The trustees present their annual report and financial statements for the year ended 29 February 2024.
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 governing document, 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)" (effective 1 January 2019).
The charity aims to support the social and economic regeneration of its local area, providing a platform through which the community's young people have a voice and are encouraged to set and achieve goals; that improve their own life chances and promotes the development of sports, arts and community facilities on the old Tiber St School site.
The motivation for Tiber's work throughout the year has been to ensure that the local community and in particular its young people are equipped to play a key role in the decision making processes that will effect a positive change within their neighbourhood's built environment. To this end the charity has worked closely with The Greenhouse Multi-cultural Play and Arts Project to deliver programmes of work, which have given local young people opportunities to gain experience and hone their entrepreneurial and leadership skills whilst delivering services, activities and events on the Tiber Site for benefit of the local community.
The charity has been funded throughout this year by grant applications and income generated from Tiber Enterprise facilities. Tiber enlisted the support of volunteers and worked with a number of other agencies and organisations to involve young people in both local regeneration and creative learning opportunities.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
In March 2023 we completed pre-development work with Architects, Structural Engineers and Mechanical and Electrical Engineers who produced detailed plans for the completion of what had originally been intended as changing facilities for Tiber Football Centre, but interrupted by Covid 19 now held a new purpose. The plans that the professionals produced enabled a further application for funds to develop the building over two storeys so that it would not just provide football changing rooms but also; fully accessible youth facilities, a large community function space, outdoor performance area/basketball court and car parking. This project was the idea of local young people, whose ambition it is to ‘build world class facilities that raise aspirations; encourage and support young people in achieving their goals and getting the best out of life’.
Our process of working with The Greenhouse Project for recruiting, employing and training young people has continued and in turn has been instrumental in creating a pathway for participants to join the Tiber Young People’s Steering Group. In June the YPSG group took part in a session where they explored the issues that they face as young people in the transition to becoming young adults. They identified key areas including mental health, life skills, employability, arts and sports and expressed the need for Tiber to provide facilities where these activities could take place in a way that helped break down barriers and support them and other young people in their journeys to adulthood.
The building layout confirms that the young people’s expressed needs have been applied; The ground floor will consist of 3 education/training rooms, cafe and kitchen, 2 team changing rooms with showers and toilets, 1 individual changing room, disabled toilet, storage areas, boot room, toilets, office and reception. The upper floor, with stair and lift access, will provide a large multi-purpose function room, a small stage, servery, office and disabled toilet and male and female toilets, with viewing terraces on both the pitch side and performance side of the building. Car parking will allow for 32 spaces, 3 of which will be accessible bays, a coach turning / parking area is also included in the scheme. In July our application to the Youth Investment Fund for a grant just short of £2,976,000 to construct the new facilities was successful and our YPSG worked with local Videographer and former Chair of Tiber to produce a film, which shared on social media platforms, their plans for Tiber’s new youth facilities.
In October 2023 KrolCorlett were appointed as the main contractor and in December they began clearing the site in in preparation for work to start. In February 2024 the YPSG finished their 2nd Video, which shared the news of our successful Youth Investment Fund bid, plans for the new building and further information relating to Tiber’s overall Masterplan.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider 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 organisation is a charitable company, limited by guarantee, incorporated 4 February 2004 and registered as a charity on 3 September 2008. The company was established under the Memorandum of Association which established the objects and powers of the charitable company, and is governed under its Articles of Association.
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:
The directors of the company are also charity trustees for the purposes of charity law.
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.
Trustees of the charity are appointed by invitation from or application to the existing Board of Trustees. No other person or body is entitled to appoint a trustee.
The Trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Tiber Community Building (the charity) for the year ended 29 February 2024.
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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 that in any material respect:
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements 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
the financial statements 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 financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Tiber Community Building is a public benefit entity and a private company limited by guarantee incorporated in England and Wales. The registered office is Tiber Street Site, Lodge Lane, Liverpool, L8 0TP.
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. The principal accounting policies adopted are set out below.
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.
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 or grantors 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.
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.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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:
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.
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).
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.
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, 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.
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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Grants receivable
Other income
Project resources
Rent
Light and heat
Repairs and maintenance
Legal and professional fees
Website costs
Insurance
Other office costs
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
There were no disclosable related party transactions during the year (2023 - none).
Tiber Community Building is a company limited by guarantee and accordingly does not have a share capital.
Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after she ceases to be a member.