2023-03-31-accounts - Long Melford Village Memorial Hall

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LONG MELFORD VILLAGE MEMORIAL HALL Chemlst's Lane, off Hall Street, Long Melford, Suffolk COIO 9JQ CHARITY NUMBER: 304917 TRUSTEES ANNUAL REPORT for the perlod 1 April 2022 to 31 March 2023 Objectlves and Actlvltios The purposes of the charity as18id out in its goveming document are". °A Village Hall for the use of the inhabitants of Long Melford and the neighbourhood (hereinafter called Yhe area of benefit.) without disb'nction of sex or of political, religious or other opinions, and in particular for use for meetings, lectures and classes, and for other foms of recreation and lelsure-time occupation, with the object of Smproving the conditions of life for the said Inhabitants." The main activlti88 undertaken by the charity for the b8n6fit of the public arg: regular lettings for meetiNJ8, lectures and dasses, including ex8r(ase dasses, mother and baby classes, and lectures on the arts and history: oneff lettings to residents of the area of benefft for private parties and events; provision of short-terni car parkiw to residents and vlsltors to Long Melford; regular film screenings under th8 Melford Movies brand; and publication of Melford Matters, a magazine for residents and businesses In the area of benefit. The hall also has regular and ad hoc commercial lettings, induding an Antiques Fair and a Book Fair. In deciding whether and whith organisations and activities may be undertaken at the Hall, the Trustees have regard to the guidance issugj by the Charity Commission on public benefit. We strive to ensure an appropriate balance between the public use of the prernises in accordance with our purFX)ses, and commercial and private lettings which help us to raise funds to cover the upkeep of the premises. Structure. Governance and Management The charity's property comprises the village hall and associated land off Hall Street in Long Melford. The legal title to the property is held on trust for the charity by the late Sir Richard Hyde Parker and Long meord Parish Council (LMPC). (The trustees are in the process of transferring the title to Sir William Hyde Parker and LMPC.) The goveming document of the charity is the conveyance of the premises to those holding trustees in 1961. The charity is an unincorporated charity administered by a Management Committee comprisng: representatives of the following Long Melford organisations: Pag¢ l of4

¥W4EiE%WL LONG MELFORD VILLAGE MEMORIAL HALL Chemist's Lane, off Hall Street, Long Melford, Suffolk COIO 9JQ CHARrrY NUMBER: 304917 the Parish Council. the Parochial Church Council. the Royal British Legion, the Women's Institute and o the Youth Organisations; and five members elected by the residents of Long Melford at the Annual General Meeting of the charity: and up to three COPted members. During th8 year, the folloIng individuals sep4ed on the Management Cornmittee: Trustoe namo Offlco Ilf any) Hon. Se¢reLqry Chair Dates acted If not for whol• ear to 23.8.2022 from 23.8.2022 Appolntlng bod IElectedlCo.o El8Ct8d Phll Buck Rlchard Delderfeld ison Ewbank Elizabeth Had Lady Hyd8 Parker John Nunn Chair to 23.8.2022 Elected Parothial Churth Counc Elected Woffon's Institute C¢>opted Elected Lettings Secretary Adrian Oakley-Dow stuart Palmer Martin Richards Lisa Tipper Jeremy Willetts ex Windsor trom 23.8.2022 Hon. S8cretsry from 23.8.2022 to 21.10.2022 Elected Royal British Legion Parish Council Elected 10 Treasurer 12 from 8.6.2022 Coaopted CowOPt8d 13 Philip Windsor Achlevements and Perforniance The Village Hall has been used extensively during the year, with a strong calendar of regular classes with a wide variety of activities. In addition. many private parties have been held at the hall, helping to cover the costs of upkeep and maintenance. The regular commercial lettiros for an Antiques Fair and Book Fair both provide an income to cover the costs of maintaining the hall and serve the residents of the area of benefft. The Village Hall Car Parf( has been rnade available for public use. without charge but with donations invited. The income has helped to defray the costs of maintaining the car park and the Hall. Page2 of4

LONG MELFORD VILLAGE MEMORIAL HALL Chemlst's Lane, off Hall Street, Long Melford, Suffolk COIO 9JQ CHARrrY NUMBER:304917 Melford Movies screenings have been well attended with an average audien of 48 and a net profit of £1.632. A popular change was made by the Movies group whereby a local community group is chosen eath movie night and the proceeds of the raffle go to that nominated group. In totsl £636 was raised for lo(xl good causes in this way. The charity provides accounting and other support to Melford Matters, a magazine distributed every tsvo months to over 1.900 properties in the area of benefit. The magazine has been well received and advertising income has covered the productk)n costs. Editorial decisions and any opinions expressed are independent of the Committee. Flnanclal Revlew Comparing the year to March 31 st 2023 viith that of the previous year, total profit was up 8Vo at £16,865 (2021-22.. £15,577). The overall bookings income was £25,209 (2021-22.. £19,420) whlch is the highest year of bookings income ever achieved, despite hire charges remaining the same as the previous year. Car park donations were down compared to the previous year but still a wel(x)me £2,277 was deposited (2021-22: £3,482) and this goes towards the upkeep and maintenance of a very important car park for the village. The Committee are looking to get a card payment method introduced in the car park, for the aver-growing number of no cash carrying individuals. Gas and electricity usage and cost have increased. We started a new 3-year fixed contract for gas from 1 st October 2022 and in February we entered a new 1-year fixed electricity deal - this flnancial year will see a real rise in uts'lity costs. At the end of the financial year the bank balance with Bardays stood at £58,851. During the year the Committee reviewed our cash position and, in accordance with our Constitution, agreed to transfer £30,000 into a restricted Capital Reseprfe fund. This has since been further increased to £40,000. Our remaining unrestricted funds are still well above the £10.000 specified in our reserves policy. With interest rates now attracting higher rates for savers. the trustees will look into options of moving some of the cash balance into an interest-paying savings account. The Committee is also looking into the possibility of installing solar panels and batteries to capture and store electricity thereby offsetting our increasing electrscity costs. The Committee also confirmed that for our purposes the accounts should be completed uslng the Receipts and Payments basis. The attached accounts indudé a restatement of the prior year accounts on that basis. Given the current cash balance, and bearing in mind the demand for lettsngs, costs of repair5 and maintenance and charges for utilities, the Committee has a reasonable expectation that the charity can continua as a going conc¥m for the for8seeabl8 future. Page 3 of4

LONG MELFORD VILLAGE MEMORIAL HALL Chemist's Lane, off Hall Street, Long Melford, Suffolk COIO 9JQ CHARrrY NUMBER: 304917 Slgned.. Page 4 of 4

Prior Year a• at 31103r2022 Curnènt Year •% at 3110312023 Yoy Regula Ino)me Expenditufe 8abergh Flates £15.466 £13.195 24 £20.472 £11,IY)4 112 32%* 17%V 673 21% 273 373 1.547 670 6% 3.1 1>888 Cultirg 8abtrrJh Bins 537 276 41jvJll Flr• 541 194% 37% &5% Equip Pfofft i (L(M) 317% A L•ttlngs" Income Expenditure £4.737 £3,503 27%V 27% 8% 41% 8% 78% 32% 156 103 91 Cerelakerl Cl•w#r Gr888 Cuttl Babo 8 411 178 122 133 124 8% 23% 158% 45% 81% Su Web8118 R•p8lrs & rerb¥Is Equiprntnl 144 97 279 Profft l (L8) £2.191 386% 4 M•lford Movlo8 Income Box Olft £2.189 £2.341 7%A 12% 8% Expenditure Profft l {Lo•s) £1.463 £726 £709 £1.632 52%V 125% A Car Park Revonuo Income Profft i (Lom) £3.482 £3882 £2,277 £2277 35%V 35%V Melford Matter4 Income Expenditure Profft i (Loss) £7.896 £7,549 £34T £8.902 £7.605 £1297 13%A 1%A 274% Income Profit l (LOM) o%v o%v Grants Inc¥The £8.300

Profft i (Loss) 1Tr)% V Total Incom• Total Exp8nditure Profit or {L05sI £41,287 £25.710 £15,5TT £38,729 £21,864 £16,865 6%V 15%V 8% 'note.' lettings and r8gu18rs gwditures arn 8WLvthy Gosts Oftt rtot rn181iw b Melford Matters or PAelford Movios ststem•nt of Flnanclal PItIon Current Assets Barclays Bank Account Cash float IM Movies) Total A•s•t• £41.781 £205 £41.986 £58,646 £205 £58.851 Current Liabiliti8S £0 Equity Retained E8mlngs (balance CurTrnt Year Profit l {Lossl Immaterial PY adjustment Total Llabllltlo• & Equlty £26,394 £15,577 £15 £41,986 £41.986 £16.865 £58,851

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/ Charity Name members of Long Melford Village Memorial Hall On accounts for the year 31[st] March 2023 Charity no 304917 ended (if any) Set out on pages (remember to include the page numbers of additional sheets)

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/03/2023.

Responsibilities and As the charity trustees of the Trust, you are responsible for the preparation basis of report 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 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent I have completed my examination. I confirm that no material matters have examiner's statement come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

accounting records were not kept in accordance with section 130 of the Act or
the accounts do not accord with the accounting records

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

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Date: 15/07/2023
Signed:
Name: Richard Carter
Relevant professional CIMA (lapsed)
qualification(s) or body:
Address: Burston, Diss
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October 2018

IER

Section B Disclosure

Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

Give here brief details of The charity’s accounts are an accurate reflection of its receipts and payments any items that the for the year ended 31[st] March 2023. examiner wishes to disclose .

There are no material adjustments required for the completion of these accounts though there are a few improvements to the accounting system that were identified during the examination:

There was a clear overlap of some functions being recorded on the accruals basis and some on the cash basis. The client confirmed they would be using the cash basis as this is how the receipts and payments are recorded. There were only three receipts outstanding at the year end that were expected, amounting to £199. Previously these would have been recorded as debtors however, the receipts for the year are based upon payment date (the cash basis) and as such this year’s accounts reflect that also, by changing the Statement of Financial Position to reflect the cash basis system.
A full reconciliation to the bank was conducted and there are no issues with the way the reconciliation is conducted on a monthly basis.
The charity was gifted the property and as such it has no revaluation policy and as a zero-purchase historic value, is not included in the assets of the charity.
Whilst this examination is a basic examination to assess true and fair representation only, some internal control measures were identified and good practice is followed, for instance having dual authorisation for payments.
The trustees may wish to consider investment options for some of its cash balance, if they do not foresee large capital expenditure in the new year, as it continues to increase over the last few years and a healthy balance could now attract decent interest unlike in previous years. The trustees may also wish to consider “ringfencing” monies for repairs and maintenance it may need as the building requires.

October 2018

IER