Charity registration number 1067087
Company registration number 03468934 (England and Wales)
THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
W J Darwin
F Standing
Charity number
1067087
Company number
03468934
Registered office
50 Roseview Crescent
Kinmel Bay
Rhyl
Conwy
LL18 5BY
Accountants
Harold Smith
Unit 32, Llys Edmund Prys
St Asaph Business Park
St Asaph
Denbighshire
LL17 0JA
THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
CONTENTS
Page
Trustees' report
1 - 2
Accountants' report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 11
THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 30 November 2023.

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 memorandum and articles of association, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The charity's objects are to promote the conservation and improvement of the physical and natural environment in the areas of Kinmel Bay and Towyn and to provide facilities in the interest of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for those living in or working in or resorting in the said areas.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance
Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be at least at a level equivalent to between three and six month’s expenditure. The trustees considers 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 has been maintained throughout the year.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

W J Darwin
F Standing

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The company's current policy concerning the payment of trade creditors is to:

THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

The trustees' report was approved by the Board of Trustees.

W J Darwin
Trustee
27 August 2024
THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Kinmel Bay and Towyn Community Association Limited for the year ended 30 November 2023, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 1 October 2018. Our work has been undertaken solely to prepare for your approval the financial statements of The Kinmel Bay and Towyn Community Association Limited and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Kinmel Bay and Towyn Community Association Limited and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that The Kinmel Bay and Towyn Community Association Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of The Kinmel Bay and Towyn Community Association Limited. You consider that The Kinmel Bay and Towyn Community Association Limited is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.}

We have not been instructed to carry out an audit or a review of the financial statements of The Kinmel Bay and Towyn Community Association Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Harold Smith
27 August 2024
Chartered Accountants
Unit 32, Llys Edmund Prys
St Asaph Business Park
St Asaph
Denbighshire
LL17 0JA
THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
3
-
250
Expenditure on:
Charitable activities
4
868
996
Net expenditure for the year/
Net movement in funds
(868)
(746)
Fund balances at 1 December 2022
4,063
4,809
Fund balances at 30 November 2023
3,195
4,063

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
2,040
2,550
Current assets
Debtors
9
131
130
Cash at bank and in hand
1,780
1,780
1,911
1,910
Creditors: amounts falling due within one year
11
(756)
(397)
Net current assets
1,155
1,513
Total assets less current liabilities
3,195
4,063
Income funds
Unrestricted funds
3,195
4,063
3,195
4,063

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 November 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 27 August 2024
W J Darwin
Trustee
Company registration number 03468934
THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
1
Accounting policies
Charity information

The Kinmel Bay and Towyn Community Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 50 Roseview Crescent, Kinmel Bay, Rhyl, Conwy, LL18 5BY.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, 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 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). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity 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 charity 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.

Legacies are recognised on receipt or otherwise if the charity 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.
THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term 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

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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.

THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Donations and legacies
Total
Unrestricted
funds
2023
2022
£
£
Donations and gifts
-
250
THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
4
Charitable activities
2023
2022
£
£
Depreciation and impairment
509
637
Share of governance costs (see note 5)
359
359
868
996
5
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£

Accountancy

-
180
180
-
180
180

Insurance

-
155
155
-
155
155

Sundry expenses

-
24
24
-
24
24
-
359
359
-
359
359
Analysed between
Charitable activities
-
359
359
-
359
359
6
Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year and no trustees were reimbursed for expenses during the year (2022- expenses were reimbursed £190).

7
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
2
2
There were no employees whose annual remuneration was more than £60,000.
THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
8
Tangible fixed assets
Plant and equipment
£
Cost
At 1 December 2022
3,235
At 30 November 2023
3,235
Depreciation and impairment
At 1 December 2022
685
Depreciation charged in the year
510
At 30 November 2023
1,195
Carrying amount
At 30 November 2023
2,040
At 30 November 2022
2,550
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
131
130
10
Loans and overdrafts
2023
2022
£
£
Directors' loans
396
13
Payable within one year
396
13
11
Creditors: amounts falling due within one year
2023
2022
£
£
Borrowings
396
13
Trade creditors
180
204
Accruals and deferred income
180
180
756
397
THE KINMEL BAY AND TOWYN COMMUNITY ASSOCIATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
12
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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