**Charity Registration No. 275187**
# **KINGSWOOD VILLAGE COMMUNITY ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
# **FOR THE YEAR ENDED 31 DECEMBER 2021**
## **KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
**Charity number**
**Independent examiner**
Mr J H T Chatfield Mrs P A Chatfield Mr R I Gunn Mr M E Hannah Mr A V Hawker Mrs L E Cole Ms J Quartermain Dr S H Wilson Mr S R Kippen (Appointed 7 September 2021) 275187 James G Jackson FCA
## **KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the accounts|6 - 9|
|Income statement|9|
## **KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
## **TRUSTEES REPORT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The Trustees present their report and accounts for the year ended 31 December 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Kingswood Village Community Association's ( KVCA ) governing document, 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 2015)”
## **Objectives and activities**
The KVCA's objects are to promote and support community life in Kingswood. The policies adopted in furtherance of these objects are for the provision and management of Kingswood Village Hall for Community events and there has been no change in these during the year.
The Trustees manage Kingswood Village Hall, organise events in the hall, let the hall to other users, publish “The Village Voice”, which is delivered free to all properties in Kingswood, and, through the KVCA's drama arm KADDS, put on theatrical productions. The KVCA also organises or participates in other activities which strengthen community spirit in Kingswood.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the KVCA should undertake.
## **Financial review**
It is the policy of the KVCA 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 considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the KVCA’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.
The Trustees has assessed the major risks to which the KVCA is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
Mr J H T Chatfield Mrs P A Chatfield Mr R I Gunn Mr M E Hannah Mr P R Wormald (Resigned 26 February 2021) Mr A V Hawker Mrs L E Cole Ms J Quartermain Dr S H Wilson Mr S R Kippen (Appointed 7 September 2021)
All of the Trustees appointed at the 2021 AGM served throughout the rest of the year and have continued in post. However, Mrs L E Cole and Mr M E Hannah will be standing down at the 2022 AGM.
- 1 -
## **KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **Financial performance**
The Trustees are pleased to report an overall surplus of £29,339 in 2021.
The Hall Operating account produced a deficit of £3,132. Hall income was £16,300, up by 40% from Covid-hit 2020, but 25% less than the 2019 income (before Covid). The 2021 result was due to the strenuous efforts of the Hall Management Team to keep the Hall operating, safely, as much as possible. Although some operating costs increased with higher Hall use, we made savings due to more efficient heating control and a more economical rubbish service. We also cut back on repairs, decoration and improvements, until the future following Covid shutdowns is clearer. We did spend £1,116 on the vegetation on the banks around the car park.
As a rate and rent paying charity, we were entitled to claim government Covid grants, and decided to put the funds towards the much-needed plans to bring our Hall facilities up to a state that meets the best current standards for health, well-being and the environment. The Covid grants amounted to nearly £17,500 in 2021, although some of this related to operations in the previous year. In addition we were given a grant of £1,000 from SES Water to improve water efficiency and a grant from KVHT of £301 for a new, weatherproof Village Noticeboard at the Waterhouse Lane Shops. We are grateful to both organisations for their support for community facilities.
Penny Chatfield and Antony Hawker have a very effective system to deal with new enquiries and existing hirers. Our Hall Managers Simon and Sheila Peacock also play an important part in showing the Hall and its facilities to potential new hirers. Parties have been allowed again in the Hall since September 2021. They contributed £1,670 in 2021 and we hope this will rise to £5,000 in a full year, although they do involve more work and occasionally cause problems.
KADDS returned to performing live in October with ‘Old Actors Never Die …’ which made a surplus of £1,525. The KVCA put on a concert by ‘Atlantis’ in which contributed a further £305.
The Village Voice has not only brought interesting articles and news to all Kingswood residents, but, due largely to the efforts of our Advertising Editor Juliet Quartermain, has increased advertising revenue by over 50% from 2019 and 2020 levels, so that despite increased printing costs, the surplus has doubled to £11,860, a magnificent achievement.
The combination of all the above factors has resulted in an unprecedented overall surplus of £29,339, which will be put towards the KVCA’s major plans for the improvement of the Village Hall, plans which are now being actively pursued.
The Trustees r eport was approved by the Board of Trustees.
## **Mr R I Gunn**
Trustee Dated: 24 February 2022
- 2 -
## **KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
I report on the accounts of the KVCA for the year ended 31 December 2021, which are set out on pages 4 to 9 .
## **Respective responsibilities of Trustees and examiner**
The charity's Trustees are responsible for the preparation of the accounts. The charity's Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- (i) examine the accounts under section 145 of the 2011 Act;
- (ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- (iii) to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
## **Independent examiner's statement**
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 130 of the 2011 Act; and
- (ii) to prepare accounts which accord with the accounting records, and comply with the accounting requirements of the 2011 Act;
- have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
James G Jackson FCA
Dated:
- 3 -
## **KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**Notes**
**Income and endowments from:**
Lettings, advertising income and grants
**2**
Other income
**3**
**Total income and endowments**
**Expenditure on:**
Rent, maintenance and other costs
**4**
**Net income for the year/**
**Net movement in funds**
Fund balances at 1 January 2021
**Fund balances at 31 December 2021**|**Unrestricted**
**funds**
**2021**
**2020**
**£**
**£**
57,040
40,869
6
61
57,046
40,930
27,707
38,415
29,339
2,515
44,068
41,553
73,407
44,068|
|---|---|
- 4 -
## **KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2021**_
|**Notes**
**Current assets**
Debtors
**5**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**6**
Net current assets
**Income funds**
Unrestricted funds|**2021**
**£**
3,273
80,213
83,486
10,079|**£**
73,407
73,407
73,407|**2020**
**£**
7,687
48,165
55,852
11,784|**£**
44,068
44,068
44,068|
|---|---|---|---|---|
The financial statements were approved by the board of trustees and authorised for issue on 24 February 2022 and are signed on its behalf by:
Mr R I Gunn Mr A V Hawker **Trustee Trustee**
- 5 -
**KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **Charity information**
Kingswood Village Community Association (KVCA) is a unincorporated Association registered under the Charities Act.
## **1.1 Accounting convention**
These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The KVCA is a Public Benefit Entity as defined by FRS 102.
The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The accounts are prepared in sterling , which is the functional currency of the c harity . Monetary a mounts in these financial statements are rounded to the nearest £.
The accounts have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the accounts, the Trustees has a reasonable expectation that the KVCA 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 accounts.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the KVCA.
## 1.4 **Incoming resources**
Income is recognised when the KVCA 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 KVCA has been notified of the donation, unless performance conditions require deferral of the amount.
Legacies are recognised on receipt or otherwise if the KVCA has been notified of an impending distribution, the amount is known, and receipt is expected.
## 1.5 **Resources expended**
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the charity cannot reclaim it.
- 6 -
## **KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
**(Continued)**
## **1.6 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.
## **1.7 Financial instruments**
Financial instruments are recognised when the KVCA becomes party to the contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts 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.
## _**Basic financial assets**_
Basic financial assets, which include trade and other receivables 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.
## _**Basic financial liabilities**_
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts 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 payables 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 c harity ’s contractual obligations expire or are discharged or cancelled.
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## **KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **2 Lettings, advertising income and grants**
|**3**
**4**|Lettings income
KADDS income
Events income
The Village Voice income
Local Authority Grants
Local grants
Hall donations
Donation
**Other income**
Interest received
**Rent, maintenance and other costs**
Charity expenditure
Rent and rates
Utilities and cleaning
Supplies and management
Insurance and licenses
Routine maintenance
KADDS costs
Events costs
The Village Voice costs
Major Hall works
Charity expenditure|**2021**
**£**
16,301
2,575
786
18,603
17,474
1,301
-
-
57,040
**2021**
**£**
6
**2021**
**£**
5,143
4,978
2,913
2,096
1,321
1,050
481
6,743
2,982
27,707|**2020**
**£**
11,639
4,093
-
11,895
12,234
622
381
5
40,869
**2020**
**£**
61
**2020**
**£**
5,136
5,864
1,770
2,069
3,006
1,916
-
6,274
12,380
38,415|
|---|---|---|---|
- 8 -
## **KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **5 Debtors**
|**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2021**
**£**
776
-
2,497
3,273|**2020**
**£**
4,000
414
3,273
7,687|
|---|---|---|
## **6 Creditors: amounts falling due within one year**
|Payments received on account
Trade creditors
Other creditors
Accruals and deferred income|**2021**
**£**
6,232
972
704
2,171
10,079|**2020**
**£**
10,025
314
110
1,335
11,784|
|---|---|---|
## **7 Operating lease commitments**
## **Lessee**
The KVCA has a 15 year lease on the property with Reigate and Banstead Borough Council dated 22 March 2013. The current annual rent is £5,100.
- 9 -
## **KINGSWOOD VILLAGE COMMUNITY ASSOCIATION**
## **DETAILED INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**Hall**
Income
Letting Income
Hall donations
Hall total income
Expenditure
Rent and rates
Utilities and cleaning
Supplies and management
Insurance and licences
Routine maintenance
Major works
Hall total expenditure
Hall Operating ( Deficit)
Local Authority grants
Local grants
Total grants
Hall Surplus / ( Deficit) after grants
**KADDS**
Income
Legacy from Hill family
Expenditure
KADDS Surplus
**Events**
Income
Expenditure
Events Surplus
**The Village Voice**
Income
Expenditure
The Village Voice Surplus
**Miscellaneous Income**
Interest
Donations
Miscellaneous Surplus
Combined net Surplus
Reserves brought forward
**Reserves carried forward**|2021
**£**
16,301
-
16,301
5,143
4,978
2,913
2,096
1,321
2,982
19,433
17,474
1,301
2,575
-
1,050
786
481
18,603
6,743
6
-|**£**
(3,132)
18,775
15,643
1,525
305
11,860
6
29,339
44,068
73,407|2020
**£**
**£**
11,639
381
12,020
5,136
5,864
1,770
2,069
3,006
12,380
30,225
(18,205)
12,234
622
12,856
(5,349)
3,593
500
1,916
2,177
-
-
-
11,895
6,274
5,621
61
5
66
2,515
41,553
44,068|
|---|---|---|---|