ST. MARY HALL TRUST
ANNUAL REPORT FOR YEAR ENDING 31[st] DECEMBER 2024
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.
This year the Trustees agreed to increased hours for the Nursery School to nearly 51 weeks a year for 11 hours per day. Before this change of hours took place in September several long-term maintenance issues had to be addressed as there would be greatly reduced opportunity to undertake large scale work once the Nursery went on to increased hours. Hence the large increase in maintenance costs. Other costs remained broadly in line with 2023. Income was up 38% as the increased income from the Nursery in Q4 started to have an impact. Interest income was also sharply up due to the combination of larger balances and higher interest rates.
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 2024, £113,070 remained set aside for such work, on a deposit account. There is also a repair fund of £71,483 set aside with COIF.
All other investments are held in COIF units. The general investment fund, which at present stands at £126,333, 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 £89,094.
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
approximately £431,000 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 £21,992 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 31.12.2024 |
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| Incoming Resources |
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| Furtherance of Charity's Objectives |
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| Hall Letting Fees |
45910 | |||
| Investment Income |
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| Dividends from COIF investment |
3431 | |||
| Interest | 4888 | |||
| Other Income | ||||
| Fees from doctors for car park use |
2568 | |||
| Total Income | 57197 | |||
| Resources Expended |
| Grants Paid in furtherance of charity's objectives |
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|---|---|---|---|---|
| Sunday School |
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| Advent/Lent Extra |
255 | |||
| Coach to Walsingham |
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| Educational Payments |
737 | |||
| Total | 992 | |||
| Costs of activities in furtherance of charity's objectives |
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| Honorarium in relation to looking after hall |
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| Utilities | 4174 | |||
| Water | ||||
| Waste Services |
725 | |||
| Cleaning | 3513 | |||
| Insurance | 2535 | |||
| Maintenance | 22917 | |||
| Supplies and expenses |
131 | |||
| Car Park expenses |
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| Total | 33995 | |||
| 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 |
35205 | |||
| Excess of income over expenditure |
21992 | |||
| * Covers efr and recoupment accounts |
Inthpenknt ExamIn$ report to the trustees of St. Mary Hall Trust I report on the accounts of the Trust for the year ended 31 . December 2024. The charitvs trustees are responsible for the preparation of the accounts. The charitrfs trustees consider that an audit is not requlred for thls year under section 43121 of the Charities Act 1993 and that an independent examination Is needed. It is my responsibillty to: examlne the accounts under section 43 of the Charitles Act 1993. to follow the procedures laid down in the general dlrettlons 8iven by the Charity Commisslon under sertion 43(7llb) of the Att: and to State whether partlcular matters have come to my attentlon. My examlnatlon was carried out In accordance wlth the general directions glven by the Charlty Commlsslon and is in accordance with Regulatlon 11 of the Charities Accounts Iscotlandl Regulatlons 2(X)6. An examinatlon Indudes a VIeW of the accountin8 record5 kept by the charity and a compari50n of the accounts presented wlth those records. It also Includes consideration of any unusual items or dlsclosures in the accounts and seeking explanations from you as trustees concernin8 any such matters. The procedures undertaken do not provlde all evidence that would be required In an audit and consequently no opinion is glven as to whether the accounts present a true and fair vlew, and the report Is Ilmlted to those matters set out in the statement below. In connectlon wlth my examlnatlon, matter has come to my attention: l. which glves reasonable cause to belleve that any in any material respect the requirements: to keep accountlng records in atcordance with sertion 41 of the 1993 Act and sertion 44(1}{a) of the 2(X)5 Act and Regulatlon 4 of the 2006 Accounts Regulations; and to prepare accounts which accord with the accounting records and compty WFth the accounting requirements of the 1993 Att and section 44111(b) of the 2005 Act and Regulation 8 of the 2W6 Accounts Regulations Have not been met; or 2. to which, in my opinion. attention should be drawn in orderto enable a proper understandin8 of the accounts to be reached. Name and $4gned...... Address....-............. OJ n,PR,L 9095 ceI&l. BBTieB. UK