REGISTERED CHARITY NUMBER: 1175459
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
Kirklands (Menston) Trust
Hollings Crowe Storr LLP 14 Beech Hill Otley West Yorkshire LS21 3AX
Kirklands (Menston) Trust
Contents of the Financial Statements for the Year Ended 31 March 2024
| 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 |
Kirklands (Menston) Trust
for the Year Ended 31 March 2024
Report of the Trustees
The trustees present their report with the financial statements of the charity for the year ended 31 March 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
To manage & develop the Kirklands Estate for the benefit of Menston residents by providing & enabling educational,recreational and sporting facilities
The Trust manages Kirklands as tenant to CBMDC, overseeing Public Hall, Community Centre, Children's day care & pre-school, Bowling Club, Library Services, Public Conveniences and permitted commercial activiy.
At all times,Trustees have due regard to the Charity Commission guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Space-utilisation has continued to increase,leading to greater revenue and trading surplus.
The "Warm Spaces" initiative has been maintained in the Library.
The "Community Fridge" initiative has expanded and now operates permanently under the oversight umbrella of the Trust Board.
The Trust has Spent £59,000 (and committed another £8,000) to improve the energy-performance and electrical capacity of the iolder part of the building. CAPEX of £18,000 to complete the upgrading of windows has been approved for 2024-25.
FINANCIAL REVIEW
Financial position
Operating Surplus £4,532 Closing Cash £67,015
The Trust has a policy of maintaining a minimum of three months revenue expenses in cash
Reserves held £305,733.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Charity constitution
Charitable Incorporated Organisation
Recruitment and appointment of new trustees
Open to application by any resident of Menston.
One Trustee position is reserved for nomination by Menston Parish Council.
Page 1
Kirklands (Menston) Trust
Report of the Trustees for the Year Ended 31 March 2024
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1175459
Principal address
Kirklands (Menston) Trust 119 Main Street Menston LS29 6HT
Trustees
D Smith E J Brundle J Gadd C Thornton (resigned 30.9.23) R Wightman N Dunn D M Aldred E Hughes (appointed 1.5.23) (resigned 31.7.23) A Roberts (appointed 1.7.23) J White Chairman S Kelsey (appointed 1.1.24) H Woods (appointed 1.5.24)
Independent Examiner
Anthony Bradbury Hollings Crowe Storr LLP 14 Beech Hill Otley West Yorkshire LS21 3AX
OTHER OPTIONAL INFORMATION
The Trustees record again their appreciation to the Manager and Staff of Kirklands for their continued commitment and their contribution to the success of this increasingly popular public facility.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
..........................................................
R Wightman - Trustee
Page 2
Independent Examiner's Report to the Trustees of Kirklands (Menston) Trust
Independent examiner's report to the trustees of Kirklands (Menston) Trust
I report to the charity trustees on my examination of the accounts of Kirklands (Menston) Trust (the Trust) for the year ended 31 March 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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Anthony Bradbury
Hollings Crowe Storr LLP 14 Beech Hill Otley West Yorkshire LS21 3AX
Date: .............................................
Page 3
Kirklands (Menston) Trust
Statement of Financial Activities for the Year Ended 31 March 2024
| 31.3.24 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 29,247 Charitable activities General 4,528 Other trading activities 2 102,058 Investment income 3 69 Other income 13,862 Total 149,764 EXPENDITURE ON Charitable activities General 145,232 NET INCOME 4,532 RECONCILIATION OF FUNDS Total funds brought forward 301,201 TOTAL FUNDS CARRIED FORWARD 305,733 |
31.3.23 Total funds £ 22,796 - 88,958 - 4,000 115,754 114,614 1,140 300,061 301,201 |
|---|---|
The notes form part of these financial statements
Page 4
Kirklands (Menston) Trust
Balance Sheet 31 March 2024
| 31.3.24 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 8 299,775 CURRENT ASSETS Debtors 9 3,702 Cash at bank 67,015 70,717 CREDITORS Amounts falling due within one year 10 (25,376) NET CURRENT ASSETS 45,341 TOTAL ASSETS LESS CURRENT LIABILITIES 345,116 CREDITORS Amounts falling due after more than one year 11 (39,383) NET ASSETS 305,733 FUNDS 12 Unrestricted funds 305,733 TOTAL FUNDS 305,733 |
31.3.23 Total funds £ 245,260 2,498 84,756 87,254 (14,646) 72,608 317,868 (16,667) 301,201 301,201 301,201 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J White - Trustee
............................................. R Wightman - Trustee
The notes form part of these financial statements
Page 5
Kirklands (Menston) Trust
Notes to the Financial Statements for the Year Ended 31 March 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.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Legacy income is recognised when receipt is probable and entitlement is established.
Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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continued...
Kirklands (Menston) Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Expenditure
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 4% straight line Fixtures and fittings - 4% straight line
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.
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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continued...
Kirklands (Menston) Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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continued...
Kirklands (Menston) Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. OTHER TRADING ACTIVITIES
| Room hire Sundry income INVESTMENT INCOME Deposit account interest |
31.3.24 £ 99,708 2,350 102,058 31.3.24 £ 69 |
31.3.23 £ 87,482 1,476 88,958 31.3.23 £ - |
|---|---|---|
3. INVESTMENT INCOME
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
5. STAFF COSTS
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 43,445 | 37,505 |
| Employer contribution to pension plans | 308 | 276 |
| 43,753 | 37.781 | |
The average head count of employees during the year was 4 (2022:4)
No employee received employee benefits of more than £60,000 during the year (2022: Nil)
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continued...
Kirklands (Menston) Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
6. INDEPENDENT EXAMINATION FEES
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for independent examination of the financial statements |
750 | 750 |
7. GRANT INCOME RECEIVED IN ADVANCE
The income received in advance relates to £5,000 for 2nd December 2021, £12,500 for the necessary upgrade to the estate's main electrical distribution on 28th March 2023, and £25,000 on 12th September 2023 for the replacement of windows, released at a rate of 4% per year. The balance of the funds are included in long term creditors (see note 11) and are being released over the life of the assets.
8. TANGIBLE FIXED ASSETS
| COST At 1 April 2023 Additions At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Freehold property £ 269,099 67,311 336,410 31,574 12,465 44,039 292,371 237,525 |
Fixtures and fittings £ 8,280 - 8,280 545 331 876 7,404 7,735 |
Totals £ 277,379 67,311 344,690 32,119 12,796 44,915 299,775 245,260 |
|---|---|---|---|
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continued...
Kirklands (Menston) Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 £ Trade debtors 3,702 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 £ Trade creditors 8,040 Other creditors 17,336 25,376 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.24 £ Long Term Grants 39,383 12. MOVEMENT IN FUNDS Net movement At 1.4.23 in funds £ £ Unrestricted funds General fund 301,201 4,532 TOTAL FUNDS 301,201 4,532 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 149,764 (145,232) TOTAL FUNDS 149,764 (145,232) |
31.3.23 £ 2,498 31.3.23 £ 117 14,529 14,646 31.3.23 £ 16,667 At 31.3.24 £ 305,733 305,733 Movement in funds £ 4,532 4,532 |
|---|---|
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continued...
Kirklands (Menston) Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.4.22 in funds £ £ Unrestricted funds General fund 300,061 1,140 TOTAL FUNDS 300,061 1,140 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 115,754 (114,614) TOTAL FUNDS 115,754 (114,614) |
At 31.3.23 £ 301,201 301,201 Movement in funds £ 1,140 1,140 |
|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 12
Kirklands (Menston) Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| 31.3.24 Unrestricted funds £ INCOME AND ENDOWMENTS Donations and legacies Grants 29,247 Other trading activities Room hire 99,708 Sundry income 2,350 102,058 Investment income Deposit account interest 69 Charitable activities Community Fridge Income 4,528 Other income Ground rent 13,862 Total incoming resources 149,764 EXPENDITURE Charitable activities Wages 43,445 Pensions 308 Rates and water 2,316 Insurance 2,064 Light and heat 39,432 Telephone 592 Postage and stationery - Other office costs 3,451 Sundries 2,844 Repairs and renewals 24,331 Cleaning costs 6,566 Trade Waste 734 Community fridge expenses 1,417 Depreciation of tangible fixed assets 12,796 Legal and professional fees 3,852 144,148 |
31.3.23 Total funds £ 22,796 87,482 1,476 88,958 - - 4,000 115,754 37,505 276 256 2,112 31,692 607 66 3,121 6,087 13,367 5,826 - - 10,957 2,742 114,614 |
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This page does not form part of the statutory financial statements
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Kirklands (Menston) Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| 31.3.24 Unrestricted funds £ Support costs Management Advertising 1,084 Total resources expended 145,232 Net income 4,532 |
31.3.23 Total funds £ - 114,614 1,140 |
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This page does not form part of the statutory financial statements
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