## **ELFORD VILLAGE HALL**
**FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023**
**Charity no: 700473**
## **ELFORD VILLAGE HALL FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023**
## **CONTENTS**
|Legal and administrative information|2|
|---|---|
|Trustees’ Report|3|
|Independent examiner's report on the accounts|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Financial Statements|10|
1
## **ELFORD VILLAGE HALL**
## **Legal and administrative information**
## **Status**
The organisation is a registered charity.
## **Trustees**
Elford Parish Council, delegated to a management committee, as follows:
Greg Watkins - Chairman Adrian Viles - Treasurer - Rachel Blay Secretary Sue Watkins - Bookings Secretary Nick Biden - Parish Council Rep. Richard Embury - IT/Maintenance Andria Martin
## **Correspondence address**
Margaret Jones, 50 Cornwall Avenue, Tamworth, B78 3YB
## **Bankers**
Lloyds TSB plc, 22 Conduit Street, Lichfield, Staffordshire, WS13 6JS
2
## **ELFORD VILLAGE HALL**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2023.
## **CONSTITUTION**
The Elford Village Hall charity is operated in accordance with the Constitution set out in the conveyance dated the 8th of September 1930.
Further management agreements have been created on the 1st of October 1986 and again in April 2009 when the latter was adopted by unanimous vote at a village open meeting.
Elford Village Hall is a charity registered number 700473. It is run in accordance with the guidelines and directives as laid down by the charity commissioners
## **TRUSTEES**
(As set out under the charities act 1993)
1. Elford Parish Council are the “holding trustees” for Elford Village Hall. Their sole function is to hold the title to the property and to carry out instructions of the management charity trustees.
They are not involved in the day-to-day running of the charity.
2. Elford Village Hall management committee are the “managing charity trustees“. Their responsibility is for the general control and management of the administration of the charity.
The trustees are responsible for ensuring that the proper and appropriate running of the charity ensures that it meets its obligations laid out in the terms of its constitution.
All regular users are entitled to put forward one representative as a member who is entitled to stand for election at the by annual meeting.
The regular users include the following: The Parish Council The Art group The Parochial Church council The School
## **AIMS AND OBJECTIVES OF THE CHARITY**
The EVHMC has been in existence for over 80 years. The most recent committee have been in position for the past 22 years having taken over the responsibilities from the Parish Council in 2001.
The role of this committee over recent years has been the following:
- The day to day management of the village hall
- The organisation of village events to raise money for the improvement of the premises and equipment
- Ongoing maintenance and enhancement of the facilities
3
## **ELFORD VILLAGE HALL**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
## **ORGANISATIONAL STRUCTURE AND DECISION MAKING**
The Charity holds 10 meetings per year. It also holds a biennial Annual General Meeting usually in November.
All main decisions affecting the charity are made at these meetings by the executive committee. This includes policy decisions, main spending and strategic planning.
The committee “bookings secretary” has delegated powers to agree and control bookings of the hall and handle routine administration matters.
The committee treasurer has delegated powers to authorise routine financial transactions.
The committee chairman has delegated powers to make reasonable decisions outside the committee.
## **RISK MANAGEMENT**
The risks facing the charity are recognised and actively monitored and the necessary steps are taken to lessen these risks.
## **ACHIEVEMENTS**
This period represents the first year unaffected by Covid since the beginning of the pandemic back in 2020.
The hall has seen a return to full usage by regular hirers and an actual increase in periodic hiring based on pre-pandemic levels.
We’ve also been able to reinstate our “fund-raising“ events which have included the “shooting party“ and a return to the hall of the comedy duo “dandy“
The major challenge of this period has been the necessity to completely rethink the heating of the whole hall after a breakdown of the heat exchangers, unrepairable damage to the underground pipes and the fragility of the under floor pipework. After much discussion the solution of separate heating units was agreed and installation has been partially undertaken.
Next year will include the ongoing issue with the heating and the revamping of the lighting to save costs during the inevitable increase in electricity prices. Prudent financial policies have continued to ensure that the committee are in a position to meet both their legal and financial obligations whilst preparing for future planned or emergency expenditure.
Gregory J Watkins Chairman: Elford Village Hall management committee
## **FINANCIAL REVIEW**
The income and expenditure for the year and financial position of the charity are as shown in the annexed financial statements.
None of the Charity’s funds is in deficit at the end of the financial year.
4
## **ELFORD VILLAGE HALL**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023**
## **RESERVES POLICY**
The trustees take an active and realistic approach to the management of our Reserves, which accords with the regulatory frameworks in which we work and with good practice as laid down by the Charity Commission.
As part of the ongoing risk management process, we assess the likely amount we would require, in order to discharge our liabilities in the event of the charity being wound up. These liabilities would include any outstanding expenses or sums due to creditors. The sum required to meet those liabilities would need to be funded from the General Reserve. The level of the reserve is monitored on an ongoing basis in the light of any additional responsibilities undertaken by the charity.
## **INVESTMENT POLICY**
Our current account with Lloyds TSB plc is monitored on an ongoing basis. Balances that exceed our immediate cash requirements are placed in an interest-bearing deposit account.
## **ON BEHALF OF THE MANAGEMENT COMMITTEE**
G.J. Watkins
Date
5
## **Independent examiner's report to the trustees of Elford Village Hall on the accounts for the year ended 31 March 2023 set out on pages 7 to 12**
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed. It is my responsibility to:
- examine the accounts under section 43 of the 1993 Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 43(7)(b) of the 1993 Act, and
- to state whether particular matters have come to my attention.3
## **Basis of independent examiner’s statement**
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention
1. which gives me reasonable cause to believe that in, any material respect, the requirements: to keep accounting records in accordance with section 41 of the 1993 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act
- have not been met ; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Signed:**
## **Date:**
Mr R. Davies 18 Cricket Lane Lichfield WS14 9ER
6
## **ELFORD VILLAGE HALL**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 MARCH 2023**
||**Note**|**Unrestricted**|**Restricted**|**Total**|**Funds**|
|---|---|---|---|---|---|
|||**Funds**|**Funds**|**2023**|**2022**|
|||**£**|**£**|**£**|**£**|
|**Incoming resources:**||||||
|Incoming resources from generated funds||||||
|Voluntary income||||||
|Donations|||9|90|300|
||||0|||
|Incoming resources from charitable||||||
|activities|7|28,353||28,353|19,822|
|||_______|_______|_______|_______|
|**Total incoming resources**||28,353|
90|28,443|20,122|
|||_______|_______|_______|_______|
|**Resources expended:**||||||
|**Total resources expended**|2|34,518|10,393|44,911|25,261|
|||_______|_______|_______|_______|
|**Net incoming/(outgoing) resources**||(6,165)|(10,303)|(16,468)|(5,139)|
|**Total funds brought forward**||61,080|353,09|414,171|419,310|
||||1|||
|||______|_______|_______|_______|
|**Total funds carried forward**||54,915|
342,788|397,703|414,171|
|||_______|_______|_______|_______|
The notes form part of these financial statements
7
## **ELFORD VILLAGE HALL**
## **BALANCE SHEET**
## **AT 31 MARCH 2023**
||**Note**||**2023**||||**2022**||
|---|---|---|---|---|---|---|---|---|
|||**£**||**£**|**£**|||**£**|
|**Fixed assets:**|||||||||
|Tangible fixed assets|8|||345,398||||355,791|
|**Current Assets**|||||||||
|Stock|||0|||0|||
|Debtors|9
|1,994|||2,430||||
|Cash at bank and in hand||50,811|||56,262||||
|||______|||_____||||
|||||||_|||
|||52,805|||58,692||||
|**Creditors**– amounts falling due within|10|(500)|||(312)||||
|one year|||||||||
|**Net current assets**||||52,305||||58,38|
|||||||||0|
|||||______||||______|
|||||397,703||||414,171|
||||||||**_______**||
|||||_______|||||
|**Funds:**|||||||||
|Restricted|11|||342,788||||353,091|
|Unrestricted|11|||54,915||||61,080|
|||||_______|||_______||
|**Total funds**||||397,703||||414,171|
|||||**_______**|||**_______**||
Approved by the Trustees on 2023 and signed on their behalf by
## **A.J.Viles, Hon Treasurer.**
The notes form part of these financial statements
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## **ELFORD VILLAGE HALL**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## 1.
## **Accounting Policies**
## **1.1 Accounting convention**
The financial statements are prepared under the historical cost convention and follow the recommendations in “Accounting and Reporting by Charities’: Statement of Recommended Practice”, issued in March 2005.
## **1.2**
## **Incoming resources**
All incoming resources are recognised in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The value of services provided by volunteers has not been included in these accounts.
## **1.3**
## **Tangible fixed assets and depreciation**
Assets which are purchased for a project from restricted funds are available for general use at the conclusion of that project, and accordingly their purchase cost is transferred to general funds at that point. Depreciation of such assets is similarly charged to the appropriate restricted fund until the conclusion of the project and then transferred to general funds.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:-
Building works - 50 years, straight line basis
Fixtures, fittings and equipment - 5 years, straight line basis
## **1.4 Governance costs**
Governance costs are those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity, such as loan interest.
## **1.5**
## **Charitable expenditure**
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services.
## **1.6**
## **Fund Accounting**
General funds are unrestricted funds which are available for use at the discretion of the trustees, in furtherance of the general objectives of the charity, and which have not been designated for other purposes. Designated funds are unrestricted funds that have been set aside by the trustees for a specific, but not legally binding, purpose.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donors within the objects of the charity. Expenditure that meets these criteria is charged to the fund.
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## **ELFORD VILLAGE HALL**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
|||**Unrestricted**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|---|
|||**Funds**|**Funds**|**2023**|**2022**|
|||**£**|**£**|**£**|**£**|
|**2.**|**Direct Charitable Expenditure**|||||
||Depreciation|-|10,393|10,393|10,393|
||Fund raising expenses|3,465||3,465|312|
||Hall running costs|31,053||31,053|14,556|
||Stock Loss|0|0|0|0|
|||______|_______|_______|_____|
|||34,518|10,393|44,911|25,261|
|||_______|________|_______|_______|
|**3.**|**Governance costs**|||||
||Loan interest|-|-|-|-|
|||_______|________|_______|_______|
## **4. Staff costs**
The trust does not employ any staff, and it is not possible to quantify the financial benefit obtained from voluntary activities undertaken by the trustees and other volunteers.
No trustee received any remuneration in respect of their duties as trustees during the year.
## **5. Net incoming resources**
|**Net incoming resources**|||
|---|---|---|
||**2023**|**2022**|
|This is stated after charging:|**£**|**£**|
|Depreciation|10,393|10,393|
|Trustees’ remuneration|-|-|
|No trustee received any expenses during the year.|||
## **6. Taxation**
The charity is exempt from tax on its charitable activities, and no liability to tax arose in the year.
## **7. Charitable Income**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|**General fund**|||
|Fundraising income|6,498|67|
|||2|
|Hire of hall|16,648|7,35|
|Interest|207|8|
|CIL Grant (Heating)|5,000||
|Covid Grant Relief - LDC|0|7|
|||0|
|||10,66|
|||7|
10
Adjustment from 2020 0 1,118 28,353 19,822 _______ _______
## **ELFORD VILLAGE HALL**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
|**8. Tangible Fixed Assets**
**Fixtures,**
**Fittings &**
**Equipment**
**Building**
**Costs**
**£**
**£**
**Cost**
At 1 April 2022
12,954
519,658
**Accumulated Depreciation**
At 1 April 2022
12,954
163,866
Charge for year
-
10,393
_______
_______
At 31 March 2023
12,954
174,259
_______
_______
**Net Book Values**
At 31 March 2023
-
345,398
At 31 March 2022
-
355,791
**9.**
**Debtors – amounts falling due within one year**
**2023**
**£**
Hire income
0
Other income
Church
269
1,725
______
1,994
______
**10.**
**Creditors – amounts falling due within one year**
**2023**
**£**
Hall running expenses
0
Hire income in advance
500
Other creditors
0
______
500
______|**Total**
**£**
532,612|
|---|---|
||176,820
10,393
_______
187,213
_______
345,398|
||355,791|
||**2022**
**£**
352
234
1,844
______
2,430
______
**2022**
**£**
312
0
0
______
312
______|
11
## **ELFORD VILLAGE HALL**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **11. Analysis of net assets between funds**
|Fixed assets
Net current assets/(liabilities)|**General**
**Funds**
**Restricted**
**Funds**
**Total**
**Funds**
**£**
**£**
**£**
-
345,398
345,398
54,915
(2,610)
52,305|
|---|---|
||54,915
342,788
397,703|
Restricted funds are dedicated to the building of the new village hall, and are described more fully in the annual report of the trustees.
## **12. Capital Commitments**
There were no commitments for future capital expenditure at 31 March 2023 (2022 £Nil).
12