OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

REGISTERED COMPANY NUMBER: 6679416 (England and Wales) REGISTERED CHARITY NUMBER: 1141066

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

THE SOUTHSEA SKATEPARK COMPANY LIMITED

THE SOUTHSEA SKATEPARK COMPANY LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8 to 9
Notes to the Financial Statements 10 to 18

THE SOUTHSEA SKATEPARK COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

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 2022. 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 aims

The Objects of the charity are:

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

.

Page 1

THE SOUTHSEA SKATEPARK COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Opening hours and user numbers: in this, its tenth year of operation, the charity was forced by the pandemic to be closed for seven of the twelve months covered by this report. During the periods we have been able to open we have been required to limit numbers attending to ensure we were Covid secure. To better control this we introduced an on-line booking system and this proved popular with users of all ages. We also managed to sustain the number of sessions during the months opened. However, a number of the regular activities which generate addi tional income for the Skatepark could not take place during the year.

Safety: the safety of our users is always a priority but during the pandemic we introduced and enforced the required measures on distancing, mask wearing, sanitising and an enhanced cleaning/disinfecting regime. The regular inspections of the park and equipment were continued and ongoing ramp maintenance and other repairs carried out. The annual ROSPA safety inspection was commissioned and the report again praised the park operators for their continuous improvements.

Young users: 90% of our users continued to be aged 16 and under and the special sessions for under 10 year olds only (to encourage the new generation of young riders) continued on Saturday and Sunday mornings during the months we were open.

Events: the usual monthly summer roller discos were unable to run, nor was our usual programme of events possible during the year.

Coaching: was suspended during the year.

Out of Hours usage: no out-of-hours use of the park by schools, youth groups and children's birthday parties could take place d uring the year because of the Covid restrictions.

Equipment for hire: to avoid infection, we suspended the hire of helmets, skateboards, skates and scooters during the year.

Publicity and promotion: our website, facebook and Instagram pages were kept up to date, enabling staff to give users regular information on opening days and times plus the Covid safety measures which we had put in place. We were unabl e to participate in any off-site activities this year.

Rained-off tickets: the park is unsafe to ride or skate when wet; if rain starts during a session and the park has to close, users are given a 'rained-off ticket' which gives them entry to a future session at a reduced cost. We maintained this concession during the year.

Café: which runs under a licence agreement by independent operators, continue to provide hot and cold drinks and snacks at very reasonable prices - including homemade cakes - during the periods we were open.

Shop: our wholly owned trading company operates the Skatepark shop and all trading profits are transferred to the charity to support the running of the skatepark. The restrictions on retail outlets did allow us to re-open the shop early as we sell bikes, spares, skates, boards, scooters, helmets (clothing sales were not permitted at this stage)

Photoshoots: the park was not available during the year as a venue for photoshoots by skateboarders, BMX riders and others, student film makers and young fashion designers.

Staffing

There was little turnover of staff during the year and all staff were furloughed during the lockdown periods. One Kickstart young person was recruited and remains with us. The charity continued to ensure that all staff are first aid trained and DBS checked at enhanced level.

Page 2

THE SOUTHSEA SKATEPARK COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

Future plans

Roof project

Following the earlier rejection by the Planning department of the submitted plans to roof over the rink area, which would enable opening in wet weather and to provide new indoor space for education and activity rooms, a revised set of drawings were developed and agreed during the year for re-submission shortly to the local authority for planning approval.

Appreciation and thanks

This Annual Report gives the Board an opportunity to offer public thanks to the many people who have supported their work to date. Special thanks go to the following:

FINANCIAL REVIEW

Financial review

The trustees continue to keep expenditure under tight control whilst seeking to maximise income.

The charity has total funds carried forward at the year end £79,173, of which £72,933 are unrestricted.

The day to day recording of income, the invoicing and the payment of bills is carried out on site by one of the trustees and all records are passed to an external bookkeeper who produces the monthly management accounts for the Board. The bookkeeper also prepares the books for the year end examination and production of accounts in the form required by Companies House and the Charity Commission. These accounts are on the following pages.

The skatepark was in enforced closure for a total of seven months of lockdown during the year. Trustees put all staff on furlough, paying them 80% of wages, recoverable from the government. Grant sources were identified and applied for to help cover the loss of revenue. All contracts were put in suspension where possible. Charges were reviewed and some small increases planned to mitigate the cost of extra staff to ensure the park would be a Covid secure venue. Since re-opening user numbers have been good, parents and users being reassured by the risk mitigation measures put in place. Currently we are holding our own financially.

Reserves policy

The charity has an agreed Reserves Policy and following Charity Commission recommendations has allocated to the Reserves the equivalent of three months operational costs. This money is held in an interest bearing one year bond.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 3

THE SOUTHSEA SKATEPARK COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

Background

Following an unsuccessful attempt to put the skatepark out to tender in 2005/06, Portsmouth City Council proposed reducing the opening of the park to the summer months only. This was widely seen by the users and others as a step towards closure and provoked a vociferous campaign of objection. In response, the Leader of the Council threw out a challenge to the park's supporters to come up with a new body to take over the park operation.

A number of individuals came together, registered as a not for profit company and subsequently as a charity and negotiated the transfer of the park to the new charitable company on 1st April 2011. The Southsea Skatepark Company, working name Southsea Skatepark Trust, has a 60 year lease on the park at a peppercorn rent. Its first five years of operation was under a formal Agreement with the Council covering minimum hours of opening and various quality and safety issues in return for year on year reducing revenue funding from the Council. This Agreement and the funding ceased on 31st March 2016 since when the Trust has been wholly self-funding.

Recruitment and appointment of new trustees

The Board regularly reviews the skills and experience required to operate efficiently and effectively and has put in place a process for the recruitment of additional trustees. Potential trustees are required to outline what they feel they can contribute at an informal interview with the Board. A trustee induction pack has been produced and training is made available.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees have in place the necessary policies and procedures for the operation of the skatepark and meet monthly to oversee policy and finance matters, with the park manager in attendance as the professional advisor.

The dependence of the park upon the weather has been identified as a major risk to its long term sustainability and trustees are working on ways to address this.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

6679416 (England and Wales)

Registered Charity number

1141066

Registered office

Southsea Skatepark Clarence Esplanade Southsea Portsmouth Hampshire PO5 3NZ

Trustees

Christine Richards Simon Tiller Edward Spencer Paul Gonella Ms Victoria Wenyon Mr Sam Tuffnell Farid Yeganeh Martin Northern Director (appointed 21.6.2021)

Chief Executive

Page 4

THE SOUTHSEA SKATEPARK COMPANY LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner

Paul Underwood Morris Crocker Chartered Accountants Station House North Street Havant Hampshire PO9 1QU

Solicitors

Stokes Solicitors 108 Victoria Road Southsea Portsmouth PO5 1QQ

Bankers

The Co-operative Bank plc 1 Balloon Street Manchester M60 4EP

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

................................................................. Christine Richards - Trustee

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SOUTHSEA SKATEPARK COMPANY LIMITED

Independent examiner's report to the trustees of The Southsea Skatepark Company Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

Responsibilities 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'). 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

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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

Paul Underwood Morris Crocker Chartered Accountants Station House North Street Havant Hampshire PO9 1QU

Date: .............................................

Page 6

THE SOUTHSEA SKATEPARK COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
35,103
Charitable activities
Riding and skating
96,300
Other trading activities
3
7,116
Investment income
4
133
Total
138,652
EXPENDITURE ON
Charitable activities
6
Riding and skating
118,163
NET INCOME/(EXPENDITURE)
20,489
RECONCILIATION OF FUNDS
Total funds brought forward
72,933
TOTAL FUNDS CARRIED FORWARD
93,422		 Restricted
funds
£
7,125
-
-
-
7,125
9,855
(2,730)
6,240
3,510		 2022
Total
funds
£
42,228
96,300
7,116
133
145,777
128,018
17,759
79,173
96,932		 2021
Total
funds
£
52,215
30,821
1,339
237
84,612
82,537
2,075
77,098
79,173

The notes form part of these financial statements

Page 7

THE SOUTHSEA SKATEPARK COMPANY LIMITED

BALANCE SHEET 31 MARCH 2022

Notes
FIXED ASSETS
Intangible assets
12
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2022
£
387
26,639
7
27,033
17,453
72,355
89,808
(19,909)
69,899
96,932
96,932
93,422
3,510
96,932		 2021
£
773
21,294
7
22,074
14,294
50,379
64,673
(7,574)
57,099
79,173
79,173
72,933
6,240
79,173

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 8

continued...

THE SOUTHSEA SKATEPARK COMPANY LIMITED

BALANCE SHEET - continued 31 MARCH 2022

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. Christine Richards - Trustee

The notes form part of these financial statements

Page 9

THE SOUTHSEA SKATEPARK COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements 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, with the exception of investments which are included at market value.

Preparation of consolidated financial statements

The financial statements contain information about The Southsea Skatepark Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

Expenditure

Liabilities are recognised as expenditure 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 15% on cost Fixtures and fittings - 15% on reducing balance

Individual fixed assets costing £100 or more are capitalised at cost.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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.

Pension costs and other post-retirement benefits

The charity has been allowed access to the Hampshire County Council Pension Scheme for the TUPE'd staff only. Contributions payable to the pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 10

continued...

THE SOUTHSEA SKATEPARK COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES - continued

Financial instruments

The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2. DONATIONS AND LEGACIES

Donations
Other income
Events
3.
OTHER TRADING ACTIVITIES
Shop income
Café rent and service charges
4.
INVESTMENT INCOME
Deposit account interest		 2022
£
36,514
3,377
2,337
42,228
2022
£
864
6,252
7,116
2022
£
133		 2021
£
25,959
25,710
546		 2021
£
25,959
25,710
546
52,215
2021
£
-
1,339
1,339
2021
£
237

All investment income is derived from assets held in the United Kingdom.

Page 11

continued...

THE SOUTHSEA SKATEPARK COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

5. INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Activity
Riding and skating
Riding and skating
Coaching
Riding and skating
Equipment hire
Riding and skating
Gift aid
Riding and skating		 2022
£
86,590
2,664
2,079
4,967
96,300		 2021
£
25,279
460
82
5,000
30,821
6.
CHARITABLE ACTIVITIES COSTS
Riding and skating
7.
SUPPORT COSTS
Management
£
Riding and skating
58,019
Support costs, included in the above, are as follows:
Management
Wages
Social security
Pensions
Water
Insurance
Light and heat
Telephone
Sundries
Repairs and renewal
Licences
Bookkeeping
IT provisions
Cleaning
Training and other staff costs
Event funding
Payroll costs
Amortisation of intangible fixed assets
Depreciation of tangible assets		 Support
Direct
costs (see
Costs
note 7)
£
£
67,364
60,654
Governance
Finance
costs
£
£
1,447
1,188
2022
Riding
and
skating
£
6,712
621
2,470
(268)
2,499
3,085
1,810
360
23,164
2,177
3,492
704
1,294
937
198
692
387
7,685
58,019		 Totals
£
128,018		 Totals
£
128,018
Totals
£
60,654
2021
Total
activities
£
5,871
597
2,160
672
3,182
1,160
1,407
305
7,303
2,607
1,755
689
688
150
-
680
387
6,028
35,641

Page 12

continued...

THE SOUTHSEA SKATEPARK COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

7. SUPPORT COSTS - continued Finance

SUPPORT COSTS - continued
Finance
2022 2021
Riding
and Total
skating activities
£ £
Bank charges 48 -
Cash register charges 1,399 808
1,447 808
Governance costs
2022 2021
Riding
and Total
skating activities
£ £
Independent examiner's fees 1,188 1,164

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022 2021
£ £
Depreciation - owned assets 7,685 6,028
Website amortisation 386 387

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

During the year no trustees (2021: none) were reimbursed out of pocket expenses (2021: £nil).

10. STAFF COSTS

The average monthly number of employees during the year was as follows:

2022 2021
Average number of employees 7 7

No employees received emoluments in excess of £60,000.

Page 13

continued...

THE SOUTHSEA SKATEPARK COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 20,265 31,950 52,215
Charitable activities
Riding and skating 30,821 - 30,821
Other trading activities 1,339 - 1,339
Investment income 237 - 237
Total 52,662 31,950 84,612
EXPENDITURE ON
Charitable activities
Riding and skating 56,827 25,710 82,537
NET INCOME/(EXPENDITURE) (4,165) 6,240 2,075
RECONCILIATION OF FUNDS
Total funds brought forward 77,098 - 77,098
TOTAL FUNDS CARRIED FORWARD 72,933 6,240 79,173
12. INTANGIBLE FIXED ASSETS
Website
£
COST
At 1 April 2021 and 31 March 2022 1,934
AMORTISATION
At 1 April 2021 1,161
Charge for year 386
At 31 March 2022 1,547
NET BOOK VALUE
At 31 March 2022 387
At 31 March 2021 773

Page 14

continued...

THE SOUTHSEA SKATEPARK COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

13. TANGIBLE FIXED ASSETS

Plant and
machinery
£
COST
At 1 April 2021
55,720
Additions
13,030
At 31 March 2022
68,750
DEPRECIATION
At 1 April 2021
45,633
Charge for year
6,004
At 31 March 2022
51,637
NET BOOK VALUE
At 31 March 2022
17,113
At 31 March 2021
10,087
14.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2021 and 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Fixtures
and
fittings
Totals
£
£
45,222
100,942
-
13,030
45,222
113,972
34,015
79,648
1,681
7,685
35,696
87,333
9,526
26,639
11,207
21,294
Shares in
group
undertakings
£
7
7
7

All fixed asset investments are held inside the United Kingdom.

The company's investments at the balance sheet date in the share capital of companies include the following:

Southsea Skatepark Trading Limited

Registered office: Southsea Skatepark Clarence Esplanade, Southsea, Portsmouth, Hampshire, PO5 3NZ

Nature of business: Commercial operation of the Skatepark Shop

%
Class of share: holding
Ordinary £1 shares 100
31.3.22 31.3.21
£ £
Aggregate capital and reserves 7 7
Profit for the year 15,997 6,077

Page 15

continued...

THE SOUTHSEA SKATEPARK COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022
£
Trade debtors
655
Other debtors
15,549
Prepayments and accrued income
1,249
17,453
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
£
Trade creditors
15,395
Social security and other taxes
955
Other creditors
7
Accruals and deferred income
3,552
19,909
17.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
2022
Unrestricted
Restricted
Total
fund
funds
funds
£
£
£
Fixed assets
27,026
-
27,026
Investments
7
-
7
Current assets
86,298
3,510
89,808
Current liabilities
(19,909)
-
(19,909)
93,422
3,510
96,932
18.
MOVEMENT IN FUNDS
Net
movement
At 1.4.21
in funds
£
£
Unrestricted funds
General fund
72,933
20,489
Restricted funds
Revenue grant for roof
6,240
(2,730)
TOTAL FUNDS
79,173
17,759		 2021
£
2,642
11,552
100
14,294
2021
£
3,374
454
7
3,739
7,574
2021
Total
funds
£
22,067
7
64,673
(7,574)
79,173
At
31.3.22
£
93,422
3,510
96,932

Page 16

continued...

THE SOUTHSEA SKATEPARK COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
JRS Grants
Revenue grant for roof
TOTAL FUNDS		 Incoming
resources
£
138,652
3,365
3,760
7,125
145,777		 Resources
Movement
expended
in funds
£
£
(118,163)
20,489
(3,365)
-
(6,490)
(2,730)
(9,855)
(2,730)
(128,018)
17,759

Comparatives for movement in funds

Net
movement At
At 1.4.20 in funds 31.3.21
£ £ £
Unrestricted funds
General fund 77,098 (4,165) 72,933
Restricted funds
Revenue grant for roof - 6,240 6,240
TOTAL FUNDS 77,098 2,075 79,173
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 52,662 (56,827) (4,165)
Restricted funds
JRS Grants 25,710 (25,710) -
Revenue grant for roof 6,240 - 6,240
31,950 (25,710) 6,240
TOTAL FUNDS 84,612 (82,537) 2,075

The revenue grant for the roof is a grant provided to pay for architectural fees in respect of the roof project.

Page 17

continued...

THE SOUTHSEA SKATEPARK COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

19. RELATED PARTY DISCLOSURES

During the year The Southsea Skatepark Company Limited has the following transactions with Southsea Skatepark Trading Ltd, a 100% owned subsidiary undertaking of the charity. The shares of Southsea Skatepark Trading Ltd are owned by the trustees and held in trust for the benefit of the charity.

2022 2021
£ £
Recharges (14,557) (7,651)
Sale of stock - -
Donations received 15,997 6,077
At the balance sheet date the following balances were outstanding between the charitable compa
and Southsea Skatepark Trading Ltd.
2022 2021
£ £
Debtors 15,549 11,552

At the balance sheet date the following balances were outstanding between the charitable company and Southsea Skatepark Trading Ltd.

20. ULTIMATE CONTROLLING PARTY

The charitable company is not under the control of another entity or any one individual.

Page 18