REGISTERED COMPANY NUMBER: 07006913 (England and Wales) REGISTERED CHARITY NUMBER: 1144978
Unaudited Financial Statements
For The Year Ended
31 August 2021
for
WEST OLDHAM TRUST
Leavitt Walmsley Associates Limited Chartered Certified Accountants 8 Eastway Sale Cheshire M33 4DX
WEST OLDHAM TRUST
Contents of the Financial Statements For The Year Ended 31 August 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 |
WEST OLDHAM TRUST
Report of the Trustees For The Year Ended 31 August 2021
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 August 2021. 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 objectives of the Trust are to advance the education of pupils at the schools, to advance the education of other members of the community and otherwise to benefit the community.
Significant activities
During the year, the pitch has been regularly booked to full capacity comprising teams and individuals. Income from pitch rental has seen an increase from the prior year of some 48% as the restriction from Covid-19 have been lifted.
Public benefit
West Oldham Trust provides benefits to the public by the provision of a pitch which contributes to the education of both pupils of the member schools and to other members of the community. This helps families achieve well-being and creates a social environment for children that provides enjoyment and enables them to keep physically fit.
The trust has maintained the pitch to a high standard during the year, even despite Covid-19, and this has helped to maintain the levels of enjoyment by families as it provides a safe, clean and modern environment to undertake the relevant activities.
FINANCIAL REVIEW
Financial position
Income during the year to 31 August 2021 has seen an increase (2020: decrease) to £31,808 as opposed to £20,652 in the previous year.
Overall expenditure was £11,256 (2020: £10,686) with the increase largely being attributable to wages recharge from The Hathershaw College during the year. A surplus of income over expenditure (2020: surplus) was achieved in the year to 31 August 2021 amounting to £20,552 (2020: £9,966).
Unrestricted funds continue to remain healthy and have increased by £20,252 (2020: £9,966) to £67,630 (2020: £47,078).
Investment policy and objectives
The trustees adopt a risk averse investment policy, while seeking to obtain a good income return. Funds are held in the bank current account. At the present time, the trust does not utilise any deposit or savings accounts choosing to invest all surpluses back into the trust to enable the provision of high quality services to its users.
Reserves policy
All funds raised are for the benefit of the Trust. In the interest of the longer term continuity of the Trust, the trustees aim to keep at least one year's revenue receipts within reserves.
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.
Risk management
The trustees have a duty to identify and review the risks to which the Trust is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. They are satisfied that the trustee meetings provide the necessary safeguards to enable the mitigation of any significant risk exposure.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07006913 (England and Wales)
Page 1
WEST OLDHAM TRUST
Report of the Trustees
For The Year Ended 31 August 2021
Registered Charity number 1144978
Registered office
The Hathershaw College Bellfield Avenue Oldham Lancashire OL8 3EP
Trustees
P Forshaw M Vose P Stennett L Astbury H Woodward Ms L Philip Ms T Cavanagh M Giles
Company Secretary
Ms V Sainsbury
Independent Examiner
Steven John Collings FCCA Leavitt Walmsley Associates Limited Chartered Certified Accountants 8 Eastway Sale Cheshire M33 4DX
MEMBERS
West Oldham Trust is a company limited by guarantee but not having share capital. The liability of the members is limited to £10.
The members of the company are:
-
The Hathershaw College
-
Broadfield Primary School
-
Holy Rosary RC Primary School
-
St Martin's C of E Primary School
-
Oldham Sixth Form College
-
Oldham Athletic Community Trust
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Ms V Sainsbury - Secretary
Page 2
Independent Examiner's Report to the Trustees of West Oldham Trust
Independent examiner's report to the trustees of West Oldham Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2021.
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
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
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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.
Steven John Collings FCCA Leavitt Walmsley Associates Limited Chartered Certified Accountants 8 Eastway Sale Cheshire M33 4DX
Date: .............................................
Page 3
WEST OLDHAM TRUST
Statement of Financial Activities For The Year Ended 31 August 2021
| 31.8.21 | 31.8.20 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Other trading activities | 2 | 31,808 | 20,652 |
| EXPENDITURE ON | |||
| Raising funds | 3 | 11,256 | 10,686 |
| NET INCOME | 20,552 | 9,966 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 47,078 | 37,112 | |
| TOTAL FUNDS CARRIED FORWARD | 67,630 | 47,078 |
The notes form part of these financial statements
Page 4
WEST OLDHAM TRUST
Balance Sheet
31 August 2021
| 31.8.21 | 31.8.20 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 7 | 6,452 | 7,258 |
| CURRENT ASSETS | |||
| Cash at bank | 62,756 | 41,373 | |
| CREDITORS | |||
| Amounts falling due within one year | 8 | (1,578) | (1,553) |
| NET CURRENT ASSETS | 61,178 | 39,820 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 67,630 | 47,078 | |
| NET ASSETS | 67,630 | 47,078 | |
| FUNDS | 9 | ||
| Unrestricted funds | 67,630 | 47,078 | |
| TOTAL FUNDS | 67,630 | 47,078 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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:
............................................. L Philip - Trustee
The notes form part of these financial statements
Page 5
WEST OLDHAM TRUST
Notes to the Financial Statements
For The Year Ended 31 August 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities SORP (FRS 102) as well as the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
Pitch rental is recognised once an activity has taken place. Prior to the booking, monies received are recognised as deferred income until the contractual obligations to the customer have been fulfilled.
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.
Fixtures and fittings - 10% on cost
The company carries tangible fixed assets in the balance sheet using the depreciated historic cost method.
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.
Financial instruments
Financial Instruments are classified and accounted for according to the substance of the transaction as either a financial asset, liability or equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after all liabilities have been deducted.
Cash at bank is classified as a basic financial instrument and is measured at face value.
Creditors and accruals are financial instruments and are measured at amortised cost.
Page 6
continued...
WEST OLDHAM TRUST
Notes to the Financial Statements - continued
For The Year Ended 31 August 2021
2. OTHER TRADING ACTIVITIES
| 2. | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|
| 31.8.21 | 31.8.20 | ||
| £ | £ | ||
| Pitch rental | 30,508 | 20,652 | |
| Other income | 1,300 | - | |
| 31,808 | 20,652 | ||
| 3. | RAISING FUNDS | ||
| Raising donations and legacies | |||
| 31.8.21 | 31.8.20 | ||
| £ | £ | ||
| Support costs | 1,700 | - | |
| 4. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.8.21 | 31.8.20 | ||
| £ | £ | ||
| Depreciation - owned assets | 806 | 806 | |
| 5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 August 2021 nor for the year ended 31 August 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2021 nor for the year ended 31 August 2020.
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|---|
| Unrestricted | ||
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Other trading activities | 20,652 | |
| EXPENDITURE ON | ||
| Raising funds | 10,686 | |
| NET INCOME | 9,966 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 37,112 | |
| TOTAL FUNDS CARRIED FORWARD | 47,078 |
continued...
Page 7
WEST OLDHAM TRUST
Notes to the Financial Statements - continued
For The Year Ended 31 August 2021
7. TANGIBLE FIXED ASSETS
| 7. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Fixtures | |||||
| and | |||||
| fittings | |||||
| £ | |||||
| COST | |||||
| At 1 September 2020 and 31 August 2021 | 8,064 | ||||
| DEPRECIATION | |||||
| At 1 September 2020 | 806 | ||||
| Charge for year | 806 | ||||
| At 31 August 2021 | 1,612 | ||||
| NET BOOK VALUE | |||||
| At 31 August 2021 | 6,452 | ||||
| At 31 August 2020 | 7,258 | ||||
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | |||
| 31.8.21 | 31.8.20 | ||||
| £ | £ | ||||
| Other creditors | 773 | 773 | |||
| Accrued expenses | 805 | 780 | |||
| 1,578 | 1,553 | ||||
| 9. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1.9.20 | in funds | 31.8.21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 47,078 | 20,552 | 67,630 | ||
| TOTAL FUNDS | 47,078 | 20,552 | 67,630 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 31,808 | (11,256) | 20,552 | ||
| TOTAL FUNDS | 31,808 | (11,256) | 20,552 |
continued...
Page 8
WEST OLDHAM TRUST
Notes to the Financial Statements - continued For The Year Ended 31 August 2021
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.9.19 | in funds | 31.8.20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 37,112 | 9,966 | 47,078 |
| TOTAL FUNDS | 37,112 | 9,966 | 47,078 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 20,652 | (10,686) | 9,966 |
| TOTAL FUNDS | 20,652 | (10,686) | 9,966 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.9.19 | in funds | 31.8.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 37,112 | 30,518 | 67,630 |
| TOTAL FUNDS | 37,112 | 30,518 | 67,630 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 52,460 | (21,942) | 30,518 |
| TOTAL FUNDS | 52,460 | (21,942) | 30,518 |
continued...
Page 9
WEST OLDHAM TRUST
Notes to the Financial Statements - continued For The Year Ended 31 August 2021
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2021.
Page 10
WEST OLDHAM TRUST
| INCOME AND ENDOWMENTS Other trading activities Pitch rental Other income Total incoming resources EXPENDITURE Support costs Human resources Wages Other Repairs & renewals Computer costs Fixtures and fittings Governance costs Accountancy and legal fees Professional fees Total resources expended Net income |
Detailed Statement of Financial Activities For The Year Ended 31 August 2021 31.8.21 31.8.20 £ £ 30,508 20,652 1,300 - 31,808 20,652 31,808 20,652 2,412 - 4,450 8,875 1,096 795 806 806 6,352 10,476 792 210 1,700 - 2,492 210 11,256 10,686 20,552 9,966 |
Detailed Statement of Financial Activities For The Year Ended 31 August 2021 31.8.21 31.8.20 £ £ 30,508 20,652 1,300 - 31,808 20,652 31,808 20,652 2,412 - 4,450 8,875 1,096 795 806 806 6,352 10,476 792 210 1,700 - 2,492 210 11,256 10,686 20,552 9,966 |
|---|---|---|
| 20,652 | ||
| 20,652 - 8,875 795 806 |
||
| 10,476 210 - |
||
| 210 | ||
| 10,686 | ||
| 9,966 |
This page does not form part of the statutory financial statements
Page 11