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2024-03-31-accounts

CHARITY REGISTRATION NUMBER: 1109314

Rolvenden Village Hall Unaudited Financial Statements

31 March 2024

DAVID PAYNE

Chartered accountants Sportsman Farm St Michaels Tenterden Kent TN30 6SY

Rolvenden Village Hall

Financial Statements

Year ended 31 March 2024

Page
Trustees' annual report 1
Statement of financial activities 5
Statement of financial position 6
Statement of cash flows 7
Notes to the financial statements 8
The following pages do not form part of the financial statements
Detailed statement of financial activities 17
Notes to the detailed statement of financial activities 18

Rolvenden Village Hall

Trustees' Annual Report

Year ended 31 March 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.

Chair's report

Trustees' Annual Report Year ended 31st March 2024

Organised activities available to take part in are numerous and include in an average week at RVH that you can partake in :

Yoga (Monday and Tuesday), Line Dancing ( Monday), Kick Boxing ( Monday and Thursday), Pickleball ( Monday, Wednesday, Thursday, Friday and Saturday), Ballroom Glamour (Tuesday and Friday), Art classes (Wednesday morning and afternoon sessions),

Rolvenden Pre-School , housed within RVH is open Monday - Thursday in term time. The most notable increase in bookings have been the Art Class and Rolvenden Pickleball Club.

The finances for the hall are always tight. We are a charity. The increased utility and energy costs (especially heating) are hitting hard. Our biggest outlay that will need addressing shortly is for the main hall floor to be stripped, resealed and marked. This will cost in the region of £7000.00 and will take approximately a week, resulting in lost revenue for that week too. We are looking at any grants that may be available, but to date have been unsuccessful.

For a variety of reasons, there have been several trustee/officer resignations, resulting in there being only 4 active trustees as of 31/3/2024. J.May (trustee) has agreed to also take on the treasurer's role, and until a new secretary is appointed, she will also monitor any secretarial business.

1

Rolvenden Village Hall

Trustees' Annual Report (continued)

Year ended 31 March 2024

Reference and administrative details

Registered charity name Rolvenden Village Hall Charity registration number 1109314

Principal office

The trustees

Mrs D Parsons (Resigned 31 March 2024) Mrs V Hodge Mrs I Newman (Resigned 31 March 2024) Mr J Ralph (Resigned 31 March 2024) Mr D Newman (Resigned 31 March 2024) Mrs J Wren (Resigned 31 March 2024) Mr K May (Appointed 1 July 2023) Mr L Walker (Resigned 31 March 2024) Mr R Woollett (Appointed 1 February 2024) Mr K May (Appointed 1 February 2024) Accountants David Payne Chartered accountants Sportsman Farm St Michaels Tenterden Kent TN30 6SY

Structure, governance and management

Rolvenden Village Hall was originally constituted under a lease and trust deed dated 14th April 2000. The charity status was temporarily suspended until the legal status of the new lease had been resolved. There is now a new trust deed dated 22nd March 2005 and the charity was registered as a charity again on 4th May 2005.

2

Rolvenden Village Hall

Trustees' Annual Report (continued)

Year ended 31 March 2024

Objectives and activities

The objects of the management committee are to hold upon trust a property for the purposes of a village hall for the use of the inhabitants of Parish of Rolvenden, Kent without distintion of political, religious or other opinions including use for meetings, lectures and classes and for other forms of recreaction and lesuire time occupation with the object of improving the life of the said inhabitants.

Significant Activities

The main activity of the charity is that of providing the village hall for hire to various groups and for various activities.

Public Benefit

In accordance with the Charities Act 2011 the Trustees can report that the charitable public benefits provided by the Village Hall during the year include the following:

a) The advancement of education

b) The advancement of religion

c) The advancement of health and saving lives

d) The advancemnet of citizenship or community development

e) The advancement of arts, culture, heritage or science

f) The advacement of amateur sports

g) The relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage h) Other purposes currently recognised as charitable and any new charitable purposes which are similar to another charitable purpose.

The Committee confirms that opportunties for the public benefit area not unreasonably restrictive either geographally or by means of ability to pay and fees charged.

The Management Committee have complied with the duty of Section 17(5) of the Charities Act 2011 to have regard to the public benefit guidance of the Charity Commission.

Achievements and performance

The aim of Rolvenden Village Hall Management Committee is to maintain and operate this important village resource for the benefit of parish residents and the wider community.

Financial review

It is the policy of the Management Committee to maintain unrestricted funds, which are the free reserves of the association, at a level which equates to approximately six months of unrestricted expenditure. This provides sufficient funds to cover management and administration costs and to respond to emergency expenditure which arises from time to time. Unrestricted funds were maintained at this level throughout the year.

3

Rolvenden Village Hall

Trustees' Annual Report (continued)

Year ended 31 March 2024

The trustees' annual report was approved on 20 December 2024 and signed on behalf of the board of trustees by:

Mr K May Trustee

4

Rolvenden Village Hall

Statement of Financial Activities

Year ended 31 March 2024

2024 2023
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 4 919 919 15,452
Charitable activities 5 31,229 31,229 24,268
Other trading activities 6 547
Investment income 7 657 657 206
   
Total income 32,805 32,805 40,473
   
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies 8 32,552 32,551 52,733
   
Total expenditure 32,552 32,551 52,733
   
   
Net income/(expenditure) 253 254 (12,260)
   
Transfers between funds 9,143 (9,142)
   
Net movement in funds 9,396 (9,142) 254 (12,260)
Reconciliation of funds
Total funds brought forward 371,802 9,142 380,944 393,204
   
Total funds carried forward 381,198 381,198 380,944
   

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 8 to 15 form part of these financial statements.

5

Rolvenden Village Hall

Statement of Financial Position

31 March 2024

2024 2023
Note £ £
Fixed assets
Tangible fixed assets 12 337,008 341,447
Current assets
Cash at bank and in hand 45,090 41,479
Creditors: amounts falling due within one year 14 1,982
 
Net current assets 45,090 39,497
 
Total assets less current liabilities 382,098 380,944
Accruals and deferred income 900
 
Net assets 381,198 380,944
 
Funds of the charity
Restricted funds 9,142
Unrestricted funds 381,197 371,802
 
Total charity funds 16 381,197

380,944


These financial statements were approved by the board of trustees and authorised for issue on 20 December 2024, and are signed on behalf of the board by:

Mr K May Trustee

The notes on pages 8 to 15 form part of these financial statements.

6

Rolvenden Village Hall

Statement of Cash Flows

Year ended 31 March 2024

2024 2023
Note £ £
Cash flows from operating activities
Net income/(expenditure) 254 (12,260)
Adjustments for:
Depreciation of tangible fixed assets 4,439 4,439
Other interest receivable and similar income (657) (206)
Accrued expenses 900
Changes in:
Trade and other creditors (1,734) 271
 
Cash generated from operations 3,202 (7,756)
Interest received 657 206
 
Net cash from/(used in) operating activities 3,859 (7,550)
 
Net increase/(decrease) in cash and cash equivalents 3,859 (7,550)
Cash and cash equivalents at beginning of year 41,231 48,781
 
Cash and cash equivalents at end of year 13 45,090

41,231


The notes on pages 8 to 15 form part of these financial statements.

7

Rolvenden Village Hall

Notes to the Financial Statements

Year ended 31 March 2024

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Rolvenden Village Hall, Maytham Road, Rolvenden, Tenterden, TN17 4ND, Kent.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

8

Rolvenden Village Hall

Notes to the Financial Statements (continued)

Year ended 31 March 2024

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

9

Rolvenden Village Hall

Notes to the Financial Statements (continued)

Year ended 31 March 2024

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

10

Rolvenden Village Hall

Notes to the Financial Statements (continued)

Year ended 31 March 2024

3. Accounting policies (continued)

Financial instruments (continued)

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Grants
Grants 919 919
Government & Covid Support
  
919 919
  

11

Rolvenden Village Hall

Notes to the Financial Statements (continued)

Year ended 31 March 2024

4. Donations and legacies (continued)

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Grants
Grants 15,018 42 15,060
Government & Covid Support 392 392
  
15,410 42 15,452
  
5. Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Hall & Equipment Hire 31,229 31,229 24,268 24,268
   
6. Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Fundraising events 547 547
   
7. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Bank interest 657 657 206 206
   
8. Costs of raising donations and legacies
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Costs of raising donations and legacies - Hall Rental 32,552 32,551
  
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Costs of raising donations and legacies - Hall Rental 51,733 1,000 52,733
  
9. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible fixed assets 4,439

4,439


12

Rolvenden Village Hall

Notes to the Financial Statements (continued)

Year ended 31 March 2024

10. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2024 2023
£ £
Wages and salaries 10,725 7,800
Social security costs 147
Employer contributions to pension plans 123
 
10,995 7,800
 

The average head count of employees during the year was Nil (2023: 1).

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

11. Trustee remuneration and expenses

no remuneration or other benefits from employment with the charity or a related entity were received by the trustees

12. Tangible fixed assets

Long
Freehold leasehold
property property Total
£ £ £
Cost
At 1 April 2023 and 31 March 2024 409,727 29,675 439,402
  
Depreciation
At 1 April 2023 90,755 7,200 97,955
Charge for the year 4,139 300 4,439
  
At 31 March 2024 94,894 7,500 102,394
  
Carrying amount
At 31 March 2024 314,833 22,175 337,008
  
At 31 March 2023 318,972 22,475 341,447
  
Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024 2023
£ £
Cash at bank and in hand 45,090 41,479
Bank overdrafts (248)
 
45,090 41,231
 

13. Cash and cash equivalents

13

Rolvenden Village Hall

Notes to the Financial Statements (continued)

Year ended 31 March 2024

14. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 248
Trade creditors 1,734
 
1,982
 

15. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £123 (2023: £Nil).

16. Analysis of charitable funds

Unrestricted funds

At
1 April 2023 Income Expenditure TransfersAt 31 March 2024
£ £ £ £ £
General funds 371,802 32,805 (32,552) 9,142 381,197
    
At
1 April 2022 Income Expenditure Transfers At 31 March 2023
£ £ £ £ £
General funds 380,604 40,431 (51,733) 2,500 371,802
    
Restricted funds
At
1 April 2023 Income Expenditure TransfersAt 31 March 2024
£ £ £ £ £
Restricted Fund 9,142 (9,142)
    
At
1 April 2022 Income Expenditure Transfers At 31 March 2023
£ £ £ £ £
Restricted Fund 12,600

42

(1,000)

(2,500)

9,142


14

Rolvenden Village Hall

Notes to the Financial Statements (continued)

Year ended 31 March 2024

17. Analysis of changes in net debt

At
At 1 Apr 2023 Cash flows 31 Mar 2024
£ £ £
Cash at bank and in hand 41,479 3,611 45,090
Bank overdrafts (248) 248
  
41,231 3,859 45,090
  

15

Rolvenden Village Hall

Management Information

Year ended 31 March 2024

The following pages do not form part of the financial statements.

16

Rolvenden Village Hall

Detailed Statement of Financial Activities

Year ended 31 March 2024

2024 2023
£ £
Income and endowments
Donations and legacies
Grants 919 15,060
Government & Covid Support 392
 
919 15,452
 
Charitable activities
Hall & Equipment Hire 31,229 24,268
 
Other trading activities
Fundraising events 547
 
Investment income
Bank interest 657 206
 
 
Total income 32,805 40,473
 
Expenditure
Costs of raising donations and legacies
Wages and salaries 10,725 7,800
Employer's NIC 147
Pension costs 123
Rates and water 841 968
Light and heat 4,379 3,106
Repairs and maintenance 3,081 29,685
Insurance 941 923
Telephone 606 663
Other office costs 790 1,421
Depreciation 4,439 4,439
Accounts fees 871 1,409
Cleaning 4,963 1,320
Postage & Advertising 333
Subscriptions 549 549
Bank Charges 96 117
 
32,551 52,733
 
 
Total expenditure 32,551 52,733
 
 
Net income/(expenditure) 254

(12,260)


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Rolvenden Village Hall

Notes to the Detailed Statement of Financial Activities

Year ended 31 March 2024

2024 2023
£ £
Costs of raising donations and legacies
Costs of raising donations and legacies - Hall Rental
Wages and salaries 10,725 7,800
Employer's NIC 147
Pension costs 123
Rates & water 841 968
Light & heat 4,379 3,106
Repairs & maintenance 3,081 29,685
Insurance 941 923
Telephone 606 663
Other office costs 790 1,421
Depreciation 4,439 4,439
Accountants Fees 871 1,409
Cleaning 4,963 1,320
Postage & Advertising 333
Subscriptions 549 549
Bank Charges 96 117
 
32,551 52,733
 
 
Costs of raising donations and legacies 32,551 52,733
 

18