REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
TRUSTEES' REPORT AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
ISPS POWER OF SPORTS FUND |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
TRUSTEES' REPORT AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
ISPS POWER OF SPORTS FUND |
ISPS POWER OF SPORTS FUND |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Trustees' Report | 1 | to | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 10 |
ISPS POWER OF SPORTS FUND (REGISTERED NUMBER: 07508262) |
TRUSTEES' REPORT |
FOR THE YEAR ENDED 31 JANUARY 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 January 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 ISPS Power of Sports Fund objectives are to advance: |
- | Recreational and non-professional sports activities for the mental and physical well-being of local communities; |
- | Health, in particular by the promotion of physical exercise and the provision and support of sporting activities and facilities for people of any or all ages and abilities; and |
- | Such other charitable activities as the trustees in their discretion think fit. |
Public benefit |
Our main activities and who we try to help are described below. All our charitable activities focus on the advancement of the education of the public in all forms of sport and culture. This may take any or all of the following forms: |
- The promotion of global cultural exchange, |
- Supporting of sporting activities beyond the boundaries of age, ability, origin, and |
- Assistance in the training of sports people. |
To achieve these goals, the charity anticipates periodically undertaking a variety of fund raising events and activities. |
ACHIEVEMENT AND PERFORMANCE |
Ensuring our work delivers our aims |
We will review our aims, objectives and activities each year. The review looks at what we achieved in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups or individuals we are set up to help. The review also helps us ensure our aim, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees will consider how planned activities will contribute to the aims and objectives they have set. |
Review of the period and future developments |
The Trustees continue to promote the aims of the charity and are presently exploring opportunities regarding projects and the funding thereof. |
In recent years the charity has received some donations, typically at major sporting events, for unrestricted application to the causes that the Charity promotes and supports. These funds have started to be applied to projects as previously reported. |
In the financial year, the Trustees continued to support the Charity's ongoing interests in causes promoting the power of sport for the bettering of peoples lives. In common with a lot of society the charity's ability to pursue certain levels of activity continued to be curtailed by the Covid-19 pandemic through part of the year under review.There was support for the charity "Make A Difference Leadership Foundation" totalling £3,300 in the prior year. |
The long term aim remains to help the facilities supported historically and in the year to become self sustaining. The trustees believe that these aims will generate funds for further charitable activities in the future. |
The Trustees continue to explore other opportunities especially now that it has a level of funding, and continue to promote and raise the Charity's profile to maintain it's sustainability. |
ISPS POWER OF SPORTS FUND (REGISTERED NUMBER: 07508262) |
TRUSTEES' REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FINANCIAL REVIEW |
Reserves policy |
The trustees have reviewed the reserves of the charity. This review encompassed the nature of the income and expenditure streams, the need to match variable income with fixed commitments and the nature of the reserves, presently all an unrestricted fund. |
The review concluded that to allow the charity to be managed efficiently and to provide a buffer against interrupting ongoing commitments as well as ad hoc projects, a general reserve needs to be maintained. As at 31 January 2024 the unrestricted reserves are £153,848, following previous concerted efforts with regard to fund raising at sporting events. The level of reserve will be reviewed regularly to ensure sufficient funding from the principal benefactor whilst continuing to find new donors for specific projects as well as exploring alternate forms of fund raising. |
At present the reserve is adequate to maintain the operational costs of the charity which continue to be kept to a minimum by the trustees. Having awarded grants to needy individuals to apply towards very worthwhile causes, the charity continues to explore other possible projects in the community. In addition more sports and community based projects are presently being explored as possible beneficiaries for the charity to apply the donations received in recent years. |
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. |
Recruitment and appointment of new trustees |
The directors of the company are also charity trustees for the purposes of charity law. Under the company's Articles the trustees are elected by the members or co-opted by the trustees.The trustees when complete consist of at least three individuals, all of whom must support the Objects of the charity. There is no upper limit to the number of trustees permitted. |
A trustee's term of office automatically terminates if he/ she: |
1) Is disqualified under the Charities Act from acting as a charity trustee; |
2) Is incapable, whether mentally or physically, of managing his/her own affairs; |
3) Is absent without notice from three consecutive meetings of the trustees and is asked by a majority of the other trustees to resign; |
4) Resigns by written notice to the trustees (but only if at least two trustees will remain in office); or |
5) Is removed by the members. |
The trustees seek to attract a mix of skills to the board both in terms of those who can be operationally involved and individuals with a profile that are likely to attract interest and funding to the charity and its objects. |
All trustees give their time voluntarily and received no benefits from the charity. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
ISPS POWER OF SPORTS FUND (REGISTERED NUMBER: 07508262) |
TRUSTEES' REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Trustees |
Company Secretary |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
ISPS POWER OF SPORTS FUND |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 JANUARY 2024 |
31.1.24 | 31.1.23 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
EXPENDITURE ON |
Charitable activities |
( |
) |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 162,073 |
ISPS POWER OF SPORTS FUND (REGISTERED NUMBER: 07508262) |
BALANCE SHEET |
31 JANUARY 2024 |
31.1.24 | 31.1.23 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 7 |
Unrestricted funds | 153,848 |
Restricted funds | 8,225 |
TOTAL FUNDS | 162,073 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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. |
ISPS POWER OF SPORTS FUND (REGISTERED NUMBER: 07508262) |
BALANCE SHEET - continued |
31 JANUARY 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 |
ISPS POWER OF SPORTS FUND |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 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. |
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. |
Taxation |
The charitable company is a registered charity and as a result, is not liable to income tax or capital gains tax. Value Added Tax is not recoverable by the charity and, as such, is included in the relevant costs in these financial statements. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
2. | TRUSTEES' REMUNERATION AND BENEFITS |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 January 2024 nor for the year ended 31 January 2023. |
ISPS POWER OF SPORTS FUND |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | STAFF COSTS |
The average number of persons employed by the charitable company, excluding the Trustees, was Nil (2023) Nil). |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
EXPENDITURE ON |
Charitable activities |
( |
) | ( |
) |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 154,427 | 8,225 |
TOTAL FUNDS CARRIED FORWARD | 153,848 | 8,225 | 162,073 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Other debtors |
Amounts held with PEML | 164,806 | - |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Other creditors |
Accruals and deferred income |
Accrued expenses |
ISPS POWER OF SPORTS FUND |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.2.23 | in funds | 31.1.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 153,848 | (3,430 | ) | 150,418 |
Restricted funds |
WSVS - Fellows Awards | 8,225 | (207 | ) | 8,018 |
TOTAL FUNDS | (3,637 | ) | 158,436 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (3,430 | ) | (3,430 | ) |
Restricted funds |
WSVS - Fellows Awards | - | (207 | ) | (207 | ) |
TOTAL FUNDS | ( |
) | (3,637 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.2.22 | in funds | 31.1.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 154,427 | (579 | ) | 153,848 |
Restricted funds |
WSVS - Fellows Awards | 8,225 | - | 8,225 |
TOTAL FUNDS | 162,652 | (579 | ) | 162,073 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (579 | ) | (579 | ) |
TOTAL FUNDS | - | (579 | ) | (579 | ) |
ISPS POWER OF SPORTS FUND |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.2.22 | in funds | 31.1.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 154,427 | (4,009 | ) | 150,418 |
Restricted funds |
WSVS - Fellows Awards | 8,225 | (207 | ) | 8,018 |
TOTAL FUNDS | 162,652 | (4,216 | ) | 158,436 |
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 |
General fund | - | (4,009 | ) | (4,009 | ) |
Restricted funds |
WSVS - Fellows Awards | - | (207 | ) | (207 | ) |
TOTAL FUNDS | - | (4,216 | ) | (4,216 | ) |
8. | RELATED PARTY DISCLOSURES |
9. | SHARE CAPITAL |
The charitable company is a private company limited by guarantee and has no share capital. In the event of a winding up, each member has guaranteed to contribute to the assets of the company an amount not exceeding one pound. At 31 January 2024 the number of members was five. |