Charlty Rèyi$tration No. 275187 KINGSWOOD VILLAGE COMMUNITY ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 KINGSWOOD VILLAGE COMMUNITY ASSOCIATION LEGALAND ADMINISTRATIVE INFORMATION Trustèè$ Mr J H T Chatfièld MrRIGunn MrAV Hawker Ms J Quartermain Dr S H Wilson Mr S R Kippen Mrs M A Cayton Mrs C J F Vanhaeck@ Mrs S M Camblin Mrs J D Hale {Appoinled 23 April 20241 Charity number 275187 Independent •xaminer Jame5 G Jackson FCA KINGSWOOD VILLAGE COMMUNITY ASSOCIATION CONTENTS Page Trustees report Indèpendent examinerfs report Statement of finanaal activities Balanee sheet Notes to the accounts Income Statement 10 KINGSWOOD VILLAGE COMMUNITY ASSOCIATION TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and accounts lor the year ended 31 Decembei 2024. The accounts have been prepared in accordance wtih the a￿ountIng poliaes set out in note 1 to the accounts and comply with the Kingswood Village Community A$50oialion's IKVCAI governing docutnenl, the Charities Act 2011 and "A¢¢ounling and Reporting by Charities.. Statement of Recommended Practice applicable to chartt5è9 preparing their accounts in acc()rdance with the Financial Reporting Stsndard applicable in the UK and Republic of Iieland IFRS 1021 (effective 1 January 20151° 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 Commijnily events and Iheie has been no change in these during the year. The Trustees manage Kingswood Village Hall. organi5e events in the hall, let the hall lo other users, publish 'The Village Voic8" which 15 delivered free to 811 properties in Kingswood. and. through the KVCA'S dratna arm ADDS, put on Ihealrical productions. The KVCA also organisès or participates in other activities which strengthen ¢ornmunity spirit in Kingswood. The Trustees have p8id due regard to guidan¢e issued by the Charity Commission in deciding what activities the KVCA should undertake. Financial revièw It Is the policy of the KVCA that unrestricted funds which have not been designated for 8 specific use should bè maintained at a level equivalent to be￿eeTh three and Six month's expenditure. The TTU5tees 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 ¢UTienl activities while consideration is given lo ways which additional fvnds may be raised. This level of reserves has been maintained throughout the year. The Trustees have assessed the majoi risks lo which thè KVCA is exposed, and are satisfied that systems are in place to mitigate exposure lo the major iisks. Structurè, govemance and managèmènt Mr J H T Chatfield Mrs PA Chatfield MrRIGunn MrA V Hawker Ms J Quartermain Dr S H Wilso Mr S R Kippen Mrs M A Cayton Mrs C J F Vanhaecke Mrs S M Camblin Mrs J D Hale {Resigned 21 October 20241 {Appoinled 23 April 20241 All of the Tru51ee5 appointed at tha 2024 AGM Served throughout the ￿$t of the year and have conts'nued in post. KINGSWOOD VILLAGE COMMUNITY ASSOCIATION TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial pertomiance The Tiustees are pleased to report that 2024 was a year in which rnajor improvements were made lo the Kingswood Village Hall, at a total cost of £61,203. As a consequence, Ihe KVCA accounts show a defiat of £46.107, meaning that the net effect of all the activities other than the Major improvements was a Surplus ol £15,096. This is down about £12,800 Irom 2023. due largely to higher h811 regular maintenance ¢osls. The Hall Operating account, before major improvement oxpendilure. prodU￿d a deficrt of £3.771. compared with a surplus of £9,849 in 2023. Annual repairs and maintenanoe were almost £10,000 higher. because of a 5-yeady elecliical safety check, follow-up electrical work, gas boiler and drainage repairs. Our gas supply contract was renewed at the start of 2024, doubling the prevsous cost. Hall income wa3 down about 5°A from the re¢ord high achieved in 2023. The major improvement project completed in 2024 wa5 the entire remodelling of all the toilets al the front ol the hall, lo enable us to provide a wheelchair- accessible cubicle and a cubi¢le with baby-changing facilities in addition to 3 other individual cubides. This was al a ¢05t ofjust ov¢r £57.000. An applicab'on has been submitted for a grant Its cover part of this cost and we await the ouleome. We have also orderéd new chairs and tables for delivery in earfy 2025. Our drama arm, KADDS. put on ￿0 plays in 2024, 'Alice in Wonderland, in February and 'The Cèrnelery Club, in OctoberlNovèmber. These generated a financial surplus of £2,875. down from £3,S19 in 2023. The KVCA also put on or hostèd a number of other concerts and events in the Village Hall, the surpluses from which supported other ¢h8rrties. The Village Voice has continued to bring inlereslbng articles and news to all Kingswood residents 8nd lo support and promote village community activities. Thanks to the work of the editorial team, advertlsing incorne rose 140 to £19,211. Production costs have Tisen slightly, but the overall surplus from the magazine has risen to £10.407 from £8.519 in 2023, an èxcellent result. The KVCA has also supported a nurnber of village piojecls and initiativès. including the Lilter Pickers. the Kingswood Voluntèèr Gardeners, and a community Mural. The net cost to the KVCA o* these has been £380. Despite thè Significant expenditure on the long-planned toilet modernisalion at the Village Hall, the KVCA finished 2024 with slrong reserves of £74,312, a reduction of about £48,000 over the year. These reseNgs are earmarked for further work at the Village H811. including kitchen and foyer improvements, the building of an extension to store hall furniture and èquipment, and redecoration. Vve plan to achieve these in 2025 and 2026. The T.ruslees report was approved by the Board of Trustees. Mr l Gunn Trustee Dated." 6 March 2025 KINGSWOOD VILLAGE COMMUNITY ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KINGSWOOD VILLAGE COMMUNITY ASSOCIATION I report on the a¢¢ounts of the KVCA for the year ended 31 December 2024, which are sel out on pages 4 to 9. Respective responsibilitiè5 of Trustees and oxamin•r The charity's Trustees are responsiblé 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 Act 2011 Ithé 2011 Acll and thal an independent examination is needed. It Is my responsibility to.. examine the accounts under section 145 of the 2011 Act,. (ill lo follow the piocedures laid down in thè geneial Directions given by the Charity Commission under section 14515llbl of the 2011 Acl., and {iiil to slate whether particular matters have ¢x)me lo my attention. Basis of independent *xaminerfs report My 8xaminalion was carried out in accordan￿ with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a eomparison of the accoijnts presented with those re¢ord8. It also indudes consideialion of any unusuzl items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matter5. 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 presènt a 'lrue and fair view, and the report is limrted to those mattèts sel out In the next statement. Independent examinerfs statement In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attenlion.. lal which gives me reasonable cause to believe that in any material respe¢l the requirements." lo keep 8ccounling records in accordance with seciion 130 01 the 2011 Act., and {iil to prepare accounts which ae¢ofd with the accounting records, and comply wth the accounting requirements of the 2011 Act., have not been met or (bl to which, in my opinion, attention should be drawn in ordar to enable a proper understandin9 01 the accounts Its be reached. James G Jackson FCA Dated.. c)È u4. ILJ KINGSWOOD VILLAGE COMMUNITY ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2023 2024 Notes Income and èndowments from: Lettings, advertising income and grants Other income 58,341 4,466 60.646 3,533 Total income and endowments Ex enditure on= Renl, maintenance and other costs 62,807 64,179 108,914 40,718 Net lexpenditurellincomè for the yearl Net movement Én funds 146.1071 23,481 Fund balances at l January 2024 120,419 ,958 Fund balances at 31 Oe¢ember 2024 74,312 120.419 KINGSWOOD VILLAGE COMMUNITY ASSOCIATION BALANCE SHEET AS Af 31 DECEMBER 2024 2024 2023 Notes Current assets Debtors Cash at bank and in hand 6.447 80,596 3.939 128,560 87,043 132.499 Creditors.. amounts falling due within on• yèar 12,731 12,080 Net current assets 74,312 120,419 Incomè funds Unrestricted funds 74,312 120,419 74,312 120,419 The financial statements were approved by the t>oard of Iruslees and authorised for issue on 6 March 2025 and ar6 signed on its behalf by., Mr l Gunn Trustee Mr A V Hawker Trustee KINGSWOOD VILLAGE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policie$ Charity inforniation Kingswood VIlLage Community Association IKVCAI is a unincorporated Association registered under the Charities Act. 1.1 Accounting convention These a￿￿nIS have been prepared in accordan￿ with FRS 102 'The Finanaal Reporting Standard applicable in the UK and Republi¢ of Ireland. I'FRS 102,1. 'Accounting and Reporting by Chaiities" the Slalement of ReGommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Ac¢ounting Practice as il applies from 1 January 2015 The KVCA Is a Public Benefrt Entity as defined by FRS 102. The accounts have departed from the Charities (Accounts and Rèports) Regulation5 2008 only lo the extent required to provide a true and fair view. This departure has involved following the Statement of Recommènded Practice ft>r charities applying FRS 102 rather than the version of the Statetnenl of Recornmended Practice which is referred to in the Regulations but whi¢h has since been wrthdrawn. The accounts are prepared in steding, which is the functional currency of the charity. Monetary amounts in these financial staletvients are rounded to the nearest £. The accounts have been prepared on the historical cost convention, modifièd io include the revaluation of freehold properties and lo include investment properties and certain financial instruments al fair valua. The principal a¢counting poliryes adopted are set OLJt below. 1.2 Going concern Al the time of approving the accounts, the Trustees have a ieasonable expectation that the KVCA has adequate resources lo continue in operational existence for the foreseeable fvture. Thus the Trustees continue to adopt the going concern basis ol accounting in prepaTing the accounts. 1.3 Charitable funds Unrestricted fLtnds are available lor use at the discretion of the Trustees in fvrtIieran￿ of their charitable objectives unless the fLinds have been designated for other purposes. Restricted funds are subject to speeffjic o)nditions by donors as to how they may be used. The purposes and uses of the restrid8d funds are sel out in Ihe notes to the a¢¢ounts. Endowment funds arè subject to speofic condition$ by donors that the capital musl be maintained by the KVCA. 1.4 Incoming resources Income is recognised when the KVCA is legally enlilled to it aftèr any perfomance Conditions have been met, the amounts can bè measured reliably, and it Is probable that inwme will be received. Cash donations are rÈ¢ognised on receipt. Other donations are re(x)gnised onee the KVCA has been notffied of thé dtsnation, unless perfomiance 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 re￿Ipt is expected. 1.5 ReSou￿e$ expended Income and expenses ale included in the financial slalements as they become re￿1vable or due. Expense5 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 2024 A¢¢ounting policigs (Continued) 1.6 Cash and cash èquivalents Cash and cash equivalents include cash in hand. dep05rfL5 held at call with banks. other short-term liquid investments with original maturities of three months or less, and bank ovèrdrafts_ Bank overdrafts arè shown within borrowings in currenl liabilities. 1.7 Financial instruments Financial instruments are recognisèd when the KVCA bacomes party to the conlractual provi5iorbs of the inslrumenl. Financial assets are offset, wlh the nel amounts presented in the accounts when there is a legally enfor¢eable right to set off the re¢ognised amounts and there is an intention to settle on a nel basis or lo realise the asset and sèttlè the liability simultanaously. Basic financial asséts Basic financial assets. which indude trade and tsther receivables and cash and bank balances, are initially measured at tiansaction price induding Iiansaclion costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslilules a financing transaction, where the Iiansaclion is measured al the present value of the future receipts discountéd at a market rate of intarast. Basffe fiTnancial liabilities Basic finanaal liabilities, induding trade and other payables. are initially recognised at transaction pri¢e unless the arrangement wnslilules a financing tian5action, where the dèbt instrument is measurèd at the present valLJe of the future receipts discoLJnled at a market rate of inleiesl. Debt instruments arè subsequently ca¥ried at arllortised cost, using the effectwe interest rate method. Trade payables are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliérs. Accounts payable arè classified as current liabilities if payment is due within one year or less. 11 not. they are presented as non-currenl liabilities. Trade payables are recogt)ised initially at transaction price and subsequently measurèd al amortised cost using the effective interest method. Dere¢ognition of financial liabilities Financial liabilities are dere¢ogni5ed when the charity's contractual obligations èXPiTe or are discharged Or cancelled. Lettings, advertising income and grants 2024 2023 Lettings income KADDS income Events income The Village Voice income Grants Received 27,577 5,831 4,772 19,211 950 29,060 6,551 1,081 16,889 7,065 58,341 60,646 KINGSWOOD VILLAGE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DEGEMBER 2024 Other income 2024 2023 Interest received 4,466 3,533 Ren( maintenancè and other costs 2024 2023 Charity expenditure Rent and iales Ulilits'es and cleaning Utilities Adjustment Supplies and management Insuran￿ and Ii¢ense5 Routine maintenance KADDS costs Events costs Donations The Village Voice costs Major Hall works Street Planter project Village Actimties c()sls 5,164 8,396 11,4971 4,438 2,380 10.970 2,956 1,324 3,446 8,804 61,203 233 1,097 5,136 7.021 4,002 2,167 1,085 2,932 670 8,370 4,518 4,817 Charity expenditure 108,914 40.718 Debtors 2024 2023 Amounts falling due within one year.. Trade debtors PrepayTnenls and accrued income 3,835 2,612 1,261 2,678 6,447 3,939 Credltors.. amounts falling due within one yèar 2024 2023 Payrnenls received on account Trade creditors Other ￿edItOrS Accruals and deferred income 8,977 1,074 145 2.535 8,062 872 145 3,001 12,731 12,080 KINGSWOOD VILLAGE COMMUNITY ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Opèrnting lease commitments Lessee The KVCA has a 15 yèar lease on the prtsperty with Reigale and Banstead Borough Counal dated 22 March 2013. The current annual rent is £5,100.