Registered number: 02713410 Charity number: 1011552
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 - 11 |
| Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 - 28 |
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023
| Trustees | R Van Den Abbeele, President |
|---|---|
| T S A Alkadim (Alnuaimi), Vice President | |
| K Sotiriadi | |
| E Strydom | |
| P L Szekeres | |
| L Apine (appointed 8 December 2023) | |
| M Kongruang (appointed 8 December 2023) | |
| I J Donald, Honorary Treasurer (appointed 23 January 2024) | |
| P Rozhkov, 2nd Vice President (resigned 8 December 2023) | |
| R I Paterson, Honorary Treasurer (resigned 8 December 2023) | |
| J R Martinez (resigned 8 December 2023) | |
| C Sherrington (resigned 8 December 2023) | |
| B J Cooper (resigned 29 May 2024) | |
| Company registered number 02713410 Charity registered number 1011552 Registered office Aylesbury College Oxford Road Aylesbury Buckinghamshire HP21 8PD Chief executive officer C Hooper Accountants Hillier Hopkins LLP Chartered Accountants 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1NA |
Page 1
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report together with the financial statements of the World Abilitysport Federation Ltd for the year 1 January 2023 to 31 December 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to the general guidance published by the Charity Commission relating to public benefit.
The principal activities of World Abilitysport as an incorporated charity, are the development and promotion of sporting opportunities for persons with a physical impairment through the World Abilitysport Games programme and the governance and management of Wheelchair Fencing and Powerchair Hockey.
b. Activities undertaken to achieve objectives
Since our formation in 1952 as the International Stoke Mandeville Games Federation (ISMGF) (later ISMWSF then IWAS) and more recently with the merger with Cerebral Palsy International Sports and Recreation Association (CPISRA), and as founders of the Paralympic Games, World Abilitysport upholds its values to provide fair and honourable competition opportunities to promote the sporting achievements of athletes. As an athlete centred organisation, World Abilitysport has athletes’ interests and priorities at the heart of its objectives. This necessitates acceptance of the fundamental values of honesty, human rights, fairness, justice, nondiscrimination and personal integrity.
Amongst our achievements we list
-
Founders of the Paralympic movement and Paralympic Games.
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Founding member of the International Paralympic Committee (IPC).
-
Originator of the renowned International Stoke Mandeville model of sport for persons with a physical impairment.
-
Creators of the international pathway for athletes across all sports from grass-roots to elite.
c. Main activities undertaken to further the Company's purposes for the public benefit
After more than two years of disruption to the activities of World Abilitysport, Wheelchair Fencing and Powerchair Hockey, the calendar returned to full strength in 2023 with a packed schedule of competitions.
Page 2
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Objectives and activities (continued)
Achievements and performance
a. Review of activities
The Federation is reporting for the first year as World Abilitysport but under the same company number since 1992.
In 2023, the organisation received a total income of £697,557 (2022: £914,428) and ran a net surplus of £252,621 (2022: £341,701).
Total income received in 2023 amounted to £697,557 (2022: £914,428). The Charity’s Income levels are cyclical in nature, dependent on our games programme and on the cycle of the Paralympic Games. The heights of 2022 are unlikely to be reached again in the near term, and 2023’s performance needs to be seen in this context, exceeding expectations. Expenditure continues to be tightly controlled, and the reported surplus for the year was £252,621 (2022: £341,701). The Charity’s cash position remains strong, with cash balances at £859,403 (2022: £634,491). 2024 being a Paralympic year, it is to be expected that these reserves will reduce over the course of the year.
b. World Abilitysport 2023 - Year in review
2023 began with the launch of our new World Abilitysport branding with the reveal of the logo and brand across the website and social media. This has been hailed a great success and is creating new interest in what we do. Following years of collaboration between IWAS and CPISRA, and the recognition that both organisations shared the same objectives and goals, we finally came together as one organisation in January 2023. This brought to a closure extensive discussions and membership consultations by the Boards of IWAS and CPISRA who agreed to combine our strengths to grow our global reach to promote the participation in sports and recreation for persons with physical impairments across the world.
Additions to our usual activities, recreational camps where held in 2023. A teen, family and adult recreation camps were held in Calvert Trust in Keswick and Benrigg Trust in Kendal, offering a range of outdoor activities such as caving, canoeing and orienteering for people with physical impairments. The weekend long camps offered participants the opportunity to try different outdoor activities in an accessible and social environment.
The 2023 World Abilitysport Conference on Physical Activity for Health for People with Cerebral Palsy and other Neurological Conditions was held at the University of Edinburgh and online from 20-21 October 2023.
The inaugural research conference brought together academics, sport practitioners, parents, athletes and coaches to shine a light on the physical and social benefits of sport and physical activity. Around 150 delegates from 20 countries attended the conference both in-person in Edinburgh and online.
The 2023 World Abilitysport Games, hosted in Nakhon Ratchasima, Thailand were held from 1-9 December 2023 and welcomed 950 athletes from 45 countries. The Games hosted an extensive sports programme of athletics, swimming, table tennis, powerlifting, road & track cycling, rowing, archery, badminton, shooting, snooker and wheelchair fencing. Three demonstration sports, E-sports, pétanque and sepak takraw, all hugely popular in the host nation, were also showcased.
Page 3
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance (continued)
On 8th December 2023, the first World Abilitysport General Assembly and Elections were held in conjunction with the Games in Nakhon Ratchasima, Thailand. The inaugural Assembly welcomed 28 full member organisations in person and two secondary members joined as observers. The Assembly voted for the first elected World Abilitysport Governing Board and two members of the newly formed Council achieving a 50/50 gender split and representation from four continents for the first time. As well as welcoming LimbPower and Venezuelan Fencing Federation as new members, Honorary Treasurer, Bob Paterson MBE, was awarded the Pursuit Trophy and became the first recipient of the World Abilitysport Honorary Patron title.
Wheelchair Fencing continued to offer an extensive competition calendar with six World Cups, two satellite competitions and the U23 World Championships hosted in Busan, South Korea. The 2023 World Championships were held from 3-8 October 2023 in Terni, Italy and saw 215 fencers from 31 countries compete.
Powerchair Hockey launched their first International Powerchair Hockey Day on 7th April to promote the sport internationally. On 17 & 18 November, Powerchair Hockey hosted the Qualification Tournament for the European Championships in De Rjip, Netherlands which saw Belgium take the top spot. The European Championship bid was awarded to Korsør, Denmark and will be hosted in 2024.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Directors have considered the Reserves position and are satisfied that the level of reserves is appropriate and sufficient to meet World Abilitysports’ immediate funding and working capital requirements. The level of reserves required differs in the cycle between Paralympic and non-Paralympic years.
c. Financial risk management objectives and policies
The Governing Board recognises its obligation to conduct an annual review of the major risks to which the charity is exposed.
Page 4
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, governance and management
a. Constitution
The Company is registered as a charitable company limited by guarantee and was set up by a Trust deed.
The Company is constituted under a Trust deed and is a registered charity number 1011552.
The Company was incorporated on and commenced trading on 11 May 1992.
The Company is registered as a charitable company limited by guarantee and is constituted under its Memorandum and Articles as amended on 1 October 2015, 2 December 2017 and 28 November 2022.
b. Methods of appointment or election of Trustees
The Directors of the Company, who are also Trustees for the purposes of charity law under the company’s Memorandum and Articles of Association (Constitution), are known as the members of the Governing Board.
The Governing Board/Trustees are appointed by election at the General Assembly, and hold office for a term of 4 (four) years, and may be subsequently re-appointed by election for a further term of four years. No Trustee may hold office for more than 12 consecutive years. The CEO notified the membership and made a call for motions and mandates in accordance with timelines prescribed in the Federation’s Constitution (Memorandum & Articles of Association and Internal Regulations).
The Charity’s focus is to provide international development and sporting opportunity for persons with physical impairments. As such, the Governing Board members seek to ensure that the needs of this group are reflected through the diversity of the Trustees, with all members having a background in one or more aspects of sport governance and/or management and currently three of these additionally are ex athletes.
The personal and business skills of Governing Board members are taken into account when allocating portfolio/job descriptions. An annual assessment of Governing Board members’ performance is undertaken.
c. Organisational structure and decision-making policies
The Governing Board meet at least once a year face to face, with monthly catch up online meetings to provide updates by the CEO and President. The Governing Board is responsible for the governance of the Federation including strategic direction and policy of the Charity and is answerable to the General Assembly of Nations in this respect.
The World Abilitysport General Assembly is held every 2 (two) years in uneven years.
d. Future Developments
The new name of the federation, World Abilitysport, is becoming well established now and we are being recognised as the world’s leading organisation for the development of sport for people with a physical impairments focusing on high performance sporting opportunities, development of sports and adding a new dimension of recreational sporting activities where appropriate.
Page 5
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
I J Donald
Honorary Treasurer Date:
Page 6
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Independent Examiner's Report to the Trustees of World Abilitysport Federation Ltd ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
Responsibilities and Basis of Report
As the Trustees of the Company (and 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 the Company's accounts 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 the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in Englanf 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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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)].
Page 7
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
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.
Signed: Dated: Neal Carter ACA
Hillier Hopkins LLP Chartered Accountants 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1NA
Page 8
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Raising funds Charitable activities 6 Total expenditure Net income Transfers between funds 14 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2023 £ 179,797 - - 179,797 - 158,316 158,316 21,481 6,065 27,546 71,322 27,546 98,868 |
Unrestricted funds 2023 £ 79,409 429,697 8,654 517,760 - 286,620 286,620 231,140 (6,065) 225,075 552,218 225,075 777,293 |
Total funds 2023 £ 259,206 429,697 8,654 697,557 - 444,936 444,936 252,621 - 252,621 623,540 252,621 876,161 |
Total funds 2022 £ 94,540 818,914 974 |
|---|---|---|---|---|
| 914,428 | ||||
| 21,443 551,284 |
||||
| 572,727 | ||||
| 341,701 - |
||||
| 341,701 | ||||
| 281,839 341,701 |
||||
| 623,540 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 28 form part of these financial statements.
Page 9
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 02713410
BALANCE SHEET AS AT 31 DECEMBER 2023
| Note Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 14 Unrestricted funds 14 Total funds |
55,799 859,403 915,202 (41,059) |
2023 £ 2,018 2,018 874,143 876,161 876,161 98,868 777,293 876,161 |
16,248 634,491 650,739 (27,578) |
2022 £ 379 |
|---|---|---|---|---|
| 379 623,161 |
||||
| 623,540 | ||||
| 623,540 | ||||
| 71,322 552,218 |
||||
| 623,540 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 10
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 02713410
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
I J Donald
Honorary Treasurer Date:
The notes on pages 13 to 28 form part of these financial statements.
Page 11
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023
| Cash flows from operating activities Net cash used in operating activities Note 17 Cash flows from investing activities Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 13 to 28 form part of these financial statements |
2023 £ 224,912 - - 224,912 634,491 859,403 |
2022 £ 335,830 |
|---|---|---|
| - | ||
| - | ||
| 335,830 298,661 |
||
| 634,491 | ||
Page 12
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. General information
World Abilitysport Federation Ltd is a charitable company limited by guarantee incorporated in England and Wales within the United Kingdom. The Company's registered office is Aylesbury College, Oxford Road, Aylesbury, Buckinghamshire, HP21 8PD.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preperation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
World Abilitysport Federation Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 13
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.3 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 allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Office equipment - 20% straight line Computer equipment - 33% straight line
Page 14
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.10 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
The Company contributes to personal pension plans of employees amd the pension charge represents the amounts payable by the company to the plans ins respect of the period.
Page 15
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations Grants Other grant income Donations Grants |
Restricted funds 2023 £ - 179,797 - 179,797 Restricted funds 2022 £ - 88,540 88,540 |
Unrestricted funds 2023 £ 71,477 - 7,932 79,409 Unrestricted funds 2022 £ 6,000 - 6,000 |
Total funds 2023 £ 71,477 179,797 7,932 259,206 Total funds 2022 £ 6,000 88,540 94,540 |
|---|---|---|---|
Page 16
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
4. Income from charitable activities
| Membership Services and Capitation Fees Executive Services World Abilitysport games income Membership Services and Capitation Fees Executive Services IWAS World games income |
Unrestricted funds 2023 £ 397,896 6,750 25,051 429,697 Unrestricted funds 2022 £ 177,240 4,455 637,219 818,914 |
Total funds 2023 £ 397,896 6,750 25,051 429,697 Total funds 2022 £ 177,240 4,455 637,219 818,914 |
|
|---|---|---|---|
5. Investment income
| Interest received Interest received |
Unrestricted funds 2023 £ 8,654 Unrestricted funds 2022 £ 974 |
Total funds 2023 £ 8,654 Total funds 2022 £ 974 |
|---|---|---|
Page 17
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6. Analysis of expenditure on charitable activities
Summary by fund type
| Membership Services Sport Services World Abilitysport Sports IPC Services Executive Services Finance Services Governance Costs Membership Services Sport Services IWAS Sport IPC Services Executive Services Finance Services Governance Costs |
Restricted funds 2023 £ 109 53 158,154 - - - - 158,316 Restricted funds 2022 £ 22 50 74,492 - - - - 74,564 |
Unrestricted funds 2023 £ 26,373 146,123 65,592 17,730 17,521 (748) 14,029 286,620 Unrestricted funds 2022 £ 14,247 358,956 67,948 16,470 9,326 830 8,943 476,720 |
Total 2023 £ 26,482 146,176 223,746 17,730 17,521 (748) 14,029 444,936 Total 2022 £ 14,269 359,006 142,440 16,470 9,326 830 8,943 551,284 |
|---|---|---|---|
Page 18
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. Analysis of expenditure by activities
| Membership Services Sport Services World Abilitysport Sports IPC Services Executive Services Finance Services Governance Costs Membership Services Sport Services IWAS Sport IPC Services Executive Services Finance Services Governance Costs |
Activities undertaken directly 2023 £ 26,482 142,992 223,746 17,730 - - - 410,950 Activities undertaken directly 2022 £ 14,269 355,418 142,440 13,995 - - - 526,122 |
Support costs 2023 £ - 3,184 - - 17,521 (748) 14,029 33,986 Support costs 2022 £ - 3,588 - 2,475 9,326 830 8,943 25,162 |
Total funds 2023 £ 26,482 146,176 223,746 17,730 17,521 (748) 14,029 444,936 Total funds 2022 £ 14,269 359,006 142,440 16,470 9,326 830 8,943 551,284 |
|---|---|---|---|
Page 19
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
8. Independent examiner's remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's independent examiner for the independent | ||
| examination of the Company's annual accounts | 3,250 | 3,600 |
9. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2023 £ 164,919 8,779 3,602 177,300 |
2022 £ 107,946 (3,600) 2,448 |
|---|---|---|
| 106,794 |
The average number of persons employed by the Company during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Average number of employees | 7 | 4 |
No employee received remuneration amounting to more than £60,000 in either year.
During the year, the Charity's key management personnel received renumeration of £69,623 (2022: £45,715).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 December 2023, expenses totalling £ 14,370 were reimbursed or paid directly to 7 Trustees (2022 - £NIL ).
Page 20
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
11. Tangible fixed assets
| Cost or valuation At 1 January 2023 Additions At 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 12. Debtors Due within one year Trade debtors Other debtors Prepayments and accrued income |
Office equipment £ 12,217 - 12,217 12,217 - 12,217 - - |
Computer equipment £ 13,442 2,177 15,619 13,063 538 13,601 2,018 379 2023 £ 51,698 2,231 1,870 55,799 |
Total £ 25,659 2,177 |
|
|---|---|---|---|---|
| 27,836 | ||||
| 25,280 538 |
||||
| 25,818 | ||||
| 2,018 | ||||
| 379 | ||||
| 2022 £ - 16,248 - 16,248 |
Page 21
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
13. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Pension fund loan payable Accruals and deferred income |
2023 £ 4,376 4,989 1,133 30,561 41,059 |
2022 £ 3,708 1,640 643 21,587 |
|---|---|---|
| 27,578 |
Page 22
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
14. Statement of funds
Statement of funds - current year
| Balance at 1 January 2023 £ Unrestricted funds Designated funds Anti Doping Fund - Games Fund - - General funds General Funds 552,218 Total Unrestricted funds 552,218 Restricted funds IPC Grant 25,726 Dr Nakamura Fund 1,863 Special Fund 971 Wheelchair Fencing Fund 39,470 Powerchair Hockey Fund 3,292 Conference Fund - Camps Fund - 71,322 Total of funds 623,540 |
Income £ - - - 517,760 517,760 22,163 - - 87,590 18,153 20,516 31,375 179,797 697,557 |
Expenditure £ - - - (286,620) (286,620) (15,531) - - (64,860) (23,878) (19,040) (35,007) (158,316) (444,936) |
Transfers in/out £ 30,000 70,000 100,000 (106,065) (6,065) - - - - 2,433 - 3,632 6,065 - |
Balance at 31 December 2023 £ 30,000 70,000 |
|---|---|---|---|---|
| 100,000 | ||||
| 677,293 | ||||
| 777,293 | ||||
| 32,358 1,863 971 62,200 - 1,476 - |
||||
| 98,868 | ||||
| 876,161 |
Page 23
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
14. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds - all funds Restricted funds IPC Grant Dr Nakamura Fund Special Fund Wheelchair Fencing Fund Powerchair Hockey Fund Total of funds |
Balance at 1 January 2022 £ 224,493 12,741 1,863 971 38,479 3,292 57,346 281,839 |
Income £ 825,888 21,220 - - 67,320 - 88,540 914,428 |
Expenditure £ (498,163) (8,235) - - (66,329) - (74,564) (572,727) |
Balance at 31 December 2022 £ 552,218 |
|---|---|---|---|---|
| 25,726 1,863 971 39,470 3,292 |
||||
| 71,322 | ||||
| 623,540 |
15. Summary of funds
Summary of funds - current year
| Balance at 1 January 2023 £ Designated funds - General funds 552,218 Restricted funds 71,322 623,540 |
Income £ - 517,760 179,797 697,557 |
Expenditure £ - (286,620) (158,316) (444,936) |
Transfers in/out £ 100,000 (106,065) 6,065 - |
Balance at 31 December 2023 £ 100,000 677,293 98,868 |
|---|---|---|---|---|
| 876,161 |
Page 24
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
15. Summary of funds (continued)
Summary of funds - prior year
| General funds Restricted funds |
Balance at 1 January 2022 £ 224,493 57,346 281,839 |
Income £ 825,888 88,540 914,428 |
Expenditure £ (498,163) (74,564) (572,727) |
Balance at 31 December 2022 £ 552,218 71,322 |
|---|---|---|---|---|
| 623,540 |
Page 25
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
15. Summary of funds (continued)
General Fund
The General Fund represents the unrestricted funds including the funds of the sports which the board and Sport Committees are free to use in accordance with the charitable objectives.
Dr Nakamura's Fund
Access to Dr Nakamura's Fund is only available to members in Far Eastern countries. World Abilitysport Federation hold the fund in trust for the members. The fund is held under ISMWSF's original constitution.
Special Fund
The Special Fund was established for the purpose of underwriting the expenses of travelling to and holding international meetings. This fund is held under the ISMWSF's original constitution.
Powerchair Hockey Fund
These funds are restricted funds that are intended for the sport of wheelchair fencing only and is made up of fees payable to the sport under the rules of the sport and World Abilitysport.
Wheelchair Fencing Fund
These funds are restricted funds that are intended for the sport of wheelchair fencing only and is made up of fees payable to the sport under the rules of the sport and World Abilitysport.
IPC IF Grant – For wheelchair Fencing only
All sports on the Paralympic Games programme receive an annual grant from the International Paralympic Committee. These funds are exclusively for the development of Wheelchair Fencing around the world.
Paralympic Games ITO costs Fund
Prior to each Paralympic Games, World Abilitysport receives an amount from the organisers that has to be used to book all flights for international delegates attending the games as well as the per-diems that are paid to them. The balance of this should be zero at the end of the year of the Paralympic Games.
Recreational Camps Fund
These funds were received for the delivery of 3 camps following the coming together of IWAS and CPISRA. It is not anticipated that camps will be organised by World Abilitysport as they do not reach an international audience.
Conference Fund
The first Conference of World Abilitysport was held as a continuation of the activities of CPISRA. It is our intention to continue this activity and will therefore apply for funding that needs to be kept in a dedicated fund for this purpose.
Page 26
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
16. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Restricted funds 2023 Unrestricted funds 2023 £ £ Tangible fixed assets - 2,018 Current assets 98,868 816,334 Creditors due within one year - (41,059) Total 98,868 777,293 Analysis of net assets between funds - prior year Restricted funds 2022 Unrestricted funds 2022 £ £ Tangible fixed assets - 379 Current assets 71,322 579,417 Creditors due within one year - (27,578) Total 71,322 552,218 17. Reconciliation of net movement in funds to net cash flow from operating activities 2023 £ Net income for the year (as per Statement of Financial Activities) 252,621 Adjustments for: Depreciation charges 538 Decrease/(increase) in debtors (32,160) Increase/(decrease) in creditors 6,090 Purchase of fixed assets (2,177) Net cash provided by operating activities 224,912 |
Restricted funds 2023 Unrestricted funds 2023 £ £ Tangible fixed assets - 2,018 Current assets 98,868 816,334 Creditors due within one year - (41,059) Total 98,868 777,293 Analysis of net assets between funds - prior year Restricted funds 2022 Unrestricted funds 2022 £ £ Tangible fixed assets - 379 Current assets 71,322 579,417 Creditors due within one year - (27,578) Total 71,322 552,218 17. Reconciliation of net movement in funds to net cash flow from operating activities 2023 £ Net income for the year (as per Statement of Financial Activities) 252,621 Adjustments for: Depreciation charges 538 Decrease/(increase) in debtors (32,160) Increase/(decrease) in creditors 6,090 Purchase of fixed assets (2,177) Net cash provided by operating activities 224,912 |
Total funds 2023 £ 2,018 915,202 (41,059) 876,161 Total funds 2022 £ 379 650,739 (27,578) 623,540 2022 £ 341,701 81 8,705 (14,657) - 335,830 |
|---|---|---|
Page 27
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
18. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2023 £ 859,403 859,403 |
2022 £ 634,491 |
|---|---|---|
| 634,491 |
19. Analysis of changes in net debt
| Cash at bank and in hand Debt due within 1 year |
At 1 January 2023 £ 634,491 (643) 633,848 |
Cash flows £ 224,912 - 224,912 |
Other non- cash changes £ - (490) (490) |
At 31 December 2023 £ 859,403 (1,133) |
|---|---|---|---|---|
| 858,270 |
20. Pension commitments
The Company operates a defined contribution scheme. The assets of the scheme are held seperately from those of the Charity in an independently administered fund. The pension cost charge represents the contributions payable by the Charity to the fund and amounted to £3,602 (2022: £2,448). Contributions totalling £1,133 (2022: £643) were payable to the fund at the balance sheet date and are included in creditors.
Page 28
Registered number: 02713410 Charity number: 1011552
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 - 11 |
| Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 - 28 |
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023
| Trustees | R Van Den Abbeele, President |
|---|---|
| T S A Alkadim (Alnuaimi), Vice President | |
| K Sotiriadi | |
| E Strydom | |
| P L Szekeres | |
| L Apine (appointed 8 December 2023) | |
| M Kongruang (appointed 8 December 2023) | |
| I J Donald, Honorary Treasurer (appointed 23 January 2024) | |
| P Rozhkov, 2nd Vice President (resigned 8 December 2023) | |
| R I Paterson, Honorary Treasurer (resigned 8 December 2023) | |
| J R Martinez (resigned 8 December 2023) | |
| C Sherrington (resigned 8 December 2023) | |
| B J Cooper (resigned 29 May 2024) | |
| Company registered number 02713410 Charity registered number 1011552 Registered office Aylesbury College Oxford Road Aylesbury Buckinghamshire HP21 8PD Chief executive officer C Hooper Accountants Hillier Hopkins LLP Chartered Accountants 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1NA |
Page 1
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report together with the financial statements of the World Abilitysport Federation Ltd for the year 1 January 2023 to 31 December 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to the general guidance published by the Charity Commission relating to public benefit.
The principal activities of World Abilitysport as an incorporated charity, are the development and promotion of sporting opportunities for persons with a physical impairment through the World Abilitysport Games programme and the governance and management of Wheelchair Fencing and Powerchair Hockey.
b. Activities undertaken to achieve objectives
Since our formation in 1952 as the International Stoke Mandeville Games Federation (ISMGF) (later ISMWSF then IWAS) and more recently with the merger with Cerebral Palsy International Sports and Recreation Association (CPISRA), and as founders of the Paralympic Games, World Abilitysport upholds its values to provide fair and honourable competition opportunities to promote the sporting achievements of athletes. As an athlete centred organisation, World Abilitysport has athletes’ interests and priorities at the heart of its objectives. This necessitates acceptance of the fundamental values of honesty, human rights, fairness, justice, nondiscrimination and personal integrity.
Amongst our achievements we list
-
Founders of the Paralympic movement and Paralympic Games.
-
Founding member of the International Paralympic Committee (IPC).
-
Originator of the renowned International Stoke Mandeville model of sport for persons with a physical impairment.
-
Creators of the international pathway for athletes across all sports from grass-roots to elite.
c. Main activities undertaken to further the Company's purposes for the public benefit
After more than two years of disruption to the activities of World Abilitysport, Wheelchair Fencing and Powerchair Hockey, the calendar returned to full strength in 2023 with a packed schedule of competitions.
Page 2
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Objectives and activities (continued)
Achievements and performance
a. Review of activities
The Federation is reporting for the first year as World Abilitysport but under the same company number since 1992.
In 2023, the organisation received a total income of £697,557 (2022: £914,428) and ran a net surplus of £252,621 (2022: £341,701).
Total income received in 2023 amounted to £697,557 (2022: £914,428). The Charity’s Income levels are cyclical in nature, dependent on our games programme and on the cycle of the Paralympic Games. The heights of 2022 are unlikely to be reached again in the near term, and 2023’s performance needs to be seen in this context, exceeding expectations. Expenditure continues to be tightly controlled, and the reported surplus for the year was £252,621 (2022: £341,701). The Charity’s cash position remains strong, with cash balances at £859,403 (2022: £634,491). 2024 being a Paralympic year, it is to be expected that these reserves will reduce over the course of the year.
b. World Abilitysport 2023 - Year in review
2023 began with the launch of our new World Abilitysport branding with the reveal of the logo and brand across the website and social media. This has been hailed a great success and is creating new interest in what we do. Following years of collaboration between IWAS and CPISRA, and the recognition that both organisations shared the same objectives and goals, we finally came together as one organisation in January 2023. This brought to a closure extensive discussions and membership consultations by the Boards of IWAS and CPISRA who agreed to combine our strengths to grow our global reach to promote the participation in sports and recreation for persons with physical impairments across the world.
Additions to our usual activities, recreational camps where held in 2023. A teen, family and adult recreation camps were held in Calvert Trust in Keswick and Benrigg Trust in Kendal, offering a range of outdoor activities such as caving, canoeing and orienteering for people with physical impairments. The weekend long camps offered participants the opportunity to try different outdoor activities in an accessible and social environment.
The 2023 World Abilitysport Conference on Physical Activity for Health for People with Cerebral Palsy and other Neurological Conditions was held at the University of Edinburgh and online from 20-21 October 2023.
The inaugural research conference brought together academics, sport practitioners, parents, athletes and coaches to shine a light on the physical and social benefits of sport and physical activity. Around 150 delegates from 20 countries attended the conference both in-person in Edinburgh and online.
The 2023 World Abilitysport Games, hosted in Nakhon Ratchasima, Thailand were held from 1-9 December 2023 and welcomed 950 athletes from 45 countries. The Games hosted an extensive sports programme of athletics, swimming, table tennis, powerlifting, road & track cycling, rowing, archery, badminton, shooting, snooker and wheelchair fencing. Three demonstration sports, E-sports, pétanque and sepak takraw, all hugely popular in the host nation, were also showcased.
Page 3
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance (continued)
On 8th December 2023, the first World Abilitysport General Assembly and Elections were held in conjunction with the Games in Nakhon Ratchasima, Thailand. The inaugural Assembly welcomed 28 full member organisations in person and two secondary members joined as observers. The Assembly voted for the first elected World Abilitysport Governing Board and two members of the newly formed Council achieving a 50/50 gender split and representation from four continents for the first time. As well as welcoming LimbPower and Venezuelan Fencing Federation as new members, Honorary Treasurer, Bob Paterson MBE, was awarded the Pursuit Trophy and became the first recipient of the World Abilitysport Honorary Patron title.
Wheelchair Fencing continued to offer an extensive competition calendar with six World Cups, two satellite competitions and the U23 World Championships hosted in Busan, South Korea. The 2023 World Championships were held from 3-8 October 2023 in Terni, Italy and saw 215 fencers from 31 countries compete.
Powerchair Hockey launched their first International Powerchair Hockey Day on 7th April to promote the sport internationally. On 17 & 18 November, Powerchair Hockey hosted the Qualification Tournament for the European Championships in De Rjip, Netherlands which saw Belgium take the top spot. The European Championship bid was awarded to Korsør, Denmark and will be hosted in 2024.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Directors have considered the Reserves position and are satisfied that the level of reserves is appropriate and sufficient to meet World Abilitysports’ immediate funding and working capital requirements. The level of reserves required differs in the cycle between Paralympic and non-Paralympic years.
c. Financial risk management objectives and policies
The Governing Board recognises its obligation to conduct an annual review of the major risks to which the charity is exposed.
Page 4
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, governance and management
a. Constitution
The Company is registered as a charitable company limited by guarantee and was set up by a Trust deed.
The Company is constituted under a Trust deed and is a registered charity number 1011552.
The Company was incorporated on and commenced trading on 11 May 1992.
The Company is registered as a charitable company limited by guarantee and is constituted under its Memorandum and Articles as amended on 1 October 2015, 2 December 2017 and 28 November 2022.
b. Methods of appointment or election of Trustees
The Directors of the Company, who are also Trustees for the purposes of charity law under the company’s Memorandum and Articles of Association (Constitution), are known as the members of the Governing Board.
The Governing Board/Trustees are appointed by election at the General Assembly, and hold office for a term of 4 (four) years, and may be subsequently re-appointed by election for a further term of four years. No Trustee may hold office for more than 12 consecutive years. The CEO notified the membership and made a call for motions and mandates in accordance with timelines prescribed in the Federation’s Constitution (Memorandum & Articles of Association and Internal Regulations).
The Charity’s focus is to provide international development and sporting opportunity for persons with physical impairments. As such, the Governing Board members seek to ensure that the needs of this group are reflected through the diversity of the Trustees, with all members having a background in one or more aspects of sport governance and/or management and currently three of these additionally are ex athletes.
The personal and business skills of Governing Board members are taken into account when allocating portfolio/job descriptions. An annual assessment of Governing Board members’ performance is undertaken.
c. Organisational structure and decision-making policies
The Governing Board meet at least once a year face to face, with monthly catch up online meetings to provide updates by the CEO and President. The Governing Board is responsible for the governance of the Federation including strategic direction and policy of the Charity and is answerable to the General Assembly of Nations in this respect.
The World Abilitysport General Assembly is held every 2 (two) years in uneven years.
d. Future Developments
The new name of the federation, World Abilitysport, is becoming well established now and we are being recognised as the world’s leading organisation for the development of sport for people with a physical impairments focusing on high performance sporting opportunities, development of sports and adding a new dimension of recreational sporting activities where appropriate.
Page 5
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
I J Donald
Honorary Treasurer Date:
Page 6
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Independent Examiner's Report to the Trustees of World Abilitysport Federation Ltd ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
Responsibilities and Basis of Report
As the Trustees of the Company (and 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 the Company's accounts 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 the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in Englanf 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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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)].
Page 7
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
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.
Signed: Dated: Neal Carter ACA
Hillier Hopkins LLP Chartered Accountants 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1NA
Page 8
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Raising funds Charitable activities 6 Total expenditure Net income Transfers between funds 14 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2023 £ 179,797 - - 179,797 - 158,316 158,316 21,481 6,065 27,546 71,322 27,546 98,868 |
Unrestricted funds 2023 £ 79,409 429,697 8,654 517,760 - 286,620 286,620 231,140 (6,065) 225,075 552,218 225,075 777,293 |
Total funds 2023 £ 259,206 429,697 8,654 697,557 - 444,936 444,936 252,621 - 252,621 623,540 252,621 876,161 |
Total funds 2022 £ 94,540 818,914 974 |
|---|---|---|---|---|
| 914,428 | ||||
| 21,443 551,284 |
||||
| 572,727 | ||||
| 341,701 - |
||||
| 341,701 | ||||
| 281,839 341,701 |
||||
| 623,540 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 28 form part of these financial statements.
Page 9
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 02713410
BALANCE SHEET AS AT 31 DECEMBER 2023
| Note Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 14 Unrestricted funds 14 Total funds |
55,799 859,403 915,202 (41,059) |
2023 £ 2,018 2,018 874,143 876,161 876,161 98,868 777,293 876,161 |
16,248 634,491 650,739 (27,578) |
2022 £ 379 |
|---|---|---|---|---|
| 379 623,161 |
||||
| 623,540 | ||||
| 623,540 | ||||
| 71,322 552,218 |
||||
| 623,540 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 10
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 02713410
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
I J Donald
Honorary Treasurer Date:
The notes on pages 13 to 28 form part of these financial statements.
Page 11
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023
| Cash flows from operating activities Net cash used in operating activities Note 17 Cash flows from investing activities Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 13 to 28 form part of these financial statements |
2023 £ 224,912 - - 224,912 634,491 859,403 |
2022 £ 335,830 |
|---|---|---|
| - | ||
| - | ||
| 335,830 298,661 |
||
| 634,491 | ||
Page 12
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. General information
World Abilitysport Federation Ltd is a charitable company limited by guarantee incorporated in England and Wales within the United Kingdom. The Company's registered office is Aylesbury College, Oxford Road, Aylesbury, Buckinghamshire, HP21 8PD.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preperation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
World Abilitysport Federation Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 13
WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.3 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 allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Office equipment - 20% straight line Computer equipment - 33% straight line
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WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.10 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
The Company contributes to personal pension plans of employees amd the pension charge represents the amounts payable by the company to the plans ins respect of the period.
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WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations Grants Other grant income Donations Grants |
Restricted funds 2023 £ - 179,797 - 179,797 Restricted funds 2022 £ - 88,540 88,540 |
Unrestricted funds 2023 £ 71,477 - 7,932 79,409 Unrestricted funds 2022 £ 6,000 - 6,000 |
Total funds 2023 £ 71,477 179,797 7,932 259,206 Total funds 2022 £ 6,000 88,540 94,540 |
|---|---|---|---|
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WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
4. Income from charitable activities
| Membership Services and Capitation Fees Executive Services World Abilitysport games income Membership Services and Capitation Fees Executive Services IWAS World games income |
Unrestricted funds 2023 £ 397,896 6,750 25,051 429,697 Unrestricted funds 2022 £ 177,240 4,455 637,219 818,914 |
Total funds 2023 £ 397,896 6,750 25,051 429,697 Total funds 2022 £ 177,240 4,455 637,219 818,914 |
|
|---|---|---|---|
5. Investment income
| Interest received Interest received |
Unrestricted funds 2023 £ 8,654 Unrestricted funds 2022 £ 974 |
Total funds 2023 £ 8,654 Total funds 2022 £ 974 |
|---|---|---|
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WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6. Analysis of expenditure on charitable activities
Summary by fund type
| Membership Services Sport Services World Abilitysport Sports IPC Services Executive Services Finance Services Governance Costs Membership Services Sport Services IWAS Sport IPC Services Executive Services Finance Services Governance Costs |
Restricted funds 2023 £ 109 53 158,154 - - - - 158,316 Restricted funds 2022 £ 22 50 74,492 - - - - 74,564 |
Unrestricted funds 2023 £ 26,373 146,123 65,592 17,730 17,521 (748) 14,029 286,620 Unrestricted funds 2022 £ 14,247 358,956 67,948 16,470 9,326 830 8,943 476,720 |
Total 2023 £ 26,482 146,176 223,746 17,730 17,521 (748) 14,029 444,936 Total 2022 £ 14,269 359,006 142,440 16,470 9,326 830 8,943 551,284 |
|---|---|---|---|
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WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. Analysis of expenditure by activities
| Membership Services Sport Services World Abilitysport Sports IPC Services Executive Services Finance Services Governance Costs Membership Services Sport Services IWAS Sport IPC Services Executive Services Finance Services Governance Costs |
Activities undertaken directly 2023 £ 26,482 142,992 223,746 17,730 - - - 410,950 Activities undertaken directly 2022 £ 14,269 355,418 142,440 13,995 - - - 526,122 |
Support costs 2023 £ - 3,184 - - 17,521 (748) 14,029 33,986 Support costs 2022 £ - 3,588 - 2,475 9,326 830 8,943 25,162 |
Total funds 2023 £ 26,482 146,176 223,746 17,730 17,521 (748) 14,029 444,936 Total funds 2022 £ 14,269 359,006 142,440 16,470 9,326 830 8,943 551,284 |
|---|---|---|---|
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WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
8. Independent examiner's remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's independent examiner for the independent | ||
| examination of the Company's annual accounts | 3,250 | 3,600 |
9. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2023 £ 164,919 8,779 3,602 177,300 |
2022 £ 107,946 (3,600) 2,448 |
|---|---|---|
| 106,794 |
The average number of persons employed by the Company during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Average number of employees | 7 | 4 |
No employee received remuneration amounting to more than £60,000 in either year.
During the year, the Charity's key management personnel received renumeration of £69,623 (2022: £45,715).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 December 2023, expenses totalling £ 14,370 were reimbursed or paid directly to 7 Trustees (2022 - £NIL ).
Page 20
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
11. Tangible fixed assets
| Cost or valuation At 1 January 2023 Additions At 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 12. Debtors Due within one year Trade debtors Other debtors Prepayments and accrued income |
Office equipment £ 12,217 - 12,217 12,217 - 12,217 - - |
Computer equipment £ 13,442 2,177 15,619 13,063 538 13,601 2,018 379 2023 £ 51,698 2,231 1,870 55,799 |
Total £ 25,659 2,177 |
|
|---|---|---|---|---|
| 27,836 | ||||
| 25,280 538 |
||||
| 25,818 | ||||
| 2,018 | ||||
| 379 | ||||
| 2022 £ - 16,248 - 16,248 |
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WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
13. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Pension fund loan payable Accruals and deferred income |
2023 £ 4,376 4,989 1,133 30,561 41,059 |
2022 £ 3,708 1,640 643 21,587 |
|---|---|---|
| 27,578 |
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WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
14. Statement of funds
Statement of funds - current year
| Balance at 1 January 2023 £ Unrestricted funds Designated funds Anti Doping Fund - Games Fund - - General funds General Funds 552,218 Total Unrestricted funds 552,218 Restricted funds IPC Grant 25,726 Dr Nakamura Fund 1,863 Special Fund 971 Wheelchair Fencing Fund 39,470 Powerchair Hockey Fund 3,292 Conference Fund - Camps Fund - 71,322 Total of funds 623,540 |
Income £ - - - 517,760 517,760 22,163 - - 87,590 18,153 20,516 31,375 179,797 697,557 |
Expenditure £ - - - (286,620) (286,620) (15,531) - - (64,860) (23,878) (19,040) (35,007) (158,316) (444,936) |
Transfers in/out £ 30,000 70,000 100,000 (106,065) (6,065) - - - - 2,433 - 3,632 6,065 - |
Balance at 31 December 2023 £ 30,000 70,000 |
|---|---|---|---|---|
| 100,000 | ||||
| 677,293 | ||||
| 777,293 | ||||
| 32,358 1,863 971 62,200 - 1,476 - |
||||
| 98,868 | ||||
| 876,161 |
Page 23
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
14. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds - all funds Restricted funds IPC Grant Dr Nakamura Fund Special Fund Wheelchair Fencing Fund Powerchair Hockey Fund Total of funds |
Balance at 1 January 2022 £ 224,493 12,741 1,863 971 38,479 3,292 57,346 281,839 |
Income £ 825,888 21,220 - - 67,320 - 88,540 914,428 |
Expenditure £ (498,163) (8,235) - - (66,329) - (74,564) (572,727) |
Balance at 31 December 2022 £ 552,218 |
|---|---|---|---|---|
| 25,726 1,863 971 39,470 3,292 |
||||
| 71,322 | ||||
| 623,540 |
15. Summary of funds
Summary of funds - current year
| Balance at 1 January 2023 £ Designated funds - General funds 552,218 Restricted funds 71,322 623,540 |
Income £ - 517,760 179,797 697,557 |
Expenditure £ - (286,620) (158,316) (444,936) |
Transfers in/out £ 100,000 (106,065) 6,065 - |
Balance at 31 December 2023 £ 100,000 677,293 98,868 |
|---|---|---|---|---|
| 876,161 |
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WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
15. Summary of funds (continued)
Summary of funds - prior year
| General funds Restricted funds |
Balance at 1 January 2022 £ 224,493 57,346 281,839 |
Income £ 825,888 88,540 914,428 |
Expenditure £ (498,163) (74,564) (572,727) |
Balance at 31 December 2022 £ 552,218 71,322 |
|---|---|---|---|---|
| 623,540 |
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WORLD ABILITYSPORT FEDERATION LTD (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
15. Summary of funds (continued)
General Fund
The General Fund represents the unrestricted funds including the funds of the sports which the board and Sport Committees are free to use in accordance with the charitable objectives.
Dr Nakamura's Fund
Access to Dr Nakamura's Fund is only available to members in Far Eastern countries. World Abilitysport Federation hold the fund in trust for the members. The fund is held under ISMWSF's original constitution.
Special Fund
The Special Fund was established for the purpose of underwriting the expenses of travelling to and holding international meetings. This fund is held under the ISMWSF's original constitution.
Powerchair Hockey Fund
These funds are restricted funds that are intended for the sport of wheelchair fencing only and is made up of fees payable to the sport under the rules of the sport and World Abilitysport.
Wheelchair Fencing Fund
These funds are restricted funds that are intended for the sport of wheelchair fencing only and is made up of fees payable to the sport under the rules of the sport and World Abilitysport.
IPC IF Grant – For wheelchair Fencing only
All sports on the Paralympic Games programme receive an annual grant from the International Paralympic Committee. These funds are exclusively for the development of Wheelchair Fencing around the world.
Paralympic Games ITO costs Fund
Prior to each Paralympic Games, World Abilitysport receives an amount from the organisers that has to be used to book all flights for international delegates attending the games as well as the per-diems that are paid to them. The balance of this should be zero at the end of the year of the Paralympic Games.
Recreational Camps Fund
These funds were received for the delivery of 3 camps following the coming together of IWAS and CPISRA. It is not anticipated that camps will be organised by World Abilitysport as they do not reach an international audience.
Conference Fund
The first Conference of World Abilitysport was held as a continuation of the activities of CPISRA. It is our intention to continue this activity and will therefore apply for funding that needs to be kept in a dedicated fund for this purpose.
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WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
16. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Restricted funds 2023 Unrestricted funds 2023 £ £ Tangible fixed assets - 2,018 Current assets 98,868 816,334 Creditors due within one year - (41,059) Total 98,868 777,293 Analysis of net assets between funds - prior year Restricted funds 2022 Unrestricted funds 2022 £ £ Tangible fixed assets - 379 Current assets 71,322 579,417 Creditors due within one year - (27,578) Total 71,322 552,218 17. Reconciliation of net movement in funds to net cash flow from operating activities 2023 £ Net income for the year (as per Statement of Financial Activities) 252,621 Adjustments for: Depreciation charges 538 Decrease/(increase) in debtors (32,160) Increase/(decrease) in creditors 6,090 Purchase of fixed assets (2,177) Net cash provided by operating activities 224,912 |
Restricted funds 2023 Unrestricted funds 2023 £ £ Tangible fixed assets - 2,018 Current assets 98,868 816,334 Creditors due within one year - (41,059) Total 98,868 777,293 Analysis of net assets between funds - prior year Restricted funds 2022 Unrestricted funds 2022 £ £ Tangible fixed assets - 379 Current assets 71,322 579,417 Creditors due within one year - (27,578) Total 71,322 552,218 17. Reconciliation of net movement in funds to net cash flow from operating activities 2023 £ Net income for the year (as per Statement of Financial Activities) 252,621 Adjustments for: Depreciation charges 538 Decrease/(increase) in debtors (32,160) Increase/(decrease) in creditors 6,090 Purchase of fixed assets (2,177) Net cash provided by operating activities 224,912 |
Total funds 2023 £ 2,018 915,202 (41,059) 876,161 Total funds 2022 £ 379 650,739 (27,578) 623,540 2022 £ 341,701 81 8,705 (14,657) - 335,830 |
|---|---|---|
Page 27
WORLD ABILITYSPORT FEDERATION LTD
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
18. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2023 £ 859,403 859,403 |
2022 £ 634,491 |
|---|---|---|
| 634,491 |
19. Analysis of changes in net debt
| Cash at bank and in hand Debt due within 1 year |
At 1 January 2023 £ 634,491 (643) 633,848 |
Cash flows £ 224,912 - 224,912 |
Other non- cash changes £ - (490) (490) |
At 31 December 2023 £ 859,403 (1,133) |
|---|---|---|---|---|
| 858,270 |
20. Pension commitments
The Company operates a defined contribution scheme. The assets of the scheme are held seperately from those of the Charity in an independently administered fund. The pension cost charge represents the contributions payable by the Charity to the fund and amounted to £3,602 (2022: £2,448). Contributions totalling £1,133 (2022: £643) were payable to the fund at the balance sheet date and are included in creditors.
Page 28
WORLD ABILITYSPORT FEDERATION LTD Aylesbury College Oxford Road Aylesbury Buckinghamshire HP21 8PD
Hillier Hopkins LLP 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1NA
Dear Sirs
The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your audit of the charitable company’s financial statements for the year ended 31 December 2023. These enquiries have included inspection of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief.
General
-
1 We have fulfilled our responsibilities as directors / trustees as set out in the terms of your engagement letter, under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you.
-
2 All the transactions undertaken by the charitable company have been properly reflected and recorded in the accounting records.
-
3 All the accounting records have been made available to you for the purpose of your audit. We have provided you with unrestricted access to all appropriate persons within the charitable company, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission.
-
4 The financial statements are free of material misstatements, including omissions.
-
5 The effects of uncorrected misstatements (as set out in the appendix to this letter) are immaterial both individually and in total.
Assets and liabilities
-
6 The charitable company has satisfactory title to all assets and there are no liens or encumbrances on the charitable company’s assets, except for those that are disclosed in the notes to the financial statements.
-
7 All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate.
-
8 We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
Accounting estimates
- 9 Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
Loans and arrangements
- 10 The charitable company has not granted any advances or credits to, or made guarantees on behalf of, directors other than those disclosed in the financial statements.
Legal claims
- 11 We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for, and disclosed in, the financial statements.
Laws and regulations
- 12 We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements.
Related parties
- 13 Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements.
Subsequent events
- 14 All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.
Going concern
- 15 We believe that the charitable company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charitable company’s needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charitable company’s ability to continue as a going concern need to be made in the financial statements.
Grants and donations
- 16 All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.
Yours faithfully
Printed name: I J Donald
Signed:
..................................................................................... Signed on behalf of the board of trustees
Date: