REGISTERED CHARITY NUMBER: 030203
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
FOR
LOCHGOILHEAD VILLAGE HALL
Azets Audit Services Chartered Accountant Abercorn House 79 Renfrew Road Paisley Renfrewshire PA3 4DA
LOCHGOILHEAD VILLAGE HALL
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 13 |
LOCHGOILHEAD VILLAGE HALL
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024
The trustees present their annual trustees' report together with the financial statements of the charity for the year ending 31 July 2024.
The financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the charity's governing document, 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Lochgoilhead Village Hall was built over a 100 years ago. The intention was to provide a meeting place for the people of the Lochgoilhead area, in which they can enjoy their leisure time. The village hall continues to be the hub of the community. Since it opened, the hall and its grounds have been placed in the hands of hall's trustees.
Significant activities
The Lochgoilhead community makes full use of the hall as a venue for a variety of community and leisure activities. An example of a few are:
-
Community council and community trust meetings
-
Highland and country dancing
-
Fiddle workshops
-
Sports clubs - including shinty, bowling and darts
-
Local meetings and clubs' annual general meetings
-
Dances and concerts by clubs and others
-
School events (plays, concerts & dances)
-
Coffee mornings by different clubs and the local church
-
-Private parties
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Village Hall continues to be the hub of the community. During the year the hall is used by various local groups and organisations. Other agencies also use the Hall when they want to inform the Community of changes that will be taking place.
The main refurbishment which was completed over a year ago has made a great difference to the working in the hall.
Funding applications were made to Lochgoil Community Trust for monies from the Dividends we receive from Donich Hydro Scheme. These funds have been used to assist in the upkeep of the Hall keeping Hall Hire Costs down.
Fundraising activities
Fundraising is ongoing and this helps in keeping hall rental charges down for local organisations.
FINANCIAL REVIEW
During the year to 31 July 2024 the village hall made a surplus of £4,173 (2023: deficit £5,531).
FUTURE PLANS
It is hoped use of the Village Hall will continue to increase and be an asset to the community.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 1
LOCHGOILHEAD VILLAGE HALL
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure
Lochgoilhead village hall is governed by 5 trustees.
The trustees' remit is to look after the Hall and its grounds. These can never be sold, as they are a community asset, which the community will have at all times.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
030203
Principal address
7 Invergoil Lochgoilhead Argyll & Bute PA24 8AA
Trustees
Iain MacInnes Thomas Murray Elizabeth Bain Keith Campbell Matthew Montgomery G Lugton
Independent Examiner
Azets Audit Services Chartered Accountant Abercorn House 79 Renfrew Road Paisley Renfrewshire PA3 4DA
Approved by order of the board of trustees on 14 January 2025 and signed on its behalf by:
Elizabeth Bain - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LOCHGOILHEAD VILLAGE HALL
I report on the accounts for the year ended 31 July 2024 set out on pages four to thirteen.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
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 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
-
to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
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.
Lesley M. Boyle The Association of Chartered Certified Accountants
Azets Audit Services Chartered Accountant Abercorn House 79 Renfrew Road Paisley Renfrewshire PA3 4DA
14 January 2025
Page 3
LOCHGOILHEAD VILLAGE HALL
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024
| Unrestricted Restricted fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 15,805 - Investment income 3 - - Total 15,805 - EXPENDITURE ON Charitable activities 4 Hall running costs 11,632 - Hall refurbishment - - Total 11,632 - NET INCOME/(EXPENDITURE) 4,173 - RECONCILIATION OF FUNDS Total funds brought forward (2,424) 3,963 TOTAL FUNDS CARRIED FORWARD 1,749 3,963 |
2024 Total funds £ 15,805 - 15,805 11,632 - 11,632 4,173 1,539 5,712 |
2023 Total funds £ 47,536 12 47,548 9,233 43,846 53,079 (5,531) 7,070 1,539 |
|---|---|---|
The notes form part of these financial statements
Page 4
LOCHGOILHEAD VILLAGE HALL
BALANCE SHEET 31 JULY 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 9 | 1,021 | 1,017 |
| CURRENT ASSETS | |||
| Cash in hand | 6,841 | 2,022 | |
| CREDITORS | |||
| Amounts falling due within one year | 10 | (2,150) | (1,500) |
| NET CURRENT ASSETS | 4,691 | 522 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 5,712 | 1,539 | |
| NET ASSETS | 5,712 | 1,539 | |
| FUNDS | 12 | ||
| Unrestricted funds | 1,749 | (2,424) | |
| Restricted funds | 3,963 | 3,963 | |
| TOTAL FUNDS | 5,712 | 1,539 |
The financial statements were approved by the Board of Trustees and authorised for issue on 14 January 2025 and were signed on its behalf by:
Elizabeth Bain - Trustee
The notes form part of these financial statements
Page 5
LOCHGOILHEAD VILLAGE HALL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Lochgoilhead Village Hall meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There were no significant areas of adjustment and with respect to the next reporting period, no significant areas of uncertainty.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
Page 6
continued...
LOCHGOILHEAD VILLAGE HALL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2024
1. ACCOUNTING POLICIES - continued
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Donations, are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
Other income represents those items not falling into any other heading.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is classified under the following activity headings:
-
Costs of raising funds comprise fund raising costs.
-
Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs.
-
Other expenditure represents those items not falling into any other heading.
Allocation and apportionment of costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. These costs have been allocated to expenditure on charitable activities.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Hall furniture - 25% on reducing balance Electric equipment - 25% on reducing balance Equipment - 25% on reducing balance
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.
continued...
Page 7
LOCHGOILHEAD VILLAGE HALL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
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.
Cash at bank and cash in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Debtors
Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
2. DONATIONS AND LEGACIES
3.
| Donations and fundraising Sundry hire of hall and library INVESTMENT INCOME Deposit account interest |
2024 £ 5,765 10,040 15,805 2024 £ - |
2023 £ 45,065 2,471 |
|---|---|---|
| 47,536 | ||
| 2023 £ 12 |
continued...
Page 8
LOCHGOILHEAD VILLAGE HALL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2024
4. CHARITABLE ACTIVITIES COSTS
| 4. | CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|---|
| Direct | Support | |||
| Costs (see | costs (see | |||
| note 5) | note 6) | Totals | ||
| £ | £ | £ | ||
| Hall running costs | 10,432 | 1,200 | 11,632 | |
| 5. | DIRECT COSTS OF CHARITABLE ACTIVITIES | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Insurance | 1,645 | 2,399 | ||
| Sundries | 799 | 250 | ||
| Hall cleaning and wages | 319 | 264 | ||
| Ground maintenance | 395 | 230 | ||
| Heating oil | 1,487 | 1,601 | ||
| Electricity | 2,774 | 978 | ||
| Repairs and renewals | 1,969 | 1,117 | ||
| Internet charges | 704 | 835 | ||
| Hall refurbishment | - | 43,846 | ||
| Depreciation | 340 | 339 | ||
| 10,432 | 51,859 | |||
| 6. | SUPPORT COSTS | |||
| Governance | ||||
| costs | ||||
| £ | ||||
| Hall running costs | 1,200 | |||
| Support costs, included in the above, are as follows: | ||||
| 2024 | 2023 | |||
| Hall | ||||
| running | Total | |||
| costs | activities | |||
| £ | £ | |||
| Accountancy | 500 | 520 | ||
| Secretarial expenses | 700 | 700 | ||
| 1,200 | 1,220 |
continued...
Page 9
LOCHGOILHEAD VILLAGE HALL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2024
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted fund funds £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 5,633 41,903 Investment income 12 - Total 5,645 41,903 EXPENDITURE ON Charitable activities Hall running costs 9,233 - Hall refurbishment - 43,846 Total 9,233 43,846 NET INCOME/(EXPENDITURE) (3,588) (1,943) RECONCILIATION OF FUNDS Total funds brought forward 1,164 5,906 TOTAL FUNDS CARRIED FORWARD (2,424) 3,963 |
Total funds £ 47,536 12 47,548 9,233 43,846 53,079 (5,531) 7,070 1,539 |
|---|---|
continued...
Page 10
LOCHGOILHEAD VILLAGE HALL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2024
9. TANGIBLE FIXED ASSETS
| Hall | Hall | Electric | Computer | Computer | ||||
|---|---|---|---|---|---|---|---|---|
| furniture | equipment | Equipment | equipment | Totals | ||||
| £ | £ | £ | £ | £ | ||||
| COST | ||||||||
| At 1 August 2023 | 1,832 | 775 | 419 | - | 3,026 | |||
| Additions | - | - | - | 344 | 344 | |||
| At 31 July 2024 | 1,832 | 775 | 419 | 344 | 3,370 | |||
| DEPRECIATION | ||||||||
| At 1 August 2023 | 1,196 | 530 | 283 | - | 2,009 | |||
| Charge for year | 159 | 61 | 34 | 86 | 340 | |||
| At 31 July 2024 | 1,355 | 591 | 317 | 86 | 2,349 | |||
| NET BOOK VALUE | ||||||||
| At 31 July 2024 | 477 | 184 | 102 | 258 | 1,021 | |||
| At 31 July 2023 | 636 | 245 | 136 | - | 1,017 | |||
| 10. | CREDITORS: AMOUNTS | FALLING DUE | WITHIN ONE YEAR | |||||
| 2024 | 2023 | |||||||
| £ | £ | |||||||
| Trade creditors | - | 1,500 | ||||||
| Other creditors | 2,150 | - | ||||||
| 2,150 | 1,500 |
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted Restricted fund funds £ £ Fixed assets 1,021 - Current assets 2,878 3,963 Current liabilities (2,150) - 1,749 3,963 |
2024 Total funds £ 1,021 6,841 (2,150) 5,712 |
2023 Total funds £ 1,017 2,022 (1,500) 1,539 |
|---|---|---|
continued...
Page 11
LOCHGOILHEAD VILLAGE HALL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2024
12. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1/8/23 | in funds | 31/7/24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (2,424) | 4,173 | 1,749 |
| Restricted funds | |||
| Multi Court | 798 | - | 798 |
| Hall refurbishment | 3,165 | - | 3,165 |
| 3,963 | - | 3,963 | |
| TOTAL FUNDS | 1,539 | 4,173 | 5,712 |
| Net movement in funds, included in the above are as follows: | |||
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 15,805 | (11,632) | 4,173 |
| TOTAL FUNDS | 15,805 | (11,632) | 4,173 |
| Comparatives for movement in funds | |||
| Net | |||
| movement | At | ||
| At 1/8/22 | in funds | 31/7/23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,164 | (3,588) | (2,424) |
| Restricted funds | |||
| Multi Court | 798 | - | 798 |
| Hall refurbishment | 5,108 | (1,943) | 3,165 |
| 5,906 | (1,943) | 3,963 | |
| TOTAL FUNDS | 7,070 | (5,531) | 1,539 |
continued...
Page 12
LOCHGOILHEAD VILLAGE HALL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2024
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 5,645 | (9,233) | (3,588) |
| Restricted funds | |||
| Hall refurbishment | 41,903 | (43,846) | (1,943) |
| TOTAL FUNDS | 47,548 | (53,079) | (5,531) |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2024.
14. RESTRICTED FUNDS
These are funds raised for the Multi Court and Hall refurbishment and will be used in following year.
Page 13