COMPANY REGISTRATION NUMBER: 9734461 CHARITY REGISTRATION NUMBER: 1171332
The Craven Family Trust
Company Limited by Guarantee
Financial Statements
31 August 2022
The Craven Family Trust
Company Limited by Guarantee
Financial Statements
Year ended 31 August 2022
| Pages | |
|---|---|
| Members of the Board and professional advisers | 1 |
| Trustees' annual report (incorporating the director's report) | 2 to 3 |
| Independent Examiner’s Report to the Trustees | 4 |
| Statement of financial activities (including income and expenditure account) | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 to 11 |
The Craven Family Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 August 2022
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 August 2022.
Reference and administrative details
Registered charity name The Craven Family Trust Charity registration number 1171332 Company registration number 9734461 Principal office and registered Cross Lane Mills office Cross Lane Bradford West Yorkshire BD7 3JT
The trustees
Mr R J Bottomley OBE Mr L O Craven
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The Craven Family Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 August 2022
Structure, governance and management
The Charity was incorporated on 15 August 2015.
The Charity is governed in accordance with its Memorandum and Articles of Association, updated January 2017.
The Charity is a company limited by guarantee.
The members of the Charity may appoint subsequent directors through an ordinary resolution. There is no maximum number of directors. Any director of the Charity will automatically become a Trustee.
Where new Trustees are appointed as directors of the Charity, induction training appropriate to that individual's needs will be provided.
Objectives and activities
The Charity's objects are :
-
to promote community participation in healthy recreation by providing facilities for sports and recreational activities and
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to advance education for the public benefit in the subject of outdoor sports and recreational activities.
Achievements and performance
During the year the charity provided sports and recreational facilities on the site at Wagon Lane.
The respective sports clubs based at the site have continued to make hesitant recoveries after the repeated lockdowns of 2020 and 2021. The Rugby Club relies on an annual cash injection from the hosting of a yearly music festival, but this was cancelled in 2021 because of lockdown uncertainty. The Trust supports the clubs through regular dialogue and by meeting repair and replacement costs. The tentative recovery seen in this financial year has been put in doubt by the massive increase in energy costs from Spring 2022, which makes the clubhouse only marginally viable, if at all. The Trust continues to maintain a ‘watching brief’ on the situation, offering help where needed.
Public Benefit
The Trustee Board reviews all work under taken by The Craven Family Trust to ensure that it is in line with the key objectives and hence it is deemed to be for the public benefit according to the Charity Commission guidance.
Financial review
The attached financial statements show a net increase in funds of £9,087 (2021: decrease of £3,160) for the financial year ended 31 August 2022.
Reserves Policy
Background
The Trust was established by Mr Ronald Craven (‘Ron’) in August 2015 when Bradford and Bingley Sports Club Limited had significant financial difficulties. Due to these financial difficulties, the playing of Sport at Wagon Lane was threatened and Ron was determined to protect the playing of Sport at Wagon Lane in perpetuity.
Ron enjoyed playing rugby at Wagon Lane for Bingley RUFC for many years from the late 1960s to the early 1970s. During that time he made many lifelong friends at Bingley RUFC which in August 1982 became Bradford and Bingley RFC (‘the Bees’). The Rugby Club, along with Cricket, Canoeing and the Harriers, together formed the Bradford and Bingley Sports Club Limited, based at Wagon Lane.
Ron made a charitable donation of around £300k into The Craven Family Trust (’the Trust’) to provide funds for the Charity to purchase the land and buildings known as the Wagon Lane site from Bradford and Bingley Sports Club Limited. The site comprises of in the region of 27 acres of land that is dissected by the River Aire and a Clubhouse, a Cricket Pavilion and Indoor Cricket Nets. The Bradford and Bingley Canoe Club (’The Canoe Club’) have constructed a building on the area of land that is leased to them.
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The Craven Family Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 August 2022
Sports currently enjoyed at Wagon Lane include Rugby Union, Mixed Ability Rugby Union (‘The Bumbles’), Cricket, Football, Canoeing and Running.
Charitable Funds
The Trustees are responsible for the maintenance of the Wagon Lane site which can be challenging, as a significant proportion of the land is subject to flooding, due to its proximity to the River Aire. On occasions the buildings can also be compromised and have been subject to flooding: in 2015, for example, the Clubhouse was flooded to a depth of around 6 feet.
The Cricket Pavilion and cricket pitches are leased to Bradford & Bingley CC (‘The Cricket Club’) and the Clubhouse and rugby pitches are leased to the Bees, both leases are full repairing and insuring leases. There is also a lease in place with the Canoe Club. Having said this, the funding of amateur sport is precarious and throughout the pandemic lockdowns the sporting clubs at Wagon Lane would probably not have survived without the support of the Trust.
With this in mind, the Trustees consider that the retained reserves required to maintain a multi-sport venue at Wagon Lane is in the region of £150,000 plus a minimum one year’s income. The retained reserves should be undesignated as this is predominantly aimed at maintaining the multi-sport facility, communal areas and the river bank which is subject to continual erosion.
Retained reserves will be split between undesignated and designated funds in accordance with the wishes of the person or persons making the donations. Designated funds will be used to support the sporting activity for which they have been designated.
Review of the Reserves Policy
The reserves policy will be reviewed each year by the Trustees to ensure that it is still relevant and fit for purpose.
Plans for future periods
The trust intends to continue to provide sports facilities to the local community.
Funds held as custodian trustee
There are no funds held as a custodian trustee on behalf of others.
Trustees' responsibilities statement
The trustees, who are also directors 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).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The Craven Family Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 August 2022
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
09-May-2023
The trustees' annual report was approved on …………………. and signed on behalf of the board of trustees by:
Mr LO Craven Trustee
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Independent Examiner's Report to the Trustees of The Craven Family Trust
Year ended 31 August 2022
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 August 2022, which are set out on pages 5 to 11.
This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company’s trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charitable company’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
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 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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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 ‘true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
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 accounts to be reached.
Susan Seaman BA FCA CIOT Independent examiner Sagars Accountants Ltd Gresham House 5-7 St Paul's Street Leeds LS1 2JG 16-May-2023
……………..
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The Craven Family Trust
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 August 2022
| Year ended 31 August 2022 | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Charitable activities | 5 | 52,000 | 52,000 | 19,611 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 52,000 | 52,000 | 19,611 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6 | (42,913) | (42,913) | (22,771) |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | (42,913) | (42,913) | (22,771) | |
| ================================ | ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net income /(expenditure) and net movement in funds | 9,087 | 9,087 | (3,160) | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 520,064 | 520,064 | 523,224 | |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 529,151 | 529,151 | 520,064 | |
| ========================================= | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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The Craven Family Trust
Company Limited by Guarantee
Statement of Financial Position
31 August 2022
| 31 August 2022 | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Fixed assets | |||
| Tangible fixed assets | 10 | 322,899 | 322,899 |
| ----------------------------------------- | ----------------------------------------- | ||
| 322,899 | 322,899 | ||
| Current assets | |||
| Debtors | 11 | 34,977 | 14,575 |
| Cash at bank and in hand | 175,455 | 186,842 | |
| ----------------------------------------- | ----------------------------------------- | ||
| 210,432 | 201,057 | ||
| Creditors: amounts falling due within one year | 12 | (4,180) | (3,892) |
| ----------------------------------------- | ---------------------------------------- | ||
| Net current assets | 206,252 | 197,165 | |
| ----------------------------------------- | ----------------------------------------- | ||
| Total assets less current liabilities | 529,151 | 520,064 | |
| ----------------------------------------- | ----------------------------------------- | ||
| Net assets | 529,151 | 520,064 | |
| ========================================= | ========================================= | ||
| Funds of the charity | |||
| Unrestricted funds | 529,151 | 520,064 | |
| ----------------------------------------- | ----------------------------------------- | ||
| Total charity funds | 13 | 529,151 | 520,064 |
| ========================================= | ========================================= |
For the year ending 31 August 2022 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 company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
09-May-2023
These financial statements were approved by the board of trustees and authorised for issue on ……………………. and are signed on behalf of the board by:
Mr LO Craven Trustee
Company Registration Number: 9734461
The notes on pages 7 to 11 form part of these financial statements.
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The Craven Family Trust
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 August 2022
1. General information
The charity is a private limited company by guarantee (no. 9734461), registered in England and Wales and a registered charity in England and Wales (no. 1171332). The address of the registered office is Cross Lane Mills, Cross Lane, Bradford, BD7 3JT.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 (FRS102) (Charities SORP (FRS102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The Craven Family Trust meets the definition of a public benefit entity under FRS 102.
There are no material uncertainties about the charity's ability to continue as a going concern.
The trustees have taken the exemption permitted by the SORP to not include a cash flow statement in the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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The Craven Family Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 August 2022
3. Accounting policies (continued)
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
Rental income is recognised on a straight line basis over the term of rental period.
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Resources expended
All resources expended are included in the statement of financial activities on an accruals basis and include attributable VAT which cannot be recovered.
Costs of raising funds are those costs incurred in relation directly in the pursuit fundraising activities.
Costs of charitable activities comprise all costs directly attributable to and in support of the charitable objects.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold land - Nil
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The Craven Family Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 August 2022
3. Accounting policies (continued)
Financial instruments
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 financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
4. Limited by guarantee
The company is limited by guarantee to a value not exceeding £10 per member.
5. Charitable activities
| Charitable activities | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Letting of sports facilities | 52,000 | 52,000 | 19,611 | 19,611 |
| =========== | ============ | =========== | ============ | |
| Expenditure on charitable activities by activity type | ||||
| Activities | ||||
| undertaken | Support |
Total Funds | Total Funds | |
| directly | costs |
2022 | 2021 | |
| £ | £ | £ | £ | |
| Letting of sports facilities | 41,273 | - |
41,273 | 17,658 |
| Donations to sports clubs | - | - |
- | 2,500 |
| Governance costs | - | 1,640 |
1,640 | 2,613 |
| ---------------- | --------------- |
----------------- | ----------------- | |
| 41,273 | 1,640 |
42,913 | 22,771 | |
| =========== | ========== | ============ | ============ |
6. Expenditure on charitable activities by activity type
7. Analysis of support costs
| Support costs | Total 2022 | Total 2021 | |
|---|---|---|---|
| £ | £ | £ | |
| Governance costs | |||
| Accountancy fees | 1,640 | 1,640 | 1,615 |
| Legal fees | - | - | 998 |
| ------------- | ------------- | ------------- | |
| 1,640 | 1,640 | 2,613 | |
| ========= | ========== | ========== |
8. Staff costs
No employee received employee benefits during the year (2021: Nil)
The average head count of employees during the year was Nil (2021: Nil).
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The Craven Family Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 August 2022
9. Key management personnel and Trustee remuneration and expenses
No remuneration was paid to trustees during the year.
During the year the charity reimbursed trustee expenses totalling £nil to trustees (2021 - £nil).
10. Tangible fixed assets
| Freehold land | Freehold land | |
|---|---|---|
| & buildings | ||
| £ | ||
| Cost | ||
| At 1 September 2021 and 31 August 2022 | 322,899 | |
| =========== | ||
| Depreciation | ||
| At 1 September 2021 | - | |
| Charge for the year | ----------------- | |
| At 31 August 2022 | - | |
| =========== | ||
| Carrying amount | ||
| At 31 August 2022 | 322,899 | |
| =========== | ||
| At 31 August 2021 | 322,899 | |
| =========== | ||
| Debtors | ||
| 2022 | 2021 | |
| £ | £ | |
| Prepayments and accrued income | 16,943 | 8,085 |
| Trade debtors | 18,034 | 6,490 |
| ------------- | ------------ | |
| 34,977 | 14,575 | |
| ========= | ========= | |
| Creditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Accruals and deferred income | 4,180 | 3,892 |
| ======= | ======== |
11. Debtors
12. Creditors: amounts falling due within one year
Included in accruals and deferred income was £2,500 (2021: £2,292) deferred income in the current period.
13. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||||
|---|---|---|---|---|---|---|---|
| At | |||||||
| At | 1 | September | Gains | 31 August | |||
| 2021 | Income | Expenditure | and losses | 2022 | |||
| £ | £ | £ | £ | £ | |||
| General funds | 520,064 | 52,000 | (42,913) | - | 529,151 | ||
| ============== | =========== | ============ | =========== | ============= |
All funds in 2021 were unrestricted.
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The Craven Family Trust
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 August 2022
14. Analysis of net assets between funds
| Unrestricted | Total Funds | Total Funds | |
|---|---|---|---|
| Funds | 2022 | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 322,899 | 322,899 | 322,899 |
| Current assets | 210,432 | 210,432 | 201,057 |
| Creditors less than 1 year | (4,180) | (4,180) | (3,892) |
| -------------------- | ------------------ | ------------------ | |
| Net assets | 529,151 | 529,151 | 520,064 |
| =============== | ============= | ============= |
All funds in 2021 were unrestricted.
15. Related parties
The charity was under the control of the trustees throughout the current and previous year.
During the year, the charity received £nil (2021: £Nil) in unrestricted donations from related parties.
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