Charity Registration No. 275187 KINGSWOOD VILLAGE COMMUNITY ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
KINGSWOOD VILLAGE COMMUNITY ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr J H T Chaffield Mrs PA Chaffield MrRIGunn MrA V Hawker Ms J Quartermain Dr S H Wilson Mr S R Kippen r5 MA Cayton Mrs C J F Vanhaecke Mrs S M Camblin Charity number 275187 Independent examlner James G Jackson FCA
KINGSWOOD VILLAGE COMMUNITY ASSOCIATION CONTENTS Page Trustees report Independent èxaminerfs report Statement of financial activities Balance sheet Notes lo the accourits Income statement 10
KINGSWOOD VILLAGE COMMUNITY ASSOCIATION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and accounts for the year ended 31 Dember 2023. The accounts have been prepared in accordancè with the accounting policies set out in note 1 to the accounts and comply with the Kingswood Village Community Association's {KVCAI governing document, the Charities Act 2011 and 'Accounling and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20151. Objectives and adlvltles The KVCA'S objects are lo promote and support community life in Kingswood. The poliaes adopted in ftjrtherance of these objects are for the provision and management ol Kingswood Village Hall for Community events and there has been no change in these during the year. The Trustees manage Kingswood Mllage Hall, organise events In the hall, let the hall to other users, publish 'The Village Voi¢e', which is delivered free to all properties in Kingswood, and, through the KVCA'S drama arm KADDS, pul on theatrical produ¢lions. The l(VCA 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 adtvities the KVCA should underLgke. Flnancial reviow 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 ¢tsnsiders that reserves at this level will ensurè that, in the event of a significant drop in funding, they will be able to continue the KVCA'S current a¢tivilies 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 have assessed the major risks lo whlch the KVCA is exposed. and are satisfied that systems are in place to mitigate exposure to the major risks. Structure. govemance and management Mr J H T Chatfield Mrs P A Chaffield MrRIGunn MrA V Hawker Ms J Quarternain Dr S H Vlfilson Mr S R Kippen Mrs MACayton Mrs C J F Vanhaecke Mrs S M Camblin Mrs T Mount (Resigned 16 August 20231 All of the Trustees appointed at the 2023 AGM serveot throughout the rest of the year and have continued in post.
KINGSWOOD VILLAGE COMMUNITY ASSOCIATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial performance The Trustees are pleased to report an overall surplus of £23,461, almost unchanged from the surplus of £23,551 in 2022. In a period in whid) costs have risen significantly, this is a very good outcome. The Hall Operating aOUnt produced a surplus of £9,649, up 120k on the figuie of £8,627 in 2022. Hall income was £29,060, up by 9Q/o from £26,807 last year, due lo modest increases in some Hall charging rates Ibul no incrèases for charities and village organisalionsl. The 2023 result was due lo the efforts of the very effieienl Hall Management Tearn who have continued lo retain regular hall users, welcomed new users and party hosts and paid Careful attention to holding down operating costs. Despite those efforts, regular Hall operating costs rose by 80h, from £17,981 in 2022 lo £19,411 in 2023, driven mainly by rises in energy prices. cleaning charges 2nd insurance. During 2023 we received the last tran¢he, £2,248, of a grant from Reigale & Banslead Borough Council for our 2022 insulation project. We are grateful lo the Council for ils continuing support. No major improvements have been made to the Village Hall during 2023, however we have undertaken important suNeys of the Hall necessary prior to major development work planned for 2024 and 2025. Our drarna aTm, KADDS, put on two plays in 2023, 'Blilhe Spirit, in June and 'Alphabetical Order, in October. These generated a financial sutplus of £3,619, up by almost £1,000 frr)m 2022, and back to pre-covid levels. The KVCA put on a community concert by the Ioc81 band 'Allanlis' which raiseé £412. The Village Voice has continued to bring interesting articles and news to all Kingswood residents and to support and promote village ¢ommunily activities. In a difficult environment, advertising revenue fell by 70/0 from £17,802 in 2022 10 £16,633 in 2023, although it is still well above pre-covid levels. Printing and production costs have risen by about 4Qh, so the surplus generated by The Village Voice has dropped by allnost £1,500 to a still very respectable contribution of £8,519. The KVCA has also facilitated a village improvement project, the aequisilion of 4 de¢oratNe planters, which are due lo be installeé in February 2024. A CIL grant of £4,817 has been received from Reigate & Banstead Borough Council lo cover the costs of purchasing and planting the planters, whieh will be maintained by the Village Garden Volunteers. The combination of all the abDve factors has resulted in sn overall surplus of £23,461, only marginally less than the £23,551 achieved in 2022. This surplus will be pul largely towards the iaicA'$ major plans for the improvement of the Village Hall, the nexi stage of which will be the re-modelling and rnodernising of the Hall's toilets, lo include a disabled-access cubicle and baby-changing facilities. This stsge is planned to be completed in 2024. The Trustees report was approved by the Board of Trustees. MrRIGunn Trustee Dated.. 22 February 2024
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 2023, which are set out on pages 4 to 9. Respective responsibilities of Trustees and examiner The chartty'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 144121 of the Charities 2011 lthe 2011 Acll and that an independent examin81ion is needed. It is my responsibility lo.. examine the accounts under section 145 of the 2011 Act., {iil to follow the procedures laid down in the general 01ctiOnS given by the Charity Commission under section 145151(bl of the 2011 Act, and {iiil lo state whether particular matters have come lo my attention. Ba6is Of iThdepeThdeTht examiTrei's report My examination was carried out in accordance wTlh the general Diredions given by the Charity Commission. An examination includes a review of the accounting re¢ords kept by the charity and a comparison of the accounts presented wth those records. 11 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 lo whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the next statement. Independent examinèr's ststement In connection with my examination, no other maller except that referred to in the previous paragraph has come to my attention". lal which gives me reasonable cause to believe that in any material respect the requirements.. lo keep accounting records in aecordance wth section 130 of the 2011 A¢t,' and lill lo prepare accounts which accord with the a¢countr'ng records. and comply with the accounting requirements of the 2011 Act., have not been met or Ibl to which. in my opinion, attention should be drawn in order lo enable a proper understanding of the accounts to be reached. James G Jackson FCA Dated.. 17 r*z
KINGSWOOD VILLAGE COMMUNITY ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2022 2023 Notes Income and endowments from: Lettings, advertising in¢ome and grants Other income 60,646 3.533 69,895 649 Total Income and endowments 64,179 70,644 Ex enditure on: Rent, maintenance and other costs 40,718 46,993 Net income for the yearl Net movement in funds 23,461 23,551 Fijnd balances at 1 January 2023 96,958 73,407 Fund balance$ at 31 December 2023 120,419 96,958
KINGSWOOD VILLAGE COMMUNITY ASSOCIATION BALANCE SHEET AS AT31 DEGEMBER 2023 2023 2022 Notss Current assets Debtors Cash al bank and in hand 3,939 128,560 4.014 99,916 132,499 103,930 Creditor5: amounts falllng due within one year 12,080 6,972 Net current assets 120,419 96,gS8 Income funds Unrestricted funds 120,419 96,958 120,419 96,958 The financial statements were approved by the board of trustees and aulhorised for issue on 22 February 2024 and are sign d on its behalf by.. MrRIGunn Trustee Hawker Trustee
KINGSWOOD VILLAGE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policie5 Charity information Kingswood Village Community Association IKVCAI is a unincorporated Association registered under the CharitiesAct. 1.1 Accounting convention These aOuntS have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1, °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 20Q8 only lo the exient required lo 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 Slalement of Recommended Practice which is referred to in the Regulations bul which has since been wrthdrawn. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The accounts have been prepared on the historical cost convention, mgdified lo include the revaluation of freehold properties and lo include investment properties and certain financial instruments at fair value. The principal aoUntIng poliaes adopted a sel out below. 1.2 Going concern Al the time of approving the accounts, the Trustees have a reasonable expectstion that the KVCA has adequate resources to continue in opeiational existence for the foreseeable fLrture. Thus the Trustees conb.nue lo adopt the going COnM basis of accounting in preparing the accounts. 1.3 Charitablg ftjnds Unrestricted funds are available for use at the discrelitsn of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject ID specific conditions by donors as lo how thèy may be used. The purposes and uses of the reslricled funds are set out in the notes to the accounts. Endowment fvnds are subject to specifi¢ conditions by donors that the capital must be mainlain8d by the KVCA. 1.4 Incoming resources Income is recognised when the KVCA is legally entitled to il after any performance conditions have tJeen mel, the amounts can be measurtsd reliably, and it is probable that income will be received. Cash donations are rÈ¢ognised on receipt. Other donslions are recognised once the KVCA has been notified of the donalitsn, unless performance conditions require deferral of the amount. Legacies are recognised on receipt or otherwise if the KVCA has been notified of an impending dislribulion, the amount is krthn, and receipt is expected. 1.5 Resources expended Income and expenses are included in the financial slalements as they become receivable or due. Expenses include VAT where applicable as the charity cannot reclaim it.
KINGSWOOD VILLAGE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles (Continuedl 1.6 Cash and cash equivalents Cash 2nd cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown ithin borrowngs in current liabilities. 1.7 Financial instruments Financial instruments are recognised when the KVCA beeomes paty to the contractual provisions of the instrument. Financial assets 8re offset, with the net amounts presented in the aOnIS when there is a legally enforceable right to set off the recognised amounts and there is an irrtenlion to settle on a nel basis or lo rèalise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which incltjde trade and other receivables and cash and bank balances, are Inltially measured at transaction price incluLling transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute5 a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rale of interest. BasiTC financial liabilities Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constilules a financing tiansaclign, where the debt instrument is measured at the present value of the future receipts discounted al a market rale of interest. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade payables are obligations lo pay for goods or services that h8ve been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due wthin one year or less. If not, they are presented as non-current liabilities. Trade payables a recognised initially al transaction pric& and subsequently measured at amortised cost using the effective interest method. Dere¢ognition of financial liabilities Financial liabilities are derecognised when the charity's Contractual obllgations expire or S discharged or cancelled. Lettings, advertlsing income and grants 2023 2022 Lettings Income KADDS ineorne Events income The Village vol income COVID Support Grants Local Authority Grants 29,060 6,551 1,081 16,889 28,638 4,764 18,082 2,667 16,200 7,065 60,646 69,895
KINGSWOOD VILLAGE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other incom 2023 2022 Interest r8¢eived 3,533 649 Ren¢ maintsnan¢e and other co$ts 2023 2022 Charity expenditure Rent and rates utilities and cleaning Supplies and management Insurance and licenses Routine maintenan KADDS costs Events costs The Village Voice costs Major Hall works Street Planter project 5,136 7,021 4,002 2,167 1,085 2,932 670 8,370 4,518 4,817 5,132 6,107 3,680 1,713 1,349 2,142 1,399 8,073 17,398 Charity expènditure 40,718 46,993 Debtors 2023 2022 Amounts falling due wtthin one year: TTade debtors Prepayments and accrued income 1,261 2,678 1.343 2.671 3,939 4,014 Credltors- amounts falling due wÉthin one year 2023 2022 Payments reIVed on account Trade creditors Other creditors Accruals and deferred income 8,062 872 145 3.001 3,837 115 2,579 12,080 8,972
KINGSWOOD VILLAGE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Operating lease commitments Lessee The KVCA has a 15 year lease on the propety wth Rei9ate and Banslead Borough Council dated 22 March 2013. The current annual rent is £5,100.
KINGSWOOD VILLAGE COMMUNITY ASSOCIATION DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Hall Letting Income and donations 29,060 26,638 Expenditure Rent and rates Utilities and ¢leaning Supplies and management Insurance and licenc&s Routine maintenance Major works 5,138 7,021 4.002 2,167 1,085 4,518 5,132 6,107 3,680 1,713 1,349 17,398 Hall lolal expenditure Hall Operating I (Deficill 23,929 35,379 5,131 {8,741) COVID Support grants Local Authority grants 2,667 16,200 2,248 Total grants 2,248 18,867 Hall Surplus after grants 7,379 10,126 KADDS Income Expenditure 6,551 2,932 4,764 2,142 KADDS Surplus 3,619 2,622 Events Income Expenditure 1,081 870 1,564 1,399 Events Surplus 411 165 The Vlllage Voice Income Expenditure 16,889 8,370 18.062 8,073 The Village Voice Surplus 8,519 9,989 Street Planters Local Authority grants Expenditure 4,817 4,817 Street Planters Surplus Mis¢ellaneous Income Interest 3,533 649 Combined net Surplus 23,461 23,551