CHAIUTY REGISTRATION NUMBER 226500 THE LOMAS HALL TRUST UNAUDITED FtNANCIAL STATEIIIENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Hackeryoung (harter￿A￿aunta￿ts THE LOMAS HALL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees I. Plant S. Cambell S. Willers (Appointed 16 March 2023) (Appoinlcd 16 March 2023) Chalrperson S. Cambell Treasurer l. Plant Secretary J. Ward Otber management eommlttee member5 S. Briggs N. Martin F.S. Flewitt R. Fox D. Gilchrist M. Hampton C. Naylor L. Roberts A. Evans C. Smallwood Charity number 226500 Prlnelpal addre55 Church Strc¢t Slannington Sheffield S6 6DB Independent examiner AD Huls¢ BA FCA UHY Hackeryoung 6 Broadfield Court Broadfield Way Sheffield S8 OXF Bankers Virgin Moncy 157 Bradfield Road Sheffield S6 2LY THE LOMAS HALL TRUST CONTENTS Page TNstees' report Independent examiner's report Statement of financial activitics Balance sheet Statement of cath flows Notes to the financial statements 9-20 THE LOMAS HALL TRUST TRUSTEESI REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustcc$ present their report and accounts for the year ended 31 December 2023. The accounts have been prepared in a¢¢ordance with the accounting policics set out in note I to the accounts and comply with the charity's governing document, thc Charities Act 2011 and "Accounting and Reporting by CharstS¢8- Statement of Rccommended Practice appli¢able to chai'ities preparing their accounts in accordance with the Financial Rcporting Standard applicabl¢ in the UK and Rcpubli¢ of Ireland (FRS 102) (effective l January 2019)" Objectives and activities Th¢ charity's objects are- (i) to maintain the hall at a high standard of decoration, repair and cleanlincss. {ii) to providc first class accommodation for local organisations at competitive prices. (iii) to attract wcdding receptions, annivcr8ary parties. special cvents, mainly at wcckcnds during the year, to raise extra incomc. cnabling us to kecp local organisations hiring charges to a minimum. The ttustees have paid duc regard to guidance issued by the Charity Commission in deciding what activities th¢ ¢harity thould undertak¢. Aebievements and performance The Lomas Hall total bookings were £40,843 (2022.. £33.740), up 21 /0 on the previous year. Evcnls run by the managcment eommittee mcmbers during the ycar raised £2,476 {Inctsme: £4,441,. Expcnditure: £1,965). Income from the bar totalled £15,213 and after c08ts of £13,120, result¢d in a suTplus of £2,093. The total incoming resources amountcd to £96,617 {2022.. £66,220) and thc total resources expcnd¢d amounted lo £53,252 (2022.. £58,843) resulting in net income before revaluations of £43.365 {2022'. £7.377). The balance sheet reveals that net current assets have increased by £6.686 to £100,754 compared with the previous year. Flnancial review Th¢ trustees, policy is to maintain a minimum gener&1 reserve approximately in linc with ow fixed costs and overheads. The booking fees from the rcgular users of the Hall cover these costs. Thc actual level of general ￿serveS at 31 Deccmbcr 2023 was £123,972. General res¢rve8 are beld to cover th¢ fixed costs and overheads and unfor¢seen urgent repairs ctc. It 18 thc policy of the charity that unrestricted funds which have not bccn dcsignated for a specific use should be maintained at a levcl cqusv8lent to betwecn thr¢¢ and six month's expenditure. Thc trustees eonsider thal rcscrvcs at this level will ¢n$ure that, in thc cvcnt of a significant drop in funding, they will be able to continue Ihc ¢harity's currenl activities while con5idcration is given to wayg in which additional funds may be raised. This level of rescrvcs has been maintaincd throughout the year. THE LOMAS HALL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees have assessed the major risks to which the charity is exposed, and ar¢ satisfied that systems are in place to mitigate exposure to the major risks. The major risks are ¢over¢d by our insurers and are renewed on an annual basis. Our monthly mcctings arc constantly evaluating the risks involved, both from an operational point of view and with regard to bookings income, e.g. if a rcgular user tcrniinat¢s th¢ir agreement, we immediately look for a replacement organisation lo fill thc vacancy. The major risks to the charity are.. Major fire le2ding to instant closure. Thc lack of volunteer management personnel, which would eventually lead lo closure. Our income will only allow us to opcrate with volunteer personnel. and Thc loss of an cnt¢rtaitJments licence, although this would not lead to closure, il would reduce our booking income. These risks are mitigated by the following.. Adequate fire insurance is in place and is reviewed on an annual basis. We are constantly seeking new voluntccrs to assist with thc running of Ihc hall,. and The entertainments licence is Tenewed annually in December. Wc cnjoy a good working relationship with the local authority. Any matters which are brought lo our attcntion undcr ncw or cxisting Icgislation are dealt with. To date we have never had a licence objection or rcfusal. THE LOMAS HALL TRUST TRUSTEESI REPORT (CO]YTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure? governance and management The charity is admini5tcrcd by a management committee of volunl¢¢rs ¢omprising a maximum of fifteen memb¢r8 plus the holding trustees (maximum four). The trustee8 who served during the year wcrc.. l. Plant S. Cambell S. Willers (Appointed 16 March 2023) (Appointed 16 March 2023) The members of the manag¢rn¢nt Committee who served during the year were.. J. Ward S¢¢￿tary S. Briggs N. Martin F.S. Flewitt R. Fox B. Munden S. Cambcll S. Willers D. Gilchrist M. Hampton C. Naylor L. Robcrts A. Evans C. Smallwood (Deceas¢d January 2023) Chairperson (Appointed 16 March 2023) (Appointcd 16 March 2023) (Appointed 16 March 2023) (Appointed 16 March 2023) (Appointed 16 March 2023) It is with sadness that the rnanagcment committee note the death of B. Munden early in 2023. Candidates for appointment as elected memb¢rs of the management conuDittcc shall b¢ proposed and recorded by two r¢$idents of the Stannington ward. Names of such candidatcs, logcther with the names and addresses of their prop08ers and seconders, shall bc postcd on the hall notice board for not less than seven clear days before the clcclion at the annual general meeting. They serve for three years. R¢tiring members are eligible for re-election. Appointment of new trustees are made by the current holding truslces Consulting & person who thcy considcr 8Ultable and who resides in thc Stannington ward. A deed of appointment is prepared by our solicitors. THE LOMAS HALL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Hlstory of Lomas H411 By dcclaration of trust dated 6 February 1952, a piece of land abutting on Church Street at Slannington and containing 2,668 Squa￿ yards, or thereabouts, was conveyed to Ihc tTuslces in fee simple as joint tenants to be held upon trust. On the 20 April 1960 Miss Flora Lomas donated the cost of a building schcmc to contract a village hall on the said land to be used as a non-scclarian and non-political place of recreation for thc benefit of the inhabitants of the ward of Stannington. The trustees have (inter alia) the following powcrs.. lo scll the land and buildings (if thc charity cannot be maintained) and apply the proc¢cd8 for charitable purposes for the inhabilanls of the ward of Stannington. and to invest the incoTllC in inv¢stments permitted by law for invc8ttncnls of trust fijnds. The trustees are not lo exceed four nor b¢ less than two in numbers. Our village hall is a stone built building with some character in design and sits majestically in the ¢entre of a nicely kept garden and adjacent car park. The hall consists of a large main hall and stage. with a wooden blo¢k floor area of approximately 2,300 square feet. A second room callcd th¢ t(nowl¢ Room. has & licensed bar at the south-cnd, r¢fr¢shm¢nt bar and kitchen at the north end. The Knowle Room has an activity area of approxin]ately onc third the size of the Main Hall. A third room, behind the stage, is known as the Green Room. It is a long narrow room with a floor area of 530 Square feet. The long side faces north with a beautiful view across the Loxley Valley towards the Peak District National Park. The trustees, report was approv d by the Board of Trustees. l. Plant Trustee Dated.. 18 March 2024 Hackeryoung CharteiedA(countsnis 6 Broadfield Court Broadfield Way Shcffield S8 OXF INDEPEIYDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LOMAS HALL TRUST I report to thc trugtees on my examination of the financial statements of The Lomas Hall Trust (the charity) for the year ended 31 December 2023. Responsibilities basls of report As the truslccs of the charity you are responsible for the preparation of the financial stateJncnts in accordance with the requircrncnls of the Charities Act 2011 (Éhe 2011 Act). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Aet. In carrying out my cxamination I have followcd 211 the applicable Dir¢¢tions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examlner's statement I have completed my examination. I cOnf￿M that no mattcr$ have come to my attention in connection with the examination giving me cause to bclieve that in any material rcspe¢t'. accounting records were not kept in rcspcct of the charity as required by s¢¢tion 130 of the 2011 Act. or thc finan¢i81 statements do not accoTd with those records. or the financial slatemcnts do not comply with Ihc applicable requirements concerning the foLlll and content of accounts set out in the Charities (Accounts and Rcports) Regulations 2008 other than any requir¢ment that the accounts give a true and fair view which 15 not a matter considercd as part of an independcnt cxamination. I have no conccTns and have come acros8 no other matters in connection with the examination to which attention should bc drawn in this report in OTdcr to enable a proper undcrstsnding of the financial statements to be reached. AD Hulse BA FCA UHY Hacker Young Chartered Accountants Dated.. 18 March 2024 THE LOMAS HALL TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AIYD EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 UDreslrtEtcd Re5trl¢ted Totsl 2023 Total funds 2022 Notes Income from: Donations and gifts Charitable activities Other trading activities Inv¢stm¢nts 36.000 36,000 45,284 15.213 120 45,284 15,213 120 43,020 23,145 55 Total income 60,617 36,000 96,617 66,220 Ex enditure on: Raising funds 13,120 13,120 16,794 Charitable activitics 40,122 io 40,132 42,049 Total resources expended 53.242 10 53.252 58,843 Net Income for the yearl Net movement In funds 7.375 35,990 43.365 7,377 Fund balan¢e$ at l J&nuary 2023 116,597 762,355 878,9S2 871,575 Fund balance5 at 31 December 2023 123,972 798.345 922,317 878.952 THE LOIKAS HALL TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note5 Fixed asset$ Tangible assets 13 821.563 784,884 Current assets Stocks Debtor5 Cash at bank and in hand 14 15 1,010 3,636 100,034 910 99,211 104,680 100,121 Credltors: amounts falling due Ivithln one year 16 (3,926) (6,053) Net current assets 100,754 94.068 Total assets less ellrrent liabilities 922.317 878,952 Income funds Restricted funds Unrestt'ictcd funds 17 798,345 123,972 762,355 116,597 922,317 878,952 Thc financial statements were approved by the Trustees and authorised for issue on 18 March 2024 and are signed on its behalf by.. l. Plant Trustee THE LOMAS HALL TRUST STATEMEIYT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activitles Cash gencratcd from operations 19 38.377 13.552 Investing activitie5 Purchasc of tangible fixed assets Donated assets Interest reccivcd (I,674) (36.000) 120 (1,642) 55 Net Cosh used In investing activities (37,554) (1,587) Net cash used In finaneing activities Net increase ill cash and c¥sh equivalents 823 11,965 Cash and cash equivalents at bcginning of year 99,211 87,246 Cash cash equivalents at end of year 100,034 99,211 THE LOMAS IiALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Aeeounting policles Company informatio The Lomas Hall Trust is a village hall held upon trust to the people of Slannington. 1.1 Accounting convention These accounts have bccn pr¢pared in accordance with FRS 102 'Thc Finan¢ial Reporting Standard applicable in the UK and Rcpublic of Ireland" ("FRS 102"), "Aecounting and Rcporting by Charitics" thc Slalcment of Recommended Praoti¢e for charities applying FRS 102, the Charilic5 Act 2011 and UK Generally Accepted Accounting Practice as it applies from l January 2019. Thc charity is a Public Benefit Entsty as defined by FRS 102. The financial statcments are prepared in slcrling, which is the functional currency of thc charity. Monetary amounts in thc5¢ financial statements arc rounded to the nearest £. The financial statements have bccn prepared under the historical cost convention, [modifi¢d to include the revaluation of freehold propertics and to include invcstsnent properties and ccrtain fllydncial instruments at fair valuel. The principal accounting policies adoptcd are set out below. 1.2 Golng ¢oneern At the lim¢ of approving the financial statements, the Éruslcc5 have a reasonablc ¢xpe¢t2tion that the charity has adequate resources to continue in operational cxisfrn¢e for the foreseeable futur¢. Thus the trnstees continue to adopt the going conccrn b2sis of accounting in preparing the accounts. 1.3 Charltable funds Unrestricted funds ar¢ available for use at thc dis¢￿tIOn of the trustee8 in fiutherance of their charitable objectives. Rcstricted fijnds are subject to spe¢ifie conditions by donors as to how they may bc u8¢d. The purposes and uscs of the restricted funds arc set out in the notes to thc a¢¢ounts. Endowment funds are subject lo specific conditions by donors that th¢ eapital must be maintained by the charity. 1.4 Ineomillg resources Donations and other fonns of voluntary income are recogniscd a8 incoming resources wh¢n re¢¢ivable. except insofar as they are incapable of financial measurement. Grant income is rc¢ognised in full in the Statcrnent of Financial Activities in the year in which th¢ grants are receivable and is analysed between types of incoming resources depending on the nature of the grant. Booking fees and oihcr income from charitable activities are recognised on a receivable basis. Income from investments is included in the year sn which it is receivablc. THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Aceollnting policies (Contlnued) 1.5 Resources expended Expenditure is rccognised once there is a legal or constructive obligation lo transfer economic bcn¢fit to a third party, it is probable that a transfer of cconomic benefits will be requircd in settlement, and the amount of the obligatiOD can be measured reliably. Expcnditure is classified by activity. The costs of each actsvity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Dircct costs attributable to a single activity are allocated directly lo that activity. Shared costs which contribute to mor¢ than one activity and support ¢osts which are not attributable to a single activity are apportioned betw¢en those activities on a basis consistent with the usc of resources. Central staff costs are allocated on the basis of tim¢ Spent. and deprccialion charges are allocated on th¢ portion of the assct'S US¢. Resources expended arc re¢ognised in the period in which they are incu￿ed. Charitable aetivities compriscs those costs incurred by the charity in the delivery of its activities and services for ils beneficiaries. It includes costs that can be allocated directly to such activities and those costs of aT) indirect nature necessary to support them. Governance costs in¢lude those costs associated with meeting the constitutional and ststutory requirements of Ihc charity and include the indcpendent examination fees and costs linked lo thc strategic managetnenl of the charity. All costs are allocated betwcen the expenditure catcgories of the Statement of Fin8ncial Activities on a basis designed to reflect thc usc of th¢ resource, and include irr¢coverable VAT. 1.6 Tangible fixed assets Tangible fixcd assets are initially measurcd at cost and subsequently measured at cost or valuation, net of depreciation and any impainnent losscs. Dcpr¢ciation is recogniscd so as to write off the cost or valuation of assets Icss their residual valucs over thcir useful lives on the following bases: Fixths, fittings and equipment IO/. Reducing balance It is not considered appropriate lo dcpreciate Lomas Hall due lo its special nature and the charitable status of the trust. Assets acquired for use by the charity arc capitalised where their cost ex¢eeds £500 (pre l January 2010.. £100). The gain or loss arising on the disposal of an asset is deterniined as the difference between the sale pro¢eeds and the carryiDg value of the asset, and 18 r¢cognised in the slalcment of fjnancial activili¢s. io. THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Aeeounting polleles {Contlnued) 1.7 Impalrment of fixed assets At ca¢h reporting cnd date, the charity rcvicws the carrying amounts of its tangible assets to determine whcth¢r there is any indication that thosc assct8 have suffered an impairment loss. Tf any such indication exists, the recoverable amount of the asset is ¢$timated in ordcr to detennine the extent of the impairnjcnt loss (if any). Recoverable amount is the hi￿er of fair value less costs to sell and valuc in use. In assessing value in use, the estimatcd future cash flows are discounted to Ihcir present value using a pre-tax discount rate that reflects currcnt market assessments of the time valuc of money and the risks specific to the assct for whi¢h the estimates of future cash flows have not been adjustcd. If the recoverable arnount of an asset is estimated to be less than its Carrying amount, the carrying amount of the asset is reduced to its recoverablc amount. An impainncnt loss is recogniscd immediately in incomel(cxpenditure) for thc ycar, unless the relcvant asset is carried at a r¢valued amoun( in which Case the impairment loss is treated as a revaluation d¢¢￿age. Reeognised impairment losses are revcrsed if, and only if. the reasons for the impairment loss have ccascd to apply. Whcre an impainnent loss subsequently r¢v¢rses. the carrying amount of the assct is iDcrca$ed to the revised cslimate of its recoverable amount, but so that the incrcased carrying amount does not exceed the calrying amount that would have been dctcrniined had no impairnient loss been recogniscd for the asset in prior years. A rcycrsal of an impairmcnt loss is recognised immediately, unless thc relevant asset is carri¢d in at a revalued amount, in which case the Teversal of the impainnent loss is treat¢d as a revaluation increase. 1.8 Stock8 Stocks arc stated at the lowcr of cost and estimated selling price less ¢osts to compl¢le and sell. Cost compris¢s direct materials and, wh¢re applicablc, direct labour costs and those overheads that have been incurred in bringing the stocks lo thcir present location and condition. Itcm8 held for distribution at no or nominal considcration are measured the lower of replacement cost and cost. Nct realisable valuc is th¢ estimated selling price less all estimated costs of completion and costs to be incurred in marketiT)g. selling and distribution. 1.9 Cash and cash equlvalents Cash and cash ¢quivalents include cash in hand. deposits held at call with banks. other short-tcrm liquid investments with original maturities of Ihrce months or less, and bank ovcrdrafts. Bank overdrafts are shown within borrowings in current liabilitiC8. THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (Continued) 1.10 Financial instruments The charity has clcclcd lo apply the provisions of Section I I 'Basic Financial Instruments. and Section 12 '01her Financial Instrumcnts 15sue8' of FRS 102 to all of its financial instrumcnls. Financial instruments are recogniscd in th¢ charity's balance sheet when the charity becomes paTty to the eontracmal provisions of the instrument. Financial a8sels and liabilities are offset, with the nel amounts prcs¢nt¢d in the financial statements, whcn Ih¢rc is a Icgally cnforceable right to set off the recognised amounts and th¢re is an intention to settle on a net basis or to r¢alise the asset and settle the liability simultancously. Basle Ilnanclal assgts Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction cost8 and are subsequently carried at amortised cost using the effective interest method unless thc ai'rangement eonstitutes a financing transaction, whcrc th¢ transaction is measured &t the present value of Ihc future r¢ceipts discounted at a market rate of intercsl. Financial assets ¢lassified as receivable within onc ycar arc not amortised. Impalrment of flnanGlal assets Financial assets, other than those held at fair valuc through incoTll¢ and expenditure, are assessed for indicators of impairmcnt at each reporting date. Financial asscls arc impaired where there is objective evidcncc that, as a rcsult of one or more events that occurred after the initial rcoognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairmcnt 1088 is the difference between the C￿rying amount and the present value of the estimated cash flows discounted at the asset's original effective interest ratc. The impaiment loss is recognised in net incoincl(cxpcnditure) for the year. If thcrc is a d¢¢rcase in the impairnient loss arising fron] an cv¢nt o¢¢utting after the impainnent was recogniscd, Ihc impairmcnt is reversed. The reversal is such that Ihc current earrying amount does not exceed what thc carrying amount would have been, had the impairtnenl not prcviously been recognised. The impairrnent reversal is rccogni$ed in net income/(expenditure) for the year. Derewgnltlon of financlal assets Financial assets are derecogniscd only when the contractual rights to Ihc cash flows from the asset expire or are settled, or when Ihc charity transfers the financial asset and substantially all the I'isks and rewards of ownership to anolhcr entity, or if some significant risks and rewards of owncr5hip ar¢ retained but control of the asset has trdnsfcrrcd lo another paty that is able to sell the asset in its ¢ntirety lo an unrelated third party- 12- THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Aceountlng polleles (Contlnued) 88slc finènelal liabllltlgs Basic financial liabilities, including ¢reditors and bank loans are initially rccognised at transaction price unless the arrangement constitulcs a fsnan¢ing transaction, where the debt instrumcnt l5 measured at the piesent value of the future payments discount¢d al a market rate of interest. Financial liabilities ¢las8ifi¢d as payable within one year are not amortiscd. Debt instrumcnts are $ub8equently carried at amortised cost, using Ihc cff¢¢tive interest rate method. Trade creditors are obligations to pay for goods or services that have beeJ> acquired in the ordinary course of operations from suppli¢r$. Amounts payable are classified as CUiT¢nt liabilities if payment is due within one year or less. If not, Ihcy are presented as non-current liabilitics. Trade ¢reditors are r¢cognised initially at transaction pricc and sub$¢quently measured at amortised cost using Ihc cffeetiye inter¢st method. Dwecognltlon of flnancial Ilabilltles Financial lÉabiliti¢8 are derecognised when the charity's contractual obligations expire or are dischargcd or canc¢lled. 1.11 Employee benefits Thc ¢ost of any unused holiday entitlement is recogniscd in the period in which the employee's servi¢es are rcccivcd. Termination benefits arc recognised immediately as an expcnsc when the charity is demonstrably con]mitted to terminate thc cmployment of an employee or to provide termination benefits. Critlcal accountlng estlmates and judgements In the application of the charity's accounting policies, the trustccs are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily pparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that arc considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions ar¢ rcvicwcd on an ongoing basis. Revisions to accounting estimatC5 aTC Ircognised in the period in which the esliTnatc is revised where the revision affccts only that pcriod, or in th¢ period of the revision and future periods whcr¢ the revision affects both current and future periods. 13 THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and gifts Reslrleled Total fund5 2023 2022 Donated goods and servi¢¢s 36.000 Dursng thc Stannington gas Icak works, Ihc hall was used as a basc for Cadcnl whilst r¢pairs wcre ongoing. Cadent donated and fitted a new boiler at an estimated cost of £36,000 in lieu of paying the Trust hall hire fees. Charitable activities B￿9￿1￿￿ fees Can