Signpost (Colchester) Limited (A company limited by guarantee) Trustees' report and financial statements. for the year ended 31 March 2010

Transcription

1 Charity number: Company number: Signpost (Colchester) Limited Trustees' report and financial statements

2 Contents Page Legal and administrative information 1 Trustees' report 2-5 Independent examiners' report 6 Statement of financial activities 7 Balance sheet 8-9 Notes to the financial statements 10-15

3 Legal and administrative information Charity number Company registration number Business address Registered office Trustees Secretary Chairman Accountants Bankers Solicitors First Floor The Library,Hawthorn Avenue Colchester Essex CO4 3QE First Floor The Library,Hawthorn Avenue Colchester Essex CO4 3QE M R Frank E Kraft B C Snaith K E Clarke J C Proffitt Rev. Bryan Snaith Mr Eugene Kraft PACE 3 The Retreat Glebe Lane Abberton CO5 7NW Cooperative Bank Albert Hall Buillding High Street Colchester CO1 1JW Fisher Jones Greenwood Norfolk House 23 Southway Colchester COP2 7BA Page 1

4 Report of the trustees (incorporating the directors' report) The trustees present their report and the financial statements. The trustees, who are also directors of Signpost (Colchester) Limited for the purposes of company law and who served during the year and up to the date of this report are set out on page 1. Structure, governance and management Governing document The charity is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association. The directors of the company are also trustees of the charity. The restrictions in the charity's activities imposed by its memorandum and articles are that the income and property of the charity may not be applied to directly or indirectly to any member or trustee of the charity, subject to the exceptions given in clause 5 (1-6) of the Memorandum. The organisational structure and how decisions are made The trustees have overall responsibility for the charity but the day to day decisions are now made by a management committee consisting of the two centre managers together with the chairman and those members who are able to attend. This meets approximately once per month. Key decisions must be formally ratified by the trustees and if necessary by the charity members. The latter are defined as the trustees plus those persons or organisations who register as members at the previous annual general meeting. The Annual General Meeting includes members as well as individuals and representatives of organisations who operate in the similar areas to the charity. Method of election of the members of the board of trustees The trustees are appointed as follows: The procedure for the appointment and retirement of trustees is set out in full in Articles 29 to 37 of the Articles of Association. For normal appointments of a new trustee the procedure set out in Article 35 is adopted. This is as follows: A suitable person is identified and, if approved by the trustees, is asked to accept nomination to the board of trustees. If this is agreed, the person is formally appointed to the board by the trustees. Relationships with other groups, charities and individuals The charity is in regular informal contact with other charities working in similar areas. From time to time the charity will join with other charities to bid for funding. An example of this has been a contract signed with ExDRA (Essex County Council) in which the charity joined with Opportunities Through Technology to obtain a contract to help the disabled to return to work. It is expected that more of this type of co-operation will take place in the future. Details of related parties and transactions with related parties There are no matters to disclose in respect of related parties or transactions. Page 2

5 Report of the trustees (incorporating the directors' report) Objectives and activities The charity's objects are set out in clause 3 of the Memorandum. These are: The relief of the non employed in Colchester and the neighbouring areas by provision of resource centres which assist them in finding employment and in developing skills relevant to the job market. The particular way in which these objects and activities are achieved are detailed below:- The charity provides IT facilities and training and support, through its resource centres, which are located in the Colchester area at The Library, Greenstead; and at The Jaywick Enterprise Centre in Tendring. Where training initiatives exist, the charity seeks to make use of these and other initiatives to further and promote the principle objective of providing relief for the non-employed of the area The charity has worked in two main areas: a) The traditional work of the charity over the past fifteen years, which is assisting non employed persons to find work. Some of these are referred by the Job Centres others arrive by word of mouth recommendation. b) Contract work as part of contracts agreed with agencies, where the funder sets specific targets as to client profiles and the outcomes expected from the contracts. New Town Area of Colchester After the closure of the Wilson Marriage Centre, the New Town area of Colchester was covered by outreach twice a week located at the YMCA premises. This service has now been withdrawn, with effect from... Achievements and performance The achievements and performance of the charity over the year ended 31 March 2010 is dealt with in the reports of the centre managers. Financial review The financial accounts are set out on pages 7 to 15. The financial statements have been prepared implementing the Statement of Recommended Practice for Accounting and Reporting by Charities issued by the Charity Commission for England and Wales (effective April 2005). The trustees consider the financial performance by the charity during the year has been satisfactory. The Statement of Financial Activities show net incoming revenue resources for the year of 121,050, and outgoing revenue resources of 133,041 making net overall outgoing resources of 11,991. The total reserves at the year end stand at 51,143. Page 3

6 Report of the trustees (incorporating the directors' report) Policies on reserves, investment policies and investment performance Statement of Investment principles 1.Background The Charity is an incorporated charity whose aim is to help the non employed into work. It has few fixed assets and holds a deposit in COIF Charity Funds of approximately 15,300 which is considered to provide an adequate reserve. 2.Investment Objectives The reserve mentioned above is intended to provide sufficient funds to cover any emergency payment that may be necessary for whatever reason. 3.Risk The main risk that the charity faces is that funding will at some stage not be sufficient to cover expenses. It is the responsibility of the trustees to ensure that these expenses are at all times kept under review and, by careful cash flow forecasting, to ensure that these are adjusted to be in line with income. 4.Investment Strategy There is no investment strategy other than that described above. The reserve is intended to be readily available when the need arises, and exposed to minimal investment risk. 5.Ethical position The charity is at all times guided by the ethics of good practice and by the requirements of fair trade, justice and human respect. All its work is based on these principles 6.Day to day management Any changes to the reserve policy would be made by the trustees and ratified by the members at an Annual General Meeting 7.Monitoring See 6 above. Plans for future periods The charity sees a continuing need for its services and has prepared budgets with a view to maintaining the current level with new and existing partnerships which will allow it to maintain the resource areas at Greenstead and at Tendring. Page 4

7 Report of the trustees (incorporating the directors' report) Statement of trustees' responsibilities The trustees (who are also directors of Signpost (Colchester) Limited for the purpose of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and 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 judgements 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; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. 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 which 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. Small company provisions This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act On behalf of the board Rev. Bryan Snaith Secretary Page 5

8 Independent examiner's report to the trustees on the unaudited financial statements of Signpost (Colchester) Limited. I report on the accounts of Signpost (Colchester) Limited set out on pages 2 to 15. Respective responsibilities of trustees and independent examiner The charity's trustees (who are also the directors of the company for purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the Act), as amended by section 28 of the Charities Act 2006 and that an independent examination is needed. It is my responsibility to examine the accounts under section 43(3)(a) of the Act, as amended; to follow the procedures laid down in the General Directions given by the Charity Commission under section 43(7)(b) of the Act, as amended; and to state whether particular matters have come to my attention. Basis of independent examiner's statement My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention: (i) which gives me reasonable cause to believe that in any material respect the requirements: - to keep proper accounting records in accordance with section 386 of the Companies Act 2006; and - to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or (ii) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.... Louis Pace FCA Independent examiner 3 The Retreat Glebe Lane Abberton Colchester CO5 7NW Page 6

9 Statement of financial activities (incorporating the income and expenditure account) For the year ended 31 March 2010 Unrestricted Restricted funds funds Total Total Notes Incoming resources Incoming resources from generating funds: Voluntary income 2 4,124 95,332 99, ,218 Activities for generating funds 3 21,400-21,400 - Investment income ,045 Total incoming resources 25,718 95, , ,263 Resources expended Purchases 7,225-7,225 - Staff costs 6 7,817 87,000 94,817 73,409 Operating leases (88) 2,956 2,868 2,770 Establishment costs 6,185 3,966 10,151 10,990 Motor and travelling expenses 1,728-1,728 1,796 Accountancy fees 5,293-5,293 7,336 Communications and IT 1,971 1,410 3,381 3,705 Other office expenses 2,572-2,572 1,194 Cost of trustees' meetings Depreciation and impairment 3,108-3,108 4,140 Resource Centres - Support - Training & Welfare Resource Centres - Support -Refreshments Resource Centres - Support - Volunteer's expenses 1,599-1,599 2,422 Total resources expended 37,709 95, , ,380 Net incoming/(outgoing) resources for the year / Net income/(expense) for the year (11,991) - (11,991) (1,117) Total funds brought forward 63,134-63,134 64,251 Total funds carried forward 51,143-51,143 63,134 The notes on pages 10 to 15 form an integral part of these financial statements. Page 7

10 Balance sheet as at 31 March Notes Fixed assets Tangible assets 9 9,310 12,418 Current assets Debtors ,959 Cash at bank and in hand 46,313 58,836 46,715 82,795 Creditors: amounts falling due within one year 11 (4,882) (32,079) Net current assets 41,833 50,716 Net assets 51,143 63,134 Funds 12 Unrestricted income funds 51,143 63,134 Total funds 51,143 63,134 The Balance Sheet continues on the following page. The notes on pages 10 to 15 form an integral part of these financial statements. Page 8

11 Balance sheet (continued) Trustees statements required by the Companies Act 2006 In approving these financial statements as trustees of the company we hereby confirm: (a) that for the year stated above the company was entitled to the exemption conferred by section 477 of the Companies Act 2006 ; (b) that no notice has been deposited at the registered office of the company pursuant to section 476 of the Companies Act 2006 requesting that an audit be conducted. (c) that we acknowledge our responsibilities for: (1) ensuring that the company keeps proper accounting records which comply with section 386 of the Companies Act 2006, and (2) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the year then ended in accordance with the requirements of sections 394 and 395, and which otherwise comply with the provisions of the Companies Act relating to financial statements, so far as applicable to the company. These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The financial statements were approved by the board on 18 July 2010 and signed on its behalf by B C Snaith Director E Kraft Director The notes on pages 10 to 15 form an integral part of these financial statements. Page 9

12 Notes to financial statements 1. Accounting policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year Basis of accounting The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the Statement of Recommended Practice 'Accounting and Reporting by Charities' issued in March 2005 (SORP 2005) and the Companies Act Incoming resources All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Voluntary income is received either by way of grants, donations and gifts or as contractual income in payment for services and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included. Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold. Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable. Income from investments is included in the year in which it is receivable Resources expended Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop. 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 those costs of an indirect nature necessary to support them. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management. Page 10

13 Notes to financial statements 1.4. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: Fixtures, fittings and equipment - 25% on written down value 1.5. Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term Defined contribution pension schemes The pension costs charged in the financial statements represent the contribution payable by the charity during the year. 2. Voluntary income Unrestricted Restricted funds funds Total Total Donations - sundry small donations Donations - Guiness Trust Donations - Fowler Smith & Jones ,000 Donations - CAB ,200 Donations - Charles S French Charitable ,000 Donations - REMPLOY (300) Donation - Lloyds TSB Foundation - 10,000 10,000 10,000 Donation - PJK Charitable Trust 2,000-2,000 2,000 Donation - NLDC - 1,832 1,832 1,040 Grants - Colchester Borough Council - 28,500 28,500 27,500 Grants - Fair Share Tendring - 50,000 50,000 17,079 Grants - Tendring CVS - 5,000 5,000 5,000 Grants receivable - Access to Skills 1,333-1,333 - Grants -Essex Economic Partnership Prog - EEDA/ECC ,210 4,124 95,332 99, , Activities for generating funds Unrestricted funds Total Total Oth. act. for gfi - Intraining - Flexible Routeway 21,400 21,400-21,400 21,400 - Page 11

14 Notes to financial statements 4. Investment income Unrestricted funds Total Total Bank interest receivable , , Net outgoing resources for the year Net outgoing resources is stated after charging: Depreciation and other amounts written off tangible fixed assets 3,108 4, Employees Employment costs Wages and salaries 87,521 69,082 Social security costs 6,819 4,087 Pension costs No employee received emoluments of more than 60,000 (2009 : None). Number of employees 94,816 73,409 The average monthly numbers of employees (including the trustees) during the year, calculated on the basis of full time equivalents, was as follows: Number Number Management staff 2 2 Other staff - resource centres In the previous year, the trustees who are all unpaid volunteers were disclosed as "management". This has now been corrected, so that only whole time equivalent paid employees are shown. Page 12

15 Notes to financial statements 7. Pension costs The company operated a defined contribution pension scheme in respect of the employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company for the year Pension charge Taxation The charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act Accordingly, there is no taxation charge in these accounts. Fixtures, 9. Tangible fixed assets fittings and equipment Total Cost At 1 April 2009 and At 31 March ,220 39,220 Depreciation At 1 April ,802 26,802 Charge for the year 3,108 3,108 At 31 March ,910 29,910 Net book values At 31 March ,310 9,310 At 31 March ,418 12, Debtors Trade debtors ,959 Page 13

16 Notes to financial statements 11. Creditors: amounts falling due within one year Trade creditors 889 5,900 Other taxes and social security 2,043 1,759 Accruals and deferred income 1,950 24,420 4,882 32, Analysis of net assets between funds Unrestricted Total funds funds Fund balances at 31 March 2010 as represented by: Tangible fixed assets 9,310 9,310 Current assets 46,715 46,715 Current liabilities (4,882) (4,882) 51,143 51, Unrestricted funds At At 1 April Incoming Outgoing 31 March 2009 resources resources 2010 Designated Fund 15, ,316 General Fund 47,939 25,597 (37,709) 35,827 63,134 25,718 (37,709) 51,143 Purposes of unrestricted funds Funds held to enable the charity to fulfil stautory obligations in the event that insufficient funding is available for continued charitable activities Supporting and carrying out the objectives of the charity. Page 14

17 Notes to financial statements 14. Restricted funds At At 1 April Incoming Outgoing 31 March 2009 resources resources 2010 Fairshare - 50,000 (50,000) - Lloyds TSB Donation - 10,000 (10,000) - Neighbourhood Learning in Deprived Communities - 1,832 (1,832) - Colchester Borough Council Enterprise - 21,000 (21,000) - Colchester Borough Council Lone Parent Project - 7,500 (7,500) - Tendring CVS - 5,000 (5,000) ,332 (95,332) - Purposes of restricted funds Purpose of Fairshare - Contact and support for non employed persons in Tendring. LloydsTSB Donation - Provided to support salaries and wages costs Purpose of EEDA - EEPP - Providing job searching resources and support for non employed persons with disabilities in Tendring. Purpose of NLDC - Delivery of education and support services in Colchester. Purpose of CBC Enterprise - Provision of services and facilities in the Colchester area through the Greenstead premises. Purpose of CBC Project - Provsion of services for at lone parents in the Colchester area. Funds provide by Tendring Community Voluntary Services for providing services within the Tendring locality, from the Tendring Resource Centre. 15. Company limited by guarantee Signpost (Colchester) Limited is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding 1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member. Page 15

18 The following pages do not form part of the statutory accounts.

19 Detailed statement of financial activities For the year ended 31 March Incoming resources Incoming resources from generating funds: Voluntary income Donations - sundry small donations Donations - Guiness Trust Donations - Fowler Smith & Jones - 3,000 Donations - CAB 400 1,200 Donations - Charles S French Charitable - 1,000 Donations - REMPLOY - (300) Donation - Lloyds TSB Foundation 10,000 10,000 Donation - PJK Charitable Trust 2,000 2,000 Donation - NLDC 1,832 1,040 Grants - Colchester Borough Council 28,500 27,500 Grants - Fair Share Tendring 50,000 17,079 Grants - Tendring CVS 5,000 5,000 Grants receivable - Access to Skills 1,333 - Grants -Essex Economic Partnership Prog - EEDA/ECC - 39,210 99, ,218 Activities for generating funds Oth. act. for gfi - Intraining - Flexible Routeway 21,400-21,400 - Investment income Bank interest receivable 194 1, ,045 Total incoming resources from generating funds 121, ,263 Total incoming resources 121, ,263 Page 17

20 Detailed statement of financial activities For the year ended 31 March Charitable activities Provision of Resource Centres Activities undertaken directly Resource Centres - Staff - Wages & salaries 87,521 69,082 Resource Centres - Staff - Employer's NI 6,819 4,087 Resource Centres - Staff - Pension costs Resource Centres - Op. lease - Plant & machinery 2,868 2,770 Resource Centres - Establishment - Rent 1, Resource Centres - Establishment - Rep. & maint. 3,168 5,790 Resource Centres - Establishment - Insurance Resource Centres - Other motor & travel 1,728 1,796 Resource Centres - Professional - Accountancy 3,342 5,416 Resource Centres - Office expenses - Telephone 3,381 3,705 Resource Centres - Office expenses - Other 2, Resource Centres - Depreciation & impairment 3,108 4, ,645 98,914 Support costs Resource Centres - Support - Postage & stationery 2,823 3,895 Resource Centres - Support - Information/Internet 1, Resource Centres - Support - Advertising & PR Resource Centres - Support - Training & Welfare Resource Centres - Support -Refreshments Resource Centres - Support - Volunteer's expenses 1,599 2,422 Page 18 6,094 8,077 Provision of Resource Centres total expenditure 123, ,991 Intraining - Flexible Routeway Activities undertaken directly Activity3 - Direct - Purchases 7,225-7,225 - Intraining - Flexible Routeway total expenditure 7,225 - Total charitable activity expenditure 130, ,991 Governance costs Support costs Support - Professional - Accountancy fees 1,951 1,920 Support - Professional - Trustees' meetings & AGM ,075 2,389 Total governance costs 2,075 2,389 Net incoming/(outgoing) resources for the year (11,989) (1,117)