REGISTERED CHARITY NUMBER: 1158331
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
FOR
REGENCY HALL COMMUNITY CENTRE
Llewelyn Davies Chartered Accountants 50 Queen Street Pembroke Dock Pembrokeshire SA72 6JE
REGENCY HALL COMMUNITY CENTRE
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
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Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 12
Detailed Statement of Financial Activities 13 to 14
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REGENCY HALL COMMUNITY CENTRE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024
The trustees present their report with the financial statements of the charity for the year ended 29 February 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 of the charity are:
To provide a village hall and meeting place for the residents of Saundersfoot and the many surrounding villages and settlements.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Taking into account the negative effect of the catastrophic flood in February 2023, and the ongoing costs and significantly limited use of the Hall for several months, we are happy to report that during the financial year, we managed to increase the usage and income by nearly 20% on the previous year, whilst managing to keep the expenditure at manageable levels. The running of Saundersfoot Library within the Hall structure is working extremely well, and we have managed to extend its opening hours, due to the enthusiasm of our volunteers, trustees and staff in both the Library and Regency Hall. Usage of the Hall continues to increase and is enjoyed by all, and the Hall continues to be "The Hub of the Community"
Financial performance
Although Insurance Premiums and Utility Bills have increased substantially, we have managed to achieve an approximate break-even situation overall, relative to our trading position. Income increased by nearly 20% whilst expenditure was kept at 2023 levels. Our investment had a temporary drop in value at the year end, but has increased since then. All credit must go to our excellent team of staff, trustees and volunteers.
FINANCIAL REVIEW
Investment policy and objectives
In accordance with the trust deed, the trustees have the power to invest in such stocks, shares and investments as they see fit. The policy is to adopt a medium risk investment strategy based on maximising income.
Reserves policy
It is the policy of the trustees to maintain unrestricted funds, which are the operational free reserves of the charity, at a level that provides sufficient funds to cover management and administration and to support occasional unforeseen items of expenditure.
FUTURE PLANS
It is fundamentally important to the Trustees to continue to achieve the objects of the Constitution in that "the hall shall be used for meetings, lectures and classes and for other forms of recreation and leisure-time occupation, with the objects of improving the lives of residents". To that end, the staff and volunteers are able to offer those facilities. Alongside extending our services and activities to the increasing number of visitors regularly coming into Saundersfoot.
The Regency Hall took over the running of Saundersfoot Library in April 2023, with some support from Pembrokeshire County Council and Saundersfoot Community Council, and looks forward to offering additional services in the foreseeable future, alongside extended opening hours.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a charitable incorporated organisation and is controlled by its incorporation documents dated 22 August 2014.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1158331
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REGENCY HALL COMMUNITY CENTRE
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024
Principal address
c/o 2 Ragged Staff Saundersfoot Pembrokeshire SA69 9HT
Trustees
Mrs T Pearson Mrs S A Boughton-Thomas Mrs A Upham Mr D K Williams Mrs D Ludlow (resigned 2/1/2024) Mrs E Howells Mrs D Roch (resigned 12/4/2023) Mrs M Saunders
Independent Examiner
Kenneth Randall Llewelyn Davies Chartered Accountants 50 Queen Street Pembroke Dock Pembrokeshire SA72 6JE
Approved by order of the board of trustees on 24 September 2024 and signed on its behalf by:
Mrs S A Boughton-Thomas - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REGENCY HALL COMMUNITY CENTRE
Independent examiner's report to the trustees of Regency Hall Community Centre
I report to the charity trustees on my examination of the accounts of Regency Hall Community Centre (the Trust) for the year ended 29 February 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Kenneth Randall
Llewelyn Davies Chartered Accountants 50 Queen Street Pembroke Dock Pembrokeshire SA72 6JE
24 September 2024
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REGENCY HALL COMMUNITY CENTRE
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 4,469 Charitable activities 5 Operation of community hall 59,823 Other trading activities 3 17,283 Investment income 4 15,728 Other income 1,610 Total 98,913 EXPENDITURE ON Raising funds 12,797 Charitable activities 6 Operation of community hall 86,982 General - Total 99,779 Net gains/(losses) on investments - NET INCOME/(EXPENDITURE) (866) RECONCILIATION OF FUNDS Total funds brought forward 32,542 TOTAL FUNDS CARRIED FORWARD 31,676 |
Restricted funds £ - - - - - - - 745 - 745 - (745) 1,484,119 1,483,374 |
Endowment fund £ - - - - - - - - - - (5,239) (5,239) 119,464 114,225 |
2024 Total funds £ 4,469 59,823 17,283 15,728 1,610 98,913 12,797 87,727 - 100,524 (5,239) (6,850) 1,636,125 1,629,275 |
2023 Total funds £ 7,571 53,016 11,006 10,715 1,477 83,785 9,689 - 88,824 98,513 5,120 (9,608) 1,645,733 1,636,125 |
|---|---|---|---|---|
The notes form part of these financial statements
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REGENCY HALL COMMUNITY CENTRE
BALANCE SHEET 29 FEBRUARY 2024
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 20,030 Investments 11 - 20,030 CURRENT ASSETS Debtors 12 4,398 Cash at bank and in hand 17,507 21,905 CREDITORS Amounts falling due within one year 13 (10,259) NET CURRENT ASSETS 11,646 TOTAL ASSETS LESS CURRENT LIABILITIES 31,676 NET ASSETS 31,676 FUNDS 14 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
Restricted funds £ 1,483,374 - 1,483,374 - - - - - 1,483,374 1,483,374 |
Endowment fund £ - 114,225 114,225 - - - - - 114,225 114,225 |
2024 Total funds £ 1,503,404 114,225 1,617,629 4,398 17,507 21,905 (10,259) 11,646 1,629,275 1,629,275 31,676 1,483,374 114,225 1,629,275 |
2023 Total funds £ 1,505,070 119,464 1,624,534 4,723 16,084 20,807 (9,216) 11,591 1,636,125 1,636,125 32,542 1,484,119 119,464 1,636,125 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24 September 2024 and were signed on its behalf by:
Mrs T Pearson - Trustee
The notes form part of these financial statements
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REGENCY HALL COMMUNITY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial 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 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance Fixtures and fittings - 15% on reducing balance Computer equipment - 33% on reducing balance
Taxation
The charity is exempt from 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.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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REGENCY HALL COMMUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
| 2. DONATIONS AND LEGACIES Donations Grants Grants received, included in the above, are as follows: Other grants 3. OTHER TRADING ACTIVITIES Fundraising events 4. INVESTMENT INCOME Rents received Dividends received Deposit account interest 5. INCOME FROM CHARITABLE ACTIVITIES Activity Hire of hall Operation of community hall 6. CHARITABLE ACTIVITIES COSTS Operation of community hall 7. TRUSTEES' REMUNERATION AND BENEFITS |
Direct Costs £ 86,705 |
2024 £ 4,469 - 4,469 2024 £ - 2024 £ 17,283 2024 £ 11,500 4,001 227 15,728 2024 £ 59,823 Support costs £ 1,022 |
2023 £ 1,346 6,225 7,571 2023 £ 6,225 2023 £ 11,006 2023 £ 6,754 3,900 61 10,715 2023 £ 53,016 Totals £ 87,727 |
|---|---|---|---|
There were no trustees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 29 February 2024 nor for the year ended 28 February 2023.
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REGENCY HALL COMMUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
8. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2024 Part time 4 No employees received emoluments in excess of £60,000. 9. 2017 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Endowment fund funds fund £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 7,571 - - Charitable activities Operation of community hall 53,016 - - Other trading activities 11,006 - - Investment income 10,715 - - Other income 1,477 - - Total 83,785 - - EXPENDITURE ON Raising funds 9,689 - - Charitable activities General 87,947 877 - Total 97,636 877 - Net gains on investments - - 5,120 NET INCOME/(EXPENDITURE) (13,851) (877) 5,120 RECONCILIATION OF FUNDS Total funds brought forward 46,393 1,484,996 114,344 TOTAL FUNDS CARRIED FORWARD 32,542 1,484,119 119,464 |
2023 3 Total funds £ 7,571 53,016 11,006 10,715 1,477 83,785 9,689 88,824 98,513 5,120 (9,608) 1,645,733 1,636,125 |
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REGENCY HALL COMMUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
10. TANGIBLE FIXED ASSETS
| COST At 1 March 2023 and 29 February 2024 DEPRECIATION At 1 March 2023 Charge for year At 29 February 2024 NET BOOK VALUE At 29 February 2024 At 28 February 2023 |
Freehold property £ 1,494,271 - - - 1,494,271 1,494,271 |
Plant and machinery £ 9,781 3,794 898 4,692 5,089 5,987 |
Fixtures and fittings £ 20,385 15,827 684 16,511 3,874 4,558 |
Computer equipment £ 1,063 809 84 893 170 254 |
Totals £ 1,525,500 20,430 1,666 22,096 1,503,404 1,505,070 |
|---|---|---|---|---|---|
11. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 March 2023 Revaluations |
Unlisted investments £ 119,464 (5,239) |
|---|---|
| At 29 February 2024 | 114,225 |
| NET BOOK VALUE At 29 February 2024 |
114,225 |
| At 28 February 2023 | 119,464 |
There were no investment assets outside the UK.
Cost or valuation at 29 February 2024 is represented by:
| Valuation in 2016 Valuation in 2017 Valuation in 2018 Valuation in 2019 Valuation in 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Cost |
Unlisted investments £ (26,052) 16,444 (7,601) (1,165) 124 3,863 7,781 5,120 (5,239) 120,950 |
|---|---|
| 114,225 |
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REGENCY HALL COMMUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
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12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 3,526 3,526
Prepayments and accrued income 872 1,197
4,398 4,723
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Taxation and social security 477 349
Other creditors 9,782 8,867
10,259 9,216
14. MOVEMENT IN FUNDS
Net
movement At
At 1.3.23 in funds 29.2.24
£ £ £
Unrestricted funds
General fund 32,542 (866) 31,676
Restricted funds
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Building fund 1,479,153 1,479,153
Fixed assets fund 4,966 (745) 4,221
1,484,119 (745) 1,483,374
Endowment funds
Evelyn Coffee Tavern Fund 119,464 (5,239) 114,225
TOTAL FUNDS 1,636,125 (6,850) 1,629,275
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 98,913 (99,779) - (866)
Restricted funds
Fixed assets fund - (745) - (745)
Endowment funds
- -
Evelyn Coffee Tavern Fund (5,239) (5,239)
TOTAL FUNDS 98,913 (100,524) (5,239) (6,850)
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REGENCY HALL COMMUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Building fund Fixed assets fund Endowment funds Evelyn Coffee Tavern Fund TOTAL FUNDS |
At 1.3.22 £ 46,393 1,479,153 5,843 1,484,996 114,344 1,645,733 |
Net movement in funds £ (13,851) - (877) (877) 5,120 (9,608) |
At 28.2.23 £ 32,542 1,479,153 4,966 1,484,119 119,464 1,636,125 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Fixed assets fund Endowment funds Evelyn Coffee Tavern Fund |
Incoming resources £ 83,785 - - |
Resources expended £ (97,636) (877) - |
Gains and Movement losses in funds £ £ - (13,851) - (877) 5,120 5,120 |
|---|---|---|---|
| TOTAL FUNDS | 83,785 | (98,513) | 5,120 (9,608) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Building fund Fixed assets fund Endowment funds Evelyn Coffee Tavern Fund TOTAL FUNDS |
At 1.3.22 £ 46,393 1,479,153 5,843 1,484,996 114,344 1,645,733 |
Net movement in funds £ (14,717) - (1,622) (1,622) (119) (16,458) |
At 29.2.24 £ 31,676 1,479,153 4,221 1,483,374 114,225 1,629,275 |
|---|---|---|---|
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REGENCY HALL COMMUNITY CENTRE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 29 FEBRUARY 2024
14. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Fixed assets fund Endowment funds Evelyn Coffee Tavern Fund TOTAL FUNDS |
Incoming resources £ 182,698 - - 182,698 |
Resources expended £ (197,415) (1,622) - (199,037) |
Gains and losses £ - - (119) (119) |
Movement in funds £ (14,717) (1,622) (119) (16,458) |
|---|---|---|---|---|
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 29 February 2024.
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REGENCY HALL COMMUNITY CENTRE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Other trading activities Fundraising events Investment income Rents received Dividends received Deposit account interest Charitable activities Hire of hall Other income Miscellaneous income Total incoming resources EXPENDITURE Other trading activities Purchases Charitable activities Wages Pensions Hire of plant and machinery Rent - SCC Rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Repairs to property Performing rights and entertainment licences Cleaning and caretaker Subscriptions and donations Plant and machinery Fixtures and fittings Computer equipment |
2024 £ 4,469 - 4,469 17,283 11,500 4,001 227 15,728 59,823 1,610 98,913 12,797 50,003 644 - 20 1,946 3,510 14,070 1,790 777 466 833 8,346 1,799 435 400 898 684 84 86,705 |
2023 £ 1,346 6,225 7,571 11,006 6,754 3,900 61 10,715 53,016 1,477 83,785 9,689 49,561 571 1,831 20 2,584 2,102 11,318 1,249 795 1,262 749 11,453 1,329 541 402 1,057 805 126 87,755 |
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This page does not form part of the statutory financial statements
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REGENCY HALL COMMUNITY CENTRE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024
| Support costs Finance Bank charges Governance costs Accountancy and legal fees Professional fees Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net expenditure |
2024 £ 272 750 - 750 100,524 (1,611) (5,239) (6,850) |
2023 £ 174 720 175 895 98,513 (14,728) 5,120 (9,608) |
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This page does not form part of the statutory financial statements
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