Charity Registration No. 900597
THAME BARNS CENTRE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
THAME BARNS CENTRE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
M Deacock D Dodds R Gibson T Haley G Taylor M Reading Mrs Amanda Sturdy
(Appointed 19 November 2021)
Charity number 900597 Independent examiner Richardsons 30 Upper High Street Thame Oxfordshire OX9 3EZ
THAME BARNS CENTRE
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
THAME BARNS CENTRE
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s governing document, 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 (FRS 102)”( as amended for accounting periods commencing from 1 January 2016).
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number 900597
Principal Address Church Road Thame Oxfordshire OX9 3AJ
Objectives and activities
Thame Barns Centre was established as a charity by lease and Trust Deed dated 21 May 1990 made between Thame Town Council and the Diocesan Trustees ( Oxford ) Limited, The PCC of the Parish of Thame and the trustees appointed at that time.
The object of the centre was and still is to provide a community facility for the people of Thame and district. The original lease expired in May 2011 and a new lease of 12 years duration came into effect in December 2011.
Achievements and performance
The Barns Centre is a focal point for the town providing facilities for people of all ages and across all sections of the community. The Governing Body sees their responsibilities as both to encourage initiatives from the community in addition to developing its own initiatives within the centre. Whilst understanding the need to make the centre a commercial success, any surpluses accruing in a year will be applied to improving the centre’s facilities and supporting the wider community.
In this context the Governing Body has been mindful of the Charity Commission’s guidance on public benefit and ensured that the Thame Barns Centre continues to have facilities available for use by the whole community for meetings, parties and other recreational activities with specific provision made for local groups which work with the disabled, elderly and disadvantaged.
The day to day running of the centre is undertaken by the Joint Centre Managers – Patsy Feighoney and Karen Clark – supported by a team of part time and casual staff, with the latter assisting in providing catering and serving duties at the many functions held at the Barns Centre.
In addition to the functions, there are regular and occasional for the hiring of the various rooms at the centre. It is encouraging to report that after the centre reopened in 2021 in accordance with the Government's lockdown directives, local resident's groups and businesses have slowly but surely returned to make use of the centre's facilities.
The trustees would like to place on record their appreciation of the all the work undertaken by the Joint Centre Managers and their support staff especially during the period of lockdown and in the reopening of the centre.
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THAME BARNS CENTRE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Financial review
During 2021/22, income from functions and room hire has increased from £27,789 in 2020/21 to £150,729 in the current year, an increase of £122,940. Other income in the year ( for example from interest on investments) totalled £18,382 ( £47,661 in 2020/21 however this was mostly from government grants). The net income for the current year was £28,660, compared with net loss in the previous year of £30,882. A community fund as introduced this year £3,846 of the £4,000 budgeted was used.
During the year capital expenditure was £2,377.
As at 31st March 2022, the closing bank balance was £378,511 ( 31st March 2021 £344,025).
The charity aims to hold at least 2 months of expenditure in reserves at any point in time. This is equal to around £30,000.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
Thame Town Council and St. Mary’s Church each have three trustee representatives on the Governing Body ( including the Town Clerk and the Vicar of St. Mary’s Church respectively) and in the first instance such trustee representatives would have their appointment proposed and endorsed at a formal meeting of the Town Council in the case of a Thame Town Council member and at a Parochial Church Council meeting in the case of a St. Mary’s Church nominee.
The final member of the Governing Body is the Treasurer who need not be a member of either of the two bodies and would be appointed by the Governing Body as and when a vacancy arises. All trustee appointments have to be approved at the subsequent Annual General Meeting of the Thame Barns Centre.
Risk Management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Trustees
M Deacock D Dodds R Gibson T Haley G Taylor M Reading Mrs Amanda Sturdy (Appointed 19 November 2021)
The trustees' report was approved by the Board of Trustees.
..............................
R Gibson Trustee Dated: .........................
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THAME BARNS CENTRE
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THAME BARNS CENTRE
I report to the trustees on my examination of the financial statements of Thame Barns Centre (the charity) for the year ended 31 March 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 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 Charity Commission under section 145(5)(b) 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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I 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 1 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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 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) 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 financial statements to be reached.
Andrew King FCA Richardsons
30 Upper High Street Thame Oxfordshire OX9 3EZ
Dated: .........................
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THAME BARNS CENTRE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted funds 2022 Notes £ Income and endowments from: Donations and legacies 3 - Charitable activities 4 150,729 Investments 5 1,968 Other income 6 16,414 Total income 169,111 Expenditure on: Charitable activities 7 140,451 Net income/(expenditure) for the year/ Net movement in funds 28,660 Fund balances at 1 April 2021 375,868 Fund balances at 31 March 2022 404,528 |
Total 2021 £ 4,112 27,789 1,985 41,564 75,450 106,332 (30,882) 406,750 375,868 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THAME BARNS CENTRE
BALANCE SHEET
AS AT 31 MARCH 2022
| Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2022 £ 13,920 378,511 392,431 (14,529) |
£ 26,626 377,902 404,528 404,528 404,528 |
2021 £ 10,204 344,025 354,229 (12,762) |
£ 34,401 341,467 |
|---|---|---|---|---|
| 375,868 | ||||
| 375,868 | ||||
| 375,868 |
The financial statements were approved by the Trustees on .........................
.............................. R Gibson Trustee
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THAME BARNS CENTRE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
Thame Barns Centre was established as a charity by lease and Trust Deed dated 21 May 1990 made between Thame Town Council and the Diocesan Trustees (Oxford) Limited, The PCC of the Parish of Thame, and the Trustees appointed at that time. The principal address is Thame Barns Centre, Church Road, Thame, Oxfordshire, OX9 3AJ.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Trust Deed, 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). 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 applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going 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 financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors 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 is recognised at the time of the donation.
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THAME BARNS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 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 is treated as a contingent asset.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. In the case of weddings, room hire is invoiced at the time of booking and is recognised in creditors. This is then recognised as incoming resources when the function is held.
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis inclusive of VAT where this cannot be reclaimed and has been classified under headings that aggregate all cost related to the category. Where costs can not be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 15% straight line basis Computers 15% straight line basis
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 net income/(expenditure) for the year.
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 (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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THAME BARNS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors 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 year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
1.11 Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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THAME BARNS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
3 Donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | - | 4,112 |
4 Charitable activities
| Sales within charitable activities Other income - proceeds from insurance claim |
2022 £ 113,404 37,325 150,729 |
2021 £ 25,043 2,746 |
|---|---|---|
| 27,789 |
5 Investments
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Interest receivable | 1,968 | 1,985 |
6 Other income
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Government grants | 16,414 | 41,564 |
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THAME BARNS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
7 Charitable activities
| Wages Employers NI Pensions Insurance and licenses Light and heat Telephone Sundry Catering and bar Maintenance and renewals Cleaning Water Waste disposal Management and administration Training Independent Examiner's fee Depreciation of tangible fixed assets Analysis by fund Unrestricted funds For the year ended 31 March 2021 Unrestricted funds |
2022 £ 77,672 715 2,238 3,126 5,047 1,246 2,253 9,256 13,589 1,343 500 1,150 10,159 503 1,500 10,154 140,451 140,451 140,451 140,451 |
2021 £ 70,275 564 2,200 123 2,593 1,017 1,854 222 7,195 1,197 692 264 2,494 115 1,350 14,177 |
|---|---|---|
| 106,332 | ||
| 106,332 | ||
| 106,332 | ||
| 106,332 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
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THAME BARNS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
9 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 |
|---|---|
| Number | Number |
| 9 | 6 |
No employees received emoluments in excess of £60,000.
| 10 Tangible fixed assets Fixtures and fittings Computers £ £ Cost At 1 April 2021 210,416 2,732 Additions 2,377 - At 31 March 2022 212,793 2,732 Depreciation and impairment At 1 April 2021 177,243 1,503 Depreciation charged in the year 9,802 351 At 31 March 2022 187,045 1,854 Carrying amount At 31 March 2022 25,748 878 At 31 March 2021 33,172 1,229 11 Debtors 2022 Amounts falling due within one year: £ Trade debtors 12,745 Prepayments and accrued income 1,175 13,920 |
10 Tangible fixed assets Fixtures and fittings Computers £ £ Cost At 1 April 2021 210,416 2,732 Additions 2,377 - At 31 March 2022 212,793 2,732 Depreciation and impairment At 1 April 2021 177,243 1,503 Depreciation charged in the year 9,802 351 At 31 March 2022 187,045 1,854 Carrying amount At 31 March 2022 25,748 878 At 31 March 2021 33,172 1,229 11 Debtors 2022 Amounts falling due within one year: £ Trade debtors 12,745 Prepayments and accrued income 1,175 13,920 |
10 Tangible fixed assets Fixtures and fittings Computers £ £ Cost At 1 April 2021 210,416 2,732 Additions 2,377 - At 31 March 2022 212,793 2,732 Depreciation and impairment At 1 April 2021 177,243 1,503 Depreciation charged in the year 9,802 351 At 31 March 2022 187,045 1,854 Carrying amount At 31 March 2022 25,748 878 At 31 March 2021 33,172 1,229 11 Debtors 2022 Amounts falling due within one year: £ Trade debtors 12,745 Prepayments and accrued income 1,175 13,920 |
Total £ 213,148 2,377 |
|---|---|---|---|
| 215,525 | |||
| 178,746 10,153 |
|||
| 188,899 | |||
| 26,626 | |||
| 34,401 | |||
| 2022 £ 12,745 1,175 13,920 |
2021 £ 10,008 196 |
||
| 10,204 |
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THAME BARNS CENTRE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
12 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2022 £ 2,760 3,200 7,069 1,500 14,529 |
2021 £ 1,570 4,192 5,650 1,350 |
| 12,762 |
13 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
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