REGISTERED CHARITY NUMBER: 304566
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 June 2022
for
J N Fear's Institute and Endowment
Tony Dicker & Co Chartered Accountants 29 Courtenay Road Keynsham Bristol BS31 1JU
J N Fear's Institute and Endowment
Contents of the Financial Statements for the Year Ended 30 June 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
J N Fear's Institute and Endowment
for the Year Ended 30 June 2022
Report of the Trustees
The trustees present their report with the financial statements of the charity for the year ended 30 June 2022. The trustees have adopted the provisions of 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
Objectives and aims
The Will under which the charity was set up requires that the Hall be used to benefit local people. It is let to a wide variety of organizations and groups with preference being given to community organizations and societies, who can apply to become Affiliated Members and receive discounted hire rates and the opportunity to take part in the management of the premises. Public sector and charities are regular hirers as are small businesses such as dance schools. The Will explicitly precludes letting to political organizations and it is the policy of the trustees not to let to users whose activities might be in direct competition with local businesses having premises nearby.
Operation
The Institute operates under the name "Fear Hall" for day-to-day purposes and is a well-known venue within the town of Keynsham. Although there are several other halls and sets of rooms for hire nearby, many affiliated organizations and other users have been customers for many years and there is no difficulty in attracting a sufficient number of hirers. Other than maintaining the web-site, no marketing is necessary and the main operational activities are managing bookings and associated income, and cleaning & caretaking activities.
Physical activities, ie cleaning, repairs and maintenance, are carried out by paid professionals but all the administrative, management and finance roles involved in running the Hall are undertaken by volunteers, without whom we could not operate. The key roles are Booking Secretary, Treasurer and Income Management.
Volunteers
The charity is dependent on volunteers. The Trustees wish to record their appreciation of all the work put in by the members of the Management Committee, some of whom contribute substantial amounts of time and effort, particularly in respect of managing the bookings, income, payments & purchases and the planning of improvement works.
ACHIEVEMENT AND PERFORMANCE
Overall Review of the Year
The year 2021/22 saw the end of the restrictions on movement and activity introduced to manage the coronavirus pandemic: the last restrictions were lifted in July 2021. This led to as welcome move towards normality for many of our hirers, with different groups taking varying periods to return to in-person meetings. By the end of the year bookings were at a near normal level.
December 2021 saw the departure of our long-serving caretaker John Fry, who had worked on a self-employed basis. It was decided that a new cleaner should be directly employed by the Hall and a new part-time post of Hall Manager would be created to combine the non-cleaning work previously done by the caretaker with some of the routine checks and compliance work done by volunteer trustees. Appointment of Cleaner and Hall Manager were made in January and April 2022 respectively, with payroll administered internally.
Further significant improvements were made to the hall as detailed below so that full compliance with fire safety recommendations was achieved.
Public Benefit
During the report year the Fear Hall provided accommodation for a total of 1,386 activity sessions, compared to 383 in the previous year, when activities had been limited by the pandemic restrictions. There were about 20 bookings for private parties and some to private groups but the great majority of bookings were for exercise, health, indoor sports and dance classes open to the public through the various organising groups, both affiliated and independent. The public benefit provided by the Fear Hall to the local population was therefore substantial.
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J N Fear's Institute and Endowment
Report of the Trustees
for the Year Ended 30 June 2022
FINANCIAL REVIEW
Financial position
The charity obtains all its income from hire fees (apart from occasional grants) so is not involved in any fundraising activities. It does not initiate or run any activities but merely provides a venue for others; the only expenditure incurred is therefore that associated with running, maintaining or improving the premises.
Besides its ownership of the Hall the only assets of the Charity are the funds held in two current accounts (Management and Trustees') and one financial investment comprising 3,192 Income Units with the COIF Charities Investment Fund. This investment generates income, received quarterly, which is paid into the Trustees' bank account.
The Charity does not have a formal Reserves Policy but aims to have a total financial reserve of about £50,000 to provide a contingency to cover an unforeseen problem of significant scale with the building - such as one requiring major roof repairs.
Review of the Year
The level of bookings over the course of the year showed a remarkable recovery as hirers restarted their activities after the enforced closures due to the pandemic. Total hire income was £34,227 compared to a previous peak of £35,744 in 2018/2019. A small number of regular hirers did not restart, but there was an increase in one-off bookings for parties.
A healthy financial position at the start of the year enabled the major expenditure on essential items to be made without using reserves. As a result, the overall outturn on charitable activities was a net deficit of £8,397 compared to a surplus of £9,326 in 2020/2021.
Building Maintenance and Improvements
Work continued to implement the recommendations of the independent Fire Risk Assessment carried out in June 2020, and the follow-up electrical condition survey. The principal items of work during the year were the installation of a fire alarm system at a cost of £8,880 and provision of new lighting in the main hall at a cost of £3,970. These items complete all the capital works required to comply with the recommendations of the Fire Risk Assessment.
Other work to maintain and modernize the premises included the resurfacing of the wooden floors of the main hall and upstairs studio over the Christmas break at a cost of £1,126 and the re-decoration of the hallway, the main hall, toilets, stairway and landing at a total cost of £12,285.
Assets
At 30th June 2022 the assets of the charity comprised:
-
Ownership of the Fear Hall land, building and fittings at 30, High Street, Keynsham
-
Cash held in current bank accounts to a total of £79,747.87.
-
Investment fund COIF valued at £58,117.38.
FUTURE PLANS
In the next year it is intended to replace the main gas boilers. Although these are functioning, they are old and inefficient and the reduced energy consumption of modern boilers should give a reasonable pay-back period .
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J N Fear's Institute and Endowment
for the Year Ended 30 June 2022
Report of the Trustees
STRUCTURE, GOVERNANCE AND MANAGEMENT Governance and trustees
The Charity is based on the trust set up by the will of the late John Nelson Fear who died in 1917. His legacy included an endowment fund to be used to build a hall for the benefit and enjoyment of local people. The Hall was completed in 1937 and has been owned and used for its intended purpose ever since, although the facilities and method of operation have varied to suit changing requirements and circumstances.
The Hall comprises several rooms for use by local organizations who pay hire fees on the basis of usage to cover the running costs, with any surplus retained to cover items of major expenditure and improvements.
The original governing document names five trustees. Successors have been appointed over the years and in 2021/22 these were as listed on page 5. Trustees normally serve until they decide to stand down. Replacements are appointed by the remaining trustees after suitable consideration and checks; they are usually volunteers who have represented one of the affiliated bodies.
Management Committee
In accordance with the terms of the Will Trust, the Institute is run by the trustees and representatives of user organizations, so the principal decision-making body is a Management Committee made up of the trustees plus volunteers and representatives of affiliated organizations. This Committee is responsible for the day-to-day running of the Hall, for proposing any improvement projects and for managing the implementation of such projects once approved.
Members of the Committee are appointed at the Annual General Meeting. At the end of 2021/2022 the members of the Committee (in addition to trustees) were: David Johnson - Secretary Tina Woodberry - Treasurer Debbie Harrison - Hall Manager Pat Bennett - Keynsham Bridge Club Sheila Kibble - Keynsham Photographic Society William Mansfield - Keynsham Sequence Dance Club Sue Halliday - T-Jive Lynne Chichester - Fear Short Mat Bowls Club Jill Greenslade - St Keyna Townswomen's Guild
Affiliated Members
The Constitution of the Fear Hall aims to foster the involvement of user organizations in the management of the premises. Representatives of all Affiliated Groups are invited to the quarterly meetings of the Management Committee and encouraged to take an active part in the practical aspects of running the Hall.
At the end of the year the following organizations had Affiliate status: Keynsham Bridge Club Keynsham Photographic Society Keynsham Sequence Dance Club Keynsham Table Tennis Club Keynsham & Saltford Local History Society Rotary Club of Keynsham Fear Short Mat Bowls Club St Keyna Townswomen's Guild T-Jive
Risk management
The trustees recognise that they have a duty to identify the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Risk assessments have been undertaken for the principal operational risks and appropriate control measures implemented. The Coronavirus risk assessment was reviewed as requirements changed during the report year. The charity's Finance Policies and Procedures covering Expenditure Controls and Income Management were last reviewed by trustees in 2021.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
304566
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J N Fear's Institute and Endowment
Report of the Trustees
for the Year Ended 30 June 2022
Principal address
31 Windrush Road Keynsham Bristol BS31 1QN
Trustees
N H James R H Dyson I N Gambrell P Veale D Veale
Independent Examiner
Mr A R Dicker FCA Chartered Accountant Tony Dicker & Co Chartered Accountants 29 Courtenay Road Keynsham Bristol BS31 1JU
FURTHER INFORMATION
More information on the Fear Hall including full details of rooms and facilities, hire rates and a live booking diary can be found on our website at http://www.fearhallkeynsham.org.uk
Alternatively, the Bookings Secretary can be contacted on 01761 451249 or email bookings@fearhallkeynsham.org.uk General enquiries should be directed to the contact address given above.
Approved by order of the board of trustees on 22 February 2023 and signed on its behalf by:
R H Dyson - Trustee
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Independent Examiner's Report to the Trustees of J N Fear's Institute and Endowment
Independent examiner's report to the trustees of J N Fear's Institute and Endowment
I report to the charity trustees on my examination of the accounts of J N Fear's Institute and Endowment (the Trust) for the year ended 30 June 2022.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all 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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 accounts to be reached.
Mr A R Dicker FCA Chartered Accountant Tony Dicker & Co Chartered Accountants 29 Courtenay Road Keynsham Bristol BS31 1JU
22 February 2023
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J N Fear's Institute and Endowment
Statement of Financial Activities for the Year Ended 30 June 2022
| 30.6.22 Endowment fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies - Charitable activities Hall hire 35,067 Investment income 2 1,716 Other income (3,220) Total 33,563 EXPENDITURE ON Charitable activities Hall hire 43,464 NET INCOME/(EXPENDITURE) (9,901) RECONCILIATION OF FUNDS Total funds brought forward 153,264 TOTAL FUNDS CARRIED FORWARD 143,363 |
30.6.21 Total funds £ 28,565 10,352 1,671 7,928 |
|---|---|
| 48,516 | |
| 29,591 | |
| 18,925 134,339 |
|
| 153,264 |
The notes form part of these financial statements
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J N Fear's Institute and Endowment
Balance Sheet
30 June 2022
| 30.6.22 Endowment fund Notes £ FIXED ASSETS Tangible assets 5 5,500 Investments 6 58,116 63,616 CURRENT ASSETS Cash at bank 79,747 NET CURRENT ASSETS 79,747 TOTAL ASSETS LESS CURRENT LIABILITIES 143,363 NET ASSETS 143,363 FUNDS 7 Endowment funds 143,363 TOTAL FUNDS 143,363 |
30.6.21 Total funds £ 5,500 61,336 |
|---|---|
| 66,836 86,428 |
|
| 86,428 | |
| 153,264 | |
| 153,264 | |
| 153,264 | |
| 153,264 |
The financial statements were approved by the Board of Trustees and authorised for issue on 22 February 2023 and were signed on its behalf by:
R H Dyson - Trustee
The notes form part of these financial statements
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J N Fear's Institute and Endowment
Notes to the Financial Statements for the Year Ended 30 June 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has received the funds.
Expenditure
Expenditure is accounted for on a payments basis and has been classified under headings that aggregate all cost related 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.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 30.6.22 | 30.6.21 | |
| £ | £ | |
| COIF Income units | 1,716 | 1,671 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the year ended 30 June 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2022 nor for the year ended 30 June 2021.
continued...
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J N Fear's Institute and Endowment
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Endowment | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 28,565 |
| Charitable activities | |
| Hall hire | 10,352 |
| Investment income | 1,671 |
| Other income | 7,928 |
| Total | 48,516 |
| EXPENDITURE ON | |
| Charitable activities | |
| Hall hire | 29,591 |
| NET INCOME | 18,925 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 134,339 |
| TOTAL FUNDS CARRIED FORWARD | 153,264 |
5. TANGIBLE FIXED ASSETS
The original cost of the hall as referred to in the Trustee's report was £5,500.
The property is currently insured for a rebuild cost of £984,281 in the event of a total loss through fire or other unforeseen circumstances.
The Trustees do not consider the costs of a formal valuation to be justified but estimate the current sale value of the property to be in the region of £550,000 based on similar properties in the High Street.
6. FIXED ASSET INVESTMENTS
The charity holds 3,192 COIF Income Units which at the year end were valued at £58,116 (2021 £61,336)
continued...
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J N Fear's Institute and Endowment
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
7. MOVEMENT IN FUNDS
| At 1.7.21 £ Endowment funds J N Fear Endowment 153,264 TOTAL FUNDS 153,264 Net movement in funds, included in the above are as follows: Incoming resources £ Endowment funds J N Fear Endowment 33,563 TOTAL FUNDS 33,563 Comparatives for movement in funds At 1.7.20 £ Endowment funds J N Fear Endowment 134,339 TOTAL FUNDS 134,339 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Endowment funds J N Fear Endowment 48,516 TOTAL FUNDS 48,516 |
Net movement At in funds 30.6.22 £ £ (9,901) 143,363 (9,901) 143,363 Resources Movement expended in funds £ £ (43,464) (9,901) (43,464) (9,901) Net movement At in funds 30.6.21 £ £ 18,925 153,264 18,925 153,264 Resources Movement expended in funds £ £ (29,591) 18,925 (29,591) 18,925 |
|---|---|
continued...
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J N Fear's Institute and Endowment
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
7. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Endowment funds J N Fear Endowment TOTAL FUNDS |
At 1.7.20 £ 134,339 134,339 |
Net movement in funds £ 9,024 9,024 |
At 30.6.22 £ 143,363 |
|---|---|---|---|
| 143,363 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Endowment funds | |||
| J N Fear Endowment | 82,079 | (73,055) | 9,024 |
| TOTAL FUNDS | 82,079 | (73,055) | 9,024 |
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2022.
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J N Fear's Institute and Endowment
Detailed Statement of Financial Activities for the Year Ended 30 June 2022
| Detailed Statement of Financial Activities for the Year Ended 30 June 2022 |
||
|---|---|---|
| 30.6.22 | 30.6.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Grants | - | 28,565 |
| Investment income | ||
| COIF Income units | 1,716 | 1,671 |
| Charitable activities | ||
| Hire of Hall | 34,227 | 9,682 |
| Membership fees | 360 | 280 |
| Cupboard fees | 480 | 390 |
| 35,067 | 10,352 | |
| Other income | ||
| Change in value of COIF Units | (3,220) | 7,928 |
| Total incoming resources | 33,563 | 48,516 |
| EXPENDITURE | ||
| Charitable activities | ||
| Water rates | 476 | 529 |
| Insurance and licences | 1,522 | 648 |
| Electricity, Gas and Wifi | 3,708 | 2,961 |
| Postage and stationery | 112 | 84 |
| Sundries ( incl IT ) | 966 | 881 |
| Repairs and maintenance | 4,006 | 2,335 |
| Improvement works | 25,136 | 18,290 |
| Cleaning and caretaker | 7,538 | 3,863 |
| 43,464 | 29,591 | |
| Total resources expended | 43,464 | 29,591 |
| Net (expenditure)/income | (9,901) | 18,925 |
This page does not form part of the statutory financial statements
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