THE LOPPING ENDOWMENT (Reglstered charlty no. 2282361 known as LOUGHTON LOPPING ENDOWMENT FUND REPORT ANO FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 LOUGHTON LOPPING ENDOWMENT FUND REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 CONTENTS Reference and admlnlstratlve Infomiatlon Director5, report Independent EKamlnerfs Report Statement of financial activities Balance sheet Notes to the financial statements io LOUGHTON LOPPING ENDOWMENT FUND REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS DIRECTORS AND ADVISERS For the year ended 31 De¢ember 2024 Sole corporate trustee- The Loppini Endowment Corporate TrustÈÈ Limited Dlre¢tors of The Lopplng Endowment Corpordte Trustee Umlted Elerted Dlrectors from May 2017. {when Diredor status changed): Alan Martin G Ostend John Orgar Lindon Barr Councll appolnted dlrertors Cllf. L House Assumed Dlrertor5- under the trust deed Martin Howarth Treasurer Pesh Kapasiawala Se¢retary Mr S Radley Employees john Mahoney Hall Manager Les HoLEse Deputy Hall Manager (Health & Safety, Security and Child Protection) Cathy Naylor Deputy Hall Manage (Health & Safety, Security and Child Protection) Charlty reg. no. 228236 The Loppin8 Endowment Corporate Trustee Limited Company number 09943247 Registered office Lopping H311 189 High Road Loughton IGIO 4LF Independent Examiner Cooper Paul Abacus House 14-18 Forest Road Loughton Essex IGIO IDX Bankers HSBC 74 High Road Barkin8side IG62DN Solicitors Foskett, Marr, Gadsby & Head 106-108 High Road Loughton IGIO 4HN LOUGHTON LOPPING ENDOWMENT FUND DIRECTORS, REPORT For the year ended 31 December 2024 The Board 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 statements of the Charity comply with current statutory requirements, the requirements of the Charity's governing document and the Charitie5 SORP IFRS 102 Accounting and Reporting by Charities). Objertive and artivitie5 Objectives and alms The charity Was set-up by a scheme in 1881, as varied by a scheme in 1993. The charity IS set-up for the benefit of the hou5eholder5 of Loughton, in substitution for their ancient right of lopping within Epping Forest to carry on and maintain Lopping Hall, which was erected for the purpose. The harity makes no distinction of sex or political, religiou5 or other opinions by a550Clating together the said inhabitants and the local authorities, voluntary organisations and inhabitants in a common effort to provide fatilities in the interests of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life for the said inhabitants. In furtherance of this objertive, the Trustee has complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commi55ion'5 published guidance concerning the operation of the Public Benefit requirement under the Act. Achievement and performance Review of activlties and achlevements Hall usage (Room bookings) Revenue from our room bookings in 2024 amounted to £77,316 as against our budget of £80,0(XI. Our revenue in 2023 was £74.445. In 2019 (Pre-pandemic comparison) the revenue was £55,711. Room lettings rate review The last increase in our base Inon-discoltntedl room rate5 was in January 2022. Or+ january 1" 2024, we increased these by IO% increase across the board for all users. Dependent on the room. this amounts to between £1.50 to £ 2.CMJ per hour. Our maximum discount for our long-term users has been reduced to 30%. Cornmercial Tenants We continue to receive rents from WhitneV5 Carpet Shop, Waterlows News Agents and Hunter Biscuit and Wolf Ltd (Hobo Clubl- Our total income from commercial rent5 has increased to approximately £90,000 per year a5 from January 2025. Marketlng We are currently marketing Lopping Hall activities using our webslte, 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 event5 land ticketing) and the activities of all our users. This is a free of charge service to our regular users. Booking levels are stable. It is gratifying to note that many of the bookings are a result of recommendations. The building Is firmly associated with entertainment given that activities cover Theatre, Cinema and the twenty or 50 Cla55e5 running dance, fitness, and Yoga for both adults and children. These activitie5 have also expanded to include pre-school cla55es, mental wellbeing, counselling and back to work club5. One of the things that makes us different from many other venues is our theatre. For this reason, we intend to form relation5hip5 Wlth entertainment groups associated with suth things as old time musicals. Burlesque, Comedy and Jazz. This will allow us to use the theatre for one or two night quick setup events which do not seriously offect our other regular users but allow u5 to increase our revenue through the hire of the theatre together with bar sales. A5 a result, theatre upgrades will continue, such as lighting and sound, when reserves allow. Works Cornpleted in 2024 1 early 2025 Re￿IrS to Stone, brickwork, and TerTacotta - Station Road entrance and brickwork repairs in the basement. Stone and brickwork restoration, mainly around the large rear door on Station Road was essential maintenance. Mortar and brickwork had crumbled, letters on the 1883 foundation stone were indecipherable and the carved terracotta needed careful cleaning together with some repairs to the two columns. The Tarmac at the rear of Lopping Hall on Station Road has been replaced. This car standing area was previously in a very poor condition and broken up. We have upgraded our ten-year-old computer and purchased a colour laser printer The previous computer was running slow and had 35,000 old files and three old users on it. Additionally, the operating 5yStem was Windows 10 which will not be supported from October 2025. losing our security updates. Air-conditioning has been installed in the Willingale room. A large TV / monitor screen has been installed in the Willingale room. An entrance door monitor and intercom with remote door unlocking has been installed together with an additional security camera above the front door. Excluding the kitchen. all doors now have digital security. Thi5 is useful during show weeks when equipment need5 to be protected. First floor lobby lights and those to the flat have now been changed to LED. FUTURE WORKS CLOCK TOWER REPAIRS The clock tower need5 repair5 to guttering, lead flashings and woodwork, together with painting. A drone survey was carried out that indicate5 that the tower is in a reasonable state but needs attention in 2025126. We will be requesting quotations for scaffolding and works and will decide when we should go ahead based on financial reserves. Inancial reserves. Our end of year120241 reserves remain good. The Board of Directors consider that subject to any negative effects that the State of the economy might have on our room and lease revenues, we will be able to fulfil most of our upgrade commitments and allow us to continue to operate one of the best activity and entertainment centres in Lou8hton and the surrounding areas. Board and Hall Management I would like to thank my fellow Director5, our Secretary and Hall Management for their help and support over the past year. There have been no changes to the board of directors. We would like to have two further people join the board who preferably should have some experience in maintenance and contractor management and with time tQ Vi51t the Hall on a regular ba515. We do not have any Directors for re-election this year. Chairman I decided to resign as Chairman of the Board effective at the 2024 AGM. However, this was postponed due to circumstances outside my control. As l advised the board in December 2024, my resignation is now effectiv at the 2025 AGM (July). Alan Martinl May2025. Chalrman. The Lopping Endowment Corporate Trustee Ltd. The Lopping Endowment. Charlty 228236 LOUGHTON LOPPING ENDOWME￿ FUND For the year ended 31 December 2024 Independent examinerfs report to the Trustees of Loughton Lopping Endowrnent Fund Trust I report to the charity trustees on my examination of the account5 of the Loughton Lopping Endowment Fund Ithe Trust) for the year ended 31 December 2024, which are Set out on pages 8 tol4. Responslbllltles and basis of report As the charity trLtstee of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Art 20111'the Act'l. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commissioner under section 14515llbl of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respert.. accounting records were not kept in respect of the Trust as required by section 130 of the Act,. or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out In the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered a5 part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which att styould be drawn in this report in order to enable a proper understanding of the accounts to be An Coaper Paul Abacus House 14-18 Forest Road Loughton Essex IGIO IDX n 8A BFP FCA Ilslzg Dated: LOUGHTON LOPPING ENDOWMENT FUND STATEMENT OF FINANaAL ACTIVITIES For the year endèd 31 December 2024 Note Unre5trlrted Endowment & Restrlded Funds 2024 Total Total Incoming Resources Fund5 2024 Funds Z024 Funds 2023 Grant5 12,700 75,764 12,700 75,764 Rentsl of banl shop Land & building5 revaluation Lettlngs of Hall and Rooms Bank & other interest Investment income Sundry receipts Fundraising events, and donatlons 84.413 77,316 1,123 118 77,316 1.123 74.445 822 107 3.983 Toral In¢ominB Resourtes 167 021 167 021 Resour¢es Exppnded Premises costs, In¢ loan inrerest Other expenses 133,417 10,885 144202 137.266 Total Resource5 Expended 13 161 Net Incorning/loutgolngl resources Transfer between funds Net incorning/ loutgoingl resource5 after transfer 27.658 129,9851 12,3271 2.Z75 12 TOTAL FUND5 AT I JANUARY 2024 IIM 947 TOTAL FUNDS AT 31 DECEMBER 2024 12 OUGHTON LOPPING ENDOWMENT FUND BALANCE SHEET As at 31 De¢ember 2024 Notes 2024 2023 FIXED ASSETS Tangible assets Investments 1,850.794 1,868.430 711 1,851.505 1,869.141 CURRENT ASSETS Debtors Cash at bank and In hand Total 8,038 135 229 143.267 ,117 113 683 121,800 CREDITORS.. am¢unts falling due within one year io NETCVRRENT ASSETS TofAL ￿SEr5 Lf 5S CURRENT IIA81LITIES 1,971.732 1.977,147 REDITORS.. amounts falling due after one year li 21 io NET ASSETS FUNDS Endowmentfund Restricted lynds Unrestrlcted funds.. General fund 12 1,704.779 1.718.091 12 115 932 The financial statements were approved, and authorised for issue, by the Directors on behalf by= 11sl2f and signed on thelr Alan Martin LOVGHTON LOPPING ENDOWMENT FUND NOTESTO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 I. ACCOUNTING POLICIES Basls ofpreporatlon offinanclol 5t(rtements The financial statements of the charity. which is a public benefit entity under FRS 102, have been prepa￿d in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK Republic of Ireland IFRS 1021 leffectlve l January 20191,. Financial Reportlng Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention The effects of events relating to the year ended 31 December 2024 which occurred before the date of approval of the financial Statements by the Executive Committee has been included in the financial statements to the extent required to show a true and fair vlew of the state of affairs at 310ecember 2024 and the results for the year ended on that date. Furhl o¢¢ountinq General funds are unrestricted funds which are available for use at the discretion of the Tru5tee5 in furtherance of the general objects of the Charity and which have not been designated for other purposes. Endowment funds comprise funds that are to be retalned In Ilne with the original funder bequesi. As the building is held in the Endowment improvements. depreciation, and the loan liability are all included as part of thai balance. Restricted fvnds are funds which are to be used in accordan￿ with specific restrictions imposed by donors which have been raised by the Charity for particular purposes. The cost of raising and admlnistering such funds are charged against the specific fund. The aim and use of ea¢h restricted fund 15 Set out in the note5 to the financial staternents. Statutory grants which are given as contribution5 towards the Charity's core services are treated as unrestricted. Incomlng resources All ineorning ¥e50urces are included in the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distrSbuted to the PTojerts. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the Charity where thi5 can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for Services donated by volunteers. Incorne tax recoverable in relation to investment income oi Gift Aid donation5 15 recognised at the time the relevant income is receivable. LOUGHTON LOPPING ENDOWMENT FUND NOTES TO THE FINANCIALSTATEMENTS For the year ended 31 December 2024 Resources Expended All expenditure is accounled for on an arcruals basis and has been Included under expense categories that aggregate all costs for allocation to activities. Irrecoverable VAT is charged against the category of re50ur¢es empended for which it was Incurred. However, the ba515 on which the Charity is now VAT registered, means that input VAT is currently recoverable. Investments Investments are stated at cost value at the balance sheet date. Tanglbleflxed assets ond depreclatlon Tangible fixed assets are stated at cost le55 depreciation. Depreciation 15 provided at rate5 calculated to write off the cost of fixed assets, less their estimated residual value, over iheir experted useful live5 on the following ba5es'. Buildings Furniture, fittings & equipment- Over 50 years by equal amounts each year IS% of reducin8 balance each year 2. PREMISE5 C05TS Unrestrlcted Funds 2024 Endowment Funds 2024 Total Funds 2024 Total Funds 2023 Personnel costs Cleaning- contract District rates and utilities Maintenance contract5 Telephone 36,463 20,894 24,324 6,855 36N63 20A94 24,324 6,855 35,847 20,203 21,867 6.402 Building maintenance, repairs and renewals 37,542 37,542 35,500 Inet of recharges to tenants. & any Insurance recovery) Loan interest and charges Insurance (net of rechar8es to tenants) 10,885 10,885 10,449 137 LOUGHTON LOPPING ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 3. OTHER EXPEN5fS Unrestricted Funds 2024 Endowmenf Fund$ 2024 Total Funds 2024 Total Funds 2023 Accountancy fees Print. Post and stationery Depreciation Legal & professional fees Sundry expenses 735 735 700 3,034 938 19,100 22.134 938 21.876 605 4. INDEPENDENT EXAMINER FEES 2024 2023 Non audit Se￿IceS 735 5. STAFF COSTS Premises manager's salary. secretary honorarium, and part time staff. 7he average number of employee during the year wa5 412023:_ 41. No employee5 received emoluments in excess of £60.0￿. 6. DIRECTORS During the year. no Directors received any remuneration12023- the same). Mr Alan Martin received £2,393 12023.. £1,33114n respert Of the reimbursement of expen5e5 for materials. 7. TANGIBLE FIXED ASSETS Furnlture. furnishings and equipment Land and buSldin85 Total Cost At I january 2024 a5 revalued Assition5 2,037,108 94,832 4,498 2,131,940 4,498 Disp05als At 31 December 2024 Depreciation At I january 2024 Eliminated on disposal Charge for the year At 31 Oecembèr 2024 184,408 79,102 263,510 203 508 Net book value At 31 December 2023 At 31 DeCe￿be¥ 2024 LOUGHTON LOPPING ENOOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 7, TANGIBLE FIXED ASSETS A profe55ional valuation of the building of £1,910,000 as at 18 December 2020 was received on 3 March 2021 from James Berlin Associates. It is estimated that the building constitutes half the value of the premises, and this element 15 amortised by 2% pa. The original c05t of the land and building was £3.667. The charity has embarked on a major refurbishment programme. 8. INVESTMENTS 2024 2024 2023 The investment5 are shown at cost. 711 711 Market value 9. DEBTORS 20Z4 2023 Due withir5 one year Trade debtor5 206 909 Prepayrnent5 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loan5 and overdrafts VATdue Accrua15 5.300 7,461 8,000 5.094 11. CREDITORS: AMOUNTS FALUNG DUE AFTER ONE YEAR 2024 2023 Rent depostt Bank loans- Triodos 27.500 27.5 123 521 151021 The ¢harity took out a 25 year loan of £200,000 from Triodos Bank NV with the first draw4own in May 2012. The loan is secured by way of a first char8e on the freehold premises, is at a rate of base rate + 3% Isubject to a minimum rate of 3.5%). and capital payment5 be8an from May 2013. The elerrent of the loan repayable in the coming year is included in short-term creditor5, note 10. LOUGHTON LOPPING ENDOWMENT FUND NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 12. STATEMENT OF FUNDS Transfer5 and Investment 8ain5llltsssesl 8rought Fonvard Incomlng Resources Resour￿5 Expended Carried Forward SUMMARYOF FUNDS General Funds Eridowment fund 104,947 1718 091 1823 038 167,021 1139.3631 116,6731 115,932 1704 779 167 021 1820 711 Endowment fund- revaluation and mort8age loan A5 part of the process of obtaining the mortgage to fund major repalrs and improvements to the Hall a valuation was obtained. The mortgage is secured on the prerni5e5, and Is therefore reflected as a deduction from the endowment fund. Endowment fund revaluation and mortgage loan Included in the Endowment fund is the revaluation reserve of £1.704.77912023.. £1,718,0911 The inve5tment5, previously Considered to be an unspent element of the initial fund, have, in light of improvements funded by unrestricted income, been re-categorised as unrestricted. 13. ANALYSIS OF NET ASS￿5 BEtWEEN FUNDS Endowment Funds ZOZ4 Restrirted Funds 2024 General Funds 2024 Total Total Funds 2024 Funds 2023 Tangible fixed assets Inve5tment5 1,833.600 17.194 711 IAS0,794 1,868,430 711 711 Net current assets IS.3001 125,527 120,227 108,006 Creditors due in more than one year 123 521 151021 154 109 115 932 1820 711 1823 038