The 948 Sports Foundation la company limited by guarantee) Unaudited Trustees, report and Financial Statements st For the year ertded 31 August 2024 Company Reii5tration Number.. 04270730 Charity Begistration Number.. 1088273 AD6sHT 1111212024 COMPANIES HOUSE A17
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The 948 Sports Foundation la company limited by guarantee) Contents Reference and Administratlve details of the tharity. its trustees, and advisors Trustees Report Independent Examinerfs Report Statement of Financial P£tivities Balance Sheet Notes to the financial Statements 10-14
The 948 Sports Foundation la company limited by guarantee) Reference and Admlnlstrative details of the chari its Trustee5 and Advise for the ear ended 31° A ust 2024 Dlrectors and Trustees Sandy Bell Angela Byrne Robin Hardwick Paul Brewster Peter Brown Kate Barnes (resigned 16 October 20241 David Hughes (resigned 14 April 20241 Sian Brice Company Reglstrallon Number 04270730 Charlty Reglstratlon Number 1088273 Reclstered Office 160 Harpenden Road St Albans Hertfordshire AL3 688 Company Secretary Peter Brown Accountants Carella Limited Chartered Accountants 123 Trowley Hill Road Flamstead St Albans Hertfordshire AL3 8DS Sollcltors Farrer & Co 66 Lincoln's Inn Ftelds London wt2A 3LH Bankers HSBC Bank plc 31 Chequer Street St Albans Hertfordshlre AL13YN Website www.the948sportsfoundation.com
The 948 Sports Foundation la company limited by guarantee) Trustees Re ort ear endi 31Au For the 2024 The Trustees present their annual report together with the financial statements ofThe 948 Sports Foundation for the year I September 2023 to 31 Au8USt 2024. The annual report serves the purposes of both a Trustees. report and a directorfs report under company law. The financial statements have been prepared in accordance with the accounting policies set out in note 2. The trustees confim that the annual report and financial statements of the charitable company comply with the Companies Act 2006, the requirements of the charitable compan¢s governing document and the provisions of account4n8 and reportin8 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 ( FRS102112- edition effective January 2019 - (Charities SORP I FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Since the Charity qualifies as small under section 382 of the Companies Act 2006, the 5trate8ic report required of medium and large companies under the Compan5 Act 2th16 {strate8lc report and Directors Report) regulations 2013 has been omitted. Objectives and actlvities a. Polic4e5 and Oblectives. 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 encouraEe participation by such persons in physlcal recreation and sport. To further the charitsble purposes of St Albans School. Such other related charitable purposes a5 the tru5tee5 shall see fit. In setting objectives and planningfor activltles, the tfustees have given due conslderation lo general guldance published by the Charlty Commission relating to Public Benefit. including the guidance 'Public Benefit.. Running a charity (P821' The Trustees consider that the foundation satisfies the Publlc Benefit test by giving young people in the City and District of St Albans the opportunity to improve iheir participation in sport, and by considerin8 support for project5 that demonstrate that they are concemed with- Provision of equlpment or facilittes. Improved participation through specialist training or other 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 encoura8e partbcipation by young persons. b. Strategies for achieving objectives. The trustee5 invest the ChaTit(s assets with a view to generating income tofund grant payments. The Charity encourages grant application5 via it5 website and by publicising its activitie5 Within the St Alban5 area.
The 948 Sports Foundation la company limited by guarantee) TfUStees Re For the earendin continued 31 Au st Z024 e. Aetlvltles undertaken to achieve oblecllves. The Trustees continue a programme of quarterly meetings to consider grant applications. d. Main activldes undertaken to further the charirfs pury>oses lor the publlc benellt. The Trustees met four times durin8 the year to consider grant applications. Achievements and performance The charity awarded 1612023'.211 grants to individuals and 812023'.1118rants to institution5. Grant awards of £387,145 have been made from coMMenMent to date, of which £15,904 were made in the year to 31* August 202412023 £18.0211. Financlal revlew Going concern These accounts a prepared on the 80in8 concem basis. At the tlme of approvlng the financial statements, the tru5tee5 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 goin8 concern basis of accounting in preparing the financial 5tatement5. Reserves Pollcy The Charity's long-term objective is to fund grant commitment out of investnient income. without drawing significantly on capital, whist maintaining the original capital of £500,000. The trustees accept that the stratebry to optimise income exposes capital to de8rees of fluctuation in the value of investments held. The charity continues to enjoy minimal fixed costs and flexibillty over grants. Structure, governance, and management Constltutlon The 948 Sports Foundation is registered as a charitable company limited by guarantee and was incorporated on 15 August 21)01. Methods of appolntment or elertion of ifustees The management of the charity is the responsibility of the trustees who are elected and c(Fopted under the charitable companvs Article of A550Ciation.
The 948 Sports Foundation (a company limited by guarantee) Tru5tee5 Re continued For the ear endl 31 Au st 2024 Plan5 for future periods The 948 Sports Foundation continues to invite applications for grant funding from potential beneficiaries in the St Albans and District Area. This will be achieved by promoting its presence a5 a grant awardin8 organisation on its website www.the948s ortsfoundation. m and through other medla. contacts and activities. Statement of Trustees. Responsibilities The trustees (who are also the dIrert0 of the charity for the purposes of company lawl are responsible for preparing the Trustee's report and the financial statements unless they are satisfied th3t they give a true and fair view of the state of affairs of the charity and of its incoming resources and applicatlon of resources. including its income and expenditure, for that period. In preparing these financial ststernents, the trustees afe required to: Select sultable accounting pollcles and then apply them consistentlv. Make judgements and estimates that are reasonable and prudent. Observe the methods and principles in the Charltles SORP(FRS1021. State whether appllcable UK Accounting Standards (FRS1021 have been followed, subject to anv materlal departures disclosed and explained in the financial statements. and Prepare the financial statements on the 80in8 concern basis unless it is inappropriate to presume that the Cornpany will continue in business. The trustees are responsible for keepin8 adequate accounting records that are sufficient to show and explain the CharlS 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 responslble for safeguarding the asset5 of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Tru5tee5 and signed on their behalf by: S. Bell Sandy Bell Chair of Trustees Date: 26 November 2024
The 948 Sports Foundatkln la company limited by 8uaranteel Ind For the ndent amln ear ended 31 Au 2024 Independent examlnerfs report to the trustees of The 948 sports Foundatton I'the chariv) I report to the trustees (who are also directors for the purpose of company law> on My exarnination of the financial statements of The 948 Sports Foundation I'the charitable Companrf) for the year ended 31" August 2024 which comprise the Statement of Financial Activities, the Balan Sheet and related notes. Th15 report is made solely to the charity's trustee5, as a body, in accordance with section 145 of the Charitles Act 2011. My work has been undertaken so that I might state to the Charis trustees those matters l 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 charitrfs trustees as a bodv, for my work, for the report, or for the opinions I have formed. Responsibilities and basis of the report As the trustee of the charitable company, you are responsible for the preparation of the financial statements in accordance with the requifement of the Companies Act 20061.the 2006 Acgl. Havin8 satisfied myself that the financial 5tstements ofthe charitable company are not requlred 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 companws financial statements carried out under sectlon 145 of the Charities Act 20111'the 2011 ACYI and in carrying out my examination I have followed all the applicable directions Biven by the Charity Comrni55ion under sertion 14515) {bl of the 2011 Act. An independent examination does not involve 8atherin8 all the evidence that would be required in an audit and consequently does not cover all the matters that art auditor considers in giving their opinion on the financial statements. The plannin8 and conduct of an audit goes beyond the limited assuran that an independent examination can provide. Consequeniky. l express no opinion a5 to whether the financial statements Pfesent a 'tfue and fairf view. and my report 15 limited to those specific matters set out in the independent examiners sL*ement, Independent examinerfs statement I have completed my exarnination. I confirm that no material matters have come to my attentlon In connection with the examination glvln8 me cav5e to believe that in any material respect: Accounting records were not kept in respect of the charitable company as require by section 386 of the 2006 Act. or The financial statements do not ac£oTd with those iecords: or The financial statements do not comply with the accounting requirements of sertion 396 of the 2006 Act other than any requirement that the accounts give a 'true and faie view which is not a matter considered a5 Part of an independent examination Dr The financial statements have not been prepared In accordance with the methods and princlples of the Statement of Recommended Practice for accounting and rp.porting by charities applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS102}. I have no concems 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. J Child5 FCA Carella Limited Flamstead. St Albans AL3 8DS 26 November 2024
The 948 Sport5 Foundation la cornpany limited by guarantee) Statemenl of Flnancial Activities includin Income and For the ear ended 31" Au st 202,4 nditure account Notes Unrestricted fund5 2024 Total Fund5 2024 Year ended 2023 Income and endovmients from: Donations and legacies Investments Total incoffle 1,858 27,066 28.924 1,858 27,066 1,855 24.978 2633 Ejtpendlture on: Charitable activities Total expenditure 19,752 19.752 19.752 19.751 22,051 22.051 Net income Ilexpenditure) before gainsl{losses) on Investments Net gainslllossesl on investments Net Income Ilexpendhurel 9,172 9.172 4,782 41,670 41,670 123,8511 so42 50.842 119,0691 Reconclllation of funds: Total funds brought forward 498,800 $0,842 498,800 50,842 517,869 119,0691 Net movement in funds Total lunds carrled foThvard 549.642 549.64Z 498MXI The statement of financial activitie5 included all 8ains and losses reco8nised in the year. All funds in the prior year were unrestricted. The notes on pages 10 to 14 form part of these financial statements.
The 948 Sports Foundation (a cornpany limited by guarantee} 8alance Sheet at 31" Au U5t 2024 2023 Notes Flxed Assets Investments 509.755 468,085 Current Assets Cash at bank and In hand 42.017 42,017 33,837 33,837 Credltors: amounts falling due within one year io 12,1301 13.122 Net Current Assets 39.887 30.71S Total Assets le55 Current Liabilities 549,642 49300 Charlty Funds Unrestricted funds 549,642 498,800 549.642 49800 The Charlty was entltled to exemptlon 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 sertion 476 of the Companies Act 2006. The Trustees acknowledge thelr responsibilitie5 for complying with the requirement of the Act with respect to accountin8 records and preparation of financial statements. The flnanclal statements have been prepared in accordance with the provlslons appllcable to entltles sublect to the small companies. regime. The financial statements were approve.d and authorlsed by the Tru:tccs and are signed oil its behalf by.. S. Bell P. Brewster Sandy Bell Chair of Trustees Paul Brewster lice Lnaii Oate . 26 November 2024 The notes on pages 10 to 14 form part of these accounts.
The 948 Sports Foundation la company limited by guarantee) Notes to Fln lal SLIt rnents for the ear endl 31 Au ust 2024 l. General Inforniation The 948 Sports Foundation is a company limited by guarantee incorporated in England and Wales. 2. Ac¢ountln8 Poliaes 2.1 Basis of Prepafation The financial statements have been prepared in accordance with the accounting and reporting by charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102112Rty Edition effective January 20191- Charities SORP FRS102, the financial reportin8 Standard applicable in the UK and Republic of Ireland { FRS1021 and the Companies Act 2006. The 948 Sports Foundation meets the definition of a public benefit entlty under FRS102. Assets and liabilities are initially fecognised at historical cost or transaction value unless otherwise stated in the relevant accountin8 policy. These financial statements are presented in GBP £, under the going concern basis. There are no material uncertalnties regarding going concem. 2.2 Income All Income is fecognised once the charity has entitlement to the income, it is probably that the income will be received. and the amount of income receivable can be measured reliablv. 2.3 Expendlture Expenditure is reco8nised once there is a legal OT constructive obligation to transfer economic benefit to a third party. It is probable that a transfer of economic benefits will be requlred in settlement and the amount of the obli8ation can be measured reliabty. Expenditure is classified by activity. The costs of each activity are made up to 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 directty to that activty. Shared costs which contribute to more than one activlty and support costs which are not attributable to a single activity are apportioned between those activitles on a basis consistent with the use of resources. Expenditure on charitable activities is incurred on directly undertaking the artivities which further the charivs objectives, as well as any associated support costs. Grants payable are charged in the year when the offer 15 made except in those cases where the ofter Is conditional, such grants being reco8nised 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 incluslve of irrecoverable VAT. 2.4 Interest Recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is nomially on notification of the interest paid or payable by the institulion with whom the funds are deposlted. 10
The 948 Sports Foundation la company limited by guarantee) Notes to the Flnancial Statements for the r ended 31" Au st 2024 continued 2.5 Investments Fixed asset investments are a form of financial instrument and are initlally reco8nised at thelr transaction cost and subsequently measured at fair value at the balance sheet date unle55 the values cannot be measured reliably in which case it is measured at cost less impaifment. Investment gains and losses, whether reali5ed or unrealised are combined and presented as 'Gains/(losses) on investments in the statement of financia 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 investrnents with a short maturity or three months or less from the date of acquisition or opening of the deposit or similar account. 2.8 Llabllltle5 and prov151ons Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement and the amount of the settlement can be estimated reliably. Liabillties are recognised at the amount that the charlty antlclpates It wlll 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 unrestrKted 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. Crltlcal accounting estlfflates and areas of judgement Estimates and judgements are continually evaluated and are based on hlstorical experience and other factor5, includin8 expectations of future events that are believed to be ?sonable under the circumstances, There were no critical judgements made in the process of applying the charl5 accountin8 policies. The charity makes estlmates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition. seldom equal the related artual results. There were no key assumptions concerning the future, and other key sources of estimation of uncertainty at the balance shp.p.t date. that have a sighificant risk ot causin8 a material adjustment to the carrying amounts of assets and liabilities within the next finanual year. 11
The 948 Sports Foundation la company limited by guarantee) Notes to the Financial str¢ennts for the ear endin 31° t 2024 continued 4. Income from donations and legades 2024 2023 Donatlons 1.858 1.855 S. Investment Income 2024 2023 Bank interest Investment Income 340 26.727 27,067 24,978 24.978 6. Analysls of 8rants 2024 2023 Grants to Individuals Grants to institutions 9,884 6,020 15,904 11.143 6,878 18.021 Ouring the year 1612023: 211 grants were made to indlvlduals and 8 {2023.'11l to instltutlons. Grants made to institutions comprlse grants to sthools. clubs. and community bodies. 7. Anatysls of expendlture on charftable act0¢$ 2024 2023 Charltable artlvftles Grants Expenditure on 8ovemance and adMinistratn 15,904 18.021 4,030 19,752 22,051 12
The 948 Sports Foundation (a company limited by guarantee) Notes to th Fl ncial for the in 31" Au 24 continued & Trustees. rernuneration and expenses During the year no trustees received any remuneration or other beneflts12023 £nil). During the year ended 31" Au8USt 2024 a trustee was reimbursed for costs incurred of £24212023 £183}. 9. Fixed Asset Investments 2024 Cost or valuatlon At I" September 2023 Revaluations 468,085 41,670 At 31" Au8USt 2024 509,755 Net Book Value At 31" August 2024 At 31" August 2023 509,755 468,085 The analysis of investments held Is M&G Charifund £ 377,22012023: E340,536) and M&G Charibond £ 132,53512023: £127,549). The cost of the fixed asset Investments held at the yeaT-end was £500,00012023: £500,000). 2024 2023 10. Creditors: Amounts fallin8 due within one year Grant5 Expenditure on governance and admlnlstratlon 1,000 1,130 1.350 1,772 2,130 3,122 13
The 948 Sport5 Foundation la company limited by guarantee) Notes to the Financlal Ststements for the ear endl 31" Au ust 2024 continued 11. Analysls of net assets between funds un$tried nds Total funds Fixed assets Current assets Current liabilities S09,755 42,017 12.130) 509,755 42,017 {2.1301 Net assets at 31° August 2024 549,642 549.642 12. Related Party Transacliong There were no related party transartions that require disd05ure in the current year (2023: £nil) 13. Employees There were no employees during the current and prf year. 14