Somers Town Community Sports Centre Limited Annual Report and Financial Statements 31 July 2024 Company LlmSled by Guaranleg Reglslialion Number 3157703 (England and Wales) Charity Aagislralion Number 1057305
Contents Reporls Reference and administrative information Trustees, report Independent examiner's report Financial statements Statement of financial activilies Balance sheel Principal accounting policies Notes to the financial statements D8tailed statement of financial activities 17 Somers Town Community Sports Centre Limited
Reference and administrative information Members Regent High School (previously known as South Camden Community School) UCL The Board of Members G Moore J Race L Harris K Sykes C Salton-Brooks J Dubber A Boikova Company Secretary STO Prlnclpal offlce University College London Union 25 Gordon Street London WC1H OAH Company registration number 3157703 Charlty registration number 1057305 Independent Examlner Buzzacott LLP 130 Wood Street London EC2V 6DL Solicitor8 Glovers 115 Park Street London W1Y4DY Bankers Metro Bank One Southampton Row London WC1B SHA Somers Town Community Sports Centre Limited 1
Trustees, report Year to 31 July 2024 The Board of Trustees, who are the company directors for the purposes of the Companies Act 2006, present their Annual Report for the year ended 31 July 2024, together with the financial statements for the year. The Board confirms Ihat the latter comply wilh the requirements of tha Charities Act 2011. the Companies Act 2006. the Company's Memorandum and Articles of Association and Accounting and Reporting by Charilies.. Statemenl ol Recommended Practice applicable to charities preparing accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 (effective 1 January 20151. The information on page 1 forms part of this report. Reference and administratlve details Somers Town Community Sports C8ntr8 Limited is a company limited by guarant86 (number 31577031 incorporated on 7 February 1996 and is a registered charity (Chariiy No: 1057305). The charity is governed by its Memorandum and Articles of Association adopted 7 February 2016. The trustees and officers who served during the year and up to the date these financial statements were approved ar8 as follows: UCL nominees.. K Sykes J Dubber A Xingni Shi C Sallon.Brooks L Harris A Boikova Flesigned on 15 July 2024 Appointed on 16 July 2024 Regent High School nominees.. G Moore J Smith J Race Resignation on 18 March 2024 Companysecretary STO Structure, governance and management Trustees are appointed under mechanisms thal allow both Regent High School {RHS} and UCL, as m8mbers, lo influence the strategy. policies and management of the Sports Centre. Regent High School can appoint up to four trustees. UCL can appoint up to five trustees. The trustees are not paid for their work as trustees. Equal opportunities policy The Somers Town Communiiy Sports Centre embraces a diverse sociely, welcomes all people and values their differences. The Somers Town Community Sports Centre recognises Ihal discrimination occurs at all levels in our society. The Somers Town Community Sports Centre is an equal opportunities organisation. No person that comes into contact with the Centre should receive less lavourable treatment, be disadvantaged or disadvantage others on the ground of their ethnic group, nationalily, sex, gender, sexual orientation or identily, age. disability, marital status, family commitments, polilical or religious views, spent or irrelevant criminal convictions, trade union aclivity, or HIV status. The Somers Town Community Sports Centre regards such discrimination as unacceptable and promotes equal opportunities both as an employer and a provider of services. Somers Town Community Sports Centre Limited 2
Trustees. report Year to 31 July 2024 Structure, governance and managemenl (continued) Objectives and activities The Centre was created with the support of Ihe London Borough of Camden, UCL, Sludents. Union UCL and South Camden Community School (now Regent High School) to build and operate a sports centre in Somers Town. London NW1. forthe benefit of the local community and the students of local schools and University College London (UCL). The objectives of the Centre are to provide aflordable high quality activities and sport and recreation space for training. competition and physical activity for the benefit of th8 wider community and the students of local schools and UCL. From 1 April 2011, responsibility for day-to-day centre management and employment of the stall was transferred to Regent High School. Somers Town Community Sports Centre Limited now operates as a landlord and a signed rental agreemenl is in place with the London Borough ol Camden alongside a management agreement with Regenl High School. This provides a guaranteed luture income Sir8am for the charity with almost matching costs. Public benelit In furtherance of these aims, the Somers Town Community Sports Centre Limited Iruslees have complied with their duty in s.4 01 the Chari118s Act 2006 to have due regard to the Charity Commission's published general guidance concerning the operation of the public benefit requirement under that Act. Achievements and performance In order to ensur8 the continuing charitable objects of the Charity, the trust8es have sub-lèt the Sports Centre back to the London Borough of Camden subject lo variations to the original lease and operating agreement, so Ihat there is a continuing availability lor use by the School, UCL and the wider community. The Operaiing Agreement introduced new arrangements lor operating the Sports Hall and adjoining school premises for so long as the sub-lease exists, and during which time the original operating agreement shall be suspended. The trustees continue to have overarching responsibility for charilable use of the Sports Hall, and each year agree the annual and future budgets lor on-going and anticipated maintenance prepared by RHS, and to keep under review the operation of the Sports Hall. This year. demonstrating their commilment to financial and environmental sustainability, the trustees worked with a community energy organisation, Power Ljp North London, to implement a renewable energy scheme for the Somers Town Community Sports Centre. The scheme involved investing funds from the Sports Centre's reserves to support the inslallalion of solar panels on Ihe school's roof and repairing an existing solar hot water system. This will enable the Centre to significantly cut its carbon emissions, reduce the school and the Centre's eleclricity bills, and deliver a financial return. The Centre continues to provide an invaluablo resource to Students, Union UCL Clubs and Societies and all of UCL'S time slots are allocated through the Student Activities team within Students, Union UCL. Somers Town Community Sports Centre Limited 3
Trustees, report Year to 31 July 2024 The conlinuing success of the Centre is based on the excellent work of its full-time staff supported by the London Borough of Camden, RHS and UCL resources. Financial resulls The Centre has been funded by rental income and direct financial support from Regent High School who manage the facility on a day-to-day basis. Total income has increased from £61,669 to £68,561. Total expenditure has increased from £94,966 to £100,964. Reserves poIIcy As the operational management of the Sports Centre was transferred to RHS on 1 April 2011, the Board considers their reserve policy to be a deprecialion renewals sinking fund in case the day to day management responsibility for the Centre passes back il there was to b8 a failure of the current managem8nt arrangements with Regent High School. The Board consider a suflicient level ol reserve fund to be £100,000. At the y8ar end the reserves stood at £132,905 (2023: £132.107) and we consider this to be sufficient. Future plans The future objectives of the Centre are to continue providing affordable high-quality aclivities and sport and recrealion space for training, competition and physical activity for the benefit of the wider community and the students of local schools and UCL. The truslees are charged with ensuring that day to day management by Regenl High School achieves Ih8se objectives. Statement of trustees, responsibllltles The trustees (who are also directors of Somers Town Community Sports Centre Limited for the purpos8s of company law) are responsible for preparing Ihe trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepled Accounting Practice (United Kingdom Accounting Standards}. Company law requires the trustees to prepare financial slalements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied Ihat they give a true and fair view of the state of alfairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of Ihe charitable company 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 in the Charities SORP. make judgments and estimates Ihat are reasonable and prudent,, state whether applicable UK accounting slandards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Somers Town Community Sports Centre Limited 4
Trustees. report Year to 31 July 2024 The t rustees are responsible for keeping adequate accounting records that are sufficient to show and explain Ihe charitable company's transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply wilh the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Slatement of truslees, responsibilities (continued} This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating lo small companies, Approved by the trustees and signed on their behalf by: J&_ IJLL John Dubber Trustee Approved by the truslees on., 2111112024 Somers Town Community Sports Centre Limited 5
Independent examiner's report Year to 31 July 2024 I report to the charity trustees on my examination of the financial statements ol the charitable company for the year ended 31 July 2024. Responsibilities and basis of report As the truslees of the charitable company (and also its directors for the purposes of company law) you are responsible for the pr8paration of the linancial statements in accordanc& with the requiremenls of the Companies Act 2006 {'the 2006 Act'l. Having satisfied mysélf that the financial slatements of the charitable 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 your charity's financial siatements as carried out under section 145 of the Charities Act 2011 I'the 2011 Act,). In carrying oul my examination I have followed Ihe Directions given by the Charity Commission under section 145(5)Ibl of the 2011 Acl. Independent examiner's statement I have compleled my examinalion. I confirm that no matters have come lo my attention in connection with my examination giving me cause to believe: accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or the linancial statements do nol accord with those records., or the financial stalemenls do not comply with the accounting requirements of section 396 of th8 2006 Act other than any requirement that the financial slalemenls give a 'true and fair view, which is not a matter considered as part of an independent examination. or the financial stalemenls have not been prepared in accordance with the methods and principles of the for "Accounting and Reporting by Charities: the Statement of Flecommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicab18 in the UK and Republic of Ireland (FRS 1021 lelfectiv@ 1 January 20151. I have no concerns and have come across no other matters in connection with the examination to which attenlion should be drawn in this report in order lo enable a proper und8rstanding of the financial statements to be reached. Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL Date: 9 December 2024 Somers Town Community Sports Centre Limited 6
Statement of financial activities (incorporating income and expenditure account) Year to 31 July 2024 Unreslricled funds Reslricled Total fund8 funds 2024 Total funds 2023 Notes Income and endowments Irorn Charilablg activities Investment Total Income 67.020 1,541 68,561 67,020 1,541 68,561 61,043 626 61,669 Expendlture Charilablg activities Total expondlture 67,763 67,763 33,201 33,201 100,964 100,964 94,966 94,966 Net Income (expendlturel for the year 798 133,2011 132.4031 133,2971 Net m¢v•m•nt In funds for th• y••r 798 133,2011 132,4031 133,2971 Funds brou9hl forward al l August Funds carrled lorward at 31 July 132,107 132,905 382.924 349.723 515,030 482,627 548,327 515,030 Somers Town Community Sports Centre Limited 7
Balance sheet 31 July 2024 2024 £'ooo 2024 £'ooo 2023 £'ooo 2023 £'ooo Notes Flxed as8et8 Tangible fixed assets Investmenls 349.722 20,000 369,722 382.924 Current a888t8 Debtors Cash at bank and in hand 10 116,085 116,085 134,607 134,607 Credltor8: amounts lalling due within on8 year Net current a88et8 (3,180> 12,500} 112,905 132,107 Total net asset8 482,627 515,031 Fund8 Unrestricted funds Restrictèd funds Total fund8 12 13 14 132.905 349,722 482,627 132,107 382,924 515,031 For the year ended 31 July 2024, the company was enlilled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of ils accounts for the year in question in accordance with Section 476. The trustees acknowledge their responsibilities for complying with the requirements of Ihe Act with respect to accounting records and the preparation ol accounts. Th88e financial slatements have been prepared in accordance with the provisions applicable to companies subject to Ihe small companies regime. These financial statements were approved by Ihe members of the committee and are signed on their behalf by: JoL_ John Dubber Trustee Approved by the trustees on: 2111112024 Company registration number: 3157703 (England and Wales) Somers Town Community Sports Centre Limited
Principal accounting policies Year to 31 July 2024 Company information The principal activity of the charity is the provision of sport and recreation facilities in Somers Town, London NW1. The incorporated charity (registered number 3157703 and charity number 10573051 is incorporated and domiciled in the UK. The address of the registered office is University College London Union, 25 Gordon Street, London. WC1 H OAH. Basis ol preparation The financial statements have been prepared in accordance with the Charities SORP (FRS1021 applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it appli@s from 1 January 2015. Assets and liabilities are initially recognised at historical cost or transaction value unless otheis8 stated in the relevant accounting policy note. Going concern The Trustees consider that there is a reasonable expectation Ihat the Trust has adequate resourcas to continue in operational existence lor the foreseeable fulure and, lor this reason, they conlinue lo adopl the going concern basis in preparing the annual financial statements. The Trustees have made this assessment in respect to a period of at least one year from the date ol approval of these financial slatemenls. Crltlcal accounting judgemen18 and key sources of esllmation uncertainty In Ihe application of the charity's accounting policies, trustees are required to make judgements, estimates and assumptions about the carrying valu8 of assets and liabilities that are not readily apparent from other sources, The estimalion and underlying assumptions are based on historical experience and other factors that are considered to be relevant, Actual resulls may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting eslimates are recognised in the period in which the eslimale is revised if the revision affects only that period, or in the period of revision and future periods if the revision aflects the current and future periods. Financial instruments The charity only has financial assets and f inancial liabilities of a kind that qualily as basic financial instrumenls. Basic financial instrumenls are inilially recognised at transaction value and subsequently measured at their settlement value. Income All incoming resources are included in the statement of financial activities when the charity is entitled to the income, the income is probable, and the amount can be quantilied with reasonable accuracy. Expendilure Expenditure is recognised on an accrual basis as each liability is incurred. Somers Town Community Sports Centre Limited
Principal accounting policies Year to 31 July 2024 Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Fund accounting Unrestricted funds held by the charity are those which can be used in accordance with the charitable objeclives at the discretion of the trustees, Restricted lunds are where specific conditions are imposed by the donor which restricls the use of unspent funds. The income is taken directly to the relevant restricted funds. Restricted funds The initial capital grants received to enable construction ol the Centre were included as restricled funds wilhin the Charity's reserves. The depreciation on the Centre is debited to the restricted fund. Deprecialion Capital expenditure in excess of £1,000 is capitalised at cost within fixed assets. Expenditure less than this amount is charged to the statement of financial activities in the year it is incurred. Depreciation is calculaled so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows.. Plant and machinery 4% Fixtures, fittings and equipment 20°/o to 330/0 per annum Leasehold buildings 2.50/0 per annum Taxatlon No provision is made in these accounts for corporation tax as the charily is exempl from such laxes as a result ol its charitable status, Debtors Trade and other deblors are recognised al the settlement amount due aft8r any trade discount ollered. Prepayments are valued at th8 amount prepaid after taking account of any trade discounts due. Creditor8 and provisions Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transler of f unds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Somers Town Community Sports Centre Limited 10
Notes to the financial statements Year lo 31 July 2024 3 Investment income 2024 2023 Bank interest incom6 Total unre8tri¢ted fund8 1,541 1,541 626 626 4 Income from charitable activities 2024 2023 Operation ol Sports Centro Sundry income R6nlal incomo Total unrestrScted fund8 67.020 67,020 61,043 61,043 5 Charitable activilie8 Unreslricled funds Reslricled Funds Tot81 2024 Operallng of Sports Centre Lease running costs of Sports Centre 67,763 67,763 33,201 33,201 100,964 100,964 Unreslricl8d funds Reslricted Funds Total 2023 Operating of Sports Centre Lease running costs of Sports Centre 60,650 60,650 34,316 34,316 94,966 94,966 Costs incurred within the above can be further analysed as follows.. 2024 2023 Depreciation Lease costs Support cosls 33,201 63,669 4,094 100,964 34,316 57,991 2,659 94,966 Support costs include the following governance costs.. 2024 2023 Independent examinerfs18èS Legal and professional Bank Charges 3,680 53 361 4,094 2,500 53 106 2,659 Somers Town Community Sports Centre Limited 11
Notes to the financial statements Year to 31 July 2024 5 Charitable aclivities {continued) No charge is made for administration services provided by University College London or University College London Union. These services are not reflected in these financial statements as the value of them cannot be easily quantified. 6 Trustee remuneration No directors received remuneration or reimbursement ol expenses from Ihe company (2023,. £nil). 7 Net expendllure for thg year 2024 2023 Depreciation Independent examination 33,201 3,680 34,316 2,500 8 Tangible fixed assets Fixtures, liltings & equipment Plant and machinéry Leasehold Buildings Total Cost Al 1 August 2023 Additions At 31 July 2024 199,822 108,342 1,166,969 1,475,133 199,822 108,342 1,166,969 1,475,133 Deprecl8tlon At 1 Augusl 2023 Charge lor the year Al 31 July 2024 199,822 103,307 5,036 108,342 789,080 28,165 817,245 1,092,209 33.201 1,125,410 199,822 Not book value Al 31 July 2024 Al 31 July 2023 349,722 377,889 349,722 382,924 5.035 9 Investments Unlisted investment Cash Total Cost At 1 August 2023 Addilions: Shares Revaluation in the year At 31 July 2024 20,000 20,000 20,000 20,000 Somers Town Community Sports Centre Limited 12
Notes to the financial statements Year to 31 July 2024 10 Debtors 2024 2023 Amounls owed to group undertakings 11 Creditors: amounts falling due within one year 2024 2023 Amounts owèd lo group undertakings Oth6r creditors Accruals and deferred income 3,180 3,180 2,500 2,500 12 Unre81ri¢ted funds 8alanc8 at 1 August 2023 Balance al 31 July 2024 Income Expenditurè Transfers Building and equipment re8eNe 132,107 132,107 68,561 68,561 167,7631 167,7631 132,905 132,905 Balance at 7 August 2022 Balance al 31 July 2023 Incom8 Exp8nditur8 Transfers Building and equipment reserve 131.087 131,087 61,669 61,669 (60,650) (60.650) 132, 107 132, 107 The Building and Equipment reseNe has been created in accordance wilh the terms of the operating agreement in order that funds are available for the Cenlre's contingent liability to replace the building and equipment. 13 Restricted funds Balance at 1 August 2023 Balance at 31 July 2024 Income Expenditure Transfers Deferred capital grant 382,924 382,924 133,2011 133,201 } 349,723 349,723 Balance at l August 2022 Balance at 31 July 2023 Income Expenditure Translers Def8rred capital grant 417,240 417,240 (34,316) (34,316) 382.924 382,924 Somers Town Community Sports Centre Limited 13
Notes to the financial statements Year to 31 July 2024 13 Restricted tunds (continued) Capital grants were made by the University College London Union and the Foundation for Sports and Arts to the Centre on incorporation to fund the purchase of the Sports Centre and are included in a restricted lund. 14 Analysis of net assets (between restricted and unrestricted funds) Unreslricled Rèstricted funds funds Total 2024 Tangible Iix8d assets Currént assets Creditors., amounts due within one year 20,000 116,085 13,1801 132,905 349,722 369,722 116,085 (3,180) 482,627 349,722 Unr8slric18d Restricted funds funds Tot81 2023 Tangible fixed assets Current assets Gredilors.. amounts due within one year 582,924 382.924 134,607 (2,500) 515,031 134,607 (2,500) 132, 107 134,607 15 Related party transactlons University College London (UCL} and Regent High School IRHSI are related parties as members of the C8ntre. Regent High School The Cenlre made sales lotalling £67,020 (2023., £61,043) to the school in the year. The Centre made purchases totalling £63.669 (2023.. £57,991 } from the school during the year, Th8 school owed £Nil {2023.' £Nil) to the Centre at 31 July 2024. The Centre owed £Nil (2023.. £Nil) to UCLU at 31 July 2024. Trustees The Trustees received no remuneration in respect of their services to the Centre. nor any reimbursement of expenses during the year. 16 Members, liability The C8nlre has no subscribed share capital and in the event of the company being wound up, the members, UCL and RHS, will be liable lor £1 each. In the event of a winding up, the remaining assels of the Centre must be transferred to another charity with a similar charitable purpose and may not be distributed to the members. Somers Town Community Sports Centre Limited 14
Notes to the financial statements Year to 31 July 2024 17 Ultimate parent company The members of the Company are University College London (UCLI and Regent High School (RHS). UCL however has the power to appoint five trustees and is therefore deemed to be the Company's ultimate parent undertaking. The consolidated Financial Slatements of UCL. which are the only consolidated financial statements, which incorporat@ the results of the Centre, may be oblained from: Director of Finance University College London Gower Street London WC1 E 68T. 18 Flnancial in8trumenls 2024 2023 Financial assets measured al amortised cost Financial liabilities measured at amortised cost 116,08S {3,1801 134,607 12,500) The company's income, expense, gains and losses in respect of financial instruments are summarised below.. 2024 2023 Financial assets measured al amortised cost 1,541 626 Financial assets measured at amortised cost comprise trade debtors, accrued income and cash equivalents. Financial liabilities measured al amortised cost comprise other creditors and accruals. Somers Town Community Sports Centre Limited 15
Notes to the financial statements Year to 31 July 2024 19 Comparative Statement of financial activities Unrestricted funds Restricted Total funds funds 2023 Notes Income and endowm8nfs Irom Charitable activit18S Inv8Stment Total income 61,043 626 61,669 61,043 626 61,669 Expenditure Charitab18 activities Total exp8nditure 60,650 60,650 34,316 34,316 94,966 94,966 Net incom8 (6xpendilure) for th8 y8ar 7,019 (34,316) (33,297) Net movemént in funds for th8 yéar 1,019 (34,316) (33,297) Funds brought loard at l August Funds carried forward al 31 July 131,087 132, 106 417,240 382,924 548,327 515,030 Somers Town Community Sports Centre Limited 16
Detailed statement of financial activities Year to 31 July 2024 Th8 following does not lorm part ol the statulory financial stat8menl8 2024 2024 2023 2023 Income Bank interest Sundry income Lease income from LBC Total income 1,541 626 67,020 68,561 61,043 61,669 Charltablo activltle8 Depreciation ol fixed assets Lease charges (33,201 > (63,669) 134,3161 157,9911 (96,870) 192,307} Governance Costs Legal & Professional lees Independent examination lees Bank Charges (53) (3,680) (361 > (531 {2,500} 11061 14,094) {100,964) 12,6591 {94,9661 Total expendlture Net expenditure for th8 yaar (33,403) 133.2971 Somers Town Community Sports Centre Limited 17