**Draft Financial Statements at 11 January 2025 at 16:51:32** ## **ST. JOHN'S HALL TRUSTEES COMMITTEE** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** **----- Start of picture text -----**
12 Bessemer Court
Hownsgill Industrial Park
Knitsley Lane
Consett
Co Durham
DH8 7BL
**----- End of picture text -----**
**Draft Financial Statements at 11 January 2025 at 16:51:32 ST. JOHN'S HALL TRUSTEES COMMITTEE** ## **CONTENTS** ||**Page**| |---|---| |Accountants' report|1| |Profit and loss account|2| |Balance sheet|3| |Notes to the financial statements|4 - 5| **Draft Financial Statements at 11 January 2025 at 16:51:32 ST. JOHN'S HALL TRUSTEES COMMITTEE** ## **ACCOUNTANTS REPORT TO THE PROPRIETOR** ## **ON THE UNAUDITED FINANCIAL STATEMENTS OF ST. JOHN'S HALL TRUSTEES COMMITTEE** In accordance with the engagement letter dated 3 February 2021, we have prepared for your approval the financial information of St. John's Hall Trustees Committee for the year which comprise the profit and loss account, the balance sheet and the related notes from the entity’s accounting records and from information and explanations you have given to us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/ membership/regulations-standards-and-guidance. This report is made solely to you, in accordance with the terms of our engagement letter dated 3 February 2021. Our work has been undertaken solely to prepare for your approval the financial information of St. John's Hall Trustees Committee and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than you for our work or for this report. You have approved the financial information for the year and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for its compilation. We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information. ## **TC Group** Date:......................... 12 Bessemer Court Hownsgill Industrial Park Knitsley Lane Consett Co Durham DH8 7BL - 1 - **Draft Financial Statements at 11 January 2025 at 16:51:32 ST. JOHN'S HALL TRUSTEES COMMITTEE** ## **PROFIT AND LOSS ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |**Turnover**
Bar Income
Events, Donations & Hall Hire
Grants Received
**Cost of sales**
Opening stock of finished goods
Bar, Catering & Event Costs
Finished goods purchases
Closing stock of finished goods
**Gross profit**
**Administrative expenses**
Cleaning
Electricity & Water
Heating Oil
Property repairs and maintenance
Subscriptions & Licences
Accountancy
Charitable donations
Bank charges
Insurances
Telephone
Sundry expenses
Depreciation
**Operating profit**
**Investment revenues**
Bank interest received
**Profit before taxation**|**2024**
**£**
756
4,633
2,500
(714)
74.22%
3,620
243
1,333
3,030
1,023
522
3,000
48
1,214
160
95
1,387
586
20.00%|**£**
5,608
20,040
2,183
27,831
(7,175)
20,656
(15,675)
4,981
586
5,567|**2023**
**£**
1,282
5,880
1,139
(756)
75.18%
3,506
1,784
1,963
2,516
733
492
704
(65)
1,190
-
198
1,703
244
27.55%|**£**
8,052
21,251
1,096
30,399
(7,545)
22,854
(14,724)
8,130
244
8,374| |---|---|---|---|---| - 2 - **Draft Financial Statements at 11 January 2025 at 16:51:32 ST. JOHN'S HALL TRUSTEES COMMITTEE** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2024**_ |**Notes**
**Fixed assets**
Tangible assets
**Current assets**
Stocks
Debtors
Cash at bank
**Creditors: amounts falling due within**
**one year**
**Net current assets**
**Total assets less current liabilities**
**Capital account**
**2**|**2024**
**£**
714
-
61,825
62,539
(602)|**£**
6,671
61,937
68,608
68,608|**2023**
**£**
756
108
54,915
55,779
(796)|**£**
8,058
54,983| |---|---|---|---|---| |||||63,041| |||||63,041| - 3 - **Draft Financial Statements at 11 January 2025 at 16:51:32 ST. JOHN'S HALL TRUSTEES COMMITTEE** ## **NOTES TO THE ACCOUNTS** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **1 Accounting policies** The principal accounting policies applied are as follows. ## **1.1 Accounting convention** The financial information is compiled on an agreed accounting basis that enables profits to be calculated such as to meet the requirements of Section 25 of the Income Tax (Trading and Other Income) Act 2005, and provides sufficient and relevant information to enable the completion of a tax return. The financial statements have been prepared in accordance with the recognition and measurement principles of UK GAAP - FRS 102 [other than the following departures which are neutral for income tax purposes: - Freehold properties are not depreciated - Investment properties are carried as historical cost and are not depreciated - Investment property components of freehold property have not been separately accounted for and are therefore carried as a complete asset - The investment portfolio has been has been accounted for at historical cost, net of any impairment losses, rather than at fair value - Financing transactions, such as interest free loans to or from related parties have not been discounted to net present value]. Presentation and disclosure requirements of FRS 102 have not been followed as these are not relevant to the sole trader. ## **1.2 Turnover** Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. ## **1.3 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. - 4 - **Draft Financial Statements at 11 January 2025 at 16:51:32 ST. JOHN'S HALL TRUSTEES COMMITTEE** ## **NOTES TO THE ACCOUNTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **1 Accounting policies** ## **(Continued)** 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 and fittings between 10 - 20% per annum 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 credited or charged to profit or loss. ## **2 Revenue Reserves** |**Revenue Reserves**||| |---|---|---| |Opening balance
Profit
Closing balance|**2024**
**£**
63,041
5,567
68,608|**2023**
**£**
54,667
8,374| |||63,041| ## **3. Unrestricted Funds** The trustees have have designated funds for the following purposes: |Replacement Boiler and Heating System to comply with Environmental Requirements
One years running costs ( as advised by Community Action Northumberland)
Total Designated funds
45,000
Total Funds
63,041
Surplus undesignated funds
18.041|30,000
15,000| |---|---| ||| - 5 - ## **Document Activity Report** ## **Document Sent** Sat, 11 Jan 2025 16:54:38 GMT ## **Document Activity History** Document history shows most recent activity first ## **Date** ## **Activity** You can verify that this is a genuine Portal document by uploading it to the following secure web page: **http://tcgroup2.accountantspace.co.uk/messages/VerifyDocument**