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2024-07-31-accounts

Charity registration number 1149122 (England and Wales)

Company registration number 08078529

FREEDOM POWERCHAIRS LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FREEDOM POWERCHAIRS LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees D Trigwell
M Osment
T Day
H Thompson-Slater
Charity number 1149122
Company number 08078529
Registered office Freedom House
2A Weavers Court
Ropetackle
Shoreham by sea
West Sussex
BN43 5ES
Independent examiner Darren Harding ACA FCCA DChA
Richard Place Dobson Services Limited
1-7 Station Road
Crawley
West Sussex
RH10 1HT

FREEDOM POWERCHAIRS LTD

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 12

FREEDOM POWERCHAIRS LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 JULY 2024

The trustees present their annual report and financial statements for the year ended 31 July 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles, the Companies Act 2006 and "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

  1. To assist with relief for disabled people resident in England and elsewhere who are in need, by providing specially designed or adapted power wheel chairs, and items, services or facilities calculated to relieve the needs of such persons.

  2. To assist to relieve the impact of disability, financial hardship, poor health and sickness amongst disabled people.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

The trustees continued to assist with the relief and training for disabled people resident in England and elsewhere who are in need by providing specially designed or adapted power wheelchairs to the best of their ability, however the Covid pandemic slowed trading and many volunteers retired which affected the charities ability to pursue its objectives.

Financial review

During the period the charity had net incoming resources of £11,562 (2023: net incoming resources of £5,155). At the period end the charity had reserves of £10,192 (2023: Negative reserves of £1,370).

Reserves policy

We aim to build up reserves as and when possible to cover operational expenditure for a 6 month period, provided that this is not to the detriment of our service delivery. The trustees are aware that reserves are currently below this level and are trying to secure further sources of funding to assist with carrying out the charitable activities.

Structure, governance and management

The charity is a company limited by guarantee, as defined by the Companies Act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

D Trigwell

M Osment

T Day

H Thompson-Slater

Recruitment and appointment of trustees

The methods adopted for the recruitment and appointment of trustees is open recruitment with interview and screening.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

page 1

FREEDOM POWERCHAIRS LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

The trustees' report was approved by the Board of Trustees.

.............................. M Osment Trustee Date: .............................................

page 2

FREEDOM POWERCHAIRS LTD

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF FREEDOM POWERCHAIRS LTD

I report to the trustees on my examination of the financial statements of Freedom Powerchairs Ltd (the charity) for the year ended 31 July 2024.

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.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

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 that in any material respect:

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.

Darren Harding ACA FCCA DChA

Richard Place Dobson Services Limited

1-7 Station Road Crawley West Sussex RH10 1HT Date: ............................

page 3

FREEDOM POWERCHAIRS LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income and endowments from:
Donations and legacies 3 13,337 25,889
Charitable activities 4 14,940 23,443
Investments 5 17 5
Other income 6 28,737 -
Total income 57,031 49,337
Expenditure on:
Charitable activities 7 45,469 44,182
Total expenditure 45,469 44,182
Net income and movement in funds 11,562 5,155
Reconciliation of funds:
Fund balances at 1 August 2023 (1,370) (6,525)
Fund balances at 31 July 2024 10,192 (1,370)

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

page 4

FREEDOM POWERCHAIRS LTD

BALANCE SHEET

AS AT 31 JULY 2024

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Net assets/(liabilities)
The funds of the charity
Unrestricted funds
18		 2024
£
16,183
471
16,654
(4,968)		 £
436
11,686
12,122
(1,930)
10,192
10,192
10,192		 2023
£
6,051
790
6,841
(4,891)		 £
874
1,950
2,824
(4,194)
(1,370)
(1,370)
(1,370)

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2024.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the trustees on .........................

..............................

M Osment

Trustee

Company registration number 08078529 (England and Wales)

page 5

FREEDOM POWERCHAIRS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

Charity information

Freedom Powerchairs Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Freedom House, 2A Weavers Court, Ropetackle, Shoreham by sea, West Sussex, BN43 5ES.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles incorporated on 22 May 2012, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Whilst the trustees accept that their funds as at 31st July 2024 are at a balance of £10,152 and there is reasonable promise that the charity can continue operating for 12 months from the balance sheet signing date. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

page 6

FREEDOM POWERCHAIRS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

page 7

FREEDOM POWERCHAIRS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts - 7,138
Grants 13,337 18,751
13,337 25,889

4 Income from charitable activities

Relief for Relief for
disabled disabled
people people
2024 2023
£ £
Sale of goods 14,940 23,443
Analysis by fund
Unrestricted funds 14,940 23,443

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 17 5

page 8

FREEDOM POWERCHAIRS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

6 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Other income 28,737 -
7 Charitable activities
Relief for Relief for
disabled disabled
people people
2024 2023
£ £
Depreciation 438 438
Material and labour 6,472 12,774
Rent 31,152 15,352
Office Costs 1,566 6,520
Telecommunications 2,461 2,091
Sundry 13 3,872
Charitable donations - 302
42,102 41,349
Share of support costs (see note 8) 2,546 1,197
Share of governance costs (see note 8) 821 1,636
45,469 44,182
8 Support costs allocated to activities
2024 2023
£ £
Travel 463 837
Motor costs 14 -
Loan insurance 135 189
Printing, postage and stationery 853 534
Advertising 1,081 64
Other support costs - 12
Governance costs 821 1,197
3,367 2,833
Analysed between:
Relief for disabled people 3,367 2,833

page 9

FREEDOM POWERCHAIRS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

9 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements 821 1,125
Depreciation of owned tangible fixed assets 438 438

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Total - -

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Tangible fixed assets

Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 August 2023 1,750
At 31 July 2024 1,750
Depreciation and impairment
At 1 August 2023 876
Depreciation charged in the year 438
At 31 July 2024 1,314
Carrying amount
At 31 July 2024 436
At 31 July 2023 874

page 10

FREEDOM POWERCHAIRS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

14
Debtors
Amounts falling due within one year:
Other debtors
15
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
16
Creditors: amounts falling due within one year
Notes
Bank loans
15
Trade creditors
Accruals and deferred income
17
Creditors: amounts falling due after more than one year
Notes
Bank loans
15		 2024
£
16,183
2024
£
4,194
2,264
1,930
2024
£
2,264
1,454
1,250
4,968
2024
£
1,930		 2023
£
6,051
2023
£
6,402
2,208
4,194
2023
£
2,208
1,433
1,250
4,891
2023
£
4,194

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 August Incoming Resources
At		 31 July 2024
2023 resources expended
£ £ £ £
General funds (1,370) 57,031 (45,469) 10,192

page 11

FREEDOM POWERCHAIRS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

18 Unrestricted funds (Continued)
Previous year: At 1 August Incoming Resources
At		 31 July 2023
2022 resources expended
£ £ £ £
General funds (6,525) 49,337 (44,182) (1,370)

19 Related party transactions

During the year there was cash loaned from the charity to Freedom Resource Recovery Ltd, which trustees Martin Osment and David Trigwell are directors of. At the year end, Freedom Resource Recovery Ltd owed £1,683 to the charity, which is included as a debtor in these accounts.

The charity also loaned cash to Zed Eco Homes Limited, which trustees Martin Osment and David Trigwell are directors of. At the year end, Zed Eco Homes Limited owed £9,000 to the charity, which is included as a debtor in these accounts.

page 12