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2022-05-31-accounts

ROCKETS SPORT AND EDUCATIONAL FOUNDATION

Charity No. 1148764

Company No. 08083976

Trustees' Report and Unaudited Accounts

31 May 2022

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Contents

Pages
Trustees' Annual Report 1 to 3
Independent Examiner's Report 4 to 5
Statement of Financial Activities 6
Summary Income and Expenditure Account 7
Balance Sheet 8
Notes to the Accounts 9 to 20
Detailed Statement of Financial Activities 21 to 23

Page 1

ROCKETS SPORT AND EDUCATIONAL FOUNDATION

Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 May 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 08083976

Charity No. 1148764

Principal Office

39 Finch Road Earley Reading

Registered Office

39 Finch Road Earley Reading RG6 7JX

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

M. Johnson K.A. Kelly S. Turner

Accountants

Holy Brook Associates Ltd Curious Lounge 20 Tudor Road RG1 1NH

OBJECTIVES AND ACTIVITIES

The purpose of the charity as set out in its governing document.

The main activities undertaken in relation to those purposes. ACTIVITIES FOR YOUNG PEOPLE EDUCATION AND DEVELOPMENT HEALTH AND WELL-BEING VOLUNTEERING SOCIAL INCLUSION SUCH OTHER CHARITABLE PURPOSES AS THE TRUSTEES SEE FIT

Chair's report

The trustees have given due consideration to the Charity Commission's guidance on the public benefit requirement.

What a wonderful year to be a part of such a programme that authentically can say it is getting more people active and involved in some really wonderful projects!

With a number of active partnerships that we fully intend to develop and nurture here is the outline of some of the highlights of the year in question.

Page 2

ROCKETS SPORT AND EDUCATIONAL FOUNDATION

Trustees Annual Report

As ever I am eternally grateful to our wonderful committee with special thanks to Steve Turner and Kerry Kelly for their insight, knowledge and determination to work harder when things look hard!

Partnerships and funders

Earley Charity: Through Earley charity, the charity has been able to provide weekly basketball sessions at The Weller Community Centre in Amersham Road. This is an area that has a high crime rate and struggles to engage young people and deter them away from anti-social behaviour. The programme not only provides weekly coaching but also provides the centre with a sports co-ordinator who organises the sessions and helps in the planning of other community engagement events. The programme delivers basketball to 60 young people each week with the teams now competing in the club’s monthly community league.

Get Berkshire Active: Through funding from GBA Tackling inequalities fund the club was able to run weekly basketball sessions for young people with additional needs. As well as weekly sessions they also received funding to run summer SEN basketball camps. They were able to engage with 15 young people per week and also 20 at their summer basketball camps. This has now seen the programme continue long term due to it now being sustainable.

Basketball England: Through funding from Basketball England the club was able to start a new adult SEN session to cater for those 18+. The funding provided them with equipment to get the session started as well as help with hall hire and coaching costs.

Greenham Trust: Through funding from the Greenham common trust the charity was able to set up a new community hub at Theale Green school. This provides sessions for young people aged from 5-12 and currently has 50 young people attending each week.

Garfield Weston: Through funding from Garfield Weston, the charity successfully set up a new local hub in Woodley in the heart of a community for children from ages 4-12 years old. Within its first term we had 51 children playing each week with a waiting list of 30 wanting to have a space on the programme. Its aim was to ensure children had fun and were engaged. This was evident as very few spaces opened up in the first year it was running so there is a huge demand for the programme to expand for the next academic year.

Junior Club: As the RSEF continues to develop the storyline of its own existence it is incredibly heart warming to see the pathway it is now furrowing from the community ‘have a go’ activities to the more structured club environment and all things in between. The junior teams have been wonderfully well supported by families and the charity together and this has certainly allowed many young people to play a sport they love without fear or prejudice of financial embarrassment.

ACHIEVEMENTS AND PERFORMANCE

It gives us all a wonderful feeling to see young people supported from afar by the generosity of others and as we say very frequently “it takes a village”

I am thoroughly proud to be a small cog in this enormous wheel and look forward to seeing the growth of the programme as it again takes a turn towards ‘even better’.

FINANCIAL REVIEW

The charity holds sufficient reserves to ensure that it remains a going concern.

Page 3

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Trustees Annual Report

The trustees are confident the charity is a going concern

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is governed by its governing document and is a charitable company

The recruitment and appointment of new trustees is based on the needs of the organisation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

M. Johnson Trustee 28 March 2023

Page 4

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Independent Examiners Report

Independent Examiner's Report to the trustees of ROCKETS SPORT AND EDUCATIONAL FOUNDATION

I report to the charity trustees on my examination of the financial statements of ROCKETS SPORT AND EDUCATIONAL FOUNDATION for the year ended 31 May 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements 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 your charity's financial statements 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:

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 financial statements to be reached.

Sabina Reed AAT Holy Brook Associates Ltd Curious Lounge 20 Tudor Road

RG1 1NH 28 March 2023

Page 5

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Statement of Financial Activities

for the year ended 31 May 2022

Notes
Income and endowments
from:
Donations and legacies
4
Charitable activities
5
Total
Expenditure on:
Charitable activities
6
Other
7
Total
Net gains on investments
Net (expenditure)/income
8
Transfers between funds
Net (expenditure)/income
before other gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2022
£
12,966
70,052		 Restricted
funds
2022
£
35,145
-		 Total funds
2022
£
48,111
70,052		 Total
funds
2021
£
42,959
48,579
83,018
72,128
37,726		 35,145
30,982
-		 118,163
103,110
37,726		 91,538
41,428
28,650
109,854
-		 30,982
-		 140,836
-		 70,078
-
(26,836)
-		 4,163
-		 (22,673)
-		 21,460
-
(26,836) 4,163 (22,673) 21,460
(26,836)
41,595		 4,163
-		 (22,673)
41,595		 21,460
20,135
14,759 4,163 18,922 41,595

Page 6

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Summary Income and Expenditure Account

for the year ended 31 May 2022

Income
Gross income for the year
Expenditure
Total expenditure for the year
Net (expenditure)/income before tax
for the year
Net (expenditure )/income for the year		 2022
£
118,163
118,163
140,836
140,836
(22,673)
(22,673)		 2021
£
91,537
91,537
70,077
70,077
21,460
21,460

Page 7

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Balance Sheet

at 31 May 2022

Company No.
08083976
Notes
2022
£
Current assets
Cash at bank and in hand
20,074
20,074
Creditors:Amount falling due within one year
10
(1,152)
Net current assets
18,922
Total assets less current liabilities
18,922
Net assets excluding pension asset or liability
18,922
Total net assets
18,922
The funds of the charity
Restricted funds
11
Restricted income funds
4,163
4,163
Unrestricted funds
11
General funds
14,759
14,759
Reserves
11
Total funds
18,922		 2021
£
42,675
42,675
(1,080)
41,595
41,595
41,595
41,595
-
-
41,595
41,595
41,595

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 May 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 28 March 2023

And signed on its behalf by:

M. Johnson Trustee 28 March 2023

Page 8

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Notes to the Accounts

for the year ended 31 May 2022

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to

previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted These are available for use at the discretion of the trustees in furtherance funds of the general objects of the charity. Designated These are unrestricted funds earmarked by the trustees for particular funds purposes. Revaluation These are unrestricted funds which include a revaluation reserve funds representing the restatement of investment assets at their market values. Restricted These are available for use subject to restrictions imposed by the donor or funds through terms of an appeal.

Page 9

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Notes to the Accounts

Income
Recognition Income is included in the Statement of Financial Activities (SoFA) when the
of income charity becomes entitled to, and virtually certain to receive, the income
and the amount of the income can be measured with sufficient reliability.
Income with Where income has related expenditure the income and related
related expenditure is reported gross in the SoFA.
expenditure
Donations Voluntary income received by way of grants, donations and gifts is
and legacies included in the the SoFA when receivable and only when the Charity has
unconditional entitlement to the income.
Tax reclaims Income from tax reclaims is included in the SoFA at the same time as the
on gift/donation to which it relates.
donations
and gifts
Donated These are only included in income (with an equivalent amount in
services and expenditure) where the benefit to the Charity is reasonably quantifiable,
facilities measurable and material.
Volunteer The value of any volunteer help received is not included in the accounts.
help
Investment This is included in the accounts when receivable.
income
Gains/(losse This includes any gain or loss resulting from revaluing investments to
s) on market value at the end of the year.
revaluation
of fixed
assets
Gains/(losse This includes any gain or loss on the sale of investments.
s) on
investment
assets

Page 10

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Notes to the Accounts

Expenditure

Taxat

ion

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

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 11

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 12

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Notes to the Accounts

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3 Statement of Financial Activities - prior year

Income and
endowments from:
Donations and
legacies
Charitable activities
Total
Expenditure on:
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted
funds
2021
£
42,959
48,579
91,537
68,997
1,080
70,077
21,460
21,460
21,460
20,135
41,595		 Total funds
2021
£
42,959
48,579
91,537
68,997
1,080
70,077
21,460
21,460
21,460
20,135
41,595

Page 13

ROCKETS SPORT AND EDUCATIONAL FOUNDATION

Notes to the Accounts

Income from donations and

4 legacies

Unrestric

Grants
Donations
5
Income from charitable
activities
Charitable activities
Other Charitable
activity
6
Expenditure on charitable
activities
Expenditure on
charitable activities
Charitable activities
Other Charitable
activity
Governance costs
Independent
Examination and
accountancy		 ted
£
-
12,966
12,966
Unrestric
ted
£
70,886
-
1,242
72,128		 Restricted
£
25,145
10,000
35,145
Unrestricted
£
70,052
-
70,052
Restricted
£
30,982
-
-
30,982		 Total
2022
£
25,145
22,966
48,111
Total
2022
£
70,052
-
70,052
Total
2022
£
101,868
-
1,242
103,110		 Total
2021
£
23,930
19,029
42,959
Total
2021
£
36,079
12,500
48,579
Total
2021
£
29,885
10,463
1,080
41,428

Page 14

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Notes to the Accounts

7 Other expenditure

Unrestricted
£
Volunteer costs
246
Motor and travel
costs
11,033
General
administrative costs
26,447
37,726
8
Net (expenditure)/income
before transfers
2022
This is stated after charging:
£
Independent Examiner's fee
400
Other fees paid to the
auditor or independent
examiner
580
9
Staff costs
The charity had no employees (previous year - none)
10 Creditors:
amounts falling due within
one year
2022
£
Accruals
1,152
1,152		 Total
2022
£
246
11,033
26,447
37,726		 Total
2021
£
-
-
28,650
28,650
2021
£
380
520
2021
£
1,080
1,080

Page 15

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Notes to the Accounts

11 Movement in funds

Restricted funds:
Restricted income
funds:
Get Berkshire Active
Earley Charity
Sported Foundation
BE Tackling
inequalities
Greenham Trust
Garfield Weston
Total
Unrestricted funds:
General funds
Total funds		 At 1 June
2021
-
-
-
-
-
-
-
41,595
41,595		 Incoming
resources
(including
other
gains/losses
)
£
2,373
12,000
200
4,812
5,760
10,000
35,145
83,018
118,163		 Resources
expended
£
(2,373)
(11,013)
(200)
(4,812)
(4,404)
(8,180)
(30,982)
(109,854)
(140,836)		 At 31 May
2022
£
-
987
-
-
1,356
1,820
4,163
14,759
18,922

Purposes and restrictions in relation to the funds:

Restricted funds: Get Berkshire Active Weekly basketball sessions for young people with additional needs in an area of Reading which is under privileged. Earley Charity Weekly schools basketball programme, community club, holiday camps and community engagement events at The Weller Community Centre in Amersham Road. Sported Foundation BE Tackling inequalities Greenham Trust New community hub at Theale Green school Garfield Weston New local hub in Woodley

Analysis of net assets

12 between funds

Net current assets Unrestricted
funds
£
18,922
18,922		 Total
£
18,922
18,922

Page 16

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Notes to the Accounts

13 Reconciliation of net debt

Cash and cash equivalents
Net debt		 At 1 June
2021
£		 Cash flows
£		 At 31 May
2022
£
42,675 (22,601) 20,074
42,675
42,675		 (22,601)
(22,601)		 20,074
20,074

Page 17

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Notes to the Accounts

14 Related party disclosures Related party disclosures
2022 2021
Transactions with related parties £ £
Name of related
party		 Just Hoops
Description of
relationship between
the parties		 Run by trustee or close family
member of trustee
Description of
transaction and To purchase equipment for
general amounts basketball training
involved
Amount due from/(to) the related party 13,065 3,065
Name of related
party		 Reading Rockets Coaching Services
Description of
relationship between
the parties		 Run by trustee or close family
member of trustee
Description of
transaction and To provide basketball training in
general amounts the community
involved
Amount due from/(to) the related party 29,550 12,324
Name of related
party		 Reading Rockets Ltd
Description of
relationship between
the parties		 Run by trustee or close family
member of trustee
Description of
transaction and To provide administrative and
general amounts mentoring services for the charity.
involved
Amount due from/(to) the related party 33,100 21,755
Name of related Well Fit
party
Description of
relationship between
the parties		 Run by trustee or close family
member of trustee
Description of
transaction and Community basketball training
general amounts support project management
involved
Amount due from/(to) the related party 4,004 6,256
Name of related
party		 MJ Basketball Academy

Page 18

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Notes to the Accounts

Description of Run by trustee or close family relationship between member of trustee the parties Description of transaction and To provide basketball coach general amounts mentoring & development involved Amount due from/(to) the related party - 800 Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 19

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Statement of Cash flows for the year ended 31 May 2022

Cash flows from operating activities
Net expenditure per Statement of Financial Activities
Net cash used in operating activities
Net cash from investing activities
Net cash from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances		 2022
£
(22,673)
(22,673)
-
-
(22,673)
42,675
20,002
20,074
20,074		 2021
£
-
-
-
-
-
-
-
42,675
42,675

Page 20

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Detailed Statement of Financial Activities

for the year ended 31 May 2022

Income and endowments from:
Donations and legacies
Grants
Donations
Charitable activities
Charitable activities
Other Charitable activity
Total income and endowments
Expenditure on:
Charitable activities
Charitable activities
Other Charitable activity
Governance costs
Independent Examination and accountancy
Total of expenditure on charitable activities
Employee costs
Staff training
Motor and travel costs
Vehicles - General costs
Vehicles - Leasing and hire
costs
Vehicles - Fuel
Vehicles - Repairs and
maintenance
General administrative costs, including
depreciation and amortisation
Bank charges
Software, IT support and
related costs
Sundry expenses
Total of expenditure of other costs		 Restricted
funds
2022
£
25,145
10,000
35,145
-
-
-
35,145
30,982
-
30,982
-
-
30,982
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
2022
£
25,145
22,966
48,111
70,052
-
70,052
118,163
101,868
-
101,868
1,242
1,242
103,110
246
246
1,943
4,881
2,020
2,189
11,033
162
317
25,968
26,447
37,726		 Total
funds
2021
£
23,930
19,029
42,959
36,079
12,500
48,579
91,538
29,885
10,463
40,348
1,080
1,080
41,428
-
-
-
-
-
-
-
-
-
28,650
28,650
28,650

Page 21

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Detailed Statement of Financial Activities

ROCKETS SPORT AND EDUCATIONAL FOUNDATION
Detailed Statement of Financial Activities
Total expenditure
Net gains on investments
Net (expenditure)/income
Net (expenditure)/income before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 30,982
-
4,163
4,163
-
4,163
-
4,163		 140,836
-
(22,673)
(22,673)
-
(22,673)
41,595
18,922		 70,078
-
21,460
21,460
-
21,460
20,135
41,595

Page 22

ROCKETS SPORT AND EDUCATIONAL FOUNDATION Audil Report Unqualified Page 23