Company registration number: CE012283 Charity registration number: 1174762 Hamdden Caron Leisure (A company limited by share capital) Annual Report and Finanaal Statements fortheyear Ended 5 April 2024
Hamdden Caron Leisure Contents Reference and Administrative Details Trustees, Report 2to3 Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Financial Artivities Balance Sheet Notes to the Financial Statements 8t017
Hamdden Caron Leisure Reference and Administrative Detsils Trustee5 Mr Gene Malcolm Burns Davies Mr Ni8el Francis Fletcher Mrjohn Jones Mr Rhydian James Wilson Prtncipal Office Harndden Caron Leisure Station Yard Station Road Tregaron Ceredi8ion SY25 6HX These financial Company Registration Number CE012283 Charity Registration Number 1174762 Independent Examiner PJE Accountants and Advisors 23 College Street Larnpeter Ceredigion SA48 7DY Accountsnts PJE Accountants and Advisors 23 College Street Lampeter Ceredigion SA48 7DY Page I
Hamdden Caron Leisure Trustees, Report The trustee5, who are directors for the purposes of cornpany law, present the annual report together with the financial 5tstements of the charitsble companyfor the year ended 5 April 2024. Objectives and artivities Public benefrt The activities of the charity are those to promote for the benefit of the inhabitants of the Tregaron and surrounding area, the provision of facilities for recreation or other leisure time occupation of individuals and the public at large who have need of Such facilities by reason of youth. elderly. infirmity and disablernent. financial hardship or social exdusion and economic circumstances. or due to remoteness from the nearest leisure facilities in the county. The provision will be in the interests of improving health and general wellbeing of the community and inhabitants of Tregaron and the surrounding area. The trustees confirm that they have complied with the requirements of settion 17 of the Charities Art 2011 to have due regard to the public benefit8uidan¢e published bythe Charity Commission for England and Wales. Financial instruments Objertives andpolic$ The charity's activities expose it to a nurnber of finanoal risks including credit risk. cash flow risk and liquidrty risk. The use of financial derivatives is governed by the charivs policie5 approved by the board of trustees. which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative f inanaal instruments for speculative purposes. Coshflow/ risk The charitvs activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap ¢ontrac(s to hedge these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure rtaInty of cash tlows. Credit risk The charitys principal financial assets are bank balanw and cash, trade and other receivables, and investments. The charivs credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for irnpairrnent is made where there is an identified loss event which, based on previous experience. is evidence of a reduttion in the recoverability of the cash ftows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risK with exposure spread over a large number of counterparties and customers. Liquidityrisk In order to maintain 5iquidity to ensure that suffiuent funds are available for ongoing operations and future developments, the charity uses a mixture of lonE-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements. Page 2
Hamdden Caron Leisure Trustees. Report The annual report was approved by the trustees of the charrty on..... and signed on its behalf by: M r Nigel Fletcher Trustee Page 3
Hamdden Caron Leisure Statement of Trustees. Responsibilities The trustees (who are also the directors of Hamdden Caron Leisure for the purposes of company lawl are responsible for preparing the trustees, report and the finanaal statements in accordance with the United Kingdorn Accounting Standards (United Kingdom Generally ACpted Accounting Prattice} and applicable law and regulations. Company law requires the trustees to prepare finanual 5tstements for each financial year. Under company law the trustees rnust not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable cornpany 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 poliaes and apply thern consistently; observe the methods and principles in the Charrties SORP: makejudgements and estimates thatare reasonable and prudent; stste whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in thefinancial ststements; and prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charitable company will Continue in business. The trustees are responsible for keeping adequate accounting records that are suffiaent to show and explain the charitable company's transactions and disclose with reasonable accuracy at any tirne the financial POSTtion of the charitable Company and enable them to ensure that the financial statements comply with the Cornpanies 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. Approved bythetrustees of the charity on...... Ifand signed on its behalf by: Mr Nigel Fletcher Trustee Page 4
Hamdden Caron Leisure Independent ExamRner's Report to the trustees of Hamdden Caron Leisure I report to the charity trustees on my examination of the accounts of the charty for the year ended 5 April 2024 which are setout on pages 6 to 17. Resperttve responsiThilities of trustees and examiner As the Charitys trustees of Hamdden Caron Leisure (and also its dirertors for the purposes of company law) you are responsible for the preparation of the accounts in accordance w¢th the requirernents of the Companies Act 2CQ6 {'the 2006 ACV). Hawng satisfied myself that the accounts of Hamdden Caron Leisure 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 charitfs accounts as Carried out under section 145 of the Charities Act 2011 {'the 2011 ACVI. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515)(bl of the 2011 Act. Independent examinerfs 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: l. accounting records were not kept in respett< of Hamdden Caron Leisure as required by Section 386 of the 2W6 Art; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of sertion 396 of the 2006 Act other than any requirernent that the accounts 8ive a 'true and fair view. which is not a matter considered as part of an independent examination; or 4. the accounts have not been pPared in accordance with the methods and principles of the Statement of Recommended Practlce for accounting and reporting by tharities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)]. I have no concerns and hove come across no other matters in connection wlth the examination to which attention should be drawn in th report in order to enable a proper understanding of the accounts to be reached. 23 Ccllege Street Lèmpeter Ceredigion SA48 7DY Date- Pa8e 5
Hamdden Caron Leisure Statement of Financial Activities for the Year Ended 5 April 2024 (Including Income and Expenditure Account and Ststement of Total Recognised Gains and Losses) Unrestrirted funds Total 2024 Note Income and Endowments from: Donations and legaaes Charitable activities Other income 21.626 21,626 Total income 21.626 Expenditure on: Raising funds Charitable attivities {8.7851 112.9891 18,7851 112.9891 Total expenditure 121,7741 121,7741 Net income 11481 11481 Reconciliation of funds Total funds brought forward 73.814 73.814 Total funds carried forwdrd 73,666 73,666 Unrestrirted funds Totsl 2023 Income and Endowments from: Donations and legacies Charitsble activities other income 21.852 21.852 Total income 21.852 21.852 Expenditure on: Raising funds Charitable activities 18,440 18.4401 Total expenditure 119.341) {19,341} Net income 71,303 71,303 Total funds carried forward 73.814 73.814 All of the charÈtys activities derive from continuing operations during the above tsvo periods. Page 6
Hamdden Caron Leisure {Registration number 012283) Balan Sheet as at 5 April 2024 2024 2023 rNed assets Tangible assets 7,8XI 9,862 Current assets Stocks 25 25 Prepayments Cash at bank and in hand 1.399 64,352 65,776 1.762 62.165 63,952 Creditors: Amounts falling due within one year io Net current assets 65.776 58.974 Net assets 73.666 73,814 Funds of the charity. Unrestrictsd in¢ome funds Unrestrirted funds 73,666 73,814 Totsl funds 73.666 73,814 For the financial year ending 5 April 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2CQ6 relatingto small companie Directors, responsibiltties: The mernbers 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. These accounts have been prepared in accordance vlith the provisions applicable to companies subject to the small cornpanies, regirne. ancial statements on pages 6 to 17 were approved by the trustees and authorised for issue on . and signed on their behalf by: Mr Nigel Fletcher Trustee Page 7
Hamdden Caron Leisure Notes to the Financial Statements for the Year Ended 5 April 2024 I Charity status The charity is limited by guarantee and consequently does not hève share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is: Hamdden Caron Leisure Station Yard Station Road Tregaron Ceredigion SY25 6HX 2 Accounting policies Surnmary of signifftant ac¢ounting policies and key accounting estimates TPte principal accounting policies applied in the preparation of these financial ststements are set out below. These policies have been nsistentIY applied to all the years presented, unless otherwlse stated. ststement 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 Republi¢ of Ireland IFRS 1021 (effective l January 20151 (Charities SORP {FRS 1021}. the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. They also wrnplywith the Companies Act 2006 and Charities Act 2011. Basis of preparation Hamdden Caron Leisure meets the definition of a public benefft entity under FRS 102. Assets and liabilities are initially reco8nised at historical c05t or transaction value unless otherwse stated in the relevant accounting poIiLy notes. Goin8 concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a 80in8 concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Exemption frorn preparing a cash flow statement The Charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included cash flow statement in these financial statements. Page 8
Hamdden Caron Lasure Notes to the Financial Statements for the Year Ended 5 April 2024 Income and endowments All income is recognised once the tharity has entitlement to the income. it is probable that the income will be received. and the amount of the income receivable can be measured reliably. Deferred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when: - The donor specifies that the grant or donation must only be used in future accounting periods- or - The donor has imposed conditions which must be met before the charity has unconditional entitlement. Expenditure All expeftditure is recognised ontt there is a legal or constructive obligation to that expenditure, it $5 probable settlement 15 required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that a88regate similar costs to that category. Where costs cannot be dirertly attributed to particular headin8S, 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. Roisingfvnds These are costs incurred in attrarting voluntary income, the management of investrnents and those incurred in trading artNlties that raise funds. Chqntable artivities Charitable expenditure cornprises those costs incurred by the chartty in the delivery of S activities and services for its beneficiaries. It includes both costs that can be allocated dirertly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs indude central fijnctions and have been allocated to actNity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capits, staff costs by the time spent and other costs by their usage. Governance costs These include the cost5 attributable to the charivs cornpliartce with constitutional and statutory requirements. including audit, strategic management and trustees, Meetings and reimbursed expen5e5. Taxation The charity is considered to pass the tests set out in Paraaph 1 schedule 6 of the Finance Act 2010 and therefore it rneets the definition of a charitable cornpany for UK corporation tax purposes. Accordingly. the charity is potentially exempt from taxation in respect of income or capital gain5 received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 2S6 of the Taxation of Chargeable Gains Art 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Page 9
Hamdden Caron Leisure Notes to the Financial Statements for the Year Ended 5 April 2024 Tangible fixed assets Individual fixed assets costing £ICQ.00 or more are initially rerorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation. less any estirnated residual value, over their expected useful economic life as follows: Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. after due regard for obsolete and slow-moving stsxks. Cost is deterrnined using the first-in. firstUt IFIFOI. Cash and cash equivalents Cash and cash equlvalents comprise cash on hand and call deposits. and other short-term highly liquid investments tPrat are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of business from suppliers. Accounts payable are classÉfied as current liabilities if the charity does not have an unconditional right. at the end of the reporting period. to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non<urrent liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost uslng the effertive interest method. Borrowings Interest-bearing borrowings are initially recorded at fair value. net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost. with the difference between the proceeds. net of transaction costs, and the amount due on redemption bein8 recognised as a charge to the Statement of Financial Activ¢ties over the period of the relevant borrowin& Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. 8orrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twefve months after the reportrng date. Page 10
Hamdden Caron Leisure Notes to the Financid Statements for the Year Ended 5 April 2024 Foreign exchange Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabi5ities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange preva?lin8 at that date. The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity lattributed to non-controlling interests as appropriatel. Other exchange differences are recognised irt the Statement of Financial Activities in the period in which they arise except for.. l) exchange differences on transaetions entered into to hedge certain foreign currency risks Isee above); 21 exchange differences arising on gains or losses on non-monetary items which are recognlsed in other comprehensive income,. and 3} in the case of the consolidated financial statements. exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur Itherefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported underequity. Fund strurture Designated funds are unrestricted fvnds set aside for specific purposes at the discretion of the trustees. Flnancial instruments ClosrfKation Financial assets and financial liabiltties are recognised when the charity becomes a party to the contractual provisions of the instrurnent. Financial liabilities and equity instruments are dassified according to the substance of the contractual arrangements entered into. An equity instrument is any contratt that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Page 11
Hamdden Caron Leisure Notes to the Financial Ststements for the Year Ended 5 April 2024 Recogn(tion and measurement All financial assets and liabiltties are initially measured at tr?nsaction price {including transaction tostsl. except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value Iwhich is normally the transaction pri excluding transattion costs), unless the arrangement constitutes a financin8 transaction. If an arrangernent constitutes a finanong transaction. the finanual asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a slrnilar debt instrument. Financial assets and liabilities are onw offset in the ststement of financial position when. and only when there exists a legally enforceable right to set off the reco8nised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are deCognised when and only when al the contrartual rights to the cash flows from the finanaal asset expire or are settled. bl the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset or c) the charity, despite having retained some, but not all, $18nificant risks and rewards of ownership. has transferred control of the asset to another party. Financial liabilities are dereco8nised only when the obligation speafied in the contract is discharged. un¢elled or expires. Page 12
Hamdden Caron Leisure Notes to the Financial Ststements for the Year Ended 5 Apr11 2024 Debt instruments Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method: (al The contrartual return to the holder is (i) a fixed amount," lil) a positive fixed rate or a positive varlable rate. or liiil a cornbination of a posttive or a negative fLxed rate and a positNe variable rate. {bl The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided suth links are not leveraged. Icl The contract may provide for a deterrninable variation of the return to the holder during the life of the instrurnent, provided that li) the new rate satisfies condition lal and the variation is not contingent on future events other than 111 a chan8e of a contrartual variable rate: (21 to protect the holder against credit deterioration of the issuer." {31 changes in levies applied by a central bank or arising from thanges in relevant taxation or law; or {iil the new rate is a market rate of interest and satisfies condition la}. Idl There is no contrartual provision that could. by its ternis. result in the holder losing the principal arnount or any interest attributable to the current period or prior periods. le) Contractual provisions that permit the issuer to prepay a debt instrument or permtt the holder to put It back to the issuer before rnaturity are not contingent on future events. other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer. or to protect the holder or issuer against changes in levies applied by a central bank or arising from thanges in relevant tsxation or law. If) Contractual provisions rnay permit the extension of the term of the debt instrument. provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (al to {c). Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration experted to be paid or received, net of impainnent. With the exception of some hedging instruments. other debt instruments not meetin8 these condition$ are measured at fair value through profit or loss. Commitments to rnake and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairmenL Investments Investments in non<onvertible preference shares and non-puttable ordinary or preference shares {where shares are publicly traded or their fair value is reliably measurable} a measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. Investments in subsidiaries and associates are measured at $t less impairrnent. For investments in subsidiaries acquired for consideration including the issue of Shar qualifying for merger relief. cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. Page 13
Hamdden Caron Leisure Notes to the Financial Statements for the Year Ended 5 April 2024 Derivotivefinanciql instruments The charity uses derivative finanaal instruments to redu exposure to foreign exchange risk and interest rate movernents. The charity does not hold or issue derivative financial instrurnents for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial artivities immediately unless the derivatNe is designated and effective as a hedging instrument, in which event the tirning of the recognition in statement of financial activities depends on the nature of the hedge relationship. Foir volue measurement The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable. the price of a recent transaction for an identical asset provides evidence of fair value as long as tPtere has not been a significant change in economic circumstances or a significaftt lapse of time since the transaction took plaee. If the rnarket is not artive and recent transactions of an identical asset on their own are not a good estimate of fair value. the fair value is estimated by using a valuation technique. 3 Income from donations and legacies Totsl 2024 Totsl 2023 Regular giving and capital donations {Designatedl 4 Other income Totsl 2024 Totsl 2023 Fees and supplies (Designated) Government Grants 21,626 21.852 Page 14
Hamdden Caron Leisure Notes to the Financial Statements for the Year Ended 5 April 2024 5 Expenditure on charitable artivities Total 2024 Totsl 2023 Allocated support costs Ioesignated) Governance costs {Designated> 1.972 1.972 11.017 12,989 11,017 12,989 £12,989 12023 £10,901) of the above expenditure was attributsble to unrestricted funds and £Nil 12023 £Nill to restricted funds. 6 Trustees 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 reirnbursed expenses or any other benefits from the charity during the year. 7 Taxation The charity Is a registered charity and is therefore exempt from taxation. Page 15
Hamdden Caron Leisure Notss to the Financial Statements for the Year Ended 5 April 2024 8 Tangible fixed assets Furniture and equipment Totsl Cost As at 6 April 2023 Additions 24,S33 24,533 At 5 April 2024 24,533 24,533 Depreciation As at 6 April 2023 Charge for the year 14.671 1.972 14,671 1.972 At 5 April 2024 16.643 16.643 Net book value At 5 April 2024 7.890 7,890 g Stock 2024 2023 Stocks 25 2S 10 Credttors: amounts fallinE due within one year 2024 2023 Trade creditors Deferred income 11 Analysis of net assets between funds Unrestrirted fund5 Designated Totsl funds T4n8ible fixed assets Current a55etS 7.8 65.776 7,890 65.776 Current liabilities Total net assets 73,666 73.666 Page 16
Hamdden Caron Leisure Notes to the Financia Statements for the Year Ended 5 April 2024 12 Analy515 of net funds At 6April 2023 G75h flow At 5 April 2024 Cash at bank and in hand 62.165 2.187 64,352 Net debt 62.165 2,187 64,352 Page 17
Hamdden Caron Leisure Detailed Statement of Financial Artivities for the Year Ended 5 April 2024 2024 Total 2023 Totsl Income and Endowments from: Donations and legaaes lanalysed below) Charitable activities {analysed belowl Other income (aftalysed below) 21,626 21.8S2 Total income 21.626 21.852 Expenditure on: Raising funds {analysed below) Charitable activities lanalysed below) {8,785) 112.9891 18,4401 110.9Jil Total expenditure 121.7741 119.3411 Net income 11481 2.511 Rewnciliation of fvnds Total funds brought forward 73.814 71.303 Total funds carried forwBrd 73.666 73,814 Page 18
Hamdden Caron Leisure Detailed Ststement of Finanaal Artivities for the Year Ended 5 April 2024 2024 Totsl 2023 Total Donations and legocies Sponsorship IDI. DL} 20Z4 T¢)tsl 2023 Totsl Charitoble othvities Grants receivable (DI. CAI) 2024 Total 2023 Totsl other income Fees, supplies and Government Grants IDI, QI) 21.626 21.626 21.852 21,852 2024 Totsl 2023 Total Raisingfunds Opening Stock IDI. OAI) Direct costs IDI. OAI) Closing stock (DI. OAI) Wages and salaries (DI, OAII {25) 11.678) 25 125} 1935} 17,1071 18.785} 17,505) 18.4401 Page 19
Hamdden Caron Leisure Detailed Statement of Financial Attivities for the Year Ended 5 April 2024 2024 Total 2023 Totsl Charitable activities Depreciation of fixtures and fittings IDI. CAI) Water razes IDI. GOV) Light. heat and power {01, GOVI Insurance IDI. GOVI Telephone and fax IDI, GOV) Repairs and renewals {Dl, GOV) 11,9721 12CNJI 14.407) 12,2271 16091 13.5741 (12.9891 12,4651 12451 14,3791 12,4211 15631 18281 (lo,1) Page 20