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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 09567950 (England and Wales) REGISTERED CHARITY NUMBER: 1163973

Trustees' Report and

Unaudited Financial Statements for the Year Ended 31st March 2021

for

HORNBY VILLAGE TRUST

David Wootton & Co Main Street Wray Lancaster LA2 8QA

HORNBY VILLAGE TRUST

Contents of the Financial Statements for the Year Ended 31st March 2021

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Page
Trustees' Report 1 to 3
Independent Examiner's Report 4 to 5
Statement of Financial Activities 6
Balance Sheet 7 to 8
Notes to the Financial Statements 9 to 16
Detailed Statement of Financial Activities 17 to 18
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HORNBY VILLAGE TRUST

Trustees' Report for the Year Ended 31st March 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2021. 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

Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit.

The Trust’s objectives are to provide, or assist to provide, facilities for recreation and other leisure time activities for the inhabitants of the Parish of Hornby with Farleton and the surrounding neighbourhood. By having a representative from each parish organisation, the Trust is able to identify the needs of the parish.

Activities for achieving objectives

The Trust will maintain and manage the Hornby Village Institute to provide a venue for the various recreation, leisure time and education activities demanded by the residents of the parish and surrounding areas. Fundraising is an important activity as the monies raised, together with room hire income, will fundamentally assist with the costs of such provision.

Volunteers

The Trust is grateful for the unstinting efforts of its volunteers who are involved in service provision and fundraising. A conservative estimate of over 5,000 volunteer hours were provided during the year. If this is conservatively valued at £7.83 per hour the volunteer efforts amount to over £39,150.

ACHIEVEMENT AND PERFORMANCE

Review of Activities

The Trust provides an excellent venue for a wide range of community activities, and also hosts the Hornby Helpline, co-ordinated volunteer help in our community. A morning “drop in” held daily in the Institute helps keep the community alive, a friendly and warm atmosphere for all.

In the year a National Lottery Grant was applied for and received to cover running costs and additional expenses incurred due to Coronavirus. Local government and job retentions scheme grants were also received and allowed the Institute to open when restrictions allowed.

Fundraising activities

The excellent facilities allow for theatre and musical evenings of various genre, dancing, art exhibitions etc… Room income is supplemented by the profit from our social events.

1

HORNBY VILLAGE TRUST

Trustees' Report for the Year Ended 31st March 2021

ACHIEVEMENT AND PERFORMANCE

Investment policy and performance

Any surplus cash is to be invested, which is currently into the company current bank account.

FINANCIAL REVIEW

Reserves policy

There is currently £24,748 held in the bank account.

FUTURE PLANS

The Trust aims to continue the provision of facilities for recreation and other leisure time activities for the inhabitants of the parish over the immediate period, and the long term.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Hornby Village Trust is a company limited by guarantee. The company was incorporated on 29 April 2015 as Hornby Village Trust. The company commenced trading on 17 November 2015.

Method of appointment or election of trustees

The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the scheme.

Organisational structure and decision making

There are 8 Trustees who sit on a Committee of Society Representatives (COSR). The COSR has representation from all the user groups and is the formal mechanism for dialogue between users, the community at large and the Management Committee. The COSR meet quarterly.

Policies adopted for the induction and training of trustees

Whilst there is no formal training or induction process, the Trustees are familiar with the objectives of the Trust and, through an informal process, are brought in to the body of Trustees. The Trustees rely on their life experiences and common sense to make any decisions relating to the Trust.

Related parties

The Company has a wholly owned non-charitable subsidiary company Hornby Village Trust Trading Limited (company number 09541606), the principle activity of which is the running of the bar at Hornby Institute.

2

HORNBY VILLAGE TRUST

Trustees' Report for the Year Ended 31st March 2021

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 09567950 (England and Wales)

Registered Charity number

1163973

Registered office

Hornby Institute Main Street Hornby Lancaster Lancashire LA2 8JR

Trustees

Mr D J Collins (resigned 19.10.20) Mr P King Mrs J E Sakne Mrs P Seber Mrs C Smith Mrs C Webster Mrs A Griffiths Mrs J A Lloyd

Independent Examiner

David Wootton & Co Main Street Wray Lancaster LA2 8QA

Approved by order of the board of trustees on 13th December 2021 and signed on its behalf by:

Mr P King - Trustee

3

Independent Examiner's Report to the Trustees of Hornby Village Trust

Independent examiner's report to the trustees of Hornby Village Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company 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 accounts 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.

4

Independent Examiner's Report to the Trustees of Hornby Village Trust

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

David Wootton Chartered Management Accountant David Wootton & Co Wray Lancaster

13th December 2021

5

HORNBY VILLAGE TRUST

Statement of Financial Activities for the Year Ended 31st March 2021

Unrestricted
Restricted
fund
funds
Notes
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
5,538
12,332
Charitable activities
Room Rental Income
9,928
-
Grant Making
36,377
21,900
Other trading activities
2
2,409
-
Investment income
3
60
-
Other income
3,694
-
Total
58,006
34,232
EXPENDITURE ON
Raising funds
4
30,609
17,339
Charitable activities
Room Rental Income
13,005
17,560
Grant Making
300
-
Total
43,914
34,899
NET INCOME/(EXPENDITURE)
14,092
(667)
RECONCILIATION OF FUNDS
Total funds brought forward
6,160
667
TOTAL FUNDS CARRIED FORWARD
20,252
-		 2021
Total
funds
£
17,870
9,928
58,277
2,409
60
3,694
92,238
47,948
30,565
300
78,813
13,425
6,827
20,252		 2020
Total
funds
£
8,258
22,357
-
18,428
-
1,182
50,225
27,777
23,635
724
52,136
(1,911)
8,738
6,827

The notes form part of these financial statements

6

HORNBY VILLAGE TRUST

Balance Sheet 31st March 2021

Unrestricted
Restricted
fund
funds
Notes
£
£
FIXED ASSETS
Investments
8
100
-
CURRENT ASSETS
Debtors
9
6,059
-
Cash at bank
24,748
-
30,807
-
CREDITORS
Amounts falling due within one year
10
(10,655)
-
NET CURRENT ASSETS
20,152
-
TOTAL ASSETS LESS CURRENT
LIABILITIES
20,252
-
NET ASSETS
20,252
-
FUNDS
11
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2021
Total
funds
£
100
6,059
24,748
30,807
(10,655)
20,152
20,252
20,252
20,252
-
20,252		 2020
Total
funds
£
100
2,296
7,976
10,272
(3,545)
6,727
6,827
6,827
6,160
667
6,827

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2021 in accordance with Section 476 of the Companies Act 2006.

The notes form part of these financial statements

continued...

7

HORNBY VILLAGE TRUST

Balance Sheet - continued 31st March 2021

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 13th December 2021 and were signed on its behalf by:

Mr P King - Trustee

The notes form part of these financial statements

8

HORNBY VILLAGE TRUST

Notes to the Financial Statements for the Year Ended 31st March 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from corporation 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.

continued...

9

HORNBY VILLAGE TRUST

Notes to the Financial Statements - continued for the Year Ended 31st March 2021

1. ACCOUNTING POLICIES - continued

Fund accounting

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. OTHER TRADING ACTIVITIES

Fundraising events
3.
INVESTMENT INCOME
Deposit account interest
4.
RAISING FUNDS
Investment management costs
Property repairs		 2021
£
2,409
2021
£
60
2021
£
25,769		 2020
£
18,428
2020
£
-
2020
£
-

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020.

continued...

10

HORNBY VILLAGE TRUST

Notes to the Financial Statements - continued for the Year Ended 31st March 2021

5. TRUSTEES' REMUNERATION AND BENEFITS - continued

Trustees' expenses

Trustees only received reimbursed expenses.

6. STAFF COSTS

The average monthly number of employees during the year was as follows:

7.

Administration
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
6,867
Charitable activities
Room Rental Income
22,357
Other trading activities
18,428
Other income
1,182
Total
48,834
EXPENDITURE ON
Raising funds
27,777
Charitable activities
Room Rental Income
23,635
Grant Making
-
Total
51,412		 2021
2
Restricted
fund
£
1,391
-
-
-
1,391
-
-
724
724		 2020
1
Total
funds
£
8,258
22,357
18,428
1,182
50,225
27,777
23,635
724
52,136

continued...

11

HORNBY VILLAGE TRUST

Notes to the Financial Statements - continued for the Year Ended 31st March 2021

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7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund fund funds
£ £ £
NET INCOME/(EXPENDITURE) (2,578) 667 (1,911)
RECONCILIATION OF FUNDS
-
Total funds brought forward 8,738 8,738
TOTAL FUNDS CARRIED FORWARD 6,160 667 6,827
8. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£
MARKET VALUE
At 1st April 2020 and
31st March 2021 100
NET BOOK VALUE
At 31st March 2021 100
At 31st March 2020 100
There were no investment assets outside the UK.
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continued...

12

HORNBY VILLAGE TRUST

Notes to the Financial Statements - continued for the Year Ended 31st March 2021

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9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Trade debtors 234 2,296
-
Amounts owed by group undertakings 5,825
6,059 2,296
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Trade creditors 10,655 3,545
11. MOVEMENT IN FUNDS
Net
movement At
At 1.4.20 in funds 31.3.21
£ £ £
Unrestricted funds
General fund 6,160 14,092 20,252
Restricted funds
Roof Fund 667 (667) -
TOTAL FUNDS 6,827 13,425 20,252
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continued...

13

HORNBY VILLAGE TRUST

Notes to the Financial Statements - continued for the Year Ended 31st March 2021

11. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
58,006
(43,914)
Restricted funds
Roof Fund
12,333
(13,000)
Covid Lottery Fund
21,899
(21,899)		 Movement
in funds
£
14,092
(667)
-
34,232
(34,899)		 (667)
TOTAL FUNDS
92,238
(78,813)		 13,425
Comparatives for movement in funds
Net
movement
At 1.4.19
in funds
£
£
Unrestricted funds
General fund
8,738
(2,578)
Restricted funds
Roof Fund
-
667		 At
31.3.20
£
6,160
667
TOTAL FUNDS
8,738
(1,911)		 6,827

continued...

14

HORNBY VILLAGE TRUST

Notes to the Financial Statements - continued for the Year Ended 31st March 2021

11. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Roof Fund		 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
48,834
(51,412)
(2,578)
1,391
(724)
667
TOTAL FUNDS 50,225
(52,136)
(1,911)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Net
movement
At 1.4.19
in funds
£
£
8,738
11,514
8,738
11,514		 At
31.3.21
£
20,252
20,252

continued...

15

HORNBY VILLAGE TRUST

Notes to the Financial Statements - continued for the Year Ended 31st March 2021

11. 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
Roof Fund
Covid Lottery Fund		 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
106,840
(95,326)
11,514
13,724
(13,724)
-
21,899
(21,899)
-
35,623
(35,623)
-
TOTAL FUNDS 142,463
(130,949)
11,514

12. RELATED PARTY DISCLOSURES

The Charity sold goods and services, at cost, to its subsidiary trading company, Hornby Village Trust Trading Company Limited, totalling £1,500 (2020 £5,890). At 31st March 2020 there was £1,500 owed to the Charity.

16

HORNBY VILLAGE TRUST

Detailed Statement of Financial Activities for the Year Ended 31st March 2021

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Other trading activities
Fundraising events
Investment income
Deposit account interest
Charitable activities
Room Rental
Grants
Other income
Sundry Income
Total incoming resources
EXPENDITURE
Raising donations and legacies
Wages
Events
Other trading activities
Bad debts		 2021
£
17,870
2,409
60
9,928
58,277
68,205
3,694
92,238
20,261
-
20,261
1,918		 2020
£
8,258
18,428
-
22,357
-
22,357
1,182
50,225
22,751
5,026
27,777
-

This page does not form part of the statutory financial statements

17

HORNBY VILLAGE TRUST

Detailed Statement of Financial Activities for the Year Ended 31st March 2021

Other trading activities
Investment management costs
Property repairs
Charitable activities
Rates and water
Insurance
Light and heat
Telephone
Sundries
Licence Fees
Office Costs
Equipment
Waste
Repairs and Renewals
Food Parcels
Grants to institutions
Support costs
Governance costs
Accountancy and legal fees
Total resources expended
Net income/(expenditure)		 2021
£
25,769
916
4,933
6,882
399
2,221
200
2,154
10,349
548
-
1,963
-
30,565
300
78,813
13,425		 2020
£
-
1,825
3,961
10,296
387
397
544
41
245
850
4,310
-
724
23,580
779
52,136
(1,911)

This page does not form part of the statutory financial statements

18