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2023-02-17
Sage Accounts Production Advanced 2023 - FRS102_2023_Charity
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COMPANY REGISTRATION NUMBER:
14670417
CHARITY REGISTRATION NUMBER:
1203562
Gavray Community Meadows Limited |
|
Company Limited by Guarantee |
|
Unaudited Financial Statements |
|
Gavray Community Meadows Limited |
|
Company Limited by Guarantee |
|
Period from 17 February 2023 to 29 February 2024
Trustees' annual report (incorporating the director's report) |
1 |
|
|
Statement of financial activities (including income and expenditure account) |
4 |
|
|
Statement of financial position |
5 |
|
|
Notes to the financial statements |
6 |
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Gavray Community Meadows Limited |
|
Company Limited by Guarantee |
|
Trustees' Annual Report (Incorporating the Director's Report) |
|
Period from 17 February 2023 to 29 February 2024
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 period ended
29 February 2024
.
Reference and administrative details
Registered charity name |
Gavray Community Meadows Limited |
|
|
Charity registration number |
1203562 |
|
|
Company registration number |
14670417 |
|
|
Principal office and registered |
30 Ravencroft |
office |
Bicester |
|
Oxon |
|
OX26 6YQ |
|
|
The trustees
|
Mr I Armstrong |
(Appointed
17 February 2023) |
|
Mr A Buckley |
(Appointed
17 February 2023) |
|
Mr R Ponsford |
(Appointed
17 February 2023) |
|
|
|
Accountants |
David Cadwallader & Co Limited |
|
Chartered Certified Accountants |
|
Suite 3 Bignell Park Barns |
|
Chesterton |
|
Nr Bicester |
|
Oxon |
|
OX26 1TD |
|
|
Structure, governance and management
We have appointed three inaugural directors to our charitable company as follows:
Mr A Buckley
Mr I Armstrong
Mr R Ponsford
In addition the Director's have agreed to co-opt Dominic Woodfield, a long standing supporter of the Gavray Meadows campaign, under clause 31 of our Articles.
We have the following members standing ready to join the board when planning consent has been secured and the land can be transferred and our management of Gavray Meadows can begin:
Mrs G Buckley
Mrs P Roberts
Ms P Clissold
Dr Christopher Young
While we have been waiting on progress on the planning application we have met formally as a board twice during the year on 07.06.23 and on 2.02.24. We have held held fourteen update sessions either with the wider group and with the developer.
During this time, the members and board members are being supported by Alan Caldwell of Alan Caldwell Associates Ltd who has helped in the formation and early development of our charitable company. Alan's involvement is funded through his contract with L & Q Estates (now Urban & Civic).
Objectives and activities
Our formation
Our charitable company has been formed to take ownership of and manage the circa 20 acre site known as Gavray Meadows in Bicester, securing its future as a precious wildlife haven. This follows a long campaign to protect this treasured local resource which had come under threat following a planning application for a new housing development. Following open and positive discussion with the developer, L & Q Estates (now Urban & Civic) during 2022 it was agreed that on the granting of planning permission the land known as Gavray Meadows would be passed into the ownership of
Gavray Community Meadows Limited
along with a significant capital dowry to invest generating the revenue for the long term management for the benefit of our community.
Our objects
The protection, conservation and improvement of the biodiversity for the public in our area of benefit.
Achievements and performance
Having established our charitable company we have remained in close contact with the developers while they progress the planning application through the Local Authority, Cherwell District Council. This has included attendance at regular briefing meetings and providing local knowledge and support to L & Q Estates (now Urban & Civic).
During this time we have undertaken light maintenance on the site with the permission and support of the developer and the involvement of local people. We have met regularly as a group online to keep our members closely informed on progress.
On the 29th February 2024 the developer was still pursuing the planning application with Cherwell District Council
Financial review
The trading results for the period are shown on page 4.
Unrestricted reserves at the end of the period were £592.
Plans for future periods
Until the developer can secure planning permission on the site we are unable to take ownership of the land and begin our work on the protection of the Meadows. Until then we will continue to meet as a board and with the wider membership to keep everyone updated on progress.
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
30 September 2024
and signed on behalf of the board of trustees by:
Mr I Armstrong |
Mr A Buckley |
Trustee |
Trustee |
|
|
Gavray Community Meadows Limited |
|
Company Limited by Guarantee |
|
Statement of Financial Activities |
(including income and expenditure account) |
|
Period from 17 February 2023 to 29 February 2024
|
Period from 17 Feb 23 to 29 Feb 24 |
|
Unrestricted funds |
Total funds |
Note |
£ |
£ |
|
|
|
Income and endowments
Donations and legacies |
5 |
1,110 |
1,110 |
|
------- |
------- |
Total income |
1,110 |
1,110 |
|
------- |
------- |
|
|
|
|
Expenditure
Expenditure on charitable activities |
6,7 |
518 |
518 |
|
------- |
------- |
Total expenditure |
518 |
518 |
|
------- |
------- |
|
|
|
|
|
------- |
------- |
Net income and net movement in funds |
592 |
592 |
|
------- |
------- |
|
|
|
Reconciliation of funds
Total funds brought forward |
– |
– |
|
------- |
------- |
Total funds carried forward |
592 |
592 |
|
------- |
------- |
|
|
|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Gavray Community Meadows Limited |
|
Company Limited by Guarantee |
|
Statement of Financial Position |
|
29 February 2024
Current assets
Cash at bank and in hand |
1,072 |
|
|
Creditors: amounts falling due within one year |
10 |
480 |
|
------- |
Net current assets |
592 |
|
---- |
Total assets less current liabilities |
592 |
|
---- |
Net assets |
592 |
|
---- |
|
|
|
Funds of the charity
Unrestricted funds |
592 |
|
|
---- |
Total charity funds |
11 |
592 |
|
|
---- |
|
|
|
For the period ending 29 February 2024 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 period 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
30 Sep 24
, and are signed on behalf of the board by:
Mr I Armstrong |
Mr A Buckley |
Trustee |
Trustee |
|
|
Gavray Community Meadows Limited |
|
Company Limited by Guarantee |
|
Notes to the Financial Statements |
|
Period from 17 February 2023 to 29 February 2024
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 30 Ravencroft, Bicester, Oxon, OX26 6YQ.
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.
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 with no share capital. The liability of each member is limited to £1.
5.
Donations and legacies
|
|
Unrestricted Funds |
Total Funds 2024 |
|
|
£ |
£ |
|
|
|
|
Donations
|
Donations |
1,110 |
1,110 |
|
|
------- |
------- |
|
|
|
|
6.
Expenditure on charitable activities by fund type
|
|
Unrestricted Funds |
Total Funds 2024 |
|
|
£ |
£ |
|
Support costs |
518 |
518 |
|
|
---- |
---- |
|
|
|
|
7.
Expenditure on charitable activities by activity type
|
Support costs |
Total funds 2024 |
|
£ |
£ |
|
Governance costs |
518 |
518 |
|
|
---- |
---- |
|
|
|
|
8.
Staff costs
The average head count of employees during the period was Nil.
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
9.
Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
No trustee expenses have been incurred in the period
10.
Creditors:
amounts falling due within one year
|
29 Feb 24 |
|
£ |
Accruals and deferred income |
480 |
|
---- |
|
|
11.
Analysis of charitable funds
Unrestricted funds
|
At 17 February 2023 |
Income |
Expenditure |
At 29 February 2024 |
|
£ |
£ |
£ |
£ |
General funds |
– |
1,110 |
(518) |
592 |
|
---- |
------- |
---- |
---- |
|
|
|
|
|
12.
Analysis of net assets between funds
|
Unrestricted Funds |
Total Funds 2024 |
|
£ |
£ |
|
Current assets |
1,072 |
1,072 |
|
Creditors less than 1 year |
(480) |
(480) |
|
|
------- |
------- |
|
Net assets |
592 |
592 |
|
|
------- |
------- |
|
|
|
|