Stonesfield Playing Field Association CIO
Unaudited Financial Statements 31 March 2022
Stonesfield Playing Field Association CIO
Trustees’ statutory report
The trustees present their report together with the unaudited financial statements for Stonesfield Playing Field Association CIO for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) published in July 2014. The charity is governed by its constitution adopted on its registration as a charity on 10[th] December 2018.
Reference and administrative details
Registered charity name Stonesfield Playing Field Association CIO Registered charity number 1181091 Principal address Field Close, Stonesfield, Witney, Oxon OX29 8HA
Trustees of the charity
The trustees who have served during the period were as follows:
A Bryon (resigned 9 May 2022)
M Hatton
B Clarke
A Tacon
F Huddleston
K Patterson
B Tomlin (resigned 12 July 2021) D Baldwin (resigned 9 May 2022)
Objectives and activities
The trustees must apply the income of the charity in furtherance of the main charitable objectives which are to provide and manage the playing field and its recreational facilities for the inhabitants the Parish of Stonesfield. In furtherance of these objectives the Trustees will:
-
Maintain the facilities to an adequate standard that provides for both amateur sports and general recreational use
-
Engage with other village organisations and amateur sports clubs for the benefit of all inhabitants of Stonesfield parish
-
Provide and assist in the development of the facilities to encourage both organised and general sporting and recreational use by different village groups including, but not limited to, children, youths and any disabled inhabitants of Stonesfield parish
Public Benefit Statement
The trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
Achievements and Performance
On 31st March 2019 the trustees of Stonesfield Playing Field (registered charity number 304379) agreed to merge with Stonesfield Playing Field Association CIO and to transfer all of that charity’s property to this charity. On 25th June 2020 the trustees of Stonesfield Playing Field signed a general vesting declaration whereby all its unrestricted property was transferred as of that date. From 25[th] June 2020 all that charity’s activities are now conducted through this charity.
On 2nd March 2021 a transfer agreement was signed whereby title to the land comprising the playing field was transferred from Stonesfield Parish Council (who held the land in their capacity as Custodian Trustee for Stonesfield Playing Field, charity number 304379) to Stonesfield Playing Field Association CIO.
Following the successful campaign to raise funding for a replacement for the charity’s extremely old tractor, which was finally acquired in May 2021, the trustees have now turned their attention to fundraising to install some outdoor gym equipment on the playing field. As at the year end we had funding commitments totalling £17,140 (of which £2,140 had been received by the year-end. This enabled us to place an order for the supply and installation of a range of equipment which was completed in June 2022.
Financial review
Results
The charity’s principal sources of income and payments made are summarised in the attached receipts and payments account. The charity achieved an overall deficit for the year of £9,501 comprising a deficit on restricted income funds of £14,697 and a surplus on unrestricted income funds of £5,196.
Taxation
The charity is entitled to those exemptions from UK taxation available in law to charities.
Reserves Policy
Charitable unrestricted reserves are defined as income which becomes available to the charity and is to be spent at the trustees’ discretion in furtherance of any of the charity’s objectives but which is not yet spent, committed, or designated.
The unrestricted reserves of the charity are represented by the accumulation of cash reserves from surpluses of receipts over payments in both the current and past financial years plus past investment in the physical assets of the charity. The level of free cash reserves will be reviewed regularly by the trustees and the charity’s policy is to retain accumulated funds at a sufficient level to cover its annual running costs independent of any ring-fenced funds designated for future capital projects.
Structure, governance and management
At the end of the period the Board comprised 7 trustees all of whom served on the board throughout the year.
The trustees hold, at a minimum, half yearly meetings to consider all aspects of the charity’s activities.
Statement of trustees’ responsibilities
The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and the Financial Reporting Standard in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity 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 in the Charities SORP.
-
Make judgements and estimates that are reasonable and prudent.
-
State whether applicable accounting standards 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 operation.
The trustees are responsible for keeping proper accounting records that 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 Financial Reporting Standard in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and trust deed. 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.
On behalf of the board
Andrew Tacon FCA Trustee and Treasurer 11 July 2022
Statement of financial activities
Receipts and Payments account
For the year ended 31 March 2022
| Unrestricted income funds Restricted income funds Total funds Unrestricted income funds Restricted income funds Total funds |
|
|---|---|
| 2022 2022 2022 2021 2021 2021 |
|
| £ £ £ £ £ £ |
|
| Income from: | |
| Stonesfield Parish Council grants | 2,000 2,000 4,000 245 - 245 2,500 3,900 6,400 1,300 - 1300 5,870 140 6,010 800 17,239 18,039 |
| Sports & Social Club donation | |
| Other income | |
| Total income | 10,370 6,040 16,410 2345 17,239 19,584 |
1,339 - 1,339 1,248 - 1,248 2,149 167 2,316 794 36 830 1,055 - 1,055 1,516 - 1,516 495 - 495 2,451 - 2,451 266 20,570 20,836 266 402 668 |
|
| Expenditure on: | |
| Insurances | |
| Playing Field maintenance | |
| Lighting for MUGA | |
| Legal fees | |
| Miscellaneous | |
| Total expenditure |
5,304 20,737 26,041 6,276 438 6,714 |
| 5,066 (14,697) (9,631) (3,931) 16,801 12,870 |
|
| Net income / (expenditure) |
|
| 13,693 16,837 30,530 - - - 5,066 (14,697) (9,631) (3,931) 16,801 12,870 - - - 17,624 36 17,660 |
|
| Reconciliation of funds: | |
| Total funds brought forward | |
| Net income / expenditure for year | |
| Transferred from Stonesfield Playing Field |
|
| Total funds carried forward | 18,759 2,140 20,899 13,693 16,837 30,530 |
Balance sheet
At 31 March 2022
| Balance sheet At 31 March 2022 |
|||||
|---|---|---|---|---|---|
| Unrestricted income funds |
Restricted income funds |
Total funds |
Total Funds |
||
| 2022 | 2022 | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| 1 | - | 1 | |||
| Fixed assets | 1 | ||||
| 18,758 | 2,140 | 20,898 | |||
| Current assets | |||||
| Cash at bank and in hand | 30.529 | ||||
| 18,758 - |
2,140 - |
20,898 - |
30,529 | ||
| Current liabilities | |||||
| Creditors: amounts falling due within one year |
- | ||||
| Net current assets | 18,758 18,759 |
2,140 2,140 |
20,898 20,899 |
30,529 | |
| Total assets less current liabilities | 30,530 | ||||
| 18,759 | 2,140 | 20,899 | |||
| Total funds carried forward | 30,530 | ||||
| Analysis of total funds Childrens play area renewal reserve |
6,000 | - | 6,000 | 5,250 | |
| MUGA renewal reserve | 2,500 | - | 2,500 | 2,000 | |
| Outdoor gym fund | - | 2,140 | 2,140 | - | |
| New tractor fund | - | - | - | 16,837 | |
| General reserves | 10,259 | - | 10,259 | 6,443 | |
| Total funds carried forward | 18,759 | 2,140 | 20,899 | 30,530 |
Approved by the trustees on 11 July 2022 and signed on their behalf by:
Andrew Tacon FCA
Trustee and Treasurer