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2022-12-31-accounts

Charity registration number 00248898

LADY WATERFORD HALL TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

LADY WATERFORD HALL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Lady Joicey C Carr-Ellison J Andrews Charity number 00248898 Principal address Ford TD15 2QA Independent examiner

Ford & Etal Estate Office Ford Berwick-upon-Tweed TD15 2QA

Alan Patterson FCA 17 Walkergate Berwick-upon-Tweed Northumberland TD15 1DJ

Bankers

Barclays Bank PLC Custom House Waterfront East West Midlands DY5 1XH

LADY WATERFORD HALL TRUST

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 14

LADY WATERFORD HALL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and "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 and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity was established to maintain and upkeep Ford Village Parish Hall for the benefit of the residents of Ford Parish. The management and running of the property is overseen by a committee appointed by the trustees.

Public benefit

In considering the operation, achievement and performance and finances of the charity, the trustees are satisfied that public benefit has been provided in accordance with the Charities Act 2011 and guidance provided by the Charity Commission.

Achievements and performance

In 2022, the Lady Waterford Hall saw record numbes of visitors, at 11,481. On this basis, the donations-only approach was considered to be a success, and will remain in force on an ongoing basis. The charity successfully applied for grant funding from the Museum Development North East Recovery and Development Grant Scheme, which will provide nearly £10,000 for new kitchen and dining equipment, for use in future fundraising activities. The Hall has hosted a series of events such as theatrical performances, art exhibitions and afternoon teas, in order to raise funds towards building upkeep.

Financial review

The charity holds sufficient reserves in the unrestricted general funds to cover the current levels of operation for several years.

The trustees have reviewed the reserves, in relation to the expected future income and expenditure streams and consider them to be in a strong position, which will allow them to continue to pursue its aim and objectives for the foreseeable future. These aims are to maintain and upkeep Ford Village Parish Hall for the benefit of the residents of Ford Parish.

Income is applied mainly for direct charitable expenditure. Expenditure can vary from year on year depending on the needs of the Hall. Reserves are held in order to cover any possible repairs or refurbishments which are likely to be unpredictable and costly.

The bank deposits are held to generate income, but are expendable at the trustees' discretion.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Risk review

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

LADY WATERFORD HALL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Structure, governance and management

Constitution

The charity was established by a charitable Trust Deed on 3 September 1957 to maintain and upkeep Ford Village Parish Hall for the benefit of the residents of Ford Parish.

The trustees who served during the year and up to the date of signature of the financial statements were: Lady Joicey C Carr-Ellison J Andrews

Legal and administrative details

Details of the legal and administrative information including the details of trustees and the charity's main agents and advisers are given under Trust Information. Trustees are appointed by deed of appointment. Any decisions made within the charity are made by the trustees. Trustees are required to declare their eligibility to fulfil the legal responsibilities of the role, with induction training and appropriate documentation offered to new trustees.

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees.

Lady Joicey Trustee Dated: 20 February 2023

LADY WATERFORD HALL TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF LADY WATERFORD HALL TRUST

I report to the trustees on my examination of the financial statements of Lady Waterford Hall Trust (the charity) for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no other concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Alan Patterson FCA

17 Walkergate Berwick-upon-Tweed Northumberland TD15 1DJ

Dated: 20 February 2023

LADY WATERFORD HALL TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income and endowments from:
Donations and
legacies
3
13,321
-
Income from
charitable activities
4
7,464
-
Other trading
activities
5
29,266
-
Investments
6
1
-
Other income
7
-
-
Total income
50,052
-
Expenditure on:
Raising funds
8
15,344
-
Charitable activities
9
36,281
382
Total resources
expended
51,625
382
Net movement in funds
(1,573)
(382)
Fund balances at 1
January 2022
82,244
5,925
Fund balances at 31
December 2022
80,671
5,543
Total
Unrestricted
Restricted
funds
funds
funds
2022
2021
2021
£
£
£
13,321
20,260
1,817
7,464
2,145
-
29,266
22,456
-
1
2
-
-
290
-
50,052
45,153
1,817
15,344
13,466
-
36,663
27,291
430
52,007
40,757
430
(1,955)
4,396
1,387
88,169
77,848
4,538
86,214
82,244
5,925
Total
funds
2021
£
22,077
2,145
22,456
2
290
46,970
13,466
27,721
41,187
5,783
82,386
88,169

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

LADY WATERFORD HALL TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2022

2022
Notes
£
Fixed assets
Tangible assets
12
Current assets
Stocks
13
8,726
Debtors
14
505
Cash at bank and in hand
9,949
19,180
Creditors: amounts falling due within
one year
15
(21,178)
Net current liabilities
Total assets less current liabilities
Income funds
Restricted funds
17
Unrestricted funds - general
2021
£
£
88,212
6,613
2,635
8,109
17,357
(20,000)
(1,998)
86,214
5,543
80,671
86,214
£
90,812
(2,643)
88,169
5,925
82,244
88,169

The financial statements were approved by the Trustees on 20 February 2023

Lady Joicey Trustee

LADY WATERFORD HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

Lady Waterford Hall Trust is a charitable trust registered with the Charity Commission (Registered Charity Number 00248898) and governed by its Trust Deed, dated 3 September 1957.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Trust Deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

The unrestricted general funds represent the free funds of the charity, to be used at the trustees' discretion in furtherance of the objects of the charity.

The restoration funds are restricted funds which were raised by an appeal. They can only be applied for the purposes of restoration, as set out in the terms of the appeal.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Donations and legacies are recognised when they are received.

Grants receivable are recognised in the Statement of Financial Activities in full in the year which they become receivable, that is when the conditions for receipt have been met.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts.

LADY WATERFORD HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 Resources expended

All expenditure is accounted for on an accrual basis. Resources expended are allocated to the activity to which they relate.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. It is the charity's policy to capitalise items costing more than £200. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Property improvements 2% Straight Line Photographic copyright 10% Straight Line Fixtures & fittings 10% and 20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

LADY WATERFORD HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
general
£
£
Donations and gifts
13,321
-
COVID-19 support grants
-
-
13,321
-
For the year ended 31 December 2021
20,260
1,817
Total
2022
£
13,321
-
13,321
Total
2021
£
13,143
8,934
22,077
22,077

LADY WATERFORD HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

4 Chartitable Activities

Admissions
Charitable
Income
2022
2022
£
£
Admissions
1,074
-
Exhibition income
-
-
Events income
-
6,390
1,074
6,390
Total
2022
£
1,074
-
6,390
7,464
Total
2021
£
781
590
774
2,145

5 Other trading activities

Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Raffle 5,393 1,618
Shop income 23,574 20,529
Letting and licensing arrangements 299 309
Other trading activities 29,266 22,456
Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Interest receivable 1 2
Other income
Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Other income - 290

LADY WATERFORD HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Raising funds

Raising funds
Unrestricted Unrestricted
funds funds
general general
2022 2021
£ £
Raising funds
Staging fundraising events 11,320 10,829
Exhibition costs 959 868
Advertising 3,065 1,687
Raffle expenditure - 82
Raising funds 15,344 13,466
15,344 13,466

9 Charitable activities

Charitable Charitable
activities activities
2022 2021
£ £
Staff costs 18,476 14,484
Depreciation and impairment 4,639 4,661
Heating oil 2,340 1,398
Electricity 158 292
Rent, rates and insurance 2,606 1,995
Repairs and cleaning 4,568 3,351
Postage, stationery, advertising and telephone 1,195 632
General administration expenses 2,285 578
Bank charges 396 330
36,663 27,721
36,663 27,721
Analysis by fund
Unrestricted funds - general 36,281 27,291
Restricted funds 382 430
36,663 27,721
For the year ended 31 December 2021
Unrestricted funds - general 27,291
Restricted funds 430
27,721

LADY WATERFORD HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

10 Trustees

No remuneration was paid to any trustee or to any other person connected with them, and no expenses were reimbursed to them (2021: None).

11 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
Employment costs
Wages and salaries
2022
Number
4
2022
£
18,476
2021
Number
4
2021
£
14,484

No employees were paid over £60,000 (2021: None).

12 Tangible fixed assets

Tangible fixed assets
Property
improvements
Photographic
copyright
Fixtures &
fittings
£
£
£
Cost
At 1 January 2022
100,329
750
15,285
Additions
-
-
2,040
At 31 December 2022
100,329
750
17,325
Depreciation and impairment
At 1 January 2022
13,524
750
11,279
Depreciation charged in the year
4,013
-
626
At 31 December 2022
17,537
750
11,905
Carrying amount
At 31 December 2022
82,792
-
5,420
At 31 December 2021
86,805
-
4,007
Total
£
116,364
2,040
118,404
25,553
4,639
30,192
88,212
90,812

LADY WATERFORD HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13
Stocks
Raw materials and consumables
Finished goods and goods for resale
14
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Notes
Other loans
16
Payments received on account
Other creditors
16
Loans and overdrafts
Other loans
Payable within one year
2022
£
608
8,118
8,726
2022
£
505
-
505
2022
£
20,000
60
1,118
21,178
2022
£
20,000
20,000
2021
£
675
5,938
6,613
2021
£
760
1,875
2,635
2021
£
20,000
-
-
20,000
2021
£
20,000
20,000

During 2018, a loan of £20,000 was received from the Lord Joicey Estate. The loan is interest free and repayable on demand when funds allow.

Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in funds Balance at
Incoming
Resources
Balance at
Resources
Balance at
1 January
resources
expended
1 January
expended
31
2021
2022
December
2022
£
£
£
£
£
£
Restoration fund
3,398
-
-
3,398
-
3,398
Newcastle City Council Grant - Shop display
309
-
(200)
109
(109)
-
Northumberland County Council - Shelving unit
831
-
(90)
741
(91)
650
Newcastle City Council Grant - AV equipment
-
1,817
(140)
1,677
(182)
1,495
4,538
1,817
(430)
5,925
(382)
5,543
Restoration funds are restricted funds which were raised by an appeal. They can only be applied for the purposes of restoration, as set out in the terms of the appeal.
17

LADY WATERFORD HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

18
Analysis of net assets between funds
Unrestricted
fund
Restricted
fund
2022
2022
£
£
Fund balances at 31 December 2022 are
represented by:
Tangible assets
82,669
5,543
Current assets/(liabilities)
(1,998)
-
80,671
5,543
Total
2022
£
88,212
(1,998)
86,214
Total
2021
£
90,812
(2,643)
88,169

19 Related party transactions

There were no disclosable related party transactions during the year (2021: None) other than that of the loan balance referred to in Note 16.

LADY WATERFORD HALL TRUST

DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Incoming resources from generated funds
Donations and legacies
Donations
COVID-19 support grants
Newcastle City Council grant
Activities for generating funds
Raffle
Sales of postcards, books and brochures
Lettings
Investment income
Deposit interest
Incoming resources from charitable activities
Admissions
Exhibition Income
Events Income
Other incoming resources
Other income - Storm Arwen compensation
Total incoming resources
Resources expended
Costs of generating funds
Costs of generating donations and legacies
Costs of postcards, books and brochures
Exhibition Costs
Events Costs
Raffle expenses
Balance Carried Forward
2022
£
£
13,321
-
-
13,321
5,393
23,574
299
29,266
1
42,588
1,074
-
6,390
7,464
-
50,052
11,320
959
3,065
-
(15,344)
34,708
2021
£
£
11,326
8,934
1,817
22,077
1,618
20,529
309
22,456
2
44,535
781
590
774
2,145
290
46,970
10,829
868
1,687
82
(13,466)
33,504

LADY WATERFORD HALL TRUST

DETAILED INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Balance Brought Forward
Charitable activities
Wages
Fixtures and fittings depreciation
Property improvements depreciation
Heating oil
Electricity
Rent, rates and insurance
Repairs and cleaning
Postage, stationery, advertising and telephone
General administration expenses
Bank charges
Fixtures and fittings depreciation - Restricted fund
(Deficit)/Surplus for the Year
2022
£
£
34,708
18,476
244
4,013
2,340
158
2,606
4,568
1,195
2,285
396
382
(36,663)
(1,955)
2021
£
£
33,504
14,484
218
4,013
1,398
292
1,995
3,351
632
578
330
430
(27,721)
5,783