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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 06212268 (England and Wales) REGISTERED CHARITY NUMBER: 1122196

Trustees' Report and

Financial Statements for the Year Ended 31 March 2023

for

Kiveton Park and Wales Village Hall

M Ahmed & Co Chartered Accountants 83 Park Road Chilwell Nottingham NG9 4DE

Kiveton Park and Wales Village Hall

Contents of the Financial Statements for the Year Ended 31 March 2023

Page
Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 13
Detailed Statement of Financial Activities 14 to 15

Kiveton Park and Wales Village Hall

Reference and Administrative Details for the Year Ended 31 March 2023

TRUSTEES Mrs J Drakett Chair
Mr R L Hill Trustee (resigned 24.1.23)
Mr J Holden Trustee
Mrs K A Stanley Vice Chair Trustee
Mrs A L Armitage-Griffiths Trustee
Mrs H E Carline Trustee
Mrs H M Phoenix Treasurer Trustee
Miss J Reilly Trustee
COMPANY SECRETARY
REGISTERED OFFICE Walesmoor Avenue
Kiveton Park
Sheffield
S26 5RF
REGISTERED COMPANY 06212268 (England and Wales)
NUMBER
REGISTERED CHARITY 1122196
NUMBER
INDEPENDENT EXAMINER M Ahmed & Co
Chartered Accountants
83 Park Road
Chilwell
Nottingham
NG9 4DE

Page 1

Kiveton Park and Wales Village Hall

Trustees' Report for the Year Ended 31 March 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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

Objectives and aims

The objects of the organisation are to provide a village hall for use of the inhabitants of the parish of Wales and the surrounding area in the county of South Yorkshire without distinction of political, religious, or other opinions including use for meetings, lectures, classes and for other forms of recreation and leisure time occupation with the object of improving the conditions of life of said inhabitants.

ACHIEVEMENT AND PERFORMANCE

Charitable and Fundraising activities

2022/23 was another challenging year with the ongoing changes Covid impacted on people's behaviour and habits and the high rates of inflation and economic pressures on individuals and businesses resulting from the "Cost of Living crisis".

The impact of the souring increases in energy prices at 400% has been especially damaging. Increases in other fixed and variable costs have been between 16% and 28%. With no means of support from governments or community bodies these increases will require careful management. Our trading arm the Lamp and Pony has been able to provide only limited financial help in the form of "gift aid" as they have also come under pressure from increased costs and reduced revenue.

Classes were the mainstay of our income. Unfortunately these have also been affected by the cost-of-living crisis, with reduced numbers and reduced income it has forced some to reduce the number of classes and others to close. As people prioritise their expenditure, leisure and hospitality are the first to be hit.

The year has also been stressful for Trustees. In addition to pressures on income and costs, the Village Hall continues to experience difficulties in recruiting Volunteers and Trustees, a position which is being experienced by most small charities.

As Trustees we have seriously looked at succession planning to ensure the continued future of the Village Hall, however without the support of the community the Village Hall could become a victim of the economic downturn. The Annual General Meeting in 2023 will need to focus on this issue in particular.

Fundraising activities

Our inability to attract "new blood" has reduced our ability to undertake a number of activities leaving us to concentrate on the main events which have been well supported by the local Community in the past.

Page 2

Kiveton Park and Wales Village Hall

Trustees' Report for the Year Ended 31 March 2023

FINANCIAL REVIEW

Financial position

The results for the period are shown on page 6 - 7.

Donations reduced by 49% from £9,996 in 2021/22 to £5,099 in 2022/23 due to fewer Covid related grants from the Council and HMRC. The £5,099 is mainly Gift Aid from the Lamp and Pony.

£32,611 (2021/22 - £30,876) income was received from charitable activities. This was mainly due to an increase in catering income as the Covid related restrictions were lifted.

Income from other trading activities (mainly machine takings) and investment income (mainly rent from Lamp & Pony) were broadly in line with 2021/22.

Total costs excluding depreciation of £37,497 are £1,944 higher than the £35,553 in 2021/22 due to higher repairs and maintenance and machine game duty which were partly offset by savings in wages,and light and heat.

Net income before depreciation was £21,049 (2021/22 - £25,156). This has allowed the Village Hall to build up some cash reserves for the future.

Covid still represents a risk for 2023/24 as new variants are being identified on a regular basis and there remains the risk of potential restrictions in the future.

Principal funding sources

The main sources of funding are the hire of facilities at the hall for regular private functions, community group classes, fund raising events, and donations received from The Lamp and Pony bar. There are no outstanding funding applications at the present time.

Investment policy and objectives

The Village Hall is a very young company and is not yet at the stage of having funds to invest.

Reserves policy

The Management Committee is aware, and has a policy, that unrestricted funds held by the charity and not committed or invested in tangible fixed assets should be between 3 and 6 months of expenditure.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The organisation is a charitable company limited by guarantee, incorporated on 13 April 2007 and registered as a charity on 7 January 2008. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under the Articles of Association. In the event of the company being wound up members are required to contribute £10 each only. The company is exempt from the requirement to include 'limited' in the name.

Recruitment and appointment of new trustees

The directors of the company are also charity trustees for the purposes of charity law. The Articles require a minimum of five and a maximum of nine trustees. Any vacant positions may be filled by co-option throughout the year. One quarter of the trustees must retire at each AGM, the longest serving to retire first, and may offer themselves for re-election if qualified. A retiring trustee may offer themselves for re-election for a maximum of two consecutive terms.

Page 3

Kiveton Park and Wales Village Hall

Trustees' Report for the Year Ended 31 March 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure

The Village Hall has a Management Committee of up to 9 trustees who meet monthly and are responsible for the strategic direction and policy of the charity. At present the committee has 8 trustees as itemised under Company Information above. The Management Committee is responsible for all decision making and direction of the business.

The Chairperson has overall control on all the final decisions after liaising with, and agreement from, all trustees. The Chairperson will use their authority on any issues that are unable to be agreed upon.

There are currently 3 part time employees working at the village hall. All work in the area of support services.

Induction and training of new trustees

New Trustees are invited to attend a short induction training session following their appointment. This is usually led by the Chair. Trustees are given an induction pack to include:

In addition trustees are encouraged to attend any appropriate training identified throughout the year.

Trustees are made aware on appointment that if the Village Hall gets in financial difficulties then their financial liability is limited to £10.

Risk management

The Management Committee is responsible for risk management issues. Risks are reviewed and policies put in place to minimise risks in all areas.

INDEPENDENT EXAMINER

The Management Committee has agreed to re-appoint M Ahmed & Co as accountants and independent examiners of the financial statements.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 20 September 2023 and signed on its behalf by:

Mrs J Drakett - Trustee

Page 4

Independent Examiner's Report to the Trustees of Kiveton Park and Wales Village Hall

Independent examiner's report to the trustees of Kiveton Park and Wales Village Hall ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts 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 charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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:

  1. 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

  3. the accounts 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

  4. the accounts 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 accounts to be reached.

Maqbool Ahmed

M Ahmed & Co Chartered Accountants 83 Park Road Chilwell Nottingham NG9 4DE

20 September 2023

Page 5

Kiveton Park and Wales Village Hall

Statement of Financial Activities

(Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2023

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
6,928
Charitable activities
Room hire income
28,453
Catering Services
1,839
Miscellaneous income
2,319
Other trading activities
3
6,422
Investment income
4
14,414
Total
60,375
EXPENDITURE ON
Charitable activities
Cost of sale
74
Administration Expenses
13,511
Establishment Expenses
19,846
Legal & Professional Expenses
4,066
Fixed Asset costs
454
Total
37,951
NET INCOME/(EXPENDITURE)
22,424
RECONCILIATION OF FUNDS
Total funds brought forward
53,986
TOTAL FUNDS CARRIED FORWARD
76,410
Restricted
funds
£
(1,829)
-
-
-
-
-
(1,829)
-
-
-
-
20,169
20,169
(21,998)
667,890
645,892
31.3.23
Total
funds
£
5,099
28,453
1,839
2,319
6,422
14,414
58,546
74
13,511
19,846
4,066
20,623
58,120
426
721,876
722,302
31.3.22
Total
funds
£
9,996
24,997
-
5,874
5,817
14,025
60,709
-
19,122
13,615
2,816
22,038
57,591
3,118
718,758
721,876

The notes form part of these financial statements

Page 6

Kiveton Park and Wales Village Hall

Balance Sheet 31 March 2023

Notes
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
12
Unrestricted funds
Restricted funds
TOTAL FUNDS
Unrestricted
fund
£
(1)
5,799
70,611
76,410
76,410
76,409
76,409
Restricted
funds
£
645,893
-
-
-
-
645,893
645,893
31.3.23
Total
funds
£
645,892
5,799
70,611
76,410
76,410
722,302
722,302
76,410
645,892
722,302
31.3.22
Total
funds
£
668,343
1,861
51,672
53,533
53,533
721,876
721,876
53,986
667,890
721,876

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 20 September 2023 and were signed on its behalf by:

Mrs J Drakett - Trustee

The notes form part of these financial statements

Page 7

Kiveton Park and Wales Village Hall

Notes to the Financial Statements for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities

These costs are incurred by the charity in the delivery of its activities and services for beneficiaries. It includes both costs that can be allocated direct to such activities and those costs of an indirect nature necessary to support them.

Governance costs

This includes those costs associated with meeting the constitutional and statutory requirements of the charity, and include the audit fees and costs linked with the strategic management of the charity.

All costs are allocated between the categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, other are apportioned on an appropriate basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost Plant and machinery - 10% on cost Fixtures and fittings - 10% on cost

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.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. 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

The Charity does not operate a pension scheme as no employee has opted into a pension scheme.

continued...

Page 8

Kiveton Park and Wales Village Hall

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

2. DONATIONS AND LEGACIES

2. DONATIONS AND LEGACIES
31.3.23 31.3.22
£ £
Gifts and donations 69 32
Gift aid 5,022 -
Grants 8 9,964
5,099 9,996
3. OTHER TRADING ACTIVITIES
31.3.23 31.3.22
£ £
Machine Takings 5,446 5,796
Ticket sales 976 21
6,422 5,817
4. INVESTMENT INCOME
31.3.23 31.3.22
£ £
Rents received 14,280 14,020
Deposit account interest 134 5
14,414 14,025
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.3.23 31.3.22
£ £
Depreciation - owned assets 22,451 51

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

continued...

Page 9

Kiveton Park and Wales Village Hall

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

7. STAFF COSTS

The average monthly number of employees during the year was as follows:

Administration, cleaning and general
No employees received emoluments in excess of £60,000.
8.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
9,996
Charitable activities
Room hire income
24,997
Miscellaneous income
5,874
Other trading activities
5,817
Investment income
14,025
Total
60,709
EXPENDITURE ON
Charitable activities
Administration Expenses
19,122
Establishment Expenses
13,615
Legal & Professional Expenses
2,816
Fixed Asset costs
51
Total
35,604
NET INCOME/(EXPENDITURE)
25,105
RECONCILIATION OF FUNDS
Total funds brought forward
28,881
TOTAL FUNDS CARRIED FORWARD
53,986
31.3.23

2
Restricted
funds
£
-
-
-
-
-
-
-
-
-
21,987
21,987
(21,987)
689,877
667,890
31.3.22
2
Total
funds
£
9,996
24,997
5,874
5,817
14,025
60,709
19,122
13,615
2,816
22,038
57,591
3,118
718,758
721,876

continued...

Page 10

Kiveton Park and Wales Village Hall

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

9. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
COST
At 1 April 2022 and 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022
Freehold
property
£
1,034,571
366,682
21,997
388,679
645,892
667,889
Plant and
machinery
£
3,305
3,305
-
3,305
-
-
Fixtures
and
fittings
£
61,586
61,132
454
61,586
-
454
Totals
£
1,099,462
431,119
22,451
453,570
645,892
668,343

The land and buildings, which are stated at cost, represent the village hall in the Parish of Wales. No valuation of this has been carried out. However, as this is a public building, the market value on an existing use basis may be lower than cost. No adjustment has been made to reflect this.

The buildings were part funded by a grant from the Wales Parish Council who hold a debenture over all of the fixed assets of the village hall.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23 31.3.22
£ £
Trade debtors 5,799 1,861

11. SECURED DEBTS

The bank loans are secured on the Village Hall land and buildings.

12. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Village Hall
Equipment
TOTAL FUNDS
At 1.4.22
£
53,986
672,663
(4,773)
667,890
721,876
Net
movement
in funds
£
22,424
(21,998)
-
(21,998)
426
At
31.3.23
£
76,410
650,665
(4,773
645,892
722,302

continued...

Page 11

Kiveton Park and Wales Village Hall

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

12. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 60,375 (37,951) 22,424
Restricted funds
Village Hall (1,829) (20,169) (21,998)
TOTAL FUNDS 58,546 (58,120) 426

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Village Hall
Equipment
TOTAL FUNDS
At 1.4.21
£
28,881
694,650
(4,773)
689,877
718,758
Net
movement
in funds
£
25,105
(21,987)
-
(21,987)
3,118
At
31.3.22
£
53,986
672,663
(4,773)
667,890
721,876

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 60,709 (35,604) 25,105
Restricted funds
Village Hall - (21,987) (21,987)
TOTAL FUNDS 60,709 (57,591) 3,118

continued...

Page 12

Kiveton Park and Wales Village Hall

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Village Hall
Equipment
TOTAL FUNDS
At 1.4.21
£
28,881
694,650
(4,773)
689,877
718,758
Net
movement
in funds
£
47,529
(43,985)
-
(43,985)
3,544
At
31.3.23
£
76,410
650,665
(4,773)
645,892
722,302

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 121,084 (73,555) 47,529
Restricted funds
Village Hall (1,829) (42,156) (43,985)
TOTAL FUNDS 119,255 (115,711) 3,544

13. RELATED PARTY DISCLOSURES

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Page 13

Kiveton Park and Wales Village Hall

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

31.3.23 31.3.22
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Gifts and donations 69 32
Gift aid 5,022 -
Grants 8 9,964
5,099 9,996
Other trading activities
Machine Takings 5,446 5,796
Ticket sales 976 21
6,422 5,817
Investment income
Rents received 14,280 14,020
Deposit account interest 134 5
14,414 14,025
Charitable activities
Room Hire 28,453 24,251
Catering services 1,839 746
Miscellaneous income 532 270
RHI payments 1,787 5,604
32,611 30,871
Total incoming resources 58,546 60,709
EXPENDITURE
Charitable activities
Wages 12,221 14,672
Pensions - 176
Rates and water 666 212
Insurance 1,753 1,827
Light and heat 4,864 7,045
Telephone 434 890
Printing, postage & stationery 800 759
Sundries 424 677
Cleaning 885 1,076
Repairs and maintenance 8,179 3,396
Machine game duty 2,290 1,677
Carried forward 32,516 32,407

This page does not form part of the statutory financial statements

Page 14

Kiveton Park and Wales Village Hall

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

31.3.23 31.3.22
£ £
Charitable activities
Brought forward 32,516 32,407
Entertainment - 269
Gardening services 280 59
Pest control 668 -
Dep'n freehold property 21,998 21,989
Dep'n fixtures & fittings 454 51
55,916 54,775
Support costs
Governance costs
Accountancy and legal fees 2,204 2,816
Total resources expended 58,120 57,591
Net income 426 3,118

This page does not form part of the statutory financial statements

Page 15