REGISTERED CHARITY NUMBER: 304566
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 June 2024
for
J N Fear's Institute and Endowment
J N Fear's Institute and Endowment
Contents of the Financial Statements for the Year Ended 30 June 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Notes to the Financial Statements | 9 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
J N Fear's Institute and Endowment
Report of the Trustees
For the Year Ended 30 June 2024
The trustees present their report with the financial statements of the charity for the year ended 30 June 2024. 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 2015).
Trustees
Throughout the year ended 30 June 2024 the Trustees of the Charity were:
Norman H James
Richard H Dyson Ian N Gambrell Patricia M Veale David J Veale
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 Payroll Administrator.
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, payroll and the planning of improvement works.
ACHIEVEMENTS AND PERFORMANCE
Overall Review of the Year
The year 2023/24 saw the hall utilized at a slightly higher level than before the pandemic, possibly busier than ever before. It was not necessary to increase hire rates again, so our rates are competitive with other nearby venues.
Day-to-day operation and management has continued without any changes to personnel and is efficient, giving a good service to our member organizations and other users.
Page 1
J N Fear's Institute and Endowment
Report of the Trustees
For the Year Ended 30 June 2024
A major project was initiated to replace the tiling of the main roof with associated works as described below. With a total cost of £60,000 this required us to use some of our financial reserve.
Public Benefit
During the report year the Fear Hall provided accommodation for a total of 1,580 activity sessions – an increase of 13% on the previous year and perhaps the highest ever number. There were 29 bookings for private parties and some to privare groups but a great many of the bookings were for exercise, health, indoor sports and dance classes open to the public through the various organising groups, both affiliated and independent. Regular use by a church group has also increased the number of bookings. The public benefit provided by the Fear Hall to the local population was therefore substantial.
FINANCIAL REVIEW
Financial position
The charity obtains all its income from hire fees (apart from occasional restricted 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 and improving the premises.
Besides its ownership of the Hall the only assets of the Charity are the funds held in current and savings accounts and one financial investment comprising 3,192 Income Units with the COIF Charities Investment Fund. This investment generates income, received quarterly, is now paid into the current account. During the year the charity’s savings were transferred to a new account with the Redwood Bank, which earns a realistic return.
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 – as has happened this year with the major roof repair. It is the trustees’ intention to retain surpluses to return this reserve to a healthy figure.
Review of the Year
The balance of general income and running costs of the hall during the hall has been very satisfactory. Income from lettings increased by 9% to £42,642, while costs – excluding improvement works – increased by about 4% to £21,124. A reduction in the insurance premium and a slight fall in minor repairs and maintenance were helpful and energy costs have stabilized. Hire income benefitted from new regular weekly bookings from the Bristol Revival Fellowship.
Healthy cash reserves at the start of the year meant that the major project of roof repair could be afforded, although a transfer from the savings account will be necessary.
As a result of the major expenditure on the roof, the overall financial position for the year 2023/2024 is a net deficit on charitable activities of £16,664 compared to a net deficit of £643 the previous year.
Building Maintenance and Improvements
The major item of work on the premises was the retiling of the main hall roof, which was original, dating from 1935. Following water damage to the gable end of the main hall, due to deterioration of the lead flashing and tiling above it was decided during the year to carry out a complete replacement of the tiling, along with a resurfacing of the flat roof over the upstairs toilet and complete replacement of the flat roof over the rear lobby nearest to the flats. This was major project and was managed by Tom Oswald, who joined the Management Committee in January. Competitive quotations were obtained and the work commenced in May, so it was in progress at the year end. With a total cost estimated at about £60,000 the project required us withdraw funds from our savings account. Only part of the cost is included in the accounts for this year, amounting to £30,288.
Page 2
J N Fear's Institute and Endowment
Report of the Trustees
For the Year Ended 30 June 2024
Other improvement works during the year comprised the replacement of the secondary glazing to the front windows of building, upstairs and down, at a cost of £6,278 and the installation of double glazing to the downstairs ladies’ toilets and the upstairs toilets at a cost £1,680. The gas-fired water heater in the kitchen was replaced at a cost of £859.
Assets
At 30[th] June 2024 the assets of the charity comprised:
-
Ownership of the Fear Hall land, building and fittings at 30, High Street, Keynsham
-
Cash held in current and savings bank accounts to a total of £65,925.96.
-
Investment fund COIF valued at £64,931.03.
FUTURE PLANS
The next financial year will see the completion of the project to retile the main hall roof. It is also planned to improve the security of the premises, possibly by installing CCTV.
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 2023/24 these were as listed in this report. 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 2023/2024 the members of the Committee (in addition to trustees) were:
David Johnson – Secretary
Tina Woodberry – Treasurer
Debbie Harrison – Hall Manager
Tom Oswald – Trustee appointment
Pat Bennett - Keynsham Bridge Club
Joe Tymkow - 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
Page 3
J N Fear's Institute and Endowment
Report of the Trustees
For the Year Ended 30 June 2024
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 charity’s Finance Policies and Procedures covering Expenditure Controls and Income Management were reviewed by trustees in April 2024.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
304566
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
Page 4
J N Fear's Institute and Endowment
Report of the Trustees
For the Year Ended 30 June 2024
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 452073 or email bookings@fearhallkeynsham.org.uk General enquiries should be directed to the contact address given above.
14 Mar 2025
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ pdunl, Du/ln
R H Dyson - Trustee
Page 5
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 2024.
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.
A R Dicker
Mr A R Dicker FCA
Tony Dicker & Co Chartered Accountants 29 Courtenay Road Keynsham Bristol BS31 1JU
18 Mar 2025 Date ……………………..
Page 6
J N Fear's Institute and Endowment
Statement of Financial Activities for the Year Ended 30 June 2024
| 30.6.24 Endowment fund Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Hall hire 43,566 Investment income 2 1,746 Other income 4,969 Total 50,281 EXPENDITURE ON Charitable activities Hall hire 60,230 NET INCOME/(EXPENDITURE) (9,949) RECONCILIATION OF FUNDS Total funds brought forward 146,306 TOTAL FUNDS CARRIED FORWARD 136,357 |
30.6.23 Total funds £ 39,902 1,739 1,845 43,486 40,545 2,941 143,365 146,306 |
|---|---|
The notes form part of these financial statements
Page 7
J N Fear's Institute and Endowment
| Balance Sheet | |||
|---|---|---|---|
| 30 June 2024 | |||
| 30.6.24 | 30.6.23 | ||
| Endowment | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 5 | 5,500 | 5,500 |
| Investments | 6 | 64,931 | 59,962 |
| 70,431 | 65,462 | ||
| CURRENT ASSETS | |||
| Cash at bank | 65,926 | 80,844 | |
| NET CURRENT ASSETS | 65,926 | 80,844 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 136,357 | 146,306 | |
| NET ASSETS | 136,357 | 146,306 | |
| FUNDS | 7 | ||
| Endowment funds | 136,357 | 146,306 | |
| TOTAL FUNDS | 136,358 | 146,306 |
14 Mar 2025 The financial statements were approved by the Board of Trustees and authorised for issue on ………………………. and were signed on its behalf by:
R H Dyson - Trustee
The notes form part of these financial statements
Page 8
J N Fear's Institute and Endowment
Notes to the Financial Statements
for the Year Ended 30 June 2024
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 | ||
|---|---|---|
| 30.6.24 | 30.6.23 | |
| £ | £ | |
| COIF Income units | 1,746 | 1,739 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023.
continued...
Page 9
J N Fear's Institute and Endowment
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Endowment | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Charitable activities | |
| Hall hire | 39,902 |
| Investment income | 1,739 |
| Other income | 1,845 |
| Total | 43,486 |
| EXPENDITURE ON | |
| Charitable activities | |
| Hall hire | 40,545 |
| NET INCOME/(EXPENDITURE) | 2,941 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 143,365 |
| TOTAL FUNDS CARRIED FORWARD | 146,306 |
5. TANGIBLE FIXED ASSETS
The original cost of the hall as referred to in the Trustee's report was £5,500.
A recent estimate of the rebuild cost of the hall is £1,300,000 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 £800,000 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 £64,931 (2023 £59,962)
7. MOVEMENT IN FUNDS
| Endowment funds J N Fear Endowment TOTAL FUNDS |
At 1.7.23 £ 146,306 146,306 |
Net movement in funds £ (9,949) (9,949) |
At 30.6.24 £ 136,357 |
|---|---|---|---|
| 136,357 |
continued...
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J N Fear's Institute and Endowment
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
7. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Endowment funds J N Fear Endowment 50,281 TOTAL FUNDS 50,281 Comparatives for movement in funds At 1.7.22 £ Endowment funds J N Fear Endowment 143,365 TOTAL FUNDS 143,365 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Endowment funds J N Fear Endowment 43,486 TOTAL FUNDS 43,486 A current year 12 months and prior year 12 months combined position is as follows: At 1.7.22 £ Endowment funds J N Fear Endowment 143,365 TOTAL FUNDS 143,365 |
Resources Movement expended in funds £ £ (60,230) (9,949) (60,230) (9,949 Net movement At in funds 30.6.23 £ £ 2,941 146,306 2,941 146,306 Resources Movement expended in funds £ £ (40,545) 2,941 (40,545) 2,941 Net movement At in funds 30.6.24 £ £ (7,008) 136,357 (7,008) 136,357 |
|---|---|
continued...
Page 11
J N Fear's Institute and Endowment
Notes to the Financial Statements - continued
for the Year Ended 30 June 2024
7. MOVEMENT IN FUNDS - continued
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 | Movement | |
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Endowment funds | ||||
| J N Fear Endowment | 93,767 | (100,775) | (7,008) | |
| TOTAL FUNDS | 93,767 | (100,775) | (7,008) |
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2024.
Page 12
J N Fear's Institute and Endowment Detailed Statement of Financial Activities for the Year Ended 30 June 2024
| Detailed Statement of Financial Activities for the Year Ended 30 June 2024 |
||
|---|---|---|
| 30.6.24 | 30.6.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| COIF Income units | 1,746 | 1,739 |
| Charitable activities | ||
| Hire of Hall | 42,642 | 39,154 |
| Membership fees | 440 | 352 |
| Cupboard fees | 484 | 396 |
| 43,566 | 39,902 | |
| Other income | ||
| Change in value of COIF Units | 4,969 | 1,845 |
| Total incoming resources | 50,281 | 43,486 |
| EXPENDITURE | ||
| Charitable activities | ||
| Water rates | 521 | 616 |
| Insurance and licences | 1,673 | 2,171 |
| Electricity, Gas and Wifi | 5,154 | 4,493 |
| Postage and stationery | 61 | 70 |
| Sundries ( incl IT ) | 540 | 588 |
| Repairs and maintenance | 3,686 | 2,294 |
| Improvement works | 39,106 | 21,940 |
| Cleaning and caretaker | 9,489 | 8373 |
| 60,230 | 40,545 | |
| Total resources expended | 60,230 | 40,545 |
| Net income/(expenditure) | (9,949) | 2,941 |
This page does not form part of the statutory financial statements
Page 13
Issuer
Tony Dicker Ltd
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