Charity registration number: 1181452
## Somerton Recreation Ground Trust (2019)
Annual Report and Financial Statements
for the Year Ended 31 March 2021
## **Somerton Recreation Ground Trust (2019)**
## **Contents**
|**Contents**||
|---|---|
|Reference and Administrative Details|1|
|Trustee's Report|2 to 3|
|Statement of Trustee's Responsibilities|4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 to
14|
## **Somerton Recreation Ground Trust (2019)**
## **Reference and Administrative Details**
## **Trustee**
Ray Thompson **Principal Office**
3 Highfield Close Somerton Somerset TA11 6SZ **Charity Registration Number**
1181452
## **Independent Examiner**
Accounting Angels (SW) Ltd Corporate Financial Accountants Walker House Market Place Somerton Somerset TA11 7LZ
Page 1
## **Somerton Recreation Ground Trust (2019)**
## **Trustee's Report**
The member presents the annual report together with the financial statements of the charity for the year ended 31 March 2021.
## **Objectives and activities**
## _**Public benefit**_
The trust was created for the provision and maintenance of a recreation ground for the benefit of the inhabitants of the Parish of Somerton without distinction of political, religious or other opinions, with the objective of improving the conditions of life for the said inhabitants.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefits when reviewing the Trist’s aims and objectives.
The trustee 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.
## _**Grant making policies**_
No grants are made by the Charity.
## **Achievements and performance**
A committee consisting of recreation ground user groups, community volunteers and trustees manage the day to day running and maintenance of the recreation ground and facilities.
The Recreation Ground continues to provide facilities for youth and adult football, rugby and schools sports tournaments. In addition, the grounds are used for non-sporting activities providing space for other community based activities such as the Somerton Music and Arts Festival, circus events and others. Our groundsmen maintain the fields to the highest standards and were pleased to receive a Silver award from the Somerset Playing Fields Association for 2020.
## **Financial review**
The trust received £16,933 of income this year and made payments of £32,686. The year end cash balance was £28,392.48.
## _**Policy on reserves**_
The trust holds a small reserve sufficient to cover between 4 and 6 months of operational expenditure. The trust aims to increase reserves to ensure that 6 months of expenditure is covered in order to reduce the need for grant funding to cover costs.
## _**Investment policy and objectives**_
The trust holds no investment funds.
Page 2
## **Somerton Recreation Ground Trust (2019)**
## **Trustee's Report**
## **Structure, governance and management**
## _**Nature of governing document**_
The Trust is a Charitable Incorporated Organisation (CIO), constituted under a charitable trust deed and is a registered charity number 1181452.
## _**Recruitment and appointment of trustee**_
Somerton Recreation Ground Trust (2019) was formed on 7th January 2019 to accommodate the transfer of assets from the existing trust (Somerton Recreation Ground Trust Charity number 304630) on 31st March 2019. This followed a decision by the existing trustee (Somerton Town Council) to relinquish the day to day running of the recreation ground and pass this responsibility to a new entity.
The trustees are as follows: David Neil Osmond Chair. Appointed 07.01.2019 Raymond John Thompson Treasurer. Appointed 07.01.2019 Jason Richard Burton Appointed 07.01.2019 Cliff Stephen Bassett Appointed 07.01.2019
## _**Organisational structure**_
The trustees, user groups and community volunteers meet to discuss and decided on operational issues monthly. Trustees also meet quarterly to discuss and make decisions on both operational and strategic issues.
The annual report was approved by the member of the charity on .................... and signed on its behalf by:
......................................... Mr R Thompson on behalf of The Recreation Ground Committee
Page 3
## **Somerton Recreation Ground Trust (2019)**
## **Statement of Trustee's Responsibilities**
The trustee is responsible for preparing the trustee's report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustee 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 member is 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; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The member is 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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The member is 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 trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the presentation and dissemination of financial statements.
Approved by the member of the charity on .................... and signed on its behalf by:
.........................................
Mr R Thompson on behalf of The Recreation Ground Committee
Page 4
## **Somerton Recreation Ground Trust (2019)**
## **Independent Examiner's Report to the trustee of Somerton Recreation Ground Trust (2019)**
I report to the charity trustee on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 6 to 14.
## **Respective responsibilities of trustee and examiner**
As the charity’s trustee of Somerton Recreation Ground Trust (2019) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Somerton Recreation Ground Trust (2019)'s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of Somerton Recreation Ground Trust (2019) as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
...................................... Accounting Angels (SW) Ltd Corporate Financial Accountants
Walker House Market Place Somerton Somerset TA11 7LZ
Date:.............................
Page 5
## **Somerton Recreation Ground Trust (2019)**
## **Statement of Financial Activities for the Year Ended 31 March 2021**
|**Statement of Financial Activities for the Year Ended 31 March**
**2021**|**Statement of Financial Activities for the Year Ended 31 March**
**2021**|
|---|---|
|**Note**
**Unrestricted**
**£**
**Total**
**2021**
**£**||
|**Income:**||
|Total Receipts|13,468
13,468|
|**Expenditure on:**||
|Maintenance and Utilities|(19,049)
(19,049)|
|General Overheads|(13,585)
(13,585)|
|Total expenditure|(32,634)
(32,634)|
|Net movement in funds|(19,166)
(19,166)|
|**Reconciliation of funds**||
|Total funds carried forward
9|(19,166)
(19,166)|
|**Note**
**Unrestricted**
**£**
**Total**
**2020**
**£**||
|**Income:**||
|Total Receipts|54,144
54,144|
|**Expenditure on:**||
|Maintenance & Utilities|(20,101)
(20,101)|
|General Overheads|(12,731)
(12,731)|
|Total expenditure|(32,832)
(32,832)|
|Net movement in funds|21,312
21,312|
|**Reconciliation of funds**||
|Total funds carried forward
9|21,312
21,312|
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2020 is shown in note 9.
The notes on pages 8 to 14 form an integral part of these financial statements. Page 6
## **Somerton Recreation Ground Trust (2019)**
## **(Registration number: 1181452) Balance Sheet as at 31 March 2021**
|**(Registration number: 1181452)**
**Balance Sheet as at 31 March 2021**|**(Registration number: 1181452)**
**Balance Sheet as at 31 March 2021**|
|---|---|
|**Note**
**2021**
**£**
**2020**
**£**||
|**Fixed assets**||
|Tangible assets
5|584,443
586,379|
|**Current assets**||
|Debtors
6|-
10,306|
|Cash at bank and in hand
7|23,392
30,398|
||23,392
40,704|
|**Creditors: Amounts falling due within one year** 8|(299)
(383)|
|**Net current**assets|23,093
40,321|
|**Net**assets|607,536
626,700|
|**Funds of the charity:**||
|**Unrestricted income funds**||
|Unrestricted funds|(19,166)
21,312|
|Other reserves|626,702
605,388|
|Total unrestricted funds|607,536
626,700|
|**Total funds**
9|607,536
626,700|
The financial statements on pages 6 to 14 were approved by the The Recreation Ground Committee, and authorised for issue on .................... and signed on their behalf by:
.........................................
Mr R Thompson on behalf of The Recreation Ground Committee
The notes on pages 8 to 14 form an integral part of these financial statements. Page 7
## **Somerton Recreation Ground Trust (2019)**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **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 2015) - (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**
Somerton Recreation Ground Trust (2019) 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 notes.
## **Exemption from preparing a cash flow statement**
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
## **Going concern**
The trustee consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
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**_
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
## _**Grants receivable**_
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants 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 on the balance sheet as deferred income to be released.
Page 8
## **Somerton Recreation Ground Trust (2019)**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## _**Gifts in kind**_
Gifts in kind are recognised in different ways dependent on how they are used by the charity:
(i) Those donated for resale produce income when they are sold. They are valued at the amount actually realised.
(ii) Those donated for onward transmission to beneficiaries are included in the Statement of Financial Activities as incoming resources and resources expended when they are distributed. They are valued at the amount the charity would have had to pay to acquire them.
(iii) Those donated for use by the charity itself are included when receivable. They are valued at the amount the charity would have had to pay to acquire them.
## **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, 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.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## **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 audit, strategic management and trustee’s 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 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, 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**
Page 9
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Page 9
# **Somerton Recreation Ground Trust (2019)**
# **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **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:
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other shortterm highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the 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-current liabilities. are recognised initially at the transaction price and subsequently measured at amortised cost using the effective 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 being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity.
Page 10
## **Somerton Recreation Ground Trust (2019)**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **2 Expenditure on charitable activities**
|**2 Expenditure on charitable activities**||
|---|---|
||**Unrestricted**
**funds**
**Total**|
|**Note**|**General**
**£**
**funds**
**£**|
|Governance costs|13,585
13,585|
|**Total for 2020**|12,731
12,731|
Page 11
## **Somerton Recreation Ground Trust (2019)**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **Total expenditure £**
## **3 Auditors' remuneration**
## **4 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **5 Tangible fixed assets**
|**5 Tangible fxed assets**|||
|---|---|---|
||**Land and**
**buildings**
**£**
**Furniture**
**and**
**equipment**
**£**
**Other**
**tangible**
**fxed asset**
**£**
**Total**
**£**||
|**Cost**|||
|At 1 April 2020|578,635
10,325
1
588,961||
|At 31 March 2021|578,635
10,325
1
588,961||
|**Depreciation**|||
|At 1 April 2020|-
2,582
-
2,582||
|Charge for the year|-
1,936
-
1,936||
|At 31 March 2021|-
4,518
-
4,518||
|**Net book value**|||
|At 31 March 2021|578,635
5,807
1
584,443||
|At 31 March 2020|578,635
7,743
1
586,379||
|**6 Debtors**|||
|||**2021**
**£**
**2020**
**£**|
|Trade debtors||-
13,931|
|Accrued income||-
(3,625)|
|||-
10,306|
**7 Cash and cash equivalents**
Page 12
## **Somerton Recreation Ground Trust (2019)**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
|**Notes to the Financial Statements for the**
**2021**|**Notes to the Financial Statements for the**
**2021**|**Year Ended 31 March**|
|---|---|---|
|||**2021**
**£**
**2020**
**£**|
|Cash on hand||100
100|
|Cash at bank||13,292
30,298|
|Short-term deposits||10,000
-|
|||23,392
30,398|
|**8 Creditors: amounts falling due within one year**|||
|||**2021**
**£**
**2020**
**£**|
|Trade creditors||-
82|
|Other creditors||(1)
1|
|Accruals||300
300|
|||299
383|
|**9 Funds**|||
||**Incoming**
**resources**
**£**|**Resources**
**expended**
**£**
**Balance at**
**31 March**
**2021**
**£**|
|**Unrestricted funds**|||
|General|640,170
(32,634)
607,536||
||**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Balance at**
**31 March**
**2020**
**£**||
|**Unrestricted funds**|||
|General|659,532
(32,832)
626,700||
## **10Analysis of net assets between funds**
||**Unrestricted**
**funds**
**Total funds**
**at 31 March**|
|---|---|
||**General**
**£**
**2021**
**£**|
|Tangible fxed assets|584,443
584,443|
|Current assets|23,392
23,392|
|Current liabilities|(299)
(299)|
|Total net assets|607,536
607,536|
Page 13
## **Somerton Recreation Ground Trust (2019)**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
||||**Unrestricted**
**funds**
**Total funds**
**at 31 March**|
|---|---|---|---|
||||**General**
**£**
**2020**
**£**|
|Tangible fxed assets|||586,379
586,379|
|Current assets|||40,704
40,704|
|Current liabilities|||(383)
(383)|
|Total net assets|||626,700
626,700|
|**11Analysis of net funds**||||
||||**At 1 April**
**2020**
**£**
**At 31 March**
**2021**
**£**|
|Cash at bank and in hand|||30,398
30,398|
|Net debt|||30,398
30,398|
||**At 1 April**
**2019**
**£**||**Financing**
**cash fows**
**£**
**At 31 March**
**2020**
**£**|
|Cash at bank and in hand|15,022
15,376
30,398|||
|Net debt|15,022
15,376
30,398|||
Page 14
## **Somerton Recreation Ground Trust (2019)**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2021**
|**March 2021**||
|---|---|
||**Total**
**2021**
**£**
**Total**
**2020**
**£**|
|**_Income_**||
|Pitch fee|2,995
29,684|
|Sports Club Fees|2,500
525|
|Ground fee|1,590
1,000|
|Dowry payment|(10,000)
10,000|
|STC grants|15,435
9,875|
|Fundraising|40
1,200|
|Sponsorship|-
1,810|
|Misc income|908
50|
||13,468
54,144|
|**_Maintenance and Utilities_**||
|Grounds maintenance|(17,194)
(18,942)|
|Utilities|(1,473)
(1,159)|
|Advertising|(382)
-|
||(19,049)
(20,101)|
|**_General Overheads_**||
|Insurance|(53)
(2,201)|
|Repairs and renewals|(6,925)
-|
|Misc expenditure|(2,062)
(1,257)|
|New equipment|(84)
(2,996)|
|Computer software and maintenance costs|(211)
-|
|Charitable donations|(1,200)
-|
|Motor repairs and renewals|(814)
-|
|Accountancy fees|(300)
(972)|
|Consultancy fees|-
(2,723)|
|Depreciation of plant and machinery|(1,936)
(2,582)|
||(13,585)
(12,731)|
This page does not form part of the statutory financial statements. Page 15