**Charity number: 1046613**
## **THE HOLT COMMUNITY CENTRE**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **THE HOLT COMMUNITY CENTRE**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent examiner's report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 16|
## **THE HOLT COMMUNITY CENTRE**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023**
**Trustees** Lady Anwen Hurt June Clarke Henry Cockerton (Resigned 31 January 2023) Carolyn Burn (Resigned 31 July 2023) **Charity registered number** 1046613 **Principal office** Kerridge Way Holt Norfolk NR25 6DN
Page 1
## **THE HOLT COMMUNITY CENTRE**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023**
The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2023 to 31 December 2023.
## **Objectives and activities**
## **a. Policies and objectives**
The principal objects of the Charity are to control and manage a Community Centre for the benefit of the inhabitants of Holt and the neighbouring areas. This is achieved by providing facilities for local individuals and organisations on a regular or ad-hoc basis.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **Achievements and performance**
## **a. Main achievements of the Charity**
We looked forward to the beginning of 2023 to introduce some of the ideas we had not been able to do in the previous two years because of lockdown. People slowly began coming back to the centre as groups started up again. During lockdown we had kept serving the community by providing meals-on-wheels and a food drop-off point for people having trouble. Most people were so happy to come out again and meet people that the numbers of people using the community centre increased quite quickly.
The community centre delivers to a wide demographic and is supportive of all kinds of people. There is the now famous Thursday Cafe which provides a two course cooked meal for over 80 people with a few meals-onwheels delivered too.
We have two teenage boys helping us with the marketing strategy and looking at ways to encourage younger people to come the community centre.
As is natural with an organisation depending upon volunteers there have been losses from the Committee and we are actively seeking new members to join the team and take part in the development of the community centre.
We are committed to serving the community by offering a wide range of activities to that appeal to many different user groups and we strive to add more activities and in particular to appeal to the younger population of Holt.
Ensuring the financial security of the centre is our ongoing concern and we have recently appointed a funding expert to help with various funding applications. External funding will be a necessity to ensure the future viability of the community centre and we are actively pursuing various avenues to secure this. In the meantime we are optimistic that with the right people involved we will continue to serve the community as we have done for many years.
## **b. Investment policy and performance**
The charity invests its funds in cash and liquid resources.
Page 2
**THE HOLT COMMUNITY CENTRE**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **b. Reserves policy**
The Trustees are continually looking at the major risks facing the charity and take all necessary steps to mitigate these wherever necessary. Their intention is to seek to create financial reserves sufficient to fund three months of operating and running costs of the Community Centre.
At the date of the statement of financial position, the charity held a net amount as at 31.12.2023 of £220,783 (2022: £223,793).
Free reserves which comprise unrestricted funds not represented by fixed assets were £13,163 (2022: £6,977) less the Private Loan and creditors of £4,937 (2022: £2,180)
## **Structure, governance and management**
## **a. Constitution**
The Holt Community Centre is a registered charity, number 1046613, and is constituted under a Trust deed.
## **b. Methods of appointment or election of Trustees**
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Page 3
THE HOLT COMMUNITY CENTRE
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER2023
ststement of Trustees. responsibilities
The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance Trmth
applicable law and United Kingdom Accounb'ng Standards (United Kingdom Generally Apted Accounting
Practice).
The law applicable to charities in England & Wales requires th8 Trustees to prepare financbal statements for
each financAal year 1¢h give a true and fair view of the state of affairs of the Charity and of its incoming
resources and application of resources. including its income arMJ expenditure. for that period. In preparing these
financial ststements. the Trustees are required to:
select suitable accounting policies and Ihen apply them consistently:
observe the methods and principles of the Charities SORP {FRS 102),.
make judgments and accounting estimates that are reanable and prudent:
state whether applicable UK Accounting Stsndards (FRS 102) have been followed. subject to any
material departures disclosed and explained in the financial statements.
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the
Charity Vlill continue in busness.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Charity's transactions and disdose V*ith reasonable accuracy at any time the financial postion of the Charity
and enable them to ensure that the financial statements comply V•ith the Charities Act 2011, the Charity
(Accounts and Reports) Regulations 2008 and the provisions of the Trust d&d. They are also responsible for
safeguarding the assets of the Charity and thence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Jun
rke
Trustee and Executive Committee Member
Date:
Page 4
## **THE HOLT COMMUNITY CENTRE**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Note**
**Income and**
**endowments from:**
Donations and legacies
2
Charitable activities
3
Fundraising and events
Investments
**Total income and**
**endowments**
**Expenditure on:**
Charitable activities
4
Other expenditure
5
**Total expenditure**
**Net movement in**
**funds**
**Reconciliation of**
**funds:**
Total funds brought
forward
Net movement in funds
**Total funds carried**
**forward**|**Endowment**
**funds**
**2023**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**155,000**
**-**
**155,000**|**Restricted**
**funds**
**2023**
**£**
**2,594**
**-**
**-**
**-**
**2,594**
**2,594**
**-**
**2,594**
**-**
**507**
**-**
**507**|**Unrestricted**
**funds**
**2023**
**£**
**8,229**
**82,656**
**6,660**
**6**
**97,551**
**89,973**
**10,588**
**100,561**
**(3,010)**
**68,286**
**(3,010)**
**65,276**|**Total**
**funds**
**2023**
**£**
**10,823**
**82,656**
**6,660**
**6**
**100,145**
**92,567**
**10,588**
**103,155**
**(3,010)**
**223,793**
**(3,010)**
**220,783**|_Total_
_funds_
_2022_
_£_
_4,486_
_66,199_
_6,219_
_-_
_76,904_
_81,126_
_-_
_81,126_
_(4,222)_
_228,015_
_(4,222)_
_223,793_|
|---|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
Page 6
THE HOLT COMMUNrrY CENTRE
BALANCE SHEEr
AS AT 31 DECEMBER 2023
2023
2022
Flxed assets
Tangible assets
207,113
216.309
207,113
216.309
Current assets
stocks
Cash at bank and in hand
1.650
16,957
8. 164
18,607
9,664
credito amounts falling due within one
year
(4937)
{2, 180)
Net current assets
13,670
7,484
Total assets I5 current liabilities
220,783
223, 793
Total net assets
220,783
223. 793
Charity funds
Endovrnent funds
Restricted funds
Unrestricted funds
10
10
10
155,000
507
65.276
155.000
507
68,286
Total funds
220,783
223. 793
The financial statements ere approved and aUth¢j for issue by the Trustees and signed on their behalf by:
arke
Date: 6
The notes on pages 8 to 16 forni part of the* financial statements.
Page 7
**THE HOLT COMMUNITY CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Holt Community Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
These financial statements are prepared in accordance with FRS 102. In the prior year the financial statements were prepared on a receipts and payments basis. The date of transition is 1 January 2023. The comparatives have been restated to also be prepared on an FRS 102 basis. Note 13 explain the adjustments to comparative income and expenditure
## **1.2 Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## **1.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **1.4 Expenditure**
Page 8
**THE HOLT COMMUNITY CENTRE**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. Accounting policies (continued)**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **1.5 Tangible fixed assets and depreciation**
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
Fixtures and fittings
- 15% reducing balance
Freehold property is not depreciated as any depreciation is considered immaterial.
## **1.6 Stocks**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
## **1.7 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **1.8 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 9
**THE HOLT COMMUNITY CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. Accounting policies (continued)**
## **1.9 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **1.10 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
The endowment fund comprises of the acquisition of the land and subsequent construction of the Community Centre that was financed by the former Local Authority and other charitable donors. In 1996 the property was revalued at an open market value of £155,000. In the interest of clarity, the value of the building in 1996 is deemed to represent the amounts endowed by the various benefactors.
## **2. Income from donations and legacies**
|Donations
Grants
_Total 2022_|**Restricted**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
-
7,229
2,594
1,000
2,594
8,229
_-_
_4,486_|**Total**
**funds**
**2023**
**£**
**7,229**
**3,594**
**10,823**
_4,486_|_Total_
_funds_
_2022_
_£_
_4,486_
_-_|
|---|---|---|---|
||||_4,486_|
|||||
Page 10
## **THE HOLT COMMUNITY CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **3. Income from charitable activities**
|**Unrestricted**
**funds**
**2023**
**£**
Regular rentals
42,020
One off bookings
7,620
Bar sales
25,237
Other revenue
7,779
82,656|**Total**
**funds**
**2023**
**£**
**42,020**
**7,620**
**25,237**
**7,779**
**82,656**|_Total_
_funds_
_2022_
_£_
_42,196_
_800_
_17,308_
_5,895_|
|---|---|---|
|||_66,199_|
## **4. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Staff associated costs
Direct bar costs
Cleaning
Telephone
Advertising
Light and heat
Band and DJ charges
Printing, postage and stationery
Computer and website costs
Rates
Repairs and maintenance
Depreciation
_Total 2022_|**Restricted**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
-
23,771
2,000
16,464
-
10,243
-
1,769
-
2,663
-
5,385
-
4,111
-
1,782
-
885
-
4,112
594
9,592
-
9,196
2,594
89,973
_-_
_81,126_|**Total**
**2023**
**£**
**23,771**
**18,464**
**10,243**
**1,769**
**2,663**
**5,385**
**4,111**
**1,782**
**885**
**4,112**
**10,186**
**9,196**
**92,567**
_81,126_|_Total_
_2022_
_£_
_20,697_
_28,239_
_6,083_
_-_
_-_
_7,482_
_-_
_-_
_-_
_672_
_7,133_
_10,820_|
|---|---|---|---|
||||_81,126_|
|||||
Page 11
## **THE HOLT COMMUNITY CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **5. Other expenditure**
|**Unrestricted**
**funds**
**2023**
**£**
Accountancy
2,204
Insurance
2,138
Licences and subscriptions
6,246
10,588|**Total**
**funds**
**2023**
**£**
**2,204**
**2,138**
**6,246**
**10,588**|_Total_
_funds_
_2022_
_£_
_-_
_-_
_-_
_-_|
|---|---|---|
## **6. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ .
During the year ended 31 December 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ .
## **7. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2023
At 31 December 2023
**Depreciation**
Charge for the year
At 31 December 2023
**Net book value**
At 31 December 2023
_At 31 December 2022_|**Freehold**
**property**
**£**
**155,000**
**155,000**
**-**
**-**
**155,000**
_155,000_|**Fixtures and**
**fittings**
**£**
**61,309**
**61,309**
**9,196**
**9,196**
**52,113**
_61,309_|**Total**
**£**
**216,309**|
|---|---|---|---|
||||**216,309**|
||||**9,196**|
||||**9,196**|
||||**207,113**|
||||_216,309_|
Page 12
## **THE HOLT COMMUNITY CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **8. Stocks**
|Bar stocks
**Creditors: Amounts falling due within one year**
Other loans
Trade creditors|**2023**
**£**
**1,650**
**2023**
**£**
**806**
**4,131**
**4,937**|_2022_
_£_
_1,500_|
|---|---|---|
|||_2022_
_£_
_2,180_
_-_|
||||
|||_2,180_|
## **9. Creditors: Amounts falling due within one year**
Page 13
**THE HOLT COMMUNITY CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **10. Statement of funds**
|**Statement of funds - current year**
**Balance at 1**
**January**
**2023**
**£**
**Unrestricted funds**
General Funds
**68,286**
**Endowment funds**
Endowment Funds
**155,000**
**Restricted funds**
1940's fund
**507**
Community Cafe
**-**
Line painting
**-**
**507**
**Total of funds**
**223,793**|**Income**
**£**
**Expenditure**
**£**
**97,550**
**(100,560)**
**-**
**-**
**-**
**-**
**2,000**
**(2,000)**
**594**
**(594)**
**2,594**
**(2,594)**
**100,144**
**(103,154)**|**Balance at**
**31**
**December**
**2023**
**£**
**65,276**|
|---|---|---|
|||**155,000**|
|||**507**
**-**
**-**|
|||**507**|
|||**220,783**|
Page 14
## **THE HOLT COMMUNITY CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **10. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
General Funds
**Endowment funds**
Endowment Funds
**Restricted funds**
1940's fund
Flooring
**Total of funds**|_Balance at_
_1 January_
_2022_
_£_
_71,924_
_155,000_
_507_
_584_
_1,091_
_228,015_|_Income_
_£_
_76,904_
_-_
_-_
_-_
_-_
_76,904_|_Expenditure_
_£_
_(80,542)_
_-_
_-_
_(584)_
_(584)_
_(81,126)_|_Balance at_
_31_
_December_
_2022_
_£_
_68,286_|
|---|---|---|---|---|
|||||_155,000_|
|||||_507_
_-_|
|||||_507_|
|||||_223,793_|
The endowment fund comprises of the acquisition of the land and subsequent construction of the Community Centre that was financed by the former Local Authority and other charitable donors. In 1996 the property was revalued at an open market value of £155,000. In the interest of clarity, the value of the building in 1996 is deemed to represent the amounts endowed by the various benefactors.
The restricted funds comprise of the 1940's and flooring funds which are to be used in accordance with the specific restrictions imposed by donors, or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund.
Page 15
## **THE HOLT COMMUNITY CENTRE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **11. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
||**Endowment**|**Endowment**|**Restricted**|**Unrestricted**
**Total**|
|---|---|---|---|---|
|||**funds**|**funds**|**funds**
**funds**|
|||**2023**|**2023**|**2023**
**2023**|
|||**£**|**£**|**£**
**£**|
|Tangible fixed assets||155,000|-|52,113
**207,113**|
|Current assets||-|507|18,100
**18,607**|
|Creditors due within one year||-|-|(4,937)
**(4,937)**|
|**Total**||155,000|507|65,276
**220,783**|
|**Analysis of net assets between funds - prior**||**year**|||
|||_Endowment_|_Restricted_|_Unrestricted_
_Total_|
|||_funds_|_funds_|_funds_
_funds_|
|||_2022_|_2022_|_2022_
_2022_|
|||_£_|_£_|_£_
_£_|
|Tangible fixed assets||_155,000_|_-_|_61,309_
_216,309_|
|Current assets||_-_|_507_|_9,157_
_9,664_|
|Creditors due within one year||_-_|_-_|_(2,180)_
_(2,180)_|
|**Total**||_155,000_|_507_|_68,286_
_223,793_|
## **12. Related party transactions**
During the year the charity repaid £924 relating to an interest free loan for noticeboards to Carolyn Burn, who resigned as a Trustee in July 2023.
## **13. First time adoption of FRS 102**
The financial statements in the prior year were prepared on a receipts and payments basis. These financial statements have been prepared under FRS 102, and therefore on an accruals basis. The comparatives in these financial statements have been restated so as to also be on an FRS 102 basis. The impact of the change on the prior period income and expenditure is as follows:
- income - no change
- expenditure - increased by £11,244, being the recognition of a depreciation charge of £10,820 and the movement in stock of £424.
- net movement in funds - reduced by £11,244 as a result of the increase in expenditure.
Page 16