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2023-07-31-accounts

Charity registration number 1062503

COALEY VILLAGE HALL

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

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 Audit Services 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 - 4
Independent examiner's report 5
Statement of financial activities 6
Statement of financial position 7
Notes to the financial statements 8 - 17

COALEY VILLAGE HALL

TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their annual report and financial statements for the year ended 31 July 2023.

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 1950's, giving a centrally located hub to the village that is accessible for all ages and types of local users. It is used by a variety of groups providing village social, educational and wellbeing activities, as well as by private individuals from the village and surrounding areas.

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 in response to community needs over the coming years.

This year our major improvements & renovations included:

As always the trustees thank the many volunteers who supported these works, as well as all those who contribute to the ongoing running, maintenance and support of the Hall.

COALEY VILLAGE HALL

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Financial review

Coaley Village Hall ended the 22/23 Financial Year in a healthy situation with increased reserves that are sufficient to cover our short and medium term liabilities and plans. However, this situation is sustained only by the income from assets generously left to the Hall by the late Dave Billet, for which we remain very grateful, and from the generous donations from our supporters.

Given no unforeseen circumstances we should be in a good position to fund our planned projects for 2023/24 and continue to generate sufficient profit from investment activity, Hall income and fund raising to provide long term future funds in excess of our expenditures.

Hall Operations

Overall, our income from Hall activities was flat for 22/23 compared to the previous year and we thank our customers who have stayed loyal and continue to support us.

This allows the hall to generate a small surplus over the “day to day” running costs such as Utility Bills, Insurance etc. (before repair & renovation costs). Our running costs were, however, impacted by the significant increase in electricity cost (up 75% from the 22/23 year), reflecting the general increase in energy costs. To address this latter issue in the longer term the Hall plans to invest in solar electricity generation in the next financial year.

As in previous years significant cost expenditure has been required on maintenance, renewal and repair (although this was down by two thirds from 21/22). This means that the Hall operations are only viable because we can support spend on improvements and renewals from our investment income and donations.

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 continuing high utility costs – particularly electricity bills. Hence, the trustees have taken a conservative view to what we will be able to incur in terms of expenditure for the next 12 months.

Fund raising

Fund raising activities were much improved in 2022/23, yielding just under £3,000 with thanks to the many clubs & individuals who donated, including several legacy bequests and our regular givers such as CADS, Lunch Club, Film Club, Whist Club as well as donations from Coaley Fete.

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 at least six month’s expenditure plus any monies earmarked for significant improvement projects. 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 activities as well as meet un-planned bills for renovation, renewal and repair.

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.

COALEY VILLAGE HALL

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Investment Portfolio and Legacies

Our property portfolio, acquired through the generosity of the late Dave Billet, generated substantial income in 2022/ 23 (as shown in the accounts). We continue to have minimal issues in renting these properties and Bennett Jones Partners continue to satisfactorily manage the maintenance and tenants on our behalf.

Improvements in the savings rates meant that accumulated capital from prior years rental, legacies and donations generated increased bank interest. Net of the management and maintenance costs incurred this generated a net income which more than funded the necessary Hall repairs & improvements.

The change of ownership of our property in Quedgeley is proving costly as Land Registry formalities require each Trustee to be certified before transfer documents can be progressed when another Flat in the block is sold. The Trustees will request the AGM authorise the sale of the property in Quedgeley known as, 77 Lanham Gardens, and the appropriate disposal of the financial return.

We intend to obtain updated valuations of the rental property portfolio, from our Agents, as this has not been done since the original Probate valuation when they were left to the Hall.

The Chairman has been notified of a bequest from the Estate of Suzanne Mary Robinson. The details are not available for publication at this time, but the Committee will look for suggestions as to how we can mark this donation.

Plans for future periods

The situation with the CoSPA (Village Shop) lease and land ownership (between the Hall and the parish council) is still under review. We will be contacting the Land Registry and are seeking a solicitor who can assist us with finalising this matter.

Plans for FY 23/24 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.

COALEY VILLAGE HALL

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

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.

The Trustees report was approved by the Board of Trustees.

A R Eve Chairman

27 February 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 2023.

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 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: 28 February 2024

COALEY VILLAGE HALL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2023

Unrestricted
Unrestricted
Restricted
funds
funds
funds
2023
2022
2022
Notes
£
£
£
Income from:
Donations and legacies
3
3,551
2,896
-
Incoming resources from charitable activities
4
13,727
13,759
-
Investments
5
37,761
35,300
-
Total income
55,039
51,955
-
Expenditure on:
Raising funds
6
596
1,363
-
Charitable activities
7
33,970
47,589
-
Total expenditure
34,566
48,952
-
Gross transfers between funds
-
2,912
(2,912)
Net income for the year/
Net movement in funds
20,473
5,915
(2,912)
Fund balances at 1 August 2022
715,354
709,439
2,912
Fund balances at 31 July 2023
735,827
715,354
-		 Total
2022
£
2,896
13,759
35,300
51,955
1,363
47,589
48,952
-
3,003
712,351
715,354

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 2023

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
Unrestricted funds - general		 2023
£
1,146
126,403
127,549
(6,702)		 £
9,980
605,000
614,980
120,847
735,827
735,827
735,827		 2022
£
861
102,912
103,773
(5,004)		 £
11,585
605,000
616,585
98,769
715,354
715,354
715,354

The financial statements were approved by the Trustees on 27 February 2024

A R Eve Trustee

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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 2023

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 2023

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 2023

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
2023 2022
£ £
Donations and gifts 3,551 2,896

4 Incoming resources from charitable activities

2023 2022
£ £
Hire of hall 13,727 13,759

5 Investments

**Unrestricted ** Unrestricted
funds funds
general general
2023 2022
£ £
Rental income 36,805 35,277
Interest receivable 956 23
37,761 35,300

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

6 Raising funds

Unrestricted
funds
general
2023
£
Fundraising and publicity
Fundraising expenses
596
596		 Total
2022
£
1,363
1,363

7 Charitable activities

Premises Premises
expenses expenses
2023 2022
£ £
Depreciation and impairment 1,605 1,605
Booking clerk 756 743
Cleaners 3,954 3,542
Heat and light 5,206 2,971
Rates and water 827 814
Insurance 1,869 1,699
Sundry 1,661 8,602
Maintenance and repairs 11,269 19,777
Management fees 4,417 5,436
31,564 45,189
Share of governance costs (see note 8) 2,406 2,400
33,970 47,589

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

8 Support costs

Support
costs
Governance
costs
£
£
Independent examination
-
1,800
Legal and professional
-
486
Bank charges
-
120
-
2,406
Analysed between
Charitable activities
-
2,406		 2023
£
1,800
486
120
2,406
2,406		 2022
£
2,340
-
60
2,400
2,400

Governance costs includes £1,800 (2022: £2,340), including £700 (2022: £700) payable to the Independent Examiner for Independent Examination and £1,100 (2022: £1.640) 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:

2023 2022
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 Taxation of 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 2023

12 Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 August 2022 16,046
At 31 July 2023 16,046
Depreciation and impairment
At 1 August 2022 4,461
Depreciation charged in the year 1,605
At 31 July 2023 6,066
Carrying amount
At 31 July 2023 9,980
At 31 July 2022 11,585
13 Investment property
2023
£
Fair value
At 1 August 2022 and 31 July 2023 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		 2023
£
520,000
85,000
-
605,000		 2022
£
520,000
85,000
-
605,000

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

14 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income		 2023
£
144
1,002
1,146		 2022
£
-
861
861

15 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2023
£
220
6,482
6,702		 2022
£
-
5,004
5,004

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:

Movement
in funds
Balance at Transfers Balance at Incoming Balance at
1 August 2021 1 August 2022 resources 31 July 2023
£ £ £ £ £
Improvement fund 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.

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

17 Unrestricted funds - unrestricted

These are unrestricted funds which are material to the charity's activities made up as follows:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Transfers Balance at Incoming Resources Balance at
1 August 2021 resources expended 1 August 2022 resources expended 31 July 2023
£ £ £ £ £ £ £ £
Unrestricted funds 709,439 51,955 (48,952) 2,912 715,354 55,039 (34,566) 735,827

COALEY VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

18 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:

2023 2022
£ £
Within one year 1,915 1,870

19 Related party transactions

The charity and Coaley Shop Association (COSPA) Limited are considered to be related parties due to a number of the Trustees of the charity holding shares in COSPA. During the year, the charity received £10 from Coaley Shop Association (COSPA) Limited for the hire of the hall (2022: £Nil).