**Charity Registration No. 1082500**
**LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021**
**LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
M Light E Horridge J Lapsley R Taylor Rev. M Harwood J Stewart P Broad (Appointed 20 October 2020) John Castle (Appointed 20 July 2021)
**Charity number** 1082500 **Principal address** Letcombe Regis Village Hall Bassett Road Letcombe Regis Wantage Oxfordshire OX12 9LJ
**Independent examiner** Chapman Worth Limited 3 The Old Estate Yard High Street East Hendred Wantage Oxfordshire OX12 8JY
## **LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Statement of financial position|5|
|Notes to the financial statements|6 - 12|
## **LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 MARCH 2021**_
The trustees present their annual report and financial statements for the year ended 31 March 2021.
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], 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 to p rovid e and operat e, for the community, a Village Hall, and an open recreation field with a fenced children's play area, a fenced area for horse riding, two tennis courts and football and cricket pitches with a Sports Pavilion .
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity has carried out its duty with regard to the public benefit and the objectives of the charity.
## **Achievements and performance**
During 2020-21 The Recreation Ground and Village Hall Trust held 9 meetings. Due to the unprecedented situation with the pandemic, the Hall was closed from Monday 23rd March 2020 until it was allowed to reopen in a limited way from July 4th 2020. Many of our regular hirers chose not to resume because of concerns about Covid, and there were many cancellations and postponements of events. The Hall had to close again from November 5th 2020 until December 4th 2020, and close again from December 26th 2020 until April 2021.
I would like to express my thanks to all the Trustees who spent much time reviewing documents and guidance relating to Covid, and helping to draft all the signs, notices and procedures which we were required to put in place. This was not a trivial task as I am sure many of you can appreciate.
We were fortunate enough to be able to claim various Government Grants which had been made available to businesses which were either forced to close, or had restricted opening. This helped to offset the loss of income.
In April and May 2020, the Hall was redecorated, and although many of the events planned for 2020 did not take place, the Hall continues to receive excellent feedback by users and visitors.
I would like to thank Claire for the continued excellent job she does as Hall Coordinator. This is an important role, which ensures the smooth day-to-day running of the Hall.
The hard work of the volunteers from the various Sports Clubs who use the Recreation Ground is also appreciated. They ensure that the Recreation Ground as a whole, as well as their own "patch" are kept neat and tidy for all to enjoy. Also, a note of thanks to James Stewart, who with the "loan" of a tractor and hedge cutter from a local farmer, cut all the hedges around the Recreation Ground in February 2021.
The AGM originally planned for May 2020 was postponed until October 2020, and was held via an online meeting, as were all the Trust meetings from April 2020 through until March 2021.
After many years of service as a Trustee, Eddie Jenkins has stood down. Karen Johnson has also stood down after serving as Vice-Chair. I would like to thank both of them for their valuable input into the running of the Trust, and wish them well for the future. We have had 2 new Trustees join, John Castle and Alison McClintock, so we are at our full complement of 9 Trustees.
Overall, I believe that the Trust is well placed both financially and from a management perspective to ensure the smooth running of the Village Hall and Recreation Ground Trust.
- 1 -
LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Flnancial revigw
It is the policy of the chanty that unrestricted funds whth have not been desnated for a speufic use shoukl be
maintained at 8 lèvel equlvant to at least tsvelve months expenditure. The tnjstees consider& that reserves at
this level will ensure tha( in the event of a sNJnffic8nl drop in ftjnding, they will be abte lo continue the ehanty's
Cufrent activtties while Conseration is gsven to ways in which addrtional fvnds may be raised. Reserves as at the
31 March 2021 totalled £72.18012020 £46,712). ReseThes are in excess of the policy at the MoMt whilst the
charty vs expeTienung a reduction in income due to the pandem. This is to ensure fvnds 8fe availab when
required.
The trustses have fts1dered the impacts of the ongoing COVID-19 pandemic and are confhjent the charity has
adequate reserves availab to ensure the charty continue in operational existgnc8 for the feeable
The trust have also assessed other major nsks lo which the Charty is expo, and are satsrd that systems
are In place to mits.gate exposure to the major risks.
Slrucluvo. govem#no and management
The charity rs an unincorporated charty registergj with the Charities Commission Numter 1082500.
The Injstees who served dunng the year and up to the date of signature of the financial statements were..
M Loht
E HorrKlge
J Lapsley
R Taylor
Rev. M Harwood
J Slewart
P Broad
John Castle
IApF¥)inted 20 0¢tr)ber 20201
IApFointed 20 Juty 20211
Trustees are r(urted by a prcoss of advertising, or recommendation, and have an infomwl discussionl
interview prror to sutNnrtb"ng an applK*i)n, whth must be proposed and se)nded ty tsvo other villagers.
The trustees, tEport was approved by the Board of Trustses.
R Taylor
Trustee
Date..
LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL
TRUST
I report to the trLJStÈÈs on my examination of the financial statgmtrnts of Lelcomb& Rogis Recreation Giound
& Villag6 Hall Trust (the ¢hartyl for the year ended 31 March 2021.
Rèsponsibilities and basis of report
As the trustees of the charity you are responsible for the prep8ralon of the financial stalemenls in
acco¥dance with the requiiements of the Charities Act 2011 (the 2011 Act).
I report in r8spect of my examination of the charity's financial stslemenls carried out undèr section 145 of
the 2011 Act. In carrying out my exatninabon I have follow8d all the applicabl8 Directions given by the
Charity Commission under section 14515llbl of the 2011 Act.
Independent &xaminerfs statement
Your attention is drawn to the lact that the charity has prepared financi818tatemenls in accordance with
AccoLJnting and Reporting by Charities preparing their accounts in accordance with thfy Financial Reporb'ng
Standard applicable in the UK and Republic of Ireland {FRS 1021 in prèference lo the A¢¢ounling and
Reporting by Charities.. Slalement of Recommended Practice i53ued on 1 April 2005 which is referred lo in
the extsnl regulations bul has now been withdrawn.
l understand that this has been done in order for financial slaternenis to provide a true and lair view in
accordance with Generally Accepted Accounting Practice effectlve for reporting periods beginning on or
after 1 January 2015.
I havè cornpleted my examination. I confimi that no matters have cOe to my attention in connection with
the examination giving me cause to beli&ve that in any material respect..
accounting records warè not kept in resp&¢t of the charity as reqUId by seth'on 130 of thè 2011 Act..
or
the financial stslements do not accord with those re¢ords', or
the finanual statements do not comply with the applicable requ1mentS Concerning the fomi and
content of accounts sel out in tha Charities IAccounts and Reportsl Regulations 2008 other than any
requirement that the accounts give a true and fair view which Is not 8 matt8r considered as part of an
Independenl ex8minaliDn.
I have no concerns and have Come across no other rnatters in connecllon with the examlnalion lo which
attention should be drawn in this report in order lo enabla a proper understanding of the financial statements
to b& raached.
man
Chapman Worth Limited
3 The Old Esi8te Yard
High Street
East Hendrgd
Wantage
Oxfordshire
OX12 8JY
Dated:
## **LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 MARCH 2021**_
|**Unrestricted Unrestricted**
**funds**
**funds**
**general d esignated**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
21,695
8,136
Charitable activities
**4**
6,381
-
Other trading activities
**5**
-
-
Investments
**6**
140
4
**Total income**
28,216
8,140
**Expenditure on:**
Charitable activities
**7**
10,888
-
**Net income for the year/**
**Net movement in funds**
17,328
8,140
Fund balances at 1 April 2020
36,861
9,851
**Fund balances at 31 March**
**2021**
54,189
17,991|**Total Unrestricted Unrestricted**
**funds**
**funds**
**general d esignated**
**2021**
**2020**
**2020**
**£**
**£**
**£**
29,831
1,962
3,000
6,381
28,094
-
-
356
-
144
113
13
36,356
30,525
3,013
10,888
24,616
-
25,468
5,909
3,013
46,712
30,952
6,838
72,180
36,861
9,851|**Total**
**2020**
**£**
4,962
28,094
356
126
33,538
24,616
8,922
37,790
46,712|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
STATEMENT OF FINANCIAL POSITION
ASAT31 MARCH2021
2021
2020
Current *ssets
Debto
Cash at bank and in hand
12
459
73,326
1,333
55,329
73,785
56,662
Credhors: amounts falllng dug wtthln
one year
13
11,60SI
19,9501
Net current assets
72,180
46,712
Incom• funds
Unreslricted fvnds- dgnal
unrestn.cted funds- general
14
17.991
54.189
9.851
36,861
72,180
46,712
The finanoal statements were approved by the Trustees on . ..
R Taylor
**LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **Charity information**
Letcombe Regis Recreation Ground & Village Hall Trust is a unincorporated charity registered with the Charities Commission for England and Wales.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities 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 a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have have assessed the financial position of the charity and the impacts of Covid-19 . The charity has adequate cash reserves available in the event that hall hire is impacted further by any COVID-19 restrictions in 2022. 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.
- 6 -
**LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
**(Continued)**
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.
## **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.
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Charitable activities include expenditure associated with meeting the charitable objectives.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.
Governance cost include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
## **1.6 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.
## **1.7 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.
- 7 -
**LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **1 Accounting policies**
## **(Continued)**
## _**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 p aymen ts 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.
## **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 d esignated**
**2021**
**2021**
**£**
**£**
Donations and gifts
1,788
8,136
Government grants
19,907
-
21,695
8,136|**Total**Unrestricted Unrestricted
funds
funds
general
d esignated
**2021**
2020
2020
**£**
£
£
9,924
1,962
3,000
19,907
-
-
29,831
1,962
3,000|Total
2020
£
4,962
-
4,962|
|---|---|---|
- 8 -
## **LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **4 Charitable activities**
||**Hire of Hall &**|**Car Parking**|**Total**|**Hire of Hall &**|**Hire of**|**Letting of**|**Car Parking**|**Total**|
|---|---|---|---|---|---|---|---|---|
||**Equipment**||**2021**|**Equipment**|**Pavilion**|**Sports Areas**||**2020**|
||**2021**|**2021**||**2020**|**2020**|**2020**|**2020**||
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|Services provided|4,041|2,340|6,381|20,861|170|2,363|4,700|28,094|
- 9 -
## **LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **5 Other trading activities**
|Fundraising events
**Investments**
**Unrestricted Unrestricted**
**funds**
**funds**
**general d esignated**
**2021**
**2021**
**£**
**£**
Interest receivable
140
4
**Charitable activities**
Charitable expenditure
Share of support costs (see note 8)
Share of governance costs (see note 8)|**Total**Unrestricted
funds
general
**2021**
2020
**£**
£
-
356
**Total**Unrestricted Unrestricted
Total
funds
funds
general
d esignated
**2021**
2020
2020
2020
**£**
£
£
£
144
113
13
126
**2021**
**2020**
**£**
**£**
8,701
22,405
1,287
1,311
900
900
10,888
24,616|
|---|---|
## **6 Investments**
## **7 Charitable activities**
- 10 -
**LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **8 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Advertising & marketing
225
-
Accounting package &
support
376
-
Office supplies,
telephone & internet
506
-
Sundry
180
-
Audit fees
-
900
1,287
900
Analysed between
Charitable activities
1,287
900|**2021**
Support
costs
Governance
costs
**£**
£
£
225
193
-
376
556
-
506
512
-
180
50
-
900
-
900
2,187
1,311
900
2,187
1,311
900|2020
£
193
556
512
50
900
2,211
2,211|
|---|---|---|
Governance costs includes payments to the accountants of £ 900 ( 2020 - £900 ) for the independent examination .
## **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**
There were no employees during the year.
## **11 Tangible fixed assets**
## **Sports Pavilion**
The charity owns the Sports Pavilion property which is carried in the accounts at nil cost. Major renovations were carried out on the property eight years ago at no cost to the charity using grants from Sports England and Richmond Village. The trustees' deem the value of this property for insurance purposes of £432,600 is appropriate to the market value.
## **12 Debtors**
|**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income|**2021**
**£**
230
229
459|**2020**
**£**
727
606
1,333|
|---|---|---|
- 11 -
**LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2021**_
## **13 Creditors: amounts falling due within one year**
|Trade creditors
Other creditors
Accruals and deferred income|**2021**
**£**
521
-
1,084
1,605|**2020**
**£**
937
150
8,863
9,950|
|---|---|---|
## **14 Unrestricted funds - designated**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
|||||**Movement**||**Movement**||
|---|---|---|---|---|---|---|---|
|||||**in funds**||**in funds**||
||||**Balance at**|**Incoming**|
**Balance at**|**Incoming**|
**Balance at**|
||||**1 April 2019**|**resources**|
**1 April 2020**|**resources**|
**31 March 2021**|
||||**£**|
**£**|
**£**|
**£**|
**£**|
||Playground Project Fund||6,838|
3,013|
9,851|
8,140|
17,991|
|**15**|**Analysis of net assets between funds**|||||||
|||**Unrestricted**|**Designated**|**Total**|Unrestricted|Designated|Total|
|||**funds**|**funds**||funds|funds||
|||**2021**|**2021**|**2021**|2020|2020|2020|
|||**£**|**£**|**£**|£|£|£|
||Fund balances at 31|||||||
||March 2021 are|||||||
||represented by:|||||||
||Current assets/|||||||
||(liabilities)|54,189|17,991|72,180|36,861|9,851|46,712|
|||54,189|17,991|72,180|36,861|9,851|46,712|
## **16 Related party transactions**
There were no disclosable related party transactions during the year (2020 - none) .
- 12 -