ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
FERRING VILLAGE HALL
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1167736
J E Crathern 5, St Helier Road, Ferring, West Sussex, BN12 5EZ FERRING VILLAGE HALL (Charitable Incorporated Organisation)
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CONTENTS
| Page 3 | Legal and Administrative Information |
|---|---|
| Page 4 & 5 | Trustees' Report |
| Pages 6 | Independent Examiner's Report to the Trustees |
| Page 7 | Statement of Financial Activities |
| Page 8 | Balance Sheet |
| Pages 9 to 14 | Notes to the Financial Statements |
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FERRING VILLAGE HALL
(Charitable Incorporated Organisation)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1167736 DATE OF REGISTRATION 20th June 2016 START OF FINANCIAL YEAR 1st January 2022
END OF FINANCIAL YEAR 31st December 2022
TRUSTEES AS AT 31ST DECEMBER 2022
Simon Cornish Betty McCann Tori Monroe – appointed 21[st] September 2022 Richard Curtis Richard Sims Jeannette O’Sullivan – resigned15th March 2022 Debbie Dilks Bernie Griffin – appointed 21[st] May 2022 Colin Barrett – resigned 21[st] May 2022 Carol Fordyce Keith Cockram – appointed 19[th] July 2022 Jane Crathern – resigned 21[st] May 2022 Andrew Jackson Jo Tuck – appointed 19[th] July 2022 Peter Phillips – resigned 21[st] May 202 LEGAL STATUS Charitable Incorporated Organisation GOVERNING INSTRUMENT CIO - Foundation Registered 20th June 2016
OBJECTS
The objects of the CIO are to run a village hall and to promote for the benefit of the inhabitants of the parish of Ferring and within five miles from its boundaries (the "area of benefit") without distinction of sex, sexual orientation, age, disability, nationality, race or political, religious or other opinions, the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the conditions of life of the said inhabitants.
CORRESPONDENCE ADDRESS
PRIMARY BANKERS
33 South Drive Ferring Worthing BN12 5QU Lloyds Banks Plc 25 Gresham Street London EC2V 7HN
INDEPENDENT EXAMINER
J E Crathern 5, St Helier Road, Ferring, West Sussex, BN12 5EZ
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FERRING VILLAGE HALL
(Charitable Incorporated Organisation)
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2022
Structure, governance and management
The charity is a Charitable Incorporated Organisation (CIO) and governed by its constitution dated 25th May 2016. The previous unincorporated Charity (No: 246345), had been governed by a trust deed dated 6 July 1926. All trustees give their time voluntarily and receive no remuneration or benefits from the charity. The trustees are aware of the Charity Commission guidance on public benefit and confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to it. They consider that the information which follows in this annual report, about the trust’s aims, activities and achievements in the area of interest that the charity supports, demonstrates the benefit to its beneficiaries, and through them to the public, that arises from those activities.
Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. The trustees meet regularly and are responsible for the upkeep of the Village Hall and safeguarding the charity's assets.
Objectives and activities
Ferring Village Hall provides facilities for the many organisations who use it (currently around 60). It is a hub of the village and has provision for the disabled (toilet and parking) . The Hall and its surrounds have been improved in recent years.
Achievements and performance
The Hall has continued to be used and benefits the inhabitants of the village of Ferring, or within a distance of five miles there from, in accordance with rules and regulations, both as set down in the original trust deed and updated by the Trustees to reflect good management practices. Ferring Village Hall is well used by the local community and, since Covid-19 restrictions were removed, has seen a return to pre-covid booking levels.
Ferring Village Hall has continued to operate as a community facility and has been designed to be as flexible as possible to meet the varying needs of the local community. It contains a spacious main hall and two separate meeting rooms. Each of these three rooms has a separate kitchen facility. The rooms are centrally heated and are naturally ventilated. The Hall has been designed in accordance with current regulations for disabled parking, disabled access and a disabled toilet.
Financial review
2022 is the first full year of trading without Covid-19 restrictions, and a new normal level of activities has resumed. We have seen an increase in hires in the last quarter of the year and are looking forward to this continuing into 2023. There has been a programme of capital expenditure to facilitate a number of improvements to the property and facilities during 2022, with further agreed improvements planned for future years.
The trustees therefore report a surplus of £10,604 (2021: restated deficit £5,841) during the financial period. At the yearend the charity had net current assets of £72,323 (2021: £80,953). The Charity also held fixed assets to the value of £712,471 (2021 restated: £693,236) as at 31st December 2021.
Plans for future periods
The charity plans to continue to serve the village community of Ferring.
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FERRING VILLAGE HALL
(Charitable Incorporated Organisation)
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the trustees/members of Ferring Village Hall on the accounts for the year ended 31st December 2022 set out on pages 7 to 14.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
-
follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of
-
the Charities Act, and
-
state whether particular matters have come to my attention
Basis of independent examiner’s statement
My examination was carried out in accordance with 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 the 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.
-
which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the
-
Charities Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed:
Date: / /2023
J E Crathern 5, St Helier Road Ferring, West Sussex, BN12 5EZ
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FERRING VILLAGE HALL
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2022
| Notes INCOMING RESOURCES Incoming resources from Generated Funds Activities for generating funds 4a Investment income TOTAL INCOMING RESOURCES RESOURCES EXPENDED Cost of Generating Funds Charitable Activities Governance Costs TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Total Funds Brought Forward Freehold land & buildings revaluation TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds Restricted funds TOTAL 2022 TOTAL 2021 (restated) £ £ £ £ 47,110 47,110 34,305 235 235 0 |
Unrestricted funds Restricted funds TOTAL 2022 TOTAL 2021 (restated) £ £ £ £ 47,110 47,110 34,305 235 235 0 |
|---|---|---|
| 47,345 0 47,345 34,305 |
||
| 36,431 310 |
36,431 39,576 310 570 |
|
| 36,741 0 36,741 40,146 |
||
| 10,604 0 10,604 -5,841 774,190 774,190 780031 490,000 490,000 |
||
| 1,274,794 0 1,274,794 774,190 |
Note
The accounts for 2021 have been restated to incorporate the capitalisation of a new projector and screen purchased in the year. The change has resulted in losses for 2021 reducing by £3,201
| Summary of the prior year accounting impact: Increase in Tangible Fixed Assets (General Equipment): Cost Depreciation |
£ 4,778 -1,577 |
|---|---|
| 3,201 |
Movements on all reserves and recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 9 to 14 form part of these financial statements.
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| TOTAL 2021 | TOTAL 2021 | ||||
|---|---|---|---|---|---|
| Notes | Unrestricted funds | Restricted funds | foTAL2022 | (restated) | |
| t | f | f | f | ||
| Fixed Assets | |||||
| Tangible Assets | 2 | L20241r | 1202477 | 693,236 | |
| lnvestments | 3 | 0 | 0 | ||
| TotalFixed Assets | 7202477 | o | L20247L693236 |
||
| CurrentAssets | |||||
| CashatBankand inHand | 7 | 72873 | 72873 | 81,523 | |
| Total CurrentAssets | 72873 | 0 | 72873 | 81523 | |
| Creditors | |||||
| Amounts falling duewithinone year | 8 | 550 | 550 | 570 | |
| NET CURRENTASSETS | 9 | 72323 | 0 | 72323 | 80953 |
| TOTALASSETSlesscurrentliabilities | L274794 | o | t274794 | 7741,89 | |
| Creditors: amounts falling due in more than one year | 9 | 0 | |||
| NETASSETS | L274794 | 0 | 7274794 | 714L89 |
|
| Fundsof the Charity | |||||
| GeneralFunds | 1274794 | o | 7274794 | 774189 |
|
| Total funds | L274794 | 0 | L274794774!89 |
FERRING VILLAGE HALL
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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FERRING VILLAGE HALL
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees' meetings and cost of any legal advise to trustees on governance or constitutional matters.
Grants with Performance Conditions
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 specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Support Costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, e.g. allocating property costs by floor areas, or per capital employed, staff costs by the time spent and other costs by their usage.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Pensions
Pension contributions are charged to the Statement of Financial Activities as they become payable.
Unrestricted Funds
These funds can be used for the general objectives of the charity as set out in the trustees' report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted Funds
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of the regular appeals for special offerings made at the Sunday fellowship meetings.
Designated Funds
These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,000. They are valued at cost or, if gifted, at the value to the charity on receipt.
Land & Buildings
Land and Buildings have been valued and included within the accounts at Insurance value as at the 31st December 2022 in accordance with FRS 102 - Previous revaluation as deemed cost.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets on an appropriate basis over their estimated useful lives. The rates applied per annum are as follows:
Fixtures & Fittings 10% Straight line Equipment 33% Straight line Improvements to Freehold 10% Straight line
No depreciation is charged to freehold property as the property is maintained to such a standard that the estimated residual value is not less than cost.
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(Charitable Incorporated Organisation)
FERRING VILLAGE HALL
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
2. TANGIBLE FIXED ASSETS
| Freehold Land & | Freehold | Fixtures & | General | ||||
|---|---|---|---|---|---|---|---|
| Buildings | Improvements | Fittings | Equipment | Total 2022 | |||
| £ | £ | £ | £ | £ | |||
| Cost | 01 January 2022 | (Restated) | 677,000 | 15,675 | 17,700 | 7,493 | 717,868 |
| Additions | 490,000 | 4,268 | 20,607 | 1,038 | 515,913 | ||
| Cost Value at | 31 December 2022 | 1,167,000 | 19,943 | 38,307 | 8,531 | 1,233,781 | |
| Depreciation | 01 January 2022 | (Restated) | - | 9,237 | 11,103 | 4,292 | 24,632 |
| Charge | - | 1,994 | 3,831 | 853 | 6,678 | ||
| Depreciation at | 31 December 2022 | 0 | 11,231 | 14,934 | 5,145 | 31,310 | |
| Net Book Value | 31 December 2022 | 1,167,000 | 8,712 | 23,373 | 3,386 | 1,202,471 | |
| Net Book Value | 31 December 2021 | 677,000 | 6,438 | 6,597 | 3,201 | 693,236 |
Freehold Land & Buildings
See note 12
3. INVESTMENTS
The CIO held no fixed asset investments during this or the previous financial period.
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FERRING VILLAGE HALL
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31ST DECEMBER 2022
4. INCOMING RESOURCES
| 4. INCOMING RESOURCES | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | |||
| Funds | Funds | TOTAL 2022 | TOTAL 2021 | |
| £ | £ | £ | £ | |
| a) Activities for Generating Funds | ||||
| Grant income | 7,667 | 7,667 | 19,374 | |
| Rental Income | 37,750 | 37,750 | 12,563 | |
| Donations | 1,608 | 1,608 | 150 | |
| Other Income - Deposits | 85 | 85 | 2,218 | |
| 47,110 | 0 | 47,110 | 34,305 | |
| b) Investment Income | ||||
| Interest Received | 235 | 235 | 0 | |
| 235 | 0 | 235 | 0 |
5. RESOURCES EXPENDED
| Unrestricted | Restricted | TOTAL 2021 | ||
|---|---|---|---|---|
| Funds | Funds | TOTAL 2022 | (Restated) | |
| £ | £ | £ | £ | |
| a) Charitable Activities | ||||
| Cleaning | 6,001 | 6,001 | 5,913 | |
| Depreciation | 6,678 | 6,678 | 3,026 | |
| IT | 1,664 | 1,664 | 1,190 | |
| Honorarium | 660 | 660 | 720 | |
| Insurance | 1,122 | 1,122 | 956 | |
| Licenses & Subscriptions | 144 | 144 | 144 | |
| Office Costs | 543 | 543 | 536 | |
| Repairs & Maintenance | 12,054 | 12,054 | 8,443 | |
| Building Improvements | 0 | 0 | 13,507 | |
| Sundry costs | 120 | 120 | 0 | |
| Deposit Refunds | 32 | 32 | 1,867 | |
| Utility costs | 7,413 | 7,413 | 3,274 | |
| 36,431 | 0 | 36,431 | 39,576 | |
| b) Governance Costs | ||||
| Independent Examiner's Fees | 310 | 310 | 570 | |
| 310 | 0 | 310 | 570 |
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FERRING VILLAGE HALL
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
6. RESTRICTED FUNDS
The CIO held no Restricted Funds during this or the previous financial period.
7. CASH AT BANK AND IN HAND
| 7. CASH AT BANK AND IN HAND | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | |||
| Funds | Funds | TOTAL 2022 | TOTAL 2021 | |
| £ | £ | £ | £ | |
| Cash at Bank & in Hand | 72,873 | 0 | 72,873 | 81,523 |
| 72,873 | 0 | 72,873 | 81,523 | |
| 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| Unrestricted | Restricted | |||
| Funds | Funds | TOTAL 2022 | TOTAL 2021 | |
| £ | £ | £ | £ | |
| Short term creditors | 550 | 0 | 550 | 570 |
| 550 | 0 | 550 | 570 |
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
9. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this or the previous financial year.
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FERRING VILLAGE HALL
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2022
10. STAFF COSTS AND NUMBERS
The CIO employed no members of staff during this or the previous financial period.
11. TRUSTEES AND OTHER RELATED PARTIES
No payments were made to trustees, or any persons connected with them during this financial period other than approved expenses. No material transaction took place between the organisation and a trustee, or any person connected with them.
12. FREEHOLD LAND & BUILDINGS
The trustees have agreed it has been difficult to ascertain with reasonable certainty the market value of the Land and Building held by the CIO at 90 Ferring Street, Ferring, Worthing, West Sussex, BN12 5JP. The Trustees of the CIO therefore agreed to include the Land & Building in the accounts at Insurance Values as at the 31st December 2022 in accordance with FRS 102 - Previous revaluation as deemed cost. The insurance value of the Land & Building was £1,167,000 at as the 31st December 2022.
13. RISK ASSESSMENT
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
14. RESERVES POLICY
The trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.
15. PUBLIC BENEFIT
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
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