CHARITY REGISTRATION NUMBER: 1181305
SILLOTH ON SOLWAY SPORTS ASSOCIATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
David Allen
Chartered Accountants Dalmar House Barras Lane Estate Dalston Carlisle CA5 7NY
SILLOTH ON SOLWAY SPORTS ASSOCIATION
CONTENTS
| Trustees' report | 1 to 4 |
|---|---|
| Chartered accountants' report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 to 17 |
SILLOTH ON SOLWAY SPORTS ASSOCIATION
TRUSTEES' REPORT
The trustees present the annual report together with the financial statements of the charity for the year ended 30 September 2023.
OBJECTIVES AND ACTIVITIES
The principal object of the charity is to provide for the benefit of the local community the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reasons of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the condition of life of the local community.
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 Sports Association has continued to keep a steady flow of participation on the MUGA during the year. Junior and senior football teams, local holiday park and children's parties all enjoyed the facilities.
We hosted another Summer camp during the school holidays with great success, encompassing football, cricket, tennis and Multisports. We used local coaches to deliver these events. This was funded by local grants, for which we were very grateful.
We also bought new equipment with a funding grant from Cumbria Community Foundation grant.
We look forward to continuing our work, enabling us to support the local community to participate in sporting activities.
FINANCIAL REVIEW
The charity has total funds of £118,745 (2022: £114,822) carried forward at the year end. Of this £86,960 (2022: £86,847) is restricted funds and £31,785 (2022: £27,975) is unrestricted funds.
During 2023 there was a total surplus of £3,923 (2022: £500 surplus). Of this there was a surplus of £3,810 (2022: £4,514 surplus) for unrestricted funds and £113 surplus (2022: £4,014 deficit) for restricted funds.
The trustees have reviewed the charity's needs for contingency reserves in line with the guidance issued by the Charity Commission. The trustees aim to maintain reserves at current levels.
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
TRUSTEES' REPORT (CONTINUED)
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Registration Number 1181305 Principal Office 13 Waver Street Silloth Wigton CA7 4DF Accountants David Allen Chartered Accountants Dalmar House Barras Lane Estate Dalston Carlisle CA5 7NY Bankers Cumberland Building Society 12 Bridge Street Appleby-in-Westmorland CA16 6QH
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees Mrs Z D Bewley (resigned 19 October 2023) Mr C Baty Mr S G Hart Mrs M Baty
STRUCTURE, GOVERNANCE AND MANAGEMENT
Silloth on Solway Sports Association is a Charitable Incorporated Organisation registered on 20 December 2018.
The charity is governed by its CIO - FOUNDATION.
The members of the committee are elected at the Annual General Meeting and all members must be members of the association.
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
TRUSTEES' REPORT (CONTINUED)
FINANCIAL INSTRUMENTS
The charity's activities expose it to a number of financial risks including credit risk and cash flow risk.
The charity's activities expose it primarily to the financial risks of changes in interest rates.
The charity’s principal financial assets are bank balances and cash.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
TRUSTEES' REPORT (CONTINUED)
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the 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.
The annual report was approved by the trustees of the charity on 23 January 2024 and signed on its behalf by:
......................................... Mrs M Baty Trustee
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF SILLOTH ON SOLWAY SPORTS ASSOCIATION
YEAR ENDED 30 SEPTEMBER 2023
In accordance with the engagement letter dated 9 February 2023, in order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the accounts of Silloth on Solway Sports Association for the year ended 30 September 2023 as set out on pages 6 to 17 from the charity's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW) we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to you, the charity's trustee, as a body, in accordance with the terms of our engagement letter dated 9 February 2023. Our work has been undertaken solely to prepare for your approval the accounts of Silloth on Solway Sports Association and state those matters that we have agreed to state to them in this report in accordance with ICAEW Technical Release 08/16 AAF as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustee, as a body, for our work or for this report.
You have approved the financial information for the year and have acknowledged your responsibility for it, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for its compilation.
We have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial information.
David Allen Chartered Accountants
Dalmar House Barras Lane Estate Dalston Carlisle CA5 7NY
23 January 2024
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Total | Total | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | 2023 | 2022 | |||||
| Note | £ | £ | £ | £ | ||||
| Income from: | ||||||||
| Donations, legacies and | ||||||||
| grants | 2 | 4,068 | 4,911 | 8,979 | 1,851 | |||
| Charitable activities | 3 | 6,390 | - | 6,390 | 8,931 | |||
| Investment income | 4 | 152 | - | 152 | 7 | |||
| Total income | 10,610 | 4,911 | 15,521 | 10,789 | ||||
| Expenditure on: | ||||||||
| Charitable activities | 5 | (6,800) | (4,798) | (11,598) | (10,289) | |||
| Total expenditure | (6,800) | (4,798) | (11,598) | (10,289) | ||||
| Net movement in funds | 3,810 | 113 | 3,923 | 500 | ||||
| Reconciliation of funds | ||||||||
| Total funds brought forward | 27,975 | 86,847 | 114,822 | 114,322 | ||||
| Total funds carried forward | 13 | 31,785 | 86,960 | 118,745 | 114,822 | |||
| Total | ||||||||
| Unrestricted | Restricted | 2022 | ||||||
| Note | £ | £ | £ | |||||
| Income from: | ||||||||
| Donations, legacies and grants | 2 | 1,000 | 851 | 1,851 | ||||
| Charitable activities | 3 | 8,931 | - | 8,931 | ||||
| Investment income | 4 | 7 | - | 7 | ||||
| Total income | 9,938 | 851 | 10,789 | |||||
| Expenditure on: | ||||||||
| Charitable activities | 5 | (5,424) | (4,865) | (10,289) | ||||
| Total expenditure | (5,424) | (4,865) | (10,289) | |||||
| Net movement in funds | 4,514 | (4,014) | 500 | |||||
| Reconciliation of funds | ||||||||
| Total funds brought forward | 23,461 | 90,861 | 114,322 | |||||
| Total funds carried forward | 13 | 27,975 | 86,847 | 114,822 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for both years is shown in note 13.
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
BALANCE SHEET AS AT 30 SEPTEMBER 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Fixed assets | ||||
| Tangible assets | 11 | 107,276 | 107,212 | |
| Current assets | ||||
| Cash at bank and in hand | 12,419 | 8,598 | ||
| Creditors: Amounts falling due within one year | 12 | (950) | (988) | |
| Net current assets | 11,469 | 7,610 | ||
| Net assets | 118,745 | 114,822 | ||
| Funds of the charity: | ||||
| Restricted income funds | ||||
| Restricted funds | 13 | 86,960 | 86,847 | |
| Unrestricted income funds | ||||
| Unrestricted funds | 31,785 | 27,975 | ||
| Total funds | 13 | 118,745 | 114,822 |
The financial statements on pages 6 to 17 were approved by the trustees, and authorised for issue on 23 January 2024 and signed on their behalf by:
......................................... Mrs M Baty Trustee
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
1 ACCOUNTING POLICIES
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 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Silloth on Solway Sports Association meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grant have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included in the balance sheet as deferred income to be released. Grants receivable from government and other agencies have been included as income from activities in furtherance of the charity's objects where these amount to a contract for services but as donations where money is given with a greater freedom of use.
Interest received is recognised when receivable and amount can be measured reliably.
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 (CONTINUED)
1 ACCOUNTING POLICIES (continued)
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. Other support costs are allocated based on the spread of staff costs.
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 central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property 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 independent exam, 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. 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 costing £200 or more are initially recorded at cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class
Asset class Depreciation method and rate Plant and Machinery 4% Straight line Furniture and Fittings 25% Reducing balance
These two asset classes are combined and recognised in the fixed asset note under the name of Multi Use Games Area.
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 (CONTINUED)
1 ACCOUNTING POLICIES (continued)
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term 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.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised 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 derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) 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, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 (CONTINUED)
2 INCOME FROM DONATIONS, LEGACIES AND GRANTS RECEIVABLE
| Unrestricted | |||||||
|---|---|---|---|---|---|---|---|
| funds | Restricted | Total | Total | ||||
| General | funds | 2023 | 2022 | ||||
| £ | £ | £ | £ | ||||
| Donations and legacies; | |||||||
| Donations from individuals | 2,000 | - | 2,000 | 1,000 | |||
| Grants | |||||||
| Silloth Town Council | - | - | - | 851 | |||
| Co-op Fund grant | 2,068 | - | 2,068 | - | |||
| Cumbria Community | |||||||
| Foundation grant | - | 4,911 | 4,911 | - | |||
| 4,068 | 4,911 | 8,979 | 1,851 | ||||
| 3 INCOME FROM CHARITABLE ACTIVITIES | |||||||
| Unrestricted | Total | Total | |||||
| General | 2023 | 2022 | |||||
| £ | £ | £ | |||||
| Multi Use Games Area | 6,390 | 6,390 | 8,931 | ||||
| 4 INVESTMENT INCOME | |||||||
| Unrestricted | Total | Total | |||||
| General | 2023 | 2022 | |||||
| £ | £ | £ | |||||
| Interest receivable and similar income; | |||||||
| Interest receivable on bank deposits | 152 | 152 | 7 |
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 (CONTINUED)
5 EXPENDITURE ON CHARITABLE ACTIVITIES
| Unrestricted | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| funds | Restricted | Total | Total | ||||||
| General | funds | 2023 | 2022 | ||||||
| Note | £ | £ | £ | £ | |||||
| Depreciation, | |||||||||
| amortisation and | |||||||||
| other similar costs | 1,408 | 4,798 | 6,206 | 5,456 | |||||
| Allocated support | |||||||||
| costs | 4,672 | - | 4,672 | 4,113 | |||||
| Governance costs | 6 | 720 | - | 720 | 720 | ||||
| 6,800 | 4,798 | 11,598 | 10,289 | ||||||
| Unrestricted | |||||||||
| funds | Restricted | Total | |||||||
| General | funds | 2022 | |||||||
| Note | £ | £ | £ | ||||||
| Depreciation, amortisation and | other | ||||||||
| similar costs | 1,091 | 4,365 | 5,456 | ||||||
| Allocated support costs | 3,613 | 500 | 4,113 | ||||||
| Governance costs | 6 | 720 | - | 720 | |||||
| 5,424 | 4,865 | 10,289 |
6 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS
Governance costs
| Unrestricted | Total | Total | |||
|---|---|---|---|---|---|
| General | 2023 | 2022 | |||
| £ | £ | £ | |||
| Independent examiner fees | |||||
| Other fees paid to examiners | 720 | 720 | 720 | ||
| 720 | 720 | 720 | |||
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 (CONTINUED)
7 NET INCOMING/OUTGOING RESOURCES
Net incoming resources for the year include:
Depreciation of fixed assets
----- Start of picture text -----
2023 2022
£ £
6,206 5,456
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8 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 reimbursed expenses or any other benefits from the charity during the year.
9 STAFF COSTS
The monthly average number of persons employed by the charity during the year was nil (2022:nil).
No employee received emoluments of more than £60,000 during the year.
10TAXATION
The charity is a registered charity and is therefore exempt from taxation.
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 (CONTINUED)
11TANGIBLE FIXED ASSETS
| 11TANGIBLE FIXED ASSETS | |||||||
|---|---|---|---|---|---|---|---|
| Multi Use | |||||||
| Games Area | Total | ||||||
| £ | £ | ||||||
| Cost | |||||||
| At 1 October 2022 | 128,700 | 128,700 | |||||
| Additions | 6,270 | 6,270 | |||||
| At 30 September 2023 | 134,970 | 134,970 | |||||
| Depreciation | |||||||
| At 1 October 2022 | 21,488 | 21,488 | |||||
| Charge for the year | 6,206 | 6,206 | |||||
| At 30 September 2023 | 27,694 | 27,694 | |||||
| Net book value | |||||||
| At 30 September 2023 | 107,276 | 107,276 | |||||
| At 30 September 2022 | 107,212 | 107,212 | |||||
| 12CREDITORS: amounts falling due within one year | |||||||
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Other creditors | - | 68 | |||||
| Accruals | 950 | 920 | |||||
| 950 | 988 | ||||||
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 (CONTINUED)
13FUNDS
| 13FUNDS | ||||||||
|---|---|---|---|---|---|---|---|---|
| Balance at | ||||||||
| Balance at | 1 | 30 | ||||||
| October | Incoming | Resources | September | |||||
| 2022 | resources | expended | 2023 | |||||
| £ | £ | £ | £ | |||||
| Unrestricted funds | ||||||||
| Unrestricted | 27,975 | 10,610 | (6,800) | 31,785 | ||||
| Restricted funds | ||||||||
| Cumbria Community | ||||||||
| Foundation grant | - | 4,911 | (505) | 4,406 | ||||
| Capital grants | 86,847 | - | (4,293) | 82,554 | ||||
| Total restricted funds | 86,847 | 4,911 | (4,798) | 86,960 | ||||
| Total funds | 114,822 | 15,521 | (11,598) | 118,745 | ||||
| Balance at | ||||||||
| Balance at | 1 | 30 | ||||||
| October | Incoming | Resources | September | |||||
| 2021 | resources | expended | 2022 | |||||
| £ | £ | £ | £ | |||||
| Unrestricted funds | ||||||||
| Unrestricted | 23,461 | 9,938 | (5,424) | 27,975 | ||||
| Restricted | ||||||||
| Capital grants | 90,861 | - | (4,014) | 86,847 | ||||
| Silloth Town Council | - | 851 | (851) | - | ||||
| Total restricted funds | 90,861 | 851 | (4,865) | 86,847 | ||||
| Total funds | 114,322 | 10,789 | (10,289) | 114,822 |
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 (CONTINUED)
13FUNDS (continued)
The specific purposes for which the funds are to be applied are as follows:
Cumbria Community Foundation grant - £4,911 was received from Cumbria foundation for cricket and table tennis equipment. This has been spent on equipment during the year. The above balance reflects the net book value of the assets.
Capital grants - funding was received for the Multi Use Games Area. The balancing funds represents the Net Book Value of this asset. Expenditure reflects depreciation applied during the year.
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SILLOTH ON SOLWAY SPORTS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 (CONTINUED)
14ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Total funds | |||||
|---|---|---|---|---|---|
| Unrestricted | at 30 | ||||
| funds | Restricted | September | |||
| General | funds | 2023 | |||
| £ | £ | £ | |||
| Tangible fixed assets | 20,379 | 86,897 | 107,276 | ||
| Current assets | 12,356 | 63 | 12,419 | ||
| Current liabilities | (950) | - | (950) | ||
| Total net assets | 31,785 | 86,960 | 118,745 | ||
| Total funds | |||||
| Unrestricted | at 30 | ||||
| funds | Restricted | September | |||
| General | funds | 2022 | |||
| £ | £ | £ | |||
| Tangible fixed assets | 20,365 | 86,847 | 107,212 | ||
| Current assets | 8,598 | - | 8,598 | ||
| Current liabilities | (988) | - | (988) | ||
| Total net assets | 27,975 | 86,847 | 114,822 |
15RELATED PARTY TRANSACTIONS
There were no related party transactions in the year.
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