## **The 948 Sports Foundation (a company limited by guarantee)**
# **Unaudited Trustees’ report and Financial Statements**
**For the year ended 31[st] August 2023**
Company Registration Number: 04270730 Charity Registration Number: 1088273
The 948 Sports Foundation (a company limited by guarantee)
## **Contents**
||**Page**|
|---|---|
|Reference and Administrative details of the charity, its trustees, and|3|
|advisers||
|Trustees Report|4-6|
|Independent Examiner’s report|7|
|Statement of financial activities|8|
|Balance Sheet|9|
|Notes to the financial statements|10-14|
2
The 948 Sports Foundation (a company limited by guarantee)
## **Reference and Administrative details of the charity, its Trustees and Advisers For the year ended 31[st] August 2023**
## **Directors and Trustees**
Sandy Bell Angela Byrne Robin Hardwick Paul Brewster Peter Brown Kate Barnes David Hughes Sian Brice
## **Company Registration Number**
04270730
## **Charity Registration Number**
1088273
## **Registered Office**
160 Harpenden Road St Albans Hertfordshire AL3 6BB
## **Company Secretary**
David Hughes
**Accountants Solicitors**
Carella Limited Chartered Accountants 123 Trowley Hill Road Flamstead St Albans Hertfordshire AL5 1SE
Farrer & Co 66 Lincoln’s Inn Fields London WC2A 3LH
## **Bankers**
HSBC Bank plc 31 Chequer Street St Albans Hertfordshire AL1 3YN
## **Website**
www.the948sportsfoundation.com
3
The 948 Sports Foundation (a company limited by guarantee)
## **Trustees Report**
## **For the year ending 31 August 2023**
The Trustees present their annual report together with the financial statements of The 948 Sports Foundation for the year 1[st] September 2022 to 31[st] August 2023. The annual report serves the purposes of both a Trustees’ report and a directors’ report under company law. The financial statements have been prepared in accordance with the accounting polices set out in note 2. The trustees confirm that the annual report and financial statements of the charitable company comply with the Companies Act 2006, the requirements of the charitable company’s governing document and the provisions of accounting and reporting by Charities: Statement of recommended practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ( FRS102) ( 2[nd] edition effective January 2019 – (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Since the Charity 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**
The 948 Sports Foundation’s objectives are:
- To advance the education of young persons attending schools, colleges, and universities by ensuring that due attention is given to their physical development and provide facilities to encourage participation by such persons in physical recreation and sport.
- To further the charitable purposes of St Albans School.
- Such other related charitable purposes as the trustees shall think fit.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’
The Trustees consider that the Foundation satisfies the Public Benefit test by giving young people in the City and District of St Albans the opportunity to improve their participation in sport, and by considering support for projects that demonstrate they are concerned with:
- Provision of equipment or facilities.
- Improved participation through specialist training or another means to achieve excellence.
- Activity within a group or team environment.
Applications are welcome from individuals, organisations and educational establishments who are involved in the organisation and provision of facilities which enable and encourage participation by young persons.
## **b. Strategies for achieving objectives.**
The trustees invest the Charity’s assets with a view to generating income to fund grant payments. The charity encourages grant applications via its website and by publicising its activities within the St Albans area.
4
The 948 Sports Foundation (a company limited by guarantee)
## **Trustees Report (Continued) For the year ending 31 August 2023**
## **c. Activities undertaken to achieve objectives.**
The Trustees continue a programme of quarterly meetings to consider grant applications.
## **d. Main activities undertaken to further the Charity’s purposes for the public benefit.**
The Trustees meet four times during the year to consider grant applications.
## **Achievements and performance**
The charity awarded 21 (2022: 20) grants to individuals and 11 (2022: 17) grants to institutions. Grant awards of £ 371,301 have been made from commencement to date, of which £18,021 were made in the year to 31[st] August 2023 (2022 £17,728).
## **Financial review**
## **Going concern**
These accounts are prepared on the going concern basis.
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **Reserves Policy**
The charity’s long-term objective is to fund grant commitment out of investment income, without drawing significantly on capital, whilst maintaining the original capital of £500,000. The trustees accept that the strategy to optimise income exposes capital to degrees of fluctuation in the value of investments held. The charity continues to enjoy minimal fixed costs and flexibility over grants.
## **Structure, governance, and management**
## **Constitution**
The 948 Sports Foundation is registered as a charitable company limited by guarantee and was set up by a trust deed on 15[th] August 2001.
## **Methods of appointment or election of trustees**
The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the Trust deed.
5
The 948 Sports Foundation (a company limited by guarantee)
## **Trustees Report (Continued) For the year ending 31 August 2023**
## **Plans for future periods**
The 948 Foundation continues to invite applications for grant funding from potential beneficiaries in the St Albans and District Area. This will be achieved by prompting its presence as a grant -awarding organisation on its website www.the 948sportsfoundation.com and through other media, contact and activities.
## **Statement of Trustees’ Responsibilities**
The Trustees (who are also the directors of the charity 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 charity 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.
- Make judgements and estimates that are reasonable and prudent.
- Observe the methods and principles in the Charities SORP(FRS102).
- State whether applicable UK Accounting Standards (FRS 102) 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 Company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity 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:
S Bell **……………………………..**
**Sandy Bell Chair of Trustees**
> **Date:** 21st December 2023
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The 948 Sports Foundation (a company limited by guarantee)
## **Independent Examiner’s Report For the year ended 31[st] August 2023**
## **Independent examiner’s report to the trustees of The 948 Sports Foundation (‘the charity’)**
I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of The 948 Sports Foundation ( ‘the Charitable Company’) for the year ended 31[st] August 2023 which comprise the Statement of Financial Activities , the Balance Sheet and related notes.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this respect and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
## **Responsibilities and basis of the report**
As the trustees of the charitable company, you are responsible for the preparation of the financial statements in accordance with the requirement of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair’ view, and my report is limited to those specific matters set out in the independent examiners statement.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- Accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
- The financial statements do not accord with those records; or
- The financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination: or
- The financial statement have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## (| Chdds
J Childs FCA Carella Limited Flamstead, St Albans, AL3 8DS 21st December 2023
7
The 948 Sports Foundation (a company limited by guarantee)
## **Statement of Financial Activities (including income and expenditure account) for the year ended 31[st] August 2023**
|**Notes**
**Income from:**
Donations and legacies
**4**
Investments
**5**
**Total income**
**Expenditure on:**
Charitable activities
**7**
**Total expenditure**
**Net income /(expenditure)**
**before gains/(losses) on**
**investments**
Net(losses) on investments
**Net income /(expenditure)**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
1,855
24,978
**26,833**
22,051
**22,051**
**4,782**
(23,851)
**(19,069)**
**517,869**
**(19,069)**|**Total**
**funds**
**2023**
**£**
1,855
24,978
**26,833**
22,051
**22,051**
**4,782**
(23,851)
**(19,069)**
**517,869**
**(19,069)**|**Year**
**ended**
**2022**
**£**
855
21,999|
|---|---|---|---|
||||**22,854**|
||||21,379|
||||**21,379**|
||||**1,475**
(38,672)|
||||**(37,197)**|
||||**555,066**
**(37,197)**|
||**498,800**|**498,800**|**517,869**|
The statement of financial activities includes all gains and losses recognised in the year. All funds in the prior year were unrestricted.
The notes on pages 10 to 14 form part of these financial statements
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The 948 Sports Foundation (a company limited by guarantee)
## **Balance Sheet at 31[st] August 2023**
|**Notes**
**Fixed Assets**
**I**nvestments
**9**
**Current Assets**
Cash at bank and in hand
**Creditors:**amounts falling due within one
year
**10**
**Net Current Assets**
**Total Assets less Current Liabilities**
**Charity Funds**
Unrestricted funds
**Total Funds**|**2023**
**£**
**£**
468,085
33,837
33,837
(3,122)
30,715
**498,800**
498,800
**498,800**|**2022**
**£**
**£**
491,936
27,033
27,033
(1,100)
25,933
**517,869**
517,869
**517,869**|**2022**
**£**
**£**
491,936
27,033
27,033
(1,100)
25,933
**517,869**
517,869
**517,869**|
|---|---|---|---|
||||**517,869**|
||||517,869
**517,869**|
The Charity 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 the 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.
The financial statements were approved and authorised by the Trustees and are signed on its behalf by:
S Bell ………………………… Sandy Bell Chair of Trustees
……………………… D Hughes David Hughes Trustee
Date: 21st December 2023 Date: 21st December 2023
The notes on pages 10 to 14 form part of these accounts.
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The 948 Sports Foundation (a company limited by guarantee)
## **Notes to the financial statements for the year ending 31[st] August 2023**
## **1. General Information**
The 948 Sports Foundation is a company limited by guarantee incorporated in England and Wales.
## **2. Accounting Policies**
## **2.1 Basis of Preparation**
The financial statements have been prepared in accordance with the 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)(2[nd] Edition effective January 2019) - Charities SORP FRS 102, the financial reporting standard applicable in the UK and republic of Ireland ( FRS102) and the Companies Act 2006.
The 948 Sports Foundation meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
These financial statements are presented in GBP £, under the going concern basis. There are no material uncertainties regarding going concern **.**
## **2.2 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
## **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 measures 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.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity’s objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **2.4 Interest Receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity: this is normally on notification of the interest paid or payable by the institution with whom the funds are deposited.
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The 948 Sports Foundation (a company limited by guarantee)
## **Notes to the financial statements for the year ending 31[st] August 2023 (continued)**
## **2.5 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised are combined and presented as ‘Gains/ (Losses) on investments ‘in the statement of financial activities.
## **2.6 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.
## **2.7 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity or three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.8 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it as 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 charity anticipates it will pay to settle the debt or the amount it has received as advance payments for the goods or services it must provide.
## **2.9 Financial Instruments**
The charity 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.
## **2.10 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 charity and which have not been designated for other purposes.
## **3. Critical accounting estimates and areas of judgment**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
There were no critical judgements made in the process of applying the charity’s accounting policies.
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There were no key assumptions concerning the future, and other key sources of estimation of uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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The 948 Sports Foundation (a company limited by guarantee)
## **Notes to the financial statements for the year ending 31[st] August 2023 (continued)**
## **4. Income from donations and legacies**
|Donations
**. Investment Income**
Investment income
**. Analysis of grants**
Grants to individuals
Grants to institutions|**2023**
**£**
1,855
**2023**
**£**
24,978
**2023**
**£**
11,143
6,878
18,021|**2022**
**£**|
|---|---|---|
|||855|
|||**2022**
**£**|
|||21,999|
|||**2022**
**£**
8,103
9,625
17,728|
## **5. Investment Income**
## **6. Analysis of grants**
During the year 21 (2022:20) grants were made to individuals and 11 (2022: 17) to institutions. Grants made to institutions comprise grants to schools, clubs, and community bodies.
## **7. Analysis of expenditure on charitable activities**
|**Charitable activities**
Grants
Expenditure on governance and administration|**2023**
**£**
18,021
4,030
22,051|**2022**
**£**
17,728
3,651
21,379|
|---|---|---|
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The 948 Sports Foundation (a company limited by guarantee)
## **Notes to the financial statements for the year ending 31[st ] August 2023 (continued)**
## **8. Trustees’ remuneration and expenses**
During the year no trustees received any remuneration or other benefits (2022 £nil).
During the year ended 31[st] August 2023 a trustee was reimbursed for costs incurred of £183 (2022 £616).
## **9. Fixed asset investments**
|**Cost or valuation**
At 1stSeptember 2022
Revaluations
At 31st August 2023
**Net book value**
At 31stAugust 2023
At 31st August 2022|**2022**
**£**
491,936
(23,851)|
|---|---|
||468,085|
||468,085
491,936|
The analysis of investments held is M&G Charifund £340,536 (2022: £359,122) and M & G Charibond £127,549 (2022: £132,824).
The cost of the fixed asset investments held at the year-end was £500,000 (2022: £500,000).
## **10. Creditors: Amounts falling due within one year**
|Accruals and deferred Income
Grants accrued - individual|**2023**
**£**
1,350
1,772
3,122|**2022**
**£**
-
1,100
1,100|
|---|---|---|
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The 948 Sports Foundation (a company limited by guarantee)
## **Notes to the financial statements for the year ending 31[st] August 2023 (continued)**
## **11. Analysis of net assets between funds**
|**1. Analysis of net assets between funds**||
|---|---|
|Fixed assets
Current assets
Current liabilities
Net assets at 31stAugust 2023|**Unrestricted**
**funds**
**£**
**Total**
**funds**
**£**|
||468,085
491,936
33,837
27,033
(3,122)
(1,100)|
||498,800
517,869|
## **12. Related Party Transactions**
There were no related party transactions that require disclosure in the current year (2022: £nil).
## **13. Employees**
There were no employees during the current and prior year.
14