REGISTERED COMPANY NUMBER: 05180851 (England and Wales) REGISTERED CHARITY NUMBER: 1110072
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 July 2024
for
Letchworth Garden City Community Group
Salway and Wright 32 The Crescent Spalding Lincolnshire PE11 1AF
Letchworth Garden City Community Group
Contents of the Financial Statements for the Year Ended 31 July 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 9 |
| Detailed Statement of Financial Activities | 10 |
Letchworth Garden City Community Group
Report of the Trustees for the Year Ended 31 July 2024
LEGAL AND ADMINISTRATIVE INFORMATION
Directors: J. King K. Lake I. Mantle A. Lawrence E. Mutter A. Lee Ex Officio: North Hertfordshire District Council representative None currently Company Number: 5180851 (England and Wales) Registered Charity Number: 1110072 (England and Wales) Charity Trustees: J. King K. Lake Registered Office and Operating Address: Mrs. Howard Memorial Hall Norton Way South Letchworth Garden City Hertfordshire SG6 1NX Accountants: Salway and Wright 32 The Crescent Spalding Lincolnshire PE11 1AF Bankers: HSBC 1 Market Place Hitchin SG4 1DR
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Letchworth Garden City Community Group
Report of the Trustees
for the Year Ended 31 July 2024
The trustees,who arealsothe directorsfor the purposeof companylaw, presenttheir annualreport,togetherwith the unaudited financial statements for the year ended 31 July 2024.
OBJECTIVES AND ACTIVITIES
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To manage the building known as Mrs Howard Hall as a community property.
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To rent out the property, to repair it, and to hire staff to manage it and to run community projects from the property.
In overseeingthecharitiesobjectivesandactivities,thetrusteeshavehadregardto theCharityCommission’s guidance on public benefit.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Achievements and Performance and Financial Review
At the balance sheet date LGCCG held funds of £272,938 (2023 £276,535).
The statementof financial activities showsnet outgoingresourcesof £3,597for the year comparedto net incoming resources of £49,734 for the previous year. All monies currently held are unrestricted for this period.
The policy of the charity is to maintainunrestrictedreservesat £40,000which equatesto approximatelysix months unrestrictedexpenditure,providing sufficient fundsto cover managementandadministrationandsupportcostsin the event of the lease not being upheld. This policy will be kept under review.
Risk Review
The trusteesactively review the major risks which the charity faceson a regularbasisand believethat maintaining reserves,combinedwith anannualreviewof thecontrolsoverkeyfinancialsystemswill providesufficientresources for normaloperatingrisks. Thetrusteeshavealsoexaminedotheroperationandbusinessriskswhicharefacedand confirm they have established systems to mitigate significant risks.
REFERENCE AND ADMINISTRATIVE DETAILS
This information is shown separately on page 1.
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Letchworth Garden City Community Group
Report of the Trustees for the Year Ended 31 July 2024
TRUSTEES' REPORT
TheMemorialHall hasoperatedexceptionallywell in this reportingperiod.Useby thelocal andwider community and othercharitablegroupshasbeensupportedby onceagainnot increasingrentsor hire rates.TheLGCCGboardfelt that the currenteconomicsituationwasdifficult enoughand that the bestway to supportbuilding userswasby offering financial stability. This is supportedprimarily by knowingthe future rentalcostsof the building to the local authority throughthe leaseagreement,strongrentalincomedueto the numberof building usersandhirersandby streamlining costsleavingthe building. Hirers havefelt supportedwith the building staff andmanagerscontinuingto offer support and resolutions to any operational issues or problems.
Hirers have been very strong and income generatedhas been invested to create a reservefor the longer-term maintenancecostsof thebuilding.Theleasenow requiresthatthemanagementcommitteeis responsiblefor all aspects of buildingrepairandmaintenanceandwith thisin mindaseparatereserveaccountwasopenedthatallowedfor funds to beinvestedfor a5 yearperiodatahigherinterestrate.Alongsidethis,normaldayto daybankingaccountsof the charity hold enoughfundsto maintainthe building, pay salariesandpay for the generaloperationalexpensesof the building. The board may consideropeningfurther accountsthat offer better interestratesif surplusreservesrequire that to happen.
Decisionstakento makeenvironmentalimprovementsto the building and improving the building'scarbon footprint (water savingtapsand installationsof new condensingboilers) in the last reportingperiod haveworked better than hopedby reducingutility costsin this periodby 50%.Furtherplansto improvethebuilding'scarbonfootprint are being consideredsuchassolarpanels,althoughtheboardacceptthatthebuilding'slistedstatusmayprohibit this plan.In this reporting period the Main Hall doors were replaced using a local authority provided grant of approximately £8,000.00.TheMain Hall floor beingreplacedis a key priority andwill be themainfocusof improvementworks next year. There are some areas of damp within the building but this is not unusual given its age which will also be addressed.
Future Plans for 2025/26 and beyond
The LGCCG boardwill continueto improvethe building from rentalincomesandreinvestingany surplusfunds into accountswith higherinterestratesto build up capitalreservesto allow soundfinancialfootingsfor thefuture. Lessons havebeenlearnedfrom othercommunitycentresin thelocality andthestrugglesthathavebeenfaceddueto a lack of fundsfor essentialrepairsand/orimprovements.The focuswill continueto be on currentbuilding users, stakeholders andworkingwith thelocal authority(thebuildinglandlord)to ensurethattheMemorialHall continuesto bean excellent community asset for all users.
This reporthasbeenpreparedin accordancewith thespecialprovisionsof Part15 of theCompaniesAct 2006 relating to small companies.
Approved by order of the board of trustees on 19 March 2025 and signed on its behalf by:
J H King - Trustee
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Independent Examiner's Report to the Trustees of Letchworth Garden City Community Group
Independent examiner's report to the trustees of Letchworth Garden City Community Group ('the Company') I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2024.
Responsibilities and basis of report
As thecharity'strusteesof theCompany(andalsoits directorsfor thepurposesof companylaw) youareresponsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Havingsatisfiedmyselfthattheaccountsof theCompanyarenot requiredto beauditedunderPart16 of the2006 Act andareeligible for independentexamination,I reportin respectof my examinationof your charity'saccountsas carried out underSection145 of the CharitiesAct 2011('the2011Act'). In carryingout my examinationI havefollowed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completedmy examination.I confirm that no mattershave come to my attention in connectionwith the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accountsdo not comply with the accountingrequirementsof Section396 of the 2006 Act other than any requiremen t hattheaccountsgiveatrueandfair view whichis notamatterconsideredaspartof an independent examination; or
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the accountshave not been preparedin accordancewith the methodsand principles of the Statement of RecommendedPracticefor accountingandreportingby charities(applicableto charitiespreparingtheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I haveno concernsandhavecomeacrossno othermattersin connectionwith theexaminationto whichattention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
A.M. Smith
Salway and Wright 32 The Crescent Spalding Lincolnshire PE11 1AF
19 March 2025
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Letchworth Garden City Community Group
| Statement of Financial Activities for the Year Ended 31 July 2024 31.7.24 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Letting income 125,467 EXPENDITURE ON Charitable activities Operational costs 128,199 Other 865 Total 129,064 NET INCOME/(EXPENDITURE) (3,597) RECONCILIATION OF FUNDS Total funds brought forward 276,535 TOTAL FUNDS CARRIED FORWARD 272,938 |
31.7.23 Total funds £ 163,787 110,805 3,248 114,053 49,734 226,801 276,535 |
|---|---|
The notes form part of these financial statements
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Letchworth Garden City Community Group
| Balance Sheet 31 July 2024 31.7.24 Unrestricted fund Notes £ CURRENT ASSETS Cash at bank 275,645 CREDITORS Amounts falling due within one year 4 (2,707) NET CURRENT ASSETS 272,938 TOTAL ASSETS LESS CURRENT LIABILITIES 272,938 NET ASSETS 272,938 FUNDS 5 Unrestricted funds: General fund 272,938 TOTAL FUNDS 272,938 |
31.7.23 Total funds £ 279,242 (2,707) 276,535 276,535 276,535 276,535 276,535 |
|---|---|
Thecharitablecompanyis entitledto exemptionfrom auditunderSection477 of theCompaniesAct 2006for the year ended 31 July 2024.
The membershave not required the companyto obtain an audit of its financial statementsfor the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuringthat the charitablecompanykeepsaccountingrecordsthat comply with Sections386 and387 of the Companies Act 2006 and
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(b) preparingfinancialstatementswhichgive a trueandfair view of thestateof affairsof thecharitablecompany as at the end of eachfinancial year and of its surplusor deficit for eachfinancial year in accordancewith the requirementsof Sections394and395andwhichotherwisecomplywith therequirementsof theCompanies Act 2006 relating to financial statements, so far as applicable to the charitable company.
Thesefinancial statementshavebeenpreparedin accordancewith the provisionsapplicableto charitable companies subject to the small companies regime.
Thefinancialstatementswereapprovedby theBoardof Trusteesandauthorisedfor issueon 19 March2025and were signed on its behalf by:
J H King - Trustee
K S Lake - Trustee
The notes form part of these financial statements
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Letchworth Garden City Community Group
Notes to the Financial Statements
for the Year Ended 31 July 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,which is a public benefitentity underFRS102, have been preparedin accordancewith theCharitiesSORP(FRS102) 'AccountingandReportingby Charities: Statement of RecommendedPracticeapplicableto charitiespreparingtheir accountsin accordancewith the Financial Reporting Standardapplicablein the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', FinancialReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republic of Ireland' and the CompaniesAct 2006. The financial statementshavebeenpreparedunderthe historical cost convention.
Income
All incomeis recognisedin theStatementof FinancialActivities oncethecharityhasentitlementto thefunds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognisedas expenditureas soonas thereis a legal or constructiveobligation committing the charityto thatexpenditure,it is probablethata transferof economicbenefitswill be requiredin settlement and theamountof theobligationcanbemeasuredreliably.Expenditureis accountedfor on anaccrualsbasisand has beenclassifiedunderheadingsthat aggregateall cost relatedto the category.Wherecostscannotbe directly attributedto particular headingsthey havebeenallocatedto activities on a basisconsistentwith the use of resources.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonly beusedfor particularrestrictedpurposeswithin theobjectsof thecharity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayableto the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. TRUSTEES' REMUNERATION AND BENEFITS
Therewereno trustees'remunerationor otherbenefitsfor the yearended31 July 2024nor for the year ended 31 July 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023.
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continued...
Letchworth Garden City Community Group
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
3. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Centre manager Caretakers No employees received emoluments in excess of £60,000. 4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors 5. MOVEMENT IN FUNDS At 1.8.23 £ Unrestricted funds General fund 276,535 TOTAL FUNDS 276,535 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 125,467 TOTAL FUNDS 125,467 Comparatives for movement in funds At 1.8.22 £ Unrestricted funds General fund 226,801 TOTAL FUNDS 226,801 |
31.7.24 31.7.23 1 1 1 1 2 2 31.7.24 31.7.23 £ £ 2,707 2,707 Net movement At in funds 31.7.24 £ £ (3,597) 272,938 (3,597) 272,938 Resources Movement expended in funds £ £ (129,064) (3,597) (129,064) (3,597) Net movement At in funds 31.7.23 £ £ 49,734 276,535 49,734 276,535 |
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continued...
Letchworth Garden City Community Group
Notes to the Financial Statements - continued for the Year Ended 31 July 2024
5. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 163,787 163,787 |
Resources Movement expended in funds £ £ (114,053) 49,734 (114,053) 49,734 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.8.22 £ 226,801 226,801 |
Net movement in funds £ 46,137 46,137 |
At 31.7.24 £ 272,938 272,938 |
|---|---|---|---|
A currentyear12 monthsandprior year12 monthscombinednetmovementin funds,includedin theabove are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 289,254 289,254 |
Resources Movement expended in funds £ £ (243,117) 46,137 (243,117) 46,137 |
|---|---|---|
6. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2024.
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Letchworth Garden City Community Group
| Letchworth Garden City Community Group | ||
|---|---|---|
| Detailed Statement of Financial Activities | ||
| for the Year Ended 31 July 2024 | ||
| 31.7.24 | 31.7.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Charitable activities | ||
| Letting income | 125,467 | 163,787 |
| Total incoming resources | 125,467 | 163,787 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 59,845 | 56,429 |
| Pensions | 5,946 | 3,968 |
| Rates and water | 2,543 | 3,516 |
| Insurance | 1,483 | 1,471 |
| Light and heat | 6,034 | 8,204 |
| Telephone | 1,111 | 2,387 |
| Postage and stationery | 10 | - |
| Cleaning and repairs | 45,901 | 32,297 |
| Computer costs | 136 | 180 |
| Security costs | 1,632 | 698 |
| Sundry expenses | 3,054 | 1,390 |
| Subscription | 413 | 139 |
| Bank charges | 91 | 126 |
| 128,199 | 110,805 | |
| Support costs | ||
| Governance costs | ||
| Accountancy and bookkeeping | 831 | 1,390 |
| Legal fees | 34 | 1,858 |
| 865 | 3,248 | |
| Total resources expended | 129,064 | 114,053 |
| Net (expenditure)/income | (3,597) | 49,734 |
This page does not form part of the statutory financial statements
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