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← East Village Trust

2024-03-31-accounts

East Village Trust

Company Limited by Guarantee

Trustee's Report and Unaudited Accounts

For the year ended

31 March 2024

Company registration number: 08882931 Registered charity number: 1156108

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Contents

Page

1

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Trustees’ Annual report

The trustee, who is also a director of the charity for the purposes of the Companies Act 2006, presents their report with the unaudited financial statements of the charity for the year ended 31 March 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Company registration number

08882931

Registered charity number

1156108

Principal office

Get Living London Limited 5 Celebration Avenue East Village London E20 1DB

Registered office

Get Living London Limited 5 Celebration Avenue East Village London E20 1DB

Director and trustee

The Director of the charitable company is its Trustee for the purposes of charity law.

The following Director and Trustee served during the year:

R. Allen

Key management personnel

R Allen (Chair)

Accountants

Bicknell Business Advisers Ltd 40 Broadway Lane Bournemouth BH8 0AA

2

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Trustees’ Annual report (continued)

REFERENCE AND ADMINISTRATIVE DETAILS (CONTINUED)

Bankers

NatWest Bank Plc Ground floor, The Arcade, Westfield Stratford London E20 1EL

Solicitors

Russell-Cooke LLP 2 Putney Hill London SW15 6AB

OBJECTIVES AND ACTIVITIES

The purpose of the charity as set out in its governing document 7th February 2014.

The main activities undertaken in relation to those purposes was to provide a Village Hall.

The charity’s objective is to provide a community facility for East Village residents, supporting social, cultural, and educational activities. Trustees confirm they have had regard to Charity Commission public benefit guidance in planning activities.

ACHIEVEMENTS AND PERFORMANCE

The Trustees continue to work towards ensuring that the charity is successful in securing a long-term location for community activities and that the funds available to the charity are well governed and invested wisely in the future growth and stability of the charity.

FINANCIAL REVIEW

Total income was £38,507 (2023: £7,567). Expenditure was £35,052 (2023: £49,920). Net movement in funds was £3,455 (2023: deficit £42,353).

The charity holds a £1m permanent endowment; capital must be retained, and income applied to activities. At year end, unrestricted reserves were £26,041.

Reserves policy: to maintain at least 3 months’ expenditure. This policy is met and reviewed annually.

Funds are currently held in bank deposits. Trustees will review annually in line with Charity Commission guidance CC14.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is a company limited by guarantee incorporated on 7 February 2014 and registered with the Charity Commission on 11 March 2014. It is governed by its Memorandum and Articles of Association. The charity is administered by a Board of Trustees. During the year the Board was comprised of one trustee.

Recruitment of additional trustees is a priority to strengthen governance and ensure compliance with Charity Commission expectations of at least three unrelated trustees.

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies

3

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Trustees’ Annual report (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

Act 2006. The Trustee is also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

APPROVAL

Signed on behalf of the board

………………………………………………………………….

R Allen (Trustee)

31 March 2025

4

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Independent examiner’s report to the trustee of East Village Trust

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF EAST VILLAGE TRUST

I report to the charity trustee on my examination of the financial statements of East Village Trust for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity's trustee (and also a director for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the Charity 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 financial statements 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

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 financial statements to be reached.

Steven Bicknell FCMA CGMA

Bicknell Business Advisers Ltd 40 Broadway Lane Bournemouth BH8 0AA

31 March 2025

5

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Statement of financial activities

Income and endowments from:
Donations and legacies
Charitable activities
Investments
Other
Total
Expenditure on:
Other
Total
Net gains on investments
Net income/(expenditure)
Transfer between funds
Net income/(expenditure) before
other gains/(losses)
Other gains/(losses)
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Endowment
funds
2024
2024		 Total Funds
2024
£
10,000
40
28,467
-
38,507
(35,054)
(35,054)
-
3,453
-
3,453
-
3,453
1,038,759
1,042,212		 Total Funds
2023
Note
4
5
6
7
8		 £
£
10,000
-
40
-
28,467
-
-
-		 £
-
-
-
7,567
38,507
-
(35,054)
-		 7,567
(49,920)
(35,054)
-
-
-		 (49,920)
-
3,453
-
-
-		 (42,353)
-
3,453
-
-
-		 (42,353)
-
3,453
-
38,759
1,000,000		 (42,353)
1,081,112
42,212
1,000,000		 1,038,759

6

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Summary income and expenditure account

Note
Income
4 & 5
Interest and investment income
6
Gross income for the year
Expenditure
8
Total expenditure for the year
Net income/(expenditure) before tax for the year
Net income/(expenditure) for the year		 2024
£
10,040
28,467
38,507
(35,054)
(35,054)
3,453
3,453		 2023
£
-
7,567
7,567
(49,920)
(49,920)
(42,353)
(42,353)

7

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Statement of financial position

2024 2023
Note £ £
Fixed assets
Investments 10 1,000,000 1,000,000
1,000,000
Current assets
Cash 48,660 48,660
38,757
Current liabilities
Creditors: amounts falling due within one year 11 (6,448) (6,448)
-
Net current assets 42,212 42,212
38,757
Net assets excluding pension asset or liability 1,042,212 1,042,212
1,038,757
Net assets 1,042,212 1,042,212
1,038,757
The funds of the charity
Restricted funds
Endowment funds 12 1,000,000 1,000,000
1,000,000
Unrestricted funds
General funds 12 42,212 42,212
38,757
Total funds 1,042,212 1,042,212
1,038,757

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

For the year ended 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 31 March 2025

And signed on its behalf by:

R Allen Trustee 31 March 2025

Company Registration Number: 08882931

8

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Notes to the financial statements

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

b) Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

c) Fund accounting
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects
of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes.
Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement
of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an
appeal.
d) Income
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity becomes
income entitled to, and virtually certain to receive, the income and the amount of the income can be
measured with sufficient reliability.
Income with Where income has related expenditure the income and related expenditure is reported gross in
related expenditure the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the the SoFA
legacies when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the gift/donation to which
donations and gifts it relates.
Donated services
and facilities
Donated services These are only included in income (with an equivalent amount in expenditure) where the benefit
and facilities to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts.
Investment income This is included in the accounts when receivable.
Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value at the end of
revaluation of fixed the year.
assets
Gains/(losses) on This includes any gain or loss on the sale of investments.
investment assets

9

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Notes to the financial statements (continued)

e) Expenditure Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be
expenditure fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising trading costs
raising funds and investment management costs.
Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and services in
charitable activities the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have
been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory
requirements of the Charity, including any audit/independent examination fees, costs linked to
the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

f) Taxation

The charity is exempt from corporation tax on its charitable activities.

g) Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

h) Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

i) Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

k) Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Research and development

Expenditure on research and development is written off in the year in which it is incurred.

10

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Notes to the financial statements (continued)

m) Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

n) Lease assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

o) Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

p) Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2. Company status

The company is a private company limited by guarantee and consequently does not have share capital.

11

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Notes to the financial statements (continued)

3. Statement of financial activities – prior year

Statement of financial activities – prior year
Income and endowments from:
Investments
Total
Expenditure on:
Charitable activities
Total
Net (expenditure)
Net (expenditure) before other gains/(losses)
Other gains/(losses)
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Income from donations and legacies
Goodwill
Income from charitable activities
Venue hire		 Unrestricted
funds 2023
Endowment
funds 2023
£
7,567
-
7,567
-
(49,920)
-
(49,920)
-
(42,353)
-
(42,353)
-
-
-
(42,353)
-
65,269
1,015,843
22,916
1,015,843
Unrestricted
Total
2024
2024
£
£
10,000
10,000
10,000
10,000
Unrestricted
Total
2024
2024
£
£
40
40
40
40		 Unrestricted
funds 2023
Endowment
funds 2023
£
7,567
-		 Total funds
2023
£
7,567
7,567
(49,920)
(49,920)
(42,353)
(42,353)
-
(42,353)
1,081,112
1,038,759
Total
2023
7,567
-
(49,920)
-
(49,920)
-
(42,353)
-
(42,353)
-
-
-
(42,353)
-
65,269
1,015,843
22,916
1,015,843
£
-
-
Total
2023
£
-
-

4. Income from donations and legacies

5. Income from charitable activities

6. Income from investments

S106 agreement income

Unrestricted
Total
2024
2024
£
£
28,467
28,467		 Total
2023
£
-

12

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Notes to the financial statements (continued)

7. Other income

Other income Unrestricted
Total
2024
2024
£
£
-
-
-
-		 Total
2023
£
7,567
7,567

8. Other expenditure

Premises costs
General administrative costs
Legal and professional costs		 Unrestricted
2024		 Total
2024
£
32,075
60
2,919		 Total
2023
£
11,579
-
38,341
49,920
£
32,075
60
2,919
35,054

9. Staff costs

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

10. Investments

Cost or revaluation
At 1 April 2023
At 31 March 2024
Net book values
At 1 April 2023
At 31 March 2024		 Other investments -
Unlisted
2024
£
1,000,000
1,000,000
1,000,000
1,000,000		 Total
2024
£
1,000,000
1,000,000
1,000,000
1,000,000

Investments relate to funds held in an interest-bearing endowment fund. The investment of £1,000,000 is prohibited from being spent, with any interest earned being used to fund the Trust's charitable activities.

11. Creditors

Accruals 2024
£
6,448
6,448		 2023
£
-
-

13

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Notes to the financial statements (continued)

12. Movement in funds

Incoming
resources
(including other Resources
1 April 2023 ril 2023 gains/losses) expended 31 March 2024
£ £ £ £ £
Restricted funds:
Endowment funds:
S106 agreement 1,000,000 000 - - - 1,000,000
1,000,000 000 - - - 1,000,000
Unrestricted funds:
General funds 38,759 38,759 38,507 (35,054) (35,054) 42,212
Total funds 1,038,759 1,038,759 38,507 (35,054) (35,054) 1,042,212

Interest earned on the Endowment funds is transferred to the General fund post year end, in accordance with the East Village Trust operating model and business appraisal, plus part 5.2.4 of the s.106 agreement.

Incoming
resources
(including other Resources
1 April 2022 ril 2022 gains/losses) expended 31 March 2023
£ £ £ £ £
Restricted funds:
Endowment funds:
S106 agreement 1,000,000 - - 1,000,000
1,000,000 - - 1,000,000
Unrestricted funds:
General funds 81,112 7,567 (49,920) 38,759
Total funds 1,081,112 7,567 (49,920) 1,038,759

14

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Notes to the financial statements (continued)

13. Analysis of net assets between funds

Investments
Net current assets
Creditors falling due within
one year and provisions
Net assets at 31 March 2024
14. Reconciliation of net debt
Cash and cash equivalent
Net debt		 Unrestricted funds
Restricted funds
Endowment
funds
2024
2024
2024
£
£
£
1,000,000
(1,000,000)
1,000,000
48,660
-
-
(6,448)
-
-
1,042,212
(1,000,000)
1,000,000
At 1 April 2023
Cash flows
£
£
38,757
9,903
38,757
9,903
38,757
9,903		 Unrestricted funds
Restricted funds
Endowment
funds
2024
2024
2024
£
£
£
1,000,000
(1,000,000)
1,000,000
48,660
-
-
(6,448)
-
-
1,042,212
(1,000,000)
1,000,000
At 1 April 2023
Cash flows
£
£
38,757
9,903
38,757
9,903
38,757
9,903		 Total funds
2024
£
1,000,000
48,660
(6,448)
1,042,212
At 31 March 2024
£
£
38,757
9,903		 £
48,660
38,757
9,903
38,757
9,903		 48,660
48,660

15. Related party transactions

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

15

East Village Trust Company limited by Guarantee Financial statements for the year ended 31 March 2024

Detailed Statement of Financial Activities

Income and endowments from:
Donations and legacies
Goodwill
Charitable activities
Venue hire
Investments
S106 agreement
Other
Total income and endowments
Expenditure on:
Premises costs
Rates
Light, heat and power
Other premises costs
General
administrative
costs,
including
depreciation and amortisation
Bank charges
Legal and professional costs
Other legal and professional costs
Total expenditure
Expenditure on:
Other
Total
Net gains/(losses) on investments
Net income/(expenditure)
Transfer between funds
Net
income/(expenditure)
before
other
gains/(losses)
Other gains/(losses)
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Endowment
funds
Total Funds
Total Funds
2024
2024
2024
2023
£
£
£
£
10,000
-
10,000
-
40
-
40
-
28,467
-
28,467
-
-
-
-
7,567
38,507
-
38,507
7,567
15,155
-
15,155
-
6,449
-
6,449
-
10,471
-
10,471
11,579
32,075
-
32,075
11,579
60
-
60
-
2,919
-
2,919
38,341
35,054
-
35,054
49,920
(35,054)
-
(35,054)
(49,920)
(35,054)
-
(35,054)
(49,920)
-
-
-
-
3,453
-
3,453
(42,353)
-
-
-
-
3,453
-
3,453
(42,353)
-
-
-
-
3,453
-
3,453
(42,353)
38,759
1,000,000
1,038,759
1,081,112
42,212
1,000,000
1,042,212
1,038,759

16