Company number: Chartty number: 3898128 1094155 LON'G SUTTON MARKET HOUSE TRUST LIMITED Fi.nancial Siaiements ror the year ended 3 1st March 2022 Foresters Hall, High Street. Long Sutton. Spalding, Lincolnshire. PE12 9DB I T- 01406 366868
Long Sutton Market House Trust rnited Financial Statements for the year ended 31st March 2022 Contents Page Legal and Administrative Information Report of the Directors (Trustees) Independent Examiner's Report Statement of Financial Activities Ba13nce Sheet Notes forming part of the Financial Statements 9-14
Long Sytton Market House Trust Limited Financial Statemen-s for the year ended 31st March 2022 Legal and administrative information Status The organisation is a company limited by guarantee. i1corporated on 22nd December 1999. company number 3898128. The organisation is also 3 charitable company. having gained its charitable status on Ilth October 2(M)2. qegistered charity number 1094155. The company was formed under a Memorandum of Association which established the objects and powers of company and is governed by its Articles of Association. Under those Articles. the directors are elected on the trust's council at the AGM. and one third of those who have been longest in office must retire bv rotation each year. Directors The directors serving during the financial year and since the year end are as follows.. Mr DD Wilson Urs D K Jenkinson Mrs P Wells Mr C Carter Rev N A Hasnip Mr A Kattner Secretary Ur C C Carter Registered Office and operations address The Market House, 9 Market Street, Long Sutton, Lincolnshire, PE12 9DD. ts-ePendent Examiner PA R Rose FFA, Mark Rose Accountancy. Foresters Hall. High Street, Long Sutton. Spalding, Lincolnshire, PE12 9DB Bankers Barclays Bank Plc. 10 H311 Place. Spalding. Lincolnshir PEII ISR.
Long Sutton Market House Trust Limited Financial Statements for the year ended 31st March 2022 Report of the Dirertors (Trustees) The directors Itrusteesl present their report together with the financial statements of the charitable company ior the year ended 31st March 2022. Legal and administrative information set out on page i forms part of this report. The financial statements crmply with current statutory requirements, the Memorandum and Articles of Association and the Statement Recommended Practice - Accounting and Reporting by Charities IFRS1021. Objectives and activities of the charitable company The original objects of the charitable company were as follows=_ 4avinE acquired the historic Long Sutton Market House and Corn Exchange building. situated in Market Street g Sutton, Lincolnshire, to redevelop it for the benefit of the local community, and thus to provide a focal Ent for the town and surrounding area via a one stop service point for a range of community facilities and ar¥)ealing to a number of new projects. tring 2009 an application was made to Companies House and the Charities Commission to amend the oDjectives to more accurately reflect current activities and airyls. The new objectives are as follows'.- To promote social cohesion in a rurally isolated and deprived area for the disadvantaged and socially excluded ty the provision of a multi use centre - The Long Sutton Market House and Corn Exchange, situated in the Uarket Street. Long Sutton, Lincolnshire. The directors Itrusteesl are confident these revised objectives of the charity remain within the Charity Commission's general guidance regarding Piiblic benefit. Structurei governance and management A council, which should consist of a minimum of 6 directors, administers the charitable company. Under the provisions of the Mernorandum and Articles of Association the business of the charitable company shall be managed by the directors Itrusteesl who may exercise all powers of the charitable company. The directors Itrusteesl are sought from within the local community so that they can bring knowledge of the area and the needs of the area to bear on their governance. The day to day operation of the Market House is carried out by a team of volunteers under the control of the administration secretary. However, all major decisions must be brought before the board for approval. The financial recording of the charity's operations is done under an honorarium agreement. The charity 15 also reliant upon the "Friends of the Market House" in order to organise fundraising activities and coordinate the sale of merchandise.
Long Sutton Market House Trust Lsmited Financial Statements for the year ended 31st March 2022. Review of activities and future developments / Reserves polity The Market House has been operational for sixteen years. The main activity of the directors Itrusteesl continues to be ensuring that sufficient use is made of the facility, by the local community, in order to finance its operating costs on an annual basis. The Charity has had reduced income from Room Hire etc due to the Covid-19 Pandemic. However Grants have been received, as stated, which have significantly improved the overall financial p051tion of the Charity. Looking to the future of the Market House, the charitable company has several main objectives which the directors Itrusteesl are trying to implement.. Try and secure the long term use of the largest room in the premise. Whilst several good contacts have been made and the use of the Corn Exchange room is increasing again this is on a more "adhoc" basis than previous. To ensure the smooth day to day operation of the building and maintain it to a high standard of repair for the tenants. Going Concern The financial statements have been prepared on a going concern basis. There has been significant change to assist the Directors Eoing forward with the writing off of the LCC loan. Therefore the Directors are happy that there are no going concern issues.
Long Sutton Market House Trust Limited Financial Statements for the year ended 31st March 2022. Risk assessment The trustees meet regularly to discuss the progress of the Market House and by continuing to lobby the Ioc31 council and relevant organi5ations, the directors Itrusteesl hope to ensure sufficient occupancy of the building for the foreseeable future. By continuing to plan the future operation of the site well in advance the directors Itrusteesl hope to mitigate any potential risks of the project failing. Management accounts are being prepared regularly for the directors Itrusteesl to review, and thus monitor that suff icient income is being generated to match the building's running costs and the repayment of the loan from Lincolnshire County Council. in respect of the capital cost of the project, and in doing so prevent any potential deficit in reserves. Dirertors. responsibilities in relation to the financial statements The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable13w and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law rèquires the directors to prepare financial statements for each financi31 year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. including the income and expenditure of the charitable company for that period. In preparing these financial statements, the directors are required to- Select suitable accounting policies and then apply them consistently,. Observe methods and principles in the Charities SORP; Make judgements and estimates that are reasonable and prudent- State whether applicable UK Accounting Standards have been followed. Subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financ131 position of the charitable comr.any and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for Safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities Approved by the directors on 28th December 2022 and signed on their behalf bv:_ Mrs D K Jenkinson Director D D Wilson Director
Long Sutton Market House Trust rnited Independent Examiner's Report for the year ended 31st March 2022. S report on the accounts for the year ended 31st March 2022 set out on pages 6 to IS. Respective responsibilities of trustees and examiners As the charity's trustees land also its dirertors for the purposes of company lawl you are responsible for the preparation of the accounts in èccordance with the requirements of the Companies Act 20061'the 2006 Act'l,. you consider that the audit requirement of Section 144121 of the Charities Act 2011 (the 2011 Act) does not apply. It 15 my responsibility to examine the accounts (under Section 145 of the 2011 Act) and to state on the basis of the Art, as amended, whether particular matters have come to my attention. Basis of independent examiners, statement My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as trustees concerning any such matters. The procedLJres undertaken do not provide all the evidence that would be required in an audit. and consequently I do not express an audit opinion on the view given by the accounts. Independent examiners, statement In connection with my examination. no matter has come to my attention: i) which gives me reasonable cause to believe that in any material respert the requirements-. lal to keep accounting records in accordance with Section 130 of the 2011 Act and section 386 of the 2006 Act,. and Ibl to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act and section 386 of the 2(M)6 Act.. or Icl to prepare the accounts in accordance with the method5 and principles of the Statement of Recommended Practice for accounting and reporting by charities have not been met,. or 21 to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mark Rose. FFA Mark Rose Accountancy Foresters Hall High Street Long Sutton SpaldinE Lincolnshire Date: 28th December 2022 PE12 9DB
Long Sutton Market House Trust knmited Statement of Financial Activities Ilncluding Income and Expenditure Account) for the Year Ended 31 March 2022 General I Designated Funds 2022 Restricted Funds 2022 Total Funds 2022 Total Funds 2021 Note Income From Grants and Donations Charitable Activities.. Room hire Fundraising events Refreshments and merchandise sales 15,713 15.713 57,090 17,202 578 17.202 578 5,213 125 167 62,595 33.493 33,493 Investments Total Incorne 33,493 33,493 62,595 Expenditure on: Charitable activities 17,110 17,110 8,934 Total expenses 17.110 17,110 17,298 Net Incomellexpenditurel 16.383 16,383 53.661 Transfers between funds Net movement In funds 16.383 16,383 53.661 Reconciliation of funds: Total funds brought forward 45.497 4,019 49.516 14,1451 Total funds carried forward 61.880 4.019 65,899 49,516 There are no recognised gains and losses other than those passing through the Statement of Financial Activities.
Long Sutton Market House Trust Limited Balance Sheet as at 31st March 2022 Notes 2022 2021 Fixed assets Tangible assets io 5,690 4,550 Current assets Investments Stock Debtor5 Cash at bank in hand li 6,383 6,383 12 1,130 53.916 1,186 38,517 61,429 46,086 Creditors: amounts falltng due within one year Creditors and accruals Other creditors 13 1.220 1.120 1.220 1.120 Net current assets 65.899 49,516 Creditors.. amounts falling due in greater than one year Other creditors 14 Net assets 65,899 49.516 Funds General fund Designated fund Restricted fund 61.880 42,497 3.000 4,019 4,019 15 65,899 49,516 Total funds 65,899 49.516
Long Sutton Market House Trust Lirnited Balance Sheet as at 31st March 2022 Icontd...) For the year ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies Directors. responsibilities.. The members have not required the company to obtain an audit of its atcounts for the year in question in accordance with section 476,. The directors Itrusteesl acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime and in accordance with FRS 102 'The Financial Reporting Standards applicable in the UK and the Republic of Ireland. Approved by the board of directors Itrusteesl on 28th December 2022 and signed on its behalf by.." Mrs D K Jenkinson Director D D Wilson Director Company Number:_ 3898128
Long Sutton Market House Trust Limited Notes to the Financial Statements lor the year ended 31st March 2022 l. Accounting policies Basis of Preparation of Financial Statements Long Sutton Market House Trust is a company limited by guarantee registered in England and Wales. In the event of the charitable company being wound up, rhe liability in re5pert of the guarantee is limited to £1 per member of the charity. The number of gvarantors at 31 March 2021 was 612020-61. The address of the registered office of the charity is given in the charity information on page l of these financial statements, The nature of the tharity's operations and principal artivities is to preserye the Long Sutton Market House and Corn Exchan8e for the benefit of the public including its use as a Community Centre. The charity constitutes a public benefit as defined by FRS 102. The financial statements have been prepared in accordance with accounting and Reporting by Charities". Siatemenr of Recommended Practice 3pplic3ble to charities preparing their ac£ount5 in accordance with the Financ¢al Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021, issued on 16 July 2017 las vpdated through Update Bulletin I published on 2 February 20161, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. the Charities Act 2011, the Companies Act 2W6 and UK Generally Accepted Prattice as it applie5 from l January 2015. The financial statements are prepared on a going concern basis under the historical t05t convention, modified to include certain items at fair value. The financial statements are presented in Sterling which is the functional currencv of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Incoming resources Donations and gifts are included in the Statement of Financial Activitie5 when receivable. Grants are recognised in full in the Statement of Financial Activities in the year they are recewable. Resources expended Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which can not be recovered. Any support Costs are allocated to a particular activity based on the percentage of time and Costs incurred by the administration function on each attivfty. Governance costs include the cost5 of governance arrangements which relate to the general running of the charitv as opposed to its direct fund generating and charitèble activities_ Fund accountin General funds represent resourtes for use in the general operation of the charity's day to day activities. Designated funds represent resources for use within the general fund but which must be used for a specific PLJrpose a5 Specified by the directors Itrustee51. However. any excess funds can by (Jtili5ed within the general running of the charity. Restriaed funds represent resource5 accumulated for a specific purpose and can not be utilised within the general operation5 of the charTty.
Long Sutton Market House Trust Limrted Notes to the Financial Statement5 for the year Ènded 31st March 2022 l. Accounting pol*¢ies Icont'd...I Tangible fixed assets Depreciation is calculated so as to write off rhe cost of an asset, less estimated residual value, over rhe useful economic life of that asset as follows:. Fixtures and fittings 20% Reducin8 balance Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date. with the recoverable amount bein8 estimated where such indicators exist_ Where the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior smpa¢rmenis are also reviewed for possible reversal at e3ch reporting date. For the purposes of impairment testing. when it is not kw)ssible to estimate the recoverable amount of an individual asset, an estimate is made of the rècoverable amount of the cash generating unit to which the asset belongs. The cash generating unit is the smallest identifiable group of assets that includes the asset and generates the cash inflow that are largely independent of the cash inflows from other assers or 8roups of assets. Current asset investments Current asset investments èTe stated at cost less provision for diminution in value. Stock Stock is vèlued at the lower of cost and nei realable value, after making allow3n£e for obsolete and slow moving items. Debtors and credltors rettivablelpayable within one year Debrors and creditors with no stated interest rate and recewable or payable within one year are recorded at transaction price. Any losse5 arising from impairment are recognised in expenditure. Going Concern The financial statements have been prepared on a going concern basis. There has been significant change to assist the Directors going forward with the writing off of the LCC loan. Therefore the Directors are happy that there are nc> going coflcern issues. io
Long Sutton Market House Trust knmited Notes to the Financial Statements for the Year Ended 31 March 2022 IDeficitl/Surplus on operations 2022 2021 IDeficitllSurplus on operations is stated after charging=. Depreciation on tangible assets owned Accountants remuneration 1.422 900 1.138 900 3. Incoming resources 2022 2021 Unrestrirted funds Restricted funds Grants MH Movie Fundings Grange Wind Farm Lincolnshire CC Lincolnshire County Council Iwagon Arch Door funding) South Holland District Council Covid Grants Norfolk Community Foundation Co-op community champion IDecoratingl LCC Donation re Loan written off 2,000 70 15.143 25,000 29,177 Donations Long Sutton Business and Resident Community 81akemere Foundation Macmillan Cancer Support Balance on WaBon Arch Door General 150 763 15,713 57,090
Long Sutton Market House Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2022 4. Charitable activities 2022 Unrestricted Restricted funds funds 2021 Fundraising events expenses Refreshments and merchandise Wages Advertising, stationery and postage Rent and water rates Light and heat Insurance 352 257 272 118 4,982 428 134 35 1,370 399 F I I Telephone Repairs and maintenance Cleaning Computer costs Sundry expenses Governance costs Depreciation 942 707 5,630 1,224 358 225 900 1,422 2,875 739 329 308 900 1,138 17.110 8,934 5. Governance costs 2022 Unrestrirted funds 2021 Restrirted funds Wages Professional fees Accountancy fees 900 900 900 900 6. Employees 2022 2021 Total emoluments paid to employees:_ Wages and salaries Social security costs On average the charity employs no members of staff12020- 01
Long Sutton Market House Trust knmited Notes to the Financial Statements for the Year Ended 31 March 2022 7. Emolument5 No trustee Idirectorl received any remuneration for work undertaken on behalf of the comp3nv. No trustee Idirectorl received payment for expense5 incurred in their duties. Much of the work undertaken on behalf of the company is done by volunteers and 'Friends of the Market House" group. A "cost" for such volunteer help has not been included in the accounts. 8. Taxation The company is exempt from corporation tax on its charitable activities. 9. Legal status of the charitable tompany The Trust is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. The company gained charitable status on Ilth October 2002. The current trustees are the ultimate controlling party of the charity. 10, Fixed assets Fixtures & fittings Total Cost 8lfwd at 1st April 2021 Additions Clfwd at 31st March 2022 39.645 2.562 42.207 39,645 39,64S Accumulated depreciation Blfwd at 1st April 2021 Charge for the year C/fwd at 31st March 2022 35,095 1,422 36.517 33,957 1,137 35,095 Net book value At 31st March 2022 At 31st March 2021 5.690 7,111 4,550 7,111 13
Long Sutton Market House Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2022 11. Investments £6,383 is invested in a separate Virgin Charity Deposit account . 12. Debtors 2022 2021 Trade Debtors Provision for bad debts Other taxes and social security costs 1,130 1.186 1,130 1,186 13. Creditors: amounts falling due within one year 2022 2021 Trade creditors Other taxes and social security costs Accruals and deferred Fncome 1.220 1,120 1,220 1,120 14. Provisions 14. Creditors: amounts falling due in greater than one year 2022 2021 Other creditors 14