**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 2024** ## **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 2024** |||**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 2024** 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 2024. 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** As a charitable limited company, we have remained committed to providing a wide array of leisure activities while simultaneously investing in the growth and empowerment of our younger generations. At Aspire@Southfields, our diverse range of leisure activities includes pilates, yoga, HIIT classes for adults, and swimming lessons are designed to cater to the varied interests and needs of our community members, ensuring that there is something for everyone to enjoy. One of the key partnerships that we are proud to maintain is with Southfields Academy. Through this collaboration, we have established initiatives aimed at engaging and supporting young people in their personal and professional development. Specifically, we have provided opportunities for sixth formers from the academy to gain valuable work experience at Aspire@Southfields. Additionally, our training program help these students obtain lifeguard qualifications, thereby equipping them with essential skills and expanding their future prospects. We are now focus in develop this young workforce, so we are working in develop more training in office tools, customers service and other subjects that will enhance our staff's skills as well our customer experience at Aspire. By actively involving young people from Southfields Academy, we not only contribute to their individual growth but also foster a sense of community and collaboration between our organizations. Moreover, these initiatives align with our broader mission of promoting health, well-being, and inclusivity within the community. ## **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 loss of £20,870 (2023: surplus £38,765). 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. Page 1 **ASPIRE@SOUTHFIELDS** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** ## **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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departure disclosed and explained in the financial statements; - 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. Page 2 **ASPIRE@SOUTHFIELDS** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** ## **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 Stephen Philip Elson David Holt ## **Independent Examiner** Dr Shona F Wardrop C.A 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 Page 3 **ASPIRE@SOUTHFIELDS** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 24 February 2025 and signed on the board's behalf by: Wanda Golinska - Trustee Page 4 **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 2024. ## **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 member of the Institute of Chartered Accountants of Scotland, 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: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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. Dr Shona F Wardrop C.A The Institute of Chartered Accountants of Scotland Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA 24 February 2025 Page 5 **ASPIRE@SOUTHFIELDS** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** |2024
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Other income
432,243
**EXPENDITURE ON**
**Charitable activities**
2
Charitable Activities
452,613
**NET INCOME/(EXPENDITURE)**
(20,370)
**RECONCILIATION OF FUNDS**
Total funds brought forward
210,260
**TOTAL FUNDS CARRIED FORWARD**
189,890|2023
Total
funds
£
525,659| |---|---| ||486,894| ||38,765
171,495| ||210,260| The notes form part of these financial statements Page 6 **ASPIRE@SOUTHFIELDS** ## **BALANCE SHEET 31 MARCH 2024** |2024
Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Debtors
9
100,396
Cash at bank
152,126
252,522
**CREDITORS**
Amounts falling due within one year
10
(62,632)
**NET CURRENT ASSETS**
189,890
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
189,890
**NET ASSETS**
189,890
**FUNDS**
11
Unrestricted funds
189,890
**TOTAL FUNDS**
189,890|2023
Total
funds
£
133,979
113,222
247,201
(36,941)
210,260
210,260
210,260
210,260
210,260| |---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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. The financial statements were approved by the Board of Trustees and authorised for issue on 24 February 2025 and were signed on its behalf by: Wanda Golinska - Trustee The notes form part of these financial statements Page 7 **ASPIRE@SOUTHFIELDS** ## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024** |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**|2024
£
38,904
38,904
38,904
113,222
152,126|2023
£
(61,295)
(61,295)
(61,295)
174,517
113,222| |---|---|---| The notes form part of these financial statements Page 8 **ASPIRE@SOUTHFIELDS** **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024** ## **1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**OPERATING ACTIVITIES**||| |---|---|---| |**Net (expenditure)/income for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operations**|2024
£
(20,370)
33,583
25,691
38,904|2023
£
38,765
(95,790)
(4,270)| |||(61,295)| ## **2.** ## **ANALYSIS OF CHANGES IN NET FUNDS** ||At 1/4/23|Cash flow|At 31/3/24| |---|---|---|---| ||£|£|£| |**Net cash**|||| |Cash at bank|113,222|38,904|152,126| ||113,222|38,904|152,126| |**Total**|113,222|38,904|152,126| The notes form part of these financial statements Page 9 **ASPIRE@SOUTHFIELDS** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **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 2019)', 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. ## **Critical accounting judgements and key sources of estimation uncertainty** In the application of the trust'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. ## **Incoming resources** Donations and Grants Income from donations, and grants, is included in incoming resources when these are receivable, except as follows: - 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. continued... Page 10 **ASPIRE@SOUTHFIELDS** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **1. ACCOUNTING POLICIES - continued** ## **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. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **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. ## **Financial instruments** The trust has only financial assets and liabilities of a kind that qualify as basic financial instructions in line with Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues". Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 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 discounts due. 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. continued... Page 11 **ASPIRE@SOUTHFIELDS** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **2. CHARITABLE ACTIVITIES COSTS** |**CHARITABLE ACTIVITIES COSTS**|||| |---|---|---|---| |Charitable Activities
**GRANTS PAYABLE**
Charitable Activities
The total grants paid to institutions during the year was as follows:
Southfields Academy|2024
£
-
2024
£
-|Direct
Costs
£
452,613|| ||||2023
£
15,000| ||||2023
£
15,000| ## **3. GRANTS PAYABLE** ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. ## **5. STAFF COSTS** |Wages and salaries
Social security costs
Other pension costs|2024
£
276,826
6,825
3,339
286,990|2023
£
282,362
12,758
3,361| |---|---|---| |||298,481| The total remuneration paid to Key Management Personnel, who are considered to be the leadership team, during the year was £84,731 (2023; £85,575). The average monthly number of employees during the year was as follows: |2024|2023| |---|---| |30|42| No employees received emoluments in excess of £60,000. continued... Page 12 **ASPIRE@SOUTHFIELDS** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **6. SHARE CAPITAL** As the Charity is limited by guarantee, there is no share capital. At 31 March 2024 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. ## **7. 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. ## **8. 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. ## **9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade debtors
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Other creditors
Accrued expenses|2024
£
100,396
2024
£
317
4,876
-
57,439
62,632|2023
£
133,979|2023
£
133,979| |---|---|---|---| ||||2023
£
493
4,826
500
31,122| ||||36,941| ## **11. MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1/4/23
£
210,260
210,260
Incoming
resources
£
432,243
432,243|Net
movement
At
in funds
31/3/24
£
£
(20,370)
189,890
(20,370)
189,890
Resources
Movement
expended
in funds
£
£
(452,613)
(20,370)
(452,613)
(20,370)|At
31/3/24
£
189,890| |---|---|---|---| ||||189,890| ||||(20,370)| continued... Page 13 **ASPIRE@SOUTHFIELDS** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **11. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1/4/22
£
**Unrestricted funds**
General fund
171,495
**TOTAL FUNDS**
171,495
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
525,659
**TOTAL FUNDS**
525,659|Net
movement
At
in funds
31/3/23
£
£
38,765
210,260
38,765
210,260
Resources
Movement
expended
in funds
£
£
(486,894)
38,765
(486,894)
38,765| |---|---| ## **12. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2024. Page 14 **ASPIRE@SOUTHFIELDS** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** |**INCOME AND ENDOWMENTS**
**Other income**
Fees
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Social security
Pensions
Postage and stationery
Tutors Fees
Purchases and equipment
Rent
Catering
Administration Fees
Bank Charges
Accountancy Fees
Training
Office Equipment
Clothing costs
Grants to institutions
Total resources expended
**Net (expenditure)/income**|2024
£
432,243
432,243
276,826
6,825
3,339
-
5,200
3,902
128,894
-
11,299
8,760
5,484
-
-
2,084
-
452,613
452,613
(20,370)|2023
£
525,659| |---|---|---| |||525,659
282,362
12,758
3,361
223
7,987
6,942
121,125
91
5,323
20,835
2,081
3,630
254
4,922
15,000| |||486,894| |||486,894| |||38,765| This page does not form part of the statutory financial statements Page 15