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). 0￿crIvEs 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 t￿￿te¢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 S￿la] 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 T￿sUrer Love's Farni Community Centre CIO Report of the Trnstees for the Year Ended 31 March 2024 Finaneial Review Summary of fund perfornianee Total unr￿trIcted 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