REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Ashford Leisure Trust. |
(A company limited by guarantee) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
Ashford Leisure Trust. |
(A company limited by guarantee) |
Ashford Leisure Trust. |
(A company limited by guarantee) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Report of the Trustees | 1 | to | 3 |
Statement of Financial Activities | 4 |
Statement of Financial Position | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 10 |
Ashford Leisure Trust. (Registered number: 05206698) |
(A company limited by guarantee) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
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 31 March 2024. 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 charitable company is a grant awarding trust, using the reserves that remained following the transfer of leisure operations to Wealden Leisure Limited. The objective is: |
''To promote community participation in healthy recreational activity in the Borough of Ashford by providing grants, awards and/or financial assistance to individuals, clubs, organisations and/or sports teams'' |
How our activities deliver public benefit |
All our charitable activities focus on the support of recreational and sporting facilities and services for the local community and are undertaken to further our charitable purpose for the benefit of the public. |
Public Benefit Statement |
The trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. |
We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
In 2020 the Trust wound up its operational functions following the outcome of a procurement process carried out with Ashford Borough Council (ABC), the leaseholder of the facilities. The Trust then moved towards its new function as a grant-giving entity. The transfer of operational activities to Wealden Leisure Limited, trading as Freedom Leisure, took place on 1st September 2020. |
The Trust contracted with Kent Community Foundation to support its grant-giving function. Two grant-funding meetings are held each year. In the 2023/24 accounting period a further £55,000 was awarded to organisations that met our criteria for funding. In addition, we have supported 19 talented sportspeople who reside in the borough of Ashford with a bursary of £500 each. Additional costs for the charity have been to pay the Kent Community Foundation for their services in co-ordinating the grant giving process, and funding a celebratory event for the Talented Sportsperson programme, which included a talk from an inspirational sportsperson. |
The bulk of the funds held by the Trust remain invested in an expendable endowment with CCLA, an investment company specialising in managing investments for charities. This enables the Trustees to draw down funds to support grant giving as needed. |
Ashford Leisure Trust. (Registered number: 05206698) |
(A company limited by guarantee) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
FINANCIAL REVIEW |
Reserves policy |
The Charitable Company has free reserves of £689,551 at 31 March 2024. |
When considering the level of free reserves that the Charitable Company should hold, the trustees have now considered their altered objects and believe that a level of reserves sufficient to facilitate their grant giving objects is now required and this is significantly below the level of reserves currently held, following the transfer of the pension scheme liability to Ashford Borough Council and settlement of existing liabilities. |
Having taken all of this into consideration the trustees believe that reserves of £60,000 would be sufficient to enable the Charitable Company to operate on a day to day basis with a low overhead base. The trustees monitor the level of reserves and will adjust the required reserves accordingly should any unforeseen circumstances require it, or if the Charitable Company were to require higher free reserves for specific activities at any time. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
Ashford Leisure Trust. is a company limited by guarantee and governed by its Memorandum and Articles of Association dated 16 August 2014. It became a charity registered with the Charity Commission on 12 September 2007. |
Recruitment and appointment of new trustees |
Trustees are appointed in accordance with the Memorandum and Articles of Association. |
Organisational structure |
The board of trustees, which can have up to twelve members excluding representative trustees, administers the charitable company and manages the day to day operations of the charitable company. The Board meets at least once every two months. |
Induction and training of new trustees |
New trustees undergo an induction to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making process, the business plan and recent financial performance of the charitable company. During the induction process they meet trustees (if they have not met these already). Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Ashford Leisure Trust. (Registered number: 05206698) |
(A company limited by guarantee) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Solicitors |
Winckworth Sherwood |
Minerva House |
5 Montague Close |
LONDON |
SE1 9BB |
Approved by order of the board of trustees on |
Ashford Leisure Trust. |
(A company limited by guarantee) |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 31 March 2024 |
31/3/24 | 31/3/23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Investment income | 2 |
EXPENDITURE ON |
Charitable activities |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 681,412 |
Ashford Leisure Trust. (Registered number: 05206698) |
(A company limited by guarantee) |
Statement of Financial Position |
31 March 2024 |
31/3/24 | 31/3/23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Investments | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 8 |
Unrestricted funds | 681,412 |
TOTAL FUNDS | 681,412 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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. |
Ashford Leisure Trust. (Registered number: 05206698) |
(A company limited by guarantee) |
Statement of Financial Position - continued |
31 March 2024 |
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 |
Ashford Leisure Trust. |
(A company limited by guarantee) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
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. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
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. |
Presentation currency |
The Charitable Company's functional currency is British Pound Sterling (GBP), which is also the presentation currency for the Charitable Company. The financial statements are therefore presented in British Pound Sterling. |
Ashford Leisure Trust. |
(A company limited by guarantee) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | INVESTMENT INCOME |
31/3/24 | 31/3/23 |
£ | £ |
Deposit account interest |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Investment income |
EXPENDITURE ON |
Charitable activities |
Net gains/(losses) on investments | ( |
) | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 746,835 | - |
TOTAL FUNDS CARRIED FORWARD | 681,412 | - | 681,412 |
Ashford Leisure Trust. |
(A company limited by guarantee) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Prepayments and accrued income |
6. | CURRENT ASSET INVESTMENTS |
31/3/24 | 31/3/23 |
£ | £ |
Other | 608,502 | 537,674 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Accrued expenses |
8. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/4/23 | in funds | 31/3/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 681,412 | 8,139 | 689,551 |
TOTAL FUNDS | 8,139 | 689,551 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 1,440 | (64,129 | ) | 70,828 | 8,139 |
TOTAL FUNDS | ( |
) | 8,139 |
Comparatives for movement in funds |
Net |
movement | At |
At 1/4/22 | in funds | 31/3/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 746,835 | (65,423 | ) | 681,412 |
TOTAL FUNDS | 746,835 | (65,423 | ) | 681,412 |
Ashford Leisure Trust. |
(A company limited by guarantee) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 746 | (54,948 | ) | (11,221 | ) | (65,423 | ) |
TOTAL FUNDS | 746 | (54,948 | ) | (11,221 | ) | (65,423 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1/4/22 | in funds | 31/3/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 746,835 | (57,284 | ) | 689,551 |
TOTAL FUNDS | 746,835 | (57,284 | ) | 689,551 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 2,186 | (119,077 | ) | 59,607 | (57,284 | ) |
TOTAL FUNDS | 2,186 | (119,077 | ) | 59,607 | (57,284 | ) |
9. | RELATED PARTY DISCLOSURES |