GREAT Neighbourhoods

Transcription

1 Company Number: Charity Number: GREAT Neighbourhoods TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST MARCH

2 OFFICERS AND ADVISORS CHARITY NUMBER COMPANY NUMBER ADDRESS AND REGISTERED OFFICE Cavendish 249 Cavendish Street Ashton Under Lyne OL6 7AT TRUSTEES Ian Munro Andrew Stafford Martin Frost Ged Cooney Vincent Ricci Trustees have differing experiences and backgrounds and their roles and responsibilities require them to have an understanding of all aspects of the charity s work. SECRETARY Danny McLoughlin BANKERS AUDITOR Co-operative Bank Plc PO Box 101 Balloon Street Manchester M60 4EP Baker Tilly 3 Hardman Street Manchester M3 3HF Page 1

3 CONTENTS Report of the Trustees 3-6 Page Independent Auditor Report 7-8 Statement of Financial Activities 9 Balance Sheet 10 Notes to the accounts Page 2

4 REPORT OF THE TRUSTEES GREAT Neighbourhoods was founded and registered with the Charity Commission (Registration Number ) on 2 nd December 2008 as a charity. The Trustees present their report along with the financial statements of the Charity for the year ended 31st March. The financial statements have been prepared in accordance with the accounting policies set out on page 11 and comply with the Charity s trust deed and applicable law. Reference and Administrative details of the Charity, its Trustees and Advisors The above information is shown on page 1. The trustees of the charity are also directors for the purpose of company law. The board is made up of five Trustees, each of the Trustees are all currently either Executive Directors or Board Members of the New Charter Housing Trust Group. All trustees act as Independent Members of the board of GREAT Neighbourhoods. Structure, Governance and Management GREAT Neighbourhoods is a registered charity and a company limited by guarantee. As a charity it is exempt from the requirement to use the word limited in its name. On the 1 st April 2012 the charity became a Group Member of New Charter Housing Trust Limited ( the Parent ), company number As a separately constituted Group Member the board of trustees of GREAT Neighbourhoods retain primary responsibility for the management of its affairs however as a subsidiary it has accountability to the Parent. The charity does not employ any operational management staff and all requests for funding are discussed at each board meeting. Introduction of Trustees The board of trustees are authorised to appoint new trustees to fill vacancies arising through resignation or death of an existing trustee. All directors are skilled to carry out their responsibilities however if any further training is identified it will be provided. Risk Management The key area of risk is to maintain the level of reserves by way of donations in order to meet its charitable objectives going forward. The Trustees look to maintain good relations with New Charter Housing in order to minimise this risk. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors. Decisions in relation to beneficiaries made from the charity are approved by the trustees at board meetings after the completion of a standard request for funding. Page 3

5 REPORT OF THE TRUSTEES Objectives and Activities Trustees can make funds available for such legally charitable purposes as they in their absolute discretion determine. The Charitable Objectives of GREAT Neighbourhoods, as set out in the Constitution of the Charity are: a. The provision of housing and associated amenities b. The relief of poverty c. The advancement of education; and d. Such other charitable objects as the Trustees may from time to time deem as relevant and appropriate to be undertaken by the Charity. The trust deed authorises trustees to make and hold investments using the general funds of the charity. Grants are made to individuals and charities that conform to the general objects as laid down in the trust deed. Principal activities in the year The Charity s principal activity during the year has been the provision of grants in line with the charitable objectives. Related Parties Andrew Stafford, a Trustee of this Charity is also an executive director of New Charter Homes Limited and a non-executive director of New Charter Building Company. The Building Company contributed 100,000 to this Charity during the year ended 31st March. During the period New Charter Housing Trust Limited, has provided legal and accountancy services which has been recognised in the statement of financial activities. Public Benefit The Trustees confirm that they have referred to the guidance contained in the Charity Commission s general guidance on Public Benefit when reviewing the Charity s aims and in planning future activities. Grant Making Policy Grants would be considered by the trustees to be made in these areas: work of a regeneration nature; projects and investment to enhance training, employment & economic prospects; the housing of persons in charitable need; individual, group, or organisational initiatives and innovations whereby educational, sporting, musical and other opportunities are provided and/or excellence is enhanced. Benefits for the wider community would have to be demonstrated and in line with our charitable objectives. Grant applications are considered by the trustees on a case by case basis at quarterly meetings. The principal funding source for 2012/13 was received from New Charter Housing Trust group. Page 4

6 REPORT OF THE TRUSTEES Future Prospects The Objects of GREAT Neighbourhoods are set out above. The Trustees have determined that, in furtherance of their Objects, they shall give preference to schemes which provide charitable benefit, primarily but not exclusively, within the geographical area of the Metropolitan Borough of Tameside. Schemes may vary in size and may be with reference to an individual beneficiary, or to a number of, or a community grouping, of beneficiaries and may include associated works which, overall, provide a charitable benefit to a defined individual or group of charitable beneficiaries. Without prejudice to the Objects of the charity, Schemes may include: work of a regeneration nature; projects and investment to enhance training, employment & economic prospects; the housing of persons in charitable need; individual, group, or organisational initiatives and innovations whereby educational, sporting, musical and other opportunities are provided and/or excellence is enhanced. The charity was set up to receive donations for the furtherance of its charitable objectives. Achievements and Performance The Charity has been able to approve Grant applications and has received sufficient funds to support this in furtherance of its charitable objectives. During the period the main beneficiaries were Great Academies Education Trust, Tameside Community Radio Ltd, Age UK Tameside, CIH Positive Action for Disability, Bridgewater Hall Community Trust, Friends of Tameside Young Carers, Piccolo Communications Ltd and Home Start Tameside & Oldham. Financial review and investment policy During the period the Trust s income from all sources amounted to 102,007, ( ,697). In the same period, resources expended on charitable activities totalled 581,228 ( ,496). The total accumulated funds of the Trust at 31 st March amounted to 584,653. The Trustees consider that the financial position at was satisfactory. The Trust is aiming to maintain the value of its funds by investing surplus funds with approved institutions. During the year GREAT Neighbourhoods contributed 161,272 to other registered charities (included in Note 4). Reserves policy The trustees look to maintain the level of reserves to meet its charitable activities going forward. Funds which are allocated by the trustees for specific purposes are classed as designated funds. Such purposes are within the overall aims of the charity. Page 5

7 REPORT OF THE TRUSTEES Statement of trustees responsibilities The trustees (who are also directors of GREAT Neighbourhoods for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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 these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 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. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditor is 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 auditor is aware of that information. This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (issued in March 2005) and in accordance with the special provisions applicable to companies subject to the small companies regime. Approved by the trustees on 18 th December 2012 and signed on its behalf by: Mr M Frost, Trustee, GREAT Neighbourhoods Page 6

8 INDEPENDENT AUDITOR S REPORT TO THE TRUSTEES OF GREAT NEIGHBOURHOODS Page 7

9 STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 st March Notes Unrestricted Funds Designated Funds Total Funds Total 2012 Incoming resources Incoming resources from generated funds : Voluntary income 2 100, , ,650 Investment income 3 2,007-2,007 1,047 Total incoming resources 102, , ,697 Resources expended Charitable activities 4 562,078 12, , ,346 Governance costs 4 7,150-7,150 5,150 Total resources expended 569,228 12, , ,496 Net movement in funds 5 (467,221) (12,000) (479,221) 145,201 Transfers (467,221) (12,000) (479,221) 145,201 Balance b/fwd 1,025,674 38,200 1,063, ,673 Balance at 558,453 26, ,653 1,063,874 There were no recognised gains or losses for the year ended 31st March other than those included in the Statement of Financial Activities. The activities of the Charity are classed as continuing. Page 8

10 BALANCE SHEET As at 31 MARCH Company No: Notes 2012 Current assets Debtors Cash at bank , ,122, ,065 1,122,974 CREDITORS: Amounts falling due Within one year 6 (117,412) (59,100) NET ASSETS 584,653 1,063,874 FUNDS OF THE CHARITY Unrestricted Funds Designated Funds ,453 26,200 1,025,674 38, ,653 1,063,874 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements on pages 9 to 14 were approved by the Trustees and authorised for issue on 18 th December 2012 and signed on their behalf by: Mr M Frost Trustee Page 9

11 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 1. PRINCIPAL ACCOUNTING POLICIES ACCOUNTING CONVENTION The Accounts are prepared under the historical cost convention with the exception that investments are included at market value. The Accounts been prepared in accordance with applicable accounting standards, the Charities SORP 2005 (Accounting and Reporting by Charities) and comply with the Charities (Accounts and Reports) Regulations 2008 and the Charities Act CASH FLOW STATEMENT The Charity has not produced a cash flow statement on the grounds that it falls under the Small Companies Exemption under FRS1. INCOMING RESOURCES All incoming resources are recognised once the Charity has entitlement to the resources, it is certain that the resources will be received and the monetary value can be measured with sufficient reliability. RESOURCES EXPENDED Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants payable are payments made to third parties in the furtherance of the charitable objectives. Costs of generating funds comprise the costs associated with attracting voluntary income. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and any costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include accountancy fees and costs linked to the strategic management of the Charity. FUNDS Funds which are ear marked by the trustees for specific purposes are classed as designated funds. Such purposes are within the overall aims of the charity. DONATED SERVICES Donated services are included in the financial statements at the Trustees estimate of market value. The income equivalent is recognised within incoming resources as a donation, and the equivalent charges are included within resources expended. Page 10

12 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2. VOLUNTARY INCOME 2012 Donations from New Charter Building Company 100, ,000 Donated services - 1, , , INVESTMENT INCOME 2012 Bank interest received 2,007 1, TOTAL RESOURCES EXPENDED Charitable activities donations The Provision of housing and associated amenities The relief of poverty- Action for Children Other poverty The advancement of education Such other charitable objects as the Trustees may from time to time deem as relevant and appropriate to be undertaken by the charity , ,258 15, , , , ,346 Governance costs 7,150 5, , ,496 Page 11

13 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 4. TOTAL RESOURCES EXPENDED (continued) Governance costs are made up as follows: Legal Services Accountancy services Independent Examiner s Fees External Audit ,200 1, ,500 7,150 5, FUNDS Balance b/fwd Incoming resources Resources expended Transfer between funds Balance Unrestricted 1,025, ,007 (569,228) - 558,453 Designated Gifted & Talented - 38,200 - (12,000) - 26,200 Community regeneration & Environmental projects Total funds 1063, ,007 (581,228) - 584, CREDITORS: Amounts falling due within one year 2012 Accruals and deferred Income 117,412 59, TRUSTEE AND EMPLOYEE REMUNERATION The Trustees did not receive any fees or expenses during the year. Neither the Trustees nor other persons related to the Charity had any personal interest in any contract or transaction entered into by the Charity during the year. There were no persons employed by the charity in the period. Page 12

14 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 8. RELATED PARTY TRANSACTIONS Andrew Stafford, a Trustee of this Charity is also an executive director of New Charter Homes Limited and a non-executive director of New Charter Building Company. The Building Company contributed 100,000 to this Charity during the year ended 31 st March (2012: 500,000) (see note 2). Ian Munro, a Trustee of this Charity, is Group Chief Executive of New Charter Housing Trust Limited. Martin Frost, a Trustee of this Charity, is Deputy Chief Executive of New Charter Housing Trust Limited. Ged Cooney, a Trustee of this Charity, resigned 28 th May as the Chair of New Charter Housing Trust Limited. Vincent Ricci, a Trustee of this Charity, is Chair of New Charter Building Company Limited. Ian Munro and Martin Frost are also directors of Tameside Community Radio Limited. During the year, 35,000 was paid to Tameside Community Radio Limited. Ian Munro and Martin Frost are also directors of Piccolo Communications Limited. During the year 48,770 was granted to Piccolo Communications Limited. As at 31 st March 31,020 of this contribution was unpaid. During the period New Charter Housing Trust Limited has provided legal and accountancy services which has been recognised in the statement of financial activities (see Note 2). An amount of 5,500 owed to New Charter Housing Trust Ltd for Audit Fees paid by New Charter Housing Trust Ltd on behalf of Great Neighbourhoods. 9. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible fixed assets Investments Net current assets Total Unrestricted , ,453 Designated (note 5) ,200 26, , ,653 Page 13