REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BROCKWORTH LINK |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
BROCKWORTH LINK |
BROCKWORTH LINK |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 | to | 5 |
Independent Examiner's Report | 6 |
Statement of Financial Activities | 7 |
Statement of Financial Position | 8 | to | 9 |
Notes to the Financial Statements | 10 | to | 17 |
BROCKWORTH LINK |
REFERENCE AND ADMINISTRATIVE DETAILS |
FOR THE YEAR ENDED 31 MARCH 2024 |
TRUSTEES |
COMPANY SECRETARY | Mr M P Nadin |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
INDEPENDENT EXAMINER | BK Plus Limited |
6 Manor Park Business Centre |
Mackenzie Way |
Cheltenham |
Gloucestershire |
GL51 9TX |
BROCKWORTH LINK (REGISTERED NUMBER: 04754607) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 |
Objectives and aims |
The objectives for which Brockworth Link is established were updated in the change to the Articles of Association that was passed on March 2024. The charity is established to significantly contribute to the social and economic development of Brockworth by providing a community-based library and education centre, advice and support services for disadvantaged members of the community and a positive meeting place and support centre for the young people. Its objectives are: |
- | The relief of persons resident in the area of benefit in need, hardship and distress including the elderly and the disabled by providing or assisting in the provision of: |
- | Advice and information regarding their legal entitlements particularly (but not exclusively) state benefits, housing consumer matters and debt and |
- | Facilities and services to relieve persons suffering from substance addiction together with the families of such persons |
- | The advancement of education amongst persons resident within the area of benefit |
- | The advancement of such other charitable purposes in the interests of social welfare as are beneficial to the community within the area of benefit. |
The benefit area is primarily the civil parish of Brockworth, the wider county of Gloucestershire and surrounding areas. |
Public benefit |
In planning Brockworth Link's activities for the year, the trustees kept in mind the Charity Commission's guidance on public benefit. The focus of the charity's activities during the year, which explains the delivery by the charity of public benefit, is set out below under 'Achievement and performance' and above under 'Objectives and activities'. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
During this period of 2023-2024, library hours have continued as previously recorded and we have continued to play an important role in the community of Brockworth. Activities have continued to grow especially in education and youth. There is usually a keen response to courses offered and customers are encouraged to offer suggestions for improvements. |
We endeavoured to maintain our position of forward-looking progress, and where possible, moved into areas of improvement. This has gathered momentum throughout the year and we have been able to move forward on several projects. |
The youth provision is particularly important and successful and we continue to grow in this area. |
We have maintained our financial stability, as well as enhancing the procurement of several grants which have enabled us to fulfil several projects. |
Our 4 core staff - Monica Constantinescu, our General Manager, Anne Fuller, our Library Manager, Maria McIntosh, our Assistant Library Manager and Charlotte Mills, our Youth Manager - are responsible for the day to day administration and running of the charity. |
BROCKWORTH LINK (REGISTERED NUMBER: 04754607) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
ACHIEVEMENT AND PERFORMANCE - continued |
Charitable activities - continued |
There are a number of highlights worth mentioning: |
- | The Italian class has continued to be successful and we have now reintroduced the French class as well as Spanish class. |
- | Our baby bounce and rhyme group continues to run with high numbers and it is a popular Wednesday activity for young mothers/ grandparents/ carers and their little ones |
- | Our youth provision has gone from strength to strength, after extending into Coopers Edge. Attendance has grown in Brockworth and we have also started a weekly youth club session in Churchdown. |
- | Working in partnership with the local parish council and church, we ran a very successful Christmas Fayre which brought the whole community together for second time in 3 years. |
- | We have received funding from Brockworth Parish Council, Tewkesbury Borough Council, Gloucestershire County Council and more. |
- | With the financial support from The Big Lottery, we continued to use our CRM (Customer Relationship Management) system which gives us visual feedback on attendance and satisfaction of both Brockworth Community Library and Brockworth Link as a whole. This has been a learning experience for Brockworth Link. |
FINANCIAL REVIEW |
Financial review |
Brockworth Link recorded a deficit for the year of £42,220. The trustees are comfortable with the performance for the year, as we have faced increasingly high costs due to utilities, contractors and conforming with compliance requirements. |
Investment policy and objectives |
The trustees continue to monitor that bank deposits provide a reasonable return for the charity. |
Reserves policy |
The Management Committee has examined the charity's requirements for reserves, in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be 6 months of the expenditure. Budgeted revenue expenditure for 2024-2025 is in the order of £80,000. We estimate that we will receive grants, fees and charges and other sources of income to meet this. The present level of unrestricted reserves available to the charity is £50,577. The Management Committee will continue to keep the budget under review throughout the year. |
FUTURE PLANS |
Brockworth Link trustees continued to work from the agreed 5-year business plan which was updated pre-COVID. We are constantly working to make that plan a reality. In August 2022, the business plan committee met to update and simplify the business plan, making it a more user friendly document. |
Brockworth Link trustees are working closely together to compile a more refreshed business plan and are continually updating and amending sections of the existing one. They meet regularly and hope to have a complete working document by the end of 2024. |
Significant housing development in Brockworth will bring both challenges and opportunities in the coming years. |
Securing long-term revenue funding remains a priority. |
As ever, we face the future with confidence and ambition. |
BROCKWORTH LINK (REGISTERED NUMBER: 04754607) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is constituted as a company limited by guarantee and therefore has no share capital. In the event of the company being wound up and the liabilities and winding up expenses being in excess of assets, the liability of each member is limited to £1. The charity's governing document is its Memorandum and Articles of Association dated 19 May 2003 and updated March 2024. |
Recruitment and appointment of new trustees |
Details of officers and advisers are given on page 1 of this report. The power to appoint new trustees is vested in existing trustees. |
Changes in trustees |
Mr A Goode and Mr J F Honey were appointed as trustees in June 2023. Mr M Nadin resigned as trustee in November 2023. |
Organisational structure |
In accordance with the Articles of Association, Brockworth Link is directed by an Executive Committee comprising a Chair, Vice Chair, Treasurer, Secretary, and such other Honorary Officers as the charity shall decide. The Executive Committee meets monthly. |
Risk management |
The trustees actively review the major risks which the charity faces on a regular basis and carry out reviews of the controls over key financial systems. The trustees have also considered other financial, operational and business risks faced by the charity, especially the raising of relevant funding and the maintenance of adequate reserves, and confirm that systems have been established to mitigate, as far as possible, any significant risks. |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Brockworth Link for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
BROCKWORTH LINK (REGISTERED NUMBER: 04754607) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
BROCKWORTH LINK |
Independent examiner's report to the trustees of Brockworth Link ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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 Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts 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 accounts 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. |
Roger Downes FCA |
BK Plus Limited |
6 Manor Park Business Centre |
Mackenzie Way |
Cheltenham |
Gloucestershire |
GL51 9TX |
16 September 2024 |
BROCKWORTH LINK |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities | 4 |
Charitable | 27,424 | 87,293 | 114,717 | 94,750 |
Other trading activities | 2 | 15,194 | 1,486 | 16,680 | 9,768 |
Investment income | 3 | - | - | - | 113 |
Total |
EXPENDITURE ON |
Raising funds | 5 |
Charitable activities | 6 |
Charitable | 44,726 | 125,541 | 170,267 | 140,182 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
Transfers between funds | 17 | 6,762 | (6,762 | ) | - | - |
Net movement in funds | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 276,614 |
BROCKWORTH LINK (REGISTERED NUMBER: 04754607) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 17 |
Unrestricted funds | 47,636 |
Restricted funds | 228,978 |
TOTAL FUNDS | 276,614 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
BROCKWORTH LINK (REGISTERED NUMBER: 04754607) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
BROCKWORTH LINK |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going concern |
The charity relies on external funding to meet its day-to-day cash requirements and to fund its charitable activities. Whilst levels of available funding have been decreasing in recent years, the trustees are confident that their efforts to secure new funding sources are being rewarded, with several new income streams in place for the next couple of years |
The trustees have considered the cash flow needs of the charity for a period of more than twelve months from the date of approval of these financial statements and conclude that, despite the uncertainties that exist, particularly with regard to the effects of the current coronavirus pandemic, the charity should be able to generate sufficient funding going forward in order to enable it to provide planned services for the foreseeable future. Consequently the trustees consider it appropriate to prepare these financial statements on the basis that the charity is a going concern. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Grant income is recognised on receipt unless there is a future obligation to deliver services against that income, in which case it is recognised when those services are delivered. All other income is recognised on receipt. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - |
Computer equipment | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. It is not, however, exempt from VAT, and irrecoverable VAT is included in the cost of those items to which it relates. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
BROCKWORTH LINK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
2. | OTHER TRADING ACTIVITIES |
31.3.24 | 31.3.23 |
£ | £ |
Course fees | 4,077 | 2,705 |
Other income | 12,603 | 7,063 |
3. | INVESTMENT INCOME |
31.3.24 | 31.3.23 |
£ | £ |
Deposit account interest |
4. | INCOME FROM CHARITABLE ACTIVITIES |
31.3.24 | 31.3.23 |
Activity | £ | £ |
Grants | Charitable | 114,717 | 94,750 |
Grants received, included in the above, are as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Brockworth Parish Council | 43,825 | 32,377 |
Big Lottery Fund | 27,424 | 6,885 |
Gloucestershire County Council | 14,573 | 15,000 |
Awards For All | 10,000 | - |
GL3 Community Hub | 8,105 | - |
Gloucestershire Community Foundation | 5,000 | - |
Tewkesbury Borough Council | 3,540 | 18,808 |
Skipton Building Society | 750 | - |
Hucclecote Parish Council | 500 | 300 |
Rotary Trust | 500 | 500 |
Co-op Local Community Fund | 500 | - |
Forest Voluntary Action Forum | - | 6,760 |
Sports England | - | 5,120 |
Barnwood Trust | - | 4,500 |
Carried forward | 114,717 | 90,250 |
BROCKWORTH LINK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | INCOME FROM CHARITABLE ACTIVITIES - continued |
31.3.24 | 31.3.23 |
£ | £ |
Brought forward | 114,717 | 90,250 |
National Benevolent Charity | - | 4,500 |
114,717 | 94,750 |
5. | RAISING FUNDS |
Other trading activities |
31.3.24 | 31.3.23 |
£ | £ |
Purchases |
6. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 7) | note 8) | Totals |
£ | £ | £ |
Charitable | 168,826 | 1,441 | 170,267 |
7. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
31.3.24 | 31.3.23 |
£ | £ |
Staff costs | 94,904 | 75,402 |
Rent, rates and utilities | 7,387 | 5,819 |
Insurance | 1,312 | 1,410 |
Telephone | 3,042 | 2,395 |
Stationery, postage & supplies | 786 | 379 |
Sundries | 1,257 | 2,481 |
Contracted services | 7,247 | 9,675 |
Maintenance & repairs | 7,812 | 1,319 |
Bank charges | 18 | 210 |
Equipment purchase & hire | 605 | 564 |
IT & website | 248 | 322 |
Youth activities | 11,352 | 6,554 |
Licences and subscriptions | 2,557 | - |
Depreciation | 30,299 | 30,301 |
168,826 | 136,831 |
BROCKWORTH LINK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | SUPPORT COSTS |
Governance |
costs |
£ |
Charitable | 1,441 |
9. | NET INCOME/(EXPENDITURE) |
There are no exceptional items to report. |
10. | TRUSTEES' REMUNERATION AND BENEFITS |
During the year one of the trustees received remuneration of £31,920 (2023: £31,459). |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
11. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Administration staff |
12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Charitable | - | 94,750 | 94,750 |
Other trading activities | 8,997 | 771 | 9,768 |
Investment income | 113 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Charitable | 16,752 | 123,430 | 140,182 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
BROCKWORTH LINK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
RECONCILIATION OF FUNDS |
Total funds brought forward | 59,038 | 256,851 |
TOTAL FUNDS CARRIED FORWARD | 47,636 | 228,978 | 276,614 |
13. | TANGIBLE FIXED ASSETS |
Improvements |
to | Computer |
property | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Income due |
Prepayments |
BROCKWORTH LINK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
16. | SECURED DEBTS |
Tewkesbury Borough Council has a legal charge over the leasehold property that the charity occupies for its activities. |
17. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.4.23 | in funds | funds | 31.3.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 47,636 | (3,821 | ) | 6,762 | 50,577 |
Restricted funds |
Youth Services | 11,762 | - | (6,762 | ) | 5,000 |
Capital Equipment | 194,492 | (24,285 | ) | - | 170,207 |
Library Services | 21,474 | (14,114 | ) | - | 7,360 |
IT Classes | 1,250 | - | - | 1,250 |
(38,399 | ) | ( |
) |
TOTAL FUNDS | (42,220 | ) | 234,394 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 43,814 | (47,635 | ) | (3,821 | ) |
Restricted funds |
Youth Services | 62,615 | (62,615 | ) | - |
Capital Equipment | - | (24,285 | ) | (24,285 | ) |
Library Services | 26,164 | (40,278 | ) | (14,114 | ) |
( |
) | (38,399 | ) |
TOTAL FUNDS | ( |
) | (42,220 | ) |
BROCKWORTH LINK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 59,038 | (11,402 | ) | 47,636 |
Restricted funds |
Youth Services | 6,864 | 4,898 | 11,762 |
Capital Equipment | 209,776 | (15,284 | ) | 194,492 |
Library Services | 38,961 | (17,487 | ) | 21,474 |
IT Classes | 1,250 | - | 1,250 |
256,851 | (27,873 | ) | 228,978 |
TOTAL FUNDS | 315,889 | (39,275 | ) | 276,614 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 11,111 | (22,513 | ) | (11,402 | ) |
Restricted funds |
Youth Services | 41,333 | (36,435 | ) | 4,898 |
Capital Equipment | 9,000 | (24,284 | ) | (15,284 | ) |
Library Services | 45,224 | (62,711 | ) | (17,487 | ) |
95,557 | (123,430 | ) | (27,873 | ) |
TOTAL FUNDS | 106,668 | (145,943 | ) | (39,275 | ) |
Details of Restricted Funds |
Youth Services - Funding for staff costs and expenses for Brockworth Youth Club (known as B-Epic and run under the umbrella of Brockworth Link), other youth activities and offsite events. |
Capital Equipment - Funding for library improvements and IT equipment. Assets purchased with this funding are either capitalised as fixed assets and the subsequent depreciation charged against this fund or charged direct against the fund where the expenditure is not capitalised. |
Library Services - Funding for operational costs to provide local community library services, including an IT suite for public use, and for extended library opening hours. |
IT Classes - Funding for basic IT classes for the local community. |
BROCKWORTH LINK |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
17. | MOVEMENT IN FUNDS - continued |
Transfers between funds |
Transfers are made between restricted and unrestricted funds at the end of every accounting period in cases where:- |
i) the activity of the restricted fund has come to an end and there is an unspent balance that is not repayable to the funder(s), when the surplus is transferred to unrestricted funds; and |
ii) the restricted fund is in deficit and has either come to an end or there is no prospect of a surplus in a later period, when the deficit is eliminated by transfer from unrestricted funds. |
18. | CONTINGENT LIABILITIES |
Various funders retain the right to claw back grants should the use of the funds not be in accordance with the terms of the grant. In the opinion of the trustees no such liability exists at the year-end. |
19. | RELATED PARTY DISCLOSURES |