DIGBY HALLAND LIBRARY REGISTERED CHARITY NUMBER: 275065 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 DARKIN MILLER LIMITED CHARTERED ACCOUNTANTS 24E DEVEREL AOAD CHARLTON DOWN DORCHESTER DORSEr DIGBY HALL AND LIBRARY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 CONTENTS PAGE Trustee5' Report Independent Examiner's Report Statement of Finartclal Activitles Balance Sheet Notes to the Flnancial Statements 9-11 DIGBY HALL AND LIBRARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 11 MARCH 2023 The Trustee5 present their annual report and financial siaternent5 01 the Trust fof the year ended 31 March 2023. The finaniial statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the charity's trust deed, the Charitie5 Act 2011 and AccDunting and Reporting by Charities.. Statement of Recommended Practice applitable to charities preparin8 their accounts in a£Eord3nce with the Financial Reporting Standard applicable in the LbK and Republic of Ireland published on 16 July 2014. Objectlves and artivities for the public benefit The Trust was created for the purpose ol providing a Public Hall and knbrary for the use and benefit of Sherbome resident5. The Trust owns one properry, the Oi8by Hall & Library, which had an insured value of £4.586,971 (including fixtures and fittingsl at 31 March 2023. Thè Trustees confirm that they have referred to the guidance contained in the Charity Commission'5 8eneral 8uidance on public benefit when reviewing the Trust's aims and objective5. Grant maklng policy The Trust awards no grants. Inductlon and tralnlng ottru5tees Sherbome Town Council 15 the sole fru5tee. Athievement and pÉrformance Durlng thp. year theTTUSt continued to provide a Public Hall and Library for the benefit of Sherborne Resident5. Finan¢lal Review Income generated for the year amounted to £79,47S12022'. £88.7301. Thi5 comprlsed £31,159 rental incorne,. £9,754 car park incorne- grants from the The &mon Di8by Isherbornel Memorial Trust totalling £37,700.. and bank interest and miscellaneous items which amounted to £862. Expendtture forthe year amounted to £68,32012022- £66,127). The Balance Sheet at 31 March 2023 shows reserves of £13,45112022.. £2,296). Investment policy and performance The Trust has modest reserves sufficient to cover minor improvements or the renewal of equiprnent. Funds are held in current and deposit accounts. with priority given to security of capita1 and liquidity of funds over the return recelved. R15k management The major risks that the charity is exposed to have been identified and rewewed by the trustees and procedures tablished to manage this risk. The maln financial risk faced by the charity is that of fallin8 revenue5, ond unexpected malntenance costs, both of which are related to the condition of the building. Reserves policy Specifit reservu are held only for the provision of improvements or the ￿neW31 of eouipment prowided for the facility. and such reserves are reviewed continuously. The Town Council, a5 Trustee, maintained a buildin8 & property reserve, but the funds have been spent on the planned refurbishment works. strurture, 8o¥ernznce and mana8emerrt TheTrust Is an unincorporated trust. con5titLrted undef a trust deed dated 13th January 1978 and 15 a re8lstered tharity number 275065. The Trust was established between Mr K S D Wingfield Digby (Mr Digbyl,. G F PiTrney and D M J Dear.. and the SherborneTown Council. Sherborne Town Council Is the sole Trustee. Trust buslness is distussed and decSslons minuted a5 Part of each Town Councll meetin6. DIG8Y HALL AND LIBRARY REPORT QF THETRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Reference and adrnlnistratfve Information Trustee Sherborne Town Council Clerk Mr Stephen Shield Principal Office Addre55.' Manor House, Newland, Sherborne. Dorset, DT9 3JL Charity Number.. 275065 External Emamlnefs Darkin Miller Limited, 24e Deverel Road, Charlton Down. DT2 9UD Trustee5' responslbllltles in relatlon to the financial statements The charity tnssiee 15 responsible for preparing a trustee's annual report and financial statement5 in accordance with applicable law and United ￿nEd0￿ Accountin8 Standards (United Kingdom Generally Accepted ActountlTr8 Practice). Mie law appllcable to charities in En8land and Wales requlres the charity trustees to prepare financial ststement5 for each year which give a true and fair view of the state of affair5 of the charity and of the incoming resources and application of resource5, of the charity for that period. In preparing the financial statements. the tru5tEes are required to-. select Sultable accountin8 polScies and then apply thern tons¢stentlv- observe the methods and principles in the applicoble Charities SORP.. make judgements and estimates that are reasonable and prudent., state whether applicable accounting stand3rds have been followed. subject to any material departures that must be disclosed and explained in the financi31 staternents., prepare the financial statements on the going concern basis unless it 15 inappropriate to presume that the charity will coatinue in busines5. The tr￿￿ee5 are responsible for keeping proper accountlng record5 that disclose wY(h reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements complv with the Charities Act 2011, the applicable Chariti& IAccounts and Reports) Regulation&. and the provisions of the Trust deed. They are also responsible for safeguardin8 the assets of the charity and taking reasonable 5tep5 forthe prevention and detectlon of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and flnancial Information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dlssemination ol financial siatement5. Slgned: Margaret Crossman Trustee V8ughan cc4nd￿att￿ew5 Tru$iee DIGBY HALL & LIBRARY INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OFTHE DIGBY HALL AND LIBRARY I report to the trustees on my examination of the accounts of the Digby Hall and Library (the Trust) for the year ended 31 March 2023. Responslbilitles and basis of report As the charity trustees of the Trust you are re5ponslble for the preparation of the atcounts Ill aCCOTd3nce with the requirements of the Charities Act 20111'the ACYI. I report In respect of rny examination of the Trust's accounts carried out under 5ertion 145 of the 2011 Act and In carrying out my examination I have followed all the applicable Directions given by thè Charsty Commission under section 14515llbl of the Act. IndepÈndent emamlnerfs Statement I have completed my examination. I confiim that no material matters have fOrnE to my attentlgn in connection with the examination givlng me c3use to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records,. or 3. the acCo￿ntS dn not comply with the appllcable requirements conc2rnin8 the fomi and conteni of accounts set out in the Charities (Account5 and Reports) Regulations ?CM)8 other than any requirement that the accounts give a 'lrue and fair view which 15 not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wtth the examinatitsn to which attention should be drawn in this report in order to enable a proper underst3nding of the accounts to be Slgned= Name.. Rosie Darkin-miller LLB (Honsl BFP FC4 Institute of the Chartered Accountants in England and Wales 24e Deverel Aoad. Charlton Down, Dorche5ter, Dorset DT2 9UD Address: Date.. DIGBY HALL AND LIBRARY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2023 Total fund5 2023 Total funds 2022 Income and endowments from.. Hire Charges Car Parking Income Car Park Rents Library Charges Grant5 Bank Interest 31,159 8,CQ7 1.747 32.371 3.534 1,800 718 50.307 37,700 54 Total Income 79,475 88.730 Expenditurè on: Wages and Salaries Maintenance and Supplies Service5 Administration, Litences and other Professional Car Park Operating CosL Refurbishment costs Provision for bad debt 30,019 19,051 13.431 5,536 36.918 10,534 11.439 S.235 56 1,945 250 Total Èxpenditure 68,320 66,127 Net IntomelleMp•nditurel 11,155 22,603 Transfers between funds Other reco8nlsed galnslllossesl Net movement in funds 11.155 22,603 Reconciliatlon of funds: Total Funds brought forward 2,296 13.451 120,3071 2,296 Totsl Funds carrièd fonvard DIGBY HALL AND LIBRARY BALANCE SHEET AS AT 31 MARCH 2023 Total tunds 2023 Total funds 2022 Hxed assets Flxtures, fittin65 and equipment Total fixed assets Current 355èts Debtors and prepayments VAT Cash at bank and in hand 6.177 iii 29,851 5.294 1.484 6,081 Total current assets 36,139 12.859 CreditDf5'. Amounts fallin8 due within gne year Trade Creditors Receipts iri Advance Accruals 20,132 1,451 1,105 8,220 1,300 1,043 Total CUT*nt liabllltl•s 22,688 10.563 Net current assets or liabiliiles 13.451 2,296 Total assets Itss current Ilabllites 13,451 2296 The funds of the charity. Unrestricted funds Totsl charrty funds 13,451 13.451 2.296 2,296 All funds held by the Trust are Unrestricted. The Trust holds no Restricted or Endgwment Funds. The notes at pages 9 to 11 form part of these accounts. Approved by the Trustees on .......... ... and signed on their behalf by. Margaret Crossman Trusiee Vau olridge-matthews rustee DIGBY HALL AND LIBRARY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS l. Accounting Policies al Basls of preparation and assessment of goln8 foncern The accounts Ifinahcial st3t2ment51 have been prèpared under the historical cost convention with items recognised at cust or transaction value unless otherwlse stated in the relevant notelsl lo these accounts. The financial statements have been prepared In accordance with the Statement of Recommended Practice.. Accounting and Reporting by Chaiities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charitles Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. The trustee5 cunsider that there are no material uncert3intie5 about the Trust's ability to continue a5 a oing concern. b) Funds strurture All funds held by the Trust are Unrestricted. The Trust hold5 no Restricted or Endowment Funds. cl Income recognition Ail incoming resource5 are recognised once the charity has entitlement to the resources, It is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliabilitv. Grants or Donatiors are rècognised when received. Interest on funds held on deposlt Is included when received. d) Expendlture rècognltlon Liabilities are reco8nised a5 expendhture as soon as there is a legal or constructive obligation committing the charity to that expenditure, It 15 probable that settlement will be iequired and the amount of the obligation can be measured reliably. All expenditure is accounted fctr on an accruals basi5. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more Information on this attribution refer to note If) below. t) Irre¢overable VAT Irrecoverable VAT 15 charged against the expenditure Governance costs Govemance costs comprise all costs involvlng the public accountabllity of the charity and its compliance wlth regulation and good practice. These costs include costs related to external 81 Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arfse. Realised gains and losses on investment5 are calculated as the difference between sales proceed5 and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the yeaT end and their carrwng value. Reali5ed and unrealised investment gains and losses are combined in the DIGBY HALL AND LIBRARY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTESTO THE FINANCIAL STATEMENTS h) Fixed assets The Trust owns one property, the Dlgby Hall & Library, which had an insured value of £4,586.971 at 31st Marth 2023. The Charity SORP requires that donated assets are recognised within the actounts when the resource 15 controlled by the charity, it 15 probably that expected future econornic benefits will flow to the charity, and the historical cost or fair value can be measured. Whilst the Trust expects to benefit from income derived from the hire ol the building, it is expected that any income will just cover the running costs. allowing the Trust to break even. In addition, the property 15 subject to a restrictive covenant which reduce5 the market Value to £nil. As such, no monetary value is recognised Fixtures, fittings and equiprnent are depreciated in full in the year of acquisition. i) Debtors Debtctrr5 are measured at their recoverable amounts. j) Cash at bank and In hand Cash al bank and ip hand con515ts entirely of cash balances held with the Trust's bankers. kl Credltors Creditor5 are measured at the amount fequired to settle the liability. 2 Investsnent Income 2023 2022 Deposit interest recelved 54 All of the investment income is attributable to unrestrirted funds. 3 Anafysls of expendlture on tharftable activities and support costs 2023 2022 Support and go¥ernance costs Attl￿ty Total Total Independent examiner 279 279 279 279 233 233 4 Emoluments and staff costs The Trust has no p.Tnployee5. A full tlme caretaker and a part time caretaker are employed by Sherborne Town Council. and the c05t of this is reirnbursed by the Trust. Lettin& accountin8. maintenance and general supervision are performed by Sherbome Town Couh¢ll staff. For thi5 setvice the Trust pays a fixed contribution, currently £5,LKM) p.a. DIGBY HALL AND LIBRARY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTESTO THE FINANCIAL STATEMENTS 5 Analy515 of fixed assets Fixtures. ffttln and equipment 2023 Flxlures, fittin8S and equipment 2022 C05t At l April 2022 Additions At 31 March 2023 424.325 424,325 424.325 424.325 Depreciation At l April 2022 Charge for year At 31 March 2023 424,325 424.325 424.325 424,325 Net Book Value 6 Analysls of charitable funfls Fund name Fund alaiices brought forwa Gll•n$ and Ilos6e81 Fund balanc•$ Canied fornar Incom• Expendiiure Vnrestricted funds 2.296 79,475 168,3201 13,451 The unrestrlcted funds are available to be spent for any purposes of the charlty. 7 Related Party Transartlons Sherborne Town Council is the sole Trustee. The Council employs two caretakers who look after the Hall, the costs of whom are reimbursed by the Trust. The Town Council also recharges the actual cost of goods and services ordered on behalf of the Trust. The Trust pays a fixed contribution of £5.LKX).00 P.0. bn relation to other staff 5ervlces provided by the Town Council. Wlth effect from November 2022, the value to reimbuse forthe costs of the two caretakers has been reduced by SO%. Sherborne Town Council provided no grant funding during the year12022- £20,307). The Simon Digby Isherbomel Memorial Trust was Set up in 1989 with an objective 'to benefit thè inhabitants of the Town of Sherborne.. The Settlor'5 wishes were that the monies would be devoted to the malntthance and improvement of the Digby Hall, and the Tcrrace Playing Fleld. The Trust made 8f¢ints totalling £37,70012022= £20,000) during the year to support the run￿Ing Of the Digby Hall. All transactions with organlsatiorss to which Councillors belon& or are associated with in any wayi are conducted at arm's length. 10 ## **DIGBY HALL AND LIBRARY** ## **REGISTERED CHARITY NUMBER: 275065** **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** **DARKIN MILLER LIMITED CHARTERED ACCOUNTANTS 24E DEVEREL ROAD CHARLTON DOWN DORCHESTER DORSET** ## **DIGBY HALL AND LIBRARY** ## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** |**CONTENTS**|**PAGE**| |---|---| |Trustees' Report|3-5| |Independent Examiner's Report|6| |Statement of Financial Activities|7| |Balance Sheet|8| |Notes to the Financial Statements|9-11| ## **DIGBY HALL AND LIBRARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** The Trustees present their annual report and financial statements of the Trust for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts 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 published on 16 July 2014. ## **Objectives and activities for the public benefit** The Trust was created for the purpose of providing a Public Hall and Library for the use and benefit of Sherborne residents. The Trust owns one property, the Digby Hall & Library, which had an insured value of £4,586,971 (including fixtures and fittings) at 31 March 2023. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives. ## **Grant making policy** The Trust awards no grants. ## **Induction and training of trustees** Sherborne Town Council is the sole Trustee. ## **Achievement and performance** During the year the Trust continued to provide a Public Hall and Library for the benefit of Sherborne Residents. ## **Financial Review** Income generated for the year amounted to £79,475 (2022: £88,730). This comprised £31,159 rental income; £9,754 car park income; grants from the The Simon Digby (Sherborne) Memorial Trust totalling £37,700; and bank interest and miscellaneous items which amounted to £862. Expenditure for the year amounted to £68,320 (2022: £66,127). The Balance Sheet at 31 March 2023 shows reserves of £13,451 (2022: £2,296). ## **Investment policy and performance** The Trust has modest reserves sufficient to cover minor improvements or the renewal of equipment. Funds are held in current and deposit accounts, with priority given to security of capital and liquidity of funds over the return received. ## **Risk management** The major risks that the charity is exposed to have been identified and reviewed by the trustees and procedures established to manage this risk. The main financial risk faced by the charity is that of falling revenues, and unexpected maintenance costs, both of which are related to the condition of the building. ## **Reserves policy** Specific reserves are held only for the provision of improvements or the renewal of equipment provided for the facility, and such reserves are reviewed continuously. The Town Council, as Trustee, maintained a building & property reserve, but the funds have been spent on the planned refurbishment works. ## **Structure, governance and management** The Trust is an unincorporated trust, constituted under a trust deed dated 13th January 1978 and is a registered charity number 275065. The Trust was established between Mr K S D Wingfield Digby (Mr Digby); G F Pinney and D M J Dear; and the Sherborne Town Council. Sherborne Town Council is the sole Trustee. Trust business is discussed and decisions minuted as part of each Town Council meeting. 3 **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023** ## **DIGBY HALL AND LIBRARY** ## **Reference and administrative information** ## **Trustee** Sherborne Town Council ## **Clerk** Mr Stephen Shield ## **Principal Office** Address: Manor House, Newland, Sherborne, Dorset, DT9 3JL Charity Number: 275065 ## **External Examiners** Darkin Miller Limited, 24e Deverel Road, Charlton Down, DT2 9UD ## **Trustees’ responsibilities in relation to the financial statements** The charity trustee is responsible for preparing a trustee's annual report and financial statements 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 charity trustees to prepare financial statements for each 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 period. In preparing the financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures that - must be disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the - charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. ………………………. ……………………….. Signed: Signed: Margaret Crossman Vaughan Colridge-Matthews Trustee Trustee 4 ## **DIGBY HALL & LIBRARY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DIGBY HALL AND LIBRARY** I report to the trustees on my examination of the accounts of the Digby Hall and Library (the Trust) for the year ended 31 March 2023. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). 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 Commission under section 145(5)(b) of the Act. ## **Independent examiner’s 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 respect: **1.** accounting records were not kept in respect of the Trust as required by section 130 of the Act; or **2.** the accounts do not accord with those records; or **3.** 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 as part of an independent examination. I have no 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 accounts to be Signed: Name: Rosie Darkin-Miller LLB (Hons) BFP FCA Institute of the Chartered Accountants in England and Wales Address: 24e Deverel Road, Charlton Down, Dorchester, Dorset DT2 9UD Date: 5 ## **DIGBY HALL AND LIBRARY** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2023** **----- Start of picture text -----**
Total funds Total funds
2023 2022
£ £
Income and endowments from:
Hire Charges 31,159 32,371
Car Parking Income 8,007 3,534
Car Park Rents 1,747 1,800
Library Charges 808 718
Grants 37,700 50,307
Bank Interest 54 1
Total income 79,475 88,730
Expenditure on:
Wages and Salaries 30,019 36,918
Maintenance and Supplies 19,051 10,534
Services 13,431 11,439
Administration, Licences and other Professional 5,536 5,235
Car Park Operating Costs 33 56
Refurbishment costs - 1,945
Provision for bad debt 250 -
Total expenditure 68,320 66,127
Net income/(expenditure) 11,155 22,603
Transfers between funds - -
- -
Other recognised gains/(losses)
Net movement in funds 11,155 22,603
Reconciliation of funds:
Total Funds brought forward 2,296 (20,307)
Total Funds carried forward 13,451 2,296
**----- End of picture text -----**
6 ## **DIGBY HALL AND LIBRARY BALANCE SHEET AS AT 31 MARCH 2023** **----- Start of picture text -----**
Total funds Total funds
2023 2022
£ £
Fixed assets
-
Fixtures, fittings and equipment
Total fixed assets - -
Current assets
Debtors and prepayments 6,177 5,294
VAT 111 1,484
Cash at bank and in hand 29,851 6,081
Total current assets 36,139 12,859
Liabilities
Creditors: Amounts falling due within one year
Trade Creditors 20,132 8,220
Receipts in Advance 1,451 1,300
Accruals 1,105 1,043
Total current liabilities 22,688 10,563
Net current assets or liabilities 13,451 2,296
Total assets less current liabilites 13,451 2,296
The funds of the charity:
Unrestricted funds 13,451 2,296
Total charity funds 13,451 2,296
**----- End of picture text -----**
All funds held by the Trust are Unrestricted. The Trust holds no Restricted or Endowment Funds. The notes at pages 9 to 11 form part of these accounts. Approved by the Trustees on ………………………………………….. and signed on their behalf by: ……………………………… Margaret Crossman Trustee …………………………. Vaughan Colridge-Matthews Trustee 7 ## **DIGBY HALL AND LIBRARY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS** ## **1. Accounting Policies** ## **a) Basis of preparation and assessment of going concern** The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. ## **b) Funds structure** All funds held by the Trust are Unrestricted. The Trust holds no Restricted or Endowment Funds. ## **c) Income recognition** All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. Grants or Donations are recognised when received. Interest on funds held on deposit is included when received. ## **d) Expenditure recognition** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (f) below. ## **e) Irrecoverable VAT** Irrecoverable VAT is charged against the expenditure ## **f) Governance costs** Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to external ## **g) Realised gains and losses** All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the 8 ## **DIGBY HALL AND LIBRARY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS** ## **h) Fixed assets** The Trust owns one property, the Digby Hall & Library, which had an insured value of £4,586,971 at 31st March 2023. The Charity SoRP requires that donated assets are recognised within the accounts when the resource is controlled by the charity, it is probably that expected future economic benefits will flow to the charity, and the historical cost or fair value can be measured. Whilst the Trust expects to benefit from income derived from the hire of the building, it is expected that any income will just cover the running costs, allowing the Trust to break even. In addition, the property is subject to a restrictive covenant which reduces the market value to £nil. As such, no monetary value is recognised Fixtures, fittings and equipment are depreciated in full in the year of acquisition. ## **i) Debtors** Debtors are measured at their recoverable amounts. ## **j) Cash at bank and in hand** Cash at bank and in hand consists entirely of cash balances held with the Trust's bankers. ## **k) Creditors** Creditors are measured at the amount required to settle the liability. ## **2 Investment Income** |**Investment Income**
Deposit interest received|**2023**
**2022**
**£**
**£**
54
1| |---|---| All of the investment income is attributable to unrestricted funds. ## **3 Analysis of expenditure on charitable activities and support costs** |**Activity**
Independent examiner|**2023**
**2022**
**Total**
**Total**
**£**
**£**
279
233
279
233
**Support and**
**governance costs**
279
279
**£**| |---|---| ## **4 Emoluments and staff costs** The Trust has no employees. A full time caretaker and a part time caretaker are employed by Sherborne Town Council, and the cost of this is reimbursed by the Trust. Letting, accounting, maintenance and general supervision are performed by Sherborne Town Council staff. For this service the Trust pays a fixed contribution, currently £5,000 p.a. 9 ## **DIGBY HALL AND LIBRARY** ## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 NOTES TO THE FINANCIAL STATEMENTS** |**5 Analysis of fixed assets**
**Cost**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for year
At 31 March 2023
**Net Book Value**
**6 Analysis of charitable funds**
**Fund**
**name**
Unrestricted funds|**Fund**
**balances**
**brought**
**forward**
**Income**
**£**
**£**
2,296
79,475|**Gains**
**and**
**(losses)**
**Fund**
**balances**
**carried**
**forward**
**£**
**£**
-
13,451
424,325
424,325
424,325
424,325
424,325
-
-
-
**Fixtures, fittings**
**and equipment**
**Expenditure**
**£**
(68,320)
-
-
424,325
**Fixtures, fittings**
**and equipment**
**£**
**£**
**2022**
**2023**
424,325
424,325
-| |---|---|---| The unrestricted funds are available to be spent for any purposes of the charity. ## **7 Related Party Transactions** Sherborne Town Council is the sole Trustee. The Council employs two caretakers who look after the Hall, the costs of whom are reimbursed by the Trust. The Town Council also recharges the actual cost of goods and services ordered on behalf of the Trust. The Trust pays a fixed contribution of £5,000.00 p.a. in relation to other staff services provided by the Town Council. With effect from November 2022, the value to reimbuse for the costs of the two caretakers has been reduced by 50%. Sherborne Town Council provided no grant funding during the year (2022 = £20,307). The Simon Digby (Sherborne) Memorial Trust was set up in 1989 with an objective 'to benefit the inhabitants of the Town of Sherborne'. The Settlor's wishes were that the monies would be devoted to the maintenance and improvement of the Digby Hall, and the Terrace Playing Field. The Trust made grants totalling £37,700 (2022 = £20,000) during the year to support the running of the Digby Hall. All transactions with organisations to which Councillors belong, or are associated with in any way, are conducted at arm's length. 10 DIGBY HALL & LIBRARY INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF THE DIGBY HALLAND LIBRARY I report to the trustees on my examination of the accounts of the Di8by Hall and Libiary (the Trust) for the year ended 31 March 2023. Responsibilltles and basis of report s the charity trustees of the Trust you are responsible for the pieparatlon of the accounts in accordance wSth the requirements of the Charitie5 Act 20111'the Act'l. I report in respect of my examiftation of the Trust's accounts carried out under section 145 of the 2011 Act and in carryln8 Out my examinatitsn I have followed all the applicable Directloths given by the Charity Commission under section 14515llbl of the Act. Independent examlnerfs statement I have completed my examinatron. I confirm that na rnAtpri81 matters have come to my attention in Connèction with the examination giving me cause to believe that In any material respect.. l. accounting records were not kept In respect of the Trust as required by section 130 of the Act; or 2. the actounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the form and content of actounts set out in the Charities IAc¢ounts and Reports) Regulations 2Q08 other than any requirement that the accounts give a 'true and fair vlew which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wlth the exarnination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be Signed.. Name: Roslè Darkin-mlller LLB (Honsl BFP FCA Institute of the Chartered Accountants in England and Wales 24e Deverel Road, Charlton Down, Dorchester. Dorset DT2 9UD 1011117AIL3 Address.. Date..