IRIS Accounts Productionv24.3.2.46OtherCompany accountsTruefalsePounds1.7.2330.6.2430.6.24FYMedium entitiesAuditedThese accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime.Medium-sized companies regime for accountsFullCharities SORPtruetruetruetruetruetruetruefalsetruefalsetrue iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh030645852023-06-30030645852024-06-30030645852023-07-012024-06-30030645852022-06-30030645852022-07-012023-06-30030645852023-06-3003064585ns0:CharitableCompanyLimitedByGuarantee2023-07-012024-06-3003064585ns15:PoundSterling2023-07-012024-06-3003064585ns11:MediumEntities2023-07-012024-06-3003064585ns11:Audited2023-07-012024-06-3003064585ns11:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3003064585ns11:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3003064585ns11:FullAccounts2023-07-012024-06-3003064585ns11:CharitiesSORP2023-07-012024-06-3003064585ns16:EnglandWales2023-07-012024-06-3003064585ns11:RegisteredOffice2023-07-012024-06-3003064585ns0:Trustee12023-07-012024-06-3003064585ns0:Trustee22023-07-012024-06-3003064585ns11:CompanySecretary12023-07-012024-06-3003064585ns0:TotalUnrestrictedFunds2023-07-012024-06-3003064585ns0:TotalRestrictedIncomeFunds2023-07-012024-06-3003064585ns0:TotalUnrestrictedFunds2023-06-3003064585ns0:TotalRestrictedIncomeFunds2023-06-3003064585ns0:TotalUnrestrictedFunds2024-06-3003064585ns0:TotalRestrictedIncomeFunds2024-06-3003064585ns0:TotalUnrestrictedFundsns10:WithinOneYear2024-06-3003064585ns10:WithinOneYearns0:TotalRestrictedIncomeFunds2024-06-3003064585ns10:WithinOneYear2024-06-3003064585ns10:WithinOneYear2023-06-3003064585ns10:AfterOneYearns0:TotalUnrestrictedFunds2024-06-3003064585ns10:AfterOneYearns0:TotalRestrictedIncomeFunds2024-06-3003064585ns10:AfterOneYear2024-06-3003064585ns10:AfterOneYear2023-06-3003064585ns10:ShortLeaseholdAssetsns10:LandBuildings2023-07-012024-06-3003064585ns10:PlantMachinery2023-07-012024-06-3003064585ns10:FurnitureFittingsToolsEquipment2023-07-012024-06-3003064585ns10:MotorVehicles2023-07-012024-06-3003064585ns10:ComputerEquipment2023-07-012024-06-300306458522023-07-012024-06-300306458532023-07-012024-06-300306458512023-07-012024-06-300306458512022-07-012023-06-3003064585132023-07-012024-06-3003064585132022-07-012023-06-3003064585ns10:OwnedAssets2023-07-012024-06-3003064585ns10:OwnedAssets2022-07-012023-06-3003064585ns0:GBP60001ToGBP700002023-07-012024-06-3003064585ns0:GBP60001ToGBP700002022-07-012023-06-3003064585ns0:GBP70001ToGBP800002023-07-012024-06-3003064585ns0:GBP70001ToGBP800002022-07-012023-06-3003064585ns0:TotalUnrestrictedFunds2022-07-012023-06-3003064585ns0:TotalRestrictedIncomeFunds2022-07-012023-06-3003064585ns10:ShortLeaseholdAssetsns10:LandBuildings2023-06-3003064585ns10:PlantMachinery2023-06-3003064585ns10:FurnitureFittings2023-06-3003064585ns10:FurnitureFittings2023-07-012024-06-3003064585ns10:ShortLeaseholdAssetsns10:LandBuildings2024-06-3003064585ns10:PlantMachinery2024-06-3003064585ns10:FurnitureFittings2024-06-3003064585ns10:ShortLeaseholdAssetsns10:LandBuildings2023-06-3003064585ns10:PlantMachinery2023-06-3003064585ns10:FurnitureFittings2023-06-3003064585ns10:MotorVehicles2023-06-3003064585ns10:ComputerEquipment2023-06-3003064585ns10:MotorVehicles2024-06-3003064585ns10:ComputerEquipment2024-06-3003064585ns10:MotorVehicles2023-06-3003064585ns10:ComputerEquipment2023-06-3003064585ns10:BetweenOneTwoYears2024-06-3003064585ns10:BetweenOneTwoYears2023-06-3003064585ns10:BetweenTwoFiveYears2024-06-3003064585ns10:BetweenTwoFiveYears2023-06-3003064585ns10:BetweenOneFiveYears2024-06-3003064585ns10:BetweenOneFiveYears2023-06-3003064585ns10:AllPeriods2024-06-3003064585ns10:AllPeriods2023-06-30

REGISTERED COMPANY NUMBER: 03064585 (England and Wales)

REGISTERED CHARITY NUMBER: 1130574















REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR


ENVIRONMENTAL CONSERVATION CO-OPERATIVE
LTD.



ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






Page




Report of the Trustees  

1


to


5



Report of the Independent Auditors  

6


to


8



Statement of Financial Activities  

9




Balance Sheet  

10


to


11



Cash Flow Statement  

12




Notes to the Cash Flow Statement  

13




Notes to the Financial Statements  

14


to


23



ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD. (REGISTERED NUMBER: 03064585)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 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 30 June 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

1. To protect and enhance the natural and built environment

2. To recycle and to provide good quality furniture, clothing and household items for the alleviation of poverty

3. To create sustainable employment through waste

ECCO achieves the first aim by managing Parndon Wood Nature Reserve in Harlow, Essex. The reserve is a Site of Site of Special Scientific Interest (SSSI) and is managed in partnership with Harlow Council and volunteer groups in accordance with Natural England's agreed management plan. This plan implements the standards that are essential to sustain the site's special status. Parndon Wood forms part of the Harlow Woods designated area, which also includes Hospital and Risden Woods.

The site is open to the public 5 days a week and runs events focussing on environmental education. Around 20 local schools visit us each year for educational school trips. We also run seasonal non-profit events so people can enjoy and spend time in the outdoors. Over the year Parndon Wood has had approximately 18,000 visitors.

Parndon Wood also retained its Green Flag status, which acknowledges its standing as one of the UK's best parks.

The costs of the reserve are funded from the income of ECCO's reuse shops, a grant from Harlow Council and by selling goods produced in Parndon Wood.

On May 12th 2024, ECCO ended its physical involvement at Parndon Wood after 12 successful years. ECCO will still contribute financially to the bio-diversity management of Parndon Wood Nature Reserve, which Harlow Council now have full management of.

ECCO has also committed to purchasing 100% of charcoal produce from Parndon Wood, which can then be sold in all 3 of the ECCO shops.

ECCO achieves the second aim by recycling and reusing materials in its 3 shops in Harlow, Epping and Bishop's Stortford.

ECCO achieves the third aim by employing 16 full time members of staff & 1 part time member of staff.



ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD. (REGISTERED NUMBER: 03064585)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2024



OBJECTIVES AND ACTIVITIES

Significant activities

We continued to work in partnership with:

Essex County Council through the provision of Waste Electronic, Electrical Equipment (WEEE) for onward sustainable recycling.

Harlow Council through the diversion of bulky waste.

As well as providing good quality items at a low price for sale in our shops, we have also provided items free of charge to people in the local community who are in need either through an ad hoc basis or through referral from social services.

Also, during the year we consolidated the success of our new shop in Harlow. The shop provides greater floorspace to be able to cater for more customers and more items for reuse.

During the year ECCO has diverted approximately 3500 tonnes of material from landfill.

In addition to the continued commitment of the above activities, in the coming year ECCO would focus on,
Developing Giftaid procedures and increasing income from it.

Developing relationships with local companies to mutually benefit the work that ECCO does and to give opportunities to those companies to promote their environmental credentials.

We aim to raise money for the local food bank. In December 2023, ECCO made a donation of £3000 to Harlow Food Bank. We are aiming to raise £4000 for December 2024.

After the success of the past, one day music festivals called 'Sunset Sessions' we held at Harlow Town Park, we will host another in July 2024. These festivals are a very important way to promote ECCO and the work ECCO does it in the community. The festival had over 1800 local people attend.

Continue to build the ECCO Environmental Fund. In May 2024, ECCO launched its own grant fund, with 3 main priorities:

1. To partner with both new and established environmental projects to help them develop

2. Support local community groups who aim to work with less fortunate families & individuals

3. Work with local primary schools to offer more resources, materials & core costs for outdoor play and education

Within 2 weeks of the launch, ECCO had granted a fund to Milwards Primary School to build their own Forest School within their school land.

We also aim to continue to provide access to hot food and activities for hard-to-reach economic groups in partnership with local charities and Essex County Council.

We are continuing to work with Epping Forest District Council by collecting resident's reusable items instead of them going into landfill.




ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD. (REGISTERED NUMBER: 03064585)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2024



OBJECTIVES AND ACTIVITIES

The trustees would like to acknowledge the dedication and hard work of the staff and volunteers who make such an important contribution to the successful running of the organisation and to our partner organisations. We are very grateful to all the support and help we get from them and the general public.

STRATEGIC REPORT

Financial position

Total income for the year amounted to £1,245,582 (2023-£1,055,381) and total expenditure £1,123,792 (2023-£929,070). Net movement in funds for the year was a surplus of £121,790 (2023-£126,311).


Principal funding sources

The principal source of funding is the sale of donated goods from retail outlets. This is supplemented by waste recycling income and visitor fees from Parndon Wood.

Reserves policy

The Trustees have agreed a policy of holding reserves equivalent to six months expenditure. This policy is to ensure that the charity is able to deal with unforeseen circumstances. Reserves at the Balance Sheet date amounted to £773,078 (2023-£651,288).The Trustees consider that the reserves as at 30 June 2024 are sufficient to meet this objective.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has sufficient resources to continue operations for the foreseeable future. For this reason the going concern basis is adopted in preparing the financial statements.


Future plans

ECCO's main threat continues to be the instability which comes with short term leases. ECCO will continue to explore the opportunities of securing long term leases as the opportunities arise.The Trustees are also exploring external grant funding opportunities for improving access to the Parndon Wood nature reserve.


STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by it's governing document, Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.The company became a registered charity on 15 July 2009.


Recruitment and appointment of new trustees

Traditionally, trustees have been recruited by word of mouth and personal recommendation. The charity has been fortunate that the mix of expertise has been sufficient to enable the trustees to make informed decisions.

Organisational structure

The Board normally meets several times of the year to review performance and strategy. Day to day management is delegated to the Chief Executive Officer and his management team.

Key management remuneration

The Trustees consider the Board of Trustees and the senior management team, to whom all day to day management is delegated, to be the key management personnel of the charity.

All members of the Board of Trustees give their time voluntarily and receive no financial benefits from the charity. Management remuneration is reviewed annually by reference to performance and similar charities.




ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD. (REGISTERED NUMBER: 03064585)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2024



STRUCTURE, GOVERNANCE AND MANAGEMENT

Principal risks and uncertainties

The Trustees have assessed major risks that the charity is exposed to, in particular those relating to operations and finances and are satisfied that the appropriate procedures are in place to mitigate those risks and are subject to regular review.

The key risks are the economic influences that may effect the supply of donated goods and their subsequent sale.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

03064585 (England and Wales)


Registered Charity number

1130574


Registered office

St James Centre

East Road

Harlow

Essex

CM20 2SX


Trustees

J R Chambers

K L Barrow


Company Secretary

S M Folan


Auditors

Brindley Millen Ltd

167 Turners Hill

Cheshunt

Hertfordshire

EN8 9BH


Senior Management Team

S M Folan-Chief Executive Officer

J Folan

M Folan

D Trussler

E M Folan


STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Environmental Conservation Co-operative Ltd. 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).




ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD. (REGISTERED NUMBER: 03064585)



REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 JUNE 2024



STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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.

In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors,  Brindley Millen Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 17 March 2025 and signed on the board's behalf by:






S M Folan - Secretary


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ENVIRONMENTAL CONSERVATION CO-OPERATIVE

LTD.


Opinion

We have audited the financial statements of Environmental Conservation Co-operative Ltd. (the 'charitable company') for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.


Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ENVIRONMENTAL CONSERVATION CO-OPERATIVE

LTD.



Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Report of the Trustees has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ENVIRONMENTAL CONSERVATION CO-OPERATIVE

LTD.



Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those covered by the Statement of Recommended Practice (SORP 2019) and the Charities Act 2011.We assessed the risk of material misstatement in respect of fraud by making enquiries of management and trustees by testing the implementation of accounting controls in place.


Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above by making enquiries with key personnel and reviewing relevant documentation such as minutes of Trustee meetings and correspondence with regulatory bodies.We considered the risk of fraud through management override by incorporating testing of journal entries and reviewing any requirements to meet performance targets.We also considered, and tested for, the possibility of unauthorised payments to related parties.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.


Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Maurice Brindley BSc FCA (Senior Statutory Auditor)

for and on behalf of Brindley Millen Ltd

167 Turners Hill

Cheshunt

Hertfordshire

EN8 9BH


18 March 2025



ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 JUNE 2024



30.6.24


30.6.23


Unrestricted


Restricted


Total


Total


fund


fund


funds


funds


Notes

£   

£   

£   

£   


VOLUNTARY INCOME FROM

Donations and grants

2

41,366


21,635


63,001


46,665



Other trading activities

3

1,166,060


9,021


1,175,081


1,002,144


Other income

7,500


-


7,500


6,572


Total

1,214,926


30,656


1,245,582


1,055,381



EXPENDITURE ON

Raising funds

4

245,943


18,756


264,699


247,242




Other

791,576


67,517


859,093


681,828


Total

1,037,519


86,273


1,123,792


929,070



NET INCOME/(EXPENDITURE)

177,407


(55,617

)

121,790


126,311


Transfers between funds

16

(35,703

)

35,703


-


-


Net movement in funds

141,704


(19,914

)

121,790


126,311



RECONCILIATION OF FUNDS

Total funds brought forward

631,374


19,914


651,288


524,977



TOTAL FUNDS CARRIED FORWARD

773,078


-


773,078


651,288




ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD. (REGISTERED NUMBER: 03064585)



BALANCE SHEET

30 JUNE 2024



30.6.24


30.6.23


Unrestricted


Restricted


Total


Total


fund


fund


funds


funds


Notes

£   

£   

£   

£   


FIXED ASSETS


Tangible assets

10

54,646


-


54,646


79,997



CURRENT ASSETS


Debtors

11

63,417


-


63,417


43,641


Cash at bank and in hand

731,664


-


731,664


596,038


795,081


-


795,081


639,679



CREDITORS


Amounts falling due within one year

12

(66,767

)

-


(66,767

)

(48,497

)


NET CURRENT ASSETS

728,314


-


728,314


591,182



TOTAL ASSETS LESS CURRENT

LIABILITIES

782,960


-


782,960


671,179



CREDITORS


Amounts falling due after more than one

year


13

(9,882

)

-


(9,882

)

(19,891

)


NET ASSETS

773,078


-


773,078


651,288




ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD. (REGISTERED NUMBER: 03064585)



BALANCE SHEET - continued

30 JUNE 2024


FUNDS

16

Unrestricted funds

773,078


631,374


Restricted funds

-


19,914


TOTAL FUNDS

773,078


651,288




The financial statements were approved by the Board of Trustees and authorised for issue on 17 March 2025  and were signed on its behalf by:






J R Chambers - Trustee






K L Barrow - Trustee



ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2024



30.6.24


30.6.23


Notes

£   

£   



Cash flows from operating activities

Cash generated from operations

1

149,904


161,302



Interest paid

(638

)

(884

)


Net cash provided by operating activities

149,266


160,418




Cash flows from investing activities

Purchase of tangible fixed assets

(3,631

)

(69,639

)


Net cash used in investing activities

(3,631

)

(69,639

)



Cash flows from financing activities

Loan repayments in year

(10,009

)

(9,765

)


Net cash used in financing activities

(10,009

)

(9,765

)



Change in cash and cash equivalents

in the reporting period

135,626


81,014



Cash and cash equivalents at the

beginning of the reporting period

596,038


515,024



Cash and cash equivalents at the end

of the reporting period

731,664


596,038





ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2024


1.

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING

ACTIVITIES


30.6.24


30.6.23

£   

£   



Net income for the reporting period (as per the Statement of

Financial Activities)

121,790


126,311




Adjustments for:


Depreciation charges

23,473


16,846




Loss on disposal of fixed assets

5,508


-




Interest paid

638


884




(Increase)/decrease in debtors

(19,776

)

17,458




Increase/(decrease) in creditors

18,271


(197

)



Net cash provided by operations

149,904


161,302





2.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.7.23

Cash flow

At 30.6.24

£   

£   

£   



Net cash



Cash at bank and in hand

596,038


135,626


731,664



596,038


135,626


731,664





Debt


Debts falling due within 1 year

(10,000

)

-


(10,000

)



Debts falling due after 1 year

(19,891

)

10,009


(9,882

)


(29,891

)

10,009


(19,882

)



Total

566,147


145,635


711,782





ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 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's forecasts and projections indicate that it can meet its day-to-day working capital requirements as they fall due for a period of at least twelve months from the approval of the accounts. In addition, the Trustees consider that the cash resources remain adequate to meet the charity's obligations as they fall due.



The Trustees have also considered the impact of coronavirus on the charity's operations. As the expected long-term duration of coronavirus became clearer, the Trustees completed an exercise to restructure the charity to reflect the impact of the pandemic on the economy. The exercise demonstrated the charity had sufficient cash resources to continue operations for the foreseeable future, being a period of no less than one year from the date of approval of these financial statements. On this basis, the Trustees consider the charity to be 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.



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.



Short leasehold

-

in accordance with the property lease


Plant and machinery

-

25% on reducing balance


Fixtures and fittings

-

25% on cost


Motor vehicles

-

25% on reducing balance


Office equipment

-

25% on cost



TAXATION

The charity is exempt from corporation tax on its charitable activities.



ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024


1.

ACCOUNTING POLICIES - continued



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.



STOCK

Stocks comprise second-hand goods, which have been donated. Unsold items are not included in
closing stock since their cost is nil and their value is uncertain until sold.

Debtors

Other debtors are measured at the settlement amount. Prepayments are valued at the amount prepaid.

Cash at Bank and in hand

Cash at bank and in hand includes cash held on current account with instant access.

Liabilities

Liabilities are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.Liabilities and provisions are normally recognised at their settlement amount.

Financial instruments

The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.



ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024


2.

DONATIONS AND GRANTS


30.6.24


30.6.23

£   

£   



Donations

5,723


-




Gift aid

35,643


21,665




Grants

21,635


25,000



63,001


46,665





Grants received, included in the above, are as follows:



30.6.24


30.6.23

£   

£   



Parndon Wood

21,635


25,000




3.

OTHER TRADING ACTIVITIES


30.6.24


30.6.23

£   

£   



Shop income

1,146,449


967,393




Visitor fees

10,820


20,180




Waste recycling income

17,812


14,571



1,175,081


1,002,144




4.

RAISING FUNDS



OTHER TRADING ACTIVITIES


30.6.24


30.6.23

£   

£   



Purchases

46,639


47,664




Support costs

218,060


199,578



264,699


247,242






ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024


5.

SUPPORT COSTS


Governance



Management


Finance


Other


costs


Totals

£   

£   

£   

£   

£   



Other trading activities

-


-


218,060


-


218,060




Other resources

expended

768,666


16,553


68,324


5,550


859,093



768,666


16,553


286,384


5,550


1,077,153




6.

NET INCOME/(EXPENDITURE)



Net income/(expenditure) is stated after charging/(crediting):




30.6.24


30.6.23

£   

£   



Auditors' remuneration

2,550


2,000




Depreciation - owned assets

23,474


16,846




Other operating leases

179,907


182,364




Deficit on disposal of fixed assets

5,508


-




7.

TRUSTEES' REMUNERATION AND BENEFITS


There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.



TRUSTEES' EXPENSES


There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023.


8.

STAFF COSTS


30.6.24


30.6.23

£   

£   



Wages and salaries

598,096


462,657




Social security costs

59,916


46,146




Other pension costs

26,786


23,289



684,798


532,092





The average monthly number of employees during the year was as follows:



30.6.24


30.6.23


Retail, operations and administration

19


18





ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024


8.

STAFF COSTS - continued



The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:



30.6.24


30.6.23


£60,001 - £70,000

2


1




£70,001 - £80,000

1


-



3


1





The trustees consider the board of trustees and senior management team comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity on a daily basis.Total employee benefits of the key management personnel were £291,896 (2023-£253,342).


9.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted


Restricted


Total


fund


fund


funds

£   

£   

£   



VOLUNTARY INCOME FROM


Donations and grants

21,665


25,000


46,665




Other trading activities

1,002,144


-


1,002,144



Other income

6,572


-


6,572



Total

1,030,381


25,000


1,055,381




EXPENDITURE ON


Raising funds

229,858


17,384


247,242





Other

607,445


74,383


681,828



Total

837,303


91,767


929,070




NET INCOME/(EXPENDITURE)

193,078


(66,767

)

126,311



Transfers between funds

(81,527

)

81,527


-



Net movement in funds

111,551


14,760


126,311




RECONCILIATION OF FUNDS


Total funds brought forward

519,823


5,154


524,977




TOTAL FUNDS CARRIED

FORWARD

631,374


19,914


651,288




ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024


10.

TANGIBLE FIXED ASSETS


Fixtures


Short


Plant and


and


leasehold


machinery


fittings

£   

£   

£   



COST


At 1 July 2023

6,591


14,932


22,521




Additions

-


-


579




Disposals

-


(3,125

)

(1,997

)



At 30 June 2024

6,591


11,807


21,103




DEPRECIATION


At 1 July 2023

6,267


9,742


19,103




Charge for year

150


1,045


2,065




Eliminated on disposal

-


(2,116

)

(499

)



At 30 June 2024

6,417


8,671


20,669




NET BOOK VALUE


At 30 June 2024

174


3,136


434




At 30 June 2023

324


5,190


3,418





Motor


Office



vehicles


equipment


Totals

£   

£   

£   



COST


At 1 July 2023

80,933


54,152


179,129




Additions

-


3,052


3,631




Disposals

-


(4,357

)

(9,479

)



At 30 June 2024

80,933


52,847


173,281




DEPRECIATION


At 1 July 2023

20,682


43,338


99,132




Charge for year

15,063


5,151


23,474




Eliminated on disposal

-


(1,356

)

(3,971

)



At 30 June 2024

35,745


47,133


118,635




NET BOOK VALUE


At 30 June 2024

45,188


5,714


54,646




At 30 June 2023

60,251


10,814


79,997





ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024


11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


30.6.24


30.6.23

£   

£   



Other debtors

34,225


31,141




Prepayments and accrued income

29,192


12,500



63,417


43,641




12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


30.6.24


30.6.23

£   

£   



Bank loans and overdrafts (see note 14)

10,000


10,000




Trade creditors

1,177


2,955




Social security and other taxes

30,616


23,426




Other creditors

5,355


4,465




Accruals and deferred income

19,619


7,651



66,767


48,497




13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


30.6.24


30.6.23

£   

£   



Bank loans (see note 14)

9,882


19,891




14.

LOANS



An analysis of the maturity of loans is given below:



30.6.24


30.6.23

£   

£   



Amounts falling due within one year on demand:


Bank loans

10,000


10,000




Amounts falling between one and two years:


Bank loans - 1-2 years

9,882


10,000




Amounts falling due between two and five years:


Bank loans - 2-5 years

-


9,891





The charity had previously applied for finance under the Bounce Back Loan Scheme.The term of the loan is over six years and carries a fixed rate of interest at 2.5% per annum. Interest for the first 12 months was paid by the UK Government and no repayments were required in this period. The loan is unsecured.



ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024


15.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:



30.6.24


30.6.23

£   

£   



Within one year

144,262


170,511




Between one and five years

63,037


207,299



207,299


377,810




16.

MOVEMENT IN FUNDS


Net


Transfers




movement


between


At



At 1.7.23


in funds


funds


30.6.24


£   

£   

£   

£   



Unrestricted funds


General fund

631,374


177,407


(35,703

)

773,078





Restricted funds


Parndon Wood

19,914


(55,617

)

35,703


-





TOTAL FUNDS

651,288


121,790


-


773,078





Net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

1,214,926


(1,037,519

)

177,407





Restricted funds


Parndon Wood

30,656


(86,273

)

(55,617

)




TOTAL FUNDS

1,245,582


(1,123,792

)

121,790






ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024


16.

MOVEMENT IN FUNDS - continued



Comparatives for movement in funds



Net


Transfers




movement


between


At



At 1.7.22


in funds


funds


30.6.23


£   

£   

£   

£   



Unrestricted funds


General fund

519,823


193,078


(81,527

)

631,374





Restricted funds


Parndon Wood

5,154


(66,767

)

81,527


19,914





TOTAL FUNDS

524,977


126,311


-


651,288





Comparative net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

1,030,381


(837,303

)

193,078





Restricted funds


Parndon Wood

25,000


(91,767

)

(66,767

)




TOTAL FUNDS

1,055,381


(929,070

)

126,311





A current year 12 months and prior year 12 months combined position is as follows:



Net


Transfers




movement


between


At



At 1.7.22


in funds


funds


30.6.24


£   

£   

£   

£   



Unrestricted funds


General fund

519,823


370,485


(117,230

)

773,078





Restricted funds


Parndon Wood

5,154


(122,384

)

117,230


-





TOTAL FUNDS

524,977


248,101


-


773,078





ENVIRONMENTAL CONSERVATION CO-OPERATIVE



LTD.



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2024


16.

MOVEMENT IN FUNDS - continued



A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

2,245,307


(1,874,822

)

370,485





Restricted funds


Parndon Wood

55,656


(178,040

)

(122,384

)




TOTAL FUNDS

2,300,963


(2,052,862

)

248,101





The Parndon Wood Conservation Centre was a part grant funded project, providing access to the general public, supporting conservation work and running educational events and programmes to the local community. This project ceased 12th May 2024.


17.

EMPLOYEE BENEFIT OBLIGATIONS



The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost of £26,786 (2023-£23,289) represents contributions payable by the charity. The amount unpaid at the year end was £3,897 (2023-£3,271).


18.

RELATED PARTY DISCLOSURES



There were no related party transactions for the year ended 30 June 2024.


19.

COMPANY STATUS



The company is a company limited by guarantee and not having a share capital. Every member of the company undertakes to contribute in a winding up a sum not exceeding £10 whilst they are a member, or within one year after ceasing to be a member, towards debts and liabilities contracted before ceasing to be a member.