Company registration number: 10313561 Charity registration number.. 1169987 Okehampton Skills and Sports Trust (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 September 2024 WESTCOTTS CHARTERED A¢eOVNTA14TS & BUSINES5 ADVISÉRS
Okehampton Skills and Sports Trust Contents Reference and Administrative Details Trustees. Report 2to4 Independent Examinerfs Report Statement of Financial Activities Balance Sheet 7t08 ststement of Cash Flows Notes to the Financial Statements 10t017
Okehampton Skills and Sports Trust Reference and Administrative Details Trustees Mr Simon Essex Mr Andrew Ewen Mr Russell Metherell Mr Derrick Brett Charlty Registratlon Number 1169987 Company Registration Number 10313561 The charity is incorporated in England and Wales. Fainvays Tanners Hill Okehampton EX20 4ND Westcotts (SW) LLP 7C Cranmere Road Okehampton Devon EX20 1UE Reglstered Office Auditor Page 1
Okehampton Skills and Sports Trust Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 September 2024. Objectlves and activities Objects and aims The principal objective of the company is to provide affordable business premises for start-up businesses, vocational training opportunities and sports facilities for the local community. The Charity's longer term aims are: 1) The advancement of education, training and retraining, by the provision of work space and buildings- 2) The provision for recreational facilities in the local area. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefrt, including the guidance 'Public Benefit.. running a charity (PB2)'. Public benefit The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Achievements and performance The Trust owned industrial site A308C continues to be very successful, with the majority of the first- floor offices rented out to local businesses. The meeting rooms are a valuable addition and well used by the office tenants. All of the ground floor units of building 1 are now sold or rented, (5- year leases). Plans are well under way for the development of Building 2, to provide more industrial units for the area. By the end of 2025, a marketing plan will be started. Building 2 can be accessed from the highway at both ground floor and first floor level. The Trust wants to develop its ideas for skills and training for the local community and hopes to be able to use the Old Mill site eventually for this purpose, subject to further planning issues and obtaining permission to demolish the dangerous buildings. The Trust is still determined to provide more sports facilities for the local community and is now focussing on land by the Show field - which is within walking distance of the town. Two 3G pitches, a training pitch and a welfare building will be on the new plans and submitted for approval. Plans for future periods Alms and key objectives for future periods We continue to work hard to achieve the Trust's objectives and to help the Okehampton community. We hope to receive planning approval for the Sports Facilities Project noted above, by the spring of 2026. If approved we will commence development immediately and hope to have these faGilities on stream by September 2027. Page 2
Okehampton Skills and Sports Trust Trustses, Report Structure. govemance and management Nature ofgoveming document Okehampton Skills and Sports Trust is registered as a charitsble company limited by guarantee and was set up by a Memorandum of Association on 0410812016, its registered number is 10313561 and its charity number is 1169987. The Charity is the 1000fi shareholder of Okehampton Sports and Skills Trading Company Limited, a private company limited by shares and incorporated in England and Wales. its company number is 11835225. Recruitment and appointment of trustees The management of the company is the responsibilty of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. The Charity recruitment policy tried to ensure all required skills are covered amongst the Board of Trustees. Induction and training of trustees New trustees are briefed on their legal obligations under charity law and weive a copy of the governing document, Trust Policies and Procedures and recent financial statements, minutes etc. Trustees are encouraged to attend external training events where possible and to ensure they keep up to date with changes in law etc by reading newsletters issued by the Charity Commission and any other guidance notes that are relevant. Oryanisatlonal structure The Board of Trustees administers the Charity. The Board meets several times a year and at each meeting covers relevant matters including finance. The Trustees are also responsible for the day to day operations of the Charity. Page 3
Okehampton Skills and Sports Trust Trustees. Report Statement of trustees, responsibilities The trustees (who are also the directors of Okehampton Skills and Sports Trust for the purposes of company law) are responsible for preparing the trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice), including FRS 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. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the charitable company and of the incoming reSoUrS and application of resources, including its income and expenditure. of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and apply them consistently,. observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements: and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose wilh 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. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable companvs website. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The annual report was ap beha roved by the trustees of the charity o and signed on its Mr Simon Essex Trustee Page 4
Okehampton Skills and Sports Trust Independent Examiner's Report to the trustees of Okehampton Skills and Sports Trust {'the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024. Responsibilities and basis of port As the charity's trustees of the Company {and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under sedion 145(5)(b) of the 2011 Act. Independent examIneS statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe= 1. accounting records were not kept in respect of Okehampton Skills and Sports Trust as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a Irue and fair view, which is not a matter considered as part of an independent examination. or 4. the accounts have not been prepared in accordants with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable 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 understsnding of the acco t5 to be reached. 7C Cranmere Road Okehampton Devon EX20 1UE Date.. Page 5
Okehampton Skills and Sports Trust Statement of Financial Activities for the Year Ended 30 September 2024 {Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Total 2023 Note Income and Endowments from: Charitable activities Investment income 160,954 160,954 569,448 2,368 Total income 160,954 160,954 571,816 Expenditure on: Charitable activities 192,369) (92,369) 68,585 92,369} (485.097) 1485,097) 86,719 Total expenditure (92,369) 68,585 Net income Net movement in funds 68,585 68,585 86,719 Reconciliation of funds Total funds brought fOard Total funds carried forward 3,296,381 3,364,966 3,296,381 3,209.662 3,364,966 3.296.381 All of the charity's activities derive from continuing operations during the above periods. The notes on pages 10 to 17 fom an integral part of these financial statements. Page 6
Okehampton Skills and Sports Trust (Registration number: 10313561) Balance Sheet as at 30 September 2024 2024 2023 Note Flxed assets Tangible assets Investments 3,647,533 3,312,076 10 3.647,534 3,312,077 Current assets Debtors Cash at bank and in hand 11 12 243,119 9,137 252,256 228,860 141,272 370,132 Creditors: Amounts falling du8 withln one year Net current assets 13 (4.954 (65,538 247,302 304,594 Total assets less current liabilitles 3,894,836 (529,870) 3,364.966 3,616,671 320,290) Creditors: Amounts falling due after more than one year 14 Net assets 3,296,381 Funds of the charity: Unrestrfcted income funds Unrestricted funds 3,364,966 3,364,966 3,296,381 Total funds 3,296,381 For the financial year ending 30 September 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The notes on pages 10 to 17 form an integral part of these financial statements. Page 7
Okehampton Skills and Sports Trust (Registratlon number: 10313561) Balance Sheet as at 30 September 2024 The In nci statements on pages 6 to 17 were approved by the trustees, and authorised for issue on and signed on their behalf by: Mr Simon Essex Trustee The notes on pages 10 to 17 form an integral part of these financial statements. Page 8
Okehampton Skills and Sports Trust Statement of Cash Flows for the Year Ended 30 September 2024 2024 2023 Note Cash flows from operating activitles Net cash income 68,585 86,719 Adjustments to cash flows from non<ash items Investment income 2,368) 84,351 68,585 Working capital adjustments Increase in debtors Increasel(decrease) in creditors Net cash flows from operating activities Cash flows from investlng activities Interest receivable and similar income Purchase of tangible fixed assets Sale of tangible fixed assets Net cash flows from investing activities Net decrease in cash and cash equivalents {14,259) 148,996 (70,039) 182,908 13 203,322 1168,596) 2,368 (3,811,725) 3,955,297 (335,457) (335,457) 145.940 (132,135) 141,272 (22,656) 163,928 Cash and cash equivalents at 1 October Cash and cash equivalents at 30 September 9,137 141,272 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 10 to 17 form an integral part of these financial statements. Page 9
Okehampton Skills and Sports Trust Notes to the Financial Statements for the Year Ended 30 September 2024 1 Charty status The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation. The address of its registered offi'ce is.. Fairways Tanners Hill Okehampton EX20 4ND 2 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 1021) (issued in October 2019) (Charities SORP {FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparatlon Okehampton Skills and Sports Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the Charity's abilty to continue as a going concem nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Income and endowments Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Page 10
Okehampton Skills and Sports Trust Notes to the Financial Statements for the Year Ended 30 September 2024 Charitsble actlvlties 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. Support costs Support costs include ntraL functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating propety costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. 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. Tangible fixed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. Fixed asset investments Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference belNeen 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 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. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-temi highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Page11
Okehampton Skills and Sports Trust Notes to the Financial Statements for the Year Ended 30 September 2024 Flnancial instruments Classlflcation A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financial transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expeded to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 3 Income from charltsble activltles Unrestricted funds General Total 2024 Rental Income 160,954 160,954 Unrestricted funds General Total 2023 Rentsl Income Sale of Leases 101,448 468.000 101,448 468,000 569,448 569.448 Page 12
Okehampton Skills and Sports Trust Notes to the Financial Statements for the Year Ended 30 September 2024 4 Investment income Total 2024 Unrestricted funds General Total 2023 Interest receivable and similar income., Interest receivable on bank deposits 2,368 2,368 2,368 2,368 5 Expendlture on charitable activities Unrestricted funds General Total 2024 Note Charitable activities Governance costs 89.019 3,350 89,019 3,350 92,369 92,369 Unrestricted funds General Total 2023 Note Charitable activities Governance costs 483,504 1,593 483,504 1,593 485,097 485,097 Page 13
Okehampton Skills and Sports Trust Notes to the Financial Statements for the Year Ended 30 September 2024 6 Analysis of governance and support Costs Support costs allocated to charitable activities Total 2024 Total 2023 Unrestricted St James School project Letting Agent fees (Profit)Iloss on disposal of tangible fixed assets Cleaning Bank charges Smart meter services Rates Light, heat and power Insurance Site amenities Repairs and renewals Telephone Office expenses Computer sofhmare Printing, postage and stationery Security other professional services Trade subscriptions Sundry expenses Advertising 35,412 746 35,412 746 52,116 400,000 6.288 549 573 484 21,472 7,245 1,041 4,744 1,012 49 790 130 1,324 6,271 6,288 549 573 484 21,472 7,245 1,041 4.744 1,012 49 790 130 1,324 6,271 351 2,201 854 6,692 625 2,445 1,996 2,894 4,072 72 301 2,841 713 176 713 176 89,019 89,019 483,504 Governance costs Unrestricted funds General Total 2024 Allocated support costs 3.350 3,350 3,350 3,350 Unr8Stricted funds General Total 2023 Allocated support costs 1,593 1,593 1,593 1,593 Page 14
Okehampton Skills and Sports Trust Notes to the Financial Statements for the Year Ended 30 September 2024 7 Trustses remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses from the charity during the year. 8 Taxation The charity is a registered charity and is therefore exempt from taxation. 9 Tangible fixed assets Land and buildings Total Cost At 1 October 2023 Additions 3,312,076 3,312,076 335,457 335,457 At 30 September 2024 Depreciation At 30 September 2024 Net book value 3,647,533 3,647.533 At 30 September 2024 At 30 September 2023 3,647,533 3,647.533 3,312,076 3,312,076 10 Flxed asset investments 2024 2023 Shares in group undertaking5 and participating interests Page15
Okehampton Skills and Sports Trust Notes to the Financial Statements for the Year Ended 30 September 2024 Shares in group undertaklngs and partlcipating Intsrests Subsidiary undertakings Total Cost At 1 October 2023 At 30 September 2024 Net book value At 30 September 2024 At 30 September 2023 11 Debtors 2024 2023 Trade debtors Due from group undertakings Prepayments Other debtors 39,467 199,006 35,297 192,516 1,047 4,646 243,119 228,860 12 Cash and cash equlvalents 2024 2023 Cash at bank 9,137 141,272 13 Creditors: amounts falling due within one year 2024 2023 Trade creditors other taxation and social security Other creditors Accruals 26,580 33,258 104 4,850 5,700 4.954 65,538 14 Creditors: amounts falllng due after one year 2024 2023 Trustees current accounts 529.870 320,290 Page 16
Okehampton Skills and Sports Trust Notes to the Financial Statements for the Year Ended 30 September 2024 15 Analysis of net assets between funds Total funds at30 September 2024 Unrestricted funds General Tangible fixed assets Fixed asset investments Current assets CUrnt liabilities CdItorS over 1 year 3,647,533 3.647.533 252,256 (4,954) (529.870! 3,364,966 252,256 {4,954) (529.870) 3,364,966 Total net assets Total funds at30 September 2023 Unrestricted funds General Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets 3,312,076 3,312,076 370,132 (65,538) (320,290) 3.296,381 370,132 (65,538) (320,290) 3,296,381 16 Related party transactions At the year end Mr S Essex. a trustee, had a loan to the charity of £529,870 (2023: £320,290). This loan is to provide short term working capital to the charity and is being repaid as and when funds permit. No interest is being charged on this loan. Page 17