THE LOPPING ENDOWMENT (Registered tharlty no. 228236} known as LOUGHTON LOPPING ENDOWMENT FUND REPORT ANO FINANCIAL STATEMENTS YEAR ENDED 31 OECEMBER 2023 LOUGHTON LOPPING ENDOWMENT FUND REPORT AND FINANCIAL STATEMENT5 For the year ended 31 December 2023 CONTENT5 Referen¢¢ and admlnlstratl¥e Informatlon Dlrectors, report Independent Examlnees Report Statement of flnanclal actlvltles 8alance sheet io Notes to the Ilnanclal statements li LOUGHTON LOPPING ENDOWMENT FUND REFERENCE AND AOMINISTRATIVE OETAILS OF THE CHARITY. ITS DIRECTORS AND ADVISERS For the year ended 31 December Z023 Sole corporate trustee: The Lopplng Endowment Corporate Trustee Limited Dlrertors of The Lopplng Endowrnent Corporate Trustee Llmlted Elerted Dlrectors from May 2017. (when Olreclor Status than8edl: Alan Martin G 05tend John Orgar Je55ieè Ford Lindon Barr Councll appolnted dlrectors Cllr. layna 10813 Iresigned May 20241 air. L House alr. J Rilev Assumed Dlrectors- under the irust deed Martin Howarth Treasurer Pesh Kapasiawala Secretary Mr S Radlev Employees John Mahoney Hall Mana8er Les House Deputy Hall Manager (Health & Safety. Security and Chlld Proteclionl Diane Peter5 Assistant Hall Manager Charlty reg. no. 228236 The Lopping Endowment Corporate Trustee Limited Company number 09943247 Registered office Loppin8 Hall 189 High RL)ad Loughion IGIO 4LF Independent Examiner Cooper Paul Abacus House 14-18 Forest Road Loughton Essex IGIO IDX Bankers HSBC 74 High Road BarkinÉside IG6 2DN 50licitors Foskett, Marr, Gaf15by & Heod 10fv108 High Road Loughton IG104HN LOUGHTON LOPPING ENDOWMENT FUND DIRECTORS, REPORT Forthe year ended 31 December 2023 The 8oard of Directors submit their annual report and the financial statements of Loughton Lopping Endowment Fund for the year. The Directors confirm that the annual report and financial statement5 of the Charity comply with current statutory requirements, the requirefflents of the Charity's governin8 document and the Charities SORP IFRS 102 Accounting and Reporting by Charities). Objertlve and actlvStles Objertives and aims The charity was set-up by a scheme in 1881. as varied by a scheme in 1993. The charity is set-up for the beneflt of the householders of Loughton, in substltutlon for their ancient right of lopping within Epping Forest to carry on and maintaln Lopping Hall, which was erected for the purpose. The charity makes no distlnctlon of sex or political, rellgious or other opinions by assoclatlng together the sald inhabitant5 and the local authorities, voluntary organisations and inhabitants in a common effort to provide facilities In the interests of social welfare for recreation and leisure-time occupation with the objett of improving the conditions of life for the said inhabitants. In furtherance of this objective, the Trustee ha5 complied with the duty in sertlon 4 of the Charities Act 2006 to have due regard to the Charity Commission's published guidance concerning the operatlon of the Public Beneflt requlrement under the Act. A¢hlevement and performance Revlew of artlvltles and 3chlevemÈnts Hall usage (Room bookSn8s) Revenue from our room bookings in 2023 amounted to £74,445 as against our budget of £75,OCrt). Our revenue in 2022 was £62,123. In 2019 IPre-pandemic comparison) the revenue was £53,982. Room lettin85 rate revlew The Board of Directors agreed that the modest increases to our room letting rates that came into effect on January 1" 2022, would remain in force until January 1" 2024. There have been some large increases in direct and indirect overheads, during 2023, especially utilities. We expect that our utilities costs will reduce by the end of the year when contracts are negotiated. Given these cost issues, we have decided to increase rates by IO% from January 2024 which amounts to around £1.50 to £2.00 per hour. At that time. the previous rates will have been active for 24 months. Discounts for 3 small number of"historical users" were reduced from 50% to 40% on January 1,, 2022. and were to be reduced to 30% at the following review date in 2023. Thls reduction was delayed and will now come into effect on January 1" 2024. Commer¢ial Tenants We continue to recelve rents from Whitne¢s Carpet Shop, Waterlows News Agents and Hunter Biscuit and Wolf Ltd, who are openin8 a 45 seat cinema {ni8ht operation) and a mixed use workspace IDay operation) in the unit that was previously occupied by HSBC Bank Plc. Our total income from commercial rents remains at approximately £85.0(Kl pa in 2024. One of our leases is being reviewed and we are in discussions with the lessee concerning an increase to the rent. Maiketln8 We are currently marketing Lopping Hall activities using our website, the two High Road facing monitors, together with social media and other advertising spaces on the internet, such as "Halls for Hire" Our monitors and website not only advertise LH rooms to rent, but also theatre events {and ticketing) and the actlvltles of all our users. Thlsls a free of charge service to our regular users. We continue to see an increase In both enquiry and booklng levels. It is 8ratifying to note that many of the bookings are a result of recommendations. The building Is now firmly associated with entertainment given that activities cover Theatre, Cinema and the twenty or so Classes running dance, fitness. and Yoga for both adults and children. These activities have also expanded to include pre-school classes, mental wellbeing, counselling and back to work clubs. Works Completed 2023 Increased theatre IIEhtlng. We thank Terry Tew Sound and Light Co. Ltd. for the generous gift of a further eight lighting units. There are now twenty flood or spotlights permanentlv available to Lopping Hall. Alr conditlonlng in the Large Hall {Theatre auditorium) and the small hall was installed mid 2023. A new quiet and more efficlent extrartlon motor has a150 been fitted in the main hall / theatre to vent hot and stale air. This avoids usin8 the air 107 108 Totsl Incornln8 Resources Resour¢•s Exp•nd•d Premlses c¢srs, Inc loan Inierest Otherexp¢nses 126.017 10.449 137.166 109,887 Totèl Resources Expended Net Incomln81lout8Oln81 resources Transfer tselween funds Nei Incomlng I lour8oln81 resource$ after transfer 29 145 31.824 129.5491 2,275 132.04Jl 12 TOTAL FUNDS AT I JANUARY 2021 731 TOTAL FUNDS AT 31 DECEMBER 2023 12 OUGHTON LOPPING ENDOWMENT FUND BALANCE SHEEr As at 310e¢ember 2023 Noies 2023 Z022 FIXED ASSETS Tan8ible assets Investments IW.4JO 1,890.305 711 I￿69.141 1.891.016 CURRENT ASSETS Debtors Cash at bank and In hand Total li 8,117 7.756 lil￿rA) 106,256 CREDITORS.. afflounts falllrbg du¢ wlthin one year io NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 1.9n.147 1.991,768 CREDITORS.. amounts fèllln8 due fter one year NET ASSETS FUNDS Endowment fund Re51rKted funds Vnrestrlcted fund5.' General lund 123 1.718.091 1,731.651 12 The ftnantial statements were approved, and avthorised for issue. by the Trustees on fi M¥2rnd signed on their behall by.. Alan Martin LOUGHTON LOPPING ENDOWMENTFUND NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 I. ACCOUNTING POLICIES Bosls of preporotlon oAlinJnclal strtements The financial statements of the charity. whlchls a public benefit entrty under FRS 102, have been prepared In accordance with the Charities SORP IFRS 1021 'Accourstin8 and Reporting by Charities.. Statement of Recommersded Practice pplicable to charities preparing their accounts in accordance with the Flrtaneial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 leflective l January 20191,, Financial Reporting Standard 102 'The Financial Aeporting Standard applicable in thè LIK and Republic of Ireland. and the Charities Act 2011. The financial statement5 have been prepared under the historlcal cost convention The effects of events relating to the year ended 31 December 2023 whlch occurred before the date of approval of thè financial statements by the Executive Committee has been included in the linancial statements to the extent required to show a true and fair view of the state of affair5 at 31 December 2023 and the results loi the year ended on that date. Fund occountlnq General funds are unrestricted lunds which are available for use at the discretion of the Trustees In furtherance of the general objects of the Charity and whi¢h have not been deS￿nated for other purposes. Endowment funds comprise funds that are to be retained in line with the original funder bequest. As the building is held In the Endowment irnprO￿Ments. depreciation, and the loan liability are all included a5 part of that balance. Restrlcted funds are funds whlch are to be used In accordance wlth specific restrictions irnp05ed by donors which have been ra15ed by the Charity for particular purposes. The cost of raising and administering 5u¢h funds are char8ed a8ainst the specific fund. The aim and use of each restricted fund is set out In ihe notes to the financial statements. Statutory 8rants whlch are 8lven as contributions towards the Charity's core services are treated as unrestricted. Incomlnq resources All incornin8 resources are included in the Statement of Financial A¢tivtties when the Charity 15 legally entitled to the income and the amount can be quantilied with reasonable accuracv. Glfts in kind donated for distributSon are included at valuaiion and reco(nlsed as income when they are distributed to the projects. Gifts donated for re531e are included as income when they are sold. Donated fatilities are included at the value to the Charity where thi5 can be qLsantified and a third party is bearing the c05t. No amounts are included in the financlal statements for 5eryices donated by volunteers. Income tax recoverable in relation to investment income or Gift Aid donation5 is recognised at the time the relevant income is receivable. LOUGHTON LOPPING ENDOWMENT FUND NOTES TO TKE FINANCIAL STATEMENTS For the year ended 31 December 2023 Resource5 Expended All expenditure is accounted for on 3n ètcruals basi5 and has been Included under expense cate6ories that a88re8ate all costs for allocation to activities. Irrecoverable VAT 15 ¢har8ed against the ¢ategory of resources expended for which it was incurred. However, the basis on which the Charity is now VAT registered. means that input VAT Is currentty recoverable. Investments Investments are stated at cost value at the balance sheet date. Tanqlbleflxedossets unddepreckntlon All assets c05tlng more than £500 are capitalised. Tangible fixed assets are stated al c05t less depreciation. Depreciation Is provided at rate5 calculated to write off the ¢95t of fixed assets, less their estimated residual value, over their expeded useful lives on the following bases.. Buildings Furniture, fittings & equlpment- Over SO years by equal amounts exh year 15% 01 redu¢in8 balance each year 2. PREMISES COSTS Unrestrlrted Funds 2023 Endowment Fub)d$ 2023 Totsl Funds 2023 Total Funds 2022 Personnel ¢ost5 Cleanlng- contract Oistrict rate5 and utilitie5 Maintenance contracts Telephone 35.847 20.203 21.867 6.402 35,847 20.203 21,867 6.402 32,223 20,368 11,961 7,715 Building maintenance, Tepalrs and renewals 35,500 35,500 25,784 (net of recharges to tenant5, & any insurance recovery) Loan interest and charges Insurance Inet of rechar8e5 to tenants) 10,449 IOA49 6,242 LOUGHTON LOPPING ENDOWMENT FUND NOTES TO THE FINANCIAL 5TATEMENT5 For the year ended 31 December 2023 J. OTHER EXPENSES Unrestrlrted Funds 202J Ehdowment Funds 2023 Total Fund5 2023 Total Funds 2022 Accountancy fees Print. post and stationery Depreciation Legal & professlonal fees Sundry expenses 700 675 160 22.366 10.639 2.776 605 19,100 21.876 605 4. INOEPENDENT EXAMINER FEES 2023 2022 Non audlt services 700 S. STAFF COSTS Premises mana8ef'S salary, secretary honorarfum. and part time staff. The average number of employee durln8 the year was 412022:. 41. No employees received emoluments in exce55 of £60,CI)O. 6. DIRECTORS During the year, no Direciors recelved any remuneration12022 the samel. Mr Alan Martin received £1,331 12022.. £4.9461 In respect of the reimbursement of expense5 for materials. 7. TANGIBLE FIXED ASSETS Furnlture, furnlshln8s and equlpmenl Land and bulldlngs Total Cost At l January 2023 a5 revalued Transfer from Gallery Disposals At 31 December 2023 2,037,108 94.832 2,131,940 2 037 108 Depreciation At l January 2023 Eliminated on disposal Charge for the year At 31 December 2023 165.308 76,327 241,635 263 510 Net book value At 31 December 2022 At 31 December 2023 LOUGHTON LOPPING ENDOWMENT FUND NOTESTOTHE FINANCIALSTATEMENTS For th8 year ended 31 Dettmber 2023 7. TANGIBLE FIXED ASSETS A professional valuation of the building of £1,910.000 as at 18 December 2020 was received on 3 March 2021 from james Berlin Assoc¢ates. 11 15 estimated that the building constitutes half the value of the premises, and this element is amortised by 2% pa. The ori8inal cost of the land and buildin8 was £3.667. The charity has èmbarked on a major refurbishment pro8ramme. 8. INVESTMENTS 2023 2023 2022 The Investments are shown at Cost. 711 711 Market value 9. DEBTORS 2023 2022 Oue withSn one year Trade debtors Prepayments 909 1.042 117 10. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Bat)k loans and overdrafts VAT due Accruals 5.094 1,249 11. CREDITORS.. AMOUNTS FALLING DUE AFTER ONE YEAR 2023 2022 Rent deposit Bank loans- Triod05 27.500 27,500 132 149 159 649 The charity took out a 25 year loan of £200,(iKI from Triodos Bank NV with the first draw-down in May 2012. The loan is secured by way of a first charge on the freehold prewnises, is at a rate of base rate + 3% Isubject to a minlmum rate of 3.5%), and capital payments began from May 2013. The element of the loan repayable in ihe coming year 15 included in short-temi creditors, note 10. LOUGHTON LOPPING ENDOWMENTFUND NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023 12. STATEMENT OF FUNDS Transfers and Investment galnslllosses) Brought Forward Incomln Resources Resources Empend Carrled Fobward SUMMARY OF FUNDS General Funds Endowment fund 89.112 1 731 651 163.770 1131,9461 115.9891 104,947 1718 091 161 95 Endowmerst fund- revaluation and mort8age loan As part of the process of obtainin8 the mortgage to fund major repairs and improvements to the Hall valuation wa5 obtained. The mortga8e 15 secured on the piemises, and is therefore reflected as a dedu¢tion from the endowment fund. Endowment lund revalualion and mortgage loan Included in the Endowment fund Is the revaluatlon reserve of £1,718.09112022." £1,743,938) The Investments, prevlously consldered to be an unspent element of the Inilial fund, have. In li8ht of improvements funded by Lsnrestricted income, been re-Cate8orised as unrestricted. 13. ANALYSIS OF NET A55ETS BETWEEN FUNDS Endowment Funds 2023 Restrlcted Funds 2023 General Funds 2023 Total Funds 2023 Total Funds 2022 Tan8ible fixed assets Investments 1,852,700 15,730 1,868,430 1,890,305 711 711 711 Net current assets Crodltors due In more than one year 18,(KN)I 116.006 108,006 16,860 154 109 1823 038 1820 763 1718 091