CHARITY REGISTRATION NUMBER: 1079165
The Friends of the Rose Bowl Unaudited Financial Statements
5 April 2021
INDEPENDENT AUDITORS LLP
Chartered Accountants Emstrey House North Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG
The Friends of the Rose Bowl
Financial Statements
Year ended 5 April 2021
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 2 |
| Statement of financial activities | 3 |
| Statement of financial position | 4 |
| Notes to the financial statements | 5 |
The Friends of the Rose Bowl
Trustees' Annual Report
Year ended 5 April 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 5 April 2021.
Reference and administrative details
| Registered charity name | The Friends of the Rose Bowl | |
|---|---|---|
| Charity registration number | 1079165 | |
| Principal office | 21 Northolme Road | |
| London | ||
| N5 2UZ | ||
| The trustees | ||
| J F A Simmonds | ||
| A G Potter | (Resigned 30 June 2020) | |
| N Konrad | ||
| D Knight | ||
| O J Baker | ||
| D Brindle | ||
| G Geddes | ||
| P O'Donnell | ||
| S Caloni | ||
| T Warren | (Appointed 4 August 2020) | |
| Independent examiner | Jonathon Dale FCA | |
| Independent Auditors LLP | ||
| Chartered Accountants | ||
| Emstrey House North | ||
| Shrewsbury Business Park | ||
| Shrewsbury | ||
| Shropshire | ||
| SY2 6LG |
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The Friends of the Rose Bowl Independent ExamIne$ Report to the Trustees of The Friends of the Rose Bowl Year ended 5 April 2021 I report to the trustees on my examination of the financial statements of The Friend5 of th¢ Rose Bowl Ilhe charity,) for the year ended 5 April 2021. Rejponslbilities •nd b¥$is of report As the trustees of the Charity you are rt%ponsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('th¢ Act.). I report in respect of my ex8mination of the chwitys financial sta*ments wried out under section 145 of the 2011 Act aTMI in canying out my examination I have followed all the appli¢able Directions given by the Charity Commission under section 145(5Xb) of the ACL Independent examiner's stat¢zllent I have completed my examination. I confirm no material matters have me lo my attention in conn¢¢tion with the examination giving me U$¢ to believe that in any material respect: accounting rttords were not kept in TESFC¢t of the charity as r¢quiTed by section 130 of the Ac¢ or the financial statements do acccrf with those recorth. or the financial statements do not mplY with the applicable requirements concerning the fonn and content of accounts sel out in the Charitie5 (Accounts and Rep)rts) Regulations 2008 other than any requirem¢nl thai ihe accounts give a 'true and fail view which is not a matter consided as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination to which attention should be drdwn in this report in order to enable a proper understanding of the accounts to be reached. Jonathon Dale FCA Independent Audiwrs LLP Chartered Accountants Emslrey House North Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG I FEERUAQY 2022
The Friends of the Rose Bowl
Statement of Financial Activities
Year ended 5 April 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Voluntary income | 4 | 41,479 | 22,926 | 64,405 | 47,656 |
| Investment income | 5 | 83 | – | 83 | 171 |
| ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------ | ||
| Total income | 41,562 | 22,926 | 64,488 | 47,827 | |
| ============================== | ============================== | ============================== | ============================== | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of generating voluntary | |||||
| income | 6 | 216 | – | 216 | 2,934 |
| Expenditure on charitable activities | 7,8 | 33,817 | 22,926 | 56,743 | 72,330 |
| ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------ | ||
| Total expenditure | 34,033 | 22,926 | 56,959 | 75,264 | |
| ============================== | ============================== | ============================== | ============================== | ||
| ------------------------------ | ------------------------------ | ------------------------------ | ------------------------------ | ||
| Net income/(expenditure) and net | |||||
| movement in funds | 7,529 | – | 7,529 | (27,437) | |
| ============================== | ============================== | ============================== | ============================== | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 107,205 | – | 107,205 | 134,642 | |
| ----------------------------------- | ------------------------------ | ----------------------------------- | ----------------------------------- | ||
| Total funds carried forward | 114,734 | – | 114,734 | 107,205 | |
| =================================== | ============================== | =================================== | =================================== |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 5 to 12 form part of these financial statements.
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Th• Frfends ofth• Rose Bowl 5 Aprll 2021 2•21 2020 D¢b 14 20316 96254 24J05 117,070 ¢ yeAr 1S 2J36 114.734 107.205 114.734 10720S of th¢chorlly 107205 114,734 107J05 O J B4kET Trns*e
The Friends of the Rose Bowl
Notes to the Financial Statements
Year ended 5 April 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 21 Northolme Road, London, N5 2UZ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Funds allocation
Any restricted funds are those donated for specific purposes for the general benefit of the charity's beneficiaries and are included with the unrestricted funds. The designated fund differs only to the extent that monies are held for specific recipients.
Going concern
There are no material uncertainties about the charity's ability to continue.
Designated funds
The trustees consider it prudent to fund cover for our contribution to the future running costs of the Rose Bowl Centre of £60,000.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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The Friends of the Rose Bowl
Notes to the Financial Statements (continued)
Year ended 5 April 2021
3. Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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The Friends of the Rose Bowl
Notes to the Financial Statements (continued)
Year ended 5 April 2021
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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The Friends of the Rose Bowl
Notes to the Financial Statements (continued)
Year ended 5 April 2021
3. Accounting policies (continued)
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
4. Voluntary income
| Voluntary income | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Donations | |||
| Donations including gift aid | 39,479 | – | 39,479 |
| Donations relating to auction | – | – | – |
| Grants | |||
| Grants receivable | 2,000 | 22,926 | 24,926 |
| ------------------------------ | ------------------------------ | ------------------------------ | |
| 41,479 | 22,926 | 64,405 | |
| ============================== | ============================== | ============================== |
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The Friends of the Rose Bowl
Notes to the Financial Statements (continued)
Year ended 5 April 2021
| 4. | Voluntary income (continued) | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Donations | |||||
| Donations including gift aid | 32,944 | – | 32,944 | ||
| Donations relating to auction | 14,712 | – | 14,712 | ||
| Grants | |||||
| Grants receivable | – | – | – | ||
| ------------------------------ | --------------- | ------------------------------ | |||
| 47,656 | – | 47,656 | |||
| ============================== | =============== | ============================== | |||
| 5. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 83 | 83 | 171 | 171 | |
| =============== | =============== | =============== | =============== | ||
| 6. | Costs of generating voluntary income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations and legacies - | |||||
| Sponsorship | 216 | 216 | 216 | 216 | |
| Auction event costs | – | – | 2,718 | 2,718 | |
| --------------- | --------------- | ------------------------- | ------------------------- | ||
| 216 | 216 | 2,934 | 2,934 | ||
| =============== | =============== | ========================= | ========================= | ||
| 7. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Provision of costs for running of the Rose Bowl Centre | 31,184 | 22,926 | 54,110 | ||
| Support costs | 2,633 | – | 2,633 | ||
| ------------------------------ | ------------------------------ | ------------------------------ | |||
| 33,817 | 22,926 | 56,743 | |||
| ============================== | ============================== | ============================== | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2020 | |||
| £ | £ | £ | |||
| Provision of costs for running of the Rose Bowl Centre | 71,592 | – | 71,592 | ||
| Support costs | 738 | – | 738 | ||
| ------------------------------ | --------------- | ------------------------------ | |||
| 72,330 | – | 72,330 | |||
| ============================== | =============== | ============================== |
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The Friends of the Rose Bowl
Notes to the Financial Statements (continued)
Year ended 5 April 2021
8. Expenditure on charitable activities by activity type
| 8. | Expenditure on charitable activities by | activity type | |||
|---|---|---|---|---|---|
| Activities | |||||
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Provision of costs for running of the | |||||
| Rose Bowl Centre | 54,110 | – | 54,110 | 71,592 | |
| Governance costs | – | 2,633 | 2,633 | 738 | |
| ------------------------------ | ------------------------- | ------------------------------ | ------------------------------ | ||
| 54,110 | 2,633 | 56,743 | 72,330 | ||
| ============================== | ========================= | ============================== | ============================== | ||
| 9. | Governance costs | ||||
| Governance | |||||
| costs | Total 2021 | Total 2020 | |||
| £ | £ | £ | |||
| Professional fees | 2,400 | 2,400 | – | ||
| Accountancy fees | 228 | 228 | 696 | ||
| Bank charges | 5 | 5 | 8 | ||
| Cost of PO Box | – | – | 34 | ||
| ------------------------- | ------------------------- | --------------- | |||
| 2,633 | 2,633 | 738 | |||
| ========================= | ========================= | =============== | |||
| 10. | Analysis of grants | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Iseldon Arts CIC | – | 21,592 | |||
| --------------- | ------------------------------ | ||||
| Total grants | – | 21,592 | |||
| =============== | ============================== | ||||
| 11. | Independent examination fees | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 228 | 696 | |||
| =============== | =============== | ||||
| 12. | Staff costs |
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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The Friends of the Rose Bowl
Notes to the Financial Statements (continued)
Year ended 5 April 2021
14. Debtors
| Debtors | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Prepayments and accrued income | 18,816 | 6,167 |
| Other debtors | 2,000 | 18,338 |
| ------------------------------ | ------------------------------ | |
| 20,816 | 24,505 | |
| ============================== | ============================== | |
| Creditors: amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Trade creditors | 2,336 | 3,866 |
| ========================= | ========================= |
15. Creditors: amounts falling due within one year
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 6 April 2020 | Income | Expenditure | 5 April 2021 | |
| £ | £ | £ | £ | |
| Unrestricted Fund | 47,205 | 41,562 | (34,033) | 54,734 |
| Designated Fund | 60,000 | – | – | 60,000 |
| ----------------------------------- | ------------------------------ | ------------------------------ | ----------------------------------- | |
| 107,205 | 41,562 | (34,033) | 114,734 | |
| =================================== | ============================== | ============================== | =================================== | |
| At | At | |||
| 6 April 2019 | Income | Expenditure | 5 April 2020 | |
| £ | £ | £ | £ | |
| Unrestricted Fund | 74,642 | 47,827 | (75,264) | 47,205 |
| Designated Fund | 60,000 | – | – | 60,000 |
| ----------------------------------- | ------------------------------ | ------------------------------ | ----------------------------------- | |
| 134,642 | 47,827 | (75,264) | 107,205 | |
| =================================== | ============================== | ============================== | =================================== | |
| Restricted funds | ||||
| At | At | |||
| 6 April 2020 | Income | Expenditure | 5 April 2021 | |
| £ | £ | £ | £ | |
| Yes Outdoors - bike workshop | – | 4,110 | (4,110) | – |
| Running costs of the Rose Bowl Centre | – | 18,816 | (18,816) | – |
| --------------- | ------------------------------ | ------------------------------ | --------------- | |
| – | 22,926 | (22,926) | – | |
| =============== | ============================== | ============================== | =============== | |
| At | At | |||
| 6 April 2019 | Income | Expenditure | 5 April 2020 | |
| £ | £ | £ | £ | |
| Yes Outdoors - bike workshop | – | – | – | – |
| Running costs of the Rose Bowl Centre | – | – | – | – |
| --------------- | --------------- | --------------- | --------------- | |
| – | – | – | – | |
| =============== | =============== | =============== | =============== |
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The Friends of the Rose Bowl
Notes to the Financial Statements (continued)
Year ended 5 April 2021
17. Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Current assets | 114,734 | 114,734 |
| =================================== | =================================== | |
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Current assets | 107,205 | 107,205 |
| =================================== | =================================== |
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