 4.
We successfully ran our second weekend residential trip attended by 7 beneficiaries. We have received overwhelmingly positive feedback from attendants at all workshops and events.
Financial review
During the year the Charity received £12,250 in parental contributions, £20,787 in grants and £3,936 in donations and recorded excess of income over expenditure of £11,442.
Principal funding sources
The Charity is dependent on charitable donations from other charities and philanthropists.
Reserves policy
The trustees have reviewed the reserves and future requirements of the charity. All future needs are considered together with any risks or contingencies that may exist. The trustees are confident that sufficient reserves will be generated to achieve the objectives of the charity.
Plans for future periods
The Trustees look forward to continuing and expanding the activities provided in future periods.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 26 June 2023 and signed on behalf of the board of trustees by:
Mr B Stern
Trustee
The Chev Gateshead Ltd
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Chev Gateshead Ltd
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of The Chev Gateshead Ltd ('the charity') for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Meir Guttentag FCCA of Chartwell Accountants and Business Consultants LLP Independent Examiner
47 Bury New Road Prestwich Manchester M25 9JY
26 Jun 23
The Chev Gateshead Ltd
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2023
Year to 31 Mar 23
Period from 5 Mar 21 to 31 Mar 22
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
5,265
19,459
24,724
22,185
Other income
6
12,251
12,251
--------
--------
--------
--------
Total income
17,516
19,459
36,975
22,185
--------
--------
--------
--------
Expenditure
Expenditure on charitable activities
7,8
11,041
14,492
25,533
8,392
--------
--------
--------
--------
Total expenditure
11,041
14,492
25,533
8,392
--------
--------
--------
--------
--------
--------
--------
--------
Net income
6,475
4,967
11,442
13,793
--------
--------
--------
--------
Transfers between funds
2,340
(2,340)
--------
--------
--------
--------
Net movement in funds
8,815
2,627
11,442
13,793
Reconciliation of funds
Total funds brought forward
4,650
9,143
13,793
--------
--------
--------
--------
Total funds carried forward
13,465
11,770
25,235
13,793
--------
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Chev Gateshead Ltd
Company Limited by Guarantee
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible fixed assets
14
2,091
Current assets
Cash at bank and in hand
24,368
14,247
Creditors: amounts falling due within one year
15
1,224
454
--------
--------
Net current assets
23,144
13,793
--------
--------
Total assets less current liabilities
25,235
13,793
--------
--------
Net assets
25,235
13,793
--------
--------
Funds of the charity
Restricted funds
14,110
Unrestricted funds
11,125
13,793
--------
--------
Total charity funds
16
25,235
13,793
--------
--------
For the year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements 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 financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 26 Jun 23 , and are signed on behalf of the board by:
Mr B Stern
Trustee
The Chev Gateshead Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 3 Hartington Street, Gateshead, NE8 4EN.
2. Statement of compliance
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 Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
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 the circumstances.
Fund accounting
Unrestricted 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 future 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.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to 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 activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at 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 statement 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 revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
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 impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of 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 generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of 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 from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at 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 amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments 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 that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, 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 statement of 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 for 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 of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The Company is limited by guarantee and does not have share capital. In the event of winding up, the members are liable to an amount not exceeding £10.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations type 1
3,937
3,937
Grants
Grants receivable type 1
1,328
19,459
20,787
-------
--------
--------
5,265
19,459
24,724
-------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Donations
Donations type 1
14,205
14,205
Grants
Grants receivable type 1
7,980
7,980
--------
----
--------
22,185
22,185
--------
----
--------
6. Other income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Other income type 1
12,251
12,251
--------
--------
----
----
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Club activities provided
9,969
13,381
23,350
Support costs
1,072
1,111
2,183
--------
--------
--------
11,041
14,492
25,533
--------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Club activities provided
7,116
7,116
Support costs
1,276
1,276
-------
----
-------
8,392
8,392
-------
----
-------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Club activities provided
23,350
23,350
7,116
Governance costs
2,183
2,183
1,276
--------
-------
--------
-------
23,350
2,183
25,533
8,392
--------
-------
--------
-------
9. Analysis of support costs
Analysis of support costs activity 1
Total 2023
Total 2022
£
£
£
Finance costs
72
72
72
Governance costs
2,111
2,111
1,204
-------
-------
-------
2,183
2,183
1,276
-------
-------
-------
10. Net income
Net income is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
585
----
----
11. Independent examination fees
Period from
Year to
5 Mar 21 to
31 Mar 23
31 Mar 22
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
570
----
----
12. Staff costs
The average head count of employees during the year was 2 (2022: Nil). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Number of staff - type 3
1
----
----
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Tangible fixed assets
Equipment
£
Cost
At 1 April 2022
Additions
2,676
-------
At 31 March 2023
2,676
-------
Depreciation
At 1 April 2022
Charge for the year
585
-------
At 31 March 2023
585
-------
Carrying amount
At 31 March 2023
2,091
-------
At 31 March 2022
-------
15. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
570
454
Social security and other taxes
286
Other creditors
368
-------
----
1,224
454
-------
----
16. Analysis of charitable funds
Unrestricted funds
At 1 April 2022
Income
Expenditure
At 31 March 2023
£
£
£
£
General funds
4,650
17,516
(11,041)
11,125
-------
--------
--------
--------
At 5 March 2021
Income
Expenditure
At 31 March 2022
£
£
£
£
General funds
22,185
(8,392)
13,793
----
--------
-------
--------
Restricted funds
At 1 April 2022
Income
Expenditure
At 31 March 2023
£
£
£
£
Restricted Fund 1 - desc in a/cs
9,143
19,459
(14,492)
14,110
-------
--------
--------
--------
At 5 March 2021
Income
Expenditure
At 31 March 2022
£
£
£
£
Restricted Fund 1 - desc in a/cs
----
----
----
----
17. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Current assets
23,833
2,627
26,460
Creditors less than 1 year
(1,225)
(1,225)
--------
-------
--------
Net assets
22,608
2,627
25,235
--------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Current assets
14,247
14,247
Creditors less than 1 year
(454)
(454)
--------
----
--------
Net assets
13,793
13,793
--------
----
--------