for the Period Ended 31 March 2024
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes | |
Community Interest Report |
for the Period Ended
2024 | 2023 | |
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£ |
£ |
Turnover: |
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Cost of sales: |
(
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(
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Gross profit(or loss): |
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Administrative expenses: |
(
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(
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Operating profit(or loss): |
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Interest receivable and similar income: |
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Profit(or loss) before tax: |
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Tax: |
(
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(
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Profit(or loss) for the financial year: |
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As at
Notes | 2024 | 2023 | |
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£ |
£ |
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Current assets | |||
Debtors: | 3 |
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Cash at bank and in hand: |
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Total current assets: |
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Creditors: amounts falling due within one year: | 4 |
(
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(
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Total net assets (liabilities): |
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Capital and reserves | |||
Called up share capital: |
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Profit and loss account: |
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Total Shareholders' funds: |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 March 2024
Basis of measurement and preparation
Turnover policy
for the Period Ended 31 March 2024
2024 | 2023 | |
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Average number of employees during the period |
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for the Period Ended 31 March 2024
2024 | 2023 | |
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£ | £ | |
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Total |
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for the Period Ended 31 March 2024
2024 | 2023 | |
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£ | £ | |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Total |
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Bristol Community Accountants CIC (BCA) specialises in providing accounting services to the charity and the not-for-profit sector. It provides support for organisations that are based in Bristol and the surrounding area. The organisations BCA supports are a mix of charities, charitable company’s, and CIC’s, and are quite diverse in their public benefit areas. Clients range from City Farms, bereavement Counsellors, Youth support provision, Homeless support groups, Refugee aid groups, to name but a few. The three main services provided are: a payroll bureau, a year-end accounts production service and independent examinations for charities, and a bookkeeping service. Alongside this BCA offer bespoke training and has continued to provide many hours of free telephone support and guidance for both existing clients and for organisations that were not active clients. Organisations that are newly formed or in the process of registering their organisation, often need guidance relating to their ongoing and future statutory obligations. BCA offer support and guidance at this early stage of formation, therefore allowing organisations to become confident and compliant from the beginning. Historically, a large proportion of the clients we support are classed as small with turnover levels of below £250,000 pa, however, over the past year, the number of clients moving above this turnover level and also moving above £500,000 pa is increasing. Our clients rely on volunteer trustee boards and often, part time administration staff to manage the financial governance of their organisations. These organisations may not always have the necessary skills to prepare their statutory accounts, run their payroll, or maintain bookkeeping records to meet the complex legal requirements of charity fund tracking. BCA not only supports its clients by completing these tasks on their behalf but also provides a vital point of contact via telephone or online meetings such as Zoom and Teams. During the year, BCA ran a monthly payroll service for 35 clients, with employee numbers ranging from one to nearly 50 per employer. This is a vital service for our clients who have volunteer management committees without the expertise required to manage a monthly payroll. We have also provided essential support to clients for areas such as pension compliance, redundancy calculations and term time only complexities. BCA provided 47 independent examinations for local charities and charitable companies. In most cases we support the trustees/directors in the preparation of the statutory accounts in addition to the independent examination process. This is again, due to trustee’s lack of expertise and knowledge in this area. We ensure the accounts are compliant with the Charities SORP FRS 102, the Charities Act 2011 and the Companies Act 2006. More and more of these charities now have the requirement to submit associated corporation tax returns to HMRC and BCA prepares and submits on behalf of those organisations. The number of clients requesting the bookkeeping service has again increased in number and complexity throughout the year and during the year we engaged with 18 clients to whom we are providing regular weekly/monthly bookkeeping service. Additional to the bookkeeping service, we prepare month end management accounts which our clients when reporting to their boards, funders and stakeholders. This is an invaluable service which continues to give our clients the confidence to concentrate on their public benefit activities whilst knowing that they have robust financial procedures in place. BCA works very closely with each organisation to build procedures and processes that meet both the client’s needs as well as fulfilling all legal obligations they may have. This is a service provision that continues to remain in demand and as such, we have employed an additional member of staff to cope with the increase level of work this has generated. BCA has continued to provide bespoke one to one training to organisations to ensure they effectively maintain their bookkeeping systems. More and more of our clients have moved their bookkeeping systems to cloud based software and this service is becoming more in demand as the use of cloud-based software increases. The support we offer can be as simple as reviewing their existing bookkeeping structures and offering advice on areas to improve, or full training on cloud-based accounting software. Clients can access support over the telephone for more simple queries or can attend a training session in the BCA office which can be structured to the individual’s needs. The increase in demand this year, and the complexity of our clients requirements due to changing legislation, funding requirements and employment law, continues to prove the need for an organisation such as ours and we are constantly striving to remain accessible to clients who do not have the support structures of larger organisations to cope with the legislative burdens of these changes.
The company’s stakeholders are the charities, CIC’s and other not for profit organisations in the Bristol and surrounding area. There has been no specific consultation with our stakeholders. However, each year, when a client requires the yearly accounts production or independent examination, we meet with them to ask about their year, the activities of the organisation throughout the year and listen to any feedback they may have about our company and the services we offer. These meetings can take up to an hour and we feel this is the most effective way of engaging with our stakeholders on a regular basis. We meet with our bookkeeping clients on more regular basis, meeting with some of those clients weekly. Again, this allows us to closely engage with their needs and requirements. On occasion this has led to us producing guidance on a particular topic, or where we cannot help directly, find an alternative source for the client to investigate. For example, we are often asked to provide HR, employment law and VAT advice. These are complex area for charities, and we are able to put the clients in touch with HR and VAT specialists when appropriate.
The 2 directors each received a yearly salary of £43,420 and £3,000 towards their pension. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed
No transfer of assets other than for full consideration
This report was approved by the board of directors on
4 November 2024
And signed on behalf of the board by:
Name: Joanne Trowbridge
Status: Director