Company registration number: 06908030 Charity registration number: 1143135
SILVERFIT LTD (A company limited by guarantee and registered charity)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
(A company limited by guarantee and registered charity)
SILVERFIT LTD
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 7 |
| Independent examiner's report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 21 |
SILVERFIT LTD
(A company limited by guarantee and registered charity)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2021
| Trustees | Paul James Perry, Chair |
|---|---|
| Marjorie Elaine Barnes | |
| Brett Allison Berger | |
| Terence Thomas McGregor | |
| Catherine Jane Shelley | |
| Gavin Simpson | |
| Company registered number 06908030 Charity registered number 1143135 Registered office The Zig Zag Building (6th Floor, C/O Navig8) 70 Victoria Street London SW1E 6SQ Company secretary Paul Perry Chief executive officer Dr Edwina Brocklesby Independent examiner MHA MacIntyre Hudson Chartered Accountants 910 The Crescent Colchester Business Park Colchester Essex CO4 9YQ Bankers The Cooperative Bank Dell House Skelmersdale WN8 6WT Solicitors Russell-Cooke 2 Putney Hill London SW15 6AB |
Page 1
SILVERFIT LTD
(A company limited by guarantee and registered charity)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MAY 2021
The Trustees present their annual report together with the financial statements of the Charity for the year 1 June 2020 to 31 May 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable 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 (FRS102).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objectives and purpose of the Charity, as per its Memorandum and Articles of Association, are the promotion of physical activity and the promotion and provision of physical exercise opportunities with the object of improving the health and wellbeing, in particular but not exclusively, for those over 45 and those whose health, ethnicity and socio-economic circumstances might mean they need more help and encouragement to take part in physical activity.
The Charity targets areas of economic and social deprivation where it is considered the greatest difference can be made in terms of healthier ageing. For that reason, the Charity has always aimed to keep the cost of attendance to the minimum amount possible. In view of the COVID-19 outbreak, no charges were raised for attendance, either in person or on-line, during the year and the annual membership fees were waived; instead, the Charity has asked attendees to make a small donation if they feel able to.
Silverfit constantly promotes the need for healthier happier ageing, and actively seeks new partners and funders, whilst maintaining excellent relations with existing partners and funders. All active and potential contacts are diligently checked to ensure their aims are fully aligned with Silverfit’s objectives and aims.
The Charity, with assistance from specific consultants, spends a considerable amount of time each year analysing the data obtained from those attending the sessions. Attendee feedback is positively encouraged to try to enhance the experience for those attending sessions and to help identify groups who may be tempted back into exercise. The Charity has been actively involved in the past in various pieces of research, evidencing the benefits to those who regularly attend a Silverfit session. Silverfit has recently undertaken a digitalisation project which should enable more effective and efficient recording and analysis of the data obtained from attendees.
Silverfit continues to identify any new avenues for funding to protect existing sessions and aid plans for any growth, both in terms of additional activities in existing venues and expanding into new venues.
Page 2
SILVERFIT LTD
(A company limited by guarantee and registered charity)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
Objectives and activities (continued)
b. Regular activities undertaken to achieve objectives
Since its inception, Silverfit has organised weekly community events in London, offering a range of physical activities and also opportunities for social interaction; this reached a peak in 2019 of 46 activity sessions per week at 18 different venues across nine London Boroughs. These activities ceased on 16 March 2020 following the COVID-19 outbreak in the UK and the implementation of restrictions by the UK Government.
Despite the cessation of normal activities, Silverfit continued to provide opportunities for physical activities by releasing daily exercise videos for members on the Silverfit@Home YouTube channel at 10 am every day (Monday to Friday); this service was launched on 27 March 2020. The videos were developed using Silverfit’s network of qualified and experienced instructors and were available to anyone to view, at no cost. The virtual offering was expanded during the year with the launch of an audio version of Silverfit@Home for members who do not have access to internet or smart phones.
In person outdoors Nordic Walking and Walking Football sessions recommenced in mid-June 2020 as restrictions eased. The sessions were held in accordance with Government guidelines following the “Rule of Six” and maintaining social distancing; unfortunately, these requirements meant Silverfit was unable to provide the usual social element after exercise sessions and the groups were limited to five participants to each instructor/leader.
The production and release of daily videos continued throughout the winter as the restrictions came back in force, enabling Silverfit to continue to provide both regular and new participants with exercise opportunities. These were supplemented with the launch of live Zoom pilates sessions in early 2021.
Outdoor activities recommenced again in April 2021 as restrictions eased. The production of new videos ceased after the year end as the number of in person activities increased, however the videos remain freely available on the Silverfit@Home YouTube to watch at any time. The Zoom pilates sessions are continuing.
Despite the disruption caused by COVID-19, Silverfit held in person activities at 12 different venues during the year as listed below and average weekly attendance was over 160 (average attendance from 1 June 2019 to March 2020 before the COVID-19 restrictions came in was c.400).
-
Ashburton Park
-
• Beckenham
-
Brockwell Park
-
Burgess Park
-
Crystal Palace Park
-
Dulwich Park
-
Enfield
-
Harringey
-
Hyde Park
-
Peckham Rye
-
South Norwood Lake
-
Whitton
Since the year end the number of venues being used and the range of activities has increased, including indoor activities.
Page 3
SILVERFIT LTD
(A company limited by guarantee and registered charity)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
Objectives and activities (continued)
c. Annual events
Silverfit members and supporters were unable to take part in the normal annual events this year; the Big Half marathon in London was postponed from March 2021 until August 2021 and it was not feasible to hold the Sunset Aquathlons in Hyde Park in the Summer of 2020 as hoped due to COVID-19. Silverfit held its own Challenge 10 event in August 2020, in conjunction with TSB Bank plc, to encourage members to get active again with the help of younger family members.
d. Volunteers
The Charity recognises the benefits of acting as a volunteer with volunteers more likely to seek to be healthier and happier as they age. For that reason, we have adopted a volunteer led culture in all of the weekly sessions of the Charity. Unfortunately, the Silverfit Ambassadors were unable to carry out their usual responsibilities of taking attendance registers, collecting activity fees and organising the social element of the events during the year to ensure compliance with Government guidelines; we hope that we will be able to reinstate these responsibilities soon as things return to normal.
With the restrictions on group sizes, the charity provided training to a number of regular Nordic Walkers to become walk leaders; this enabled them to lead separate groups of walkers at the venues whilst under the supervision of a qualified instructor.
The Charity acknowledges and appreciates the time and effort its volunteers give in managing its activities.
e. Main activities undertaken to further the Charity's purposes for the public benefit
During the year the Charity organised weekly outdoor community events at 12 venues across London, offering a range of physical activities when it was possible. During the times when the Government implemented restrictions to combat the spread of COVID-19 the Charity continued to provide exercise opportunities with the release of new exercise videos on the Silverfit@Home YouTube channel five days a week, the provision of an audio version to enable members with neither smart phone nor internet access to participate in sessions by dialling into a local London phone number and with live Zoom sessions. The Trustees confirm that they have had regard to the guidance issued by the Charity Commission on public benefit.
f. The impact of Silverfit on Members
The beneficial effects of the Charity are evident in so many ways and the best way to sum this up is to turn to Silverfit Members themselves. From a huge amount of positive feedback, here are some words from our members regarding both our regular activities and Silverfit@Home:
“My husband and I want to sing the praises of the Nordic walking class Silverfit has arranged. The venue is ideal and our instructor is excellent. We shall certainly be continuing with this as a way of life!”
“Thanks to Silverfit for providing us with such a variety of videos. They kept me fit during the first lockdown and gave me a regular routine to look forward to and new ones to try. I am sure that I will appreciate them even more during the next lockdown. Much appreciated!”
Page 4
SILVERFIT LTD
(A company limited by guarantee and registered charity)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
Achievements and performance
a. Review of activities
Despite the disruption caused by COVID-19, Silverfit continued to provide opportunities for older people, and particularly those whose health, ethnicity and socio-economic circumstances might mean they need more help and encouragement to take part in physical activity, to partake in regular exercise either in friendly local social environments, on the Silverfit@Home YouTube, by phone or via Zoom; this enabled the service to continue during the periods of national lock down. The benefits to health and wellbeing are well documented.
Whilst well below previous levels, reflecting the restrictions on the size of groups, there was an average weekly attendance of in excess of 160 at the in-person sessions in the periods during the year when face to face activities were allowed.
The Trustees wish to express their gratitude to the following organisations who have supported the Charity with valued funding during the year ended 31 May 2021: Sport England, Independent Age, United St Saviour’s Charity, London Borough of Haringey, Southwark Charities, TSB Bank plc, National Lottery Awards for All, Aviva Community Fund, London Borough of Richmond upon Thames, GLL, London Catalyst and the Football Foundation.
Financial review
a. Review of financial performance
The Charity received grants and donations of £117,101 (2020: £132,974), services fees of £14,465 (2020: £27,354 and activity fees and other income totalling £1,623 (2020: £36,901) giving total income for the Charity of £133,189 (2020: £197,229). Total expenditure for the year ended 31 May 2021 was £133,422 (2020: £174,098), which included £23,457 (2020: £49,616) for the costs of the activity instructors, and £504 (2020: £9,356) for the costs to hire the venues. Given the disruption in activities during the year the Charity had planned for a deficit and incurred a small deficit of £233 (2020: surplus of £23,131).
Income from private donations, including that from participants completing the 10 Challenge, annual membership fees, activity fees and service fees, does not have any restrictions on how it can be spent and is used to cover administrative costs which are not directly supported by other funding.
b. Reserves policy
Having considered the risks and examined the Charity’s requirements for reserves, Silverfit’s Trustees have set a reserves level equivalent to three months’ expenditure, being £33,355 using the total expenditure incurred in this reporting period. This is in line with many Charities and whilst Silverfit is very dependent on external funding, it has no commitments for premises costs and with no employees, no committed staff costs. The available reserves at 31 May 2021 were £89,079 (2020: £89,312) of which £41,428 (2020: £54,067) was unrestricted and £47,651 (2020: £35,245) was restricted.
c. Going concern
The Trustees consider there to be no material uncertainties about Silverfit’s ability to continue as a going concern based on their review of budget, cash flow forecasts and cash reserves. Silverfit has a funding strategy which anticipates a mixed income base including grants, service fees, membership fees, donations and community fundraising.
Page 5
SILVERFIT LTD
(A company limited by guarantee and registered charity)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
Structure, governance and management
a. Constitution
The organisation is a Charitable Company limited by guarantee, incorporated on 18 May 2009, and registered as a Charity on 27 July 2011. The Company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
c. Organisational structure and decision-making policies
All Trustees give their time voluntarily and receive no benefits from the Charity. The Trustees review the aims, objectives and activities of the Charity at Board meetings held every 4-6 weeks, and these meetings include a report from the CEO on current issues requiring consideration.
The Board of Trustees and CEO regularly review the knowledge base of the Charity’s Trustees and look to recruit Trustees who provide necessary experience or a fresh mindset to the Charity, whilst also having a desire aligned with the Charity’s objectives. When an existing Trustee wishes to step down, the intention is to suitably replace the Trustee prior to their resignation.
The Trustees constantly look to improve knowledge in specific fields, whilst also keeping up to date on issues directly affecting the attendees of the sessions. The new Trustees appointed in 2019 and 2020 have achieved both targets.
The Charity does not have any employees but does pay for consultants and freelancers to help in the areas of business management, project management, fundraising, data analysis, marketing and advertising; their costs are clearly set out in the financial statements. The Trustees are supported by a bookkeeper who provides her services voluntarily. Silverfit pays the instructors who run the activities for Silverfit at the venues and on Zoom on a freelance basis; similarly, those instructors who made exercise videos and recorded classes for the telephone were freelancers.
The Trustees present this report to show what the Charity has achieved and the outcome of its work during the year ended 31 May 2021. The Trustees report the success of each key activity and the benefits the Charity has brought to those groups of people that it is set up to help. This review also helps the Trustees ensure the Charity’s aims, objectives and activities remain focused on its stated purpose.
Page 6
(A company limited by guarantee and registered charity)
SILVERFIT LTD
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021
Structure, governance and management (continued)
d. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
The Trustees are conscious that the current operational structure of the Charity would be unable to support any significant expansion in the Charity’s ongoing activities; accordingly the Trustees are actively pursuing opportunities to form a potential partnership or outsourcing arrangement to provide the necessary infrastructure to enable the Charity to expand should suitable opportunities be identified.
This Report has been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ ................................................ Paul James Perry Catherine Jane Shelley Chair Treasurer Date: 24 February 2022
Page 7
SILVERFIT LTD
(A company limited by guarantee and registered charity)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MAY 2021
Independent examiner's report to the Trustees of Silverfit Ltd ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 May 2021.
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
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 in any material respect:
-
accounting records were not kept in respect of the Charity as 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' 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: 24 February 2022
Cara Miller ACCA
MHA MacIntyre Hudson, Chartered Accountants, 910 The Crescent, Colchester Business Park, Colchester, Essex, CO4 9YQ
Page 8
(A company limited by guarantee and registered charity)
SILVERFIT LTD
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2021
| Note Income: Donations Grants 3 Membership fees Service fees Race entry fees Other income Total income Expenditure on: Activity costs 4 Administration expenses 5 Finance costs Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 20,445 - 1,006 14,465 538 79 36,533 5,030 43,926 216 49,172 (12,639) 54,067 (12,639) 41,428 |
Restricted funds 2021 £ - 96,656 - - - - 96,656 21,741 62,509 - 84,250 12,406 35,245 12,406 47,651 |
Total funds 2021 £ 20,445 96,656 1,006 14,465 538 79 133,189 26,771 106,435 216 133,422 (233) 89,312 (233) 89,079 |
As restated Total funds 2020 £ 11,120 121,854 31,632 27,354 3,920 1,349 |
|---|---|---|---|---|
| 197,229 | ||||
| 61,070 112,806 222 |
||||
| 174,098 | ||||
| 23,131 | ||||
| 66,181 23,131 |
||||
| 89,312 |
The Statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
In 2020, of the total income of £197,229, £72,121 was from Unrestricted funds and £125,108 was from Restricted funds. In 2020, of the total expenditure of £174,098, £56,231 was to Unrestricted funds and £117,867 was to Restricted funds.
The notes on pages 11 - 21 form part of these financial statements.
Page 9
SILVERFIT LTD
(A company limited by guarantee and registered charity) REGISTERED NUMBER: 06908030
BALANCE SHEET AS AT 31 MAY 2021
| Note Current assets Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total net assets Charity funds Restricted funds 10 Unrestricted funds 10 Total funds |
- 103,527 103,527 (14,448) |
2021 £ 89,079 89,079 47,651 41,428 89,079 |
2,973 101,591 104,564 (15,252) |
As restated 2020 £ 89,312 |
|---|---|---|---|---|
| 89,312 | ||||
| 35,245 54,067 |
||||
| 89,312 |
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:
................................................ ................................................ Paul James Perry Catherine Jane Shelley Chair Treasurer Date: 24 February 2022
The notes on pages 11 to 21 form part of these financial statements.
Page 10
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
1. General information
Silverfit Ltd is a Company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 1143135) and Registrar of Companies (Company Registration Number 06908030) 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) and the Companies Act 2006.
Silverfit Ltd 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 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.
2.2 Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist, including considering the impact of COVID-19. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
Page 11
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
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.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.
The Charity receives government grants in respect of furthering its charitable objectives. 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
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. 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 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.
2.5 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.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 12
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
2. Accounting policies (continued)
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.9 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 7. 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 8.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
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.
Page 13
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
2. Accounting policies (continued)
2.11 Restatement of comparative balances
The comparative balances for certain elements of income, as well as the allocation of income and expenditure by fund and the brought forward fund balances have been restated in these financial statements. This has been done to better reflect the nature of one of the income streams reported.
As a result, the comparative balance for income from Service fees has increased from £16,354 to £27,354 and the comparative balance for income from Grants has reduced by the same amount. This comparative reclassification has had no impact on the total income reported, the net surplus for the year nor the total reserves as at 31 May 2020, however, it has increased total unrestricted income by £11,000, from £61,121 to £72,121 and has reduced total restricted income from £136,108 to £125,108.
The comparative reclassification has also increased unrestricted expenditure by £8,484, from £47,747 to £56,231 and has reduced restricted expenditure from £126,351 to £117,867.
The total restricted funds brought forward from 2018/19 has also been reduced by £11,267 and unrestricted funds has increased by the same amount.
Page 14
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
3. Analysis of Grants
| Grants to support running weekly physical exercise sessions at venues across London United St Saviour's Charity National Lottery Hampton Fuel Allotment Charity Southwark Charities London Borough of Richmond on Thames Independent Age London Catalyst Sport England - Return to Play Football foundation Other grants Sport England The Hospital Saturday Fund |
2021 £ 8,033 8,621 - 10,530 4,266 12,104 2,000 4,941 500 50,995 45,661 45,661 - 96,656 |
As restated 2020 £ 28,452 10,000 8,000 5,074 4,896 - - - - |
|---|---|---|
| 56,422 63,432 2,000 |
||
| 65,432 | ||
| 121,854 |
There are no unfulfilled conditions or other contingencies attached to the government grants listed above.
Page 15
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
4. Activity costs
| Instructor fees Venue hire Call centre costs Sports equipment Race costs Event costs T-shirts |
2021 £ 23,457 504 670 653 500 987 - 26,771 |
2020 £ 49,616 9,356 - 533 770 - 795 |
|---|---|---|
| 61,070 |
| 5. Administration expenses Postage and stationery Marketing and social media Travelling Insurance Training Refreshments Sundry expenses Fundraising costs Project management Business management Admin costs Professional fees Data Collection & Analysis Independent Examiners' remuneration Software and maintenance |
2021 £ 114 21,055 - 2,165 1,933 - 75 7,602 15,659 31,667 7,798 7,673 5,509 2,880 2,305 106,435 |
2020 £ 670 11,719 175 3,611 10,077 796 500 1,680 18,547 32,106 11,272 10,702 3,218 3,156 4,577 |
|---|---|---|
| 112,806 |
Page 16
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
6. Trustees' remuneration and expenses
Trustees are remunerated when required under the legal authority granted by the Charity's Memorandum and Articles of Association. No Trustees received any remuneration in the year.
The Trustees consider the Board of Trustees and the CEO to be the Key Management Personnel of the Charity. The total amount of employee benefits received by Key Management Personnel was £32,851 (2020 - £32,106).
At the year-end, Dr Edwina Brocklesby, the CEO, is owed by the Charity £645 (2020 - £645) in relation to expenses paid on behalf of the Charity in previous years. This will be repaid with no interest applied to the balance.
During the year ended 31 May 2021, no Trustee expenses have been incurred (2020 - £NIL) .
7. Debtors
| Due within one year Trade debtors |
2021 £ - - |
2020 £ 2,973 |
|---|---|---|
| 2,973 |
8. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals |
2021 £ 10,923 645 2,880 14,448 |
2020 £ 11,451 645 3,156 |
|---|---|---|
| 15,252 |
9. Prior year adjustments
The comparative balances for certain elements of income, as well as the allocation of income and expenditure by fund and the brought forward fund balances have been restated in these financial statements. This has been undertaken to better reflect the nature of one of the income streams reported, which upon further review and assessment was determined to be unrestricted service fee income rather than restricted grant income. Further information on the restatement and the impact on the comparative balances to the financial statements can be found in the accounting policies.
Page 17
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
10. Statement of funds
| Statement of funds | ||
|---|---|---|
| Statement of funds - current year Balance at 1 June 2020 £ Unrestricted funds General funds 54,067 Restricted funds Funding for weekly physical exercise sessions at venues across London 33,160 Helping the Active Stay Active when Life Changes 1,399 Data digitalisation project 686 35,245 Total of funds 89,312 |
Income £ Expenditure £ Balance at 31 May 2021 £ 36,533 (49,172) 41,428 50,995 (40,016) 44,139 45,661 (43,548) 3,512 - (686) - 96,656 (84,250) 47,651 133,189 (133,422) 89,079 |
|
| 44,139 3,512 - |
||
| 47,651 | ||
| 89,079 |
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(A company limited by guarantee and registered charity)
SILVERFIT LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
10. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General funds Restricted funds Funding for weekly physical exercise sessions at venues across London Helping the Active Stay Active when Life Changes Data digitalisation project Total of funds |
As restated balance at 1 June 2019 £ 33,042 47,764 (14,625) - 33,139 66,181 |
As restated Income £ 72,121 59,676 63,432 2,000 125,108 197,229 |
As restated Expenditure £ (56,231) (69,145) (47,408) (1,314) (117,867) (174,098) |
Transfers in/out £ 5,135 (5,135) - - (5,135) - |
As restated balance at 31 May 2020 £ 54,067 |
|---|---|---|---|---|---|
| 33,160 1,399 686 |
|||||
| 35,245 | |||||
| 89,312 |
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SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
10. Statement of funds (continued)
Restricted funds comprise the income from funders which are to be used in accordance with specific restrictions.
Activity fees the participants pay at each session are unrestricted funds, unless they are required to cover a deficit in the restricted fund.
Funding for weekly physical exercise sessions at venues across London
Grants are provided by a number of different organisations, including local Government and charities, to enable Silverfit to deliver regular in person activity sessions lead by qualified instructors in the London area. Funding is restricted to supporting these sessions; some grants are further restricted to support a specific location, London Borough or activity type.
Helping the Active Stay Active when Life Changes
Sport England awarded Silverfit a grant in 2018 to fund this project, the objective of which is to learn more about the impact of major life changes on the sport and physical activity habits of core market participants. The grant of £126,936 covers the 3-year period from August 2018 to July 2021 and the funding is restricted to supporting the costs of delivering the project. Since the year end Sport England have agreed to provide additional funding to support the project for a further 12 months.
Data digitalisation project
The Hospital Saturday Fund provided a restricted grant of £2,000 towards the costs of digitalisation of extensive data gathered by Silverfit.
11. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Current assets 55,876 Creditors due within one year (14,448) Total 41,428 |
Restricted funds 2021 £ 47,651 - 47,651 |
Total funds 2021 £ 103,527 (14,448) 89,079 |
|---|---|---|
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SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021
11. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Restated unrestricted funds 2020 £ 69,319 (15,252) 54,067 |
Restated restricted funds 2020 £ 35,245 - 35,245 |
Total funds 2020 £ 104,564 (15,252) 89,312 |
|---|---|---|---|
12. Related party transactions
Other than Trustee and Key Management Personnel transactions detailed in Note 6, there were no related party transactions during the year (2020 - £NIL).
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