Charity registration number 303032
PETTS WOOD WAR MEMORIAL TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
PETTS WOOD WAR MEMORIAL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr M Ricketts Mr A Stotesbury Ms L K Patel Mr C Jones (Appointed 11 January 2022) Ms S Radford (Appointed 7 February 2023) Mr B Colenbrander (Appointed 27 September 2022)
Charity number 303032 Principal address 200 Petts Wood Road Orpington Kent BR5 1LA Independent examiner Mr J L Coombs MA (Cantab) FCA Simpkins Edwards LLP Michael House Castle Street Exeter Devon EX4 3LQ Bankers Barclays Bank 167 High Street Bromley BR1 1NJ
PETTS WOOD WAR MEMORIAL TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
PETTS WOOD WAR MEMORIAL TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their annual report and financial statements for the year ended 31 December 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
The Petts Wood War Memorial Trust is a charity whose objects are to provide and maintain a garden of remembrance and a community centre.
The charity owns and maintains a hall and gardens in Petts Wood, providing a venue for community events, regular activities and private functions.
The trustees have paid due regard to guidance issued by the Charity Commission regarding public benefit and in deciding what activities the charity should undertake.
The community halls and gardens provide a valuable recreational and educational resource to the local community.
Achievements and performance
The charity recorded net income of £12,015 for the year (2021: net expenditure of £22), with a gain/(loss) on investment assets of (£6,176) (2021: loss of £5,755) resulting in an overall surplus of £5,839 (2021: deficit of £5,777).
The trustees consider the charity's period end financial position and the results above to be satisfactory.
Financial review
The charity's principal sources of funds are hire of the hall and fundraising.
The charity has a diversified investment portfolio with a low overall risk. Investments are held as a means of earning revenue on surplus funds until they are required and as a reserve against any future shortfall in income to ensure that the charity can continue to meet its objectives.
The trustees have adopted a reserves policy which they consider appropriate to ensure the continued ability of the charity to meet its objectives and obligations. Sufficient funds are held to fund at least six months charitable expenditure and to improve facilities at the hall and gardens.
The trustees have overall responsibility for ensuring that the charity has an appropriate system of controls, financial and otherwise. They 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 and to provide reassurance that:
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its assets are safeguarded against unauthorised use or disposition
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proper records are maintained and financial information is reliable
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the charity complies with relevant laws and regulations
As part of the charity's risk management process the trustees acknowledge their responsibility for the charity's system of internal control and reviewing its effectiveness. It is also recognised by the trustees that such a system is designed to manage rather than eliminate the risk of failure to achieve the charity's objectives and can only provide reasonable, not absolute, assurance against material misstatement or loss.
Structure, governance and management
The charity was formed by trust deed dated 31 July 1950. The governing body of the charity is the management committee which meets once a month. Subject to the trust deed, trustees may be elected by subscribers at an Annual General Meeting and also co-opted by the management committee.
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PETTS WOOD WAR MEMORIAL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees who served during the year and up to the date of signature of the financial statements were: Mr R E Jones (Resigned 30 June 2023) Mr L Parkes (Resigned 31 March 2022) Mr R L Brown (Resigned 27 April 2022) Mr M Ricketts Miss J Barber (Resigned 17 January 2023) Mrs L Scothern (Resigned 27 April 2022) Mr A Stotesbury Ms L K Patel Mr C Jones (Appointed 11 January 2022) Ms S Radford (Appointed 7 February 2023) Mr B Colenbrander (Appointed 27 September 2022)
The trustees' report was approved by the Board of Trustees.
Mr A Stotesbury Trustee
9 October 2023
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PETTS WOOD WAR MEMORIAL TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PETTS WOOD WAR MEMORIAL TRUST
I report to the trustees on my examination of the financial statements of Petts Wood War Memorial Trust (the charity) for the year ended 31 December 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable 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 financial statements to be reached.
Mr J L Coombs MA (Cantab) FCA
for and on behalf of Simpkins Edwards LLP
Michael House Castle Street Exeter Devon EX4 3LQ
Dated: 10 October 2023
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PETTS WOOD WAR MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and grants | 3 | 2,450 | 2,230 |
| Charitable activities | 4 | 77,809 | 60,111 |
| Investments | 5 | 15,454 | 14,968 |
| Total income | 95,713 | 77,309 | |
| Expenditure on: | |||
| Charitable activities | 6 | 82,140 | 76,131 |
| Other | 9 | 1,558 | 1,200 |
| Total expenditure | 83,698 | 77,331 | |
| Net gains/(losses) on investments | 10 | (6,176) | (5,755) |
| Net movement in funds | 5,839 | (5,777) | |
| Fund balances at 1 January 2022 | 791,051 | 796,828 | |
| Fund balances at 31 December 2022 | 796,890 | 791,051 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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PETTS WOOD WAR MEMORIAL TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2022
| Notes Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 14 Investments 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2022 £ 2,869 433,668 103,202 539,739 (5,668) |
£ 136,601 126,218 262,819 534,071 796,890 796,890 796,890 |
2021 £ 2,590 506,847 11,658 521,095 (2,992) |
£ 142,021 130,927 |
|---|---|---|---|---|
| 272,948 518,103 |
||||
| 791,051 | ||||
| 791,051 | ||||
| 791,051 |
The financial statements were approved by the Trustees on 9 October 2023
Mr A Stotesbury Trustee
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PETTS WOOD WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
Charity information
Petts Wood War Memorial Trust is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 200 Petts Wood Road, Petts Wood, Orpington BR5 1LA.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost relating to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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PETTS WOOD WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 2% and 10% on a straight line basis Plant and equipment 10% on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs .
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
1.9 Government Grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.
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PETTS WOOD WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and grants
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Donations and grants | 2,450 | 2,230 | |
| 4 | Charitable activities | ||
| Charitable | Charitable | ||
| Income | Income | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Room hire and letting fees | 77,809 | 60,111 |
5 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Rental income | 11,400 | 11,400 |
| Income from investments | 511 | 2,285 |
| Interest receivable | 3,543 | 1,283 |
| 15,454 | 14,968 |
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PETTS WOOD WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
6 Charitable activities
| Charitable | Charitable |
|
|---|---|---|
| Expenditure | Expenditure | |
| 2022 | 2021 | |
| £ | £ | |
| Staff costs | 11,509 | 8,448 |
| Depreciation and impairment | 5,420 | 5,522 |
| Admin services staff costs | 31,921 | 28,393 |
| Rates | 4,449 | 3,628 |
| Power, light and heat | 11,304 | 10,399 |
| Repairs, maintenance and refurbishments | 5,476 | 6,191 |
| Telephone and internet | 617 | 619 |
| General costs and licences | 5,164 | 5,692 |
| Insurances | 6,280 | 7,239 |
| 82,140 | 76,131 |
7 Trustees
Trustees neither received nor waived any emoluments during the year.
Expenses totaling £NIL (2021: £500) were reimbursed to 0 (2021: 1) trustee during the year.
Indemnity insurance is provided for the trustees. Premiums paid during the year were £448 (2021: £429).
The key management personnel of the charity are deemed to be the trustees and the hall manager.
8 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| 2 | 1 | |
| Employment costs | 2022 | 2021 |
| £ | £ | |
| Wages and salaries | 11,509 | 8,448 |
Employees were employed predominantly for dealing with management of the hall.
No employee received emoluments of over £60,000 during the year (2021: £Nil).
There were no employees whose annual remuneration was more than £60,000 (2021: £Nil).
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PETTS WOOD WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
9 Other
| Unrestricted funds 2022 Accountancy 1,558 1,558 |
Total 2021 £ 1,200 |
|---|---|
| 1,200 |
10 Net gains/(losses) on investments
| Unrestricted Unrestricted | Unrestricted Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Revaluation of investments | (6,176) | (5,755) |
11 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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PETTS WOOD WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
| 12 Tangible fixed assets Freehold land and buildings Plant and equipment £ £ Cost At 1 January 2022 184,828 13,982 At 31 December 2022 184,828 13,982 Depreciation and impairment At 1 January 2022 45,104 11,685 Depreciation charged in the year 5,049 371 At 31 December 2022 50,153 12,056 Carrying amount At 31 December 2022 134,675 1,926 At 31 December 2021 139,724 2,297 |
Total £ 198,810 |
|---|---|
| 198,810 | |
| 56,789 5,420 |
|
| 62,209 | |
| 136,601 | |
| 142,021 |
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PETTS WOOD WAR MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
| 13 Fixed asset investments Cost or valuation At 1 January 2022 & 31 December 2022 Valuation changes Carrying amount At 31 December 2022 At 31 December 2021 14 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income 15 Current asset investments Unlisted investments 16 Creditors: amounts falling due within one year Other taxation and social security Other creditors Accruals and deferred income |
Investments £ 130,927 (5,806) 125,121 130,927 2022 2021 £ £ 726 726 2,143 1,864 2,869 2,590 2022 2021 £ £ 433,668 506,847 2022 2021 £ £ 51 - 2,362 717 3,255 2,275 5,668 2,992 |
|---|---|
17 Related party transactions
The partner of one of the trustees who acted in the year is the hall manager, and received fees during the year of £31,921 (2021: £28,391).
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