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← Staffordshire Winter Sports Club

2023-12-31-accounts

Charity registration number 1150117

Company registration number 08059470 (England and Wales)

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr Timothy Fife
Mr Darren Green
Mr Matthew Burman Lloyd
Mr Heath Rhodes
Charity number 1150117
Company number 08059470
Principal address Muckley Corner House Walsall Road
Muckley Corner
Lichfield
Staffordshire
WS14 0BG
Registered office Muckley Corner House Walsall Road
Muckley Corner
Lichfield
Staffordshire
WS14 0BG
Auditor Kinnaird Hill
Brunel House
1 Archers Court
Huntingdon
Cambridgeshire
PE29 6XG
Bankers Handelsbanken
Lakeside
Festival Way
ST1 5RY
Solicitors Wrigleys
3rd Floor
3 Wellington Place
Leeds
West Yorkshire
LS1 4AP

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

CONTENTS

Page
Trustees report 1 - 8
Independent auditor's report 9 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 28

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees who are also directors of the charitable company for the purposes of the Companies Act 2006, present their annual report with the financial statements of the charitable company for the period ended 31[st] December 2023. The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, 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.

Objectives and activities

Our charity’s purposes as set out in the objects contained in the company’s memorandum of association are to:

For the benefit of the public in Staffordshire and surrounding area:

1) The preservation and protection of good health and the promotion of community participation in healthy recreation through sport and physical fitness.

2) To advance in life and relieve needs of young people through:

4) Such charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the trustees may from time to time determine

The memorandum and articles are currently being altered to reflect that the charity operates in a wider area, however the Charity Commission register does reflect the areas the facilities are located in.

All business decisions are made having given reference to the objects of the charity.

Ensuring our work delivers our aims

We review our aims, objectives and activities each year. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us ensure our aim, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

The focus of our work

Our main objectives for the year are the promotion and prevention of health, educational, recreational and sporting activities. The strategies we used to meet these objectives included:

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and Performance

Our main activities and who we engage with are described below. All our charitable activities focus on the provision of leisure, health, sports and educational activities and are undertaken to further our charitable purposes for the public benefit taking into consideration the Charities Commission’s guidance on public benefit.

Educational Programmes: We deliver a significant number of educational programmes, mainly focused on teaching people to learn to skate. We have seen an increase in the number of people taking part in our educational programmes

Social Interaction: As well as providing the opportunity for people to ice skate we also ensure that the local communities surrounding the ice rinks are given the opportunity to interact socially. This occurs through programmes such as social ice dance, where people can skate and have a beverage together, and our penguin clubs which provide the opportunity for young parents and their pre-school children to interact. We also provide regular sessions for home schooled children, and their families/carers to engage with each other and to participate in a physical activity.

Community Sport: there is a significant amount of time made available for community clubs to deliver sports activities such as junior ice hockey clubs, synchronised skating, and figure skating clubs. We also ensure that aspiring figure skaters can practice and develop their skills in closed sessions.

The facilities are, on average, in use 16 – 18 hours per day and the usage breaks down approximately as follows:

Who used and benefited from our services?

The members confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have regard to the Charity Commission's general guidance on public benefit and have used this information when devising our aims and objectives and planning future activities.

The Charity is committed to providing affordable leisure and recreational programmes for the communities it works with and will achieve this by robust management, allowing prices to be kept affordable, and by reinvesting in new and existing activities. The Charity recognises that to successfully deliver its objectives it must also provide a highquality experience for each service user. The monitoring of this is achieved using monthly independent mystery visits supported by a robust, transparent user engagement programme. The Charity works with a range of other charities and community groups to extend its impact and benefit to the wider community.

Staffordshire Winter Sports Club strives for equity of access and works with local authority partners in delivering Council led initiatives at our centres. We undertake proactive research into grant funding to support the provision of activities for disadvantaged groups and provide free educational programmes. In our site in Uttoxeter we also provide special screenings of films in an environment for people with sensory related disabilities.

As a charity we work with local disability groups across our operating area to run activities and sessions for various ages and ability levels as well as providing educational programmes aimed specifically at those with a disability.

In order to support our local communities, we work with the various National Governing Bodies of sport to encourage people to either start, or return to, sports participation and we run open days offering free or very lowcost activities. Additionally, we work with local charities assisting them with fund raising and making facilities available for their use.

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

We have increased the number of employees from 133 to 233 in the past year. We proactively employ young people from the local area and often we are the young person’s first employment opportunity. We provide transferable skills and experience within the workplace as well as providing opportunities to gain qualifications.

We have introduced a feedback programme to understand the needs of those attending social interaction programmes to evolve the programmes we provide. From this feedback we have identified the following:

As a charity we aim to ensure that our facilities offer value for money and flexibility to the local community. On this basis we offer longer sessions at our facilities, typically between 3 and 5 hours, than comparable facilities who typically offer sessions between 1 to 2 hours. This means that whilst the cost maybe higher, when compared to the similar facilities, it means that there are less restrictions on the times available and that users benefit from longer sessions, thereby resulting in a lower cost when comparing the price on a per hour basis. This has the additional benefit of providing flexibility, something feedback shows is very important to the local community.

Where possible we work with local providers to facilitate healthy holiday activities, which enable the local community to attend for free during the school holidays to participate in educational programmes, receive a meal and have an activity to do through the day. We also offer a similar programme, at an appropriate price, for individuals who are not eligible for funded healthy holiday activities.

We have programmes in place to provide discounted educational programmes and activities to schools and local community groups. In addition, we provide dedicated lessons to children being educated at home, thereby allowing them to have access to a physical activity, learn a new school and interact with their peers.

Our memberships offer members the opportunity to receive discounts on the activities and programmes we provide, and these discounts increase during the school holiday to reduce the cost of participating, thereby recognising that many in our communities are being impacted by the cost-of-living crisis.

In the Cinebowl in Uttoxeter we are participating in the Cinematik programme that provides free screenings to the local community.

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

The executive management team prepare the annual operational budget for the charity, and this is approved by the board prior to the commencement of the financial year.

The board of management receive quarterly reports on the financial performance of the charity. These reports include an Income and expenditure statement and balance sheet, both compared to budget and last year for the month and year to date.

Currently there is a review of the use of the intellectual property (IP) by the charity and it is anticipated that payment for use of IP will be required going forward as well as for historical use. There is currently no reliable estimate of the charge that will be due but it is anticipated that agreement will be reached by the 30th November 2024.

All funds are generated through receipts from customers, from grants or from funding provided by our local authority partners. The majority of funds are spent on enabling participation in activities that meet the charities objectives.

Expenditure of these funds supports the key community objectives of the charity and the continued investment in improved services and facilities for the community.

Due to the shutdowns caused by COVID deterioration has occurred that is outside the normal level of wear and tear that could be expected. As a result, a request has been made for the charity to make reparation and this is currently under discussion.

Total expenditure in 2023 was £10,002,681, having been £8,881,462 in 2022. This represents an increase of 13%. This compares to income in 2022 of £11,936,336 in 2022 compared to £11,879,786 in 2023, thereby remaining effectively the same.

Reserves policy

In the 2022 year the charity generated a surplus in anticipation of contracts under negotiation and to address invoices for the provision of services provided by a utility company that was under dispute. This surplus has increased in 2023; however, the surplus is in line with the charities reserves policy. At the end of 2023 the charity held £6,122149 in reserves. This is in line with the reserves policy.

It is acknowledged that there has been a significant increase in reserves (surplus) since 2022 and as a result the reserves policy is currently under review. It is anticipated that the reserves will be structured as follows:

  1. Continuity Fund This fund is to be used to bridge any possible delays in income, circumstances that result in income declining significantly (e.g. COVID) or managing payment in arrears contracts. This has been defined as a minimum of a three month’s budgeted trading activity.

  2. Restructuring Fund

  3. This fund is to be used to cover essential trading/activities whilst sourcing income to a maximum of 6 months budgeted trading activity.

  4. Cyclical Maintenance Fund This fund is to be used for major items of maintenance of the fabric of the buildings such as redecorating the interior.

  5. Dissolution Fund This fund provides for the costs of dissolution should the charity be unable to continue. It is only to be used in the event of the Trustees' deciding the charity should cease to exist. It will be used to pay notice periods, redundancies and the expenses of running the facilities until closure of the organisation.

  6. Contested Payments Fund This fund is to be used to cover costs of expenditure which are under dispute, for example historic electricity bills, outstanding brand licence payments etc.

  7. 4 -

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Plans for future periods

We strive to continue to deliver high quality community programmes and to develop and expand our programmes into new communities.

Development of new facilities is also an on-going focus - identifying new opportunities that meet the needs of the community and fulfil our charitable objectives.

To address the seasonal economic variations, we intend to look to expand our provision into non-winter sports activities. There is also a desire to explore opportunities for investment.

Currently a lot of the charities beneficiaries travel to attend using a car. This is not the most environmentally sympathetic mode of transport and so it is important to explore ways to encourage other forms of transport to be used.

It is hoped to secure funding and/or sponsorship to provide free or highly subsidised activities.

Structure, governance and management

The charitable company is controlled by its governing document, and constitutes a limited 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:

Mr Timothy Fife

Mr Darren Green Mr Matthew Burman Lloyd Mr Heath Rhodes

Recruitment and appointment of trustees

In exercising its powers to nominate, appoint, re-appoint; elect, re-elect, approve and dismiss members, the members shall seek to ensure that the board is representative of the local community and also comprises persons with a broad range of skills who are likely to contribute to the organisations success.

Board members Induction and training

All new members joining the Board receive a full induction that is aimed at training them in their statutory responsibilities under charity and company law. The Induction will normally include:

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure

The charity is overseen by a board which sets the policies and procedures to be used by the facilities.

There is no Chief Executive or Company Secretary as both roles are redundant based on the structure used. The responsibilities of those roles are shared included in the responsibilities of the trustees.

The Senior Management Team are H Rhodes (Chief Operating Officer), D Green (Accountant), J Neville (Projects & Maintenance), K Engren (Asst. Chief Operating Officer), M Savage (Head of Development), J Tildesley (Head of Food and Beverages) and M Poultney (Events)

Each facility has a General Manager employed by the charity. Staff are directly employed by the charity, with line management being provided by the facilities General Manager. General Managers are expected to make decisions in line with the policy and procedures approved by the board. Policy and procedures are approved at board level, where appropriate.

The charity contracts with PI (Lichfield) Limited for the provision of management services with the remit of ensuring that the facilities operate using the policies and procedures approved by the board. The Senior Management Team are employed by P.I. (Lichfield) Limited. This approach provides consistency across all facilities as it provides several benefits to the charity as it enables a focus on core activities, improve the quality of service whilst reducing life-cycle costs. It also enables access to category experts, with up-to-date market knowledge and potentially new and innovative ways of delivering a particular service.

There is no standard approach to remuneration, as the facilities operate in different areas, offer different facilities and are sized differently.

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Relationship with related parties

The Charity has a licence granted by The Ice Rink Company Limited to operate Altrincham ice rink, Solihull ice rink and Widnes Ice rink. The charity operates the rinks under the brand name Planet Ice.

The Charity has a licence granted by PI Property (Leisure) Limited to operate Cinebowl and iSkate in Uttoxeter as well as Coventry ice rink. The charity operates iSkate and Coventry ice rink under the brand name Planet Ice.

The Charity has a licence granted by Blackburn Ice Arena Limited to operate Blackburn Ice Rink. The charity operates the rink under the brand name Planet Ice.

The Charity has a licence granted by Nice Leisure Limited to operate Leeds Ice Rink. The charity operates the rink under the brand name Planet Ice.

The Charity is affiliated as required to the National Governing Bodies for the sports it provides. It utilises the learn to skate programmes branded Skate Excellence and Hockey Excellence, which is a programme developed by KCO Inline Ice Skating Limited and which provides qualifications which are recognised by City and Guilds. H. Rhodes is a director of KCO Inline Skating Limited but does not receive any remuneration.

A brand licencing agreement is currently under negotiation to allow the charities to use the intellectual property “Planet Ice”.

The charity uses the services of PI (Lichfield) Limited to provide Head Office services to the charities and Ice Media Production Company Limited to provide ICT management services. H. Rhodes and D. Green are employed by P.I. Lichfield. H. Rhodes is a Director of Ice Media Productions but does not receive any remuneration.

Bison in the Community Limited and Staffordshire Winter Sports Club Limited are considered linked as they share the same directors.

Risk management

The members of the Board have a duty to Identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Board members confirm that the major risks to the charity have been reviewed and that systems or procedures have been established to manage those risks.

Risks are assessed using a risk matrix and controls identified to mitigate each risk. A score is then generated for risks which considers the risk pre and post control.

The three most significant risks are as follows:

  1. Increase in the cost of utilities

  2. Reserve management

  3. A drop of facility usage

Risks are managed as appropriate, for instance utility use is monitored on a weekly basis and the charity has invested in a real time electricity use monitoring system.

Conflicts of Interest

The charity has a Conflict of Interests Policy and manages any potential conflicts in line with that policy.

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of trustees responsibilities

The trustees, who are also the directors of Staffordshire Winter Sports Club Limited for the purposes of company law, are responsible for preparing the Report of the Trustees 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 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 those 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 2019 (FRS 102); make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable 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.

Disclosure of information to auditor

So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company's auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit Information and to establish that the charitable company's auditors are aware of that information.

The trustees report, including the strategic report, was approved by the Board of Trustees.

.............................. Mr Darren Green Trustee

Date: .............................................

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

Opinion

We have audited the financial statements of Staffordshire Winter Sports Club Limited (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the trustees report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Identifying and assessing risks related to irregularities

We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with the Trustee, discussions within our audit team planning meeting, updating our records of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with the Trustee and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011.

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity's minutes of meetings to identify potential misstatements arising. We discussed the charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates give rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify noncompliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed the non-compliance with laws and regulations is from the events and transactions in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Nita Elizabeth Hutchcraft FCCA (Senior Statutory Auditor) for and on behalf of Kinnaird Hill

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

Chartered Certified Accountants Statutory Auditor

Brunel House 1 Archers Court Huntingdon Cambridgeshire PE29 6XG

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 50,000 15,000
Charitable activities 4 11,827,683 11,921,336
Investments 5 2,103 -
Total income 11,879,786 11,936,336
Expenditure on:
Charitable activities 6 9,823,731 8,881,300
Other expenditure 11 178,950 162
Total expenditure 10,002,681 8,881,462
Net income and movement in funds 1,877,105 3,054,874
Reconciliation of funds:
Fund balances at 1 January 2023 4,245,044 1,190,170
Fund balances at 31 December 2023 6,122,149 4,245,044

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

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 15 to 28 form part of these financial statements.

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 13 378,700 342,033
Current assets
Stocks 14 89,532 99,633
Debtors 15 4,789,289 3,531,659
Cash at bank and in hand 2,463,442 1,980,942
7,342,263 5,612,234
Creditors: amounts falling due within 16
one year (1,598,814) (1,709,223)
Net current assets 5,743,449 3,903,011
Total assets less current liabilities 6,122,149 4,245,044
The funds of the charity
Unrestricted funds 18 6,122,149 4,245,044
6,122,149 4,245,044

The notes on pages 15 to 28 form part of these financial statements.

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

.............................. Mr Darren Green

Trustee

Company registration number 08059470 (England and Wales)

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

2023
Notes
£
£
Cash flows from operating activities
Cash generated from operations
21
581,479
Investing activities
Purchase of tangible fixed assets
(101,082)
Investment income received
2,103
Net cash used in investing activities
(98,979)
Net cash used in financing activities
-
Net increase in cash and cash equivalents
482,500
Cash and cash equivalents at beginning of year
1,980,942
Cash and cash equivalents at end of year
2,463,442
The notes on pages 15 to 28 form part of these financial statements.		 2022
£
£
2,011,830
(329,428)
-
(329,428)
-
1,682,402
298,540
1,980,942

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

Staffordshire Winter Sports Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Muckley Corner House Walsall Road, Muckley Corner, Lichfield, Staffordshire, WS14 0BG.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, 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, 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. 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.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

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.

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.

Grants are recognised when the company has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to met, the income is recognised as a liailibility and included on the balance sheet as deferred income to be released. Where entitlement occurs before the income is received, the income is accrued

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

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.

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:

Plant and equipment

15% reduciing balance

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 Stocks

Stocks are stated at the lower of cost and estimated selling price.

1.9 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.

1.10 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.

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

(Continued)

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution pension scheme are charged as an expense as they fall due

1.13 Leases

Rental is payable under a licence. The notice period is 48 hours, therefore, there is no capital commitment at the year end.

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.

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Income from donations and legacies
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Grants 50,000 15,000
4 Income from charitable activities
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Educational Programs
Sale of goods 2,322,807 2,151,870
Leisure & Recreational
Sale of goods 7,038,538 7,367,892
Events
Sale of goods 1,241,711 1,055,602
Miscellaneous
Sale of goods 1,224,627 1,345,972
11,827,683 11,921,336
5 Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Interest receivable 2,103 -

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6 Expenditure on charitable activities

Direct Costs
2023
£
Direct costs
Staff costs
2,299,977
Depreciation and impairment
-
Direct costs
1,935,576
Rates
-
Light & heat
-
Postage & stationery
-
Telecommunications
-
Rent
-
Management charge
-
Repairs & maintenance
-
Sundry expenses
-
Bad debts
-
4,235,553
Share of support and governance costs (see note 7)
Support
-
Governance
-
4,235,553
Analysis by fund
Unrestricted funds
4,235,553		 Running
Costs
Governance
Costs
Depreciation
2023
2023
2023
£
£
£
-
-
-
-
-
64,414
-
-
-
219,784
-
-
1,524,737
-
-
15,536
-
-
45,940
-
-
2,986,848
-
-
163,234
-
-
233,594
-
-
23,347
-
-
86,560
-
-
5,299,580
-
64,414
-
138,063
-
-
86,121
-
5,299,580
224,184
64,414
5,299,580
224,184
64,414		 Total
2023
£
2,299,977
64,414
1,935,576
219,784
1,524,737
15,536
45,940
2,986,848
163,234
233,594
23,347
86,560
9,599,547
138,063
86,121
9,823,731
9,823,731

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

6
Expenditure on charitable activities
Previous year:
Direct Costs
2022
£
Direct costs
Staff costs
2,089,855
Depreciation and impairment
-
Direct costs
1,723,944
Rates
-
Light & heat
-
Postage & stationery
-
Telecommunications
-
Rent
-
Management charge
-
Repairs & maintenance
-
Sundry expenses
-
3,813,799
Share of support and governance costs (see note 7)
Support
-
Governance
-
3,813,799
Analysis by fund
Unrestricted funds
3,813,799		 (Continued)
Running
Costs
Governance
Costs
Depreciation
Total
2022
2022
2022
2022
£
£
£
£
-
-
-
2,089,855
-
-
9,458
9,458
-
-
-
1,723,944
188,229
-
-
188,229
1,247,052
-
-
1,247,052
23,480
-
-
23,480
41,571
-
-
41,571
2,826,953
-
-
2,826,953
161,804
-
-
161,804
339,815
-
-
339,815
22,120
-
-
22,120
4,851,024
-
9,458
8,674,281
-
131,677
-
131,677
-
75,342
-
75,342
4,851,024
207,019
9,458
8,881,300
4,851,024
207,019
9,458
8,881,300		 (Continued)
Running
Costs
Governance
Costs
Depreciation
Total
2022
2022
2022
2022
£
£
£
£
-
-
-
2,089,855
-
-
9,458
9,458
-
-
-
1,723,944
188,229
-
-
188,229
1,247,052
-
-
1,247,052
23,480
-
-
23,480
41,571
-
-
41,571
2,826,953
-
-
2,826,953
161,804
-
-
161,804
339,815
-
-
339,815
22,120
-
-
22,120
4,851,024
-
9,458
8,674,281
-
131,677
-
131,677
-
75,342
-
75,342
4,851,024
207,019
9,458
8,881,300
4,851,024
207,019
9,458
8,881,300
8,674,281
131,677
75,342
8,881,300
8,881,300

7 Support costs allocated to activities

Direct Costs
2023
£
Finance costs
138,063
Governance
86,121
2023
Governance costs comprise:
£
Audit fees
16,055
Legal and professional
70,066
86,121		 Total
2022
£
131,677
75,342
2022
£
5,210
70,132
75,342

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

8 Net movement in funds 2023 2022
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 16,055 5,210
Depreciation of owned tangible fixed assets 64,414 9,458
Loss on disposal of tangible fixed assets - 162

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits directly from the charity during the year. However, the four Trustees were paid £142,857 (2022: £142,857). The remuneration was paid by PI (Lichfield) Limited see note 19 to the financial statements and is included in the direct cots of £242,788 (2022 £187,968).

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
233
2023
£
2,170,524
102,514
26,939
2,299,977		 2022
Number
133
2022
£
1,964,160
100,539
25,156
2,089,855

There were no employees whose annual remuneration was more than £60,000.

11 Other expenditure

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Net loss on disposal of tangible fixed assets - 162
Exceptional item - settlement of debts 178,950 -
178,950 162

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

11 Other expenditure

(Continued)

West Midland Winter Sports Club Limited ceased trading on the 31 March 2021 and the trading activities were transferred to Staffordshire Winter Sports Limited. The balance of £178,950 represents full settlement of any debts that were outstanding at the 31 March 2021 by Staffordshire Winter Sports Club Limited.

West Midlands Winter Sports Club Limited Club is a related charity, the trustees Mr Green, Mr Rhodes, Mr Fife and Mr Lloyd are trustees of the company.

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

13 Tangible fixed assets
Plant and
equipment
£
Cost
At 1 January 2023 365,449
Additions 101,082
At 31 December 2023 466,531
Depreciation and impairment
At 1 January 2023 23,417
Depreciation charged in the year 64,414
At 31 December 2023 87,831
Carrying amount
At 31 December 2023 378,700
At 31 December 2022 342,033
14 Stocks
2023 2022
£ £
Raw materials and consumables 89,532 99,633

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

15 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
405,801
4,354,368
29,120
4,789,289		 2022
£
93,153
3,390,887
47,619
3,531,659

16 Creditors: amounts falling due within one year

16
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
17
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2023
£
66,016
749,328
266,548
516,922
1,598,814
2023
£
26,939		 2022
£
43,692
900,086
317,831
447,614
1,709,223
2022
£
25,156

Payments to a defined contribution retirement benefit schemes are charged as expenses as they fall due.

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 January Incoming Resources At 31
2023 resources expended December
2023
£ £ £ £
General funds 4,245,044 11,879,786 (10,002,681) 6,122,149

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

18 Unrestricted funds (Continued)
Previous year: At 1 January Incoming Resources At 31
2022 resources expended December
2022
£ £ £ £
General funds 1,190,170 11,936,336 (8,881,462) 4,245,044

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 Related party transactions Transactions with related parties

KCO Inline Skating Limited
Bison in the Community Limited
Ice Media Production Limited
PI (Lichfield) Limited		 Direct costs
2023
£
15,896
7,361
85,035
242,788
351,080		 2022
£
23,576
3,768
95,589
187,968
310,901
Amounts owed to related
parties
2023 2022
£ £
KCO Inline Skating Limited 47,416 34,086
Ice Media Production Limited 405 -
PI (Lichfield) Limited 103,794 180,073
151,615 214,159
Amounts owed by related Amounts owed by related
parties parties
2023 2022
Balance Net Balance Net
£ £ £ £
Ice Media Production Limited - - 13,200 13,200
PI (Lichfield) Limited 1,447 1,447 38,127 38,127
1,447 1,447 51,327 51,327

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 Related party transactions

(Continued)

Mr Rhodes, a trustee, is a shareholder and director of KCO Inline Skating Limited and Ice Media Production Limited. The transactions with these companies are at arms length.

All of the trustees of the charity are remunerated under contracts of employment or a service contract on a self employed basis with PI (Lichfield) Limited for services provided to the charity. The trustees are also the only key management personnel. The costs of the services were recharged by PI (Lichfield) Limited during the year and are included in the direct costs as disclosed above. Further details of the payments made to the trustees are included in note 9 to the financial statements.

PI (Lichfield) Limited is related to the charity by virtue of the payment of trustees remuneration or a service contract on a self employed basis. .The controlling party of this company, Mr M Petrouis, is also a shareholder of the companies related to the trustee Mr Rhodes, as mentioned above.

Bison in the Community Limited and West Midlands Winter Sports Club Limited are both related charities since the trustees Mr Green, Mr Rhodes, Mr Fife and Mr Lloyd are also trustees of each of them. Transactions are at arms length and due to the unique nature and inter-relationships of the charities concerned, there is an element of recharge between them to cover seasonal and common activities and events.

The following amounts were recognised as an expense in the year in respect of bad debts due from related parties. Note 11 to the financial statements provides additional information in relation to the write offs of irrecoverable balances.

2023 2022
£ £
West Midlands Winter Sports Club Limited 178,950 -

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 Related party transactions

(Continued)

Additional related party disclosures

The following balances were owed by related parties as at 31 December 2023:

2023 2022
£ £
Silverblades Ice Rink Company (Altrincham) Limited 949,683 880,522
Blackburn Arena Limited 549,805 371,923
Planet Ice Skydome Limited 386,797 16,400
Silverblades Ice Rink Company (Leeds) Limited 850,572 676,409
Silverblades Ice Rink Company (Solihull) Limited 867,019 526,004
Silverblades Ice Rink Company (Uttoxeter) Limited 154,821 Nil
Silverblades Ice Rink Company (Widnes) Limited 589,140 404,704
Silverblades Ice Rink Company (Widnes) Limited Nil 91,755

During the year licence fees were charged by the following related parties:

2023 2022
£ £
Silverblades Ice Rink Company (Altrincham) Limited 605,120 595,967
Blackburn Arena Limited 383,670 428,166
Planet Ice Skydome Limited 445,200 431,896
Silverblades Ice Rink Company (Leeds) Limited 484,240 363,695
Silverblades Ice Rink Company (Solihull) Limited 449,772 452,216
Silverblades Ice Rink Company (Uttoxeter) Limited 191,632 191,725
Silverblades Ice Rink Company (Widnes) Limited 381,600 327,154
Silverblades Ice Rink Company (Widnes) Limited Nil 34,443

The charity has licences, in respect of the Ice Rinks, granted by the companies listed above.

The charity operates the rinks under the brand name of "Planet Ice" and Silverblades Ice Rink Company. There is a review of the use of the intellectual property in relation to the name. It is anticipated that a payment will be made for both the historical and future use. There is currently no reliable estimate of the charge due and no provision has been made in the accounts.

All of the companies are owned and controlled by Mr M Petrouis.

20 Company limited by guarantee

The company is limited by guarantee, each member having undertaken to contribute such amounts not exceeding one pound as may be required in the event of the company being wound up whilst he or she is still a member or within one year thereafter. There are 4 members of the company.

STAFFORDSHIRE WINTER SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

21 Cash generated from operations 2023 2022
£ £
Surplus for the year 1,877,105 3,054,874
Adjustments for:
Investment income recognised in statement of financial activities (2,103) -
Gain on disposal of tangible fixed assets - (7)
Depreciation and impairment of tangible fixed assets 64,414 9,458
Movements in working capital:
Decrease/(increase) in stocks 10,102 (4,743)
(Increase) in debtors (1,257,630) (1,378,199)
(Decrease)/increase in creditors (110,409) 330,447
Cash generated from operations 581,479 2,011,830

22 Analysis of changes in net funds

The charity had no material debt during the year.