Charity registration number: 1159465
Valleys Family Church for the Year Ended 31st March 2024
Valleys Family Church CIO
Contents
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 |
Valleys Family Church CIO
Reference and Administrative Details
Charity name Valleys Family Church CIO Charity registration number 1159465 Principal office Tabor Centre (Tabor Baptist Chapel) 18 Davies Street Brynmawr Blaenau Gwent NP23 4AD Registered office Tabor Centre (Tabor Baptist Chapel) 18 Davies Street Brynmawr Blaenau Gwent NP23 4AD Trustees David Tucker, Chairperson Patricia Poynter (resigned 6th April 2023) Stuart Wheatman, Secretary Dafydd Robbins Graham Powell, Treasurer Pastor Stuart Wheatman Treasurer Graham Powell Bankers Lloyds Bank 25 Market Street Ebbw Vale NP23 6HP Accountant C Management Services 69 Velindre Road Whitchurch Cardiff CF14 2TF
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Valleys Family Church CIO
Trustees’ Report
The Trustees have pleasure in submitting the Report and Accounts for the year to 31st March 2024
Structure, Governance and Management
Nature of organisation
Valleys Family Church (“VFC”) is a Charitable Incorporated Organisation ( “ C I ~~O ” ) registered with the Charit~~ y Commission of England and Wales (Registration Number 1159465). The Church itself began in 2006 being planted out from a Church in Abergavenny known as Abergavenny Family Church (now Gateway Church Abergavenny). At first Valleys Family Church was known as Brynmawr Family Church and came under Abergavenny Family Church's constitution. On 26th February 2012 Brynmawr Family Church initiated its own Trust Deed under the name of Valleys Family Church and then transitioned to independence from Abergavenny Family Church in April 2012. It was during March 2013 that Valleys Family Church was accepted by the Charities Commission as a charity (charity number 1151216). This charity was then closed on 29th April 2015 in order to become amalgamated into the organisation's present CIO status (that is charity number 1159465).
Appointment of Trustees
Initially the Leadership Team appointed the first Trustees, prior to CIO status. Further Trustee appointments are by majority vote of the Trustees, with discussion and advice from the Leadership Team.
Income
All Trustees (except the Pastor, Stuart Wheatman) give their time voluntarily and receive no benefits from the charity. The Pastor is employed by VFC and receives a salary set in the yearly budget agreed between the leadership of the Church and the Trustees of the charity.
VFC is part of a larger network of Churches within the Catalyst Network of Newfrontiers. Although a part of this larger grouping of Churches, VFC relies on voluntary contributions from those attending the Church rather than receiving a regular income from Newfrontiers or from any other similar outside body. Some of the charity's costs are covered on occasions by grants applied for from various sources.
VFC is a not-for-profit organisation, which means that any profits made (for instance tuck sold at the Youth Club) are put back into the organisation or used for the benefit of other charities.
Risk Management
The Trustees have reviewed the risks to which a small charity operating with few employees is exposed. Appropriate procedures are in place to identify, monitor and review these risks on a regular basis.
Organisational Structure
The Trustees are the legal body of the CIO and are its members with voting rights and governing responsibilities. The congregation of VFC, and particularly its Leadership Team, implement the running of a vibrant Church within the community on behalf of the Trustees. The congregation itself does not presently have a formal membership, but rather accepts into membership all who identify with its vision and values and are committed to attending.
The Trustees meet at least four times annually. The Leadership Team of the congregation meet at least monthly, but mostly once a fortnight, alternating between leadership meetings and prayer meetings on behalf of the Church and Community. The General Meeting happens yearly and the budget is set out, the charitable purposes accomplished are celebrated and vision for the next year is outlined as well as valuable feedback and questions received from the wider congregation and service users.
Responsibilities of the Trustees
Charity law requires that we – the Trustees – prepare Financial Statements for each accounting year which give a true and fair view of the state of the charity and of its income and expenditure for the year. We are required to:
-
Select suitable accounting policies and apply them consistently.
-
Make judgements and estimates that are reasonable and prudent.
-
State whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements.
-
Prepare the Financial Statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable us to ensure that the Financial Statements comply with the Charities Act 2011. We also have a responsibility to safeguard the assets of the charity and to take reasonable steps to prevent fraud or any other irregularities.
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Valleys Family Church CIO
Our Aims and Objectives
Our charity's purposes are twofold, as set out in our CIO Governing Document registered with the Charities Commission in December 2014; namely, the advancement of religion and the relief of poverty. These are presented in our Governing Document as follows:
-
To advance the Christian faith [in accordance with the Statement of Beliefs] in such ways and in such parts of the United Kingdom or the world as the Charity Trustees from time to time may think fit;
-
To relieve sickness and poverty and to promote and preserve good health by ~~the provision of~~ f ~~unds, goods o~~ r services of any kind, in such parts of the United Kingdom or the world as the Charity Trustees from time to time may think fit.
Activities During the Financial Year
We have undertaken various activities throughout the year as outlined below.
1 Regular Church Meetings
Our weekly services happen every Sunday at 11am and are open to anyone who would like to attend. We continue to live stream the services for those who are unable to attend in person. We have a great team of volunteers and there are many opportunities for those who would like to get involved, and it is great to see people developing their gifts and serving faithfully. We also have meetings in the week, again open to anyone who would like to come along. These consist of Bible studies as well as prayer meetings. This year in our Bible studies we have completed the book of Acts and the book of Judges, as well as doing an 8-week Catalyst Network course on making Disciples. In June we watched a 'Patterns of Evidence' film highlighting the historical reliability of the Scriptures. In June we had an evening of worship in the Tabor Centre. We have also alternated the Bible Study with regular prayer meetings where we pray for our Church, our community and issues both in the UK and around the World. In October many of the women in our Church attended a women's retreat at Hebron Hall, where they enjoyed a great time of fellowship and good Bible teaching, our thanks to Sarah Singh for arranging this.
2 Children, Youth and School's Work
Our Sunday School team continues to provide a great service to the children each Sunday both with age appropriate teaching as well as regular family services. The children learn songs and enjoy worship and prayer as well as learning from the Bible and having fun with various crafts and games. Numbers in Sunday School have increased substantially this last year, and the team of helpers has needed to grow in response to this, and we are looking to grow the team further. Our thanks to the Sunday School team for their hard work and commitment to the children each week. In May The Hub Youth Club started up again successfully following the break due to Covid restrictions. We had previously attempted to restart a couple of times but did not have enough youth attending to make it viable. Now, however, we tend to have an average of 10 young people attending each week and it tends to be boys who come, although we do have girls attending occasionally. Stuart continues to do fortnightly assemblies with in Blaenycwm Primary School, and also did some lessons in Brynmawr Foundation School with a team from Message Wales.
3 Connecting Socially-
We have had various socials to help people to connect with one another. In March we had a social games and quiz evening in Tabor. In April some of our men got together for a meal in Abertillery Wetherspoons. In July we enjoyed a buffet after Church at Tabor to celebrate Chloe’s birthday who attends on a Sunday. In September we had a picnic after Church in Bryn-Bach Park and it was a beautiful sunny day for it! In November some of our members attended a Baby Shower in Brynmawr Rugby Club arranged for Brendah, a much loved member of our congregation; and later that month we had the pleasure of dedicating her son, King in our morning service. We had our VFC Christmas Carol service in December followed by a Christmas meal cooked and arranged by Jas and Sarah Singh. It was very well attended and a great time of fellowship. Our thanks to the Singh family and to all of the helpers. In February we migrated from the Church Facebook Messenger group onto WhatsApp to make it easier for newcomers to get connected with the Church. Our thanks to Sarah Wheatman for arranging this. We continue to send out a weekly notice sheet to all who would like to receive it via email, as well as making it available on a Sunday. We also keep our VFC website up to date as well as our Facebook page.
4 Other Areas of Outreach-
In May we had a King's Coronation party at Tabor- with food, games and live coverage of the coronation on
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Valleys Family Church CIO
our big screen. In May a number from the Church and our local community had great fun in a series of line dancing sessions together at Tabor. In July the Atlanta Team from Hope Church Atlanta were in Wales helping local Churches with their outreach to the local communities. We arranged for the team to speak at our youth event in The Hub youth club. Some of the youth from Atlanta spoke, and one of their leader ~~s~~ shared her pa ~~ss~~ ion for social justice and
how she is working in the area of helping to set people free from situations of modern slavery. This was a great inspiration to our youth. Some from the Atlanta team also attended our Warm Hub on the Friday and spoke with the people who had come in for the Warm Hub, as well as making artificial flowers as a craft with the group. Teams from Atlanta went into 3 Primary local Schools in Brynmawr and took ass ~~emblies, which a~~ ll ~~of the schools~~ loved. On the Sunday Zeke Listenbee, a multiple Grammy award nominee, led the worship at VFC and Rich Terry from the team spoke. It was a powerful service, both in the worship and in the message and a very encouraging time throughout the week where many were stirred by the message and enjoyed the cross-cultural connections too. In March we did a live stream of the London Passion play at Tabor, with refreshments and hot cross buns.
5 Charitable Deeds/Mercy Mission-
We continue as a Church to sponsor a child, Jane, from Kenya though the organisation Compassion UK. We have had regular letters from her which we have put on our notice sheet, and have also regularly sent her letters with our news (our thanks to Linda Powell and Angela Edwards for co-ordinating this). Our Foodbank has met weekly, throughout this financial year to supply essential items to individuals and families in Blaenau Gwent. It is part of the Blaenau Gwent Foodbank, overseen by the Trussel Trust. Our thanks to all of the volunteers who have done a fantastic job of serving the public and also to those who have helped with the supermarket collections. Over the winter months we again opened a Warm Hub at Tabor Centre to help support people with the present cost of living crisis. Our thanks to Lisa and her team for running this. In October Trisha Poynter led another Big Quiz night at Tabor, which raised £155 for Tearfund (this went straight to Tearfund through their GoFundMe page rather than going through VFC accounts); and £90,000 was raised through participating Churches. In August we had Diane Aruf from Mercy Ships speak in our morning service and we had a collection for Mercy Ships of £71 which we topped up to £150 from Church funds.
6 Networking-
We continue to be a part of Catalyst Network of Churches. This is one of the spheres of the Newfrontiers network of Churches worldwide. As a Church in Catalyst we are overseen by Andrew and Liz Davies, and are grateful for their ongoing support and encouragement. We give regularly to support the work of the Catalyst Church in Pontypridd, and Stuart has spoken and led worship at their Church. We also receive regular financial support ourselves as a Church, as well as encouragement, from our friends at the Well Church in Loughborough. In February we had a visit from our friends in The Well Church; Martin Bull and Ben and Tori and their 2 children. They led a Prophecy and Discipleship workshop in Tabor which was very helpful and equipping for us. Martin then preached on the Sunday morning and we all had food together after the service. In January we had a Catalyst global day of prayer. It was great to connect with our brothers and sisters in other countries online via Zoom and pray for their current situations. As a Church, we are members of New Wine Cymru and connect with events and meetings with them throughout the year. Presently NWC is focussing on training our Churches to develop a culture of Mission. We continue to be members of the Brynmawr Churches Together, and in February Stuart led the Brynmawr Churches Together Lent Bible study. In October Alice Pepper from Message Wales spoke in our Sunday service and shared about the work God is doing amongst the youth in Wales.
7 Tabor Centre-
This year, due to an increase in running costs we sadly had to make our Centre Manager, Sarah Singh redundant. Sarah has done a fantastic job and we thank her for her years of dedicated service; we are sad to lose her expertise in the running of the Centre. Sarah continues to volunteer managing the invoicing. We are working hard to make Tabor sustainable for the future, saving money where possible and maximizing our income where we can. Tabor continues to be very popular in our local community, providing a much needed Hub for all. It has provided support, learning opportunities, social connection and the provision of flexible, accessible, multipurpose community space in a central location in the town. Our thanks to the VFC T r u s t e e s , leadership team, Tabor Centre Manager and Steering Group, VFC congregation and all volunteers who have been such a blessing to us all throughout the year.
Public Benefit Requirement
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Valleys Family Church CIO
In planning these activities, the Trustees have applied the guidance issued by the Charity Commission on public benefit in December 2008. The activities have brought public benefit to many people through the advancement of religion and the relief of poverty.
Financial Position and Future Plans
We are aware that the results for the financial year continue to show a deficit of expenditure over income, which has increased from the previous year, primarily because of a reduction in income from hiring out rooms. We continue to cut costs as much as we can (including, as referred to above, having to make the C ~~entre Manager r~~ e ~~dundant) and t~~ o increase our efforts to market our facilities, for which we have also increased prices. We are actively looking to reduce the costs of administrative contracts and also proactively seeking advice on ~~possible grants a~~ v ~~ailable.~~
Approved by the Trustees on 21[st] October 2024 and signed on their behalf by:
David Tucker
Stuart Wheatman
David Tucker Trustee
Stuart Wheatman Trustee
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Valleys Family Church CIO
Independent Examiner's Report to the Trustees
I report on the accounts of the Trust for the year ended 31st March 2024, which are set out on pages 7 to 13.
Respective responsibilities of Trustees and Examiner
The Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011(the 201 ~~1 Act) and that~~ a ~~n independent~~ examination is needed.
It is my responsibility to:
examine the accounts under section 145 of the 2011 Act;
follow the procedures laid down in the General Directions given by the Charity Commission under section 145
- (5) (b) of the 2011 Act; and
state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records 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 Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent Examiner's Statement
In connection with my examination, no 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 with section 130 of the Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Paul Burnell
Paul Burnell C Management Services
69 Velindre Road Whitchurch Cardiff CF14 2TF
21[st] October 2024
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Valleys Family Church CIO
Statement of Financial Activities for the Year Ended 31st March 2024
| Unrestricted Funds Restricted Funds £ £ Note Incoming resources Incoming resources from generated funds Voluntary income 2 15,547 1,000 Incoming resources from charitable activities 3,4 11,425 2,000 Total incoming resources 26,972 3,000 Resources expended Costs of generating funds Costs of generating voluntary income Charitable activities 5b 64,640 3,000 Governance costs 7 600 - Total resources expended 65,240 3,000 Net movements in funds (38,268) - Reconciliation of funds: Total funds brought forward 929,404 - Total funds carried forward 891,136 - |
~~To~~tal Funds 2024 £ 16,547 13,425 29,972 67,640 600 68,240 (38,268) 929,404 891,136 |
Tot~~al~~ Funds 2023 £ 19,541 21,056 |
|---|---|---|
| 40,597 | ||
| 66,172 500 |
||
| 66,672 | ||
| (26,075) 955,479 |
||
| 929,404 |
All incoming resources and resources expended derive from continuing activities.
The charity has no recognised gains or losses for the year other than the results above.
The notes on pages 9 to 13 form an integral part of these Financial Statements
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Valleys Family Church CIO
| Balance Sheet as at 31st March 2024 2024 Note £ £ Fixed Assets Tangible Assets 10 872,1~~28~~ Current Assets Cash at bank and in hand 19,783 Creditors: Amounts falling due within one year 11 (775) Net Current Assets 19,008 Net Assets 891,136 The funds of the charity: Unrestricted Funds Unrestricted Income Funds 13 891,136 Total Restricted Funds 13 - Total charity Funds 891,136 |
2023 £ £ ~~892,039~~ 37,865 (500) 37,365 929,404 929,404 - 929,404 |
2023 £ £ ~~892,039~~ 37,865 (500) 37,365 929,404 929,404 - 929,404 |
|
|---|---|---|---|
| ~~8~~ | |||
| ~~,~~ 37,365 |
|||
| 929,404 | |||
| 929,404 - |
|||
| 929,404 |
Approved by the Board on 21[st] October 2024 and signed on its behalf by:
David Tucker Stuart Wheatman David Tucker Stuart Wheatman Trustee Trustee
The notes on pages 9 to 13 form an integral part of these Financial Statements
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Valleys Family Church CIO
Notes to the Financial Statements for the Year Ended 31st March 2024
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities (SORP 2005)', issued in March 2005, applicable accounting standards and the Charities Act 2011.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the Trustees' discretion in furtherance of the objectives of the charity.
Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Further details of each fund are disclosed in Notes 13 & 14.
Fixed Assets
Fixed assets are stated at cost, less accumulated depreciation. Depreciation has been computed to write off the cost of the tangible fixed assets
Furniture and Equipment 25% Reducing Balance Property 2% Straight-line
Incoming resources
Voluntary income including donations and grants that provide core funding or are of a general nature is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract.
Resources expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Costs of generating funds are the costs associated with attracting voluntary income.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.
Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Governance costs
Governance costs include costs of the preparation and examination of the statutory accounts, the costs of Trustee meetings and the cost of any legal advice to Trustees on governance or constitutional matters.
Operating leases
Rentals payable under operating leases are charged in the statement of financial activities on a straight-line basis over the lease term.
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Valleys Family Church CIO
Notes to the Financial Statements for the Year Ended 31st March 2024
| 2 Voluntary Income Unrestricted Funds £ Donations and legacies Appeals and donations 14,927 Tax Reclaimed Grants - other agencies Other Income 620 15,547 3 Grants Receivable Unrestricted Funds £ Warm Hub Grant - 4 Incoming Resources from Charitable Activities Unrestricted Funds £ Tabor Centre Rental income 11,425 5 Details of Charitable Activities 5a Analysis by Source Activities Undertaken Directly £ Church Activities 23,996 Depreciation 19,911 Grants Tabor Centre 21,065 Total Charitable Activities 64,972 |
Restricted Funds £ 1,000 1,000 Restricted Funds £ 2,000 2,000 Restricted Funds £ - Grant Funding of Activities £ 2,668 2,668 |
Total Funds 2024 £ 14,927 - 1,000 620 16,547 Total Funds 2024 £ 2,000 2,000 Total Funds 2024 £ 11,425 Total Funds 2024 £ 23,996 19,911 2,668 21,065 67,640 |
Total Funds 2023 £ 16,488 1,883 1,000 170 |
|---|---|---|---|
| 19,541 | |||
| Total Funds 2023 £ 1,000 |
|||
| 1,000 | |||
| Total Funds 2023 £ 21,056 |
|||
| Total Funds 2023 £ 27,498 20,394 1,518 16,762 |
|||
| 66,172 |
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Valleys Family Church CIO
Notes to the Financial Statements for the Year Ended 31st March 2024
5b Analysis by Fund
| 5b Analysis by Fund | ||||
|---|---|---|---|---|
| Church Activities Depreciation Grants Tabor Centre Total Charitable Activities |
Unrestricted Funds £ 23,996 19,911 1,668 19,065 64,640 |
Restricted Funds £ 1,000 2,000 3,000 |
Total Funds 2024 £ 23,996 19,911 2,668 21,065 67,640 |
Total Funds 2023 £ 27,498 20,394 1,518 16,762 |
| 66,172 |
6 Grants to Institutions
| Name of Institution Activity Hope Community Church Grants Catalyst Network of Churches Grants Urban Saints Grants Governance Costs Unrestricted Funds Restricted Funds £ £ Independent Examiner’s remuneration 600 - |
2024 £ 1,278 120 120 1,518 Total Funds 2024 £ 600 |
2023 £ 1,278 120 120 |
|---|---|---|
| 1,518 | ||
| Total Funds 2023 £ 500 |
7 Governance Costs
Independent Examiner’s remuneration
8 Trustees' remuneration and expenses
Stuart Wheatman received a salary of £14,170 (2023 – £12,500) in his capacity as pastor of the church. No remuneration or expenses were paid to any other Trustee during the year.
9 Employees’ remuneration
The aggregate payroll costs of employees were as follows:
| Wages and salaries | 2024 £ 21,535 |
2023 £ 24,163 |
|---|---|---|
No employee received emoluments of more than £60,000 during the year (2023 – nil)
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Notes to the Financial Statements for the Year Ended 31st March 2024
Valleys Family Church CIO
10 Tangible Fixed Assets
|Freehold
interest in
land and
buildings
(including
heritage
assets)
£
Cost
As at 1 April 2023
923,173
Additions in year
-
As at 31 March 2024
923,173
Depreciation
As at 1 April 2023
36,926
Depreciation for year
18,463
As at 31 March 2024
55,389
Net Book Value
As at 31 March 2024
867,784
As at 31 March 2023
886,247
11
Creditors: Amounts falling due within one year
Accruals and deferred income
12 Related Parties
Controlling Entity
The Charity is controlled by the Trustees.
13
Analysis of Funds
At 1
April
2023
£
General Funds
Unrestricted Income Fund
929,404
929,404
Restricted Funds
Warm Hub Grant
Loneliness & Isolation Grant (for |Youth)
-|Freehold
interest in
land and
buildings
(including
heritage
assets)
£
923,173
-|Plant and
machinery
including
motor
vehicles
£
10,297
-
10,297
4,505
1,448
5,953
4,344
5,792
2024
£
775
Incoming
Resources
£
26,972
26,972
2,000
1,000
3,000|Plant and
machinery
including
motor
vehicles
£
10,297
-||Total
£
933,470
-
933,470
41,431
19,911
61,342
872,128
892,039
2023
£
500
Resources
Expended
£
65,240
65,240
2,000
1,000
3,000|At 31
March
2024
£
891,136|
|---|---|---|---|---|---|---|
||923,173||10,297||||
||36,926
18,463||4,505
1,448||||
||55,389||5,953||||
||867,784||4,344||||
||886,247||5,792||||
||||2024
£
775||||
|||||||891,136|
||||||||
|||||||-|
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Valleys Family Church CIO
Notes to the Financial Statements for the Year Ended 31st March 2024
14 Net Assets by Fund
| Net Assets by Fund | ||||
|---|---|---|---|---|
| Tangible Assets Current Assets Creditors:amounts falling due within one year Net Assets |
Unrestricted Funds £ 872,128 19,783 (775) 891,136 |
Restricted Funds £ - |
Total Funds 2024 £ 872,128 19,783 (775) 891,136 |
Total Funds 2023 £ 892,039 37,865 (500) |
| 929,404 |
15 Transfer of Grant Funds
The Church successfully applied for the following two major grants relating to renovating a disused church building and providing a multi-use community facility in Tabor Centre in Brynmawr:
Welsh Government Community Facilities Programme:
£499,969 in 2016/17 for capital costs associated with the refurbishment of the building.
Big Lottery Fund:
£499,969 in 2016/17-2019/20 (Capital £398,181: Revenue £101,788) to fund building work and professional fees, two part time employment posts, and project delivery costs.
The grant funds were subject to a legal charge on the building, which can remain in place until 2036. The refurbishment works and additions to fixed assets were completed by 2019/20.
In the year ended 31st March 2023, as all the grant requirements had been met, all required reports submitted and the building works in effect "signed off" by the grant-making bodies, the Trustees resolved that these assets and associated funds should be redesignated as "Unrestricted" Funds.
The Trustees also confirmed that a note, as shown below, would be included annually in the Financial Statements.
| Building Fund at 1 April 2023 Transfer from Restricted to Unrestricted Funds Expenditure from Building Fund - depreciation Building Fund at 31 March 2024 |
2024 Unrestricted Funds 950,780 19,911 930,869 |
2024 Unrestricted Funds 950,780 19,911 930,869 |
Restricted Funds - |
2023 Unrestricted Funds £ 971,174 20,394 950,780 |
Restricted Funds £ 971,174 (971,174) |
|||
|---|---|---|---|---|---|---|---|---|
| - |
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