REGISTERED COMPANY NUMBER: 03545209 (England and Wales) REGISTERED CHARITY NUMBER: 1069371 Report of the Trnsttts Vdnd Unvdudited Financial Statements For The Ye4r Ended 31 December 2023 for Lightwater Playing Field Association Lld Fuller Spurling Mill House 58 Guildford Street Chertsey Surrey KT16 9BE
Lightwater Playing Field Assoeiation Lld Contents of¢he Financial Stalements For The Year Ended 31 December 2023 Page Report of the Trustees Independent Examiner'5 Rert Statement of Financial Activities Balance Sheet Notes lo Ihe Financial Statements 8 to 14 Detailed Statement of Financial Activities 15
Lightwater Playing Field Assoeiation Lld Report of the Trustees For The Year Ended 31 December 2023 The trustees who are also directors of the charity for the purposes of the Companies Act 2006. preseni their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities= Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Sthndard applicable in the UK and Republic of Ir¢land (FRS 102) (effective l January 2019). OWECTIVES AIYD ACTIVITIES Objectives gnd aims During the last year, the Trustees have continued to focus their attention on ensuring thal our offering to the local community remains at the heart of everything we do. To ihis end. we continue lo work in Partnership with both SHBC and Competition line. delivering community benefit supported by private tor investment. The Trustees confirni that they have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing ils aims and objectives, and in planning future activities and developments of the Leisure Centre and Park. It's critical thal we ensure a solid financial footing to deliver suslainability and investment as we go fonvard. ACHIEVEMENT AND PERFORMANCE Charitable activities Significantly this year we have secured a 20 year le extension that will make incremental investment plan5 in facilities now financially viable and has already unl(Kked investrnenl to refurbish the building, open it up to all the community through freelunhindered access. estsblish a new coffee offering operational management of ihe Centre. stabilize finances, staffing and the This will enable us to continue our mission to- Build a more comprehensive and flexible catering service for the Center. sports clubs. and broader park users. Seek new opportunities to serve the community e.g. Forge partnerships with local healthcare to offer activities such as Cardio rehabilitation. Facilities provision for local schools outside peak times (rules and regulations pemiittiTJg) Deltver our'Light fest, outdoor festival initiative for the enjoymenl of the community at large. A preference in contrdcts for maintenance. food etc. to be sourced from local Providers. FINANCIAL REVIEW Financial posilion Although the impact of Covid w&s having a smaller affecl on the charity's activities during the year, income was 30/0 lower ai £302,930 (2022: £311,612) and there was a surplus of £1,206 (2022.. deficit £2,?23). In addition to this, there was an amount of £545,660 added to the reserves as a resuli of ihe loans waived following the lease extension which has now been achieved. The deficit on reserves carried forward at the end of the year is £35,242 {2022: £582,108.) No Trustees have resigned during the year, the curreni 4 trustees remain active and wholly engaged. The Trustees meet regularly and are in contact almost daily. Finances remain well managed and are sustainable going forward. Investment policy and objectives Under the Memorandum and Articles of Association. the charity has the power to inve51 in any way the trustees decide. Reserves policy As the charity has net liabilities of £35.242 the tnteeS still cannot offer a meaningful Reserve Policy. PLANS FOR FUTURE PERIODS With the lease extension we are already in the process of bringing to the Centre Padel Tennis (6 courts), solar capture l¢¢tric charging poinis. and a new funclion room faciliiy for club users of the cenire and members of the wider community. In addition we are in the feasibility stag¢ for a new all-weaiher full size football pitch, which if successful (2025) will open up the option of further all weather sports facilities. such as tennis. netball. & hockey. Page I
Lightwater Playing Field Association Ltd Report of the Trustees For The Year Ended 31 December 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The company is limited by Guardntee and does not have a share capital. It is a registered charity and its governing document is its Memorandum and Articles of Association. Reeruitment and appolntment of new trustees Trustees are selected and inviied to join the Board of Trnstees by exisling Trustees and the appointment of Trustees is vested in the Truste¢s. Organisational structure The board of Truslees, which includes all Trustees. adminislers the charity. The board meets on a Tllollthly basis. A centre manager is appointed by the Trustees lo manage the day lo day operations of the charity. To facilitate effective operations, the Trustees delegate authority for operdtional matters, including finance and employmenl. The Board continue lo have outside represenlatives attending their meetings but these ar¢ non-voting and attend in an advisory capacity, this usually consist of members of Competition Line. There is also an open invilation for representative of SUeY Heath Borough Council to attend. by prior arrangement. The outside represenlatives are excluded from attending Part B of the meeting. Induction and training of new truslees New Trustees undergo an orienlalion day io brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association. the committee and decision making processes, the business plan and recent financial perforniance of ihe company. During the induction they meet key employees aTJd other Trustees. Trustees are encouraged to attend appropriate exiernal training events where these will facilitate the undertaking of their role. Related parties and funds defieil The Charity entered into an arrangement WRth Competition Line {UK} Ltd on 21 December 2006 to improve the facilities at the Leisure Centre and 10 generdte additional funds. Competition Line (UK) Ltd agreed to provide loan finance lo the Charity and have made further loans since that dale. Income generaled from the new facilities is apportioned between Competition Line (UK) Ltd and the Charity in the ratio 70 % to 3/0. The Charity exiled from an Administration Order on 25 March 201 I when it had net liabilities (principally the foregoing original long terni loan) and thus it has a funds deficil. Details of the loan from Competition Line (UK) Ltd are shown on the noles to the accounts.All loans have been waived by Competition Line {UK) Ltd and the value has therefore been trdnsferred lo unrestricted funds at 31 st December 2023. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate ontrols are in place to provide reasonable &ssurance against fraud and error. The Trustees have reviewed. identified and recorded the major risks to the Charity. A full review of Health and Safety has been completed and a new Health and Safely management system has been implemented which is revi¢wed annually. Financial control is a key area of the business focus, both driving participation/incom¢ and reducing expenditure to improve ihe financial perfornlance of ihe centre in the long temi. A busines5 plan is in place and finance is reviewed monthly to ensure control measures and business Under$LdIng are monitored closely. REFERENCE AND ADMINISTRATIVE DETAIts Registered Company number 03545209 (England and Wales) Registered Charity number 1069371 Pag¢ 2
Report of the Trulte For Tkn Year End¢d 31 December 20LI Regbtcred offt¢¢ Ligbtwater Leisure ctre Lighlwat¢r coun The Avenue Lightwater GU18 5RG Truslee• S C Russell T shoUbrgc D Lyons R Luck Ind¢pendent Examioer Mark T C Haryey FCA Fuller Spurling Mill House 58 Guildf{ Street Cherts¢y KT16 9BE This rep bc£n wepared in xcordaDc¢ with the Sla1 provisions of Part 15 of the Companies A¢t 21K16 relating to Sn11 Companie ApproveA by order of the boa of trustees on ..... ....... oo its behalf by: T Shoubrmige . Tn
Independent Examiner's Report to the Trustees of Lightwater Playing Field Association Lid Independent examiner's report to the trustees of Lightwater Playing Field Association Ltd ('the Company,) report to the charity truslees on my examination of the accounts of the Company for the year ended 31 Decernber 2023. Responsibilities and basis of report As the charity's truslees of the Company {and also its directOTS for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Aci 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required io 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 accounts as carried out under Section 145 of the Chariiies Act 2011 ('the 201 l Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 201 l Act. Independent examiner's slatement Since your charity's gross income exceeded £250.0(K) your examiner must be a member of a listed body. I can confirni that l am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales. which is one of the listed bodies. I have completed my examination. I confirni no matters have come to my attention in connection with the examination giving me cause to believe- accounting records were nol kept in respect of the Company &s required by Section 386 of the 2006 Act. or the accounts do not accord with those records. or the accounts do nol 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 chariiies (applicable to charilies Preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mark T C Harvey FCA Fuller Spurling Mill House 58 Guildford Street Chertsey Surrey KT16 9BE Dat¢: ............ 31 .1.7.J..Zo2-Y.. Page 4
Lightwater Playing Field As50CiAtion Ltd Statement of Financial Activities (Incorporaling an Income and Expenditure Accoullt) For The Year Ended 31 December 2023 31.12.23 Total funds 31.12.22 Total fimds Unrestricted fimd Restricted fund Notes INCOME AND ENDOWMENTS FROM Charitable 4clivities Chariiable Activiiies 302.930 302,930 311612 EXPENDITURE ON Charilable activities Charitable Aciivities 301724 301,724 313 835 Loans waived 545,660 NET INCOMEI(EXPENDITURE) 546.866 546,866 (2.223) RECONCILIATION OF FUNDS Total funds brought forward (582.108) (582.108) (579,885) TOTAL FUNDS CARRIED FORWARD 35,242) 35.242) 582.108) The notes forni part of these financial statements Page 5
Lightwater Playing Field Association Ltd Balance Sheel 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Unrestricted fund Restricted fund Notes FIXED ASSETS Tangible assets 5,560 5,560 CURRENT ASSETS Debtors Cash at bank 2.305 35.973 2,305 5.664 39,437 38,278 38.278 45,101 CREDITORS Amount5 falling due within one year 10 (56,444) (56,444) (49,512) NET CURRENT ASSETS/(LIABILITIES) 18,166) 18 166) TOTAL ASSETS LESS CURRENT LIABILITIES (12.606) (12,606) {4,411) CREDITORS Amounts falling due after more than on¢ year (22,636) (22,636) (577.697) NET ASSETSI{LIABILITIES) 35.242) 35.242) 582,108 FUNDS Unrestricted fvnds 13 35,242) 582 108) TOTAL FUNDS 35.242) 582, 108) The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2(X)6. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that cornply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the stale of affairs of the charitable company as at the end of each financial year and of its surplus OT deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which oiherwise comply with the requirements of the Companies Act 2006 relating io financial sthtements. so far as applicable to the charitable company. (b) The notes fomi part of these financial statements Page 6 continued...
Bal•p¢e Sheet- Continued 31 iknrnber 2023 Th¢se fmancial statsments have been tred in accorda¢ with the provisiS applicabk to charitabk CompleS subject to the Sm1 companies regim¢. The fmanci81 st*ements were approved by the B(4rd of Thjstees aTrJ authorised for issue T Sboubrvjge. Th The notes f Fmrt of these financial statcmfflts
Lightwater Playing Field Assoeiation Ltd Noles to the Financial Stalements For The Year Ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the finaneial statements The financial statements of the charitable company, which is a public benefit entlty under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Prnctice applicable to chariiies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015),. Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,, the Charities Act 201 l and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The charity achieved an operdting surplus for the period with incoming resources exceeding resources expended by £1,206 (2022 deficit £2223). The survival of the Charity is dependent un the continued support of Comp¢lition Line (UK) Limited in connection with ihe provision of available loan finance. Loans made al 31 st December 2022 were £545,660 and details are set out in the following notes. Following the agreemeni for a lease extension, Compelition Line (UK) Limited have now agreed to waive the entirety of the loans advanced of £545.660 and this amount has been credited to reserves. Following this credit, at 31 st December 2023 the total liabilities exceeded total assets by £35,242. A cashflow forecast has been completed for 2024. which shows a net inflow of funds of £28.000. The Trustees are confident that the going concern basis is appropriate for the prepardtion of these accounts. The Accounts do noi include any adjustments that would be nece55ary if the going conceTn basis w&s not appropriate. Financigl reporting standard 102 - reduced disclosure exemptions The charitable company has taken advanthge of the following disclosure exemption in preparing these financial ststements, as perniitted by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows. Income Income from Charitable Aciiviiies includes the proportion of income from memberships and subscriptions due to the charity. net of direct debit collection costs and are accounted for in the year in which ihey are received. Sums which are overdue are nol treated as debtors. Income from sporting and leisure facilities is accounted for on a receivable basis, amounts invoiced in advance are spread such thai amounts r¢lating to futur¢ P¢Tiods are treated as deferred income. Expendilure Resources expended are included in Ihe Statement of Financtal Activities on an accruals basis inclusive of any VAT which cannot be recovered. Charitsble activities include expenditure &ssociated with the operation of the Leisure Centre and include both the dtrect costs and support costs relaiing to those aclivities. Governance costs include those incurred in the governance of th¢ charity and its assets and are primarily a$slated with constitutional and statutory requirements. li is considered that the proportion of costs of the Icisurc centr¢ that relate to governance in the context of lighting, heating and statT time are insignificant compared to the proportion of the costs which relate to the operdtion of the leisure centre. Page 8 continued...
Lightwater Playing Field Association Ltd Notes to the Financial Statements- eontinued For The Year Ended 31 December 2023 ACCOUNTING POLICIES- continued Tangible fixed assets Depreciation is provided at the following annual raies in order to write off each asset over its estimated useful life. Office equipment 250/0 on cost Capital items costing less than £ 1.000, other than groUd assets, are regarded as revenue items. Grouped items are furniture and fittings which. although on an item by item basis may fall below the capitalisation level, are used over a number of years and collectively represent a significant capital asset. Tvaxation The charity is exempt from corpordtion tax on its charitable activities. Fund aeeounting Unrestricted funds can be used in accordance with the charitsble objectives at the discretion of the trustees. Restrided funds can only be used for particular restricted purposes wiihin the objects of the charity. Restriciions arise when specified by the donor or when fund5 are raised for particular restricied purposes. Further explanation of the nalure and purpose of each fimd is included in the notes to the financial statements. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepaymenls are valued at the amount prepaid net of any trade discounts due. Cash al bank and in hand Cash at bank and c&sh in hand includes cash al bank and in hand, and demand deposits with banks. Creditors CreditOT5 and provisions are recognised where the charity has a present obligation resulting from a pasi event that will probably result in ihe transfer of funds to a third party and the amouni due to settle the obligation can be measured or estimated reliably. Credilors and provisions are norn]ally recognised at their settlement amount after allowing for any trade discounts due. Loans The Trustees recognised the loan due to Competition Line (UK) Limited was a basic financial instrument. Although the loan w&s interest free and would not norn)ally be treated &$ a basic financial instrument under FRS 102. in view of the considerdtions shown in the notes to the financial statements the Trustees believe, thal in the circumstances of ihe charity and the nature of the loans. that departure from FRS 102 provides a true and fair view. The loan was therefore stated at the original values of the various amounts advanced. This loan has now been waived. Page 9 continued...
Lighhvgter Playing Field Association Ltd Notes to the Financial Stalements- eonlinued For The Year Ended 31 December 2023 CHARITABLE ACTIVITIES COSTS 31.12.23 31.12.22 Staff costs Maintenance of facilitie5 and equipment Management fee Insurance Lighi and heat Administrdtion, postsge and telephone Support Costs. see b¢low Direct debit and other financial costs Bad debts 143.677 43.723 (A,788 19.410 139,087 76,049 43,922 14,339 14,808 3.473 12.198 8,154 1,805 5.985 17,871 6,270 301724 313.835 SUPPORT COSTS Governance costs Charitable Activities 17.871 Support costs, included in the above, are &s follows: 31.12.23 Charitable Activities 31.12.22 Total activities Accountancy Independent Examinaiion fees Legal fe¢s 6.603 1.668 9.600 7.878 4.320 17,871 NET INCOMEI(EXPENDITURE) Net incomel{expenditure) is stated after chargingl{crediting): 31.12.23 31.12.22 Depreciation - owned assets 794 540 Page 10 Continued...
Lightwater Playing Field AssoeR8tion Ltd Notes to the Financial S¢atcments- continued For The Year Ended 31 December 2023 TRUSTEES, REMUNERATION AND BENEFITS There were no tTUStees' remunerdtion or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees. expenses During the year directors and officers indemnity insurance premiums of £580 were paid (2022: £570.) STAFF COSTS 31.12.23 31.12.22 Wages and salaries sla1 security costs 141,554 2,123 136,862 2,225 143,677 139087 The averdge monthly number of employees during the year was as follows: 31.12.23 12 31.12.22 10 Operation of sports. leisure activities No employees received emoluments in exccss of £60.0(X). The key management personnel of the charity comprise ihe tnle¢S and the accounts manager. The total employee beneflts of the key management pernnel of the Trust were: 31.12.23 31.12.22 Wages and salaries 6,603 7,878 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds INCOME AND ENDOWMENTS FROM Charitable activities Charitable Artivities 311.612 311,612 EXPENDITURE ON Charitable aelivities Charitsble Activilies 313.835 313.835 NET INCOMEI(EXPENDITURE) (2.223) (2.223) RECONCILIATION OF FUNDS Total funds brought forward (579,885) (579.885) TOTAL FUNDS CARRIED FORWARD 582,108) 582,108 Page 11 conlinued...
Lightwater Playing Field AssociAtion Ltd Noles to the Finaneial Ststements- continued For The Year Ended 31 December 2023 TA]YGIBLE FIXED ASSETS Plant and machinery Office equipment Totals COST At l January 2023 Additions 7,891 7,891 6,354 6.354 At 31 December 2023 6.354 14.245 DEPRECIATION At l January 2023 Charge for year 7,891 7.891 794 794 At 31 Dec¢mber 2023 794 7.891 8,685 NET BOOK VALUE At 31 December 2023 5.560 At 31 December 2022 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade debtors Other debtors Prepayments 857 1,448 4,846 818 io. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Bank loans and overdrdfts (see note 12) Trade creditors Social security and other taxes Other creditors Accrued expenses 9.700 1.807 1.160 7.507 36,270 l O,O(K) 2,944 955 8.766 56,444 49,512 Page 12 continued...
Ligbtwaler Playing Field AssociatlOD Ltd Notes to Ihe Financial Stalements- continued For The Year Ended 31 Deeember 2023 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.12.23 31.12.22 Bank loan 22,636 Other Loan 32.037 545.660 577.697 Other loan details: Following the lease extension agreed recently, Competition Line (UK) Limiled has waived the entirety of these loans, and the amount of £545.660 has been transferr¢d to unrestricted funds. LOANS 12. An analysis of the maturity of loans is given below: 31.12.23 31.12.22 Amounts falling due within one yeaT on demand: Bank loans 9.700 i 0.000 Amounts falling due between two and five years: Bank loans - 2-5 years 22.636 Amounts falling due in more ihan five years: Repayable otherwise than by instalments: Other loan5 545,660 13. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 Atl.1.23 Unrestricted funds General fund <582.108) 546.866 (35,242) TOTAL FUNDS 582,108) 546.866 35,242) Net movement in funds, included in the above are as follows: Incoming resources Resources ¢xpended Gains and losses Movement in funds Unrestrieted funds General fund 302.930 (301.724) 545.660 546.866 TOTAL FUNDS 302 930 301.724) 545.660 546,866 Page 13 continued...
Lightwater Playing Field Association Ltd Noles lo the Financial Ststements - continued For The Year Ended 31 December 2023 13. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 31.12.22 Ai 1.1.22 Unrestricted funds General fund (579,885) (2.223) (582.108) TOTAL FUNDS 579,885) 582 108) Comparative net movement in funds. included in ihe above are as follows: Incoming resources Resources ¢xpended Movement in funds Unrestrieted funds General fund 311,612 (313.835) (2,223) TOTAL FUNDS 311,612 313.835) 14. RELATED PARTY DISCLOSURES Throughout the period the company was controlled by the Tntees. As detailed in the Trustees Report under 'Strnclure. governance and Management,. Competition Line (UK) Limited is a related party of the charity. At 31 st December 2023 the Charity was owed £1,448 by Competition Line (UK) Limited (2022: £nil). (At 31st December 2022 loans of £545,660 were owed to Competition Line (UK) Ltd and these loans have been waived and transferred to unrestricted funds at 31 st Decemkn 2023. During the year Competition Line (UK) Limited charged management fees of £64.788 (2022.. £43,922). and charged £nil (2022.. £3,739) for direct debit collection charges. Also in 2022 Competition Line (UK) Limited was paid £13,200 for maintenance Work. Page 14