Charity registration number 1082500
LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | E Horridge | |
|---|---|---|
| J Lapsley | ||
| Rev. M Harwood | ||
| J Stewart | ||
| P Broad | ||
| J Castle | ||
| G Lundie | ||
| J Hornsby | ||
| R Lundie | (Appointed 1 April 2023) | |
| Charity number | 1082500 | |
| Principal address | Letcombe Regis Village Hall | |
| Bassett Road | ||
| Letcombe Regis | ||
| Wantage | ||
| Oxfordshire | ||
| OX12 9LJ | ||
| Independent examiner | Chapman Worth Limited | |
| 2 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 - 11 |
LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
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 objectives are to provide, assist in providing and operate facilities for recreation and leisure time occupation for the Parish of Letcombe Regis and the surrounding neighbourhood as described in the charity schedule. These are a village hall and an open recreation field, a fenced children’s play area, a fenced area for horse riding, two tennis courts, football and cricket pitches and a sports pavilion also serving as a village social club.
The Trustees have paid due regard to the guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity has taken steps to ensure that hirers of the facilities from outside the area of benefit do not overbook to the detriment of local residents. The Trust offers preferential hire terms to residents of the area of benefit.
Achievements and performance
The village hall bookings have continued to be good. Bookings are now done via Hallmaster, which allows for invoicing to be carried out immediately the booking is received, and also allows us to acknowledge when payment has been made
The sports pavilion having been modernised and improved and is well used to provide a village social club open to all villagers and local residents for a modest membership fee.
We continue to receive very positive feedback, directly and through social media, from users of the village hall and the sports pavilion is a popular venue for local residents.
The Children's play area has been completely refurbished, with new equipment and renovation of some existing equipment, including new ground works, new fencing and new hedging.
The Trustees express their thanks to the Hall Coordinator for continuing to manage the day to day running of the village hall. Thanks are also due to the volunteers from the various sports clubs who ensure that all of the areas of the recreation ground are kept in good condition and to those volunteers who help with special events.
Overall the Trustees consider that the Trust is well placed financially and from a management perspective to ensure its smooth running and to meet its objectives as in its Charity Schedule.
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LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Financial review
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 at least twelve months expenditure. The Trustees consider 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 current activities while consideration is given to ways by which additional funds may be raised.
Reserves as at 31 March 2024 totalled £58,905 (2023 £83,686). Reserves are in excess of the policy at the moment as funds are being generated to support the project for the renewal and improvement of the Children's Playground. However, the Trustees are working on year two of a three year plan in order to prepare for repairs and enhancements, and budget for such events.
The Trustees are confident the charity has adequate reserves available to ensure that it can continue in operational existence for the foreseeable future and meet the requirements of the Trust.
The Trustees have also assessed other major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to these major risks.
Structure, governance and management
The charity is an unincorporated charity registered with the Charities Commission Number 1082500.
Trustees are recruited by a process of advertising or recommendation and have an informal discussion with existing trustees before submitting an application. Applications must be proposed and seconded by two other villagers.
The Trustees who have served during the year ending March 31 2024 and up to the date of this report were:
M Light (Resigned 1 April 2023) E Horridge J Lapsley Rev. M Harwood J Stewart P Broad J Castle G Gwalchmai (Resigned 1 April 2023) G Lundie J Hornsby R Lundie (Appointed 1 April 2023)
The Trust therefore has a full complement of 9 Trustees, two of whom are appointed by the parish council at the time of this report.
The trustees' report was approved by the Board of Trustees. Af Lede
.............................. G Lundie
Chairman
02 Jul 2024 Date: .............................................
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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 trustees on my examination of the financial statements of Letcombe Regis Recreation Ground & Village Hall Trust (the charity) for the year ended 31 March 2024. 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 Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 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: accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or the financial statements do not accord with those records. or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. 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 Anna Chapman FCA Chapman Worth Limited 2 The Old Estate Yard High Street East Hendred Wantage Oxfordshire Dated:
LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Unrestricted Total Unrestricted Unrestricted funds funds funds funds designated designated 2024 2024 2024 2023 2023 Notes £ £ £ £ £ Income from: Donations and legacies 2 2,085 8,454 10,539 1,850 7,444 Charitable activities 3 40,829 - 40,829 24,855 - Investments 4 1,002 - 1,002 361 - Total income 43,916 8,454 52,370 27,066 7,444 Expenditure on: Charitable activities 5 34,570 42,581 77,151 25,039 3,785 Total expenditure 34,570 42,581 77,151 25,039 3,785 Net income/(expenditure) 9,346 (34,127) (24,781) 2,027 3,659 Transfers between funds (8,115) 8,115 - - - Net movement in funds 7 1,231 (26,012) (24,781) 2,027 3,659 Reconciliation of funds: Fund balances at 1 April 2023 57,674 26,012 83,686 55,647 22,353 Fund balances at 31 March 2024 58,905 - 58,905 57,674 26,012 |
Total 2023 £ 9,294 24,855 361 |
|---|---|
| 34,510 28,824 |
|
| 28,824 | |
| 5,686 - |
|
| 5,686 78,000 |
|
| 83,686 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Current assets | |||||
| Cash at bank and in hand | 59,955 | 84,831 | |||
| Creditors: amounts falling due within | |||||
| one year | 12 | (1,050) | (1,145) | ||
| Net current assets | 58,905 | 83,686 | |||
| Income funds | |||||
| Unrestricted funds - designated | 13 | - | 26,012 | ||
| Unrestricted funds - general | 58,905 | 57,674 | |||
| 58,905 | 83,686 |
02 Jul 2024 The financial statements were approved by the Trustees on ......................... Af .............................. Lede G Lundie Chairman
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LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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 amounts 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 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 or grantors 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.
1.3 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.
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LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.4 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.
1.5 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.
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.
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LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.6 Employee benefits
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.
2 Donations and legacies
| **Unrestricted ** | Unrestricted | Total | Unrestricted | Unrestricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| general | designated | general | designated | |||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Donations and gifts | 2,085 | 8,454 | 10,539 | 1,850 | 7,444 | 9,294 |
3 Charitable activities
| Hire of Hall | Hire of Hall | |
|---|---|---|
| & | & | |
| Equipment | Equipment | |
| 2024 | 2023 | |
| £ | £ | |
| Services provided | 40,829 | 23,826 |
| Other income | - | 1,029 |
| 40,829 | 24,855 |
4 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Interest receivable | 1,002 | 361 |
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LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5 Charitable activities
| Charitable expenditure Share of support costs (see note 6) Share of governance costs (see note 6) Analysis by fund Unrestricted funds - general Unrestricted funds - designated 6 Support costs allocated to activities Advertising & marketing Accounting package & support Office supplies, telephone & internet Sundry Governance costs Analysed between: Charitable activities 7 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements |
2024 £ 74,010 2,091 1,050 77,151 34,570 42,581 77,151 2024 £ 432 418 921 320 1,050 3,141 3,141 2024 £ 1,050 |
2023 £ 26,089 1,745 990 |
|---|---|---|
| 28,824 | ||
| 25,039 3,785 |
||
| 28,824 | ||
| 2023 £ 335 485 725 200 990 |
||
| 2,735 | ||
| 2,735 | ||
| 2023 £ 990 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
There were no employees during the year.
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LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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 nine years ago at no cost to the charity using grants from Sports England and Richmond Village. Further renovations took place in April 21 at no cost to the charity and was funded by the sports and social club. The trustees' deem the value of this property for insurance purposes of £445,578 is appropriate to the market value at 10 April 2021.
12 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 1,050 | 1,145 |
13 Unrestricted funds -
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:
| At Playground Project Fund Previous year: At Playground Project Fund |
1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 £ £ £ £ £ 26,012 8,454 (42,581) 8,115 - 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 £ £ £ £ £ 22,353 7,444 (3,785) - 26,012 22,353 7,444 (3,785) - 26,012 |
1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 £ £ £ £ £ 26,012 8,454 (42,581) 8,115 - 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 £ £ £ £ £ 22,353 7,444 (3,785) - 26,012 22,353 7,444 (3,785) - 26,012 |
|---|---|---|
| 26,012 |
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LETCOMBE REGIS RECREATION GROUND & VILLAGE HALL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
14 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At General funds Previous year: At General funds Analysis of net assets between funds At 31 March 2024: Current assets/(liabilities) At 31 March 2023: Current assets/(liabilities) |
1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 £ £ £ £ £ 57,674 43,916 (34,570) (8,115) 58,905 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 £ £ £ £ £ 55,647 27,066 (25,039) - 57,674 Unrestricted Unrestricted Total funds funds designated 2024 2024 2024 £ £ £ 58,905 - 58,905 58,905 - 58,905 Unrestricted Unrestricted Total funds funds designated 2023 2023 2023 £ £ £ 57,674 26,012 83,686 57,674 26,012 83,686 |
|---|---|
15 Analysis of net assets between funds
16 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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