CHARITY REGISTRATION NUMBER 226500 THE LOMAS HALL TRUST UNAUDITED FINANCIAL STATEIVIENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Hackeryoung irteredAccounianls
THE LOMAS HALL TRUST LEGALAND ADMINISTRATIVE INI FORMATION Trustees I Plant S C{1be1] S Willers CbARrperson S Cambell {Resigned 20 Nov¢mber 2024) Treasurer I Plant Secretary J Ward Other management eommittee members S Briggs N Mlc rtin r s ri¢witt RFOX D Gilclirist M Hampton C Naylor L Roberts. A Evan5 C Smallwood K Dodd (Resign¢d 7 S¢ptcmber 2024) (Appointed 18 March 2024) Charlty number 226500 Principal addres5 Cliurch Street Stannington Sl)effield S6 6DB Independent examiner A D Hulse BA FCA UHY Hacker Young 6 Broadfield Court Bi'oadfield Way Sheffield S8 OXF Bankers ViTgin Money 157 Bradficld Road Shcffield S6 2LY
THE LOMAS HALL TRUST CONTEN'TS Page Thistc¢s' report Ind¢pcnd¢nt exaininer's r¢port Statcm¢nt of fancIal activiti¢s Balance shcct Statement of cash flows Notes to thc financial ststem¢nts 9-20
THE LOMAS HALL TRUST TRUSTEESI REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Thc trustees PSent their report and accounts for thc year ended 31 December 2024. The accounts have been pr¢pared in accordance with the a¢¢ountii)g polici¢s Set out in notc I to tlie accouiits dnd Loinply with tlie cliarity's g0vemlii documeiit, the Charitics Act 2011 and 'Aecounting aiid Reportiiig by Cliarities.- Stateinent of RecomTn¢ndcd PIALlice applicable to chariti¢s i)repdrinB their accoui)ts in aLcordance with the r,inancial Reportuig Standard applicable in the UK and RcpubliL of lT¢ldnd (FRS 1021 (effective l January 2019)" ObJectlve$ and activltles The charity's objects. ale.. (i) to maiiitain the ball at a high standatd of d¢coration, r¢paiT and cleanlin¢ss. {ii) to provide rSt class accommodation for IoLal organisations at competitive pric¢$. (iii) to attract wcddiiig reLCPtions, annivetsary parties. special ¢v¢i?ts, mainly at wcckends diiring the year, to rais¢ extia inLOllJ¢- eiiabliiig us to ke¢p local organisatioi)s hiring charg¢s to a minimum. Thc tTUStees hav¢ paEd due regard to guidance issu¢d by the Charity Commission in d¢ciding what activiti¢s tho c]rIty should undertake. Aehi¢vernentS And perform&nee Th¢ Lomds Hall total bookll)gs We £41,331 (2023.. £40,843), up 1.2Q/o Oli the previous year. Events run by the manageJn¢nt cominitte¢ meinbers during tlie ytrdr raised £1,873 Ilncojnc.. Lll,597' Expenditur¢.' £9,724). Incoinc fi'om the bar totslled £23.108 and after costs of £19,680, resulted in a surplus of £3.428. The total incoming resourLes amounted to £88,609 (2023.. £96,617) and the total resources exp¢ndcd amounted to £83,557 (2023.- £53,252) resulting in net incomc before revaliiations of £5,052 (2023- £43,365). Tli¢ balanLe sheet r¢vcals that net currcnt assets httve dccreased by £30,219 to £70,535 compared with th¢ previuus year. Financial revieiv The trustccs, poliLy IS to maintdin a rniniinuin geneTal r¢scrve approximat¢ly in line with our fixed eosts and overheads. The booking fees froin the regular uscrs of the Hall cover these costs. The dctual l¢v¢l of general resery¢s at 31 DeLemb¢r 2024 was £121.144. GweEal reserves are held to cover the fix¢d Costs and ov¢rh¢ads and unfores¢¢n urgent repairs etc. It IS th¢ policy of the charity that unr¢stricted (unds which have not bc¢n designttted for a specifre us¢ shoiild be mai])taiii¢d at a level equivalent to betwccn tliree aiid six month's expenditur¢. Tlie triLSt¢¢s constder that reserves at thi5 lev¢1 will eiisuie tliat, in the event of a significant drop in fuiiding, th¢y will be able to Lontinue the tharity's current activitics while consideratioi) is given to ways iii wliich additional funds inay be rdi5ed. This l¢v¢l of reserves has been maintained throughout the year.
THE LOMAS HALL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Thc trllstees have a5se55cd th¢ majur risks to which th¢ charity IS CXPO5ed, are satisfied tliat systems arc in place to mitigat¢ exposure to the major risks. The rnajor risks are COV¢T¢d by uur insurer5 and ar¢ r¢n¢wed on ail uniiual basis. Our monthly meeting5 are constantly evaluating ¢h¢ risks involv¢d, both froin an operational point of view and with Irgai'd to bookinbys incoine, e.g. if a regiilar user tcrminut¢s th¢ir agreem¢nt, we immediately lovk for a replaccm¢Dt grganisation to fill tli¢ vacanoy. The major risks to the cliarity ar¢.. MajoT fire leading to instant closllre; Tlic lack of volunteer Inaiiagement persoiinel, which woiild eventiially IGid to closure. Our income will only allow us to operute with volunt¢¢r p¢rsoi)nel' and The loss of an entcrtainments licence, altliougli diis would i)ot l¢ad to closure. it would reduee our booking income. ThEse risks are Initigat¢d by the following.. Adequate fir¢ insuranL¢ is in place and is reviewed on an iiiiiiual b*L8iS: W¢ constantly seeking n¢w volunteers to a5SlSt with the riiiiiiing of the httll: and Th¢ ¢nt¢rtainments liccnc¢ is renewed annually in D¢cLmber. We enjoy a good working relationship with the local autliorily. Ai)y matters which Rr¢ brougl)t to our dttei)tion und¢r n¢w or ¢xisting legi51atiOll dr¢ d¢alt will). To dat¢ w¢ have iievLI liad a lic¢nce ubjection or refusfLI.
THE LOMAS HALL TRUST TRUSTEES, REPORT (CONI TINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Strueturey governance and manogement The cliarity is administered by a mana¥eTnent committee of Yolunteers eomprising a maximuTn of fifteen memb¢ts plus thL holding tTUStees (maximum four). The tFUStees who s¢rycd during the y¢ar were.. I Plant S Camb¢ll S Willers The memb¢rs of the manag¢ment committee who served during tlie year were.. J Ward SEctary S Briggs N Martin F S Flcwitt S Cainbell S Willeis D Gilchrist M Hampton C Naylor L Roberts A Evans C Smallwood K Dodd Cl)tLitp¢r50n (Resigned 20 November 2024) (Resigmed 7 S¢ptember 2024) (Appoint¢d l 8 Mareh 2024) Candidat¢s for appointFnent as clected meinb¢TS of the Inanag¢incnt committe¢ shall be ptuposed and recordcd by two residents of tlie stat1n¥t0 ward. Names of such candidatCS, together wid) the names atsd add55¢5 of their propos¢rs and seconder4 shall be posted on the hall noticc board for not1¢55 than seven clear days befor¢ thc LleLtLOt] Ilt thc at]nual gen¢ral mccting. They s¢rYe for tljree yrars. Retiring Meb¢r5 are eligible lor r¢-clection. Appointm¢nt of new trust¢¢s are made by th¢ current holding tnistees consulting a person who tli¢y eonsidcr suitable and who i'¢sides in tlie Stai)ningtOl) W(ird. A dccd of appoii)tmciit is prepHTed by our solicitors.
THE LOMAS HALL TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Hlstory of Lomas Hwll By dcclarution of tnist dated 6 february 1952, a piece of land abutting on ChurLh Street at Staiininglon and containing 2,668 siiuare yards, or Ili¢rcabouts, was conveyed to the trust¢cs in fe¢ simple as joiiit tcnants to b¢ li¢ld upon trust. On the 20 April 1960 Miss Flora Loma5 donated the cost of a buildiiig Scheme to coiitract a villag¢ Iiall o the said land to be used a5 a noii-scctarian non-political place of r¢cr¢ation for the benefit of the inhabitants of th¢ ward of Stannington. The trustees have {intCT dlia) the following powers.. to sell the land buildiiigs lif the charity cannot be rnaiiltained) and apply th¢ proceeds for eIritable PUTposes for the inl)abitants of th¢ ward of Stsnnington,. and to uiv¢st th¢ income in investment5 permittcd by law for investments of trnst funds. The trugtees are not to exceed four nor be IS than thvo lil numbers. Our villa8¢ hall 15 a stone built buildiiig with som¢ character in design and sits Tnajestically in the centr¢ of a nicely kept garden and adjacent car park. The hall consists of a larg¢ In&in hall and stage. with a wood¢n block floor area of approximat¢ly 2,300 squar¢ f¢¢t. A second rooin call¢d th¢ Knowle Room, lias a licciis¢d bar at the south-end, Tcfrcshment bar and kitchei) at the llorth end. The Knowle R(x)m has activity ttre& of approximat¢ly one tliird the size of th¢ Main Hall. A third roo, beliind the stagc, is knowli as the Green Room. l¢ is a long narrow i(x)m with d floor arca of 53U square feet. Thc long side faLes nortli with a beautiful view across the Loxley Vallcy towaids the Peak District Nati0i)al Park. Tl1¢ trustees, report was approved by tl)e Board of Trustees. I Plant Trustee Dat¢d.. 23 Fiebruary 2025
Hacker Young arteredAccaunlants 6 Broadfi¢ld Cgurt Broadfield Way Sheffield S8 oxr, INDEPENI DENT EXAMINER'S REPORT TO THE TRUSTEES OFTHE LOMAS HALL TRUST I report to the trustees on my Gxamination of the fancial statemeiits of The Lomas Hall Ttust (th¢ chBrity) for the year ended 31 December 2024. Re$ponsibilitie5 basls of i'eport As the trustees of tlie chai'ity you are Tesponsible for tlie preparation of th¢ financial Statements in accordance witl) the requireinents of tl)e Charities Act 2011 (the 2011 Act). I report in r¢spcct of my examination of tlie chartty's financial sÉat¢m¢nts carried out under section 145 of the 2011 Act. In ¢ai'rying out my exdmin()tion I have follod all thc applicable Directions given by the Charity Commissiun uiider seLtiun 145(5)(b) of the 2011 Act. Independent examiner's stptement Iiavc complcled my ex<imination. I confll'm tliat no matters have come to my attention in Lonnection with th examination giving me cause to believe tl)at in any niaterial respeet.. tLCCOUllting r¢cords were iiot kept in respect of the Lliarity as requtr¢d by s¢ction 13Q of the 2011 Act: or the finanLI(il statements do not accord with those records,. or the financial stdttTnents do not cornply with thc applicable requirements coneerning the form and cont¢nt of accounts set out in the Ch3rities (Accounts and Reports) Regulatiuiis 2008 uther than aiiy rwuir¢inent that the aLLounts giv¢ a tru¢ and fair view whieh is not a mdtter consider¢d as part of an independent examination. I have no concems aiid liave collie Hcross no oth¢r TMatt¢TS connection with the examin<ltion to which att¢i)tion should be drawn in this teport in order to ¢nablc a proper uiiderstanding of the finan¢i£il Statements to b¢ rca¢l)ed. A D Hulse BA FCA UHY H%¢ker Young Chartered Accountants Dated.. 23 february 2025
THE LOMAS HALL TRUST STATEIMENT OF FINANCIALACTIVITIEI S INCLUDING INCOIME AN'D EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 UThreslrl£led Reslrfcted TotAI 2024 Total 21123 Notes Ineome fi'om: Donations aiid gifts Charitable &etivities Otlier trading activitics Inv¢stments l2,492 12,492 52,928 23,108 81 36,000 45,284 15,213 120 52,928 23,108 81 Total income 76,117 12,492 88,609 96,617 Ex elldlture OD: Raisiiig funds 19,680 19,680 13,120 LIrItable activiti¢$ 58,697 4,612 63,309 40,132 Other J2 568 568 Thtal resour¢es expended 78,945 4,612 83,557 53.252 Net (expenditure)lin¢om¢ for the yearl Net movement In fund$ (2,8281 7,880 5.052 43,365 rui)d balances at l January 2024 123.972 798,345 922,317 878,952 Fund balances at 31 D¢¢ember 2024 121,144 806,225 927,369 922,317
THE LOIMAS HALL TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed gssets Tangibl¢ assds 14 856,834 821.563 Current assets Stocks Dcbtors Cdsh at bank and in hand 15 16 1,180 130 73,135 I,oio 3,6.36 100,034 74,445 104,680 Creditors: amount5 follln% due within one year 17 {3,910) (3,926) Net Lurrwt ass¢ts 70,535 100,754 Total fissets less current liabilities 927,369 922,317 Income funds R¢strict¢d funds Unrestricted funds 18 806,225 121,144 798,345 123,972 927,369 922.317 The finallcial statements r¢ approved by the Trustees and audiori5¢d for issuc on 23 february 2025 ai)d are signed on its behalf by.. ffjcLDLtr I Plant Trustee
THE LOMAS HALL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 21123 Notes Cash floiY$ from operating a¢tiYitie$ Cash gcncrat¢d from operations 20 14,961 38,377 Investlng actiyitieg Proc¢ds on disposal of tangibl¢ as5et$ PuiLhase of tsngibl¢ fixed assets Donatcd ass¢tS Interest received 250 {42.191) (1,674) (36.000) 120 81 Net cash used in inve$tlng actlvltles (41.860) (37,554) Net cash used in finAn¢ing aetlvltles Net (decrease)finerease In cash And cash eqmlvalents (26,899) 823 Cash and cash equival¢nts at beginning of year 100.034 99,211 Cnsli and cx$h equivalents at end of year 73,135 100,034
THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting policies Company InformRtio The Lo15 Hall Trust Is a village hall lield Iipon trust to the people of Stannington. l.I A¢¢ounting eonvention TIIcse account5 have bc¢n prepared in accordance with fRS 102 "The Financial R¢porting Standard applicable in the UK and RepubliL uf Iland, ("FRS 102"), "Accounting (Ind Reporting by Cliarities" the Statein¢nt of Recommeiidcd Practice foi chariti¢s applying FRS 102, th¢ Charities ALt 2011 and UK Generally Accepted Accoui)ting Practice as it applics from l JJnuary 2019. The Lharity is a Public Benefit Entity as defined by FRS 102. The financial statcmcnts are prepaied in sterliiig, which is the fuDCtional currency of the charity. Monetary amounts iii tliese financial stat¢ments are n>unded to the nearest £. The financial statements have b¢ei) prepared under th¢ historical cost conY¢ntion, modified to include thc I'aluatIOn of fr¢¢hold propertie5 and to include investtn¢nt properties and c¢rtatn financial instruments at fair Yalu¢. The princip(Ll dccounting policies adgPt¢d aTe set out below. 1.2 Going concern At th¢ tiine of approving the financial statem¢iits, thc trustees hav¢ a reasoi)able expectatioli that the harity has adequate r¢sources to continue iii opcrational exist¢nc¢ for the foreseeable futur¢. Thus the trust¢e5 continue to adopt the going conceTn basis of accounting in pr¢paring the aL'counts. 1.3 Charitable funds UnrestriLted fi]nds are available for us¢ at the discretion of the trustees in furtheran¢¢ of their charitdbl¢ objectiV¢5. R¢stric¢ed funds llre 5ubj¢ct to speLifiL Londitions by donots as to Iiow thcy may be used. TJ)c purposes and uses of the restrict¢d funds are set out in thc notes to the accounts. Indowment funds ar¢ subject to speLific cgnditions by donors that the capital must b¢ maintained by ihe cliarity. 1.4 Incoming resourees Donations and othcr forms of v(Iliintary income are reL0]s¢ as incoming resourc¢s when receivable, except insofar as they are incapable of financial measuren)¢iit. Grant income is reLogiiised in full in the Stateinent of findllLidl ALtivitie5 tn the year in wliicl) th¢ grants re r¢ccivable and is analysed b¢twceii types of incoming resource5 d¢pcnding oil the ntUre of thc grant. Booking fees and other income from c[ritable activities are r¢cognised on a receivabl¢ basis. Incornc from investments is it)cludcd in the year in which it is receEvabl¢.
THE LOMAS HALL TRUST NOTES TO THE FILN'ANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Contlnued) 1.5 Resources expended Exp¢nditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a tliird party, it is PlDbabl¢ that a transfer of econoinic benefits will be required in settlcm¢nt, and the amount (If the obligation can b¢ rn¢asured reliably. Expenditur¢ is classified by ttctivity. The costs of each activity are n)ade up of th¢ total of direct eosts aiid shared costs, including siipport costs involvcd in und¢rtakin&7 EaLh activity. Dir¢ct CQ5ts attiibuttlble to d single activity arc allocated direLtly to that activity. Shared costs whicli coiitributc to inor¢ thali one activity and siipport costs whicli are not attributable to d single dctivity apportioned between thos¢ aclivitics on a basis eonsistent with thc u5¢ of resuurces. Central staff costs are alloc#ted on the basi5 of time sp¢nL and depreciation charges are allocatcd on th¢ portioii of the asset's us¢. Resources expended are recogDis¢d in th¢ period in which they ar¢ incurr¢d. Charitable activities comprises thos¢ costs incurred by the charity in ¢h¢ d¢liYery of its activities and service5 for its bcn¢ficiari¢s. It includes costs that Can L7¢ allocated direL'tly to such a¢liviti¢s and tlioge Lusts of an indirect Iiatur¢ ii¢c¢ssary to support them. Gov¢rnanc¢ costs inelude those costs as50¢iat¢d with meeting the eonstitutional and stdtutory rcquir¢mciits of tlie charity And include the ind¢p¢nd¢nt extlmiiiation fees and costs linked to the stratogic rnanagem¢nt of the charity. All eosts are allocated betwccn th¢ ¢xp¢nditure Lategories of the Stat¢inwt of FietaI Activities on basis desi&med to reflect the use of thc resource, and include irrecovcrablc VAT. 1.6 Trngible fixed assets Tangibl¢ fix¢d assets are initially measured at cost alld subsequently measurcd at cost or valutttion, net (>f depreciation and any impainn¢nt losses. Depreciation is Tecogniscd so as to write off the c05t or valuation of assets less their residual valii¢s over their uscfvl liv¢s on the following bases.. Land and buildings- Lomas Hall Not considered appropriatc to dqFreLYate Loinas Hall due to its special nature and the ¢l)aritabl¢ ytatus of the trust Between l(Y/ts- 12.5 /0 Strdight line IOO/o Reducing bdlai)ce Land and buildings- Oth¢r fixMr¢s Fixturcs, fittlngs and eiiuipment Assets klLquired for use by the charity are capitalised where theii. cost exc¢eds £500 (pre l January 2010.. £100). Thc gain or loss arisingF on the disposal of an asset Ib deterniincd as tli¢ diffci'enLe betweeii the sale proceeds aiid tlie cai'ryii)g valu¢ of the asset, and is recogni5¢d in the stdtemeiit of financial activities. 10-
THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aeeountlng policies (Colltlnued) 1.7 Impalrment of fixed avets At eaLh reporting ¢nd datc, the charity reviews the carrying amounts of its tangible assets to detertnine wli¢thcr there is any indiLation that thos¢ asscts liavc suffered an impairtTrent loss. If any sucli iiidieatioi) Cxists, the recoverable iiniouiit of th¢ asset is estimated in oid¢r to d¢terniinc tl)e exteiit of the impairment loss lif my). Recoverable amount is the higher of fair value less LOSts to scll and valiie in use. In assessing value in use, the estimated fi]tui'¢ cash flows are discounted to thcir pr¢s¢nt value using a pre-tax discount rate that rcflccts current market assessmeiits of the tiinc value of money and the risks sp¢cifi¢ to the asset for which tlie estimates of cash flows huve not been adjusted. If the recov¢rabl¢ ainount of an asset is estiat¢d to bc less than its carrying ainount, the carrying ainouiit of thc asset Is reduced to its iecov¢rablc aTnount. An impairinent loss is reeogtjised imrncdiat¢ly in incomc/(cxpenditure) foi the year, unless thc rclcvant asset is carried at a revalued amount, li) which case the iinpairn]ent loss is trcatcd as a revaluation decrEase. Rec'obnised impairm¢nt losses are reversed if, dl)d oiily if, th¢ r¢asons for the impainnent 1055 have c¢as¢d to apply. Where an impdirment 10s5 subscqucntly reverses, tlie Latrying aingUI)t of th¢ a55et IS incrcased to the revised estimate of its rccov¢rablc amouiit. but so that the inCruS carrying amount docs not exceed the carryin&y amount that would have been deteTmined had no irnpairnient loss been recognised for tli¢ as5Ct in prior years. A reveisal of i]npairmcnt loss is recognised immediately, uiiless the rel¢vant ass¢t is Carried in dt a revalued amount, in which case the reversal of the impairnient los& is treated as a rcvaluation i])crease. 1.8 Stocks Stocks arc stated at th¢ lowcr of Cost and estiindted selling pric¢ Icss costs to complete dnd sell. Cost omprises direct mdterials and. wlier¢ applicable, direct labour L(>Sts and those overh¢ads tliat havc been ineurTcd in bringing the stucks to th¢ir prcsent Iwation and condition. Items h¢ld for dtstribution at no or nomiiial considerdtiun ale lne&LsUr tho lower of replacement cost and cost. Net realisable value is thc ¢stimatcd selling priee less all estimat¢d costs of completion and L'osts to be iii¢uFred in marketing, sellingy Hnd distribution. 1.9 Cash and eash equivalent$ Cash aiid cHsh eqiiivalents in¢ludo cash in liaiid, deposits l)eld at call with banks, other sliort-tem liquid investin¢t]ts witli original maturities of thre¢ manths or Icss, and bank overdrtlfts. Bank overdraft5 are sliowji within borrowings in current liabiliti¢s.
THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMENTS {coiYfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.10 Financial instruments Thc cliai'ity has ¢l¢ctcd to apply the provisions of Section I I 'Basic FiinanLial Instivments, and S¢L*kon 12 '0ther Financial Instruments 1sSUCs' of fRS 102 to ttll of its fjnancial in5trumwts. finai)cial iiistTuinents' are recognised in the charity's balance sheet wben the charity b¢wrn¢s party to the Lontractual provisions of th¢ instrurnent. rinancidl assets and liabilitlC5 arc offs¢t, with the net dmounts pr¢s¢nted in the financial stateincnts, wl)¢n thcr¢ is a legally enforceable right to set off th¢ reco&Fiiised amoui)ts and thcr¢ is En illtention to settle on a n¢t basis or to realise the dsset aiid settle th¢ liability 5imultdneously. 8aslc flnanclal a5sgts Ba5lL financial assets, which includ¢ d¢btors alld eash and bank balanc¢4 are ll)itially measured at transaction piice including transaction costs and ale subsequently carried at amortl5ed Lost using the effcctive interest metliod unless the arrang¢Tncnt coiistitules a financing transaction, where the traiisaction is m¢asurcd at the present value of the fibture reccipts discounted at a market ratc of interest. Financial assets classificd as rcceivable within one year are not amortised. Impalrmentof flnanclalassets Fii)aiicial assets, other than those held at fair Value througli incoine &i)d expenditure, are ass¢ss¢d for indicators of Ktnpaiment at each reporting dat¢. finai)cial assets are impair¢d wlicr¢ there is objective ¢vid¢ncc that, as a result of one or InoiE events thELt QCLuired after the initial recognition of the fiDancial ass¢t, thc ¢stimated future cash flows have beei) affcd¢d. If an asset is impaiTcd, th¢ impairm¢nt Ios5 IS the difference betw¢¢n the carrying ainounÉ and th¢ present Vdlue of the estimatcd Cash flows dL5counted at the asset's original ¢ff¢ctive iuterest rate. Tli¢ impairmll loss is r¢Lognised in net inLumel(expenditur¢) for the yetlr. If there is a decrease in th¢ impainnent loss arising from an ¢v¢nt occurring after the impairni¢nt was r¢cognised, the impdim)ent is reversed. Th¢ rcv¢rsal is such that Ihc cuffcnt carrying amoutjt does not ¢xc¢cd ivhat the carrying amount would have b¢¢n, Iiad the impaimenl not pr¢viovsly b¢en recognised. The impairtncnt reversal is recognised iii net incomcl(cxp¢nditiiie) for tl)e year. Derecognlllon of flnanclal assets Finai)Lial assets are derccognis¢d only whtn the contracthal rights to the casli flows from the a5S¢t expire or are settled, or wh¢n th¢ Lharity trallsfers the financÈal as5¢t and sub5tJntially all the risks and T¢WtLrds of ownersliip to another entity, or if some signifiLanl risks and rcwards of ownership are Irtaincd but conti'ol of the asset l)as traiisferred to anoth¢r party that is able to s¢ll th¢ as5¢t in its entirety to an ut)r¢lat¢d third party-
THE LOMAS HALL TRUST NOTES TO THE FIIYANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aeeounting policie$ (Continued) Baslc Ilnanelal Ilabllltles Basic financial lidbilities, including crcditors and bank loans are initially recognised at transaction price ui)less tl)e arrangement cotJstitut¢s a financing transaction, wliere tl)e debt iiistrumEnt is measured at the prescnt valu¢ of the future payinents discoiiiited at a Inarkct rat¢ of int¢r¢st. Finaiicial liabiliti& classifi¢d as payable withiii one year are not alnortised. Debt instNmeThts' ¥ub¥cqucntly carried at amortised cost, iisii)g the effective interest rat¢ ]n¢thod. Trade creditors ar¢ obligations to pay for goods or services that have been acquired in th¢ ordiiiary course of operations from suppliers. Amounts payabl¢ arc classified as curi'ent liabilities if payment is due within one yedr ui less. If not, tlicy ar¢ prc8cntcd a5 non-current liabilities. Trdde creditors are recognised initldlly at transactioi) pri¢¢ aiid subscqucntly measured at amortised cost using the effeLtive int¢r¢st Jn¢thod. Der•cognltlon of flnanclalllablllfles Flliaiicial liabilitics are derecognised when the cliarity's contractual obligations cxpl or discharged oi. cancelled. 1.11 Employee benefits The c05t of any unused holiday entitlement is recognised in the p¢riod in which th¢ ¢mployK's s¢ryi¢cs are received. Temiination benefits are recognis¢d irnin¢diatcly as dn expeiise wlien the charity is demonstrably committed to t¢rn]inat¢ tli¢ einployjnent of an employec or to provide terjninatioii ben¢fits. Crltlcal accounting estimates and judgements In the application of th¢ cliarity's accouiiting policies, the trustees aTe required tg inak¢ judgcm¢nts, estimates ai)d 8SSUTriptions about the carrying amount of asscts and liabiliti¢s that ar¢ not adIlY ai?paTent from otlier sourL'es. The estimat¢s and associatcd assumptions are based on historicdl experience and other faLtors that ar¢ consid¢Ted to be relevant. Actual results may differ from these estiinates. Th¢ ¢8timat¢s and uiidcrlying assuinptions dre revi¢wed oil an ongoing basis. R¢vistoiis to accounting stiTnat¢s air recognised in tl)e peiiod in which th¢ estimat¢ is r¢vis¢d whcr¢ th¢ irvision affects only that period, or in the period of thc r¢vision and future periods where the revision affects both Lutt and future periods. 13
THE LOMAS HALL TRUST NOTES TO THE fi INANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donations and gif*$ ReslFlcted Total 2024 2023 Otlier grants aiid donations Donatcd goods and services 12,492 36,000 During the ciirrent year a grant of £12,492 was rc¢¢iv¢d from Sheffield City Council in rellc tion to the Solar Paiiels that were fi¢¢ed to th¢ Hall during the year. During the Stannington gas leak works iii th¢ prlOuS year, the Hall was used as a bas¢ for Cadent whilst iepairs werc oiigoing. Cadent donated and fitt¢d a new boil¢r at an estimated c05t of £36,000 in liw of payiiig tlie Trust hall hire fees. Charltable actlvities HDkIDSftts Conctrl$ Ilowllug te¢dp15 Cblldren pArtie5 T¢1 2014 rotnl Incom¢ from charitable activities 41,331 9,856 209 1,532 52,928 45,284 Other tradlng activlties Unresldcted Uxro51Tl¢l¢d 2024 2023 Noii-charitablc tTading actLVities- Bar incom¢ 23,108 14.
THE LOLMAS HALL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Inve51ments Unre$¢rlelt UhrE51rl¢ie 2024 2023 Int¢rest r¢c¢ivable 81 120 R*i5illg funds UThre5tA¢ied Ullrt5trlclcd 2024 21123 Tradii) costs Otli¢r trading activities 19.680 13.120 19,680 13,120
THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMEiYfs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charit%ble aetlvltles Dlrect charllable expenses Concert$ Famlly Parties Tothl 2U24 Total 2023 Depreciation and impaim]ent General rates Water rates Ga5 Electricity T¢l¢phoi)¢ Inburdnee Printing, postagc and station¢ry Rcpuirs and rcnewals Performing Rights Clcaning Waste cullection Garden maintcnanc ConLert expenses Sundry expenses Lcgal and piofessioi)al Other smdll events hosted 6,102 1,318 576 6,604 4,661 993 4.675 119 13,585 958 3,390 3,955 I,S50 6,102 1,318 576 6,604 4,661 993 4,675 119 13,585 958 3,390 3,955 1,550 8.994 732 2,567 730 995 1,234 1,227 6,424 4,567 468 4,674 303 6,541 1,185 3,196 3,615 1,610 626 302 78 1,339 8,994 732 2.567 730 51,785 8,994 730 61.509 38,384 Sl)are of goveniancc costs {s¢e ngt¢ 9) 1,800 1,800 1,748 53,585 8,994 730 63,309 40,132 An&ly$is by fund Unrestrieted funds R¢strict¢d fvnd5 48.973 4.612 8,994 730 58.697 4,612 53,585 8,9194 730 63,309 For the yedir ended 31 December 2023 Unrestricted funds Restricted nIts 38,157 io 626 1,339 40,122 10 38,167 626 1,339 40,132 16_
THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support eo$ts Support Gov¢rnance ¢ost5 costs 2024 2023 Ind¢pend¢nt examination fees 1.800 1,800 1,748 1,800 1.800 1,748 Analysed between Charitabl¢ artivities 1.800 1.800 1,748 Govetnance costs includes payments to the independcnt cxaminei. of £1,800 (2023.. £1.748) for independent ¢xamination fees. AO Trustees Expcnditure includes £nil (2023.. £nil) hono¥aria paid to tn]stees manag¢mcnt committee inembers. There were no other transactions with trustccs during the year. 11 Employees Therc were no employees during the year. There w¢r¢ no ¢mployees whose annual rernuneration was £60,000 or more. 12 Other Total 2024 2023 Net loss on disposal of tangible fixed assets 568 568 13 Thxation The Ll)arity is ¢xcmpt froin tax on inLome and gallls falling within section 5U5 of the Taxcs Act 19118 or seLtion 252 of tlie Trxationof Cli(irgedble Gains Act 1992 to the extent that tliese ar¢ applicd to its charitable objects.
THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Ci'editors: amounts f8llin% dlle Trvithin one year 2024 2023 Accruals 3,910 3,926 18 Reslrlcted fund$ The income fud$ of the charity includ¢ restricted funds coinprising the following un¢xp¢nded balances of dojiations and bFVdnts lield on tTU5t for speKific piirposes.. Movement in funds Re5DNr¢os expended Movement in funds IneoTolng re5ourcE5 15alnneo*l l Jgnuary 2023 Re5DuTcÈS expÈnded r(stsur£es l jllnry 1I24 31 Deber 2024 Lornas Hall (Land and buildings} Fixtures, rittings and equipmcnt 762,258 36,000 798,258 12,492 (4,6031 806,147 97 {10) 87 19) 78 762,355 36.000 IIQ) 798.345 12,492 (4,612) 806,225 Fixtures, fittings and equiptn¢nt A dondtion was r¢ccived it) 2002 towards th¢ purchase of new tablcs and is being amortised ovcr th¢ cstirnated useful lifc of t1105e assets. Lomas Hall- A boiler was donated and fitt¢d by Cadent in 2023 in lieii of hall hir¢ fc¢s during the Stdnnington gas lcak works. This is being amortl5cd over the estimatcd us¢ful life of tlie as5Ct. Lomas Hall- A grdnt Wds rec¢iY¢d in 2024 towards the purclias¢ of solar panels aiid batt¢ry system and 15 being amortised over the estimatcd us¢ful life of those asscts. 19-
THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTJNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tanglble fixed #s$ets FlyIu5 fl111 041)ent T11 bullding Cost At l January 2024 Additions Disposa]s 810,995 24,983 74,-300 17.208 (10,200) 885.295 42,191 110,200) At 31 Decembcr 2Q24 835,978 81,308 917,286 Depi'eeiation and impalrrnent At l January 2024 Depreciation charged in the y¢ar Elijninated in respcct of disposals 63,732 1,397 (9,382) 63,732 6,102 19,382) 4,705 At 31 Dccember 2024 4.705 55,747 60,452 Carrylng amount At 3 l December 2024 831.273 25,561 856,834 At 31 DeLetnb¢r 2023 810,995 10,568 821,563 All assets are used in the furth¢iance of the charity's objccts. Laiid and buildtngs arc shown at the insured value at l January 2000 plus *lditions th¢rcafter at cost. The trubtee5 ar¢ not aware of any mat¢rial change in value at 31 December 21)24. On a historical cost basis land and buildings would be included in these accoui)ts at a value of £253,439. 15 Stock5 2024 2023 Bar stock 1,180 I,oio 16 Debtor5 2024 21123 Amounts falllng due Jvithin one year: Pr¢payments and a¢ciued income 130 3,636 18
THE LOMAS HALL TRUST NOTES TO THE FINANCIAL STATEMEINTS (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Analysls of net usset$ between Imnds Unrnlrltied Reslrltled Total UDTesirleI Reslrlited fu5 Totwl 21J24 2024 21J24 2023 202J 20Z3 rund balances at 31 D¢c¢mbei 2024 are Tepresented by.. Tangible assets Current gsetsl(liabilit1¢5) 50,609 806,22S 856,834 23,218 798,345 821,S63 70,535 70,535 100.754 100,754 121,144 806,225 927,369 123,972 798,345 922,317 20 Cash genernted from operations 2024 2023 Surplus for the year 5,052 43,365 AdJust¢ts for.. Investment iii¢om¢ TeLog41ised iii stateinent of fman¢ial aclivities L05s on disposal of tangibl¢ fixed assets D¢precidtion and impaitment of tsngible red assets (81) 568 6,102 (120) 995 Mov¢rnents in WOTking capital.. (Incrca5el in stocks Decreasel(incrcase) in debtors (Dccr¢ase) in creditors (170) 3,506 116) (100) (3,636) (2,127) Cash generated from operation$ 14,961 38,377 21 Anxlysis of changes net funds The chdl'ity had no debt during thc y¢ar. 20.