ST. MARY HALL TRUST
ANNUAL REPORT FOR YEAR ENDING 31[st] DECEMBER 2023
Objectives of the Trust
To maintain St. Mary Hall for the use of the local community and to further Christian religious education in the parish.
Structure of the Trust
All decisions made by the appointed trustees in accordance with the rules of the trust.
Relationships
There are no relationships between the trust and any other body or charity.
Review of Activities
Firstly, it must be borne in mind that the trust does not at present carry out fundraising activities. It relies on income from letting the hall and giving use of the car park to a local doctors’ surgery together with investment income to meet its outgoings.
The hall returned to full activity after the previous closures due to the pandemic. There were the usual maintenance issues with the hall now approaching 50 years of age. The large increase in utility bills had to be covered but income held up well showing a 10% rise on 2022. Interest income was up sharply as use was made of the higher interest rates available on deposits. Overall expenses rose by 18% mainly due to increased utility bills and higher maintenance charges.
Reserves
It is the policy of the trustees to set aside any surpluses each year for future maintenance of the hall. At the end of 2023, £88,534 remained set aside for such work on a deposit account. There is also a repair fund of £67,971 set aside with COIF.
All other investments are held in COIF units. The general investment fund, which at present stands at £123,247 generates dividend income to the Trust. The recoupment account is to repay capital which was used in 1974 to build the hall (The historic cost of the hall was £25,000) and the balance of this account now stands at £84,692.
The trustees continued with the reserve policy of accumulating funds for future maintenance and possible rebuilding of the hall, where the trust had a total value of just under £400,000 at the year end. A recent survey put the rebuilding cost of the hall at over £500,000.
Surplus for the year
A surplus of £15,720 was reported for the year after paying all expenses.
The main risks are perceived as fire in the hall and legal action which may be taken by users of the hall against the trust. Both risks are insured. The trustees have also taken indemnity cover on themselves.
Report confirmed by the trustees on ………………………
| ST.MARY HALL |
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|---|---|---|---|---|
| FINANCIAL STATEMENT FOR YEAR ENDING 31.12.2023 |
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| Incoming Resources |
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| Furtherance of Charity's Objectives |
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| Hall Letting Fees |
33762 | |||
| Investment Income |
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| Dividends from COIF investment |
3384 | |||
| Interest from COIF deposit |
2364 | |||
| Other Income | ||||
| Fees from doctors for car park use |
3016 | |||
| Total Income | 42526 | |||
| Resources Expended |
| Grants Paid in furtherance of charity's objectives |
801 | |||
|---|---|---|---|---|
| Sunday School |
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| Advent/Lent Extra |
124 | |||
| Coach to Walsingham |
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| Charitable Donations |
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| Total | 925 | |||
| Costs of activities in furtherance of charity's objectives |
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| Honorarium in relation to looking after hall |
450 | |||
| Utilities | 4152 | |||
| Water | 3649 | |||
| Waste Services |
681 | |||
| Cleaning | 3456 | |||
| Insurance | 2393 | |||
| Maintenance | 10625 | |||
| Supplies and expenses |
257 | |||
| Car Park expenses |
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| Total | 25663 | |||
| Resources expended administering charity |
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| Annual payments to COIF* |
138 | |||
| Ground rent for hall site |
5 | |||
| Admin Expenses |
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| Independent Examiner's fee |
75 | |||
| Total | 218 | |||
| Total Expenditure |
26806 | |||
| Excess of income over expenditure |
15720 | |||
| * Covers efr and recoupment accounts |
Independent Exarnlnerfs port to the trustees of St. Mary Hall Trnst I report on the accounts of the Trust forthe year ended 31sr December 2023. The charitvs trustees are responsible for the preparation of the accounts. The charIt$ trustees consider that an audit is not required for this year under section 43(21 of the Charities Act 1993 and that an independent examination is needed. It is my responsibility to: examine the accounts under sectlon 43 of the Charities Art 1993. to follow the procedures laid down in the general dlrectlons given by the Charity Commission under section 43(71(b) of the Act," and to state whether particular matters have come to my attention. My examination was carrfed out In accordance with the general dlrections given by the Charity Commission and Is in accordance with Regulation 11 of the Charities Accounts (Scotlandl Regulations 2006. An examlnation includes a review of the accountin8 records kept by the charlty 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 explanatlons from you as trustees concernin8 any such matters. The procedures undertaken do not provide all evidence that would be required in an audit and consequently no oplnion is given as to whether the accounts present a true and fair vlew and the report Is limlted to those matters set out in the statement below. In connectlon wlth my examination, no matter has come to my attentlon: l. which 8ives reasonable tause to believe that any in any material respett the requirements: to keep accounting records in accordance wlth section 41 of the 1993 Act and section 4411)lal of the 2LN)5 Act and Regulation 4 of the 2006 Accounts Re8ulations- and to prepare accounts which accord with the accountlng records and comply wlth the accounting requlrements of the 1993 Act and section 44(11{bl of the 2005 Att and Regulation 8 of the 21))6 Accounts Regulations Have not been met; or 2. to which. in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name and signed...... ,,..d...Coub).d......c..N..(s.A}_ OWEI LCI 41 Address........