Charity registration number 522140 VILLAGE HALL (TRADING AS STANNINGTON VILLAGE HALLI ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 VILLAGE HALL {TRADING AS STANNINGTON VILLAGE HALLI LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr P Richardson Mr C J Mitchell Mr M Scott S Thompson Mr R Blyth Elizabeth Ferguson Sandra Dickinson (Chairl Charity number 522140 Independent examiner Stephen Lamb, FCA 12 Bessemer Court Hownsgill Industrial Park Knitsley Lane Consett Co Durham DH8 78L Bankers TSB Newgate Street Morpeth NE61 IAN VILLAGE HALL (TRADING AS STANNINGTON VILLAGE HALL} CONTENTS Page report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 7-13 VILLAGE HALL {TRADING AS STANNINGTON VILLAGE HALLI REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial Statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's Igoverning documentl, 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 IFRS 1021" leffective l January 20191. Objectives and artivities Stanningtor) Village Hall is to be held in trust for the use of the inhabitants of Stannington and the neighbourhood without distinction of sex or of political, religious or other opinions and in particular for use for meetings, lectures and classes and for other forms of recreation leisure time occupations with the object of improving the conditions of life for the said inhabitants. The hall has been used during the year by various educational groups and regular adult and children's clubs and has hosted a village show a nd table-top sales. The Hall's main source of income comes from regular user groups. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activitie5 the chJrity should undertake. VILLAGE HALL (TRADING AS STANNINGTON VILLAGE HALL} REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance Significont activities ond achievements against objectives During the year the charity reported income of £76,342. This was made up of £28,761 from hire revenue, £37,017 from grant5 received and local fund raising, plus £564 f rom reimbursements and £119 from bank interest. Payments and expenditure durinE the year was £43,343. The trustees are proud to report that with the above income and expenditure they managed to achieve the following results during the year,. The broadband in the hall has been upgraded, to allow residents the opportunity to conduct business meeting5 Wlth enhanced IT including video conferencing. Grant funding has been secured for J ramp and automatic doors at the entrance to the hall to support disabled visitors. Planning permission and funding has been secured to install a separate entrance and allow access to the side rooms of the hall. The work is due to start in quarter 4 2024. Maintenance works in the f inancial year have included exterior cleaning of the hall, a replacement boiler and new side room flooring. A Warm Space has also been organised during the winter months for the benefit local community offering seasonal refreshments Financial review Reserves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The free reserves a5 at the year end, being the net current assets of the charity, stand at £44,773 all of which are unrestricted. Structure. governance and management The charity was constituted under a "Deed of Gift" on the 19th of November 1957, with a charity number 522140 VILLAGE HALL (TRADING AS STANNINGTON VILLAGE HALLI REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustees who served during the year and up to the date of signature of the financial statements were- Mr P Richardson Mr CJ Mitchell Mr M Scott S Thompson Mr R Blyth Elizabeth Ferguson Sandra Dickinson (Chairl Recruitment and Gppointment of trustees Recruitment and appointment of new trustees would be in line with the Trust Deed and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organization. A new trustee would receive copies of the previous vears, Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee.. What you need to know,. Orgonisationol structure The members of the Management Committee are Managing Trustees with the responsibility of the day to dav mar)agement of the Charity. Most members of the committee are nominated by local organisations which use the VillaEe Hall and have a responsibility to always act in the best interest of the Charity. The committee must meet at least four times per year and no business may be transacted unless there are a minimum of five members in attendance. Other matters Risk Management The Trustee5 have reviewed the major risks to which the charity is exposed and continue to monitor the arrangements and systems in place to mitigate those risks. Principal Address Main Street Morpeth Northumberland NE616EL e report was approved by the Board of Trustees. Mr P Richardson Trustee Sandra Dickinson Ichairl Trustee Date.. VILLAGE HALL {TRADING AS STANNINGTON VILLAGE HALLI INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VILLAGE HALL I report to the trustees on my examination of the f inancial statements of Village Hall (the charity) for the year ended 31 March 2024. Responsibilitles and basis of report As the trustees of the charitv vou are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 Ithe 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 Ch3rity Commission under section 14515llbl 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 accordarnce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting bv Charities.. Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulatiOF)s but has now been withdrawn. l 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 I 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: accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financial statements do not accord with those records.. or 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) Regulation5 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. Stephen Lamb, FCA 12 Bessemer Court Hownsgill Industri31 Park Kr)itsley Lane Consett Co Durham DH8 78L Dated.. VILLAGE HALL ITRADING AS STANNINGTON VILLAGE HALL) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income from.. Donations and legacies Charitable activities 37,581 28,761 119 5,060 24.075 Investments Total income 66,461 29,135 Expenditure on: Charitable activities 43,343 32,849 Total expenditure 43,343 32,849 Net in¢ome/lexpenditure) and movement in funds 23,118 13,7141 Reconciliation of funds. Fund balances at l April 2023 22,877 26,591 Fund balances at 31 March 2024 45,995 22,877 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. VILLAGE HALL (TRADING AS STANNINGTON VILLAGE HALLI BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets 12 1,222 Current assets Cash at bank and in hand 45,193 22,877 Creditors: amounts falling due within one year 13 14201 Net current assets 44,773 22,877 Total assets less current liabilities 45,995 22,877 Net assets excluding pension liability 45,995 22,877 The funds of the charity Unrestricted funds 45,995 22,877 45,995 22,877 The financial statements were approved by the trustees on Mr P Richardson Trustee Sandra Dickinson (Chairl Trustee VILLAGE HALL {TRADING AS 5TANNINGTON VILLAGE HALLI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountin8 policies Charity information Village Hall is a INSERT CONSTITUTIONAL DETAIL. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Igoverning documentl. the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the U K and Republic of Ireland" 'FRS 102,1 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 af Ireland IFRS 1021" (effective l January 20191. 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 f inancial statements are prepared in sterling, which is the functional currency of the charity. Monetarv amounts in these financial statements are rounded to the nearest £. The fina ncial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Goin8 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 finar)cial statements. 1.3 Charitable funds Unrestricted f und5 are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are su bject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income 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. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant 15 reco8nised at the time of the donation. VILLAGE HALL (TRADING AS STANNINGTON VILLAGE HALLI NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount Is known, and receipt is expected. If the amount is not known, the legacy 15 treated as a contingent asset. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benef it 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 reliablv. Expenditure is classified by activity. The costs of each activity are made LJP of the total of direct costs and shared costs, including support costs involved in Ljndertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. 5h3red 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 3 basis con51Stent with the Ljse 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. 1.6 Tangible f ixed assets Tangible f ixed asset5 are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised 50 35 to write off the cost Of valuation of assets less their residual values over their usef ul lives on the following bases.. Fixtures and fittings 20% SL 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 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposlts held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdraft5. Bank overdraft5 are shown within borrowings in current liabilities. Basic financial assets Basic financial assets, which include Debtors, cash and bank balances, are measured at transaction price including transaction costs. VILLAGE HALL (TRADING AS STANNINGTON VILLAGE HALL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountin8 policies (Continued) Basicfinanciul liabilities Basic financial liabilities, including creditors and bank loans are recognised at transaction price. Trade creditor5 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 vear or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price. Derecognltion ofjinonciul liobilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Income from donations and legacie5 Unrestricted funds 2024 Unrestricted f unds 2023 Donations and gifts 37,581 5,060 Income from charitable activities Provision of Provision of Vlllage H311 Village Hall Services Services 2024 2023 Village Hall Hire 28,761 24,075 Analysis by fund Unrestricted f unds 28,761 24,075 VILLAGE HALL (TRADING AS STANNINGTON VILLAGE HALL) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Bank Interest 119 Expenditure on charitable actlvities Provision of Provision of Village Hall Village Hall Services Services 2024 2023 Direct costs Depreciation and impairment Light Power And Heat Water and Rates Sundry Insurance Repairs and Maintenance Subscriptions Software consumables Telephone and Internet Cleaning Advertising Consumables Legal Fees 306 7,549 1,413 135 7,237 921 4,761 1,892 3,356 519 1,507 12,970 656 253 450 5,388 120 2,176 80 1,323 414 3,890 6,014 32,923 30,407 Grant funding of activities (see note 61 10,000 Share of support and governance costs (see note 7) Governance 420 2.442 43,343 32,849 Analysis by f und Unrestricted funds 43,343 32,849 VILLAGE HALL {TRADING AS STANNINGTON VILLAGE HALLI NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable Provision of Village Hall Services 2024 Grants to institutions.. The Sirjames Knott Trust 10,000 Support costs allocated to activities 2024 2023 Governance costs 420 2,442 Analysed between: Provision of Village Hall Services 420 2,442 Net movement in funds 2024 2023 The net movement in funds is stated after chargingllcreditingl.. Fees payable for the independent examination of the charity's financial statements 420 2,442 Depreciation of owned tangible fixed assets 306 Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from the charity duri ng the year. 10 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total VILLAGE HALL (TRADING AS STANNINGTON VILLAGE HALLI NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 10 Employees (Continued) There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows: 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Tangible fixed assets Flxtures and Cost Additions 1,528 At 31 March 2024 1,528 Depreciation and impairment Depreciation charged in the year 306 At 31 March 2024 306 Carrying amount At 31 March 2024 1,222 Investment properties rented to another group entity have been accounted for using the cost model. The carrying value of these investment properties included within tangible fixed assets is £XXXX12023 - £XXXXI. 13 Creditors: amounts falling due wlthin one year 2024 2023 Accruals and deferred income 420 VILLAGE HALL (TRADING AS STANNINGTON VILLAGE HALL} NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 14 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to spÈcific conditions by donors and grantors as to how they may be used. Thèse include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l April 2023 Incoming resources Resources At 31 March expended 2024 General funds 22,877 66,461 143,3431 45,995 Previous year: At l April 2022 Incoming resources Resources At 31 March expended 2023 General funds 26,591 29,135 132,8491 22,877 15 Related party transactions There were no disclosable related party transactions during the year12023 - none).