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COMPANY REGISTRATION NUMBER: 2781672
CHARITY REGISTRATION NUMBER: 1024932
CORNERSTONE COMMUNITY CENTRE (HOVE)
Company Limited by Guarantee
UNAUDITED FINANCIAL STATEMENTS
30 September 2024
CORNERSTONE COMMUNITY CENTRE (HOVE)
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
8
Statement of financial activities (including income and expenditure account)
10
Statement of financial position
11
Notes to the financial statements
13
CORNERSTONE COMMUNITY CENTRE (HOVE)
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
YEAR ENDED 30 SEPTEMBER 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 September 2024 .
Reference and administrative details
Registered charity name
Cornerstone Community Centre (Hove)
Charity registration number
1024932
Company registration number
2781672
Principal office and registered
Cornerstone Community Centre
office
Church Road
Hove
BN3 2FL
The trustees
Miss L Godfrey
Dr R M P Sayer
Ms A Ollerenshaw
(Resigned 24 June 2024)
Ms J Robinson
The Revd E Collins
Mr S Davidson
Mr S Lovett
(Resigned 14 May 2024)
Ms K Prior
(Resigned 14 May 2024)
Mr J Barrett
Ms S Rogers
(Appointed 14 May 2024)
Ms J Tew
(Appointed 14 May 2024)
Mr J Araujo
(Appointed 14 May 2024)
Mr T Beattie
(Appointed 20 August 2024)
The Board, as members of the company, may derive no benefit, income or capital interest from the company's affairs other than the reimbursement of expenses. In the event of the company being wound up, each member, who is a member at that time, has undertaken to contribute £1.
Directors and trustees
Under the Memorandum and Articles of Association the following bodies are entitled to nominate or appoint trustees:
a) Up to one person nominated by the parish priest or person holding the Bishop's licence with responsibility for the parish of St John the Baptist or successor parish,
b) Up to one person nominated by the Chichester Diocesan Fund and Board of Finance,
c) Up to one person nominated by the local council,
d) Up to three persons nominated by the Parochial Church Council of St John's,
e) Up to three persons from the local community (see note i) below),
f) Up to three persons from the users of Cornerstone (see note ii) below), and they shall compose the Committee of Management
Note
i) Those from the local community are defined to be those persons nominated through any community association that covers an area that intersects with the centre's area of benefit, or any coordinating body of community groups and residents associations that cover an area that intersects with the centre's area of benefit.
ii) A user of Cornerstone is defined to be those persons who have organised or attended activities which involved the hiring of the facilities of the centre in the last 24 months or those who volunteer in the centre for either specific time or periodically.
Senior staff and principal advisors
Centre Manager
Mr Jonathan Burrell
Bankers
National Westminster Bank
Hove
East Sussex
Insurers
Ansvar Insurance
Company secretary
Ms J Robinson
Independent examiner
Chris Kyffin-Walton
168 Church Road
Hove
East Sussex
BN3 2DL
Structure, governance and management
Constitution
The Cornerstone Community Centre (Hove) is a company limited by guarantee not having a share capital and is a registered charity governed by its memorandum and articles of association.
The company's principal activity is to promote, assist and advance work to the benefit of the inhabitants enclosed by the former political ward boundaries of Brunswick and Adelaide and Central Hove without distinction of race, or sex, or of political, religious or other opinions by associating the local authorities, voluntary organisation and inhabitants in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the object of improving the conditions of life for the said inhabitants.
Organisation and decision making structure
Members of board (management committee) are also members of the company and charity ("Cornerstone Community Centre (Hove)") and set corporate priorities and decide the overall financial strategy for the Centre in its prime imperative to promote the benefit of the inhabitants of the area. Monitoring the implementation of financial policies that reflect these agreed priorities remains with the board sitting as a management committee.
The management committee holds up to six meetings a year reviewing overall activities against budget, deciding investment policy and performance and approving expenditure. Monthly reports on rents for rooms and expenditure are received.
The management committee promotes the annual budget having set key indicators and performance targets for various areas of activities. There are the following sub committees: building, finance, and staffing upon which trustees and others sit. Regular reports are made to the full management committee; all recommendations are considered by the full management committee and appropriate decisions taken there.
Trustee recruitment, selection and induction
Membership of the management committee is a mixture of nominated and appointed membership, which is set in the Articles of Association. The committee attempts to ensure that the committee has the appropriate skills and experience to perform its tasks. During membership members are provided with regular updates on best practice and opportunities for further training are made available.
Other organisations with which the Company co-operates in achieving its objectives The company's activities involve financial transactions with several other charities and associations active in the area. None are formally associated with the charity.
Decision making and delegation policy
The management committee considers and approves strategy and policies, sets the annual budget and delegates to the finance subcommittee monitoring and reporting responsibilities associated with the financial aspects of activities. In a similar way the other sub committees have delegated powers to oversee areas of activity or responsibility and report to the full committee for both accountability and decisions when policy discussion is required. The day to day management and implementation of agreed strategies and policies is undertaken by senior staff.
Financial Risk assessment
The directors are responsible for maintaining a sound system of internal financial control to safeguard the company's assets. During 2021, the financial controls reviewed the previous year were applied identifying major risks to which the company is exposed, and systems continue to be developed and procedures established to mitigate those risks. A formal financial risk assessment process has been adopted and will continue to be developed. The trustees expect to review the risk report annually.
Objectives and activities
The company's principal activity is to promote, assist and advance the benefit of the inhabitants of the local area.
The main objectives of the charity are:
To provide facilities for groups, organisations and associations to use.
To promote the establishment of groups and associations to benefit identified sectors of the local population.
To engage with the community to enhance its members' capacity to develop appropriate responses to identified needs.
As part of the first objective of the charity, financial information and projected income and expenditure, and usage of the Centre continued to be provided to the management committee on a monthly basis. In addition, regular inspection of the building is undertaken and the committee receives regular reports identifying progress and any issues arising.
In response to the second objective, help to groups with fundraising and wider publicity to sustain them is ongoing.
Cornerstone Centre remains the location for a growing number of local organizations to meet and share their experiences, skills and knowledge. The Manager is also active in the network of community Centres within Brighton and Hove. This activity helps to ensure that the Centre remains aware of different ways of responding to identified needs locally.
Achievements and performance
The financial year ending in September 2024 was one of stability for the community centre. There was a remarkable uniformity of group bookings through the year, with very few comings and goings.
In total, Cornerstone was booked for 6,920 hours, a small increase on the 6,735 hours of the previous year.
As the year progressed, the challenges of the ongoing cost of living crisis appeared to ease, although classes relying on external funding found that funding was more difficult to obtain.
One unfortunate occurrence was the ending of a nine-year booking from the Alexander Technique College, which had met for four mornings of the week, as they found it increasingly difficult to attract new students.
On the plus side, classes specifically aimed at the over-sixties remained extremely popular, with both the chair pilates and Standing Tall groups extending their bookings to a second class, to meet demand.
With the Amigos preschool, which had endured a difficult period in the previous twelve months, much progress was made in strengthening the administration processes, to the extent that a follow up Ofsted report attained a rating of 'Good.'
During the summer of 2024, two elections were hosted at the centre, the Police and Crime | Commissioner election in May and the General election in July, demonstrating Cornerstone's central role in the life of the local community.
Regarding the maintenance of the building, the principal completed project was the installation of four new pine velux windows in the St John's room, which are electrically operated and therefore considerably easier to open and close.
The board's careful and prudent garnering of investments plus reserves has proved invaluable during the year and will be so for the future. The investments and reserves are there primarily to cover both any unforeseen maintenance costs so easily encountered when responsible for a complex Grade 11 listed Victorian building, and to strive to cover the absence of grant support from the local authority.
Financial review
Financial overview
The accounts show a deficit on operations of approximately £1,823 for the year 2023/2024. Income from rents rose slightly this year but was still lower than is needed to achieve a balanced budget. Rents and other income increased to £93,981 (2022/2023: £87,060).
Looking forward, the Trustees continue to aim for a balanced budget where income roughly equates to costs. To this end, a review of room rental prices has been conducted and increases implemented.
Reserves policy
The management's policy remains that the unrestricted general fund cash reserve should be set at a minimum level of 12 month's expenditure based on a typical year's expenditure. All investments provide income and reasonable funds to be available to cover work on the fabric.
Investments
The company invests through common investment funds and does not invest directly in the stock market. It takes cognisance of the funds' ethical policies. During 2023/24 the unrealised gain in investments was £13,674; total investments stand at £177,869.
Plans for future periods
As an ongoing strategy we will continue to identify potential new trustees and members of the management committee, focusing on the experience and talents they might bring to the Board while being aware that the Board itself ought to be representative of the community we serve.
To this end, a continuation of the food-bank initiative took place again for another year run by the previous chair and was supported by trustees and staff, and the project was extended to become a joint venture with the church.
Mention must be made of the potential impact on Cornerstone of the continuing cost-of-living crisis. The Centre will have to be aware of any resulting changes in the pattern of usage or the needs of the community. This task will most likely fall on the able shoulders of the Manager, Assistant Manager and Volunteers via informal conversations with the Centre's users and visitors, with feedback to and support from the Board. As ever, the quiet importance of the Volunteers to the smooth running of the Centre is a component that we simply could not do without.
During the year the recommendations of the latest quinquennial inspection were implemented. The report will guide us for years to come with the ongoing maintenance of the building to ensure that it continues to be the welcoming and safe space for all those using the facilities.
At the same time, it also seems an appropriate moment to produce an updated strategic and business implementation plan, given the relative time since the previous one. This will give a chance to revisit the question of the fundamental purpose and direction of the Cornerstone Centre and provide both a practical and aspirational roadmap of what needs to be done to make it happen.
The trustees once again acknowledge the debt owed to all those who have been involved with the Centre over the year, striving to keep an all important resource at the heart of the community.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 20 May 2025 and signed on behalf of the board of trustees by:
Miss L Godfrey
Trustee
CORNERSTONE COMMUNITY CENTRE (HOVE)
COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CORNERSTONE COMMUNITY CENTRE (HOVE)
YEAR ENDED 30 SEPTEMBER 2024
I report to the trustees on my examination of the financial statements of Cornerstone Community Centre (Hove) ('the charity') for the year ended 30 September 2024.
Responsibilities and basis of report
As the trustees of the company (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 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 the 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 charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. 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
4. 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 accounts to be reached.
Chris Kyffin-Walton Independent Examiner
168 Church Road Hove East Sussex BN3 2DL
20 May 2025
CORNERSTONE COMMUNITY CENTRE (HOVE)
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 30 SEPTEMBER 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
90
20,908
20,998
29,515
Charitable activities
6
93,981
93,981
87,060
Investment income
7
7,337
7,337
6,733
----------
---------
----------
----------
Total income
101,408
20,908
122,316
123,308
----------
---------
----------
----------
Expenditure
Expenditure on charitable activities
8,9
106,404
31,131
137,535
123,660
Other expenditure
10
279
279
----------
---------
----------
----------
Total expenditure
106,683
31,131
137,814
123,660
----------
---------
----------
----------
Net gains on investments
11
13,675
13,675
4,343
----------
---------
----------
----------
Net (expenditure)/income and net movement in funds
8,400
( 10,223)
( 1,823)
3,991
----------
---------
----------
----------
Reconciliation of funds
Total funds brought forward
219,304
12,004
231,308
227,318
----------
---------
----------
----------
Total funds carried forward
227,704
1,781
229,485
231,308
----------
---------
----------
----------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
CORNERSTONE COMMUNITY CENTRE (HOVE)
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible fixed assets
16
997
1,246
Investments
17
177,869
164,195
----------
----------
178,866
165,441
Current assets
Debtors
18
208
Cash at bank and in hand
51,924
68,360
---------
---------
52,132
68,360
Creditors: amounts falling due within one year
19
1,513
2,492
---------
---------
Net current assets
50,619
65,868
----------
----------
Total assets less current liabilities
229,485
231,309
----------
----------
Net assets
229,485
231,309
----------
----------
Funds of the charity
Restricted funds
1,781
12,004
Unrestricted funds
227,704
219,304
----------
----------
Total charity funds
21
229,485
231,308
----------
----------
For the year ending 30 September 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
CORNERSTONE COMMUNITY CENTRE (HOVE)
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
These financial statements were approved by the board of trustees and authorised for issue on 20 May 2025 , and are signed on behalf of the board by:
Miss L Godfrey
Trustee
CORNERSTONE COMMUNITY CENTRE (HOVE)
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Cornerstone Community Centre, Church Road, Hove, BN3 2FL.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statement, 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements have had to be made by the directors in preparing these financial statements.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
25 years from 1993
Fixtures and fittings
-
20% reducing balance
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
In the event of the company being wound up, each member, who is a member at that time, has undertaken to contribute £1.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Donations
Donations - general
90
90
Donations - food bank
7,898
7,898
Grants
Grants receivable - food bank
13,010
13,010
----
---------
---------
90
20,908
20,998
----
---------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations - general
500
500
Donations - food bank
9,904
9,904
Grants
Grants receivable - food bank
19,111
19,111
----
---------
---------
500
29,015
29,515
----
---------
---------
6. Charitable activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Income from lettings
93,981
93,981
87,060
87,060
---------
---------
---------
---------
7. Investment income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Bank interest receivable
7,337
7,337
6,695
6,695
Other interest receivable
38
38
-------
-------
-------
-------
7,337
7,337
6,733
6,733
-------
-------
-------
-------
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
General
104,244
104,244
Yoga
Food bank
31,131
31,130
Support costs
2,160
2,161
----------
---------
----------
106,404
31,131
137,535
----------
---------
----------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
General
102,249
102,249
Yoga
905
905
Food bank
18,254
18,253
Support costs
2,253
2,253
----------
---------
----------
104,502
19,159
123,660
----------
---------
----------
9. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
General
104,244
104,244
102,249
Yoga
905
Food bank
31,130
31,130
18,253
Governance costs
2,161
2,161
2,253
----------
-------
----------
----------
135,374
2,161
137,535
123,660
----------
-------
----------
----------
10. Other expenditure
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Entertaining
279
279
----
----
----
----
11. Net gains on investments
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Gains/(losses) on other investment assets
13,675
13,675
4,343
4,343
---------
---------
-------
-------
12. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
249
312
----
----
13. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,200
1,200
-------
-------
14. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
63,061
65,287
Social security costs
690
751
Employer contributions to pension plans
2,347
3,096
---------
---------
66,098
69,134
---------
---------
The average head count of employees during the year was 2 (2023: 3 ). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Number of staff - administrative
2
3
----
----
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
15. Trustee remuneration and expenses
None of the trustees (or any persons connected with them) received any remuneration during the year nor claimed any expenses.
16. Tangible fixed assets
Short leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 Oct 2023 and 30 Sep 2024
419,596
38,579
458,175
----------
---------
----------
Depreciation
At 1 Oct 2023
419,596
37,333
456,929
Charge for the year
249
249
----------
---------
----------
At 30 Sep 2024
419,596
37,582
457,178
----------
---------
----------
Carrying amount
At 30 Sep 2024
997
997
----------
---------
----------
At 30 Sep 2023
1,246
1,246
----------
---------
----------
17. Investments
Listed investments
Other investments
Total
£
£
£
Cost or valuation
At 1 Oct 2023
917
163,278
164,195
Additions
Fair value movements
13,674
13,674
----
----------
----------
At 30 Sep 2024
917
176,952
177,869
----
----------
----------
Impairment
At 1 Oct 2023 and 30 Sep 2024
----------
----------
Carrying amount
At 30 Sep 2024
917
176,952
177,869
----
----------
----------
At 30 Sep 2023
917
163,278
164,195
----
----------
----------
All investments shown above are held at valuation.
Financial assets held at fair value
Investments have been valued using the bid market value at the year end.
18. Debtors
2024
2023
£
£
Other debtors
208
----
----
19. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,200
1,200
Social security and other taxes
48
Other creditors
313
1,244
-------
-------
1,513
2,492
-------
-------
20. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 2,347 (2023: £ 3,096 ).
21. Analysis of charitable funds
Unrestricted funds
At 1 Oct 2023
Income
Expenditure
Gains and losses
At 30 Sep 2024
£
£
£
£
£
General funds
219,304
101,408
(106,683)
13,675
227,704
----------
----------
----------
---------
----------
At 1 Oct 2022
Income
Expenditure
Gains and losses
At 30 Sep 2023
£
£
£
£
£
General funds
225,170
94,293
(104,502)
4,343
219,304
----------
---------
----------
-------
----------
Restricted funds
At 1 Oct 2023
Income
Expenditure
Gains and losses
At 30 Sep 2024
£
£
£
£
£
Restricted Funds
12,004
20,908
(31,131)
1,781
---------
---------
---------
----
-------
At 1 Oct 2022
Income
Expenditure
Gains and losses
At 30 Sep 2023
£
£
£
£
£
Restricted Funds
2,148
29,015
(19,159)
12,004
-------
---------
---------
----
---------
22. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Tangible fixed assets
997
997
Investments
177,869
177,869
Current assets
50,351
1,781
52,132
Creditors less than 1 year
(1,513)
(1,513)
----------
-------
----------
Net assets
227,704
1,781
229,485
----------
-------
----------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
1,246
1,246
Investments
164,195
164,195
Current assets
56,356
12,004
68,360
Creditors less than 1 year
(2,492)
(2,492)
----------
---------
----------
Net assets
219,305
12,004
231,309
----------
---------
----------