Registered number: 9734461 Charity number: 1171332
THE CRAVEN FAMILY TRUST (A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 14 |
THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023
Trustees Mr R J Bottomley OBE Mr L O Craven Company registered number 9734461 Charity registered number 1171332 Registered office Cross Lane Mills Cross Lane Bradford West Yorkshire BD7 3JT
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THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees present their annual report together with the financial statements of the charity for the year 1 September 2022 to 31 August 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Charity's objects are :
• to promote community participation in healthy recreation by providing facilities for sports and recreational activities and
- to advance education for the public benefit in the subject of outdoor sports and recreational activities.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the charity
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 has been cancelled in 2024 by the Promoter. 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 cancellation of the music festival and the clubhouse continues to be only marginally viable, if at all. The Trust continues to maintain a ‘watching brief’ on the situation, offering help where needed.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
b. 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.
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.
c. Financial results
The attached financial statements show a net decrease in funds of £16,069 (2022: £9,087 increase) for the financial year ended 31 August 2023.
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THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Structure, governance and management
a. Constitution
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.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the charity 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 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 state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ Mr L O Craven
Date: 24 May 2024
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THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023
Independent Examiner's Report to the Trustees of The Craven Family Trust ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 August 2023.
Responsibilities and Basis of Report
As the Trustees of the charity (and 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 charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts 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:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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 [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity'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 charity and the charity's Trustees as a body, for my work or for this report.
Signed: Dated: 24 May 2024 Susan Seaman BA FCA CIOT
Sagars Accountants Ltd Gresham House 5-7 St Pauls Street Leeds LS1 2JG
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THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023
| Note Income from: Charitable activities 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 71,484 71,484 87,553 87,553 (16,069) 529,151 (16,069) 513,082 |
Total funds 2023 £ 71,484 71,484 87,553 87,553 (16,069) 529,151 (16,069) 513,082 |
Total funds 2022 £ 52,000 52,000 |
|---|---|---|---|
| 42,913 42,913 |
|||
| 9,087 | |||
| 520,064 9,087 529,151 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 14 form part of these financial statements.
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THE CRAVEN FAMILY TRUST (A company limited by guarantee) REGISTERED NUMBER: 9734461
BALANCE SHEET AS AT 31 AUGUST 2023
| 2023 | 2023 | 2022 | |||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 9 | 322,899 | 322,899 | ||
| 322,899 | 322,899 | ||||
| Current assets | |||||
| Debtors | 10 | 71,654 | 34,977 | ||
| Cash at bank and in hand | 122,829 | 175,455 | |||
| 194,483 | 210,432 | ||||
| Creditors: amounts falling due within one | |||||
| year | 11 | (4,300) | (4,180) | ||
| Net current assets | 190,183 | 206,252 | |||
| Total assets less current liabilities | 513,082 | 529,151 | |||
| Net assets excluding pension asset | 513,082 | 529,151 | |||
| Total net assets | 513,082 | 529,151 | |||
| Charity funds | |||||
| Restricted funds | 12 | - | - | ||
| Unrestricted funds | 12 | 513,082 | 529,151 | ||
| Total funds | 513,082 | 529,151 |
The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Mr L O Craven Date: 24 May 2024 The notes on pages 8 to 14 form part of these financial statements.
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THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
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. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Craven Family 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 otherwise stated in the relevant accounting policy.
2.2 Going concern
There are no material uncertainties about the charity's ability to continue as a going concern.
2.3 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.
-
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.
2.4 Resources epended
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.
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THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
2. Accounting policies (continued)
2.5 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.
Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a charity may need to estimate fair value using an income or depreciated replacement cost approach.
Gains and losses on revaluation are recognised in the Statement of financial activities, with a separate revaluation reserve being shown in the Statement of funds note.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Freehold land - Nil
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
2.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
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THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
||
|---|---|---|
| 3. Income from charitable activities Letting of sports facilities Letting of sports facilities |
Unrestricted funds 2023 £ 71,484 Unrestricted funds 2022 £ 52,000 |
Total funds 2023 £ 71,484 |
| Total funds 2022 £ 52,000 |
4. Analysis of expenditure on charitable activities Summary by fund type
| Letting of sports facilities Donations to sports clubs Governance costs Letting of sports facilities Governance costs |
Unrestricted funds 2023 £ 74,977 9,000 3,576 87,553 Unrestricted funds 2022 £ 41,273 1,640 42,913 |
Total 2023 £ 74,977 9,000 3,576 87,553 |
|---|---|---|
| Total 2022 £ 41,273 1,640 42,913 |
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THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
5. Analysis of expenditure by activities
| Letting of sports facilities Donations to sports clubs Governance costs Letting of sports facilities Governance costs Analysis of support costs Accountancy fees Legal fees Accountancy fees |
Activities undertaken directly 2023 £ 74,977 9,000 - 83,977 Activities undertaken directly 2022 £ 41,273 - 41,273 |
Support costs 2023 £ - - 3,576 3,576 Support costs 2022 £ - 1,640 1,640 Governance costs 2023 £ 1,800 1,776 3,576 Governance costs 2022 £ 1,640 |
Total funds 2023 £ 74,977 9,000 3,576 87,553 |
|---|---|---|---|
| Total funds 2022 £ 41,273 1,640 42,913 |
|||
| Total funds 2023 £ 1,800 1,776 3,576 |
|||
| Total funds 2022 £ 1,640 |
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THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
6. Independent examiner's remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the charity's independent examiner for the independent | ||
| examination of the charity's annual accounts | 1,800 | 1,640 |
7. Staff Costs
No employee received employee benefits during the year (2022 - £Nil). The average head count of employees during the year was Nil (2022 - £Nil).
8. Trustees' remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2022 - £NIL). During the year ended 31 August 2023, no Trustee expenses have been incurred (2022 - £NIL).
9. Tangible fixed assets
| Cost or valuation At 1 September 2022 At 31 August 2023 Net book value At 31 August 2023 At 31 August 2022 10. Debtors Due within one year Trade debtors Prepayments and accrued income |
Freehold land £ 322,899 322,899 322,899 322,899 2023 2022 £ £ 52,069 18,034 19,585 16,943 71,654 34,977 |
Freehold land £ 322,899 322,899 322,899 322,899 2023 2022 £ £ 52,069 18,034 19,585 16,943 71,654 34,977 |
|---|---|---|
| 322,899 | ||
| 322,899 | ||
| 322,899 | ||
| 2022 £ 18,034 16,943 34,977 |
Page 12
THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
11. Creditors: Amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 4,300 | 4,180 |
Included in accruals and deferred income was £2,500 (2022: £2,500) deferred income in the current period.
12. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds |
Balance at 1 September 2022 £ 529,151 Balance at 1 September 2021 £ 520,064 |
Income £ 71,484 Income £ 52,000 |
Expenditure £ (87,553) Expenditure £ (42,913) |
Balance at 31 August 2023 £ 513,082 |
|---|---|---|---|---|
| Balance at 31 August 2022 £ 529,151 |
13. Analysis of net assets between funds Analysis of net assets between funds - current year
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 322,899 194,483 (4,300) 513,082 |
Total funds 2023 £ 322,899 194,483 (4,300) 513,082 |
|---|---|---|
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THE CRAVEN FAMILY TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 322,899 210,432 (4,180) 529,151 |
Total funds 2022 £ 322,899 210,432 (4,180) 529,151 |
|---|---|---|
14. Limited by guarantee
The company is limited by guarantee to a value not exceeding £10 per member.
15. Related party transactions
The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 31 August 2023.
16. Controlling party
The charity was under the control of the trustees throughout the current and previous year.
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