REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements For The Year Ended 31st December 2023 |
for |
Wheeled Sports 4 Hereford Ltd |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements For The Year Ended 31st December 2023 |
for |
Wheeled Sports 4 Hereford Ltd |
Wheeled Sports 4 Hereford Ltd |
Contents of the Financial Statements |
For The Year Ended 31st December 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 12 |
Wheeled Sports 4 Hereford Ltd (Registered number: 06446869) |
Report of the Trustees |
For The Year Ended 31st December 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2023. The trustees have adopted the provisions of 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). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The object of the Charity is to provide or assist in the provision of recreational facilities in or near Hereford for young people, with the object of improving their conditions of life, in particular to provide for such persons facilities for skateboarding, roller skating, cycling and similar activities. |
The Charity provides a safe, purpose-built, free, accessible outdoor facility in Hereford to allow young people to skate unhindered and thus remove the dangers to themselves and pedestrians by locating them a suitable environment. This facility also provides a purposeful leisure activity for young people as a diversion from anti-social behaviour. |
The provision of the skate park provides a Centre of Excellence for alternative sports in Hereford which specifically meets the needs of the young people practising those sports. |
The location of the skate park in Hereford ensures that the benefits of the skate park can be enjoyed by the whole population of skateboarders in Herefordshire and surrounding areas. |
Review of the Year |
The first half of the year was relatively normal in terms of income and expenditure, which, carrying on the trends of the previous years, was largely related to the day to day running of the skateshop. Grant funds acquired in previous years via the lottery Awards for All funding stream and Hereford City Council's Community Fund, were partially spent in the first half of the year on catering equipment for the planned community café and installing a water supply and drinking fountain. |
WS4H was also awarded a grant of £490,000 in FY23 from central government via the Stronger Towns Fund for the expansion of the skatepark. In August 2023, the park and all facilities including the shop were closed to carry out this work. This grant funding was administered by Herefordshire County Council and paid incrementally to WS4H throughout the second half of the year and into FY24. For this reason, annual expenditure is significantly higher than average this year. The work was completed on time and normal day to day operations of the skatepark and shop resumed in late January 2024. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Wheeled Sports 4 Hereford Ltd (Registered number: 06446869) |
Report of the Trustees |
For The Year Ended 31st December 2023 |
Trustees |
Independent Examiner |
Mr P E Britt FCA |
Baker Britt |
Chartered Accountants |
63 High Street |
Chislehurst |
Kent |
BR7 5BE |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Wheeled Sports 4 Hereford Ltd |
Independent examiner's report to the trustees of Wheeled Sports 4 Hereford Ltd ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. |
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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
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 accounts to be reached. |
Mr P E Britt FCA |
The Institute of Chartered Accountants in England and Wales |
Baker Britt |
Chartered Accountants |
63 High Street |
Chislehurst |
Kent |
BR7 5BE |
10th July 2024 |
Wheeled Sports 4 Hereford Ltd |
Statement of Financial Activities |
For The Year Ended 31st December 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
funds | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Charitable activities |
General |
Other trading activities | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
General |
Water fountain | - | 11,499 | 11,499 | - |
Cafe container refurbishment |
- | 673 | 673 | - |
Other |
Total |
NET INCOME |
Transfers between funds | 11 | (3,549 | ) | 3,549 | - | - |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 38,889 |
Wheeled Sports 4 Hereford Ltd (Registered number: 06446869) |
Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Stocks | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 4,803 |
Restricted funds | 34,086 |
TOTAL FUNDS | 38,889 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
Wheeled Sports 4 Hereford Ltd (Registered number: 06446869) |
Balance Sheet - continued |
31st December 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Wheeled Sports 4 Hereford Ltd |
Notes to the Financial Statements |
For The Year Ended 31st December 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
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 and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - |
Plant and machinery | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
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. |
Wheeled Sports 4 Hereford Ltd |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2023 |
2. | OTHER TRADING ACTIVITIES |
2023 | 2022 |
£ | £ |
Equipment and canteen sales |
Donations | 5,580 | 286 |
3. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Deposit account interest |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022. |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Charitable activities |
General |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
General |
14,960 | 5,378 |
Wheeled Sports 4 Hereford Ltd |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2023 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
funds | fund | funds |
£ | £ | £ |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 15,544 | 21,514 |
TOTAL FUNDS CARRIED FORWARD | 4,803 | 34,086 | 38,889 |
7. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
8. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
Wheeled Sports 4 Hereford Ltd |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Social security and other taxes | ( |
) | ( |
) |
Other creditors |
Accruals and deferred income |
10. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
funds | fund | funds | funds |
£ | £ | £ | £ |
Fixed assets | - | 451,165 | 451,165 | 16,135 |
Current assets |
Current liabilities | ( |
) | ( |
) | ( |
) |
4,960 | 460,493 | 465,453 | 38,889 |
11. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1/1/23 | in funds | funds | 31/12/23 |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted | 4,803 | 3,706 | (3,549 | ) | 4,960 |
Restricted funds |
Restricted | 34,086 | 422,858 | 3,549 | 460,493 |
TOTAL FUNDS | 426,564 | 465,453 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
Unrestricted | 22,703 | (18,997 | ) | 3,706 |
Restricted funds |
Restricted | 448,024 | (25,166 | ) | 422,858 |
TOTAL FUNDS | ( |
) | 426,564 |
Wheeled Sports 4 Hereford Ltd |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2023 |
11. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1/1/22 | in funds | 31/12/22 |
£ | £ | £ |
Unrestricted funds |
Unrestricted | 15,544 | (10,741 | ) | 4,803 |
Restricted funds |
Restricted | 21,514 | 12,572 | 34,086 |
TOTAL FUNDS | 37,058 | 1,831 | 38,889 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
Unrestricted | 25,621 | (36,362 | ) | (10,741 | ) |
Restricted funds |
Restricted | 17,950 | (5,378 | ) | 12,572 |
TOTAL FUNDS | 43,571 | (41,740 | ) | 1,831 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1/1/22 | in funds | funds | 31/12/23 |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted | 15,544 | (7,035 | ) | (3,549 | ) | 4,960 |
Restricted funds |
Restricted | 21,514 | 435,430 | 3,549 | 460,493 |
TOTAL FUNDS | 37,058 | 428,395 | - | 465,453 |
Wheeled Sports 4 Hereford Ltd |
Notes to the Financial Statements - continued |
For The Year Ended 31st December 2023 |
11. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
Unrestricted | 48,324 | (55,359 | ) | (7,035 | ) |
Restricted funds |
Restricted | 465,974 | (30,544 | ) | 435,430 |
TOTAL FUNDS | 514,298 | (85,903 | ) | 428,395 |
12. | RELATED PARTY DISCLOSURES |