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← Keswick Community Rugby Trust Limited

2024-04-30-accounts

Keswick Community Rugby Trust Limited

(A company limited by guarantee)

Annual Report and Financial Statements

30 April 2024

Company registration number: 08383557 Charity registration number: 1158684

Keswick Community Rugby Trust Limited

Contents

Reference and Administrative Details 1
Trustees' report 2
Trustees' responsibilities in relation to the financial statements 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8

Keswick Community Rugby Trust Limited Reference and Administrative Details

Charity name Keswick Community Rugby Trust Limited Keswick Community Rugby Trust Limited
Charity registration number 1158684
Company registration number 08383557
Principal office Davidson Park
KESWICK
CA12 5EG
Registered office Davidson Park
KESWICK
CA12 5EG
Trustees A Partington
T Keough
J Hume
J M G Hall (Resigned 16 April 2024)
P Rainey (Appointed 17 October 2023)
Accountant Dodd & Co Limited
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

Page 1

Keswick Community Rugby Trust Limited

Trustees' Report for the Year Ended 30 April 2024

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and compy with the charity's governing document, the Charities Act 2011 and the Charities SORP (FRS 102).

1 Structure, Governance and Management

1.1 Structure

The Trust is a Company Limited by Guarantee, governed by Articles of Association adopted on 15 September 2014. The Articles provide for a Board of Directors (who are also charity trustees as defined by section 177 of the Charities Act 2011.

1.2 Governance

There shall be a minimum of 4 directors and a maximum of 6 unless determined by ordinary resolution.

The first directors shall be those persons appointed as directors of the Company on incorporation. Thereafter Directors shall be appointed in accordance with the Articles.

The charity may by ordinary resolution:

The subscribers to the memorandum are the first members of the charity. Membership is open to other organisations and individuals.

1.3 Management

• The charity must hold its first annual general meeting within 18 months from the incorporation date and be held in each subsequent year and not more than 15 months between successive annual general meetings.

2 Objectives

The charity’s objects are restricted to:

1 The promotion of community participation in healthy recreation for the benefit of the inhabitants of Keswick by the provision of facilities for playing Rugby Union.

Page 2

Keswick Community Rugby Trust Limited Trustees. Report for the Year Ended 30 April 2024 2 The provision and maintenance of buildings and facilities for the use of the inhabitants of Keswick without distinction of political, religious or other opinions, Including use for: Meetings lectures and classes Other forms of recreation and leisure time occupation, with the object of improving the conditions of life for the inhabitants. 3 To promote the benefit of the inhabitants of Keswick the provtsion of facilities for recreation or other leisure time occupation of individuals who have need for such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social or economic circumstances or for the public at large in the interest of social welfare and with the object of improving the condition of life for the said inhabitants. The inhabitants of Keswick are defined as those living within the Postcode area of CA12 as defined at 15 September 2014. Where any conflict arises between the objectives then the first objective above shall take precedent. 3 Activities The charity received rent of £20,000 from Keswick Rugby Football Club. During the year one of our Trustees and Directors, Mr Jeremy Hall died suddenly. He was replaced by Mrs Paula Rainey who is a teacher at Keswick School. 4 Financial The charity has received donations and has incurred fees for the preparation and examination of year end accounts. £472,639 is held in a designated fund for the planned redevelopment of Keswick Community Rugby Trust facilities in the future. At the year end, total reserrfes of £690,219 were held, all of which were unrestrFCted. Of which £345,542 were free reserves. The charity holds asset investments which were valued at £249,677 at the year-end. There is no formal policy for holdÈng reserves, other than that Keswick Community Rugby Trust will maintain sufficient reserves to fund the fixed assets owned. The Trusees monitor fund levels against what little expenditure the trust incurs. The Investment Poltcy is in accordance with advice received from Independent Advisors based on a risk assessment approved by the Trustees. The funds are held on a long term basis to match with the monies set aside for the future development of Keswick rugby club facilities. which have necessitated by the property being frequently underwater from the major floods that Keswick is subject to. 5 Public Benefit In the process of setting its objectives, the charity has paid due regard to charity commission guidance on public benefit. Small company provisions This report has been prepared in accordance with the small companies regime under the Companies Act 2006. Approved by the Board and signed on its behalf by: T Keough Trustee Date:........-....- -..... .......-.. Page 3

Keswick Community Rugby Trust Limited

Trustees' Responsibilities in relation to the Financial Statements

The trustees (who are also directors of Keswick Community Rugby Trust Limited for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and the Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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.

Page 4

Independent Examiner's Report to the Trustees of

Keswick Community Rugby Trust Limited

I report on the accounts of the company for the year ended 30 April 2024, which are set out on pages 6 to 16.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 as amended by the Charities Act 2022 (the Act) and that an independent examination is needed.

The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

......................................... {—~ Joanne Thomlinson FCA Dodd & Co Limited Chartered Accountants 30/01/2025 Date:................................

FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW

Page 5

Keswick Community Rugby Trust Limited Statement of Financial Activities for the Year Ended 30 April 2024

Note
Income
Donations and legacies
2
Other trading activities
3
Investments
4
Total income
Expenditure
Costs of raising funds
Charitable activities
Total expenditure
Gains/(losses) on investment assets
Net income/(expenditure)
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Total Funds
2024
Total Funds
2023
£
£
£
£
2,157
329,068
331,225
61,016
70,298
-
70,298
34,737
34,122
-
34,122
22,085
106,577
329,068
435,645
117,838
1,627
-
1,627
1,200
59,864
2,798
62,662
56,050
61,491
2,798
64,289
57,250
2,984
2,984
(3,209)
48,070
326,270
374,340
57,379
315,879
-
315,879
258,500
363,949
326,270
690,219
315,879

The notes on pages 8 to 17 form an integral part of these financial statements. Page 6

Keswick Community Rugby Trust Limited

Company registration number: 08383557

Balance Sheet as at 30 April 2024

2024 2023
Note £ £ £ £
Fixed assets
Investments 10 344,677 208,366
Current assets
Debtors 11 12,111 2,741
Cash at bank and in hand 335,096 106,995
347,207 109,736
Creditors: Amounts falling due within one year 12 (1,665) (2,223)
Net current assets 345,542 107,513
Net assets 690,219 315,879
The funds of the charity:
Restricted funds 326,270 -
Unrestricted funds
Unrestricted income funds 363,949 315,879
Total charity funds 690,219 315,879

For the financial year ended 30 April 2024, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

30/01/25 Approved by the Board on ................... and signed on its behalf by:

......................................... T Keough Trustee

The notes on pages 8 to 16 form an integral part of these financial statements.

Page 7

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

These financial statements have been prepared on a going concern basis.

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

Fund accounting policy

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Designated funds are unrestricted funds set aside at the discretion of the trustees for specific purposes.

Further details of each fund are disclosed in note 15.

Page 8

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

......... continued

Income and endowments

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administor/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measured with a degree of reasonable accuracy and the title to the asset having been transferred to the Charity.

Income from Government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.

Income derived from events is recognised as earned (that is, as the related goods or services are provided).

Investment income is recognised on a receivable basis.

Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Costs of raising funds are the costs of trading for fundraising purposes.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Page 9

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

......... continued

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the 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 of the 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.

Investment properties

Certain of the charity's properties are held for long-term investment.

No depreciation is provided in respect of investment properties and they are revalued annually.

This treatment as regards the charity’s investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the trustees consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Investments

Fixed asset investments are included at market value at the balance sheet date.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.

Trade Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Liabilities

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 10

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

......... continued

Financial instruments

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

2 Donations and legacies

Donations and legacies
Appeals and donations
Gift Aid tax reclaimed		 Unrestricted
Funds
£
1,092
1,065		 Restricted
Funds
£
321,250
7,818		 Total Funds
2024
£
322,342
8,883		 Total Funds
2023
£
61,016
-
2,157 329,068 331,225 61,016

Of the donations and legacies income in 2023, £60,000 related to unrestricted funds and £1,016 related to restricted funds.

3 Other trading activities

Event income Unrestricted
Funds
£
70,298		 Restricted
Funds
£
-		 Total Funds
2024
£
70,298		 Total Funds
2023
£
34,737

All of the other trading activity income in 2023 related to unrestricted funds.

Page 11

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

......... continued

4 Investment income

Unrestricted
Funds
£
Restricted
Funds
£
Rental income
20,000
-
Dividend income
533
-
Interest income
13,589
-
Gain/(loss) on investments
-
-
34,122
-
All of the investment income in 2023 related to unrestricted funds.
Total expenditure
Costs of
raising funds
Charitable
activities
£
£
Support costs
Grants payable to institutions
-
55,000
Other direct costs
-
13
Administration of investments
1,627
-
Accountancy fees
-
1,490
Legal and professional costs
-
1,861
Bank charges
-
88
GoFundMe charges
-
1,295
(Gain)/loss on investments
-
2,915
1,627
62,662		 Unrestricted
Funds
£
20,000
533
13,589
-		 Unrestricted
Funds
£
20,000
533
13,589
-		 Restricted
Funds
£
-
-
-
-		 Restricted
Funds
£
-
-
-
-		 Total Funds
2024
£
20,000
533
13,589
-		 Total Funds
2024
£
20,000
533
13,589
-		 Total Funds
2023
£
20,000
2,038
-
47
34,122 - 34,122 22,085
Charitable
activities
£
55,000
13
-
1,490
1,861
88
1,295
2,915
62,662		 Total
2024
£
55,000
13
1,627
1,490
1,861
88
1,295
2,915
64,289		 Total
2023
£
55,000
13
1,200
1,003
-
34
-
-
57,250

5 Total expenditure

Of the expenditure in 2023, £56,234 related to unrestricted funds and £1,016 related to restricted funds.

6 Grants to institutions

Name of Institution
Activity
Keswick Rugby Club
Charitable activities		 £
55,000

Page 12

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

......... continued

7 Governance costs

Accountancy fees
Independant examiners fee		 2024
£
1,340
150		 2023
£
853
150
1,490 1,003

8 Trustees' remuneration and expenses

No trustees received any remuneration during the year.

9 Net income

Net income is stated after charging/(crediting):

2024 2023
£ £
Loss/(profit) on disposal of investments 2,915 (47)

Page 13

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

......... continued

10 Investments held as fixed assets

Market value
As at 1 May 2023
Revaluation
Additions
Disposals
As at 30 April 2024
Net book value
As at 30 April 2024
As at 30 April 2023		 Investment
properties
£
95,000
-
-
-
95,000
95,000
95,000		 Listed
investments
£
113,366
2,984
246,693
(113,366)
249,677
249,677
113,366		 Total
£
208,366
2,984
246,693
(113,366)
344,677
344,677
208,366

Listed investments

Investments having a net book value of £249,677 (2023 - £113,366) are listed on a recognised stock exchange and had a market value of £249,677 at the end of the year (2023 - £113,366).

11 Debtors

Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
-
1,400
10,711
12,111		 2023
£
900
381
1,460
2,741

12 Creditors: Amounts falling due within one year

Accruals and deferred income 2024
£
1,665		 2023
£
2,223

13 Members' liability

The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

Page 14

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

......... continued

14 Related parties

Controlling entity

The charity is controlled by the trustees who are all directors of the company.

15 Analysis of funds

Designated Funds
KRFC Development Fund
General Funds
Unrestricted income fund
Restricted Funds
Keswick Rugby Football Club
The Big Build		 At 1 May
2023
£
114,944
200,935
-
-
-
315,879		 Incoming
resources
£
32,406
74,171
1,503
327,565
329,068
435,645		 Resources
expended
£
-
(61,491)
(1,503)
(1,295)
(2,798)
(64,289)		 Other
recognised
gains /
losses
£
-
2,984
-
-
-
2,984		 At 30 April
2024
£
147,350
216,599
-
326,270
326,270
690,219

KRFC Development Fund - funds held for the planned redevelopment of KRFC facilities in the future.

Keswick Rugby Football Club - donations which are restricted for the purchase of land and accountancy fees. The Big Build - funds held for theupcoming redevelopment of KRFC facilities.

Page 15

Keswick Community Rugby Trust Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

......... continued

Prior period

At 1 May
2022
£
Designated Funds
KRFC Development
Fund
116,525
General Funds
Unrestricted income fund
141,975
Restricted Funds
Keswick Rugby Football
Club
-
258,500
Net assets by fund
Investments
Current assets
Creditors: Amounts falling due within o
year
Net assets
Prior period
Investments
Current assets
Creditors: Amounts falling due within o
Net assets		 Incoming
resources
Resources
expended
Transfers
Other
recognised
gains /
losses
£
£
£
£
2,085
(1,200)
743
(3,209)
114,737
(55,034)
(743)
-
1,016
(1,016)
-
117,838
(57,250)
-
(3,209)
Unrestricted
Funds
Restricted
Funds
Total Funds
2024
£
£
£
344,677
-
344,677
20,937
326,270
347,207
ne
(1,665)
-
(1,665)
363,949
326,270
690,219
Unrestricted
Funds
Total Funds
2023
£
£
208,366
208,366
109,736
109,736
ne year
(2,223)
(2,223)
315,879
315,879		 Other
recognised
gains /
losses
£
(3,209)
-		 Other
recognised
gains /
losses
£
(3,209)
-		 At 30 April
2023
£
114,944
200,935
-
(3,209) 315,879
Total Funds
2023
£
208,366
109,736
(2,223)
315,879
Total Funds
2022
£
211,525
48,524
(1,567)
258,500

16 Net assets by fund

Page 16