REGLSTERED CHARTfY NUMBER: 1157648 Report of the Trustees and Unaudlted Flnanelal Statements for the Year Ended 31 March 2024 For Lovels Farm Communlty Centre CIO
Lovels Farni Communlty Centre CIO ContsDts of the Financial Statements for the Year Ended 31 March 2024 Page Report of th¢ Trustees Independent Examinerfs Report Statement of Financial Activities Balanrx Sheet Notes to the Financial Statwents 1fv15 Detailed Ststement of Financial Activities 1&17
Love's Farni Community Centre CIO Report of the Trustees for tbe Year Ended 31 March 2024 The trustees present their report with th¢ financial statements of the charity for the year ended 31 March 2024. The tn]stees have adopted the provisions of Accounting and Reporting by Charities: Ststem¢nt 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 l January 2015). 0crIvEs AND ACTIVTfiES Objectives and alms To fiwther or benefit the residents of Love's FanrA housing development and the neighbourhood without distinction of sex, sexual orientation, we or of political, religious or other opinions by associating together the said residents and the local authorities. voluntsry and other organisations in a Common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time orxupation wlth the objective of improving the Conditions of life for the residents. In reference with these objects, the trustees shall have the power to estsblish and secure the establishment of a community centre and to mainlain or manage or co-opernte with any statutory authority in the maintenance and management of such a centre for activities promoted by the ¢haTity in furtherance of the abov¢ obj. Significant actlvlti Making available a meeting room, hall, kitchen, foyer, and garden for (non-profit. commercial, or individual) hirers to organise activities or parties. Trustees to ensure that a wide range of activities is offered through their hirers, taking into arxount the charity objectives. Love's Farnihouse tte¢S also organise activities th¢mselves to benefit the Community.
Love's Farm Community Centre CIO Report ofthe Trustees for the Year Ended 31 March 2024 ACHIEVEME AND PERFORMANCE Love's Farni House has continued to struggle in th¢ wake of the unprecedented national and global challenges over the last ftw years: Covid pandemic - the vaTiOUS lockdowns during the covid pandemic severely restricted our ability to generate income, while we still had to cover core costs. Although government grants alleviated this slightly, they ceased before the community feh able to return to its previous levels of activity. This led to a continued restriction in income with increased costs. UK Fuel crlJls- in September 2021 a erCeived, lack of fuel as a result of a shortage in HGV drivers led to panic buying of petrol and real shortages. resulting in incrvased prices at th¢ pump. This then had a knock on of increasing the c05t of all products in the supply chain delivered by Russla-ukralne war- this l¢d to dr&stic increase5 in the global cost of ener8y prices, mainly as a result of Europ¢'s reliance on Russian supplies of gas. This resulted in electricity prices quadrupling in the spa¢e of two years. It also led to increased prices for other products. Cost of LlvlDg Crisis - as a result of the global impact of covid and the Russia-ukraine war lobal there was a steady rise in the rate of infiation from late 2021. In the UK and other parts of the world this resulted in higher costs in all areas. This w&8 further exacerbated in the UK following a lack of market confidence in the mini-budget of Sep 2022. Increased pay demands fuelled infiation even further and an increase in the national minimum wage of 9.7¥0 led to increased statfmg costs. In our modern world of social medi4 which frequently results in highly emotive responses to fake news and selectively partial facts, I thought it important to set out as factually and objectively as )ssible. all of the factors that have led us to the current situation. It is extremely important to acknowledge thal the abov¢ events hav¢ had a doubl¢ n¢gatlve impact on Love's Farm House (as well as other organisations):
Members of our community have much less disposable income to attend classe5 and Sla] events, This meaTh8 that regular hirers have struggled and Love's Fann House income reduced substantially. Total annual revenue is less than it was 5 years ago in 2019. Costs have increased dramatically. including repair and maintenance costs to maintain the building which have risen year-on-yeaT. With over £12k spent in the year to 2023. Although the Trustees have tried to mitigats these additional costs as much as possible, totsl expenditure is about 8.40/0 higher than it Wds 5 years ago in 2019.
As a result of the above issues Love's Farni House has l)ad to draw heavily on its reserves from previous years an(L giventhe ongoing constraints ofraising revenue (due to local people having less money to spend) as well as conttnuing cost incre&ses. we face difficult decisions going forward and a very uncertain future. Perfornianee Despite increasing hire prices and dUcIng costs as much as possible. Love's Fann House continues to run at a loss. Although we were c105er to breaking even this year. ongoing infiation and a reduction in hirers will make this extremely difficult to attain in th¢ Coming y¢ar. furth¢r impacting our reserves. Our ongoing perfornance will also be furthcr exaLrrbated by the resignation of Jenny Bishop. our longstanding General Manager, who has dedicated so much time and effort to the smooth running of Love's Farni House over the last 7 year5. She will be sor¢ly missed. Challenges Abead The end of last year's annual report clearly stated that'the next 2 years will be key in d¢t¢rn]ining whether Love's Farn] House can breakeven and continue to deliver for the local community." Following another diificult year. and with extremely negative financial prospects for the year ahead. Love's Farn] House faces difficult challenges in the coming year lo eTh8ure its future sustsinability. The Board of TNstees are striving to minimise costs as much as possible and will be tying lo explor¢ additional funding opportunities, where available. As we approach the 10 year anniversary of the opening of Love's Farni House in October 2025, we require a concerted effort from everyon¢ and strong ongoing support from the whole community to ensure continued existence beyond this. Mark KlpplDg TsUrer
Love's Farni Community Centre CIO Report of the Trnstees for the Year Ended 31 March 2024 Finaneial Review Summary of fund perfornianee Total unrtrIcted fund income for the year was £121,448 (2023: £110,859) and totsl unrestricted fund expenditure was £125,930 (2023: £125.039). This resulted in an excess of unrestricted expenses over income of £4,482 (2023: £14.180). The balance of unrcstricted reserves at the year-end was £40,133 (2023: £44,616). Total restricted fund expenditure was £xxx (2023: £250) and the balance of restricted resetves at the year<nd was £xxx (2023: £13). Reserves Polley The RerV¢S Policy of Love's Farni Community Centre CIO aims to maintain the long-term financial stability of the charity and to ¢nsure that it is in a financial position to kp Love's Farni House (the "Building.) in good and substantial r¢pair, in order to achieve th¢ Charitys purpose of managing the building for th¢ b¢n¢fit of the community. The Trustees of Love's Farni House reviewed and re-adopt¢d the Reserves Policy on the 3 January 2024. Operating Reserve Fund Operating reserves (3 months, average expenditure) - £18,000 Repairs and Maintenanee Reserve Fund The Repairs and Maintenance R¢8erve Fund shall contsin the estimated amount necessary to cover the st of ongoing malntenance, repairs and replacement of the floorin& decoration, furnitur¢, kitchen equipment and oifice IT equipment of the building over the life exp¢ctaney of these items. The specific figure shall be calculated and reviewed by the Operations Team of the Board of Trustees and approved by the Board of Trustees of the Charity annualty. Signifieant expenditure Heating and plumbing repairs amounted to £2,302 during the year. This included repairs to the kitchen tap of £813 and legionella compliance work costing £468. Electrical repairs amounted to £1,247. including kitch¢n shutter repairs of £450 HDC wire testing of £528. Management of funds The Tnte¢S are kept inforni¢d of the Charity's finan¢¢s at monthly trust¢¢ meetings, and the op¢rations team pay particular attention to monthly income, expense, projected budget& and fmancial risk. All trustees share the responsibility to ¢nsure that the charity is solven¢ which in combination with meeting their objectiv¢s is their uknost priority.
Love's Farm Community Centre CIO Report of tbe Trustees for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is ¢ontrolled by its governing document, a deed of trusL and constitutes a charitable incoq)ornted organisation (CIO). Rlsk management The tnte&S have a duty to identify and review the rfsks to which the charity is exposed and to ensure appropriate controls are in place to provide re&sonabl¢ assurance against fraud and error. REFERENCE AND ADMtNISTRATIVE DETAILS Reglstsred Cbarlty Dumber 1157648 Prlnclpal addresy 17 K¢ster Way, Love's Farn]. St Neots, Cambridgeshire PE19 6SL Trusttts Mr R Gompelman Ms E Lovelock Dr M Russo Mr A Hill Mr M. Kipping Mr A. McKenzie MsSHatt Ms L Davenport-Ray Mrs R. Bundy Mrs Z. Lancet Mrs E. Mann Mrs E. Wooten Resigned ioth November 2023 Resigned 10 November 2023 Independent examiner Annie JosSelY (FMAAT AATQB) Maurice J. Bushell & Co Ltd, Office 12 Epsilon HOU West Road, Ipswi¢l4 SuffolK England. IP3 9FJ Irtd o CTD SEQ. LoL*... and signed on its Approved by order of the boftrd of trustees on ... behalf by: A Hill- Chair of Trustees .. fl (TrtErtSv
Independent ExAmiDer's Report to the Trustees of Lovels Farm Community Centre CIO I rep)rt on the accounts for the year ended 31 March 2024 set out on pages six to fourteen. Respe1Ve respon$ibllltle8 of trustees and examiner The charitys tnistees are responsible for the praratIOn of the accounts. The charity's trLLStees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 A¢t)) and that an independent examination is required. It is my responsibility to: examine th¢ accounts under Sertion 145 of the 2011 Act to follow the procedure5 laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and to state whether particular matters have come to my attention. Basis of the independent examlDer'$ report My examination was cpnied out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting rordS kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustses concerning any such matters. The prOdureS undertaken do not provide all the evidence that would be requir¢d in an audit, and Consequently no opinion is given as to whether the accounts present a and fair view ' and the report is limited to those matters set out in the statem¢nts below. Independent examlner'$ statenjent In Connection with my examinatio rn matter has come to my attention: {1) which gives me reasonable cause to believe that, in any material respect, the requirements to keep accounting records in accordance wlth Section 130 of the 2011 Act. and to prepare accounts which accord with the accounting rOrdS and to comply with th¢ a¢countin8 requirements of the 2011 Act have not been met or (2) to whicm in my opiniofy attention should be drawn in Order to enable a proper understanding of the accounts to be reached. nnie Josselyn {FMAAT AATQB) Maurice J. Bushell & Co Ltd.. Office 12 Epsilon House. West Road, Ipswicl4 SuffoK England, IP3 9FJ Date:
Love's Farm Community Centre CIO Statsment of Finanelal Aelivitles for the Year Ended 31 MAreh 2024 2024 2023 Restrleted Total funds Totsl fvnds nds Unrestrie -ted funds Notss INCOME AND ENDOWMENfs FROM: Donations and legacies 41,151 41,151 40,000 Charitable tiViti48 Totsl 121,448 121,448 110,859 EXPENDITURE ON: Raising funds 80.304 80.304 84.05 I Charitable artivities Total 125,930 125,930 125,289 NET INCOME (U82) (4,482) (14,430) Transfers between fund8 12 Net movement in funds (4,482) (4,482) (14,430) RECONCILIATION OF FUNDS Total fvnds brought forward 44.629 44,629 59,059 TOTAL FUNDS CARRIED FORWARD 44,629 CONTIIYUING OPERATIONS All income and expenditure have arisen from continuing activities,
Love's Farni Communlty Centre CIO Balance Sheet At 31 Mareh 2024 2024 2023 Unrestrict1 Restrlrted Totsl funds Total funds funds funds Noles FIXED ASSETS Tangible assets 6,050 6,050 8,076 CURRENT ASSETS stks Debtors Prepaym¢nts and accrued income Cash at bank 2,5(X) 348 1097 2,500 348 2,097 2,500 1,453 2.097 10 13 36,920 13 36,933 39,529 CREDITORS Amounts falling due within one year (2,838) (2,838) (2,976) NET CURRENT ASSETS 13 TOTAL ASSETS LESS cuRREr LIABILITIES NET ASSETS 13 Unrestricted funds Restricted funds 12 40,133 13 44,616 13 TOTAL FUNDS The financial ststem¢nts were approved by the Board of Thtee5 on ...... .... ........ were signed on its b¢half by: Mr A Hill- Chair of TnteeS vtL£
IA)ve's Farni Community Centre CIO Notss to tbe FIDaDci#I Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of prepArlDg the fmADci81 statements The financial statements of the charity, 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 Recomm¢nded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland (FRS 102) (effective l January 2015),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and ihe Charitie5 Act 20I I. The financial statements have been prepared under the historical cost convention. In¢ome All income is recognised in the Statement of Financial Activities oncethe chaTity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expendi*ure Liabilities are recognised as expenditure as soon as there is a legal or ConStnlive obligation committing the charity to that expenditure, it is probable that a transfer of OnOMiC 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 r¢source8. Tanglble fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtu8 and fittings Computer equipment Equipment - 2/0 on cost 20 % on cost IOYO on cost Stocks Stocks are valued at the lower of cost and net realisable valu4 after making due allowance for obsolete and slow-moving items. Taxatlon The charity is exempt from tax on its ¢haritsbl¢ activities. Fund accountlng Unrestricted funds can be used in accordan¢¢ 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 wlKn specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and pw of eh fimd is included in the notes to the fllwlcial statements. 10
Love's Farni Community Centre CIO Notes to the Financial Statements - Continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - coDtIDued Hire purcbase and leasing commitnients Rentals paid under 0ratIng leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease. Cbarltable actlvltle8 2024 2023 Fundraising events Bar and cafe income Hiring income Other income 29,207 48,350 22,479 46,425 RAISING FUNDS Charitable activities 2024 2023 Opening stock 2,500 11,987 (2,500) 40,000 6,778 1,174 6,948 2.400 9,026 (2,500) 40,000 6,199 1,336 12,635 Closing stock Rent Cleaning Rates and water Repairs and maintenance Insurance Light and heat Depreciation 11 1,514 7,063 1,392 5,622 TRUSTEES, REfUNERATIoN AND BENEFITS There were no tnL8tees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Tnisttts, expenses There wer¢ no trustees, expenses paid for the year ended 3 l March 2024 nor for the year ended 31 Mah 2023.
Love's Farni Community Centre CIO Notes to the Fillanclal Statements- continued for the Year Ended 31 March 2024 STAFF COSTS During th¢ year, th¢ amount of voluntary work was 20-25 hours per week on av¢rage relating to management and cafe. COMPARATIVES FOR THE sTATET OF FINANCIAL ACTIVITIES Unrestrlcte41 Restrleted Total funds nd nds INCOME AND ENDOWMENTS FROM Donations and legacies 40,000 40,000 Charitable activities 70,859 110,859 70.859 110,859 Total EXPENDITURE OIY Raising funds 84,051 84,051 Other 250 250 125.309 125289 Total NET INCOME Transfer between funds (14,180) (250) (14,430) Net movement in funds (14,480) (250) (14,430) RECONCILATION OF FUNDS Totsl funds brought forward 58,796 263 59,059 Total funds earned forward 44.616 13 44.629 12
Love's Farni Community Centre CIO Notes to the Finanelal Statements - continued for tbe Year Ended 31 March 2024 TANGIBLE FIXED ASSETS Flxturej and fittiDgs Equlprnent Totals COST At l April 2023 Additions 47,036 27.358 74,394 At 31 Mah 2024 DEPRECIATION At l April 2023 Charge for y¢ar 45,191 21,l27 66.318 At 3 l March 2024 NET BOOK VALUE At 31 March 2024 0.00 At 31 March 2023 1,845 6231 &076 STOCKS 2024 2023 Stocks DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trnde debtots 348 1,453 13
- Prepayments and aeerued iDeome 2024 2023 Prepayments 2,097
- CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors
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MOVEMENT IN FUNDS Iyet movement ID lknnds TraDsfer8 betweeD funds At 31J.24 At 1.&23 Unrestrlrted hnds General fund 44,616 (4,483) 40,133 Re8trlcted tknnds Launch festival Youth Club Town Council Grant Wren Restricted 13 13 (i) (i) 13 (i) 12 TOTAL FUNDS Net movement in fimds, included in the above are as follows: Incomlng Resources resources expeoded Movement ID funds Unre8tricted funds General fund 121,448 125.930 (4,482) TOTAL FUNDS 125 930 14
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RELATED PARTY DISCLOSURES There were no related paty traiL8aclions for the year ended 31 March 2024. I& OPERATING LEASE The building is owned by the Huntingdonshire District Council and the Charity bas been granted thity y¢ars rKnt.free lease. The value of the rent is considered to t¢ £3,333 per mon l5
Love's Farn) Community Centre CIO Detsiled Ststsment of FinAneial Activlties for the Year Ended 31 Marcb 2024 2024 2023 INCOME AND ENDOWMENTS DonatloDS and lega¢le8 Grants - CJRS 5,811 Grants- rentsl income adjustment Grants- sundries 40.151 40.000 40,151 40,1)00 Chirftable activltles Fundraising events Bar and cafe income Hiring income Other incoLne 29,207 48,350 22,479 46.425 Totsl Incomlng resources 121,448 110,859 EXPENDITURE Charltable a¢tlvltles Opening stock Purchase5 2,500 11,987 40,000 6,778 1.174 6,948 1,514 7,063 2,400 9,026 40,000 6,199 1,336 12,635 1,392 5,622 Cleaning Rates and water Repairs and maintenance Insuranc¢ Light and heat Donations Depreciation of tangible fed assets Closing stock 4,839 7,941 80,304 84,051 16
Love's Fann CommuDIty Centre CIO Detalled Ststement of Fin8ncial Activities for the Year Ended 31 Mareh 2024 2024 2023 Support costs Fingnee Bank charges Infornialion tecbnol Telephone and internet Computer Costs 585 435 879 963 870 Human resourceg Wag¢5 Employers, national in%urance 37,534 35,438 (2,090) 145 474 Pensions costs 411 40,294 37,836 Other Direct expenses Postage and stationery Sundries Donations Advertising SubsLYiPtions Bad debts Entertainment 1.567 526 486 (i) 403 120 1,426 794 554 250 148 18 3,119 3,175 Governance costs A¢countancy and legal fees Totsl raourtts expended 12S930 123389 N¢t Income (1482) (14.430) 17