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2022-07-31-accounts

Charity registration number 1062503

COALEY VILLAGE HALL

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

COALEY VILLAGE HALL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A R Eve B A Whitwam Davis S S Motee A F Rees J P Hobson Charity number 1062503 Principal address Field End Hamshill Coaley Gloucestershire GL11 5EJ Independent examiner Katherine Parkin FCA Azets Epsilon House, The Square Gloucester Business Park Gloucester Gloucestershire United Kingdom GL3 4AD Bankers HSBC 4 King Street Stroud Gloucestershire GL5 3DS

COALEY VILLAGE HALL

CONTENTS

Page
Trustees report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Statement of financial position 6
Notes to the financial statements 7 - 16

COALEY VILLAGE HALL

TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY 2022

The Trustees present their annual report and financial statements for the year ended 31 July 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, a scheme made by the Minister of Education sealed on 12 August 1953 as amended by an order of The Commissionders sealed on 22 April 2002, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity's objects are provision and maintenance of a village hall for the purposes of physical and mental training and recreation and social, moral and intellectual development through the medium of reading and recreation rooms, clubrooms, library, lectures, classes or recreations as may be found expedient, for the advantage or benefit of the inhabitants of the Parish of Coaley and neigbourhood without distinction of sex or of political, religious or other opinions.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The hall has remained in good order and has been in use by the village since it was built in the 1950s, giving a centrally located hub in the village that is accessible for all ages and types of local users. The aim is to continue being able to provide this venue for use by the village and residents of the local area as a viable ongoing concern whilst upgrading the infrastructure to enable more modern elements such as a hearing loop, enhanced audio-visual equipment and broadband in the coming years.

Financial review

The Finance Committee review the ongoing financial position of the trust at the regular monthly meetings to ensure that any required expenditure is funded before any works are commissioned.

Bookings for the Hall during this year increased post COVID restrictions, and the hall was well utilised again. In terms of our costs of running the hall, we made an operating profit for the year due to expenditure being curtailed (apart from capital projects). With earlier COVID grants and the rental income, the hall has been in a solid position during the pandemic, even with restricted opening. However margins will be eroded in the coming year as our water rates and electricity charges are rising.

The legacy transfers were completed in the summer of 2020 with a final settlement payment from the estate of the late David Billett. This year the properties left to the Hall have been generating income of over £26,000, after management fees and repairs are deducted, and when all properties are occupied for the full year. We are now hoping for a full year with no tenants leaving or needing major repairs. Some repairs have had to be undertaken and hopefully the properties are now in good order for the next few years and will not need any major repairs in the foreseeable future.

The income from the rental properties and cash sum generously left to the Hall by the late Dave Billet have allowed for the Trustees improve the hall facilities and during the year we have completed works on the main door canopy replacement and improvements to the entrance, as well as refurbishment of the cloakrooms and improvements to Hall lighting, kitchen facilities and audio-visual equipment.

Looking forward we are planning the introduction of high speed internet (courtesy of GigaClear), replacement of certain window units and embarking on a process of redecorating. Long term we intend to continue with the planned solar energy installation once pre-requisite changes to our electric supply are complete.

The Trustees will be reassessing the hire charge levels at the end of the year to see if increases in rent are required to continue covering our liabilities. A major factor in the current business environment will be the likely increases in utility costs – particularly electricity bills. Hence, the trustees have taken a reserved view to what will be able to occur in view of income and expenditure for the next 12 months.

COALEY VILLAGE HALL

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s activties.

Public benefit

The hall is run for the benefit and use of local people to be able to hire the hall for social gatherings, parties, sports and fitness classes and other such events and to encourage the regular social events for the older and less mobile members of the community. We've improved the access for wheelchair users and others with impaired mobility in the previous financial year, the hall is fitted with a hearing loop to enable those with hearing impairments to better enjoy events, meetings and presentations.

Plans for future periods

CoSPA have now opened the new shop that they funded next to the portacabin (now removed) site and this is operating well and is a valuable community asset.

Currently the lease is with the parish council to liaise with the solicitors over the legalities of the ownership and the permissions needed so we will await updates on this situation from the PCC. There has now been information received from the Land Registry and the ongoing saga of the shop lease and registration of the land it sits on will be progressed with the solicitors to finalise the matter.

With the generosity of the legacy left to the Hall by David Billett the Trustees are unanimous in proposing that some form of memorial be developed to mark our benefactor. Sally Hislop has been invited to create an image for our approval which may be hung in the foyer after redecoration.

Plans for FY 22/23 and beyond include:

Structure, governance and management

The charity was established by a scheme made by The Minister of Education sealed on 12 August 1953 as amended by an order of The Commissioners sealed on 22 April 2002.

The Trustees who served during the year and up to the date of signature of the financial statements were: A R Eve

B A Whitwam Davis S S Motee A F Rees J P Hobson

Method of recruitment of trustees

Trustees are recruited at the Annual General Meeting of the village hall management committee and nominations are voted on by the entire users' management committee representatives present for election or re-election of trustees for the coming year.

The Village Hall property is not registered with the Land Registry as this has not been undertaken yet (the hall construction predates the inception of the Land Registry). The properties donated by the late Mr David BIllett are registered in the name of the Trustees of Coaley Village Hall and not registered to individuals.

COALEY VILLAGE HALL

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

The Trustees report was approved by the Board of Trustees.

A R Eve Chairman

23 January 2024

COALEY VILLAGE HALL

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COALEY VILLAGE HALL

I report to the Trustees on my examination of the financial statements of Coaley Village Hall (the charity) for the year ended 31 July 2022.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable 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 that in any material respect:

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 financial statements to be reached.

Katherine Parkin FCA Azets Audit Services Epsilon House, The Square Gloucester Business Park Brockworth Gloucester Gloucestershire GL3 4AD United Kingdom

Dated: 26 January 2024

COALEY VILLAGE HALL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and
legacies
3
2,896
-
Incoming resources
from charitable
activities
4
13,759
-
Investments
5
35,300
-
Total income
51,955
-
Expenditure on:
Raising funds
6
1,363
-
Charitable activities
7
47,589
-
Total expenditure
48,952
-
Net incoming resources
before transfers
3,003
-
Gross transfers
between funds
2,912
(2,912)
Net income/(expenditure)
for the year/
Net movement in funds
5,915
(2,912)
Fund balances at 1 August
2021
709,439
2,912
Fund balances at 31 July
2022
715,354
-		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
2,896
20,252
-
13,759
2,577
-
35,300
34,078
-
51,955
56,907
-
1,363
-
-
47,589
24,671
6,049
48,952
24,671
6,049
3,003
32,236
(6,049)
-
-
-
3,003
32,236
(6,049)
712,351
677,203
8,961
715,354
709,439
2,912		 Total
2021
£
20,252
2,577
34,078
56,907
-
30,720
30,720
26,187
-
26,187
686,164
712,351

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

COALEY VILLAGE HALL

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2022

Notes
Fixed assets
Tangible assets
12
Investment property
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
16
Unrestricted funds - general		 2022
£
861
102,912
103,773
(5,004)		 £
11,585
605,000
616,585
98,769
715,354
-
715,354
715,354		 2021
£
2,043
101,881
103,924
(6,403)		 £
9,830
605,000
614,830
97,521
712,351
2,912
709,439
712,351

The financial statements were approved by the Trustees on 23 January 2024

A R Eve Trustee

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

Charity information

Coaley Village Hall is an unincorporated charitty. The principal address is Field End, Hamshill, Coaley, Gloucestershire, GL11 5EJ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document a scheme made by The Minister of Education sealed on 12 August 1953 as amended by an order of The Commissioners sealed on 22 April 2002, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

(Continued)

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts other sales related taxes.

1.5 Expenditure

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 are allocated on the portion of the asset’s use.

All expenditure is recognised once there is a legal or constructive obligation to that expenditure. It is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment 10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure, or at probate value if the subject of a legacy. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Leases

Rentals receivable under operating leases are recognised as income on a straight line bases over the term of the relevant lease.

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Donations and gifts 2,896 115
Government grant - 20,137
2,896 20,252

4 Incoming resources from charitable activities

2022 2021
£ £
Hire of hall 13,759 2,577

5 Investments

**Unrestricted ** Unrestricted
funds funds
general general
2022 2021
£ £
Rental income 35,277 34,071
Interest receivable 23 7
35,300 34,078

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

6 Raising funds

Unrestricted
funds
general
2022
£
Fundraising and publicity
Fundraising expenses
1,363
1,363		 Total
2021
£
-
-

7 Charitable activities

Premises Premises
expenses expenses
2022 2021
£ £
Depreciation and impairment 1,605 1,147
Booking clerk 743 727
Cleaners 3,542 2,576
Heat and light 2,971 1,838
Rates and water 814 1,208
Insurance 1,699 1,563
Sundry 8,602 504
Maintenance and repairs 19,777 12,932
Management fees 5,436 4,265
45,189 26,760
Share of governance costs (see note 8) 2,400 3,960
47,589 30,720
Analysis by fund
Unrestricted funds - general 47,589 24,671
Restricted funds - 6,049
For the year ended 31 July 2021
Unrestricted funds - general 24,671
Restricted funds 6,049
30,720

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

8 Support costs

Support
costs
Governance
costs
£
£
Independent examination
-
2,340
Legal and professional
-
-
Bank charges
-
60
-
2,400
Analysed between
Charitable activities
-
2,400		 2022
£
2,340
-
60
2,400
2,400		 2021
£
3,060
900
-
3,960
3,960

Governance costs includes £2,340 (2021: £3,060), including £700 (2021: £900) payable to the Independent Examiner for Independent Examination and £1,640 (2021: £2,160) for other accountancy services provided.

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

12 Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 August 2021 12,685
Additions 3,361
At 31 July 2022 16,046
Depreciation and impairment
At 1 August 2021 2,855
Depreciation charged in the year 1,606
At 31 July 2022 4,461
Carrying amount
At 31 July 2022 11,585
At 31 July 2021 9,830
13 Investment property
2022
£
Fair value
At 1 August 2021 and 31 July 2022 605,000

Investment property, which comprises of 5 properties, was subject to a legacy and has been included at probate value.

Freehold
Long leasehold
Short leasehold		 2022
£
520,000
85,000
-
605,000		 2021
£
520,000
85,000
-
605,000

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

14 Debtors

Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 2022
£
-
861
861
2022
£
-
5,004
5,004		 2021
£
551
1,492
2,043
2021
£
2,003
4,400
6,403

15 Creditors: amounts falling due within one year

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at Resources Balance at Transfers Balance at
1 August 2020 expended 1 August 2021 31 July 2022
£ £ £ £ £
Improvement fund 8,961 (6,049) 2,912 (2,912) -

Maintenance

Funds for improvements of Coaley Village Hall. Transfers represent work completed in a prior year which was charged to unrestricted funds.

Balance at 31 July 2022 £ 715,354
Transfers £ 2,912
Movement in funds Incoming
Resources		 resources
expended		 £
£		 51,955
(48,952)
Balance at 1 August 2021 £ 709,439
Unrestricted funds - unrestricted These are unrestricted funds which are material to the charity's activities made up as follows: Movement in funds Balance at
Incoming
Resources
Transfers		 1 August 2020
resources
expended		 £
£
£
£		 Unrestricted funds
677,203
56,907
(24,617)
-
17

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

18
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2022
2022
£
£
Fund balances at 31
July 2022 are
represented by:
Tangible assets
11,585
-
Investment properties
605,000
-
Current assets/(liabilities)
98,769
-
715,354
-		 Total
Unrestricted
funds
Restricted
funds
2022
2021
2021
£
£
£
11,585
9,830
-
605,000
605,000
-
98,769
94,609
2,912
715,354
709,439
2,912		 Total
2021
£
9,830
605,000
97,521
712,351

19 Operating lease commitments Lessor

The operating leases represent leases of property to third parties.

At the reporting end date the charity had contracted with tenants for the following minimum lease payments:

2022 2021
£ £
Within one year 1,870 1,825

20 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).