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2024-03-31-accounts

LAKE VIEW VILLAGE HALL

Registered Company No. 08000010 (England and Wales) Registered Charity No. 1148226

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

LAKE VIEW VILLAGE HALL

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Russells Accountants
20 Riverview Way
Kempston
Bedford
MK42 7BB
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LAKE VIEW VILLAGE HALL

CONTENTS TO THE FINANCIAL STATEMENTS

for the year ended 31st March 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Independent Examiners Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 10

LAKE VIEW VILLAGE HALL

REFERENCE AND ADMINISTRATIVE DETAILS

for the year ended 31st March 2024

TRUSTEES Mr C J West Ms L E Collings Mrs J L Gill Mr D Owens Mr A R Pibworth Mr S I Ali Mrs B L Matthews COMPANY SECRETARY Mr C J West REGISTERED OFFICE Lakeview Village Hall Brooklands Avenue Wixams Bedford Bedfordshire MK42 6AB COMPANY NUMBER 08000010 (England and Wales) CHARITY NUMBER 1148226 INDEPENDENT EXAMINER Ian Russell FCCA Russells Accountants Limited 20 Riverview Way Kempston, Bedford MK42 7BB

Page 1

LAKE VIEW VILLAGE HALL

REPORT OF THE TRUSTEES for the year ended 31st March 2024

The Trustees who are also directors of the charity for the purpose of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2024. 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 objectives and aims of the charity are set out in its memorandum and articles of association and are the provision and maintenance of a village community centre for the use of the inhabitants of Wixams in Bedfordshire and surrounding areas.

Significant activities

The charity continued to run and maintain the Lakeview Village Hall, Wixams throughout the year where. The main expenditure in the year has continued to relate to wages and salaries.

Public Benefit

The Trustees have referred to guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities

Volunteers

The trustees act on a voluntary basis. A semi-autonomous events committee is composed of volunteers and organises community events throughout the year with a view to raising funds for the charity.

ACHIEVEMENT AND PERFORMANCE

Future Plans

The main focus for the immediate future is to ensure, in collaboration with Bedford Borough Council, that the remaining latent defects inherited from the original developers are satisfactorily resolved and building maintained as repairs and maintenance dictate.

In trading terms, the intention is to continue to increase the hall's exposure on social media to ensure a steady flow of bookings, and to also continue to maintain good relationships with the regular hirers of the hall.

Page 2

LAKE VIEW VILLAGE HALL

REPORT OF THE TRUSTEES

for the year ended 31st March 2024

FINANCIAL REVIEW

Financial position

Income has seen an increase of 33% in the year, with hall hire and interest income seeing further increases in the year. The interest increase is mainly due to investing a large amount of money into a 1 year fixed interest account. The regular hirers of the hall has seen an increase of over £12,000 which accounts for the main increase in income.

Other revenue has seen a slight increase due to receiving a grant from BBC for the laptop purchased in the previous financial year. The £13,500 annual commuted sum was received in the year, and this is expected to be received annually going forward.

The S106 commuted sum was received by the charity in the 2023 and this being used over a period of 10 years. This money will mainly be used for the larger repairs and maintenance of the village hall, which will be decided on at the discretion of the committee.

Reserves policy

The charity has not formulated a specific reserves policy whilst s106 commuted sum money is available, but this will be considered in the future.

STRUCTURE, GOVERNENCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by Companies Act 2006

Recruitment and appointemnt of new trustees

New trustees are appointed by the existing trustees. All trustees are required to resign from office at the AGM, but may be re-elected according to the rules and procedures set out in the charity's governing documents.

Organisational structure

The company is run by a board of trustees/directors who are required to number at least three but no more than twelve.

Funds Held As Custodians For Others

During the period 1 April 2023 to 31 March 2024 the charity did not hold any funds as a custodian trustee on behalf of any other charitable organisation.

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 …12th October 2024… and signed on its behalf by:

Mr C West - Trustee

Page 3

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF LAKE VIEW VILLAGE HALL

Independent Examiners Report to the Trustees of Lake View Village Hall ('the Company')

I report to the charity trustees on my examination of the accounts for the year ended 31st March 2024.

Responsibilities and basis of the report

As the charity's trustees of the company (and also its directors for the purpose 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 examiners statement

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:

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.

………………………..

Ian Russell FCCA Russells Accountants Limited 20 Riverview Way Kempston, Bedford MK42 7BB

Page 4

LAKE VIEW VILLAGE HALL

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31st March 2024

Notes
INCOME AND ENDOWMENTS FROM
Charitable activities
Interest receivable
Other trading income
2
Total
EXPENDITURE ON
Charitable activities
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2024
Unrestricted
£
70,580
2,627
22,697
95,904
74,655
21,249
58,083
79,332		 2023
Unrestricted
£
49,974
489
21,500
71,963
58,755
13,208
44,875
58,083

The notes form part of these finacial statements Page 5

LAKE VIEW VILLAGE HALL

BALANCE SHEET 31st March 2024

Notes
FIXED ASSETS
Tangible assets
6
CURRENT ASSETS
Debtors
7
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
8
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS
9
Unrestricted funds
TOTAL FUNDS		 2024
Unrestricted
£
11,501
11,309
132,068
143,377
(75,546)
67,831
79,332
79,332
79,332		 2023
Unrestricted
£
10,752
14,185
123,724
137,909
(90,578)
47,331
58,083
58,083
58,083

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 members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilties for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies.

The financial statements were approved by the Board of Trustees and authorised for issue on 12th October 2024 and were signed on its behalf by;

Mr C West - Trustee

The notes form part of these financial statements Page 6

LAKE VIEW VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st March 2024

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 2015)', 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.

The charity meets the definition of a public body under FRS 102.

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.

The following policies are applied to particular categories of income:

Incoming resources from charitable trading activity are accounted for when earned.

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.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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

Plant and machinery - 25% reducing balance

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.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 7

LAKE VIEW VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st March 2024

1. ACCOUNTING POLICIES - continued

Donated services

In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised in the financial statements

2. OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
2024 2023
£ £
Grants received 22,697 21,500

3. NET INCOME/(EXPENDITURE)

Net income / (expenditure) is stated after charging / (crediting):

Depreciation - owned assets
Independent examiners fee		 2024
2023
£
£
3,836
3,590
240
240

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

5. KEY MANAGEMENT PERSONNEL

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

Management
Caretaking		 2024
2023
£
£
1
1
1
2
2
3

No employees received emoluments in excess of £60,000.

6. TANGIBLE FIXED ASSETS

Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for year
Disposal
At 31 March 2024
Net Book Value
At 31 March 2024
At 31 March 2023		 Plant &
machinery
£
56,189
4,643
(2,352)
58,480
45,437
3,836
(2,294)
46,979
11,501
10,752

Page 8

LAKE VIEW VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31st March 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Prepayments and accrued income
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Deferred income
Accruals
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fixed assets
Current assets
Current liabilties
MOVEMENTS IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows;
Unrestricted funds
General fund
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are as follows
Unrestricted funds
General fund		 At 1.4.23
£
58,083
58,083
Incoming
resources
£
95,904
At 1.4.22
£
44,875
44,875
Incoming
resources
£
71,963		 2024
2023
£
£
2,526
4,121
-
3,300
8,783
6,764
11,309
14,185
2024
2023
£
£
1,748
4,677
1,251
2,530
69,822
81,406
2,725
1,965
75,546
90,578
Unrestricted
Unrestricted
2024
2023
£
£
11,501
10,752
143,377
137,909
(75,546)
(90,578)
79,332
58,083
Net movement
in funds
At 31.3.24
£
£
21,249
79,332
21,249
79,332
Resources
Movement
expended
in funds
£
£
(74,655)
21,249
Net movement
in funds
At 31.3.23
£
£
13,208
58,083
13,208
58,083
Resources
Movement
expended
in funds
£
£
(58,755)
13,208

8 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

9 ANALYSIS OF NET ASSETS BETWEEN FUNDS

10 MOVEMENTS IN FUNDS

Page 9

LAKE VIEW VILLAGE HALL

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st March 2024

11 RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st March 2024 (2023, £NIL).

11. OTHER

The company is limited by guarantee and as such has no share capital. The members of the company whose liability is limited to a maximum of £1 each.

Page 10

LAKE VIEW VILLAGE HALL

INCOME AND EXPENDITURE ACCOUNT for the year ended 31st March 2024

Income
Charitable activities
Interest receivable
Other trading income
Expenditure
Wages
Staff training
Rates
Heating & lighting
Refuse disposal
Cleaning
Stationery & office costs
IT & software
Insurance
Accoutancy fees
Professional fees
General expenses
Telephone
Repairs & maintenance
Security guards
Licences
Bad debts
Depreciation
Profit / (loss) on disposal of assets
Net Surplus		 £
£
70,580
2,627
22,697
95,904
34,406
-
2,123
10,256
1,532
1,381
288
1,011
1,483
240
61
2,001
1,972
11,878
1,020
1,109
-
3,836
58
74,655
£
21,249
2024
Unrestricted		 £
£
49,974
489
21,500
71,963
27,955
366
2,529
8,985
1,504
1,239
183
650
2,441
240
48
154
1,741
5,523
-
1,239
168
3,590
200
58,755
£
13,208
2023
Unrestricted

This page does not form part of the financial statements and is for management purposes only Page 11