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 30 September 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).
The trustees' financial priorities for the year October 2023 to September 2024 were to
- Increase income from membership and facilities hire
- Increase reserves to a level of three months' operating costs based on 2022-23 operational year
- Seek grant funding for investment in new equipment or facilities
The trustees also intend to support the community during the period by:
- Continuing work to establish a tennis club
- Ensuring further training for staff so that we can provide a GP referral service
- Expanding the provision of activities in local care homes
- Developing activities to encourage all young people to participate in exercise during school holidays and after school
Membership & Occupancy
2024 has been our best year to date in terms of membership numbers and occupancy for our fitness classes. In January 2024 we had 426 members and by October 2024 we had reached 546. It has been a long journey since Covid-19 to get our membership back up; prior to the pandemic we had just over 300 members and immediately afterwards we had just under 100 members.
New equipment for the gym and engagement with staff has helped bring in new members. In addition, we have been able to maintain levels of attendance at fitness classes throughout the whole year, which has helped us achieve our financial targets for the year.
Mum and Baby Tone and Conditioning Classes
Over the course of the year we have had a number of new mums attending these sessions. This community has been really beneficial to helping new mums get out and meet other parents. Walks and coffee meet-ups now also take place outside of WSCC sessions which is great to see.
Community Groups
Our Community Groups Walking Football and Table Tennis have been a huge success. Walking Football takes place every Wednesday and we have on average 12 people each week. Community Table Tennis takes place at the same time as walking football; this year the numbers have really picked up and we have 12 attend most weeks.
Partnerships with the local community
The Centre continues to host the Community Cafe Warm Hub which offers weekly teas and coffees for anyone to pop down and have a chat. Volunteers bring cakes in and over the winter months. soup is also available.
We hosted monthly diabetes Clinics/Workshops from January 2024 - September 2024.
The Unite Union holds their monthly meeting at the Centre.
We provided rooms free of charge to the Lions Club for prostate-specific antigen testing for men aged 45-75; over 100 men attended to get checked.
The Centre was also used as a polling station for the general election and Police Commissioner election.
Grant Applications
We have been successful in some of our grant applications which have enabled us to install a disability ramp and railings to our entrance. New sports equipment has been purchased for football coaching sessions and momma fitness classes. We also benefited from some charity work from 'VIY' who work with young people. They built two internal cupboards and a outdoor shelter for parents to stand under when watching their children play on the MUGA.
Wellesbourne Community Day
The Centre was a key part of the village Community Day on 9th September. Our rooms were used for displays by local groups and the centre had its own stall which raised over £400 with prizes donated by local businesses. We also handed out vouchers for sessions at the centre that have been redeemed by members of the community.
Snowdon Walk
In May, staff and 18 members of WSCC completed a walk up Snowdon to raise money for the Myton Hospice charity, raising over £3000.
The duty manager created a WhatsApp group and organised practice walks leading up to the challenge. It was a great team effort, with different fitness levels everybody still made it to the summit and helped raise so much money for an amazing cause.
Financial Position
Income from membership continues to increase and income from facilities hire also met the target set by trustees meaning that overall income targets were exceeded. Running costs have increased this year, particularly energy costs, however the amount spent on external instructors has reduced as we have invested in more staff who are able to deliver classes in-house. The charity was successful in securing grant funding for new equipment and improvements to the facilities as well as using some of the in-year operating profit to purchase new treadmills.
The total net profit for the period was £17,646 comprising unrestricted incoming resources of £234,989 and unrestricted resources expended of £206,211 and restricted incoming resources of £Nil and restricted resources expended of £11,132.
Total funds at the year-end were £237,990 being unrestricted of £95,846 and restricted of £142,144.
Investment Policy and objectives
The Charity's memorandum and articles of association authorise the trustees to invest or deposit funds as may be thought fit. Trustees have decided to explore moving the reserve sum into an interest bearing account, although recognising that as a reserve fund in case of closure it needs to be accessible.
The trustees have a policy of maintaining a level of unrestricted reserves which should ensure that there are adequate funds to meet anticipated future liabilities. In practice, the trustees consider that holding reserves equivalent to a minimum of three months' core costs (i.e., the day to day running costs of the charity), excluding funds tied up in fixed assets, should provide sufficient funds to respond to adverse changes in the charity's funding or activities. This was set at a minimum of £45,000 for 2023 to 2024 based on the 2022 to 2023 operational year.
The trustees' financial priorities for 2024-2025 are to :
- Increase income from membership and facilities hire.
- Explore moving reserves to an interest bearing account to maximise use of he charity's funds.
- Determine costs of progressing proposals for a sports hall before deciding on investment in new equipment or facilities.
The trustees will be developing a new 5-year business plan during the course of 2025 which will set out the longer term plans for the centre, including the construction of a sports hall which was part of the original vision of the Parish Council when the charity was established.
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.
Trustees are appointed in accordance with the Articles of Association. One trustee resigned and one trstee was appointed during the year; one existing trustee changed status:
Karen Jukes - resigned 14th December 2023
Emily Moodley - appointed 11th July 2024
Debra Watson changed to Wellesbourne and Walton Parish Council appointed trustee - 9 May 2024.
Induction and training of new trustees
It is the charity's policy that new trustees undergo an orientation process to brief them on their legal obligations under charity law, the charity's governing documents, the committee decision making process, the business plan and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events that will assist hem in carrying out their role.
Volunteers
The charity does not have any volunteers other that the trustees.
The finances and performance of the centre are overseen by the trustees who meet monthly to monitor the work of the centre and how we are meeting our charitable aims.
The trustees have employed a general manager of the centre, a duty manager, three gym instructors, and an administrative assistant. We also have a team of specialist instructors who are self-employed and who deliver a range of classes.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Public Benefit
The trustees confirm that they have complied with their duty under Section 4 of the Charities Act 2011 to have due regards to the Charity Commission's general guidance on public benefit.
The Report of the Trustees report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Wellesbourne Sports and Community Centre (the charity) for the year ended 30 September 2024.
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.
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:
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
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
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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Wellesbourne Sports and Community Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is 2 School Road, Wellesbourne, Warwickshire, CV35 9NH, England.
The financial statements have been prepared in accordance with the charity's governing document, 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 charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
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. The principal accounting policies adopted are set out below.
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.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
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.
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.
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
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:
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.
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible 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).
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.
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, 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, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Government grants
Government grants are recognised in profit or loss on a systematic basis over the periods in which the company recognises expenses for the related costs for which the grants are intended to compensate.
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.
Grants received, included in the above, are as follows:
Parish Council £8,485.00
Rates and Water
Insurance
Light and Heat
Telephone
Advertising
Sundries
Computer Costs
Building Costs
Classes Expenses
Classes Instructors
Repairs, Maintenance and Cleaning
MUGA Costs
Office and General admin costs
Other professional services
Credit card services
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The restricted funds represent funds of the charity which have restricted purpose for the purchase of fixed assets.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
The unrestricted funds represent the free funds of the charity, which are not designated to any particular purpose.
Wellesbourne Sports and Community Centre is a company limited by guarantee not having any share capital.
There were no disclosable related party transactions during the year (2023 - none).