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2024-03-31-accounts

The Charity Registration Number is :- 267815

Walpole Parish Foundation & Recreation Trust

Report and Accounts

31 March 2024

Walpole Parish Foundation & Recreation Trust

Report and accounts for the year ended 31 March 2024

Contents

Page
Charity information 1
Trustees' Annual Report 1
Statement of directors' responsibilities 6
Independent Accountant's Report 8
Funds Statements:-
Statement of Financial Activities 10
Statement of Financial Activities - Prior Year statement 11
Statement of total recognised gains and losses 12
Movements in funds 13
Revenue Funds 13
Fixed Asset funds 13
Revaluation reserves 13
Summary of funds 13
Income and Expenditure account 14
Balance sheet 15
Notes to the accounts 17

Walpole Parish Foundation & Recreation Trust Trustees' Annual Report for the year ended 31 March 2024

The Trustees present their Report and Accounts for the year ended 31 March 2024.

Reference and administrative details

The charity name.

The legal name of the charity is:- Walpole Parish Foundation & Recreation Trust

The charity is also known by its operating name, Walpole Parish Foundation & Recreation Trust

The charity's areas operation and UK charitable registration.

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 267815

Legal structure of the charity

The governing document of the charity is the Trust Deed establishing the charity.

The Governing Document is dated 17 June 1974

The trustees are all individuals.

The principal operating address, telephone number, email and web addresses of the charity are:-

The Community Centre

Summer Close, Walpole St Andrew Wisbech, Cambs, PE14 7JW

The Trustees in office on the date the report was approved were:-

J Roper (Chair)

L Ward

C Ward

J English T Rawlings L Harris R Bliss A Mitchell

1

Walpole Parish Foundation & Recreation Trust

Trustees' Annual Report for the year ended 31 March 2024

The following persons served as Trustees during the year ended 31 March 2024 :-

The trustees who served as a trustee in the reporting period, and, if applicable, their dates of appointment or resignation during the year were:-.

----- Start of picture text -----
|||| |---|---|---| |Name|Appointed|Resigned/Retired| |M Plume|10/10/2023| |A Mitchell|10/10/2023| |C Matthews|10/10/2023| |T Plume|10/10/2023| |D Newman|10/10/2023| |W Strickson|10/10/2023| |J Roper (Chair)|10/10/2023| |L Ward|10/10/2023| |C Ward|10/10/2023| |J English|10/10/2023| |T Rawlings|10/10/2023| |L Harris|10/10/2023| |R Bliss|10/10/2023| |A Mitchell|10/10/2023|

----- End of picture text -----

All the trustees are also members of the charity.

Custodian Trustees holding assets on behalf of the charity

The details of persons holding title to property belongng to the charity, as custodian trustees, or nominees, at the date the accounts were approved were :-

G Fletcher R Green M Patrick R Blunt

The custodian trustees in office during the year were:-

The custodian trustees or nominees who held title to the charity's property who served in the reporting period were as above, and there were no changes during the year, or in the period between the year end and the approval of the accounts.

Objects and activities of the charity

The purposes of the charity as set out in its governing document.

2

Walpole Parish Foundation & Recreation Trust

Trustees' Annual Report for the year ended 31 March 2024

The principal objects of the charity is that the trust property is to be used in the interest of social welfare for the benefit and with the object of improving conditions of the life of the inhabitants of Walpole parish in the county of Norfolk and the provisions thereon of such facilities for recreation and other leisure time activities (including in particular the community centre and the playing field) as may be thought proper.

The charity is organised so that the trustees meet regularly to manage its affairs. There is a chair, secretary and treasurer and together with the other trustees, volunteer their time free of charge. There have been no changes to the policies of the charity since the last report.

3

Walpole Parish Foundation & Recreation Trust

Trustees' Annual Report for the year ended 31 March 2024

The main activities undertaken in relation to those purposes during the year.

The centre has seen a return to income levels seen before the pandemic.

Following the retirement of the previous trustees the new committee have taken steps to increase regular bookings as well implementing measures to attract the community in to the centre.

A regular Bingo night has been run for the community which also generates funds for the trust.

The main activities undertaken during the year to further the charity's purpose for the public benefit.

A regular Bingo night has been run for the community which also generates funds for the trust.

The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.

The main achievements and performance of the charity during the year.

The centre has seen a return to income levels seen before the pandemic.

Following the retirement of the previous trustees the new committee have taken steps to increase regular bookings as well implementing measures to attract the community in to the centre.

A regular Bingo night has been run for the community which also generates funds for the trust.

The difference the charity's performance during the year has made to the beneficiaries of the charity.

The trust offers a recreational and educational centre for the Walpoles and surrounding villages

The degree to which the achievements and performance during the year have benefited wider society.

Structure, governance and management of the charity

4

Walpole Parish Foundation & Recreation Trust

Trustees' Annual Report for the year ended 31 March 2024

The methods used to recruit and appoint new charity trustees.

The Committee shall consist of six elected members, six Parish Council members and six representative members.

The elected members shall be elected at an annual general meeting and shall serve from the end of the meeting at which they are elected until the end of the third annual general meeting next held thereafter or, in the case of the three who receive the fewest votes at the initial annual general meeting, the second annual general meeting next held thereafter.

· Any casual vacancy may be filled up by the Committee until the next annual general meeting when the member appointed shall retire

Of the six Parish Council members three shall be nominated from time to time by the Parish Council of the Parish of Walpole Saint Andrew and three shall be nominated by the Parish Council of the Parish of Walpole Saint Peter, each such nomination to be in writing signed by the chairman vice-chairman or clerk of the council and to take effect from the end of the annual general meeting at which it is received or next following its receipt until the end of the third annual general meeting to be held thereinafter. Any casual vacancy may be filled up by a similar nomination operating forthwith for the intended duration of the original nomination.

Of the representative members two shall be nominated from time to time by each of the three groups of organisations specified in the three parts of the Schedule hereto such nomination to take effect from the end of the annual general meeting at which it is received or next following its receipt until the end of the next annual general meeting. It being expected that each group will from a representative committee having as its primary concern the activities of the Charity from the point of view of welfare or education or recreation (as shown in the Schedule) each nomination may be made (if not by some other method evidencing the concurrence of each organisation in the group) by a letter signed by the chairman or vice-chairman of any such committee and naming some person as the nominee of that committee and any such letter purporting to be so signed may be accepted without further inquiry. Any casual vacancy may be filled up by a similar nomination operating forthwith until the next annual general meeting.

The committee may at any time by resolution declare that any local organisation not named in the Schedule shall be included additionally in one of the three scheduled groups.

All members whose term of office expires may be re-elected or re-nominated.

The Committee may co-opt for such period as they think fit not more than two additional members. The selection of the co-opted members shall be by a unanimous vote of the Committee.

The trustees' bankers and advisors

Bankers Solicitors

Lloyds Bank, Wisbech and Cambridge & Counties Bank, Leicester Fraser Dawbarns, Wisbech

5

Walpole Parish Foundation & Recreation Trust

Trustees' Annual Report for the year ended 31 March 2024

Financial review

The charity's financial position at the end of the year ended 31 March 2024

The financial position of the charity at 31 March 2024 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-

Designated Fixed Asset Funds
Total Unrestricted Funds
Endowment Revenue Funds
Total Endowment funds
Total Funds
Unrestricted Revenue Funds available for the
general purposes of the charity
Net income		 2024
£
9,116
102,517
112,462
214,979
14,948
14,948
229,927		 2023
£
6,173
93,402
112,462
205,864
14,948
14,948
220,812

Financial review of the position at the reporting date, 31 March 2024 .

The trustees consider the financial performance by the charity during the year to have been satisfactory.

Policies on reserves.

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year.

Availability and adequacy of assets of each of the funds

The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

6

Walpole Parish Foundation & Recreation Trust

Trustees' Annual Report for the year ended 31 March 2024

The Reporting Accountant

Stuart Bellamy Member of Chartered Institute of Taxation

Bellamy, Steele and Co Old Warden , St Ann's Fort King's Lynn Norfolk PE30 2EU

Statement of Trustees's Responsibilities

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) .

In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to :-

to presume that the charity will continue in business;

recommended practice have been followed, subject to any material

departures disclosed and explained in the financial statements;

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011. 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.

7

Walpole Parish Foundation & Recreation Trust

Trustees' Annual Report for the year ended 31 March 2024

The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.

This report was approved by the board of trustees on …../…./……..

Jade Roper Trustee

8

Walpole Parish Foundation & Recreation Trust

Report of the Independent Examiner to the Trustees of the charity on the accounts for the year ended 31 March 2024

I report on the financial statements of the charity on pages 10 to 28 for the year ended 31 March 2024 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1st January 2016) adapted to meet the needs of unincorporated organisations, as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) published by the Charity Commission in England & Wales (CCEW) , effective January 2015 (The SORP), under the historical cost convention and the accounting policies set out on page 17.

Respective responsibilities of the Trustees and the Independent Examiner

As described on page 6, the charity's Trustees are responsible for the preparation of the accounts.

The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the Governing Document for the conducting of an audit. As a consequence, theTrustees have elected that the financial statements be subject to independent examination.

Having satisfied myself that the charity is not subject to audit under any legal provision, or otherwise, and is eligible for independent examination, it is my responsibility to:-

a) examine the accounts under Section 145 of the Act;

b) follow the procedures in the General Directions given by the Charity Commission under section 145(5)(b) of the Act and;

Basis of Independent Examiner's Statement and scope of work undertaken

I conducted my examination in accordance with the General Directions given by the Charity Commission under section 145(5)(b) of the Act, setting out the duties of an Independent Examiner in relation to the conducting of an Independent Examination. An Independent Examination includes a review of the accounting records kept by the charity and of the accounting systems employed by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, asTrustees, concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of charity legislation and that the financial statements comply with the SORP, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements.

The procedures undertaken do not provide all the evidence that would be required in an audit , and information supplied by theTrustees in the course of the examination is not subjected to audit tests or enquiries, and consequently I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.

I planned and performed my examination so as to satisfy myself that the objectives of the Independent Examination are achieved and before finalising the report I obtained written assurances from the Trustees of all material matters.

9

Walpole Parish Foundation & Recreation Trust

Independent Examiner's Statement, Report and Opinion

Subject to the limitations upon the scope of my work as detailed above , in connection with my examination, I can confirm that :-

This is a report in respect of an examination carried out under 145 of the Act and in accordance with General Directions given by the Charity Commission under section 145(5)(b) of the Act which may be applicable;

and that no matter has come to my attention in connection with my examination which gives me reasonable cause to believe that in any material respect the requirements :-

to keep accounting records in accordance with with Section 130 of The Charities Act 2011;

when preparing accounts on an accruals basis, to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the Act and the Regulations setting out the form and content of charity accounts;

have been prepared in accordance with The Charities Act 2011. and with the methods and principles set out in the FRS102 Statement of Recommended Practice - Accounting and Reporting by Charities (effective January 2016)

have not been met or to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached;

Stuart Bellamy - Independent Examiner

Chartered Institute of Taxation

Bellamy, Steele and Co

Old Warden , St Ann's Fort King's Lynn Norfolk PE30 2EU

This report was signed on …../…./…….

10

Walpole Parish Foundation & Recreation Trust - Statement of Financial Activities for the year ended 31 March 2024

Statement of Financial Activities for the year ended 31 March 2024

Income & Endowments from:
Donations & Legacies
A1
Charitable activities
A2
Other trading activities
A3
Investments
A4
Total income
A
Expenditure on:
Raising funds
B1
Charitable activities
B2
Total expenditure
B
Net income for the year
Net income after transfers
A-B-C
Reconciliation of funds:-
E
Total funds brought forward
Total funds carried forward
SORP
Ref
Net movement in funds		 Current year
Unrestricted
Funds
2024
£
2,929
19,110
6,999
542
29,580
4,000
16,464
20,464
9,116
9,116
9,116
205,864
214,980		 Current year
Restricted
Funds
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Current year
Endowment
Funds
2024
£
-
-
-
-
-
-
-
-
-
-
-
14,948
14,948		 Current year
Total Funds
2024
£
2,929
19,110
6,999
542
29,580
4,000
16,464
20,464
9,116
9,116
9,116
220,812
229,928		 Prior Year
Total Funds
2023
£
-
18,522
3,194
248
21,964
2,646
13,145
15,791
6,173
6,173
6,173
214,638
220,811

The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.

A Statement of Total Recognised Gains and Losses is included as a primary statement in these accounts.

All the prior year transactions were unrestricted items, and no further analysis is required

All activities derive from continuing operations

The notes attached on pages 17 to 28 form an integral part of these accounts.

11

Walpole Parish Foundation & Recreation Trust - Statement of Financial Activities for the year ended 31 March 2024

Walpole Parish Foundation & Recreation Trust-Analysis of prior year total funds as required by paragraph 4.2 of the SORP

Income & Endowments from:
Donations & Legacies
A1
Charitable activities
A2
Other trading activities
A3
Investments
A4
Total income
A
Expenditure on:
Raising funds
B1
Charitable activities
B2
Total expenditure
B
Net income for the year
Net income after transfers
Other recognised gains/(losses)
Reconciliation of funds:-
E
Total funds brought forward
Total funds carried forward
SORP
Ref
Net movement in funds		 Prior Year
Unrestricted
Funds
2023
£
-
18,522
3,194
248
21,964
2,646
13,145
15,791
6,173
6,173
-
6,173
199,691
205,864
 Prior Year
Restricted
Funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Prior Year
Endowment
Funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
14,948
14,948		 Prior Year
Total Funds
2023
£
-
18,522
3,194
248
21,964
2,646
13,145
15,791
6,173
6,173
-
6,173
214,638
220,811

All activities derive from continuing operations

A Statement of Total Recognised Gains and Losses is included in these accounts as a separate primary statement

The notes attached on pages 17 to 28 form an integral part of these accounts.

12

Walpole Parish Foundation & Recreation Trust - Statement of Financial Activities for the year ended 31 March 2024

Statement of Total Recognised Gains and Losses for the year ended 31 March 2024

----- Start of picture text -----
2024 2023
£ £
Surplus for the year :-
Net excess of income over expenditure from operations before tax 6,187 6,173
Income from operations before tax in the Statement of Financial Activites 6,187 6,173
Add/(deduct) non income and expenditure items:-
-
Grants for the acquisition of fixed assets 2,929
Net Movement in funds before taxation 9,116 6,173
Funds generated in the year as shown on Statement of Financial Activities 9,116 6,173
Walpole Parish Foundation & Recreation Trust - Resources applied in the year ended 31
March 2024 towards fixed assets for Charity use:-
2024 2023
£ £
Funds generated in the year as detailed in the SOFA 9,116 6,173
-
Resources applied on functional fixed assets (6,227)
Net resources available to fund charitable activities 2,889 6,173
----- End of picture text -----

The notes attached on pages 17 to 28 form an integral part of these accounts.

13

Walpole Parish Foundation & Recreation Trust - Statement of Financial Activities for the year ended 31 March 2024

Movements in revenue and capital funds for the year ended 31 March 2024

Revenue accumulated funds

Accumulated funds brought forward
(From)/To unrestricted revenue funds
Closing revenue funds
Fixed asset funds
At 1 April
Transfer (to)/from revenue funds
At 31 March
Recognised gains and losses before
transfers		 Unrestricted
Funds
2024
£
93,402
9,116
102,518
(6,227)
96,291
Designated
Funds
2024
£
112,462
6,227
118,689		 Restricted
Funds
2024
£
-
-
-
-
-
Restricted
Funds
2024
£
-
-
-		 Endowment
Funds
2024
£
14,948
-
14,948
-
14,948
Endowment
Funds
2024
£
-
-
-		 Total
Funds
2024
£
108,350
9,116
117,466
(6,227)
111,239
Total
Funds
2024
£
112,462
6,227
118,689		 Last year
Total Funds
2023
£
102,177
6,173
108,350
-
108,350
Last year
Total Funds
2023
£
112,462
-
112,462

The purposes of the transfers to fixed asset funds are described in Note 14 to the accounts and under the accounting policy 'Accounting for capital grants and fixed asset funds'.

Revaluation Reserve Fund
Unrestricted
Restricted
Funds
Funds
2024
2024
£
£
At 1 April
-
-
At 31 March
-
-
Summary of funds
Unrestricted
Restricted
and
Funds
Designated funds
2024
2024
£
£
Revenue accumulated funds
96,291
-
Fixed asset funds
118,689
-
Total funds
214,980
-		 Endowment
Funds
2024
£
-
-
Endowment
Funds
2024
£
14,948
-
14,948		 Total
Funds
2024
£
-
-
Total
Funds
2024
£
111,239
118,689
229,928		 Last year
Total Funds
2023
£
-
-
Last Year
Total Funds
2023
£
108,350
112,462
220,812

The notes attached on pages 17 to 28 form an integral part of these accounts.

14

Walpole Parish Foundation & Recreation Trust - Statement of Financial Activities for the year ended 31 March 2024

Walpole Parish Foundation & Recreation Trust

Income and Expenditure Account for the year ended 31 March 2024 as required by the Companies Act 2006

Income
Income from operations
Interest receivable
Gross income in the year before exceptional items
Gross income in the year including exceptional items
Expenditure
Charitable expenditure, excluding depreciation and amortisation
Depreciation and amortisation
Fundraising costs
Governance costs
Total expenditure in the year
Tax on surplus on ordinary activities
Retained surplus for the financial year
All activities derive from continuing operations
Net income before tax in the financial year
Investment income
Net income after tax in the financial year		 2024
£
26,109
542
26,651
26,651
14,668
1,016
4,000
780
20,464
6,187
-
6,187
6,187		 2023
£
21,716
248
21,964
21,964
11,539
946
2,646
660
15,791
6,173
-
6,173
6,173

In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.

The notes attached on pages 17 to 28 form an integral part of these accounts.

15

Walpole Parish Foundation & Recreation Trust - Balance Sheet as at 31 March 2024

SORP
Note Ref 2024 2023
£ £
Fixed assets A
Tangible assets 6 A2 200,962 195,751
Current assets B
Debtors 7 B2 4,004 717
Cash at bank and in hand B4 26,041 26,666
Total current assets 30,045 27,383
Creditors: amounts falling due within
one year 8 C1 (1,080) (2,322)
Net current assets 28,965 25,061
The total net assets of the charity 229,927 220,812
The total net assets of the charity are funded by the funds of the charity, as follows:-
Endowment funds
Endowment Revenue Funds 12 D1 14,948 14,948
Restricted funds
Unrestricted Funds
Unrestricted Revenue Funds 12 D3 102,517 93,402
Designated Funds
Designated Fixed Asset Funds 12 D3 112,462 112,462
Total charity funds 229,927 220,812

16

Walpole Parish Foundation & Recreation Trust - Balance Sheet as at 31 March 2024

The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..

The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.

The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 9.

The Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.

Jade Roper

Trustee Approved by the board of trustees on …../…./…….

The notes attached on pages 17 to 28 form an integral part of these accounts.

17

Walpole Parish Foundation & Recreation Trust

Notes to the Accounts for the year ended 31 March 2024

1 Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) published by the Charity Commission in England & Wales (CCEW) ,effective January 2016, (The SORP), and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015 (as amended by the Bulletin issued in February 2016) in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.

Risks and future assumptions

The trustees have assessed the risks facing the charity. The trustees have continued to be aware of the need to attend to the upkeep of the centre and its surrounding areas. The trustees are hopeful that the centre will continue to be used on a regular basis by several of the local groups and will continue to promote the centre at every opportunity. Due to the negligible nature of the risks, no further actions are considered necessary.

Policies relating to categories of income and income recognition.

Nature of income

Gross income represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Categories of Income

Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.

Income from exchange transactions is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser.

Income from a non-exchange transaction is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.

18

Walpole Parish Foundation & Recreation Trust

Notes to the Accounts for the year ended 31 March 2024

Income recognition

Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

All income is accounted for gross, before deducting any related fees or costs.

Accounting for deferred income and income received in advance

Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.

Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.

When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.

Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned,and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.

Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.

Donated goods, facilities and services

Donated fixed assets are recognised at the current fair value. All such donations are recognised as donation income, and debited to fixed assets.

Donated goods that are not fixed assets are accounted for at a fair value, unless it is impractical to reliably measure the value of the donated items.

In the absence of any direct evidence of fair value of donated goods, then a value is derived from the cost of the item to the donor or, in the case of goods that are expected to be sold, the estimated resale value after deducting any anticipated costs of sales.

If it is impracticable to measure the fair value of goods donated for resale, or the costs of valuation outweigh the benefits, the donated goods are recognised as income when sold, with an equivalent amount being recognised as an expense.

The costs of goods donated for distribution to beneficiaries is deemed to be the fair value of those goods upon receipt. When the goods are distributed freely or for a nominal consideration, then the carrying amount is adjusted at the time of sale, to the value at the point of distribution and the adjustment is shown as a cost of donations made.

19

Walpole Parish Foundation & Recreation Trust

Notes to the Accounts for the year ended 31 March 2024

The carrying amount of any stock held for distribution is assessed for impairment at the reporting date. All donated goods are recognised as donation income, and debited to trading stock.When trading stock is subsequently sold, or appropriated to meet an expense, then the carrying value of the stock is recognised as an expense. In accordance with the SORP, goods donated for distribution to beneficiaries, or for consumption by the charity are included in 'legacies and donations '. Goods donated for resale are included in 'Income from other trading activities'

The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt. If the goods held are to be distributed freely or for a nominal consideration, then the carrying amount is subsequently adjusted to reflect the lower of deemed cost adjusted for any loss of service potential and replacement cost. Replacement cost is the economic cost incurred if the charity was to replace the service potential of the donated goods at its own expense in the most economic manner.

Donated services and facilities (including seconded staff and use of property) are included in the accounts on the basis of the value of the gift to the charity.

All donated services and facilities are recognised as donation income when received,(provided the value of the gift can be measured reliably) and recognised as an expense with an equivalent value.

Policies relating to expenditure on goods and services provided to the charity.

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..

Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.

However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note5.

Policies relating to assets, liabilities and provisions and other matters.

Tangible fixed assets

Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.

Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.

Freehold premises Plant and machinery

0 % straight line 25 % reducing balance

20

Walpole Parish Foundation & Recreation Trust

Notes to the Accounts for the year ended 31 March 2024

Accounting for capital grants and fixed asset funds.

Gifts of tangible fixed assets or grants of a capital nature, given for the purposes of acquiring specific assets to be fully utilised in the furtherance of the objects of the charity, are credited to fixed asset funds after the donated asset has been received or sums have been properly expended on the restricted purpose.

Where the terms of the gift require the charity to hold the asset on an ongoing basis for a specific purpose, then the fixed asset fund so created is categorised as a restricted fixed asset fund, and the relevant restrictions are noted in the fixed asset note 6.

Where the terms of the gift are met once the asset is acquired, so allowing the charity to use the asset on an unrestricted basis, including the right to receive the proceeds of any future sale of the asset on an unrestricted basis, then the fixed asset fund so created is categorised as a designated fixed asset fund.

When assets are acquired for the furtherance of the charity's objects, utilising the charity's own unrestricted funds, a transfer is made from unrestricted funds to a designated fixed asset fund.

Whether acquired with unrestricted or restricted funds, the asset acquired is initially shown in the balance sheet at the full cost of acquisition or subsequent revaluation.

As the related assets are depreciated, in accordance with the depreciation policy,in order to reflect the dimunition in the asset,a transfer is made from the relevant fixed asset funds to either unrestricted or restricted revenue funds, as appropriate to the terms of the original gift, if any.

The effect of this policy is that the aggregate of all fixed asset funds shall equate to the net book value of fixed assets.

In the first year that this policy was adopted, a transfer to fixed asset funds was made equivalent to the net book value of the assets.

Any residual liability to the donor arising from, for example, the asset's future sale, is disclosed as a contingent liability unless the event that would trigger repayment of the grant becomes probable in which case a liability for repayment is recognised.

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Creditors and provisions

Short term creditors and provisions are measured at transaction price (which is usually the invoice price)

Cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

2 Liability to taxation

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.

21

Walpole Parish Foundation & Recreation Trust

Notes to the Accounts for the year ended 31 March 2024

3 Winding up or dissolution of the charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.

4 Net surplus before tax in the financial year

Depreciation of owned fixed assets
The net surplus before tax in the financial year is stated after charging:-		 2024
£
1,016		 2023
£
946

5 The contribution of volunteers

The charity depends on the support of its volunteers, which is much appreciated.

The arrangements with volunteers are difficult to value precisely in monetary terms and have not been recognised in the Statement of Financial Activities. The volunteers and the charity accept and agree that no contract of employment is created by these arrangements.

6 Tangible fixed assets

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Land and
Buildings
£
192,915
5,000
197,915
-
-
-
197,915
192,915		 Plant &
Machinery
£
17,352
1,227
18,579
14,516
1,016
15,532
3,047
2,836		 Motor
Vehicles
£
-
-
-
-
-
-
-
-		 Total
Total
£
£
210,267
210,267
6,227
6,227
216,494
216,494
14,516
14,516
1,016
1,016
15,532
15,532
200,962
200,962
195,751
195,751

22

Walpole Parish Foundation & Recreation Trust

Notes to the Accounts for the year ended 31 March 2024

7 Debtors

Trade debtors
Prepayments and accrued income
8 Creditors: amounts falling due within one year
Trade creditors
Accruals
9 Income and Expenditure account summary
At 1 April 2023
Surplus after tax for the year
At 31 March 2024		 2024
£
3,220
784
4,004
2024
£
300
780
1,080
2024
£
184,256
6,187
190,443		 2023
£
-
717
717
2023
£
-
2,322
2,322
2023
£
178,083
6,173
184,256

10 No related party transactions

There were no transactions with related parties in the year.

11 Particulars of how particular funds are represented by assets and liabilities

At 31 March 2024
Tangible Fixed Assets
Investments at valuation:-
Current Assets
Current Liabilities
At 1 April 2023
Tangible Fixed Assets
Investments at valuation:-
Current Assets
Current Liabilities		 Unrestricted
funds
£
88,500
15,097
(1,080)
102,517
Unrestricted
funds
£
83,289
12,435
(2,322)
93,402		 Designated
funds
£
112,462
-
112,462
Designated
funds
£
112,462
-
-
112,462		 Endowment
funds
£
-
14,948
-
14,948
Endowment
funds
£
-
14,948
-
14,948		 Restricted
funds
£
-
-
-
-
Restricted
funds
£
-
-
-
-		 Total
Total
Funds
Funds
£
£
200,962
200,962
30,045
30,045
(1,080)
(1,080)
229,927
229,927
Total
Total
Funds
Funds
£
£
195,751
195,751
27,383
27,383
(2,322)
(2,322)
220,812
220,812

23

Walpole Parish Foundation & Recreation Trust

Notes to the Accounts for the year ended 31 March 2024

12 Change in total funds over the year as shown in Note 11 , analysed by individual funds

See Note 13
£
£
Unrestricted and designated funds:-
Unrestricted Revenue Funds
93,403
9,116
Designated Fixed Asset Funds
112,462
-
Total unrestricted and designated funds
205,865
9,116
Endowment funds:-
Permanent Endowment Fund
14,948
-
Total endowment funds
14,948
-
Total charity funds
220,813
9,116
13 Analysis of movements in funds over the year as shown in Note 12
Income
Expenditure
2024
2024
£
£
Unrestricted and designated funds:-
Unrestricted Revenue Funds
29,580
(20,464)
Endowment funds:-
29,580
(20,464)
Funds brought
forward from
2023
Movement in
funds in 2024		 See Note 0
£
(6,227)
6,227
-
-
-
-
Other
Gains &
Losses
2024
£
-
-
Transfers
between
funds in 2024		 £
£
96,292
96,292
118,689
118,689
214,981
214,981
14,948
14,948
14,948
14,948
229,929
229,929
Movement
Movement
in funds
in funds
2024
2024
£
£
9,116
9,116
9,116
9,116
Funds
carried
forward to
2025
Funds
carried
forward to
2025

14 The purposes for which the funds as detailed in note 12 are held by the charity are:-

Unrestricted and designated funds:-

Unrestricted Revenue Funds

Designated Fixed Asset Funds

These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and , subject to charity legislation, are free from all restrictions on their use.

The purpose of these funds is described under the accounting policy 'Accounting for capital grants and fixed asset funds'.

Restricted funds:-

Endowment funds:-

Permanent Endowment Fund

Capital invested to generate income to discharfe annual outgoings and maintenance.

24

Walpole Parish Foundation & Recreation Trust

Notes to the Accounts for the year ended 31 March 2024

15 Ultimate controlling party

The charity is under the control of its legal members.

Every member of the charity has unlimited joint and several liability for the debts of the charity.

25

Walpole Parish Foundation & Recreation Trust

Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015

This analysis is classsified by conventional nominal descriptions and not by activity.

16 Donations and Legacies

Current year
Current year
Unrestricted
Funds
Restricted
Funds
2024
2024
£
£
Capital grants from government and public bodies
350
-
350
-
Capital grants from non public bodies
2,579
-
2,579
-
Total Donations and Legacies
A1
2,929
-
Income from charitable activities - Trading Activities
Current year
Current year
Unrestricted
Funds
Restricted
Funds
2024
2024
£
£
Primary purpose and ancillary trading
16,924
-
727
-
1,459
-
19,110
-
Total public sector capital grants
BCKLWN
Robert Hall Charity
Total private sector capital grants
Letting of property for charitable purposes
Sundry payments
Reimbursed Expenses
Total Primary purpose and ancillary
trading		 Current year
Endowment
Funds
2024
£
-
-
-
-
-
Current year
Endowment
Funds
2024
£
-
-
-
-		 Current year
Total Funds
2024
£
350
350
2,579
2,579
2,929
Current year
Total Funds
2024
£
16,924
727
1,459
19,110		 Prior Year
Total Funds
2023
£
-
-
-
-
-
Prior Year
Total Funds
2023
£
18,522
-
-
18,522

17 Income from charitable activities - Trading Activities

26

Walpole Parish Foundation & Recreation Trust

Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015

18 Total Income from charitable activities

Current year
Current year
Unrestricted
Funds
Restricted
Funds
£
£
2024
2024
Total income from charitable trading
19,110
-
Total from charitable activities
A2
19,110
-
19 Income from other, non charitable, trading activities
2024
2024
Current year
Current year
Unrestricted
Funds
Restricted
Funds
2024
2024
£
£
6,449
-
550
-
Total from other activities
A3
6,999
-
20 Investment income
Current year
Current year
Unrestricted
Funds
Restricted
Funds
2024
2024
£
£
Bank Interest Receivable
542
-
Total investment income
A4
542
-
21 Expenditure on charitable activities - Charitable trading
Current year
Current year
Unrestricted
Funds
Restricted
Funds
2024
2024
£
£
Reallocated from support costs
12,485
-
Total charitable trading costs
B2b
12,485
-
Sale of bought in goods
Income from fundraising events		 Current year
Endowment
Funds
£
2024
-
-
2024
Current year
Endowment
Funds
2024
£
-
-
-
Current year
Endowment
Funds
2024
£
-
-
Current year
Endowment
Funds
2024
£
-
-		 Current year
Total Funds
£
2024
19,110
19,110
2024
Current year
Total Funds
2024
£
6,449
550
6,999
Current year
Total Funds
2024
£
542
542
Current year
Total Funds
2024
£
12,485
12,485		 Prior Year
Total Funds
£
2023
18,522
18,522
2023
Prior Year
Total Funds
2023
£
3,194
-
3,194
Prior Year
Total Funds
2023
£
248
248
Prior Year
Total Funds
2023
£
13,530
13,530

27

Walpole Parish Foundation & Recreation Trust

Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015

22
Current year
Current year
Current year
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
2024
2024
2024
£
£
£
Premises Expenses
286
-
-
625
-
-
2,048
-
-
1,862
-
-
6,375
-
-
2,287
-
-
Administrative overheads
3
-
-
33
-
-
318
-
-
152
-
-
488
-
-
113
-
-
-
-
-
Professional fees paid to advisors other than the auditor or examiner
70
-
-
Financial costs
8
-
-
Depreciation & Amortisation in
total for the period
1,016
-
-
Support costs before reallocation
15,684
-
-
Less support costs reallocated to specific activities
To charitable trading costs
(12,485)
-
-
Total support costs
3,199
-
-
Other legal and professional
Bank charges
Support costs for charitable activities
Software licences and expenses
Advertising and marketing
Sundry expenses
Rates and water charges
Subscriptions to periodicals
Property insurance
Stationery and printing
Postage
Licence fees payable
Equipment expenses
Cleaning and waste management
Light heat and power
Premises repairs, renewals and		 Current year
Total Funds
2024
£
286
625
2,048
1,862
6,375
2,287
3
33
318
152
488
113
-
70
8
1,016
15,684
(12,485)
3,199		 Prior Year
Total Funds
2023
£
263
771
4,151
2,239
1,859
2,226
-
-
-
-
18
-
12
-
-
946
12,485
(13,530)
(1,045)

The basis of allocation of costs between activities is described under accounting policies

23 Other Expenditure - Governance costs

Independent Examiner's fees

Current year Current year Current year Current year Prior Year
Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds
2024 2024 2024 2024 2023
£ £ £ £ £
780 - - 780 660

28

Walpole Parish Foundation & Recreation Trust

Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015

Total Governance costs 780 - - 780 660

29

Walpole Parish Foundation & Recreation Trust

Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015

24 Total Charitable expenditure

Total charitable trading costs
B2b
Total support costs
B2d
Total Governance costs
B2e
Total charitable expenditure
B2		 Current year
Unrestricted
Funds
2024
£
12,485
3,199
780
16,464		 Current year
Current year
Current year
Prior Year
Restricted
Funds
Endowment
Funds
Total Funds
Total Funds
2024
2024
2024
2023
£
£
£
£
-
-
12,485
13,530
-
-
3,199
(1,045)
-
-
780
660
-
-
16,464
13,145

25 Expenditure on raising funds and costs of investment management

Fundraising trading costs
Total fundraising costs
B1		 Current year
Unrestricted
Funds
2024
£
4,000
4,000		 Current year
Current year
Restricted
Funds
Endowment
Funds
2024
2024
£
£
-
-
-
-		 Current year
Prior Year
Total Funds
Total Funds
2024
2023
£
£
4,000
2,646
4,000
2,646

30