Company registered number: 04197666 Charity registered number: 1106766
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 15 |
| Independent examiner's report | 16 |
| Statement of financial activities | 17 |
| Balance sheet | 18 |
| Notes to the financial statements | 19 - 32 |
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023
| Trustees | Sue Winston, Chair |
|---|---|
| Susan Spiller | |
| Hayley Budd | |
| Peter Leslie Sharp | |
| Farrah Mughal | |
| Tara Stimpson, Treasurer | |
| Larsen Mabika (appointed 17 October 2022) | |
| Lewis Ridett (appointed 17 October 2022) | |
| Erica de Rosa (appointed 17 October 2022) | |
| Company registered number 04197666 Charity registered number 1106766 Registered and principal operating office Unit 2J St. Marks Industrial Estate 439 North Woolwich Road London E16 2BS Company secretary Tara Stimpson Chief executive officer Angela Green Independent Examiner MHA Chartered Accountants 910 The Crescent Colchester Business Park Colchester Essex CO4 9YQ Bankers National Westminster Bank plc Frobisher Road Beckton London E6 5LX |
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees present their annual report together with the financial statements of the charity known as Ascension Eagles Cheerleaders for the year 1 September 2022 to 31 August 2023.
The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. Note:
In 2022, the Board of trustees and the Management Team agreed that it would adopt the term “ The Group ” (or “We” or “Us”) to describe the combined activities of Ascension Eagles Cheerleading and Talent Central, to recognise and to emphasise that our mission is delivered through a range of competition, recreational and schools’ programmes.
People working on behalf of The Group include senior managers (known as “the senior team” or “the Management Team”), the Board of Trustees, paid staff, volunteers, sessional workers, agency staff and students.
Our objectives and activities
Our purpose, as stated in our Memorandum and Articles of Association, is to provide facilities for the recreation and leisure time occupation of young people under the age of 25 in the interest of social welfare.
We provide training in cheerleading activities and performance opportunities, to develop young peoples’ fundamental capacities, so that:
They may grow to full maturity as individuals, so that they become effective and considerate members of their communities, and their conditions of life may be improved.
Our mission, vision and values
| Our Mission | Our Vision | Our Values | ||||
|---|---|---|---|---|---|---|
| We strive to develop Britain’s best | Cheerleading is an effective way of | Consistency | ||||
| cheerleaders while transforming and | cheerleaders while transforming and | helping children and young people to | helping children and young people to | Integrity | ||
| inspiring children and young people | be healthy and gain confidence, | Perseverance | ||||
| to reach their full potential. | while helping them to make a | Persistence | ||||
| positive difference – both in their | ||||||
| community and in the world. |
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
Background and history
Our charity began in 1996, as a grassroots outreach programme and part of the Ascension Church Centre, with the aim of keeping young people off the streets and out of trouble.
When AEC ranked bottom at their first National Championship in 1997, they were fed-up with negative stereotypes. They decided that coming bottom at Nationals was something they would not accept; instead, they combined efforts with the aspiration of achieving a different result in future competitions.
The following year, in 1998, they won their first National trophy, and, in doing so, proved to themselves that hard work can bring success.
With sheer determination and teamwork, this group of individuals from disadvantaged backgrounds committed themselves to being the best that they could be.
Over a quarter of a century later, our programme is firmly established as the best of British Cheerleading, consistently coming top in competitions but also making a vital contribution to young peoples’ social and physical development through our recreational classes and school programmes.
Structure, governance and management
The company was incorporated on 10 April 2001 and became a registered charity on 15 November 2004. It took over the assets and liabilities of the unincorporated association of the same name on 1 September 2004. The company is limited by guarantee and its management is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association at each Annual General Meeting, with the day-to-day responsibility delegated to the Management Team.
The Group’s Board has elected to follow the principles and practices set out in the Charity Governance Code (link: https://www.charitygovernancecode.org/en) as published by the Charity Commission.
Safeguarding
The Group recognises the importance of its responsibility to protect and safeguard the welfare of children and young people entrusted to its care (“the beneficiaries”).
We are committed to regular child protection training for all staff, coaches, volunteers and Trustees, to develop their understanding of the signs of abuse and how to respond to disclosures of abuse. Anyone in leadership who has contact with children/young people must complete an Enhanced Disclosure and Barring Service (DBS) check and trustee appointments are subject to a DBS check; we believe this approach is sensible to mitigate risks to our beneficiaries and to the charity’s reputation.
Our safeguarding policy, referred to as the Child And Adults At Risk Protection Policy (“CAARP Policy”), was reviewed and updated in May 2023 in line with changes recommended by the NSPCC. The latest version of our CAARP Policy is available for public view via a link on the Ascension Eagles website. (link:
https://www.ascensioneagles.com/_files/ugd/87f7e5_b8767706565849b28f1edfd756617a49.pdf)
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
In keeping with the requirement that all organisations working with children must have a designated individual who takes the lead on safeguarding, The Group’s Board of Trustees annually appoint a Nominated Safeguarding Lead and a Deputy Safeguarding Lead to ensure the implementation of The Group’s CAARP Policy.
In addition, the Board also appoints a Trustee Safeguarding Lead who reports to the Board at each Board meeting on The Group’s safeguarding practice, including raising any concerns of which the Board needs to be aware and any incidents which have taken place (in accordance with any confidentiality/ reporting restrictions which may apply).
Trustee matters
Board changes in 2022-23
There were no changes to the Board.
Our approach to trustee appointments
We have a thorough and thoughtful approach to the selection and appointment of Trustees. We advertise trustee vacancies on sites such as Reach Volunteering and Getting on Board; we participate in the BoardMatch events run by the East London Business Alliance (ELBA), and we share vacancies on social media, such as LinkedIn. For roles requiring technical skills we also approach membership organisations for specialist roles (e.g. ICAEW for financial skills and IPD for people skills).
Mindful of the benefits of increased Board diversity, the Board aims to place value on candidates’ passion for our mission - not simply on their skills or the extent of their professional experience. The Board also conducts a Trustee skills review every couple of years (more recently in 2022) and seeks to address any skills gaps during Trustee recruitment programmes.
Our recruitment process
All Trustee applicants are invited to complete an Expression of Interest form and submissions are shared with the Board. Suitable candidates are informally interviewed by at least two existing Trustees, then invited to attend one of The Group’s events or to visit our gym to see what we do ‘at first hand’.
We aim for a candidate to have met at least 75% of the Trustees by this stage of the process. If the candidate is considered a potential appointee, they are invited to attend a Board meeting as an observer. If the candidate subsequently confirms that they still wish to proceed, the Board agrees in principle whether they wish to appoint the candidate. If they do, the potential new Trustee receives an induction pack (in line with the Charity Commission’s recommendations), is subject to an enhanced DBS check and is asked to sign a declaration to confirm that they have not been disqualified from acting as a trustee and to declare any conflicts of interest.
Assuming no issues arise from the DBS check or declarations, the Trustee’s appointment is formally voted on by the Board.
Review of The Group’s policies and practices
All of the Group’s policies were reviewed in May 2023 and the policies were approved by the Board. Each policy has a nominated Trustee who is responsible for ensuring their policy/policies is up to date and reflects current regulatory requirements and best practice.
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
The Director’s Report
Angela Green, Programme Director – Ascension Eagles, writes:
We are proud that, as a charity, our focus has always been on reflecting the needs of the young people we serve. The past few years have been extremely turbulent for our members and their families, with the Covid-19 pandemic and the subsequent economic recession.
As a result, our primary focus this year was on supporting our members, and on delivering a consistently excellent service to them. We wanted this season to be about simply providing a positive environment in which they could reconnect, with each other and with the sport they love. The feedback that we received (see page 7) when we surveyed our athletes demonstrates that we met this objective in the 2022-23 season.
Throughout the year our staff team have worked hard to build on their existing relationships with athletes, cultivate a strong ‘team’ ethos and ensure that The Group continues to be the safe and welcoming environment that we have become known for.
Highlights for the year include:
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The continuing success and growth of our Special Education Needs (SEN) team, Serenity, who performed at a number of events throughout the season including a regional competition.
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Through our female empowerment programme, we were incredibly honoured to welcome trailblazing sports broadcaster and journalist Reshmin Choudhury to the gym to talk with our athletes about her experiences in the sports industry, especially as a woman of colour. Our athletes enjoyed asking her about all the famous footballers she had worked with, and took home the message that opportunities are available, if they push themselves, regardless of where they have come from and what they want to achieve.
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We were pleased to support one of our local partners, the University of East London, as they celebrated their 125[th] Anniversary.
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
Junior Leadership Team (JLT)
Our Junior Leadership Team (JLT) programme has continued to evolve and grow: it is a source of great pride for The Group. This programme offers an avenue for AEC athletes to fulfil their ambition of becoming future leaders.
Participation in the JLT programme gives athletes opportunities to study for coaching qualifications, enhance their leadership skills and build their confidence – all of which enhance their employability.
These motivated young people take on additional responsibility for supporting other athletes and leading sessions. They receive guidance and mentorship from existing AEC leaders to help them develop their personal leadership style.
During the 2022-23 season our JLT members took part in workshops which were developed and delivered by our existing coaches, alongside industry professionals. They also volunteered for more than 125 hours of cheerleading coaching and for community projects.
All of our JLT members attended first aid and safeguarding training and, additionally six JLT coaches who turned 16 achieved recognised coaching qualifications provided by Building from the Ground Up (BGU), the UK’s leading cheerleading educator.
“The session on coaching mini and youth athletes was really useful as it went into tips on how to be the best coach for your athletes. We discussed scenarios which helped us to think about how we would deal with specific issues. I felt I was able to build on my understanding of what kinds of challenges might come up, and I am confident that I could apply this to the class that I teach and have tried to be more proactive in my coaching style since.”
Reanne, junior coach, who supports Prodigy our Mini 1 Team
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
Athlete feedback
During the 2022-23 season, we asked our athletes “ How does being part of AEC make you feel? ” Here are some of the responses we received across our different age groups:
*All quotes are reproduced here exactly as written by athletes
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
Ascension Eagles in 2022-23
Competition results
Our squads train year-round and compete against regional and national teams in their respective age groups.
| Prodigy Mini Level 1 Prep (aged 5-8) |
Royalty Senior Level 1 (aged 10+) |
Majesty Senior Level 2 (aged 11+) |
|---|---|---|
| Legacy Regionals - 1st & Grand Champions Future Cheer Regionals – 1st Legacy Nationals - 1st Future Cheer Nationals - 3rd |
Legacy Regionals – 3rd Future Cheer Regionals – 1st Legacy Nationals – 2nd Future Cheer Nationals – 2nd |
Legacy Regionals – 2nd Future Cheer Regionals - 1st Legacy Nationals – 3rd Future Cheer Nationals – 3rd |
| Harmony Youth Novice (aged 6-11) |
Symphony Youth Level 1 (aged 9-11) |
Infinity Senior Level 4.2 (ages 11+) |
|---|---|---|
| Future Cheer Regionals - Excellent Award |
Legacy Regionals – 2nd Future Cheer Regionals –4th Legacy Nationals – 2nd Future Cheer Nationals - 1st |
Future Cheer Regionals - 2nd Legacy Nationals - 1st |
| Prophecy Junior Level 1 (aged 10-14) |
Serenity (Special Educational Needs Team) |
Trinity Senior Level 3 (aged 11+) |
|---|---|---|
| Legacy Regionals – 1st Future Cheer Regionals - 1st Legacy Nationals – 3rd Future Cheer Nationals - 8th |
Performances at: Legacy Regionals Future Cheer Regionals |
Legacy Regionals – 4th Future Cheer Regionals –2nd Legacy Nationals – 2nd Future Cheer Nationals –2nd |
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
Talent Central in 2022-23
Talent Central is London’s first “cheer gym”, based on the well-respected principles, values and training ethos of Ascension Eagles. The centre is used by many athletes, from beginners all the way through to other competitive cheer programmes. We deliver our community outreach work through the Talent Central brand.
Our schools’ outreach programme
Our school-based sessions are important as they allow us to extend the positive benefits of cheerleading beyond our gym facility. They enable us to take the experience of cheerleading into the wider community.
After a successful rebuilding period during the 2021-2022 season, following the Covid-19 pandemic, we started the 2022-23 season with 11 schools’ classes a week. By the Spring term (January to March 2023), even more schools had joined our programme and we were delivering 14 classes a week.
All three school terms culminated in our showcase events, held at the former Olympic venue, ExCeL London. Each participant received an individual medal and certificate; each school received a trophy and either a bronze, silver or gold award level certificate. In total, 714 children attended our three showcase events, a significant increase from 492 children during the 2021-22 season.
These showcase events have always created an important opportunity for young people from across our local communities to come together; crucially, these events allow them to expand their social circle by forming connections with other young people from different schools, cultures and backgrounds all of whom share a common goal – cheerleading.
We delivered cheerleading sessions for the following schools during the 2022-23 season: Britannia Village (two clubs), Calverton, Gallions Reach, Hallsville, Lathom Road (two clubs), Stratford Manor, New City, Oasis, Rosetta (two clubs), Royal Wharf and St Angela’s. We also welcomed young people from St Anthony’s and City of London Academy to our showcase events.
We are grateful to all of our school partners for the opportunity to bring the joy of cheerleading to so many young people and we look forward to further building on our outreach programme over the coming seasons.
As well as our after-school club sessions delivered at schools, during the May half-term we hosted a free instructional camp at our gym, Talent Central, exclusively for those young people already taking part in our schools’ programme. The event was attended by 59 cheerleaders from our regular partner schools. This was the first time we had held such an event and we will aim to repeat it in future seasons.
”The showcase event continues to be a termly highlight for the students of St Angela’s. The opportunities for our students to make progress with this unique sport is fantastic. The chance for students from our socioeconomic background to engage in this sport, at no cost to themselves, has boosted the confidence of students, who otherwise may not have had the chance to engage. We are very grateful to TC for the opportunity.”
St Angela’s Secondary School
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
Our recreational classes
The success of the previous (2021-22) season allowed us to step-up, reimagine and evolve the way we delivered our TC recreational gymnastic classes in 2022-23.
Our main goal was to end the 2022-23 season at a point where we could start exploring ways to distinguish between the abilities of our athletes, offer class differentiation suitable to all needs and bridge the gap so that athletes can see a clear pathway to success.
To prepare for this shift in our 'curriculum' we have implemented changes to provide the opportunity for greater challenge for each ability level - but disguised in the form of games and challenges.
For example:
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dynamic exercises/ conditioning where athletes compete in timed events
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group challenges that involve athletes using their own body weight to create structures
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pace-related challenges to support plyometric progression (ie short, intense bursts of activity that target fasttwitch muscle fibres in the lower body, which help increase speed and jumping height)
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A key tumble 'shapes' circuit, coupled with our handstand circuit to encourage athletes’ muscle memory.
These, alongside our usual session elements, have meant that athletes are stronger, more agile and therefore more confident when attempting new and challenging skills.
Our goals for next year are to continue to create new pathways to help athletes excel and make measurable progress. Demand for recreational classes has increased and we want to ensure that everyone taking part - regardless of their ability, experience or need – feels included and achieves a sense of personal growth. We are proud of what we offer and are confident there is opportunity for all to develop.
“I love watching my daughter thrive, grow in confidence and learn new skills whether it’s physical or social. She started a very shy girl and is now happy and comfortable attending classes.” Parent feedback
“The shift in behaviour I have seen in my child is remarkable. She now has a sport that she loves so much, and she has never missed a session. She always moans at me to hurry up as she doesn’t ever want to be late.” Parent feedback
”I like Talent Central because I didn’t know how to do “I like doing the circuits and the games we do a back flip before, but now I do, thanks to TC. I rate because I want to improve my gym. I like TC this place 20 out of 10, bonus stars.” because it makes me feel ‘me’.” Athlete feedback Athlete feedback
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FOR THE YEAR ENDED 31 AUGUST 2023
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT
Chair’s review
We made good progress against the strategic objectives that we set out for 2022-23.
Our first priority was to make a transformational difference for our young people by rebuilding and sustaining our membership numbers. In last year’s report, we said that there were strong indications that The Group’s membership levels would return to pre-pandemic levels during the 2022-23 season – and indeed that proved to be the case.
The recovery in membership was swifter and stronger than we had expected, as the management team and our coaches worked tirelessly to encourage athletes to return to the programme, to develop attractive new classes and to identify potential new sources of members. This ensured that we achieved our second strategic priority, which was to grow Talent Central, the part of The Group that delivers the tumble/recreational classes, the schools’ programme and the facility hire income.
The schools’ programme recovered strongly during the season. We also began to make the most of the opportunity to encourage the pupils to join our other classes at Talent Central.
The recreational and tumble classes proved very popular, offering a lower-cost, lower-commitment alternative to our highly successful competition programmes.
During the 2022-23 season, as per our third strategic priority of sustainability, we continued to look for a new location for The Group which could provide better long-term security and growth potential. Having identified a potential unit in North Woolwich, we made good progress on negotiations during the year and reached heads of terms for a 10-year tenancy.
Mindful of the potential new opportunities for growth and the additional financial responsibilities that the relocation will bring, the management team and Board of Trustees worked together during the year to develop a new business plan for the period 2023-2028.
Our impact in 2022-23
Our impact measurement work helps us to demonstrate our effectiveness and the extent to which we are delivering our mission. It allows us to benchmark how our athletes are feeling so that we can offer them the support and pastoral care they need, and it helps us to show our funders the difference that their investment is making - but it also highlights areas in which we could improve our services and how we deliver them.
At three points during the year we invited our athletes to tell us how taking part in our activities makes them feel and what difference it makes for them. In the wake of the Covid-19 pandemic, we are finding that many young people still carry a legacy of isolation and for some there has been a long-tail impact on their mental well-being. We were therefore pleased to see a significant reduction in numbers of our young people worrying about the future and an 8% increase during the season in those saying they felt able to handle personal problems.
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
Strategic priorities for 2023-24
Our top priority for the 2023-24 season will be to establish The Group in its new ‘home’ at St Marks Industrial Estate in North Woolwich. The termination of our lease at Gallions Reach in December 2023 creates an opportunity for The Group to realise a long-held ambition to have a space which offers even better cheerleading facilities, plus additional ‘wrap-around’ services for our members. In the longer-term, we also aim to make the space available to other groups in the local community.
This relocation will bring new financial challenges too, in the form of rent and other new operational costs. We have been planning for some years for increased costs arising from a relocation and have been managing our investments accordingly. However, we are also acutely aware that we will need to raise new funding to support the long-term growth of the charity.
While our membership numbers have returned to pre-pandemic levels, we anticipate that external factors could make this recovery fragile in the short to medium term. The difficult economic situation and the continuing high inflation environment in the UK will bring further uncertainty for many of the families we serve, particularly since the majority of them live in Newham where 37% of residents are estimated to be living in poverty ( Source: Employment and Health in Newham – Needs Assessment July 2022 ).
We will do our utmost to try and ensure our services remain as accessible, inclusive and affordable as possible, so that our athletes can continue to do the sport they love, regardless of their economic situation, demographic status or their ability. We will continue to search for new external funding which we can use to subsidise membership fees for those on low disposable incomes. We will also continue to develop our recreational classes, which offer a more affordable option and don’t require the long-term commitment of our competition programme.
In summary, the strategic priorities agreed by the Board and management team for 2023-24 are as follow:
1. Relocation : ensure a good lease for The Group’s new ‘home’; complete phases one (winter) and two (summer) of the refurbishment plan; manage our relocation to minimise the impact for existing athletes; maximise the opportunity to attract new members near to our new location.
2. Income generation : secure additional funding to help us cover the increased costs of operating from our new location and to support our growth plans (in line with our new 2023-2028 business plan).
3. Governance : continue to be alert to any changes we may be required to make to ensure our compliance with the new Charities Act 2022, the non-legislative changes recommended by the Law Commission’s report, and recommendations by the Charity Commission, such as social media use.
Outlook for 2023-24 and beyond
We face a significant change in 2024 as we move to a new location, after more than 10 years at Gallions Reach. While we will be sad to leave Gallions Reach, moving to a location in Newham will create opportunities for us to develop and grow. Having more space means we will be able to provide additional 'wrap-around' support for existing athletes, and the proximity to residential developments and local schools will help us to reach even more young people in the borough and surrounding areas.
For example, in 2024 we have plans to create a learning space in which the athletes can study and do their homework while waiting for their classes to start and a presentation room/classroom so that we can host external speakers and coaches can hold video playback sessions. We will install a second sprung floor on which athletes can practice.
In the longer-term, 2024 and beyond, we want to look at introducing new services for our athletes – such as physiotherapy and more access to external speakers on relevant topics and issues. We are hopeful that we will also be able to make the gym available to the local community when it’s not being used by our athletes, to optimise income generation from the space and to benefit our community, perhaps with daytime groups for local families or activity groups for older people.
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
We are highly aware that we face a greater financial challenge in the coming years; we will finally use the investment assets which we have been holding in reserve for several years, to enable us to launch in our new location, but we will also need to identify new sources of income and funding to make the space sustainable for us for the next ten years and beyond.
In the near-term, our other challenge will be to identify, recruit and train suitable coaches to support our growth plans. The development of our Junior Leadership Team programme will be crucial in this regard.
The current economic outlook for the United Kingdom is likely to continue to create financial challenges for many of our families. We are also aware of the uncertainties created by wider geo-political factors – such as political uncertainty in the United Kingdom and abroad, and the impacts of international conflicts which may directly affect the friends and relations of our athletes.
As ever, we will continue to support our families in every way we can, while also focusing on the delivery of our 20232028 business plan to make the most of the opportunities presented by the relocation and thus ensure the longevity of the charity.
Funding and support
During the year our two major funders both reduced their donations but continue to support us generously for which we are immensely grateful.
Without the continued support of all of our funders and donors we would not be able to make such a difference to so many young lives. In 2022-23 we were fortunate and thankful to receive support from:
The Tuixen Foundation; NatWest Group; Attic Self Storage; Gallions Reach Shopping Park; The Jack Petchey Foundation; London Borough of Newham; The Royal Docks Trust (London); and abrdn;
This financial support enables us to subsidise our fees significantly, allowing us to charge our athletes and participants approximately 40% less than the full cost of our services. Our donors’ support therefore helps us to continue to make a healthy and fun activity affordable to the young people of Newham, giving them more choice and making sport more accessible for all.
In addition to funding and gift-in-kind support we receive from the above organisations, we are also grateful for the support and commitment of our trustees, our members and their families, who volunteer so many hours annually to help ensure that The Group delivers its mission so effectively.
Given our need for funds to help us cover the increased operating costs associated with our relocation, we will continue to look for new sources of funding in 2023-24 and beyond, including corporate sponsorships, project-specific funding (eg Junior Leadership Team development, the refurbishment of our new location etc).
We continue to support our business development manager and the Director with their fundraising training. We have also identified an external fundraising specialist with whom we hope to work in the coming year to improve our fundraising skills and to make our efforts more effective.
Arrangements for setting pay and remuneration of Key Management Personnel
Key Management Personnel comprise the Trustees and the management team. Trustees are not remunerated in their capacity as a Trustee. The remuneration of the management team is determined by the Trustees’ annually in a Performance Management discussion.
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TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee)
Public benefit
The Trustees have complied with their duty in section 17 of the Charities Act 2011 and have paid due regard to public benefit when preparing this report. There are no unreasonable restrictions, which would prevent young people in London benefiting from The Group’s services and support offered. The benefit provided to the public is consistent with the aims of the charity. All activities have been undertaken for the furtherance of public benefit and for the furtherance of The Group’s aims and objectives as per our Memorandum and Articles of Association. Further detail and public impact of our actions in 2022-23 are included elsewhere in this report.
Financial review
The reserves as at the beginning of the year were £545,624. We recorded an increase in the year in unrestricted funds from £489,405 to £494,769.
Restricted Funds were unchanged at £56,219.
Reserves policy
The Board believes that the minimum level of the unrestricted general fund should be the equivalent of six months' usual salaries and other operating costs. This currently equates to approximately £173,000 based on 2023/2024 expected expenditure.
The general fund at year end was £253,771.
Total unrestricted reserves including designated funds and investment revaluation reserve at year end was £494,769.
Preparation of this report
This report has been prepared taking advantage of the small companies’ exemption of section 415A of the Companies Act 2006.This report was approved and authorised for issue by the Trustees on 8[th] April 2024 and signed on its behalf by:
Sue Winston Chair of Board of Trustees, Ascension Eagles Cheerleaders
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ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023
Independent examiner's report to the Trustees of Ascension Eagles Cheerleaders ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2023.
Responsibilities and basis of report
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts 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 accounts 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 accounts to be reached.
Signed: Dated: 22/05/2024 Cara Miller ACCA
910 The Crescent, Colchester Business Park Colchester, Essex CO4 9YQ
Page 16
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023
| Note Income from: Donations and legacies 3 Charitable activities 5 Investments 6 Total income Expenditure on: Charitable activities Total expenditure Net income/(expenditure) before net losses on investments Net losses on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 66,165 164,672 7,914 238,751 231,467 231,467 7,284 (1,920) 5,364 489,405 5,364 494,769 |
Restricted funds 2023 £ 28,750 - - 28,750 28,750 28,750 - - - 56,219 - 56,219 |
Total funds 2023 £ 94,915 164,672 7,914 267,501 260,217 260,217 7,284 (1,920) 5,364 545,624 5,364 550,988 |
Total funds 2022 £ 83,061 148,153 190 231,404 258,319 258,319 (26,915) (7,843) (34,758) 580,382 (34,758) 545,624 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 19 to 32 form part of these financial statements.
All income and expenditure relate to continuing activities.
Page 17
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity) REGISTERED NUMBER: 04197666
BALANCE SHEET AS AT 31 AUGUST 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 11 | - | 381 | ||
| Current assets | |||||
| Stocks | 12 | - | 2,431 | ||
| Debtors | 13 | 9,634 | 10,599 | ||
| Investments | 14 | 446,385 | 448,305 | ||
| Cash at bank and in hand | 115,495 | 106,267 | |||
| 571,514 | 567,602 | ||||
| Creditors: amounts falling due within one | |||||
| year | 15 | (20,526) | (22,359) | ||
| Total net assets | 550,988 | 545,624 | |||
| Charity funds | |||||
| Restricted funds | 16 | 56,219 | 56,219 | ||
| Unrestricted funds | 16 | 494,769 | 489,405 | ||
| Total funds | 550,988 | 545,624 |
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 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 for issue by the Trustees and signed on their behalf by: ................................................ ................................................ Sus houisher=> SY Sue Winston, Chair Tara Stimpson, Treasurer
Date: 8 April 2024
The notes on pages 19 to 32 form part of these financial statements.
Page 18
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. General information
Ascension Eagles Cheerleaders is a company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 1106766) and Registrar of Companies (Company Registration Number 04197666) in England and Wales.
In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.
The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity's operations and principal activities are detailed in the Trustees' Report.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Companies Act 2006, the Charities Act 2011 and UK Generally Accepted Practice.
Ascension Eagles Cheerleaders meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Going concern
The Trustees have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. The Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing these financial statements.
Page 19
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
2. Accounting policies (continued)
2.3 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.
For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfillment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the Charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the Charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
The Charity receives government and other grants in respect of furthering its charitable objective. Income from government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
2.4 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 measured 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. Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include project management carried out at Headquarters. 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. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 20
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
2. Accounting policies (continued)
2.5 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 upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
| Office equipment | - | 33% |
|---|---|---|
| Gym equipment | - | 25% |
| Uniforms | - | 20% |
2.8 Investments
Current asset investments 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.
2.9 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.10 Debtors
Debtors are recognised when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Prepayments are valued at the amount prepaid.
Page 21
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
2. Accounting policies (continued)
2.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.12 Liabilities and provisions
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.
2.13 Financial instruments
The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows:
Debtors - trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 13. Prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Liabilities - trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 15. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.
2.14 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
2.15 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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 22
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
3. Income from donations and legacies
| Unrestricted funds 2023 £ Donations 15,645 Grants 50,520 Government grants - Total 2023 66,165 Total 2022 44,728 Analysis of grants The Royal Docks Trust (London) Jack Petchey Tuxien Foundation Grant Newham Council Newham Council Summer Grant Natwest Attic |
Restricted funds 2023 £ - 28,750 - 28,750 38,333 |
Total funds 2023 £ 15,645 79,270 - 94,915 83,061 2023 £ 28,750 1,800 20,000 7,000 - 20,000 1,720 79,270 |
Total funds 2022 £ 12,403 70,143 515 |
|---|---|---|---|
| 83,061 | |||
| 2022 £ 33,333 1,810 30,000 2,000 3,000 - - |
|||
| 70,143 |
4. Analysis of grants
Page 23
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
5. Income from charitable activities
| Unrestricted funds 2023 £ Cheerleading activities 78,392 Talent Central Recreational Classes 21,309 Talent Central Schools 21,720 Talent Central Hire 29,638 Performance and Others 4,774 Sales of Uniforms and Clothes 8,839 Total 2023 164,672 Total 2022 148,153 |
Total funds 2023 £ 78,392 21,309 21,720 29,638 4,774 8,839 164,672 148,153 |
Total funds 2022 £ 65,811 15,607 21,125 21,408 4,181 20,021 |
|---|---|---|
| 148,153 | ||
6. Investment income
| Unrestricted funds 2023 £ Bank interest receivable 7,914 Total 2022 190 |
Total funds 2023 £ 7,914 190 |
Total funds 2022 £ 190 |
|---|---|---|
Page 24
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
7. Analysis of expenditure by activities
| Cheerleading activities Total 2022 |
Activities undertaken directly 2023 £ 224,208 224,952 |
Support costs 2023 £ 36,009 33,367 |
Total funds 2023 £ 260,217 258,319 |
Total funds 2022 £ 258,319 |
|---|---|---|---|---|
In 2022, £219,986 of expenditure was allocated to unrestricted funds and £38,333 was allocated to restricted funds.
Analysis of direct costs
| Staff costs Programme costs Total 2023 Total 2022 |
Cheer- leading activities 2023 £ 164,956 59,252 224,208 224,952 |
Total funds 2023 £ 164,956 59,252 224,208 224,952 |
Total funds 2022 £ 159,138 65,814 |
|---|---|---|---|
| 224,952 | |||
Page 25
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Depreciation Overhead costs Governance costs Total 2023 Total 2022 |
Cheer- leading activities 2023 £ 381 30,916 4,712 36,009 33,367 |
Total funds 2023 £ 381 30,916 4,712 36,009 33,367 |
Total funds 2022 £ 765 27,694 4,908 |
|---|---|---|---|
| 33,367 | |||
Governance costs have been analysed further in Note 8.
8. Governance costs
| Independent Examiners' remuneration - current year Independent Examiners' remuneration - under-accrual of prior year Accountancy and other services |
2023 £ 3,500 - 1,212 4,712 |
2022 £ 3,360 60 1,488 |
|---|---|---|
| 4,908 |
Page 26
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
9. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2023 £ 153,304 6,702 4,950 164,956 |
2022 £ 146,989 7,356 4,793 |
|---|---|---|
| 159,138 |
The average number of persons employed by the Charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Staff members | 11 | 12 |
No employee received remuneration amounting to more than £60,000 in either year.
The Key Management Personnel of the Charity comprise the Trustees and management personnel. The total amount of employee benefits (including employer national insurance contributions and pension contributions) received by Key Management Personnel for their services to the Charity was £58,164 (2022 - £53,958).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 August 2023, no Trustee expenses have been incurred (2022 - £NIL) .
11. Tangible fixed assets
| Cost or valuation At 1 September 2022 At 31 August 2023 |
Office equipment £ 3,572 3,572 |
Computer equipment £ 27,121 27,121 |
Total £ 30,693 |
|---|---|---|---|
| 30,693 |
Page 27
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
11. Tangible fixed assets (continued)
| Depreciation At 1 September 2022 Charge for the year At 31 August 2023 Net book value At 31 August 2023 At 31 August 2022 12. Stocks Athletic clothing for resale 13. Debtors Due within one year Trade debtors Prepayments and accrued income 14. Current asset investments CCLA Investment Fund |
Office equipment £ 3,572 - 3,572 - - |
Computer equipment £ 26,740 381 27,121 - 381 2023 £ - 2023 £ 9,385 249 9,634 2023 £ 446,385 |
Total £ 30,312 381 |
|
|---|---|---|---|---|
| 30,693 | ||||
| - | ||||
| 381 | ||||
| 2022 £ 2,431 2022 £ 4,502 6,097 10,599 2022 £ 448,305 |
Page 28
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
14. Current asset investments (continued)
In 2019, the Charity purchased a £300,000 short-term investment with the CCLA Investment Fund. The investment can be liquidated at short notice and has been classified as a Current Asset Investment in these accounts. At the year-end, the investment was revalued downwards to £446,385 (2022: upwards to £448,305), with a revaluation loss of £1,920 (2022: loss of £7,843) being recognised through the Statement of Financial Activities and within its own revaluation reserve in the Statement of Funds.
15. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income Deferred income at 1 September 2022 Grant income released during the year Grant income deferred during the year |
2023 £ 6,720 5,831 7,975 20,526 2023 £ 7,000 (7,000) 1,667 1,667 |
2022 £ - 9,941 12,418 |
|---|---|---|
| 22,359 | ||
| 2022 £ - 7,000 - |
||
| 7,000 |
In the year ended 31 August 2023, the Charity received £1,667 of grant income in advance for projects undertaken in the 23/24 financial year.
Page 29
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
16. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Gym Development Project Fixed Assets and Premises Fund General funds General Funds Revaluation fund Total Unrestricted funds Restricted funds Gym development project She Leads programme Total of funds |
Balance at 1 September 2022 £ 240,998 381 241,379 129,721 118,305 248,026 489,405 56,219 - 56,219 545,624 |
Income £ - - - 238,751 - 238,751 238,751 - 28,750 28,750 267,501 |
Expenditure £ - (381) (381) (231,086) - (231,086) (231,467) - (28,750) (28,750) (260,217) |
Gains/ (Losses) £ - - - - (1,920) (1,920) (1,920) - - - (1,920) |
Balance at 31 August 2023 £ 240,998 - |
|---|---|---|---|---|---|
| 240,998 | |||||
| 137,386 116,385 |
|||||
| 253,771 | |||||
| 494,769 | |||||
| 56,219 - |
|||||
| 56,219 | |||||
| 550,988 |
Page 30
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
16. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Gym Development Project Fixed Assets and Premises Fund General funds General Funds Revaluation fund Total Unrestricted funds Restricted funds Gym development project She Leads programme Newham's Future Cheerleading Olympians Newham Council Total of funds |
Balance at 1 September 2021 £ 240,998 1,146 242,144 155,871 126,148 282,019 524,163 56,219 - - - 56,219 580,382 |
Income £ - - - 193,071 - 193,071 193,071 - 33,333 2,000 3,000 38,333 231,404 |
Expenditure £ - (765) (765) (219,221) - (219,221) (219,986) - (33,333) (2,000) (3,000) (38,333) (258,319) |
Gains/ (Losses) £ - - - - (7,843) (7,843) (7,843) - - - - - (7,843) |
Balance at 31 August 2022 £ 240,998 381 |
|---|---|---|---|---|---|
| 241,379 | |||||
| 129,721 118,305 |
|||||
| 248,026 | |||||
| 489,405 | |||||
| 56,219 - - - |
|||||
| 56,219 | |||||
| 545,624 |
Page 31
ASCENSION EAGLES CHEERLEADERS (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
16. Statement of funds (continued)
Gym development project (designated)
These funds are set aside towards the costs of a permanent Cheer Gym facility for the Ascension Eagles Cheerleaders, upon the end of the current lease. Please see the Trustees Report for further details.
Fixed assets and Premises fund
These funds relate to the fixed assets of the Charity and are reduced in line with the depreciation of the assets.
General funds
These funds represent the equivalent of six months salaries and operating costs and are for the general use of the Charity.
Gym development project (restricted)
This fund represents donated funds which have been restricted for use in relation to the Gym Development project.
She Leads programme
This fund relates to grants received which have been restricted for use within the 'She Leads' programme. These funds have been fully utilised in each reporting year.
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Current assets 515,295 Creditors due within one year (20,526) Total 494,769 |
Restricted funds 2023 £ 56,219 - 56,219 |
Total funds 2023 £ 571,514 (20,526) 550,988 |
|---|---|---|
18. Related party transactions
Other than the Trustee and Key Management Personnel transactions detailed in Note 9 and Note 10, there were no related party transactions during either period.
Page 32