**Charity registration number 1151713** **Company registration number 07264831 (England and Wales)** ## **VT SPORTS LIMITED** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023** ## **VT SPORTS LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Mrs C L Paine| |---|---| ||Mr T Clark| ||Mr P G Knott| ||Mr A R Welch| |**Secretary**|Mrs C L Paine| |**Charity number**|1151713| |**Company number**|07264831| |**Registered office**|Nightingale Cottage| ||High Street| ||Shirrell Heath| ||Southampton| ||Hampshire| ||England| ||SO32 2JH| |**Independent examiner**|Angela Trainor FCCA| ||HJS Accountants Limited| ||12-14 Carlton Place| ||Southamton| ||Hampshire| ||SO15 2EA| ## **VT SPORTS LIMITED** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Independent examiner's report|3| |Statement of financial activities|4| |Balance sheet|5 - 6| |Notes to the financial statements|7 - 13| ## **VT SPORTS LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 JUNE 2023**_ The trustees present their annual report and financial statements for the year ended 30 June 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). ## **Objectives and activities** The charitable company’s objectives are to foster and promote community participation in healthy recreation, the advancement of amateur sport and provision of sporting facilities for the benefit of the residents of Old Netley, Sholing and the surrounding areas to improve the condition of life. The charity has no significant restricted funds or endowment funds. The policies adopted in furtherance of these objects are to promote and encourage all members of the local community to make use of the charitable company’s facilities and continue to work with local schools in providing sports and social facilities where needed. There has been no change in these during the year. The charitable company continued to promote its community social activities during the year under review as well as continuing their sports programmes. The football section completed its Annual Healthcheck and re-qualified as Charter Standard. The cricket section continued to focus on the four key areas of its Clubmark programme; Duty of Care and Safeguarding Children, The Cricket Programme, Club Management and Knowing your Club and its Community. The clubs continued their development of improving young people in their social and sports skills. ## **Public benefit** The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake. ## **Achievements and performance** The total number of youth teams and PAN Disability teams was 19. All teams ranging from the U7 – U18, play under the name Sholing Youth Football Club. The cricket section, known as Old Netley and Highfield Cricket Club, continued to provide quality facilities for youth and adult cricket. The Bowl’s section, playing under the name Old Netley Bowls Club, continued to provide quality facilities. ## **Financial review** Income of £85,051 came from membership fees, match fees and sponsorship and fundraising. After all section’s expenses totalling £103,706, there was a cash deficit of £12,417 for the year. The trustees, acknowledging their responsibilities for health, safety and welfare have needed to maintain the charitable company's facilities in order to provide adequate changing and social areas. This is ongoing and much work is needed to continue to overcome these issues. It is the policy of the charitable company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charitable company’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **Structure, governance and management** The charitable company is controlled by its governing document, its Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. - 1 - ## **VT SPORTS LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2023**_ 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: Mrs C L Paine Mr T Clark Mr P G Knott Mr A R Welch ## **Recruitment and appointment of new trustees** New trustees are elected by the trustees at the Annual General Meeting and any vacancies are filled by recognising gaps in the skills, capacity and experience of existing trustees. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. ## **Organisational structure** The charitable company consists of two principle sports sections, Cricket and Football. There is also a small Bowls section and a small Pigeon section. All sections are based at and use the facilities of the 13 acre site at Portsmouth Road, Old Netley. The charity holds a long term lease on the Sportsground, on a peppercorn rent. Trustee Claire Paine oversees the day to day running of the charitable company. There are no employees at the charitable company. ## **Induction and training of trustees** New trustees receive induction and training in their role and this process is reviewed by the Trustees regularly. The trustees' report was approved by the Board of Trustees. Mrs C L Paine ## **Trustee** 27 March 2024 - 2 - ## **VT SPORTS LIMITED** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VT SPORTS LIMITED** I report to the trustees on my examination of the financial statements of VT Sports Limited (the charitable company) for the year ended 30 June 2023. ## **Responsibilities and basis of report** As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charitable 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 the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements 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 financial statements 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 financial statements to be reached. ## **Angela Trainor FCCA HJS Accountants Limited** 12-14 Carlton Place Southampton Hampshire SO15 2EA Dated: ......................... - 3 - ## **VT SPORTS LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 30 JUNE 2023**_ |||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2023**|**2022**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Donations and grants|**3**|1,050|(183)| |Charitable activities|**4**|86,773|79,597| |Other trading activities|**5**|1,684|1,249| |Investments|**6**|71|-| |**Total income**||89,578|80,663| |**Expenditure on:**|||| |Charitable activities|**7**|103,706|74,961| |**Net (expenditure)/income for the year/**|||| |**Net movement in funds**||(14,128)|5,702| |Fund balances at 1 July 2022||95,356|89,654| |**Fund balances at 30 June 2023**||81,228|95,356| 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. - 4 - ## **VT SPORTS LIMITED** ## **BALANCE SHEET** ## _**AS AT 30 JUNE 2023**_ |**Notes**
**Fixed assets**
Tangible assets
**12**
**Current assets**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2023**
**£**
1,023
36,984
38,007
(840)|**£**
44,061
37,167
81,228
81,228
81,228|**2022**
**£**
803
49,401
50,204
(1,615)|**£**
46,767
48,589| |---|---|---|---|---| |||||95,356| |||||95,356| |||||95,356| - 5 - ## **VT SPORTS LIMITED** ## **BALANCE SHEET (CONTINUED)** ## _**AS AT 30 JUNE 2023**_ The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2023. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 27 March 2024 Mrs C L Paine **Trustee** ## **Company registration number 07264831** - 6 - ## **VT SPORTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 JUNE 2023**_ ## **1 Accounting policies** ## **Charity information** VT Sports Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Nightingale Cottage, High Street, Shirrell Heath, Southampton, Hampshire, SO32 2JH, England. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charitable company's [governing document], 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 charitable company is a Public Benefit Entity as defined by FRS 102. The charitable company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charitable company. 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 charitable company 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 unless the funds have been designated for other purposes. ## **1.4 Income** Income is recognised when the charitable company 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 charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. ## **1.5 Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charitable company to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Raising funds** Raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading. - 7 - ## **VT SPORTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: - Leasehold improvements Plant and equipment 10% straight line Fixtures and fittings 10% straight line Motor vehicles 25% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. Leasehold property has not been depreciated due to the property having a high residual value and a long economic life. ## **1.7 Impairment of fixed assets** At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.8 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.9 Financial instruments** The charitable company 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 charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. - 8 - ## **VT SPORTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2023**_ ## **1 Accounting policies** ## **(Continued)** ## _**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 charitable company’s contractual obligations expire or are discharged or cancelled. ## **1.10 Taxation** The charitable company is exempt from corporation tax on its charitable activities. ## **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 charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **2 Critical accounting estimates and judgements** In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Donations and grants** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2023**|**2022**| ||**£**|**£**| |Donations and gifts|550|(433)| |Grant income|500|250| ||1,050|(183)| - 9 - ## ||**Total**|**2022**||**£**|56,177|282|23,138|79,597| |---|---|---|---|---|---|---|---|---| ||**Sporting**
**Sponsors /**|**events**
**fundraising**|**2022**
**2022**|**£**
**£**|34,908
6,935|282
-|23,138
-|58,328
6,935| ||**Membership**|**fees**|**2022**|**£**|14,334|-|-|14,334| ||**Total**|**2023**||**£**|85,050|1,227|496|86,773| ||**Sporting**
**Sponsors /**|**events**
**fundraising**|**2023**
**2023**|**£**
**£**|58,189
10,965|1,227
-|496
-|59,912
10,965| ||**Membership**|**fees**|**2023**|**£**|15,896|-|-|15,896| |**Charitable activities**|||||Charitable activities|Other income|Recharged expenses|| |**4**||||||||| ## **VT SPORTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2023**_ ## **5 Other trading activities** |||**Unrestricted **||**Unrestricted**|**Unrestricted**|**Unrestricted**| |---|---|---|---|---|---|---| |||**funds**|||**funds**|| |||**2023**|||**2022**|| |||**£**|||**£**|| ||Clubhouse sales|1,684|||1,249|| |**6**|**Investments**|||||| |||**Unrestricted**|||**Total**|| |||**funds**||||| |||**2023**|||**2022**|| |||**£**|||**£**|| ||Interest receivable|71|||-|| |**7**|**Charitable activities**|||||| |||**Charitable**|||**Charitable**|| |||**Expenditure**||**Expenditure**||| |||**2023**|||**2022**|| |||**£**|||**£**|| ||Depreciation and impairment|2,706|||2,746|| ||Grounds maintenance|4,301|||5,396|| ||League and competition fees|2,246|||2,396|| ||Pitch and referee fees|12,202|||13,856|| ||Training costs and equipment|61,358|||27,999|| ||Insurance|6,960|||7,832|| ||Trophies and awards|1,310|||2,412|| ||Rates|(475)|||(292)|| ||Light and heat|1,124|||5,585|| ||Repairs and maintenance|1,922|||3,865|| ||Administrative expenses|1,284|||-|| ||Travel and subsistence|551|||205|| ||Sundry expenses|2,896|||724|| |||98,385|||72,724|| ||Share of support costs (see note 8)|4,481|||1,397|| ||Share of governance costs (see note 8)|840|||840|| |||103,706|||74,961|| - 11 - ## **VT SPORTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2023**_ |**8**
**Support costs**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Penalties and fines
-
-
Administrative expenses
2,791
-
Bank charges
1,690
-
Accountancy, legal and
professional fees
-
840
4,481
840
Analysed between
Charitable activities
4,481
840|**2023**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
**£**
-
57
-
2,791
280
-
1,690
1,060
-
840
-
840
5,321
1,397
840
5,321
1,397
840|**2022**
**£**
57
280
1,060
840| |---|---|---| |||2,237| |||2,237| Governance costs includes payments to the independent examiner of £840 (2022- £840) for the examination of the accounts. ## **9 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year. ## **10 Employees** ||**2023**|**2022**| |---|---|---| ||**Number**|**Number**| |Total|-|-| There were no employees whose annual remuneration was more than £60,000. ## **11 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. - 12 - ## **VT SPORTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2023**_ |**12**
**Tangible fixed assets**
**Leasehold**
**improvements**
**Plant and**
**equipment**
**Fixtures and**
**fittings**
**Motor**
**£**
**£**
**£**
**Cost**
At 1 July 2022
41,352
4,753
27,064
At 30 June 2023
41,352
4,753
27,064
**Depreciation and impairment**
At 1 July 2022
-
4,753
21,649
Depreciation charged in the year
-
-
2,706
At 30 June 2023
-
4,753
24,355
**Carrying amount**
At 30 June 2023
41,352
-
2,709
At 30 June 2022
41,352
-
5,415
**13**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income
**14**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals and deferred income|**vehicles**
**£**
1,800
1,800
1,800
-
1,800
-
-
**2023**
**£**
244
779
1,023
**2023**
**£**
-
840
840|**Total**
**£**
74,969| |---|---|---| |||74,969| |||28,202
2,706| |||30,908| |||44,061| |||46,767| |||**2022**
**£**
186
617| |||803| |||**2022**
**£**
775
840| |||1,615| ## **15 Related party transactions** There were no disclosable related party transactions during the year (2022 - none). - 13 -