REGISTERED COMPANY NUMBER: 08068707 (England and Wales) REGISTERED CHARITY NUMBER: 1149367
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
FOR
ASPIRE@SOUTHFIELDS
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
ASPIRE@SOUTHFIELDS
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Cash Flow Statement | 8 | ||
| Notes to the Cash Flow Statement | 9 | ||
| Notes to the Financial Statements | 10 | to | 14 |
| Detailed Statement of Financial Activities | 15 |
ASPIRE@SOUTHFIELDS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and Activities
The Charity's objectives and principal activity, as defined by the Memorandum and Articles of Association, are to promote the benefit of the inhabitants of the Borough of Wandsworth and the surrounding area by the provision of facilities in the interest of social welfare for recreation, sport, education and other leisure time occupation (to include extended community services) with the said object of improving the conditions of life for the said inhabitants.
The charity currently provides a large number of sporting activities including football, swimming and archery. Many of these activities are provided for local children and at a lower cost to the user than other commercial leisure centres. In addition, the charity provides leisure activities to the local community such as a fitness suite, yoga, zumba, art classes and children's parties. These activities are also less expensive than in other centres. The objectives of the charity are to advance the education of the public, in particular but not exclusively, the students of Southfields Academy, to this end, aspire@southfields made a donation of £200,000 to Southfields Academy in March 2019, and continuing supporting Southfields Academy through lifeguard training for school teachers.
Donations will be considered in future years if funds allow. The Trustees meet annually. They are provided with a six monthly financial report that reports on the current and predicted financial position.
The impact of Covid-19 on Aspire's operations has been significant, with the closure of the centre in line with government guidance affecting the past two financial years. Despite these challenges, the management team at Aspire has been dedicated to establishing robust policies to ensure the safe reopening of the centre as soon as allowed by the government.
Public benefit
In shaping our objectives and planning our activities for the year, the Trustees have given consideration to the duties set out in section 17(5) of the Charities Act 2011 to have due regard to public benefit. In particular, the Trustees have considered how the planned activities will contribute to the overall aims and objectives that they have set.
STRATEGIC REPORT
Financial Review
Unrestricted funds are the funds freely available for use in the furtherance of the objectives of the Charity. The net movement on unrestricted funds for the period was a surplus of £36,790 (2021: deficit £110,256).
Details of movements on the Statement of Financial Activities are set out on page 6 of the financial statements.
Plans for the Future & Reserves Policy
Looking ahead, Aspire remains committed to enhancing and expanding its service provision in order to achieve its charitable objectives. To this end, the organization strives to maintain a level of self-sufficiency in order to avoid reliance on a single source of funding.
As part of this strategy, Aspire's policy is to maintain unrestricted funds, or free reserves, at a level that provides sufficient resources to cover the costs of management, administration, and support. The ultimate goal is to achieve a level of reserves that enables the organization to achieve its long-term objectives.
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ASPIRE@SOUTHFIELDS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
STRATEGIC REPORT Financial review Board of Trustees' Responsibilities
The Trustees, who are also directors of aspire@southfields for the purposes of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small Company Exemptions
The above report has been prepared in accordance with the special provisions of Section 419(2) of the Companies Act 2006 relating to small companies.
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.
The Charity was incorporated, as a company limited by guarantee, on 15 May 2012 and was registered as a Charity on 17 October 2012. The governing document is the Articles and Memorandum of Association.
Appointment of trustees
New Trustees join the Board at the invitation of the Board for a period of three years and are chosen with the view to ensuring that the Board contains an appropriate balance of experience relevant to the operations of aspire@southfields. Trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the decision making processes, the business plan, policies and financial procedures and the recent financial performance of the charity.
Organisation
The activities of the charity are advised and monitored by the Board of Trustees who meets regularly to set the strategic direction of the organisation and for establishing policy. They also ensure that the charity fulfils its objectives and complies with the requirements of the Charities Commission.
The day-to day management of the charity is delegated by the Board of Trustees to the CEO Jacqueline Valin who attends Trustees' meetings to update the Trustees on developments and issues and to obtain instruction on the management of the charity.
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ASPIRE@SOUTHFIELDS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Health & Safety at Work
The charity is always concerned to ensure health and safety at work and within its services, to this end it has adopted the relevant policies of Southfields Academy which are reviewed and updated regularly.
Risk management
The board of Trustees have ensured that the charity's risk management is covered by the wider Southfields Academy risk management regime.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
08068707 (England and Wales)
Registered Charity number
1149367
Registered office
Southfields Academy 333 Merton Road London SW18 5JU
Trustees
Wanda Golinska Antony Martyn Wroe (resigned 22/4/2022) Stephen Philip Elson David Holt (appointed 1/4/2022)
Independent Examiner
John Thacker FCA DChA Institute of Chartered Accountants in England and Wales Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
Bankers
Lloyds TSB 30-34 Moorgate The City London EC2R 6PL
Aspire CEO Jacqueline Valin
Southfields Academy Director of Finance
Stephen Elson
Aspire Centre Manager Damian Jakubiec
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ASPIRE@SOUTHFIELDS
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:
........................................................................ Wanda Golinska - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASPIRE@SOUTHFIELDS
Independent examiner's report to the trustees of Aspire@Southfields ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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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.
John Thacker FCA DChA Institute of Chartered Accountants in England and Wales Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
Date: .............................................
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ASPIRE@SOUTHFIELDS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| 2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Other income 513,095 EXPENDITURE ON Charitable activities 2 Charitable Activities 476,305 NET INCOME/(EXPENDITURE) 36,790 RECONCILIATION OF FUNDS Total funds brought forward 134,705 TOTAL FUNDS CARRIED FORWARD 171,495 |
2021 Total funds £ 241,111 351,367 (110,256) 244,961 134,705 |
|---|---|
The notes form part of these financial statements
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ASPIRE@SOUTHFIELDS
BALANCE SHEET 31 MARCH 2022
| 2022 Unrestricted fund Notes £ CURRENT ASSETS Debtors 9 38,189 Cash at bank 174,517 212,706 CREDITORS Amounts falling due within one year 10 (41,211) NET CURRENT ASSETS 171,495 TOTAL ASSETS LESS CURRENT LIABILITIES 171,495 NET ASSETS 171,495 FUNDS 11 Unrestricted funds 171,495 TOTAL FUNDS 171,495 |
2021 Total funds £ 35,265 107,042 142,307 (7,602) 134,705 134,705 134,705 134,705 134,705 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Wanda Golinska - Trustee
The notes form part of these financial statements
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ASPIRE@SOUTHFIELDS
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by/(used in) operating activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 67,475 67,475 67,475 107,042 174,517 |
2021 £ (111,610) (111,610) (111,610) 218,652 107,042 |
|---|---|---|
The notes form part of these financial statements
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ASPIRE@SOUTHFIELDS
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022
| 1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM |
|---|---|
| OPERATING ACTIVITIES |
| OPERATING ACTIVITIES | ||
|---|---|---|
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Increase in debtors Increase in creditors Net cash provided by/(used in) operations |
2022 £ 36,790 (2,924) 33,609 67,475 |
2021 £ (110,256) (1,428) 74 |
| (111,610) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/4/21 | Cash flow | At 31/3/22 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 107,042 | 67,475 | 174,517 |
| 107,042 | 67,475 | 174,517 | |
| Total | 107,042 | 67,475 | 174,517 |
The notes form part of these financial statements
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ASPIRE@SOUTHFIELDS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts with the Financial Reporting Standard in the UK and Republic of Ireland (FRS102) (effective 1 January 2015)', Financial Reporting Standard FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
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 and on that basis the charity is considered to be a going concern.
Incoming resources
Donations and Grants
Income from donations, and grants, is included in incoming resources when these are receivable, except as follows:
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When donors specify that donations and grants given to the Charity are to be treated as funding for future accounting periods, the income is deferred until those periods.
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When donors impose conditions which have to be fulfilled before the Charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met.
When donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.
Fees
Fee income for use of community leisure facilities is included in incoming resources when the service has been provided, or, if amounts invoiced relate to services both before and after the period end, then in proportion to services provided, with the balance being deferred.
Other Income
Other income is recognised in the period in which the Charity is entitled to the receipt and the amount can be measured with reasonable certainty. Income is deferred only when the Charity has to fulfil conditions before becoming entitled to it, or where the donor has specified that the income is to be treated as the funding of a future period.
Resources expended and basis of allocation of costs
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for such expenditure. Direct costs incurred in connection with a particular project or event, are allocated to that project or event in the year they are incurred. Resources expended include attributable VAT which cannot be recovered.
continued...
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ASPIRE@SOUTHFIELDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES - continued
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 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 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.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Unrestricted funds
Unrestricted funds are funds available for charitable purposes within the objectives of the Charity that have no conditions imposed by the donor or by the terms of an appeal.
Restricted funds
Restricted funds are funds subject to specific conditions imposed by the donor or by the terms of an appeal, these conditions being binding upon the Trustees.
Tangible fixed assets and depreciation
The Charity has a minimum value for capitalisation of assets of £10,000.
2. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |
|---|---|
| Direct | |
| Costs | |
| £ | |
| Charitable Activities | 476,305 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
continued...
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ASPIRE@SOUTHFIELDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
4. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| Wages and salaries Social security costs Other pension costs |
2022 £ 268,180 8,578 3,141 279,899 |
2021 £ 227,450 13,397 1,550 |
| 242,397 |
Key management personnel remuneration totalled £86,118 for the year.
The average monthly number of employees during the year was as follows:
| 2022 | 2021 |
|---|---|
| 26 | 25 |
No employees received emoluments in excess of £60,000.
5. SHARE CAPITAL
As the Charity is limited by guarantee, there is no share capital. At 31 March 2022 each member has undertaken to contribute to the Charity's assets, in the event of the Charity being wound up, such amount as may be required, not exceeding £1.
6. COMMITMENTS
The Charity has entered into a tenancy agreement with Southfield Academy to rent premises at an annual rent of £112,200. The agreement runs from 1 September 2017 to 31 August 2099.
7. CONTROL
The company was controlled throughout the current period by its Trustees by virtue of the fact that each Trustee has a vote at meetings of the Trustees.
8. GOING CONCERN - COVID19
The directors consider that there are no material uncertainties about the company's ability to continue as a going concern. The directors have taken advantage of the various sources of Government support during the COVID-19 pandemic. The directors consider that COVID-19 will not have a significant impact on the company's ability to continue trading. Income from trading activities is expected to reduce due to the lockdown conditions and steps are being taken to make cost savings. The directors regard any impact to be short term rather than affecting the company's ability to continue as a going concern. There are no material uncertainties affecting the current year's accounts.
continued...
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ASPIRE@SOUTHFIELDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accrued expenses 11. MOVEMENT IN FUNDS At 1/4/21 £ Unrestricted funds General fund 134,705 TOTAL FUNDS 134,705 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 513,095 TOTAL FUNDS 513,095 |
2022 2021 £ £ 38,189 21,227 - 14,038 38,189 35,265 2022 2021 £ £ 7,492 - 2,169 4,162 500 500 31,050 2,940 41,211 7,602 Net movement At in funds 31/3/22 £ £ 36,790 171,495 36,790 171,495 Resources Movement expended in funds £ £ (476,305) 36,790 (476,305) 36,790 |
|---|---|
continued...
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ASPIRE@SOUTHFIELDS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/4/20 £ Unrestricted funds General fund 244,961 TOTAL FUNDS 244,961 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 241,111 TOTAL FUNDS 241,111 |
Net movement At in funds 31/3/21 £ £ (110,256) 134,705 (110,256) 134,705 Resources Movement expended in funds £ £ (351,367) (110,256) (351,367) (110,256) |
|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
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ASPIRE@SOUTHFIELDS
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| INCOME AND ENDOWMENTS Other income Fees Furlough grant Total incoming resources EXPENDITURE Charitable activities Wages Social security Pensions Postage and stationery Tutors Fees Purchases and equipment Rent Equipment Hire & Maintenance Administration Fees Bank Charges Accountancy Fees Cardnet Training Office Equipment Consultancy fees Clothing costs Leasing fees Total resources expended Net income/(expenditure) |
2022 £ 506,206 6,889 513,095 513,095 268,180 8,578 3,141 405 10,936 16,432 150,422 - 3,484 1,334 5,809 697 2,019 2,348 - 2,520 - 476,305 476,305 36,790 |
2021 £ 102,560 138,551 241,111 241,111 227,450 13,397 1,550 654 4,488 1,552 87,728 166 3,225 3,121 6,130 - - - 544 1,235 127 351,367 351,367 (110,256) |
|---|---|---|
This page does not form part of the statutory financial statements
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