ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS OF LAVENHAM COMMUNITYCOUNCIL FOR THE YEAR ENDED 31 March 2024 Registered Company 5269736 Registsred Charity 1106956
LAVENHAM COMMUNI COUNCSL COMPANY INFORMATION Directors J R Bradburne J C Corney B A Goddard P V Smith Secretary J R Bradburne Village Hall Managers H Defves JT Gosling Company Number 5269736 Charlty Number 1106956 Registered Offi The Village Hall Church Street, Lavénham Sudbury C010 9QT Bankers Cooperative Bank PO Box101 1 Balloon Street Manchester M60 4EP Santander UK plc Bridle Road Bootle Merseyside L30 4GB Independent Examiner Nick Farr FCA
LAVENHAM COMMUNITY COUNCIL ONTENTS OF THE ANNUAL REPORT TO 31 MARCH 2024 Trustees Report Page 1 Independent Examinevs Report Page 2 Statement of Financial Activities Page 3 Balance Sheet Page 4 Notes to the Financial Statements Page 5-9
LAVENHAM COMMUNITY COUNCIL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE GOVERNANCE AND 14lANAGEMENT Governing Document- The organisation is a tharilable company limited by guarantee, incorporated on 26 October 2004 and registered as a charity on 24 Novembei 2004. Org8ni5alional Slructufe- Each of the directors is a member of the company. The Charty is organised so that the Iruslees have regular general meètings comprising the elected and nominated members to discuss progress. ad1vit$ and administration. All the diredors of the company are also trustees of the chartty. and there are no other trustees. None of the t¥uslees has arry beneficigl inleresl in the ¢ompany Risk Managemgnl- The ttuslees have a duty to identify and review the fisks lo which the ch8Nty 1$ exposed and to ensu that appropriate controls are in place lo provide reasonable assurance against fraud and errol. OBJECTNES AND ACTIVITIES Objectives and aims for the Public Benefit. The Chantys exclusive charitable objeclives are to encouiage, provide. maintain and develop re¢reational and other leisure time activities. advancement of education, improving health, relieving povety, distress or sickness or in pursuing other charitable objects in the inteiesl of so¢Aal welfare for the inhabitants of Lavenham and its immedi8te neighbourhood. The Iruslees confirm that they have referred lo the guidance contained in the Chality Commissionels genofal guid8n¢e on public benefit when reviewlng the charity's aims and obiectives and In planning future aGlivrti8S. Th8 tharity carnes out these objects by maintaining and operating Lavenham Village Hall. Pavillon and playing field$ which provide facililtès for many loeal services. They also hold events and fvndraising whi¢h prov& seNices for Lavenham re$idenls and also encourages visitors from outside the village. ACHIEVEMEfrrr AND PERFORMANCE The aftef effect of Covid and Cost of Living Cri8is conllnues lo affs¢t the Village Hall letting and,gvents 5ncome which has ¥llll not relumed lo the 2019 level bul the running costs have increased subslanlually. The ongoing I•Gk of functions such as wedding5 and other celebrations is affecting the organisalion's financial slalu$. During the year we continued lo maintain and operate L8venham village Hall whTch provldeg f8ciliile8 for many local societies, famiers. markets. film nights, craft fairs. sports nights, social galhellngs and a venue fol private functlons. The Community Council dld not organise the Car Show in Summer 2023 bul Ihis will be roinstat8d for Summer 2024. The Hden Gardens have be8n outsourced and the LCC received a donation . The Pavilion and playing rId$, leased from L8venham Parlsh Council, ware used for tenni8, foolb8118nd iunior football and by Lavenham Primary School. The Villag8 Hall premises also hou80 the Lavenham Llbrary and Lavenham Preschool. Since winter 2022. with grants from Babergh Council and the public. we provided a w8n Space8 s¢heme whlch Included ¢offee mornings and film shows . Due to poulsr demand #nd grant fundiftg we hope to Lyjnlinue this activty FINANCIAL REVIEW Total unreslri¢ted income during the year was £81.0791£78,509 2023 ex¢luding Covid grants) an increase of £2,570 Village Hall In¢ome rose from £61,17610 £68,548 includlng Library and Pre$chool ienls Totsl unrestricted expenditure excluding depre¢iation was £88,291 {£83,245 20231. a rise of £5.046. Wages and Salaries costs rose from £34,32110 £35,293 There was a drop in nel unrestricted income of £4,109 from a deficit of £6.475 in 2023 to a deficit of £10,584 in 2024. The Reslficted Fund hekl for the school new Build and Wami Spaces still unspènt al 31 March 2024 was £631 and £688. Total funds have decreased by £52,615 from £1.013,179 to £960,564 after chafging depreciation of £45,599 RESERVES POLICY In the current situation the board has had to ViSe ils policy that unrestricted reseNe5 Should be held 81 an aveTrge Minimum level of £50,OCQ which Is the equvalenl to nine months running cost$. This Is becoming more difficult with the cost of overheads onlinuing lo rise Healing costs have risen by £2.727 and breakdovffl of the healing pumps replacement cost £5,500 The charity's unr8Stricled funds excluding fixed assels al 31 March 2024 are £52,577. The board hope that they would be able to continue the current aclivrtvés of the ¢harity in the event of a drop in income or unforseen expenditure. 11 would obviously need lo consider how the funding could be repl*e•J or rf the activitie8 need lo be afterod. SMALL COMPANIES PROVISIONS This report has been prepared in aGcord8n¢o the provisions app11ble lo the small companles exemption. ON BEHALF OF BOARD P V Smith Trustee & Chairman ZJ k6rfZo Dale Page 1
LAVENHAM COMMUNITY COUNCIL (Registered Charty No 1106956) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LAVENHAM COMMUNITY COUNCIL I report lo the Trustees on my examination of the financial statements of Lavenham Community Council for Ihe year ended 31 March 2024 which are set out on pages 3 to 9 RESPONSIBILITES AND BASIS OF REPORT As the charity's trustees (who are also the directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirementsof the Companies Act 2006. (the 2006 Act) Having satisfied myself that the financial statements of the Company 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 your ¢haiitys accounts as carried out under section 145 of the Charities Act 2011 (Ihe 2011 Act). In carrying out my examinatlon I have followed the Directions given by the Charity Commission under section 14515}Ib) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. l confirm that no matters has comè to my attention in connection with the examination glving me cause to believe that in any material respect.. 1 accounting records were not kept in respect of the Company as required ty sectlon 386 of the 2006 Act.. or 2 the financial statements do not 8ccord wlth those records.. or 3 the financial statements do not compty with the accounting requireménts of section 398 of the 2006 Act other than any requirement Ihal the accounts give a 'true and fair vlew which Is not a matter considered as part of an independent examination.. or 4 thefinancial statements have nol been prepared in a¢cordance wlth the method8 and principles of the Statement of Recommended pralce for accounting and reporting by charities (applicable to charitles preparing iheir accounts in accordan with Ihe Financial Reportlng Standard applicable in the UK and Republic of Ireland {FRS 102}). I have no concems 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 prop8r urKlerstanding of the accounts to be reached. Nick Farr FCA Moore Green 22 Frairs Street Sudbury, Suffolk C010 2AA Page 2
LAVENHAM COMMUNITY COUNCIL (Registered Charity No. 1106956} STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED AS AT 31 MARCH 2024 Unrestricted Restricted Notes Funds Fund Total 2024 Tot81 2023 INCOME FROM: Income from generated funds Donations grants and similar income Investment Income Income from Charftable Actlvltjes Village Hall Motor Show Hidden Gardens 100 Clubs Pavilion and playing fiekls 2c 2b 771 651 6,723 7,494 651 3, 795 97 28 68.548 68,548 61.176 3, 731 1,500 2,030 7,579 1,500 2,030 7,579 2, 124 10,381 2d 81,079 6.723 87,802 82,304 TOTAL INCOME 81,079 8,723 87,802 82,304 EXPENDITURE ON: Charltsble Actlvltl08 Village Hall Motor Show Hidden Gardens 100 Clubs Independent Examination Sundry Expenses Grants Made Pavilion Expenses Depreciation Restricted Expenditure 3a 72,287 72,287 63, 042 783 1,440 720 210 572 13,062 3,372 1,440 720 210 572 13,062 45,599 6,527 1,440 720 3b 3d 3¢ 3,231 17,332 45,312 42,227 6,527 91,663 48,754 140,417 131.860 TOTAL EXPENDITURE 91,663 48,754 140,417 131,860 NET INCOME (EXPENDITURE) -10,584 42,031 -52,615 49,556 TOTAL FUNDS BROUGHT FORWARD AT 1ST APRIL 2023 99,287 913,892 1,013,179 1,062,735 TOTAL FUNDS CARRIED FORWARD AT 31 ST MARCH 2024 88,703 871,861 960,564 1,013. 179 Page 3
LAVENHAM COMMUNITY COUNCIL {Registered Charity No. 1106956) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible 905,253 950, 852 905,253 950, 852 CURRENT ASSETS Debtors and prepayments Cash at bank and in hand stock at cost 4,451 63,686 328 68,465 5,180 68, 909 739 74, 828 CURRENT LIABILITIES Creditors - amounts falling due within one year 13,154 12,501 NET CURRENT ASSETS I (LIABILITIES) 55.311 62,327 TOTAL NET ASSETS 960,564 1,013, 179 FUNDS Unrestricted Restricted 88,703 871.861 99, 286 913,893 10 960,564 1.013, 179 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. The methbers have not required the charitable company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of sections 354 and 395, and which otherwise comply th the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the special provisions relating to small charitable companies and in accordance with the Financial Reporting Standard 102. The Financial Reportin Standard applicable to the UK and the Republic of Ireland The financial statements were approved by the Board of Trustees on.. signed on its behalf by: (b) Philip Smith - Trustee Justine Comey- Trustee The notes on pages 5 to 9 form part of these accounts. Page 4
LAVENHAM COMMUNITf COUNCIL (Regtstered Charity No11069561 NOTES TO THE FI CIAL STATEME TS for the 1 ACCOUNTING POLICIES These financial statements have been prepared in accordance Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance wth the Financial Reporting standard applicable lo the UK and Republic of Ireland {FRS102} leffective 1 January 20151- (Charities SORP {FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102} and the Companies Act 2006. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otheiSe stated in the relevant notes lo these accounts. The financial statements are prepared in sterling, whi¢h is the fvnclional currency of the entity. The charity constitutes a public benefit entity as defined by FRS 102. r ended 31st Mar 2024 FUNDS Unrestrtcw Funds can be used In accordane£ wllh the charitable objectiv88 at the discrets'on of th8 trustees. Reslricled Funds can only be used for specrfied purposes within the objects of the charity. Reslriclion8 arise when specified by the donor or when lunds are raised for a parti¢ular reslricled pUOse. GOING CONCERN The accounts have been prepared on the going ¢onc8rn basis and the Tiustees believe that no material uncertaintses 8xisI. The Trustees have considered the level of funds held and the expected in¢ome and expenditure for the next 12 months from authorising these financi81 statements. The budgeted Income and expenditure is sufflcleftl with the16vel of reserves for the chafity to be abl8 to continue as a going concern. INCOME All Income is included on the Statement of Flnancial Activities whèn the charlty is entitled to the income and the amount Can b& quantified with reasonable a¢curacy. AJI income 18 accounted for gross. EXPENDITURE Expenditure is accounled for on an ac¢rual$ basis as a liability is occurred. Costs of generats'ng funds comprise the costs associatsd with attracting voluntary in¢om• and the costs of trading for fundraising purpose8. TAXATION The charity 1$ exempl from corporation tax on Its charitsble activities. STOCKS Stocks are valLsed at the Iow8T of cost and not realisable value after making 811owanc8 for slow moving and obsolets it8m8. FIXED ASSETS Deprecialion is provided at the following annual rats$ in ord8r to writs off each assol over Its estimated useful life Freehold Prop8ty- over 40 years . the expected life of the property Equipment, ftreS and fitting8- al an average of 10% flat rate Indivrdual items of equipment with a purchase pri of £1,000 or1&5s are wntten off when the asset is acquired. LEASES To facililats the building of Lavenham Village Hall on a specified part of the Glebe, tsvo le88es were negotiated with the Diocesan Board of Finance IDBF} in late 20031eaily 2004 1 A full fepairing and mainlaining lease belfftn the DBg and the Parochial Chur¢h Council IPCCI for the Glebe for a term of 40 years with effect from 1 June 2004 at a nt of £150 per annum wllh rent reviews every 5 years. 2 A full repairing and maintsining Underiease betsveon the Lavenham Community Council {through their holding Twsteesl. the PCC and the DBF for a defined plot on the Glebe land consent to build the Lavenh8m Village Hall} for a tsmi of 40 years less 2 days, at a rent of £200 per annum th rent reviews every 5 yeats. A lease for the temi of 28 years from 12 February 1968 from Lavenham Pansh Council for the playing fields which was extended for a fvrther 99 years on 6 February 1995 al a peper¢x)m rent of £1 per annum. Page 5
LAVENHAM COMMUNITY COUNCIL (Registered Charity No. 1106956) THE FINANCIAL STATEMENTS for the NOTES T ear nded 31 March 2024 INCOME Unrestricted Restricted Funds Funds Total 2024 Total 2023 2a Villag8 Hall Incom& R6nts and activities Library Rent Preschool Rents 55,012 8,136 5,400 55,012 8,136 5,400 48,496 7,655 5.025 68,548 68,548 61. 176 2b Investment Income Bank Interest 651 651 97 651 651 g7 2¢ Donation Grants and similar Income LCC balance of cost Generator Babergh Generator Grant Babergh Warm Spaces Coop Society Warm Spaces Donations Warm Spaces 500 3,500 1,900 500 3,500 1,900 1,000 295 771 823 1,594 771 ' 6,723 7,494 3, 795 2d Pavilion & playing fiald Incom8 Sports Club rents Private Hire 5,592 1,987 5,592 1,987 8,556 1,825 7,579 7,579 10,381 EXPENDITURE Vlllage Hall Expenses Light and h8at Insurance Rent and Rates Repairs and Cleaning Grass Cutting Bar Purchases Advertising Licences Event Costs Wages Telephone and Sundries 9,274 3,504 1,561 14.246 2,900 2,746 9,274 3,504 1,561 14,246 2,900 2.746 6,547 3,456 1,639 7,878 2, 790 2,2ts6 471 895 1.836 34,321 953 1.036 332 35,292 1,396 1,036 332 35,292 1,396 72,287 72,287 3b Grants Made Lavenham Presthool Lavenham Primary School Ukraine appeal LCC Balan of cost of Generator 1,875 130 1,226 72 72 500 572 500 572 3,231 Other Resources Expended DepreGiation 3.372 42.227 45.599 45,312 Page 6
LAVENHAM COMMUNITY COUNCIL NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 March 202 Unrestricted Restrr¢ted Funds Funds Total 2024 Total 2023 3d Pavilion Expensos Rates and Water Electricity Repairs Grounds Maintenance 604 2,535 354 9,569 713 3,090 3,417 10.112 2,535 354 9,569 13.062 13,062 17,332 EMPLOYEE AND STAFF COSTS The average number of full & part time employees during the year was In addition the Villa9e Hall employed a number of part time staff The cost of employing staff both full and part time was Salaries and Wages National Insurance Pension Contribub'on8 Payroll costs 34,309 32,366 359 625 35,293 308 1,647 34,321 The remuneration of key management personnel, induding 88nlor staff. was £24,768 (2023 £23,040> No employee received benefits of more than £60,000 during the year (2023 NII) TRUSTEES REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 Mah 2024 nor for the year ended 31 March 2023. There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 7
LAVENHAM COMMUNITY COUNCIL NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 MARCH 2024 FIXED ASSETS Tangible fixed assets Equipment Leasehold fixtures Property & fittin Total 2024 Cost As at 01.04.23 Addttions during the year at cost 57,803 1,496,080 1,553,883 As at 31.03.24 57,803 1.496,080 1,553.883 Depreciation As at 01.04.23 Charge for the year 32,269 3,018 570,762 42,583 603,031 45,599 As at 31.03.23 35,285 813,345 648,630 Net book value at 31.03.24 22,518 882 735 905,253 Net book value at 31.03.23 25,534 925,318 950.852 DEBTORS Total Total Trade Debtors Prepayments 4,361 90 4,451 1,587 Page 8
LAVENHAM COMMUNITY COUNCIL NOTES TO THE FINANCIAL STATEMENTS f r the ear en ed 31 March 2024 LIABILITIES.. AMOUNTS FALLING DUE WITHIN ONE YEAR Total 2024 Total 202 Deferred Income and accruals 13,154 12,501 13,154 ANALYSIS OF NET ASSETS BY FUNO Unrestricted Restrtcted Fund Fun Total 024 Total 023 Tangible fixed assets Current assets Cash Current liabilities 36,128 1,959 60,950 -10,334 869,125 2,820 2,736 -2,820 905,253 4,779 63,686 -13,154 950.852 5,919 68,909 -12.501 88.703 871,861 960,564 1,013, 179 10 MOVEMENT IN FUNDS 3110312023 Income Expenditure 3110312024 Unrestricted Funds 99.287 81,079 91,663 88,703 Restrictsd Funds Village Hall & Pavilion Building Extension Pre school Funds Wam Spaces Generator 582,584 330,185 631 492 26,507 15,720 556,077 314,465 631 688 2,723 4,000 6,723 2,527 4,000 48,754 913.892 871.861 Total Funds 1,013,179 87,802 140,417 960,564 Purpose of Restricted Funds The Village Hall & Pavilion and Building Extension Funds relate to funding received and expended on these capital projects. The ftjnd balances represent the net book value of the asset The Preschool and Warm Spaces funds represent the balan of monies raised as yet unspent on the projects Page 9