THE VICTORIA FIELD CHARITY CIO ACCOUNTS YEAR ENDED 31 MARCH 2024 CONTENTS PAGE Trustees, report Independent accountants, report Statement of financial activities Balance sheet Notes to the accounts Registered Charity number 1182923
THE VICTORIA FIELD CHARITY CIO TRUSTEES. REPORT The trustees present their report with the statulory aGcounts of the charity for Ihe year ended 31 March 2Q24. PRINCIPAL ACTIVITIES AND OBJECTIVES The principal activilies of the charity during the year under review were to provide or assist in the provision of facilities for the inhabitants of the district of Mendip, and in particular the parish of Street or the neighbourhood thereof, for recreation or other leisure-time occupation in the interests of social welfare, with the object of improving the conditions of life for the said inhabitants. TRUSTEES The trustees holding office during the period were as follows.. Richard Clark Peter Goater Anthony Morgan Jean Howard Adrian Sparkes STRUCTURE, GOVERNANCE AND MANAGEMENT The Victoria Field Charity CIO is a foundation charitable incorporated organisation registered on l O April 2019. Its registered charity number is 1182923 and the address of its principal office is Victoria Field, Leigh Road, Street, Somerset BA16 OHB. The charity trustees manage the affairs of the CIO and may for that purpose exercise all the powers of the CIO. Except for the lirst trusteees, all trustees are appointed for 3 years. The existing trustees appoint new trustees in a properly convened meeting of the charity trustees. The maximum number of charity trustees is 9 and the minimum 3. The following bodies may nominate and appoint up to 2 trustees each -street Parish CounGiI and Clark Foundation. Any trustee Gan call a meeting of the charity trustees and subjeGt to that the trustees decide how their meetings are called and what notice is required. rhe major risks to which the charity is exposed, as identified by the trustees, have been reviewed and syslems or procedures have been established to manage those risks. Page 1
ACHIEVEMENTS AND PERFORMANCE The ¢ore business of the Charlty is lo manage and maintsin buildings and plawng areas. These arg US8d by the SEX)rting and recreational clubs affiliated lo the Charity and are also available for general hire. In addition, accommodation and servioes are provlded for the Victoria Field Social Club, with Social Club membership being a prerequisite to membership of affilial8d clubs. FINANCIAL REVIEW The review of the basis for the determination of rents comrnenced in the previous year was completed during the year and il was agreed that.. Rents would be calculated as a proportlon of the Charify's costs related to the ar&a ocGupled, and common costs allocated on the basis of the number ol members. Revenue costs wholly allributable to each activity would be directly reimbursed by the tenants. Facities Manager costs lo be allributable lo the Victoria So¢l81 Club and lo be responsible for the generation of addiliorlal inGome. The demand for the hlre ol the facilities sirkce Covid has not fully recovered and r&grelfully in some cases declined. and no additional grants have been available.Tho operating costs have risen and the Charity has thereby incurred a loss for the year of £7085. The Trustees are. conllnually reviewing the costs of the Charity's activitses which may mean increasing charges, undertaking aotivitles on a voluntary basis or seeking sponsorship or grant funding. Chairman Dated.. 17 Page 2
INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF THE VICTORIA FIELD CHARITY CIO I report on the accounts of The Victoria Field Charity CIO for the year ended 31 MarGh 2024 which are set out on pages 4 to 9. Respective responsibilities of trustees and reporting accountant The charily's trustees are responsible for the preparation of the accounts. They consider that an audit is ni required for thls year {under section 14412) of the Charities Act 20111 and that an independent examinatior is needed. It is my responsibility to examine Ihe accounts (under section 145 of the Charities Act 2011), to follow the procedures l<Jid down in the General Directions given by the Charity Commissioners (under section 145{5){bl of Ihe Charities AGt 2011) and to state whether particular matters have come to my attention. Basis of independent examiners. report Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presenled with those records. It also inGludes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such malters. The procedures undertaken do not provide all the evidence that would be required in an au( and, consequently, we do not express an audit opinion on the view given by the accounts. Independènt examiners, statement In connection with our examinalion, no matter has Gome to our attention which gives us reasonable caus8 to believe that, in any material respect, the requirements to keep accounting records in accordance with s130 of the Charities Act 2011 and lo prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act 2011 have not been met, or to which, in our opinion. attention should be drawn in order to enable a proper understanding of the accounts lo be reachei Maxwell Foote Max Foote Associates Limi18d Chartered Certified Accountants 2 Bailey Hill Castle Cary Sornerset BA7 7AD Dated- 1910612024 Page 3
THE VICTORIA FIELD CHARITY CIO STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Note 2024 2024 Unrestricted Restricted Fund Funds 2024 Total 2023 Total Income and endowments Donations Charitabla acllvilios Investment income - interest received Other 2,600 124.476 114,748 75 12,769 114,748 75 12,769 3.545 127,592 130,621 Total income 127,592 Expenditur8 Charitable activities Olher 112,787 21,890 112,787 21,890 107.378 17,666 Total expenditure 134,677 134,677 125,044 Net income representlng a net movement in funds 17,085) (7,085) 5,577 Reconcillation of funds Total funds brought forward 502,366 502.366 496,789 Total funds carrled foNard 495,281 495,281 502,366 Page 4
THE VICTORIA FIELD CHARITY CIO BALANCE SHEET AT 31 MARCH 2023 Note 2024 2023 Fixed assets Tangible assets 475,488 475,901 Current assets Debtors Cash at bank and in hand 20,401 17,818 22,127 28,393 Total current assets 38,219 50,520 Creditors Amounts falling due within one year 10 (14,2471 {18,9271 Net current assets 23.972 31,59., Total assets less current liabilities 499,460 507.49,. Creditors Amounts falling due after more than one year 10 (4,179) {5,13', Total net assets 495,281 502,361 The funds of the charity: Restricted income funds Unreslricted inc(Jme funds 495,281 502.361 495,281 502,361 Page 5
THE VICTORIA FIELD CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 1. ACCOUNTING POLICIES The prlncipal accounting policies adopted In the preparatn of the financlal statements 8re set out below and have b8en con51stently applied wlthln the 5aM8 accounls. 1.11 Basls of aGcountlng The accounts have been prepared under the historl¢al ¢osi convention with re¢ogni5Ed at Cost or transaction value unl8ss oihewise stal8d in the no188 lo thes8 accounls. The accounts have also been Prepared in acGardance with the Statemant of R8CA)tnmended Pia¢llce.' Accountinq and Reportlng by Charities ppalig IheSr accounts In accordance wilh Iha Financial Reportlng Standard appll¢able in the UK and RepubSic of Ire18nd IFRS 1021 leffaclive 1 January 20151- ICharitl8s SORP FRS fj021 and the Financial Reporiing Standard 2pplÈcable in the Unit8d Kinudom and Republlo of Iroland IFRS 1021 Iseptember 20151 and th8 Charities Act 2011. q.21 Recognltlon of Income In¢oMe Is included In Ihe Slatem8nt ol Fn80?1 Activities ISOFAI when the charity becomes entitl the resources, It is rnore likely than nol that the trustees will recelve the resources. and the nKsnetsry value can b8 measurs with suifie18nlly r&li8bilty. 1.31 Llabllity r¢toglI10n Liabilllles ar8 recognised whèn il Is m(xe likely th8n not thdl thaTe Is 8 legal or construdlvo obligatlon mmittsng the ch8ri(y to P8y Oilt r850UTces, and the amount lll the obligatn can be measur&d with reason£ble e8rt81nty. 1.41 Governance an(1 $uppcrt cost8 Support costs have bèen allocated belwpÈn governance coslx and the provision of18isure lacllllios. Govemanco c051$ ¢omprisg all costs involving public ac¢ouiitablllly ol the chtrIlY and Its cornpllanc8 with iegulation alld good practice. Support costs Includo •nlr81 lunLlions and h8VB been allocated to actfvlty cost categories on 8 basis (x)n8islenl with Ihe uso of the resouices. l.sl Tangiblè lÈxed assets for uso by the charlly Tangible fix&d as5els held for lh8 Gharity'8 own use 8re stst8d at cost l&ss accumulated depreciatlon and accutDulaled impairrnenl losses. Depreclatlon has been compul8d to wlt& off the cost of tanglble fixed assets Sess r6ddual value tsver Iheir expected useful Ilves using the following rat8S:_ Flxtures, Ilttings ad aqulpment 20QA straight Iln8 Computer equipmsnl 33% $trdt9ht Ilna Th8 Chari15R5 P8rmanent freehold bulldings hav8 not been d8preslated. The labrlc of thes8 buildlws will be maintainéd to a hlgh standard and as a r88ult thelr useful life will not be impairad. Al aach balance sheét dato, the oharlty r6views tha Carrn arnount of ils tangible fixec5 assets lo detertnints whethèr there is 8ny indicalion Ihal any items liave suff8red an Impairment soss. If any such Indication exisls, the r8coverable amount of 8n asso118 esllmaled in ord8r to determine thè 8xtent of the impairrwnt loss, if any. Wh8re11 is not possibl8 to esllmate the recoverablE amount of the asset, the ¢harlly esllmales the recovprable amount of the cash-generating unll lo which the asset belong5. 1.61 Funds structure Unrestlted fund Income within thls fund has been generated by the charity and the use of such income has not b88n restricted lo a parti¢ular purpose. In addition lo rn86ling the costs of aclivilles In furtherance of Ihp charlly's obl&cts, the unrestricted fund has to pay for th8 genÈral admsnlslration ol tha cornp8ny. Restsicled funds These arè fuiids reslricted lo a p3rilwl8r purpose. Pag& 6
THE VICTORIA FIELD CHARITY CIO NOTES TO THE AcCourS YEAR ENDED 31 MARCH 2024 INCOME AND ENDOWMENTS Total funds 2024 Total funds 2023 Unreslricléd Re5kncled funds funds Donatlons 2.600 INCOME FROM CHARITABLE ACTIVITIES Hire of facilities Renl rec8lvable frotn spoils sectbns Rent rèceivable from 50clal club Recharge of costs Io soci81 club and sports s6clions 17,592 41,929 47,540 7,687 17,592 41,929 47,540 7,687 19,173 57,ggD 41.433 5,880 Total Income Irom ¢harÈtable actlvitles 114,748 114,748 124.476 OTHER INCOMING RESOURCES Tolal ltsnds 2024 Total funds 2023 Unreslilcted Reslrtded fund8 funds 12.789 Miseellan8cxJs r&fund5 Gov6rntnpnt local authorfty grants 12,769 3,545 12,769 12.769 3,545 EXPENDITURE Act1eS undertaken dlreGUy Support Costs Total 2024 Total 2023 Expendiiure on chaiitable aetivltles restricted Impravement of recreatioft and leisure facllities Repairs and renewals 2,6(X) 2,600 Expendlture on charltable actlvltie5- unrgstficted Rates Waler rates Improvement tsl recreation and leisura f2ci51ties Repalrs and renwRIs Grounds maintenance Fleat and light Lgaslng charges Cleaning Donations Irreuv8rabl& VAT Support C051s- not8 6 1,082 3,192 2.2B5 5,999 1,626 38,029 732 2,282 3.809 3,809 5,889 2,933 43,243 471 3,820 5.669 2,933 43,243 471 3.620 3,256 3.256 49.786 2,826 46,725 49,786 63,001 49,788 112,787 104,778 other Expendlture L8gal, pr()lesslonal and IlcÈnc85 Audit and a¢countan¢y Haalth and safety Support costs- note 6 1,947 2,101 150 1,947 2,101 150 17,692 1.520 1.872 450 13.824 fj7,692 4,198 17.692 21,890 17.666 Pa98 7
THE WCTORIA FIELD CHARITY CIO NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 ALLOCATION OF SUPPORT COSTS BY ACTIVITY Prowsion Applxtionment of léisure method Total 2D24 Total 2023 Gov8rnan¢È Salari08 Penslon contrlbuuons Insur8nce Telephona Postage, slalionery and comput8r consumables Advertislng Bank charges Sundry expenses Depreciailon of fixtUS and 8ouipmenl Headcounl Headcount Actual Usag2 Usage Actual U.%agg Usag& Usag8 38.994 987 8,909 486 521 68 212 15.838 54,832 387 8,909 972 .043 68 849 52.076 444 5.849 760 635 486 522 637 339 28 418 209 209 418 49,786 17,692 67,478 60,54g STAFF COSTS 2024 2023 Gross wagos and sala]les Pension contributions 54.832 387 52,076 444 55,219 52,520 Average number of employees The Iru8te8s received no ramuneralion in their capaclty as truslees in the persod. TANGIBLE FIXED ASSETS Freehold Fixtures & prc>perty oqulpment Tot81 COST At l April 2023 Addlllons Dlsposals 475,(0 2,509 477,509 11,0881 {1.0881 Al 31 March 2024 475.oots 1,421 476,421 DEPRECIATION Al 1 April 2023 Charge for the p8rlod Ellminat8d on disp05als 11,6031 11,8031 14181 {4181 1,088 1,088 Al 31 March 2024 19331 19331 NET BOOKVALUE Al 31 March 2024 475,OQO 488 475,488 Al 31 March 2023 475,000 475.906 Page 8
THE VICTORIA FIELD CHARITY CIO NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 LIEBTORS 2024 2023 Trade deblars Amwnts de from Vlcloria Field Social Club other debtor8 2.316 18,085 4,603 17,524 2(k,401 22,127 10 CREDITORS . amounts falllng due wilhln on8 year 2024 2023 Bank loan Trad8 credltors Other creditors 1.631 723 11,893 2,115 200 fj6,612 14,247 18.927 CREDITORS - amounts falling due after more than one year Bank loan 4,179 5,133 11 MOVEMENTS IM FUNDS Unrestricted Reqtrirled Funds Funds Total Funds Al 1 April 2023 Nel mov8menl in funds in peri 502,366 17,0851 502,366 17,0851 Balanc8 at 31 Mar¢h 2024 495,281 495.281 12 FINANCIAL RESOURCES OF SPORTS SECTIONS 2024 2023 Victor18 Islreell Indoor Bowling Club 30.294 29,253 Str881 Bowling Club 11.751 10,617 Victoria Lawn Tennls Club 30,408 32,482 Slr891 Crlckel Club 10,(146 9,439 Slreol Squash & Racketball Club 6.437 8,390 Abbéy Croqu61 Club 916 88,936 91,097 Page 9