TRUSTEES OF VICTORIA HALL
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] JUNE 2021
Charity No: 220946
TRUSTEES OF VICTORIA HALL
CONTENTS
| Pages | |
|---|---|
| Administrative Details | 1 |
| Report of the Trustees | 2 - 4 |
| Report of the Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Accounting Policies | 8 |
| Notes to the Financial Statements | 9 - 10 |
TRUSTEES OF VICTORIA HALL
ADMINSTRATIVE DETAILS
DETAILS OF THE TRUST
The trust is an unincorporated association and a registered charity, governed by a trust deed dated August 1899.
The principal objectives of the trust are the management, maintenance and improvement for the Victoria Hall, Oakham.
| Charity No: | 220946 | |
|---|---|---|
| Trustees: | ||
| Co-optive - | P Jones | (Chairman) |
| R Haynes | (Secretary) | |
| J Snell | ||
| M Pearson | ||
| J Telling | ||
| G P Clifton | ||
| Oakham Town Council - | J Denyer | |
| Rutland County Council - | P Ainsley | |
| Principal Address: | 39 High Street | |
| Oakham | ||
| Rutland | ||
| LE15 6AH | ||
| Independent Examiner: | Hills Accountants | |
| Bankers: | HSBC Bank, PLC | |
| Oakham |
.1.
ANNUAL REPORT OF THE TRUSTEES OF THE VICTORIA HALL
FOR THE YEAR ENDED 30[TH] JUNE 2021
The trustees present their report together with the financial statements for the year ended 30 June 2021.
HISTORY
The charity was first registered in August 1899 to administer the Victoria Hall, Oakham, the building having been originally built as an Agricultural Hall and held under an Indenture dated October 1858. The charitable status of the Hall Trust has been approved by the Inland Revenue and no taxation is payable on the income of the Trust.
OBJECTS
The freehold title to the Hall has been held on behalf of the Trustees by the Charity Commissioners since 1899 leaving the Trustees responsible for the maintenance and management of the Hall.
TRUSTEES
The charity deed provides for there to be a maximum of 15 Trustees, 3 being representatives appointed by Rutland District Council, 3 by Oakham Town Council and the remaining 9 being cooptive trustees. Each of the co-optive trustees is appointed for a term of 5 years by resolution of the ongoing Trustees. The Councils’ representatives are nominated by their respective organisations for a 4 year term.
The trustees in office at the end of the year were:
Co-optive: P Jones (Chairman) R Haynes (Secretary) J Telling J Snell M Pearson G P Clifton.
Representatives of Oakham Town Council: J Denyer Representatives of Rutland County Council: P Ainsley
MANAGEMENT AND OPERATIONS
The Trustees delegate day to day management to a hall Manager under a management agreement. The Trustees meet regularly throughout the year to consider reports from the Hall Manager and to carry out their responsibilities with regard to the maintenance and management of the Hall.
The Trustees receive income from the letting of the Hall, management fees from the Hall Manager and various grants and donations from both public and private funds go towards the upkeep and improvement of the Hall. The Trustees in turn meet the costs of operating the Hall including ongoing maintenance and look to carry out improvements as funds permit.
.2.
ANNUAL REPORT OF THE TRUSTEES OF THE VICTORIA HALL (CONTINUED)
FOR THE YEAR ENDED 30[TH] JUNE 2021
REVIEW OF OPERATIONS
During the year under review the total incoming resources amounted to £34,509 (2020 - £41,589). The total resources expended during the year on Hall management, maintenance and improvements amounted to £33,582 (2020 - £36,134). At the end of the year the accumulated fund carried forward was £31,323 (2020 - £30,396).
The Trustees have an ongoing programme of improvement works but only enter into commitments for such expenditure when they have the funds to do so. Funds accumulated finance the day to day running of the Hall as well as the next improvement project. The Hall age and fabric are such that the level of regular income is barely adequate to meet Hall maintenance costs in its current condition as well as complying with all modern regulations. This leaves the cost of improvement works to be met largely from grants and donations.
Ongoing, the Trustees have regular income from the ground floor area of the hall from rentals granted for use as office accommodation and workshops to 3 local businesses and from commissions earned from a community-based art gallery.
During the year, the main Hall upstairs was under control of a manager and was available for functions and for hire by community groups. In addition, the Trustees are actively pursuing grant aid to further assist with improvement of the fabric of the building and the facilities it provides.
Income for the year under review was badly affected by COVID however these losses were largely offset by the receipt of COVID Business Interruption grants.
RESERVES POLICY
It is not the policy of the charity to hold reserves committed to or designated for specific purposes.
FREEHOLD PROPERTY – PERMANENT ENDOWMENT
The title to the freehold property is vested in the Charity Commissioners on behalf of the Trustees, thus it is considered appropriate to include headings in the financial statements to reflect the freehold property as a permanent endowment with a nominal value of £1,000. In order to reflect the position correctly it is acknowledged that it would be appropriate to have the property valued professionally. However, in view of the financial situation of the Charity, the Trustees do not consider it appropriate to incur the cost of a professional valuation.
SECURITY PROTECTION
The Trustees have sought police advice on appropriate security surveillance systems in order to discourage vandalism and minimise the risk of damage and resultant repair costs.
.3.
ANNUAL REPORT OF THE TRUSTEES OF THE VICTORIA HALL (CONTINUED)
FOR THE YEAR ENDED 30[TH] JUNE 2021
TRUSTEES’ RESPONSIBILITIES
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity during the year and of their financial position at the end of the year.
In preparing the financial statement the Trustees should follow best practice and:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and to ensure that the financial statements comply with the Charities Act 2011 and related regulations. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
INDEPENDENT EXAMINER
Hills Accountants is the charity’s independent examiner and has indicated their willingness to continue in office.
ON BEHALF OF THE TRUSTEES
P Jones Chair of Trustees
Date:
.4.
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF VICTORIAL HALL
FOR THE YEAR ENDED 30[TH] JUNE 2021
I report on the accounts of The Victoria Hall for the year ended 30 June 2021, which are set out on pages 6 to 10.
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 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to 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 2011 Act; and ▪ to prepare accounts which accord with the accounting records and comply with 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.
Hills Accountants 65 Deans Street Oakham Rutland LE15 6AF
Date: 15[th] March 2022
.5.
TRUSTEES OF THE VICTORIA HALL
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30[TH] JUNE 2021
| Note INCOME Lettings Grants received Bank interest EXPENDITURE Heat and light Rates and water Repairs and renewals Insurance Cleaning and waste management Licences Printing, post, stationery and website Telephone Professional fees Accountancy fees Depreciation MOVEMENT IN FUNDS Total funds at 1 July 2020 Total funds at 30 June 2021 |
2021 £ 15,426 19,082 1 9,705 663 4,831 3,102 1,669 151 611 843 10,760 440 807 |
2021 £ 34,509 33,582 927 30,396 31,323 |
2020 £ 31,570 10,000 19 4,816 992 5,262 3,859 2,103 361 284 665 16,475 420 897 |
2020 £ 41,589 36,134 |
|---|---|---|---|---|
| 5,455 24,941 |
||||
| 30,396 |
The accompanying accounting policies and notes 1 to 5 form an integral part of the financial statements.
.6.
TRUSTEES OF THE VICTORIA HALL
BALANCE SHEET
FOR THE YEAR ENDED 30[TH] JUNE 2021
| Note FIXED ASSETS Tangible assets 2 CURRENT ASSETS Debtors 3 Cash at bank – Current account Cash at bank – Deposit account Cash in hand CURRENT LIABILITIES Creditors 4 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CAPITAL FUNDS Endowment 5 Unrestricted funds |
2021 £ 2,702 20,025 10,075 14 32,816 8,759 |
2021 £ 8,266 24,057 32,323 1,000 31,321 32,323 |
2020 £ 435 12,139 10,073 96 22,743 420 |
2020 £ 9,073 22,323 |
|---|---|---|---|---|
| 31,396 | ||||
| 1,000 30,396 |
||||
| 31,396 |
The accompanying accounting policies and notes 1 to 5 form an integral part of the financial statements.
.7.
TRUSTEES OF THE VICTORIA HALL
ACCOUNTING POLICIES
FOR THE YEAR ENDED 30[TH] JUNE 2021
BASIS OF PREPARATION
The financial statements have been prepared in accordance with applicable accounting standards and follow the recommendations in the Statement of Recommended Practice: Accounting by Charities (the SORP) FRS102. They have been prepared under the historical cost convention.
The principal accounting policies are set out below and have remained unchanged from the previous year.
INCOMING RESOURCES
Grants, monetary donations and investment income are credited as income when they are received.
All other income is included in the financial statements when it is due.
RESOURCES EXPENDED
Expenditure is charged in the financial statement on an accruals basis and relates to the fulfilment of the charity’s objectives.
FUND ACCOUNTING
Endowment funds represent those assets which are held permanently on trust by the charity for the benefit of the charity.
Unrestricted funds are donations and other income resources received or generated for expenditure on the general objectives of the charity.
TANGIBLE FIXED ASSETS AND DEPRECIATION
Apart from freehold property investment, tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
Freehold investment property is included in the accounts at a nominal value of £1,000 to reflect its existence.
Depreciation is calculated to write down the cost of fixed assets held for use by the charity by the reducing balance method over their expected useful lives.
The rate generally applicable is 10%.
.8.
TRUSTEES OF THE VICTORIA HALL
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30[TH] JUNE 2021
1 TRUSTEES
No trustees or person with a family or business connection with a trustee received any remuneration.
2 TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| Cost or revaluation At 1 July 2020 Additions in the year At 30 June 2021 Depreciation At 1 July 2020 Charge for the year At 30 June 2021 Net book value At 30 June 2020 At 30 June 2021 |
Freehold Investment Property £ 1,000 - 1,000 - - - 1,000 1,000 |
Furniture and Equipment £ 33,207 - 33,207 25,134 807 25,941 8,073 7,266 |
Total £ 34,207 - |
| 34,207 | |||
| 25,134 807 |
|||
| 25,941 | |||
| 9,073 | |||
| 8,266 |
The freehold investment property has been included in the accounts at a nominal value of £1,000 to reflect its existence.
The trustees are of the opinion that the value is considerably in excess of this figure, but as the property represents permanent endowment and there is no prospect of sale then the trustees do not consider that the expense of a professional valuation can be justified.
3 DEBTORS
| DEBTORS | ||
|---|---|---|
| Trade debtors - Lettings Prepayments - Licences VAT |
2021 £ 2,150 83 469 2,702 |
2020 £ 338 97 - |
| 435 |
.9.
TRUSTEES OF THE VICTORIA HALL
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30[TH] JUNE 2021
4 CREDITORS
| CREDITORS | ||
|---|---|---|
| Trade creditors Accruals and deferred income |
2021 £ 399 8,360 8,759 |
2020 £ - 420 |
| 420 |
Income of £7,500 from Kino Cinema has been deferred to the next financial year.
5 CAPITAL FUND
A permanent endowment fund of £1,000 has been established to reflect the nominal value attributable to the freehold property.
.10.