REGISTERED COMPANY NUMBER: 05206698 (England and Wales) REGISTERED CHARITY NUMBER: 1120820 Report of the Trustees and Unaudlted Financlal Statem•nts for the Year Ended 31 March 2024 for Ashford Leisur8 Trust. (A company limited by guarantee) Ardor Business Solutions Limited Chartered Certified Accountants Unit 1 Shrine Barn Sandling Road Hythe Kent CT214HE
Ashford Lelsure Trust. (A company limited by guarantee) Contents of the Financial Statements for the Year Ended 31 March 2024 Page Report of tho Tru$tee8 Indapendent Examlnerfs Report Statement of Flnanelal Actlvltles Statamont of Flnanclal P081tlon Note8 to the Flnanclal Statements 7 to 10
Ashford Leisure Trust. (A company limited by guarantee) Report of the Trustees for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted 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 {FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and alms The charitable company is a grant awarding trust, using the reserves that remained following the transfer of leisure operations to Wealden Leisure Limited. The objective is: To promote community participation in healthy recreational activity in the 8orough of Ashford by providing grants, awards andlor financial assistance to individuals, clubs, organisations andlor sports teams How our actlvltles dellver public benefit All our charitable activities focus on the support of recreational and sporting facilities and services for the local community and are undertaken to further our charitable purpose for the benefit of the public. Publlc Beneflt Statement The trustees confirm that they have complied with the duty in Section 17{5) of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future 8Ctivities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. ACHIEVEMENT AND PERFORMANCE Charitable actlvltles In 2020 the Trust wound up its operational functions following the outcome of a procurement process carried out with Ashford Borough Council (ABCI, the leaseholder of the facilities. The Trust then moved towards its new function as a grant-giving entity. The transfer of operational activities to Wealden Leisure Limited, trading as Freedom Leisure, took place on 1st September 2020. The Trust contracted with Kent Community Foundation to support its grant-giving function. Two grant-funding meetings are held each year. In the 2023124 accounting period a further £55,000 was awarded to organisations that met our criteria for funding. In addition, we have supported 19 talented sportspeople who reside in the borough of Ashford with a bursary of £500 each. Additional costs for the charity have been to pay the Kent Community Foundation for their services in co-ordinating the grant giving process, and funding celebratory event for the Talented Sportsperson programme, which included a talk from an inspirational sportsperson. The bulk of the funds held by the Trust remain invested in an expend8ble endowment with CCLA, an investment company specialising in managing investments for charities. This enables the Trustees to draw down funds to support grant giving as needed. Page 1
Ashford Leisure Trust. (A company limited by guarantee) Report of the Trustees for the Year Ended 31 March 2024 FINANCIAL REVIEW Reserves policy The Charitable Company has free reserves of £689,551 at 31 March 2024. When considering the level of free reserves that the Charitable Company should hold, the trustees have now considered their altered objects and believe that a level of reserves sufficient to facilitate their grant giving objects is now required and this is significantly below the level of reseNes currently held, following the transfer of the pension scheme liability to Ashford Borough Council and settlement of existing liabilities. Having tsken all of this into consideration the trustees believe that reserves of £60,000 would be sufficient to enable the Charitable Company to operate on a day to day basis with 8 low overhead base. The trustees monitor the level of reserves and will adjust the required reserves accordingly should any unforeseen circumstances require it, or if the Charitable Company were to require higher free reserves for specific actlvities at any time. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Ashford Leisure Trust. Is a company limited by guarantee and governed by its Memorandum and Articles of Association dated 16 August 2014. It became a charity registered with the Charity Commission on 12 September 2007. Recrultment and appolntment of new trustees Trustees are appointed in accordance with the Memorandum and Artlcles of Association. Organlsatlonal Structure The board of trustees, which can have up to e1ve members excluding representative trustees, administers the charitable company and manages the day to day operations of the charitable company. The Board meets at least once every months. Inductlon and tralnlng of new trustees New trustees undergo an induction to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making process, the business plan and recent financial performance of the charitable company, During the induction process they meet trustees (if they have not met these already). Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 05206698 (England and Wales) Registered Charlty number 1120820 Reglstered office Unit 1 Shrine Barn S8ndling Road Hythe Kent CT214HE Trustees Mrs L Dodds Mr C W A Vavasour Mr M W Bowles Mr P H Dawson Page 2
Ashford Leisure Trust. {A company limited by guarantee) Report of the Trustees for the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Solicitors Winckworth Sherwood Minerva House 5 Montague Close LONDON SE1 9BB Approved by order of the board of trustees on o r AL(rvS! fr'.L*. and signed on ils behalf by.. stee
Independent Examiner's Report to the Trustees of Ashford Leisure Trust. Independent examinerfs report to the trustees of Ashford Leisure Trust. {'the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responslbllitles and basis of report As the charity's trustees of the Company {and also 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 Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 {'the 2011 Act'l. 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 examlnerfs statement 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: accountlng records were not kept in respect of the Company a$ required by Section 386 of the 2006 Act., or the accounts do not accord with those records; or 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 vlew 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 wlth the examination to which attention should be drawn In thls report In order to enable a proper understanding of the accounts to be reached, Bryan Mlchael Kemsley Ardor Business Solutions Limited Chartered Certified Accountants Unit 1 Shrine Barn Sandling Road Hythe Kent CT214HE 5 August 2024 Page 4
Ashford Leisure Trust. (A company limlted by guarantee) Statement of Flnancial Activities (Incorporating an Income and Expenditure Account for the Year Ended 31 March 2024 3113124 Total funds 3113123 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Investment income 1,440 1,440 746 EXPENDITURE ON Charitable activlties Grant making activities 64,129 64,129 54,948 Net gainsl{lossesl on investments 70,828 70,828 (11,221) NET INCOMEI(EXPENDITURE) 8,139 8,139 {65,423) RECONCILIATION OF FUNDS Total funds brought forward 681,412 681,412 746,835 TOTAL FUNDS CARRIED FORWARD 689,551 689,551 681,412 The notes form part of these financial statements Page 5
Ashford Leisure Trust. {A company limited by guarantee) Statement of Financial Position 31 March 2024 3113124 Total funds 3113123 Total funds Unrestricted funds Restricted funds CURRENT ASSETS Debtors Investments Cash at bank 110 608,J02 81,659 110 608,502 81,659 250 537,674 144,208 690,271 690,271 682,132 CREDITORS Ainounls falling due within one year 1720) 17201 {7201 NET CURRENT ASSETS 689.551 689,551 681,412 TOTAL ASSETS LESS CURRENT LIABILITIES 689,551 689.551 681,412 NET ASSETS 689,J51 689.551 681,412 FUNDS Unreslricled funds 689,551 681,412 TOTAL FUNDS 689,551 681.412 The charitable company is entitled lo exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024, The menibers have not required the company to obtain an audit of ils financial slalements for the year ended 31 March 2024 in accordance with Sectioii 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (al ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Lompanies Act 2006 and preparing finaiicial slate5nenls which give a true and fair view of the slate of affairs of the charitable comp3ny as al the end of each financial year and of its surplus or deficit for eacli financial year in accordance with the requirements of Sections 394 and 395 and which othpNise coniply ivith the requirements of the Companies Act 2006 relating to financial statements, so far as applicable 10 the charitable coinpany. Ibl These financial siaienients have been prepared in accordance with the provisions applicable to charitable cornpanies siibjecl to the small companies reginie. The financial statements were approved by the Board of Trus(ees and aulhorised for issue on o r •ttL4L*I r Eg L.t. .... and were signed on its behalf by.. rsLDo ustee The notes form part of these financial statements
Ashford Leisure Trust. (A company limited by guarantee) Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial ststemenls of the charitable company, which is a public benefit entity under FRS 102, 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} {effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expendlture Liabilities 8re recognised as expendituré as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Taxatlon The charity is exempt from corporation tax on its charitsble activities. Fund accountlng Unrestricted funds can be used In accordance with the charitable objectives at the discretion of the Irustees, Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Presentatlon currency The Charitable Company's functional currency is British Pound Sterling (GBP), which is also the presentation currency for the Charilable Company. The financial statements are therefore presented in British Pound Sterling. Page 7 continued...
Ashford Lelsure Trust. (A company limited by guarantee) Notes to the Financial Statements - continued for the Year Ended 31 March 2024 INVESTMENT INCOME 3113124 3113123 Deposit account interest 1,440 746 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Totsl funds INCOME AND ENDOWMENTS FROM Investment Income 746 746 EXPENDITURE ON Charltable actlvltles Grant making activities 54,948 54,948 Net gainsl{losses) on investments (11,221) {11,221) NET INCOMEI(EXPENDITURE) <65,423) (85,423) RECONCILIATION OF FUNDS Total funds brought fomard 746,835 746,835 TOTAL FUNDS CARRIED FORWARD 681,412 681,412 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Prepayments and accrued income 110 250 Page 8 continued...
Ashford Leisure Trust. (A Company limited by guarantee) Notes to the Financial Statements - continued for the Year Ended 31 March 2024 CURRENT ASSET INVESTMENTS 3113124 3113123 Other 608,502 537,674 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 3113124 3113123 Accrued expenses 720 720 MOVEMENT IN FUNDS Net movement in funds At 3113124 At 114123 Unrestrlcted funds General fund 681,412 8,139 689,551 TOTAL FUNDS 681,412 8,139 689,551 Net movement in funds, included In the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 1,440 {64,129) 70,828 8,139 TOTAL FUNDS 1,440 (64,129) 70,828 8,139 Comparatlves for movement In fund8 Net movement in funds At 3113123 At 114122 Unrestrlcted funds General fund 746,835 (65,423> 681,412 TOTAL FUNDS 746,835 {65,423) 681,412 Page 9 continued...
Ashford Lelsure Trust. IA company limited by guarantee) Notes to the Flnancial Statements - continued for the Year Ended 31 March 2024 MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund 746 (54,948) (11,221) 165,423) TOTAL FUNDS 746 {54,9481 (11,221) (65,423) A current year 12 months and prior year 12 months comblned position is as follows.. Net movement In funds At 3113124 At 114122 Unrestrlcted funds Gener81 fund 746,835 (57,284) 689,551 TOTAL FUNDS 746,835 (57,284) 689,551 A current year 12 months and prlor year 12 months combined net movement in funds, included in thè above are as follows.. Incomlng resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund 2,186 (119,077> 59,607 (57,284) TOTAL FUNDS 2,186 <119,077) 59,607 (57,284) RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2024, Page 10