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2022-07-31-accounts

Company Registration No. 09086902 (England and Wales)

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

COMPANY INFORMATION

Directors

Mr J Breeze Mr W J Hamilton-Hinds Mr T Lane Mrs S Tanner Mr M Tanner Mr P Kennedy Mr K Rowswell Mr R Hattrell

Company number 09086902 Charity number 1159777 Registered office Dame Alice Owen's School Dugdale Hill Lane Potters Bar Hertfordshire EN6 2DU

Accountants

Baxter & Co Lynwood House Crofton Road Orpington Kent BR6 8QE

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

CONTENTS

Page
Directors' report 1 - 2
Accountants' report 3
Income and expenditure account 4
Balance sheet 5
Notes to the financial statements 6 - 9

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

DIRECTORS' REPORT FOR THE YEAR ENDED 31 JULY 2022

The directors present their annual report and financial statements for the year ended 31 July 2022.

The charitable company was incorporated on the 16 June 2014 and gained registered charitable status (Charity Number 1159777) on the 5 January 2015.

The charity is run by a board of trustees and governed by the Memorandum and Articles incorporated 16 June 2014 as amended by special resolution registered at Companies House on 30 December 2014.

Objectives and Activities

The purpose and objects of the Company are specifically restricted to the following:

  1. To promote for the benefit of the inhabitants of Potters Bar and former and current affiliates of Dame Alice Owen’s School provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the condition of life.

  2. To advance the education of the pupils at Dame Alice Owen’s School by providing and assisting in the provision of facilities for education at the school not required to be provided by the local education authority.

Achievement and Performance

The charity generated income from subscriptions, ground and pavilion hire and donations. Income for the period amounted to £91,569 (2021: £31,096) from its main activities. There were no other activities which realised additional revenue (2021: £6,200). No further grants were received in the year. In 2021, the charity received a £27,357 grant as part of the national Small Business and Retail, Hospitality and Leisure Grant Fund from Welwyn Hatfield Borough Council as financial state aid during the COVID-19 lockdown which impacted on the charity's ability to generate income from its primary activities.

After allowing for the costs of activities and reasonable costs of running the charity, the company has made an operating surplus of £19,508 (2021: £2,478).

Public Benefit

The trustees have considered the Charity Commission guidance on public benefit, including the guidance on public benefit and fee charging. The trustees are mindful of the need to promote its activities for the benefit of all who meet the criteria set out in the charity's objects.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, and in particular those related to its operations and finances, and are satisfied that systems are in place to mitigate exposure to the major risks.

Financial Review

The results of the financial period ended 31 July 2022 are set out in these financial statements.

Reserves

The charity has cash reserves of £81,926 (2021: £67,190) which is considered adequate to meet the charities needs and fund its objectives.

Share Capital

The company is limited by guarantee and does not have any share capital. The guarantee of the members is limited to a sum not exceeding £10.

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

Directors

The directors, who are also the Trustees of the charity, who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Breeze Mr W J Hamilton-Hinds Mr T Lane Mrs S Tanner Mr M Tanner Mr P Kennedy Mr K Rowswell Mr R Hattrell

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board

Mr R Hattrell Director 17 July 2023

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Old Owen's Association and Sports Club Limited for the year ended 31 July 2022 set out on pages 4 to 9 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rulesand-standards/rulebook.html.

This report is made solely to the Board of Directors of Old Owen's Association and Sports Club Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Old Owen's Association and Sports Club Limited and state those matters that we have agreed to state to the Board of Directors of Old Owen's Association and Sports Club Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Old Owen's Association and Sports Club Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Old Owen's Association and Sports Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Old Owen's Association and Sports Club Limited. You consider that Old Owen's Association and Sports Club Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Old Owen's Association and Sports Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Baxter & Co

Chartered Certified Accountants

17 July 2023 Lynwood House Crofton Road Orpington Kent BR6 8QE

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2022

2022 2021
Notes £ £
Income 91,569 37,296
Cost of sales (48,703) (45,290)
Gross surplus/(deficit) 42,866 (7,994)
Administrative expenses (23,358) (16,885)
Other operating income - 27,357
Operating surplus 19,508 2,478
Fair value gains and losses on investment (24,096) 29,809
(Deficit)/surplus before taxation (4,588) 32,287
Taxation - -
(Deficit)/surplus for the financial year (4,588) 32,287

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

BALANCE SHEET

AS AT 31 JULY 2022

Notes
Fixed assets
Tangible assets
3
Investments
Current assets
Debtors
5
Cash at bank and in hand
Creditors: amounts falling due within
one year
6
Net current assets
Total assets less current liabilities
Reserves
Income and expenditure account
Members' funds		 2022
£
£
874,725
178,826
1,053,551
10,702
81,926
92,628
(11,700)
80,928
1,134,479
1,134,479
1,134,479		 2021
£
£
870,000
203,522
1,073,522
1,688
67,190
68,878
(3,333)
65,545
1,139,067
1,139,067
1,139,067		 2021
£
£
870,000
203,522
1,073,522
1,688
67,190
68,878
(3,333)
65,545
1,139,067
1,139,067
1,139,067
1,073,522
65,545
1,139,067
1,139,067
1,139,067

For the financial year ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 board of directors and authorised for issue on 17 July 2023 and are signed on its behalf by:

Mr R Hattrell

Director

Company Registration No. 09086902

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

Company information

Old Owen's Association and Sports Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Dame Alice Owen's School, Dugdale Hill Lane, Potters Bar, Hertfordshire, EN6 2DU.

1.1 Accounting convention

These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Expenses include VAT where applicable as the company cannot reclaim it.

1.3 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:

Land and buildings Freehold No depreciation charge Plant and machinery 25% on cost and 15% on cost Fixtures, fittings & equipment 25% on cost

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 credited or charged to surplus or deficit.

1.4 Impairment of fixed assets

At each reporting period end date, the 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

1 Accounting policies

(Continued)

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cashgenerating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5 Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.6 Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in surplus or deficit immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in surplus or deficit depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.7 Taxation

The company is a registered charity and as such its income is exempt from income tax and corporation tax under the provisions of the Income and Corporation Taxes Act 1988 to the extent that it is applied to its charitable objectives.

1.8 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

2 Employees

The average monthly number of persons (including directors) employed by the company during the year was 8 (2021 - 8).

No remuneration was paid in the year to any directors' or trustees'.

Total
3
Tangible fixed assets
Cost
At 1 August 2021
Additions
At 31 July 2022
Depreciation and impairment
At 1 August 2021
Depreciation charged in the year
At 31 July 2022
Carrying amount
At 31 July 2022
At 31 July 2021
4
Fixed asset investment
Cost
At 1 August 2021
Transfers
Revaluations
At 31 July 2022
5
Debtors
Amounts falling due within one year:
Service charges due		 Land and
buildings
Freehold
Plant and
machinery
£
£
870,000
12,734
-
5,274
870,000
18,008
-
12,734
-
549
-
13,283
870,000
4,725
870,000
-		 2022
Number
8
Fixtures,
fittings &
equipment
£
70,181
-
70,181
70,181
-
70,181
-
-
2022
£
10,702		 2021
Number
8
Total
£
952,915
5,274
958,189
82,915
549
83,464
874,725
870,000
2022
£
203,522
(649)
(24,047)
178,826
2021
£
1,688

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022

6 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022 2021
£ £
Other creditors 11,700 3,333

7 Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £10.

8 Trustees’ remuneration and benefits

There were no trustees’ remuneration or other benefits paid for the period ended 31 July 2022 (2021: £nil).

There were no expenses reimbursed to the trustees during the period (2021: £nil).

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

MANAGEMENT INFORMATION

FOR THE YEAR ENDED 31 JULY 2022

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

DETAILED TRADING AND INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2022

Income
Subscriptions and donations
Ground hire
Pavilion hire
Sales of services
Cost of sales
Ground and bar expenses
Ground contractors
Cleaning and laundry
Equipment repairs and maintenance
Equipment rental
Gross surplus/(deficit)
Other operating income
Government grants receivable and released
Administrative expenses
Operating surplus
Other gains and losses
Gains on sale of fixed asset investments
Change in fair value of investment
(Deficit)/surplus before taxation		 £
19,334
25,196
1,075
2,596
502
46.81%
(49)
(24,047)
5.01%		 2022
£
7,567
42,241
41,761
-
91,569
(48,703)
42,866
-
(23,358)
19,508
(24,096)
(4,588)		 £
14,758
27,166
300
2,106
960
21.43%
64
29,745
86.57%		 2021
£
6,213
17,697
7,186
6,200
37,296
(45,290)
(7,994)
27,357
(16,885)
2,478
29,809
32,287

OLD OWEN'S ASSOCIATION AND SPORTS CLUB LIMITED

SCHEDULE OF ADMINISTRATIVE EXPENSES

FOR THE YEAR ENDED 31 JULY 2022

Administrative expenses
Rates
Power, light and heat
Property repairs and maintenance
Premises insurance
Legal and professional fees
Accountancy
Bank charges
Investment portfolio management fees
Depreciation		 2022
£
3,219
801
9,477
4,044
2,042
2,538
88
600
549
23,358		 2021
£
2,210
671
3,609
4,719
2,402
2,597
77
600
-
16,885