Charity registration number: 293292
East Preston & Kingston Village Hall Foundation
Annual Report and Financial Statements
for the Year Ended 31 March 2022
Lucraft Hodgson & Dawes LLP 2/4 Ash Lane Rustington West Sussex BN16 3BZ
East Preston & Kingston Village Hall Foundation
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Statement of Trustees' Responsibilities | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 to 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 14 |
East Preston & Kingston Village Hall Foundation
Reference and Administrative Details
Chairman Mrs Toni McElroy, Bookings secretary Trustees Mrs Toni McElroy, Bookings secretary Mr Roy Allen, Premises manager Ms Elizabet Taggart, Secretary Ms Nicola Adams Dr David Milnes, Tresurer Charity Registration Number 293292 Principal Office East Preston Village Hall 52 Sea Road East Preston Littlehampton West Sussex BN16 1LR
Page 1
East Preston & Kingston Village Hall Foundation
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2022.
Objectives and activities
Objects and aims
The provision and maintenance of a village hall that is situated in Sea Road, East Preston, West Sussex for the use of the inhabitants of East Preston & Kingston and surrounding areas.
Objectives, strategies and activities
Provision of facilities for fitness and exercise classes, over 55’s social and lunch club, martial arts classes, badminton, table tennis, pilates and yoga. Over 55’s ballet classes, Irish, Scottish and ballroom dance classes, Weight Watchers, W.I. and Age UK.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Financial review
Policy on reserves
The charity aims to keep two years income in reserve for emergencies.
Structure, governance and management
Nature of governing document Trust deed and constitution.
Financial instruments
Objectives and policies
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
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East Preston & Kingston Village Hall Foundation
Trustees' Report (continued)
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.
Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Mrs Toni McElroy Chairman and trustee
Page 3
East Preston & Kingston Village Hall Foundation
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial 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 these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Mrs Toni McElroy Chairman and Trustee
Page 4
East Preston & Kingston Village Hall Foundation
Independent Examiner's Report to the trustees of East Preston & Kingston Village Hall Foundation
I report to the trustees on my examination of the accounts of East Preston & Kingston Village Hall Foundation for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity trustees of East Preston & Kingston Village Hall Foundation 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 East Preston & Kingston Village Hall Foundation '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:
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accounting records were not kept in respect of East Preston & Kingston Village Hall Foundation as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting 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 reached.
...................................... Guy MIchael Butterworth Lucraft Hodgson & Dawes LLP
2/4 Ash Lane Rustington West Sussex BN16 3BZ
Date:.............................
Page 5
East Preston & Kingston Village Hall Foundation
Statement of Financial Activities for the Year Ended 31 March 2022
| **Note ** | **Note ** | Unrestricted £ |
Restricted £ |
Total 2022 £ |
|||
|---|---|---|---|---|---|---|---|
| Income and Endowments from: | |||||||
| Charitable activities | 8,000 | - | 8,000 | ||||
| Other trading activities | 25,057 | - | 25,057 | ||||
| Investment income | 3 | 40 | - | 40 | |||
| Other income | 547 | - | 547 | ||||
| Total Income | 33,644 | - | 33,644 | ||||
| Expenditure on: | |||||||
| Charitable activities | (29,068) | - | (29,068) | ||||
| Other expenditure | (6,469) | (870) | (7,339) | ||||
| Total Expenditure | (35,537) | (870) | (36,407) | ||||
| Net movement in funds | (1,893) | (870) | (2,763) | ||||
| Reconciliation of funds | |||||||
| Total funds brought forward | 109,329 | 8,701 | 118,030 | ||||
| Total funds carried forward | 10 | 107,436 | 7,831 | 115,267 | |||
| Note | Unrestricted £ |
Restricted £ |
Total 2021 £ |
||||
| Income and Endowments from: | |||||||
| Charitable activities | 19,908 | - | 19,908 | ||||
| Other trading activities | 1,799 | - | 1,799 | ||||
| Investment income | 3 | 432 | - | 432 | |||
| Other income | 121 | - | 121 | ||||
| Total Income | 22,260 | - | 22,260 | ||||
| Expenditure on: | |||||||
| Charitable activities | (31,110) | - | (31,110) | ||||
| Other expenditure | (6,925) | (966) | (7,891) | ||||
| Total Expenditure | (38,035) | (966) | (39,001) | ||||
| Net movement in funds | (15,775) | (966) | (16,741) | ||||
| Reconciliation of funds | |||||||
| Total funds brought forward | 125,104 | 9,667 | 134,771 |
~~The notes on pages 9 to 14 form an integral part of these financial statements.~~
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East Preston & Kingston Village Hall Foundation
Statement of Financial Activities for the Year Ended 31 March 2022 (continued)
| Note | Unrestricted £ |
Restricted £ |
Total 2021 £ |
||
|---|---|---|---|---|---|
| **Total funds carried ** | forward | 10 | 109,329 | 8,701 | 118,030 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 10.
~~The notes on pages 9 to 14 form an integral part of these financial statements.~~
Page 7
East Preston & Kingston Village Hall Foundation
(Registration number: 293292) Balance Sheet as at 31 March 2022
| Note | 2022 £ |
2021 £ |
|
|---|---|---|---|
| Fixed assets | |||
| Tangible assets | 7 | 66,058 | 71,035 |
| 66,058 | 71,035 | ||
| Current assets | |||
| Debtors | 8 | 2,960 | 393 |
| Cash at bank and in hand | 49,979 | 47,805 | |
| 52,939 | 48,198 | ||
| Creditors: Amounts falling due within one year | 9 | (3,730) | (1,203) |
| Net current assets | 49,209 | 46,995 | |
| Net assets | 115,267 | 118,030 | |
| Funds of the charity: | |||
| Restricted | 7,831 | 8,701 | |
| Unrestricted income funds | |||
| Unrestricted | 107,436 | 109,329 | |
| Total funds | 10 | 115,267 | 118,030 |
The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Mrs Toni McElroy Chairman and trustee
~~The notes on pages 9 to 14 form an integral part of these financial statements.~~ Page 8
East Preston & Kingston Village Hall Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
East Preston & Kingston Village Hall Foundation meets the definition of a public benefit entity under FRS 102. 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.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company 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 to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £1,000.00 or more are initially recorded at cost.
Page 9
East Preston & Kingston Village Hall Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Fixtures and fittings 10% - reducing balance
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
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East Preston & Kingston Village Hall Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
2 Income from other trading activities
| Unrestricted funds |
Total | |
|---|---|---|
| General | funds | |
| £ | £ | |
| Property rental income | 25,057 | 25,057 |
| Total for 2022 | 25,057 | 25,057 |
| Total for 2021 | 1,799 | 1,799 |
3 Investment income
| Unrestricted funds |
Total | |
|---|---|---|
| General | funds | |
| Interest receivable and similar income; | £ | £ |
| Interest receivable on bank deposits | 40 | 40 |
| Total for 2022 | 40 | 40 |
| Total for 2021 | 432 | 432 |
4 Expenditure on charitable activities
| Unrestricted funds |
Total | |
|---|---|---|
| Note | General £ |
funds £ |
| Management of village hall | 21,848 | 21,848 |
| Governance costs | 7,220 | 7,220 |
| Total for 2022 | 29,068 | 29,068 |
| Total for 2021 | 31,110 | 31,110 |
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East Preston & Kingston Village Hall Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
5 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses from the charity during the year.
6 Taxation
The charity is a registered charity and is therefore exempt from taxation.
7 Tangible fixed assets
| Furniture and equipment £ |
Total £ |
|
|---|---|---|
| Cost | ||
| At 1 April 2021 | 140,296 | 140,296 |
| Additions | 2,362 | 2,362 |
| At 31 March 2022 | 142,658 | 142,658 |
| Depreciation | ||
| At 1 April 2021 | 69,261 | 69,261 |
| Charge for the year | 7,339 | 7,339 |
| At 31 March 2022 | 76,600 | 76,600 |
| Net book value | ||
| At 31 March 2022 | 66,058 | 66,058 |
| At 31 March 2021 | 71,035 | 71,035 |
8 Debtors
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Trade | debtors | 2,960 | 393 |
| 2,960 | 393 |
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East Preston & Kingston Village Hall Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
9 Creditors: amounts falling due within one year
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade creditors | 670 | 289 | ||
| Other creditors | 2,100 | 914 | ||
| Accruals | 960 | - | ||
| 3,730 | 1,203 |
10 Funds
| Balance at 1 | Incoming | Resources | Balance at 31 | |
|---|---|---|---|---|
| April 2021 | resources | expended | March 2022 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General | 79,329 | 33,644 | (35,537) | 77,436 |
| Designated | 30,000 | - | - | 30,000 |
| Total unrestricted funds | 109,329 | 33,644 | (35,537) | 107,436 |
| Restricted funds | 8,701 | - | (870) | 7,831 |
| Total funds | 118,030 | 33,644 | (36,407) | 115,267 |
| Balance at 1 | Incoming | Resources | Balance at 31 | |
| April 2020 | resources | expended | March 2021 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General | 95,104 | 22,260 | (38,035) | 79,329 |
| Designated | 30,000 | - | - | 30,000 |
| Total unrestricted funds | 125,104 | 22,260 | (38,035) | 109,329 |
| Restricted funds | 9,667 | - | (966) | 8,701 |
| Total funds | 134,771 | 22,260 | (39,001) | 118,030 |
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East Preston & Kingston Village Hall Foundation
Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)
11 Analysis of net assets between funds
| Unrestricted | |||
|---|---|---|---|
| General | Restricted | Total funds | |
| £ | £ | £ | |
| Tangible fixed assets | 58,227 | 7,831 | 66,058 |
| Current assets | 52,939 | - | 52,939 |
| Current liabilities | (2,770) | - | (2,770) |
| Total net assets | 108,396 | 7,831 | 116,227 |
| Unrestricted funds |
Restricted | Total funds at 31 March |
|
| General | funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 62,334 | 8,701 | 71,035 |
| Current assets | 48,198 | - | 48,198 |
| Current liabilities | (1,203) | - | (1,203) |
| Total net assets | 109,329 | 8,701 | 118,030 |
Page 14
East Preston & Kingston Village Hall Foundation
Detailed Statement of Financial Activities for the Year Ended 31 March 2022
| Total | Total | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Income and Endowments from: | |||
| Charitable activities (analysed below) | 8,000 | 19,908 | |
| Other trading activities (analysed below) | 25,057 | 1,799 | |
| Investment income (analysed below) | 40 | 432 | |
| Other income (analysed below) | 547 | 121 | |
| Total income | 33,644 | 22,260 | |
| Expenditure on: | |||
| Charitable activities (analysed below) | (29,068) | (31,110) | |
| Other expenditure (analysed below) | (7,339) | (7,891) | |
| Total expenditure | (36,407) | (39,001) | |
| Net expenditure | (2,763) | (16,741) | |
| Net movement in funds | (2,763) | (16,741) | |
| Reconciliation of funds | |||
| Total funds brought forward | 118,030 | 134,771 | |
| Total funds carried forward | 115,267 | 118,030 |
~~This page does not form part of the statutory financial statements.~~
Page 15
East Preston & Kingston Village Hall Foundation
Detailed Statement of Financial Activities for the Year Ended 31 March 2022 (continued)
| Total | Total | |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Charitable activities | ||
| Grants - other agencies | 8,000 | 19,908 |
| 8,000 | 19,908 | |
| Other trading activities | ||
| Rental income | 25,057 | 1,799 |
| 25,057 | 1,799 | |
| Investment income | ||
| Interest on cash deposits | 40 | 432 |
| 40 | 432 | |
| Other income | ||
| Other income | 547 | 121 |
| 547 | 121 | |
| Charitable activities | ||
| Performing rights society | (1,480) | - |
| Rent | (240) | (10) |
| Rates | (262) | (657) |
| Light, heat and power | (3,422) | (2,563) |
| Insurance | (1,438) | (1,398) |
| Cleaning | (4,641) | (4,353) |
| Repairs and renewals | (5,067) | (10,583) |
| General maintenance | (4,923) | (7,172) |
| Trade subscriptions | (179) | (179) |
| Sundry expenses | (100) | (74) |
| Bank charges | (96) | (69) |
| General maintenance | (1,480) | - |
| Computer software and maintenance costs | (463) | (232) |
| Advertising | (180) | - |
| Bookkeeping | (4,127) | (2,841) |
| Telephone and fax | (10) | (250) |
| Printing, postage and stationery | - | (61) |
| Independent examiner's fee | (960) | (668) |
| (29,068) | (31,110) |
~~This page does not form part of the statutory financial statements.~~
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East Preston & Kingston Village Hall Foundation
Detailed Statement of Financial Activities for the Year Ended 31 March 2022 (continued)
| Total | Total | |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Other expenditure | ||
| Depreciation of fixtures and fittings | (870) | (966) |
| Depreciation of fixtures and fittings | (6,469) | (6,925) |
| (7,339) | (7,891) | |
~~This page does not form part of the statutory financial statements.~~
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