2024-03-31-accounts

Hadleigh Market Feoffment Charity

FINAL ACCOUNTS FOR THE PERIOD ENDED 31[st] MARCH 2024

CHAIR OF THE TRUSTEE CHARITY COMMITTEE in 2023/24:

MR R SHEARLY-SANDERS

CLERK TO THE TRUSTEE in 2023/24: MRS W BRAME

Contents:

1) Trustee Report

2) Statement of Trustee’s Responsibilities

3) Independent Examiner’s Report on Accounts

4) Statement of Financial Activities

5) Balance Sheet

6) Notes to the Accounts

lgableigb Jlarket Jf eoffment QEiJaiity (Trustee.. Hadleigh Town Council) A Registered Charity.. 223745 SUMMARY REPORT FOR YEAR ENDED 31.03.2024 As in previous recent years, the same pattern of use of the halls Gonlinues wilh the charity providing facilities to the local community through rnaking rooms available for hire by clubs, organisations and individuals wishing to arrange a wide range of functions, and by providing office accommodation lor the Town Council. We saw a good recovery in the three investment accounts, held with CCLA, with total net gains in the year of £6,724. Total funds of the charity have now reduced to £110,647. Total income trom all sources in the 12 months was £87,Q88 la decrease of 3.60/0 to the prior year), but when excluding grants is 3.8 10 better1£1,734 positive variance). This is wholly attributable to the management activities of obtaining more hirets and putting on fundraising events for the first year since 2018. During the year a grantlsubsidy for £40,000 was received from Hadleigh Town Council fortheir use of the building1£5,000 less than last year and than the charity had budgeted to receive) and to support running costs that the activities of the Charity cannot fulfil itself. Whilst Ihis means the income on that cost code is reduced, seemingly worse than last year, this is actually a positive step fO￿ard for the charity as il means the overall income continues to increase and therefore it had less relian￿ on a grant from an external body, showing a route to sustainabilily. It is aiso notable that the bar commission revenue was £3,585 in the year, an increase of £1,085 {24°10) against prior year which further evidences the recovery after the pandemlc and Increased use of the bar. Expenditure for the 12 months to 31$1 March 2024 was £102,006, compared to £98,444 the year ending 31" March 2023 and £99,640 the year ending 31" March 2022. As indicated in previous reports, the Trustee recognises the value of the qomplex to the town and this area of Suffolk and will conlinue to fake steps to safeguard ils future. Signed. r R Shearly-sanders Chair ofTrustee Committee 41h June 2024

Hadleigh Market Feoffment Charity, The Guildhall, Hadleigh, Suffolk, IP7 5DN Charity Registration No. 223745

Nature of Charity: Management of the Premises known as The Guildhall Hadleigh Suffolk in conformity with the Scheme approved in June 1988 and revised in August 1988

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Charity law requires the trustee to prepare financial statements for each financial year which show a true and fair view of the situation of the Charity and its financial activities for that period. In preparing those financial statements, the Trustee is required to:

• 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 departures disclosed and explained in the financial statements

• prepare the financial statements on the going concern basis unless it is appropriate to presume that the Charity will continue in operational existence.

The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustee appoints a selection of its members as a committee to represent the interests of, and operationally oversee, the charity. The minutes of the Committee meetings and the members appointed can be viewed on hadleightowncouncil.gov.uk website.

CHARITY COMMISSION FOR ENGMD AND WALES Independent examinerfs report on the accounts seCt￿n A Ind￿n{lent Examiner's RerM)rt Report to the trusleesl members of Hadlwgh Market Feoflment Charity On accounts forthe year ended Year Enth'ng 31" March 2024 Charity no Irf any) 223745 Set out on pages Slalemenl of Financial &AyJMand BaLqnce Sheet I report to the tsu51ee on ffly exarninab.on ofthe accounts of Ihe above thaJity | rihe Twsy) ft)r the year ended 31" Atsrch 2024. Responsith'lits and basis of report As the charrty's trustee, you are resportsible fN the prepar"on of the accounts in accordance wrth the requirements of the Chan1￿ Act 2011 (Yhe Acri I report in resped of my examinabon olthe Trust's accounts carried under seclion 145 01 Ihe 2011 Act and in carrying out rny examinab"rM. I have fdlowed all Ihe applicaLle DiredKN￿ grven by the Charity Cl￿￿$SK￿ under secbon 14515llb) of the Ad. Independent I have Completed Tlly ex8Thinalion. I CLYffi￿n that no rnaterid matters have examiner's come to my attention in connedion IAryth Ihe exatninab.on which gNes me stalement cause lo beI￿ve Ihat in. any material respert Ihe accounting recrxds were not kept in acC￿(Jance wrth se(b"￿ 130 of Ihe Chathies Art" or the accounts diij not accord Yrith the accounting records", the accoun15 did not compty the applicatAe iequiiernenls con￿MIng Ihe fcTh and content of accounts set out in the Charth'es (Accounts an(1 Reporfsl Regulab'ons 2008 other Ihan any requiremenl thal the accounts give a 'lrve and fair, wew which ￿ not a matter ccffisi0e￿ as part of an iidependenl examinab'on. I have no concerns and have ccffle across no other matters in connecty.on wrth the examinab.on lo which attenlbon shoulo be Orawn in Ihis reporl w.￿¥¢￿. to enabk a prcw undwstsnding of the accounts lo te reached. 21" May 2024 Signed: Richar(J Carter Relevant professlonal qualifKation{sl or lif any).. BA (H￿$) CIMA (Wed m￿be[Ship) Adoress..

Di5cIosu Only cOmp￿te rf the examiner neetts to highiighl malerrai mattets ol con￿rn [see CC32, Independent examination of chawty accounts." direcbons and guidance for examinwsl. Give here btief delails of any items that the examiner shes to disclose. There are no mat￿la1 rterrs to dsclose. AJ brought fo￿ard accountng adjuslments are now lully resolved. l un(lerstsnd an updated t￿lIding vthats'on was received in May.

Statement of Financial Activities Market Feoffment Charity For theyear ended 31 March 2024 Turnove cott￿1$40n l￿37 45.rts). Recy(iglrtom Room ¢17￿.￿ .78 Trf•ITurnMr 87XLA9 J54J2 Costof Sales G¥dthln8Ser4lcos L¢W Costs 1271.44 UU.45 SubCrAltraLtL TrtalCcdt(4Sah Gross Profft Adminlstrativecosts L76L71 475.LYJ B•J DebiJ a&ikChWg￿ &lnteTt5tP&d 191.02 I￿.( Lll6. I.T03.35 1.13f.32 1792. 3.792.61 1074.28 4.341.96 ￿￿7? LE61.01 tAsWa8eS H&5dnd PPE 37,4￿.91 34J17XI li& Irdura .14$. Prfntln8&StsIknory 143 opaI5&MalMnMce SFclfic PrDle£t Ewdt L4241C .AS T￿ep￿￿&1T￿1T￿f I￿]9 wat T+x•1l4Th￿TthC•s Opraiin8 Profit IIIJIT.é91 Other Incoff &713.75 I2.￿￿5.07) J05.Q7) TrtalOthwlwkM• 6.723.75 Profit onOrdinaryA(tivitie5 Belwe Toxotl ProfitafterTaxatk

Balance Sheet Market Feoffment Charity As at 31 March 2024 3AW 2014 3IIW2023 fixed Assets Tarb 'bleAssets Le55AccumulJted twretiation on Plènt and Machir Plant& MKhinery TotalTanWbleAssets I13,￿1.16> 15.170.57 2 J69.41 19208.521 15,170.57 5.962.05 TotalfvAtdA55ets 2J69.41 5.96105 Current Assets Cash atbankand In hand HMFC 30.593.45 37,275.45 Pettycash Totalcash at bank and in hond 129.24 42.67 30.n2.69 37.318.12 Accounts Recelvabie 8,315.55 CCLA Inve5tmentAccounts 74.879.87 68,156.12 Prepayrnents TotalCurrentAssets 1.321.99 123J32.SS 2,182.55 1ts.972.34 Creditors: amounts fallin Account5 Payable OefertEd Income due within one 682.27 421.42 I3.973.￿) 648.00 Pro￿￿￿￿5 2,024.38 Rounding Totalcredrtors •rnountslalbngduewrthinoneyt¥ 10.041 14ffi55.27 3.Q93.76 Net Current Assets (Liabilities) 108,471.28 112078.58 Totsl Assets less Current Liabilities 110.646.69 118¥1.63 NetAssets 110,646.69 118W.63 Capitsl and Reserves CurrentYearEamings Retained Earnin85 Unrestricted Funds 18,193.941 13,812.%) ILO,594.331 6,781.77 I￿.653.19 106,753.19 15,900.00 Restricted Repair5 FurKI Totslcawtsl •nd ReseNes 16.OLK).(K) 110.646.69 118W.63

Note to the Accounts

• The charity’s building was valued on 16[th] February 2024, by Fenn Wright, at £675,000 market value on a freehold vacant possession basis. This is not shown in the balance sheet in line with IAS16 as it has a historic value of £0, and the charity has no accounting policy for revaluations.

• Caretaker's Cottage Repairs is high above budget due to unforeseen but essential roof repairs required at the beginning of the year.

• Deferred income in 2023/4 was a lot higher than previous years (c£13k) with more bookings being confidently booked in advance now for weddings, parties and new hirers such as dance schools. This is will be seen as income on the statement of financial activities in the month in which the service is provided, in line with IAS18.

• Provisions – inherited from pre-2019 (imported as erroneous rounding error), given 3 years of investigations it was prudent to write off this year.