Charity registration number 1149122
Company registration number 08078529 (England and Wales)
FREEDOM POWERCHAIRS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
FREEDOM POWERCHAIRS LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
D Trigwell
M Osment
T Day
H Thompson-Slater
Charity number
1149122
Company number
08078529
Registered office
Freedom House
2A Weavers Court
Ropetackle
Shoreham by sea
West Sussex
BN43 5ES
Independent examiner
Darren Harding ACA FCCA DChA
Richard Place Dobson Services Limited
1-7 Station Road
Crawley
West Sussex
RH10 1HT
FREEDOM POWERCHAIRS LTD
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
FREEDOM POWERCHAIRS LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JULY 2022
page 1

The trustees present their annual report and financial statements for the year ended 31 July 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 Memorandum and Articles, the Companies Act 2006 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)" (effective 1 January 2019).

Objectives and activities

1. To assist with relief for disabled people resident in England and elsewhere who are in need, by providing specially designed or adapted power wheel chairs, and items, services or facilities calculated to relieve the needs of such persons.

 

2. To assist to relieve the impact of disability, financial hardship, poor health and sickness amongst disabled people.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The trustees continued to assist with the relief for disabled people resident in England and elsewhere who are in need by providing specially designed or adapted power wheelchairs to the best of their ability, however the Covid pandemic slowed trading and many volunteers retired which affected the charities ability to pursue its objectives.

Financial review

During the period the charity had net outgoing resources of £18,828 (2021: net incoming resources of £38,705). At the period end the charity had negative reserves of £6,525 (2021: Positive reserves of £11,803).

We aim to build up reserves as and when possible to cover operational expenditure for a 6 month period, provided that this is not to the detriment of our service delivery. The trustees are aware that reserves are currently below this level and are trying to secure further sources of funding to assist with carrying out the charitable activities.

The trustees have given consideration to the Charities SORP ('Statement of Recommended Practice') Committee's advice in its publication 'Implications of COVID-19 Control Measures and Charity Financial Reporting' and to the risks arising as a result of the coronavirus pandemic. The Charity is actively monitoring and managing the situation as it develops

Structure, governance and management

The charity is a company limited by guarantee, as defined by the Companies Act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

D Trigwell
M Osment
T Day
H Thompson-Slater

The methods adopted for the recruitment and appointment of trustees is open recruitment with interview and screening.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

FREEDOM POWERCHAIRS LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
page 2

The trustees' report was approved by the Board of Trustees.

D Trigwell
Trustee
19 November 2024
FREEDOM POWERCHAIRS LTD
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF FREEDOM POWERCHAIRS LTD
page 3

I report to the trustees on my examination of the financial statements of Freedom Powerchairs Ltd (the charity) for the year ended 31 July 2022.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (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

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:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements 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 financial statements 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 financial statements to be reached.

Darren Harding ACA FCCA DChA
Richard Place Dobson Services Limited
1-7 Station Road
Crawley
West Sussex
RH10 1HT
Dated: 19 November 2024
FREEDOM POWERCHAIRS LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2022
page 4
Unrestricted
Unrestricted
funds
funds
2022
2021
Notes
£
£
Income from:
Donations and legacies
3
26,223
39,496
Charitable activities
4
8,959
85,227
Investments
5
1
-
Total income
35,183
124,723
Expenditure on:
Charitable activities
6
53,511
86,018
Net (expenditure)/income for the year/
Net movement in funds
(18,328)
38,705
Fund balances at 1 August 2021
11,803
(26,902)
Fund balances at 31 July 2022
(6,525)
11,803

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
FREEDOM POWERCHAIRS LTD
BALANCE SHEET
AS AT
31 JULY 2022
31 July 2022
page 5
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,312
1,750
Current assets
Debtors
12
3,208
37,350
Cash at bank and in hand
1,087
1,056
4,295
38,406
Creditors: amounts falling due within one year
14
(5,731)
(11,798)
Net current (liabilities)/assets
(1,436)
26,608
Total assets less current liabilities
(124)
28,358
Creditors: amounts falling due after more than one year
15
(6,401)
(8,555)
Provisions for liabilities
-
(8,000)
Net (liabilities)/assets
(6,525)
11,803
Income funds
Unrestricted funds
(6,525)
11,803
(6,525)
11,803

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2022.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 19 November 2024
D Trigwell
Trustee
Company registration number 08078529
FREEDOM POWERCHAIRS LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
page 6
1
Accounting policies
Charity information

Freedom Powerchairs Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Freedom House, 2A Weavers Court, Ropetackle, Shoreham by sea, West Sussex, BN43 5ES.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles incorporated on 22 May 2012, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

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.

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.

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.
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

FREEDOM POWERCHAIRS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
page 7
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
25% Straight line

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 the statement of financial activities.

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.

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.

 

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.

FREEDOM POWERCHAIRS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
page 8
1.10
Provisions

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

3
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Donations and gifts
11,084
4,827

Grants

15,139
34,669
26,223
39,496
4
Charitable activities
Charitable Income Heading 1
Charitable Income Heading 1
2022
2021
£
£
Sales within charitable activities
8,959
85,227
FREEDOM POWERCHAIRS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
page 9
5
Investments
Unrestricted
Total
funds
2022
2021
£
£
Interest receivable
1
-
6
Charitable activities

Relief for disabled people

Relief for disabled people

2022
2021
£
£
Depreciation
438
-

Material and labour

16,465
29,949

Rent

20,435
33,958

Office Costs

2,831
3,374

Telecommunications

1,703
2,372

Sundry

1,509
4,246

Charitable donations

16
-
43,397
73,899
Share of support costs (see note 7)
7,406
9,013
Share of governance costs (see note 7)
2,708
3,106
53,511
86,018
FREEDOM POWERCHAIRS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
page 10
7
Support costs
Support costs
Governance costs
2022
Support costs
Governance costs
2021
£
£
£
£
£
£

Travel & Subsistence

2,484
-
2,484
2,525
-
2,525

Motor costs

3,870
-
3,870
5,173
-
5,173

Loan insurance

242
-
242
45
-
45

Printing, postage and stationary

218
-
218
856
-
856

Advertising

572
-
572
394
-
394

Other support costs

20
-
20
20
-
20
Accountancy
-
2,333
2,333
-
2,306
2,306
Legal and professional
-
351
351
-
787
787

Bank charges

-
24
24
-
13
13
7,406
2,708
10,114
9,013
3,106
12,119
Analysed between
Charitable activities
7,406
2,708
10,114
9,013
3,106
12,119

Governance costs includes payments to the auditors of £1,500 (2021- £1,500) for independent examination fees.

8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9
Employees

The average monthly number of employees during the year was:

2022
2021
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
10
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

FREEDOM POWERCHAIRS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
page 11
11
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 August 2021
1,750
At 31 July 2022
1,750
Depreciation and impairment
Depreciation charged in the year
438
At 31 July 2022
438
Carrying amount
At 31 July 2022
1,312
At 31 July 2021
1,750
12
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
3,208
37,350
13
Loans and overdrafts
2022
2021
£
£
Bank loans
8,554
10,655
Payable within one year
2,153
2,100
Payable after one year
6,401
8,555
14
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans
13
2,153
2,100
Trade creditors
1,218
6,928
Accruals and deferred income
2,360
2,770
5,731
11,798
FREEDOM POWERCHAIRS LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
page 12
15
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans
13
6,401
8,555
Provisions for liabilities
2022
2021
£
£
-
8,000
17
Related party transactions

During the year there was a donation of £8,799 from Freedom Resource Recovery Ltd, which trustees Martin Osment and David Trigwell are directors of. At the year end, there were no outstanding transactions between the two organisations (at the end of July 2021 - Freedom Resource recovery owed Freedom Powerchairs Ltd £3,270).

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