Charity registration number 1090563
Company registration number 4329946 (England and Wales)
GRASMERE VILLAGE HALL COMPANY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022
GRASMERE VILLAGE HALL COMPANY LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr JR Cowton Mr P Mosey Mr A Leech Mr S Dodd Mr G Magennis Mr D Johnson Mr A Astle Mr S Watts Ms P Moreland Mrs K Taylor Mrs S Dixon (Appointed 27 September 2022) Mrs S Savasi (Appointed 27 September 2022) Charity number 1090563 Company number 4329946 Independent examiner Gibbons Lakeland Office 2 Europe Way Cockermouth Cumbria CA13 0RJ
GRASMERE VILLAGE HALL COMPANY LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
GRASMERE VILLAGE HALL COMPANY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 NOVEMBER 2022
The trustees present their annual report and financial statements for the year ended 30 November 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 Companies Act 2006 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 main object of the company is the provision and maintenance of the village hall for the use of inhabitants of the parish of Grasmere and the neighbourhood.
Achievements and performance
The Trustees have continued to ensure the Hall is available and fit for purpose for hire by a wide variety of users. The number of hirers and bookings increased significantly over the year, with our income from hires doubling compared to the previous year. Many of our users have provided positive feedback to the Trustees which has been much appreciated and acknowledged. The Trustees will seek to continue to develop and enhance the Hall for the benefit of a wide range of users and purposes.
Our expenditure and running costs have also doubled compared to the previous year, particularly in light of increased usage and energy costs. We continue to manage our costs and expenditure carefully.
The Trustees are extremely grateful to individuals and other bodies (such as SLDC and Cumbria Community Foundation) for donations and grants. This financial support is critical to enable us to maintain and develop the Hall. It also allows us to open the Hall for example as a Community Warm Hub to provide a location for people to meet up in a warm environment for coffee, tea and chat over the winter period. This is already being well received and attended.
We have recently implemented in September a new systematic booking and invoicing system which will be a highly beneficial development for both Trustees and hirers of the Hall.
The major capital development projects for replacing the gents toilets and improving access arrangements for Hall users have been scoped, planned, funded and are scheduled to commence with building work in February 2023. Both these developments will incur significant costs in 2023 but are both essential upgrades for the Hall.
Financial review
Details of restricted and unrestricted reserves are shown in the financial statements. In particular, note 13 shows details of the movements on restricted funds.
Structure, governance and management
Grasmere Village Hall Company Limited is a company limited by guarantee, each member's contribution not exceeding £10 on dissolution. It was incorporated on 27 November 2001 and it was registered as a charity with effect from 13 February 2002. Trustees are appointed to serve for three years and may be re-appointed at the end of a term of service. The trustees meet quarterly or more frequently as required.
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GRASMERE VILLAGE HALL COMPANY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
The trustees who served during the year and up to the date of signature of the financial statements were:
Mrs VJ C Rees (Resigned 26 January 2022) Mr JR Cowton Mr P Mosey Mr A Leech Mr S Dodd Mr G Magennis Mr D Johnson Mr A Astle Mr S Watts Ms P Moreland Mrs K Taylor Mrs S Dixon (Appointed 27 September 2022) Mrs S Savasi (Appointed 27 September 2022)
The trustees' report was approved by the board of trustees.
Mr JR Cowton Trustee 29 August 2023
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GRASMERE VILLAGE HALL COMPANY LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GRASMERE VILLAGE HALL COMPANY LIMITED
I report to the trustees on my examination of the financial statements of Grasmere Village Hall Company Limited (the charity) for the year ended 30 November 2022.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (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:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Mr Mark Stanger BFP FCA
Gibbons Lakeland Office 2 Europe Way Cockermouth Cumbria CA13 0RJ
Dated: 30 August 2023
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GRASMERE VILLAGE HALL COMPANY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income and endowments from: Donations and legacies 3 5,673 5,810 Charitable activities 4 15,937 - Investments 5 4 - Other income 6 - - Total income 21,614 5,810 Expenditure on: Charitable activities - expenditure 7 12,556 - Net income for the year/ Net movement in funds 9,058 5,810 Fund balances at 1 December 2021 757,167 26,821 Fund balances at 30 November 2022 766,225 32,631 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 11,483 500 5,000 15,937 8,539 - 4 - - - 17,669 - 27,424 26,708 5,000 12,556 8,015 - 14,868 18,693 5,000 783,988 738,474 21,821 798,856 757,167 26,821 |
Total 2021 £ 5,500 8,539 - 17,669 |
|---|---|---|
| Donations and legacies 3 Charitable activities 4 Investments 5 Other income 6 Total income Expenditure on: Charitable activities - expenditure 7 Net income for the year/ Net movement in funds Fund balances at 1 December 2021 Fund balances at 30 November 2022 |
||
| 31,708 | ||
| 8,015 | ||
| 23,693 760,295 |
||
| 783,988 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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GRASMERE VILLAGE HALL COMPANY LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2022
| Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Restricted funds Unrestricted funds |
2022 £ 3,586 84,596 88,182 (1,200) |
£ 711,874 86,982 798,856 32,631 766,225 798,856 |
2021 £ 3,352 69,902 73,254 (1,200) |
£ 711,934 72,054 |
|---|---|---|---|---|
| 783,988 | ||||
| 26,821 757,167 |
||||
| 783,988 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 November 2022.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Trustees' responsibilities:
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with FRS102 SORP.
The financial statements were approved by the Trustees on 29 August 2023
Mr JR Cowton Mr D Johnson Trustee Trustee Company registration number 4329946
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GRASMERE VILLAGE HALL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022
1 Accounting policies
Charity information
Grasmere Village Hall Company Limited is a private company limited by guarantee incorporated in England and Wales . Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
1.1 Accounting convention
The financial statements have been prepared in accordance with the the Companies Act 2006, 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 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 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.
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GRASMERE VILLAGE HALL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
1 Accounting policies
(Continued)
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.
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.
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GRASMERE VILLAGE HALL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
3 Donations and legacies
| Unrestricted Restricted funds funds 2022 2022 £ £ Donations and gifts 5,673 - Grant receivable - 5,810 5,673 5,810 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 5,673 500 - 5,810 - 5,000 11,483 500 5,000 |
Total 2021 £ 500 5,000 |
|---|---|---|
| 5,500 |
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GRASMERE VILLAGE HALL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
4 Charitable activities
| Unrestricted | Unrestricted |
||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Income from car park | 3,300 | 2,250 | |
| Letting of hall | 12,587 | 6,195 | |
| Income from storage | 50 | 94 | |
| 15,937 | 8,539 | ||
| 5 | Investments | ||
| Unrestricted | Total | ||
| funds | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Interest receivable | 4 | - | |
| 6 | Other income | ||
| **Total ** | Unrestricted | ||
| funds | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Government Grants | - | 17,669 |
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GRASMERE VILLAGE HALL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
7 Charitable activities - expenditure
| Unrestricted | Unrestricted |
|
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Depreciation and impairment | 61 | 82 |
| Water rates | 246 | 96 |
| Light heat and power | 3,764 | 2,293 |
| Music licence | 424 | - |
| Insurance | 3,338 | 3,195 |
| Repairs and maintenance | 1,736 | 276 |
| Cleaning services and materials | 1,235 | 260 |
| Accountancy fees | 1,026 | 907 |
| Telephone | 254 | 239 |
| Sundry expenses | 472 | 210 |
| Bad and doubtful debts | - | (191) |
| Website development | - | 648 |
| 12,556 | 8,015 | |
| 12,556 | 8,015 |
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
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
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GRASMERE VILLAGE HALL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
| 10 Tangible fixed assets Cost At 1 December 2021 At 30 November 2022 Depreciation and impairment At 1 December 2021 Depreciation charged in the year At 30 November 2022 Carrying amount At 30 November 2022 At 30 November 2021 11 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 12 Creditors: amounts falling due within one year Accruals and deferred income 13 Analysis of net assets between funds Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 30 November 2022 are represented by: Tangible assets 711,874 - Current assets/(liabilities) 54,351 32,631 766,225 32,631 |
Freehold land and buildings Fixtures and fittings £ £ 711,690 9,224 711,690 9,224 - 8,979 - 61 - 9,040 711,690 184 711,690 244 2022 £ - 3,586 3,586 2022 £ 1,200 Total Unrestricted funds Restricted funds 2022 2021 2021 £ £ £ 711,874 711,934 - 86,982 45,233 26,821 798,856 757,167 26,821 |
Total £ 720,914 |
|---|---|---|
| 720,914 | ||
| 8,979 61 |
||
| 9,040 | ||
| 711,874 | ||
| 711,934 | ||
| 2021 £ 340 3,012 |
||
| 3,352 | ||
| 2021 £ 1,200 |
||
| Total 2021 £ 711,934 72,054 |
||
| 783,988 |
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GRASMERE VILLAGE HALL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022
14 Related party transactions
There were no disclosable related party transactions during the year.
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