REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
STRATEGIC REPORT, REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
STRATEGIC REPORT, REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Strategic Report | 1 |
Report of the Trustees | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 15 |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The trustees present their strategic report for the year ended 31st March 2024. |
REVIEW OF BUSINESS |
The result above is after stating depreciation of fixed assets . There were realised and unrealised gains in the value of the Charity's investments. In the light of this, the Trustees regard the results as satisfactory in the light of the difficult year faced |
There have been no changes to the Charity's fixed assets |
Policies on reserves |
The Charity aims to build up sufficient reserves to enable it to have sufficient cash reserves to allow for three months of expenditure. The total unrestricted reserve stands at £759,111 of which £4,176 are current assets and £23,820 are as cash in hand. The Trustees consider this a good platform to increase the reserves at the same time as the activities of the Charity |
Approved by order of the board of trustees on 25th November 2024 and signed on its behalf by: |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP (REGISTERED NUMBER: 01208657) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST 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 31st 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). |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Billy Wenman, FCCA |
Cook & Partners Limited |
Manufactory House |
Bell Lane |
Hertford |
Hertfordshire |
SG14 1BP |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
Independent examiner's report to the trustees of THE COMMUNITY OF RECONCILIATION AND FELLOWSHIP ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st 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. |
Billy Wenman, FCCA |
Cook & Partners Limited |
Manufactory House |
Bell Lane |
Hertford |
Hertfordshire |
SG14 1BP |
25th November 2024 |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds | 4 |
Other |
Total |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 828,337 |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP (REGISTERED NUMBER: 01208657) |
BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 13 |
Unrestricted funds | 828,337 |
TOTAL FUNDS | 828,337 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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. |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP (REGISTERED NUMBER: 01208657) |
BALANCE SHEET - continued |
31ST 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 |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
Policies relating to categories of income and income recognition |
Nature of income |
Gross income represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
Categories of Income |
Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income. |
Income from exchange transactions is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser. |
Income from a non-exchange transaction is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange. |
Income recognition |
income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably. |
Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met. |
All income is accounted for gross, before deducting any related fees or costs. |
Accounting for deferred income and income received in advance |
Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met. |
Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met. |
When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met. |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
Policies relating to categories of income and income recognition |
Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned,and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred. |
Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable. |
Income from legacies |
Income from legacies is recognised when the charity has sufficient evidence that a gift has been left to them, that where required, probate has been granted, the executor is satisfied that the property in question will not be required to satisfy claims in the estate, that it is probable that the amount will be received by the charity, and the amount to be received can be estimated with sufficient accuracy, and that any conditions attached to the legacy are either within the control of the charity or have been met. |
Where a payment is received from an estate or is notified as receivable by the executors after the reporting date and before the accounts are authorised for issue but it is clear that the payment had been agreed by the executors prior to the end of the reporting period, then the amount concerned is treated as an adjusting event and accrued as income in the accounting period if receipt is probable. |
Where the charity has established entitlement to a legacy but there is uncertainty as to the amount of the payment, details of the legacy are disclosed as a contingent asset until the criteria for income recognition are met. Where a legacy is subject to the interest of a life tenant, the legacy is not recognised as income until the death of the life tenant. |
If it is doubtful that full settlement of a legacy debtor will be received, then an adjustment is made to reduce the amount of the legacy debtor and legacy income rather than charging the adjustment as expenditure in the Statement of Financial Activities |
Donated goods, facilities and services |
Donated fixed assets are recognised at the current fair value. All such donations are recognised as donation income, and debited to fixed assets. |
Donated goods that are not fixed assets are accounted for at a fair value, unless it is impractical to reliably measure the value of the donated items. |
In the absence of any direct evidence of fair value of donated goods, then a value is derived from the cost of the item to the donor or, in the case of goods that are expected to be sold, the estimated resale value after deducting any anticipated costs of sales. |
If it is impracticable to measure the fair value of goods donated for resale, or the costs of valuation outweigh the benefits, the donated goods are recognised as income when sold, with an equivalent amount being recognised as an expense. |
The costs of goods donated for distribution to beneficiaries is deemed to be the fair value of those goods upon receipt. When the goods are distributed freely or for a nominal consideration, then the carrying amount is adjusted at the time of sale, to the value at the point of distribution and the adjustment is shown as a cost of donations made. |
The carrying amount of any stock held for distribution is assessed for impairment at the reporting date. All donated goods are recognised as donation income, and debited to trading stock.When trading stock is subsequently sold, or appropriated to meet an expense, then the carrying value of the stock is recognised as an expense. In accordance with the SORP, goods donated for distribution to beneficiaries, or for consumption by the charity are included in 'legacies and donations'. Goods donated for resale are included in 'Income from other trading activities' |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
Policies relating to categories of income and income recognition |
Donated services and facilities (including seconded staff and use of property) are included in the accounts on the basis of the value of the gift to the charity. |
Membership subscriptions |
The income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation. |
The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities. |
Policies relating to expenditure on goods and services provided to the char |
Recognition of liabilities and expenditure |
A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.. |
Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates. |
Allocating costs to activities |
Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities. |
Volunteers |
In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity. |
Accounting for capital grants and fixed asset funds. |
Gifts of tangible fixed assets or grants of a capital nature, given for the purposes of acquiring specific assets to be fully utilised in the furtherance of the objects of the charity, are credited to fixed asset funds after the donated asset has been received or sums have been properly expended on the restricted purpose. |
Where the terms of the gift are met once the asset is acquired, so allowing the charity to use the asset on an unrestricted basis, including the right to receive the proceeds of any future sale of the asset on an unrestricted basis, then the fixed asset fund so created is categorised as a designated fixed asset fund. |
When assets are acquired for the furtherance of the charity's objects, utilising the charity's own unrestricted funds, a transfer is made from unrestricted funds to a designated fixed asset fund. |
Whether acquired with unrestricted or restricted funds, the asset acquired is initially shown in the balance sheet at the full cost of acquisition or subsequent revaluation. |
As the related assets are depreciated, in accordance with the depreciation policy,in order to reflect the dimunition in the asset,a transfer is made from the relevant fixed asset funds to either unrestricted or restricted revenue funds, as appropriate to the terms of the original gift, if any. |
The effect of this policy is that the aggregate of all fixed asset funds shall equate to the net book value of fixed assets. |
In the first year that this policy was adopted, a transfer to fixed asset funds was made equivalent to the net book value of the assets. |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
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 |
2024 | 2023 |
£ | £ |
Shop income |
3. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Rents received |
Interest receivable - trading | 252 | 90 |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
4. | RAISING FUNDS |
Raising donations and legacies |
2024 | 2023 |
£ | £ |
Support costs |
Investment management costs |
2024 | 2023 |
£ | £ |
Portfolio management | 2,174 | 2,622 |
Aggregate amounts | 123,657 | 80,167 |
5. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Other operating leases | 31,554 | 32,208 |
6. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31st March 2024 nor for the year ended 31st March 2023. |
7. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
employed in the year was |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
funds |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Other |
Total |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 828,337 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2023 and 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
10. | FIXED ASSET INVESTMENTS |
Fixed asset investments in quoted shares, traded bonds, investment properties and similar investments are shown initially at cost upon acquisition and at their market value at the balance sheet date at the end of the financial period. Investment properties are not depreciated. |
Fixed asset investments in unlisted equities are shown at the balance sheet date at the best estimate of their market value, where practicable. Where valuation techniques are considered unreliable or where, in the opinion of the trustees, the costs outweigh the benefits to the users of the accounts, the investment is included at cost, and a review is undertaken at each year end as to whether the asset should be written down. |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors | ( |
) |
Other debtors |
VAT |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses | ( |
) |
13. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.23 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
Unrestricted Funds | 828,337 | (69,226 | ) | 759,111 |
TOTAL FUNDS | (69,226 | ) | 759,111 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted Funds | 98,736 | (171,244 | ) | 3,282 | (69,226 | ) |
TOTAL FUNDS | ( |
) | (69,226 | ) |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
13. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
Unrestricted Funds | 883,905 | (55,568 | ) | 828,337 |
TOTAL FUNDS | 883,905 | (55,568 | ) | 828,337 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted Funds | 83,666 | (120,774 | ) | (18,460 | ) | (55,568 | ) |
TOTAL FUNDS | 83,666 | (120,774 | ) | (18,460 | ) | (55,568 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
Unrestricted Funds | 883,905 | (124,794 | ) | 759,111 |
TOTAL FUNDS | 883,905 | (124,794 | ) | 759,111 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted Funds | 182,402 | (292,018 | ) | (15,178 | ) | (124,794 | ) |
TOTAL FUNDS | 182,402 | (292,018 | ) | (15,178 | ) | (124,794 | ) |
THE COMMUNITY OF RECONCILIATION AND |
FELLOWSHIP |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
14. | RELATED PARTY DISCLOSURES |