ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1188729
Castle View Accounting Ltd Ground Floor Offices
53 High Street Arundel West Sussex BN18 9AJ
CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
CONTENTS
Page 3 Legal and Administrative Information Page 4 Independent Examiners Report to the Trustees Pages 5 to 6 Trustees' Report Page 7 Statement of Financial Activities Page 8 Balance Sheet Pages 9 to 18 Notes to the Financial Statements
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CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
CHARITY NUMBER 1188729 DATE OF REGISTRATION 24th March 2020 START OF FINANCIAL YEAR 1st April 2023 END OF FINANCIAL YEAR 31st March 2024 TRUSTEES AS AT 31ST MARCH 2024 Mr P Kitchin (Chairman) Mr J A Scott (Treasurer) Mr J P Egan Mr R Maddams Mr D J Seeds Mr J J Beech
The existing trustees appoint any new trustees following the provisions laid out in the organisation's governing instrument.
LEGAL STATUS Charitable Incorporated Organisation
GOVERNING INSTRUMENT CIO - Foundation Registered 24th March 2020
OBJECTS
To promote for the benefit of the inhabitants of Cumbria the provision of facilities for sport, recreation or other leisure time occupation of individuals who have need of such facilities in the interest of social welfare, health and wellbeing and with the object of improving the condition of life of the said inhabitants.
REGISTERED ADDRESS Cumbria Academy of Sport Overend Road Hensingham Whitehaven Cumbria CA28 8SD PRIMARY BANKERS HSBC Bank Plc 69 Lowther Street Whitehaven Cumbria CA28 7AD INDEPENDENT EXAMINERS Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
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INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the trustees/ members of Cumbria Sport Academy on the accounts for the year ended 31st March 2024 set out on pages 7 to 18.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention
Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
-
which gives me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
K. Collaku MAAT Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
Date: 28th January 2025
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CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2024
Cumbria Sports Academy (CSA) has had a busy reporting period. At the strategic level, finalisation of the Land Registry formalities from the transfer of status from that of Charitable trust status to that of CIO on 31 Mar 23 were completed. FY 23/24 therefore sees our accounts being done in the name of the CIO Cumbria Sports Academy (1188729). At the operational level, CSA continued to serve the community through the delivery of an environment and facilities where high quality sports, wellbeing and social activities were held. Events have included music festivals, county, club and school level athletics meetings, rehabilitation classes for neurological illness, spin and general fitness sessions, weight management classes, football and rugby.
The trustees have invested a significant amount in undertaking a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis during this reporting period with the aim to improve and baseline their understanding of the current situation. This proved very useful and has assisted greatly in the identification of the key risks that the organisation faces and the opportunities that exist. The resolution and exploitation of the risks and opportunities respectively will be managed via an Action Plan derived from the exercise.
The stadium has been successful in attracting grant funding to improve the presentation and storage facilities at the stadium with the purchase of two new ISO containers. Unfortunately, England Athletics' requirements for Track mark accreditation have yet to be met; the track needs some repair work and a recent inspection concluded that there is a need to replace, rather than to modify, the field events cage. Failure to meet accreditation standards will limit the level of events that can be held at the stadium and the achievement of a successful grant funding bid to fund replacement of the cage is now seen as a key priority. A quotation for the cage has been received and estimates are in place to allow bids to be submitted at the earliest opportunity.
The arrangement entered into with Bransty Rangers AFC to allow their usage of CSA facilities has proven beneficial to both parties and, therefore, also to the wider community of users. The trustees have, as a result, agreed to formalise the relationship over a 3 year term. It is also hoped that this will further encourage grant funding of CSA facilities by the FA and other football related funding bodies. The relationship has also brought about wider benefits: via improved usage of the site, the generation of valuable additional income and the attraction of volunteers to join the small team that runs the facilities.
The key objectives for FY 23/24 are:
1 . Gain Trackmark accreditation.
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2 . Attract more new volunteers.
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3 . Explore ways to run the site more efficiently and sustainably.
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4 . Execute the findings of the SWOT Analysis.
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CUMBRIA SPORTS ACADEMY ChaMat4e Iorated Organ8"¢1 TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31ST MARCH 2024 Trust065' R•sy)n¥ibiliti Thè truslees ar¢ responSie foF prepanr#J the Report of ts Tw51ee5 aTrJ the finar?1 Stskments in accordarKe with applicab and the United Kingdorn Accountsng Starrds (Untsd knNJdorn G8n8rally AcLep Ao>)untsng Practicé Th8 Law app11t•b io charrt in England and Wales. Chari Act 2011. Chanty (Accounts arvj Reportsl RoguLgtions and Ihe provi%K>ns of the Go%min9 t)ocumeftt rwuir6s fv tnjstees to Pf8parÈ finan(aal $tat0nEnts for each financhql yeaf which gNe a true aTrJ fair of ts state of affzir5 of the thanty ar tsf tsE irKomiThJ r&SOur and appl1¢attt of resources. in¢luding Ihe in¢LTh arwj eYendre of t ¢harty tot that peri&J. In preparry Iho$e financlal smemonts. the t$08 a rty4ulr to". Sect suitabk accounimg poks aNI then thern ConSnty' Owrve the methods and pnnciples in Charty SORP.. Make Judgerrents and •slimates thai a reasortab aThJ Prepare the financbal $tartnts OTh th8 goirvj concern basLS unkns it is irwwopriate to presume that the CIO will contsnu¢ to operate. The tsUSte8$ ar& reÈwkrtsible for kewn9 pmper xcounb'ng records whth di8¢kne wth reasonab acwracy at arty bme the finanoal p0SOn of the charty ¥rwJ to enabte them lo ensure Ihai the financ1 statements )Mpty wrth Charits8s Act 2011. Ihe Charity IA¢¢ounts atKI Reports) Ruth)ns 8r¥J the provL8wJns of Ihe Governing tkurrent. They are also QSpDnsib for safeguardirwJ the assets of the ¢harty anrJ hence for lakKvJ wsonabk 5p5 for the prevenb'on aN1 detecbon of fraj and other ulari. Approved by the Tnk888 on......................... Svjned on their behaifby Truse .. ..................... A-S PTrnted Na. JI¥MEg t¥ S&fZ
CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024
| Notes Donations & Legacies 3a Charitable Activities 3b Activities for Generating Funds 3c Investment Income 3d Other Income 3e TOTAL INCOME EXPENDITURE ON: Charitable Activities 4a Cost of Generating Funds 4b Governance Costs 4c TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) Total Funds Brought Forward Transfer of Funds 17 TOTAL FUNDS CARRIED FORWARD INCOME AND ENDOWMENTS FROM: |
Unrestricted Designated Restricted TOTAL TOTAL Fund Fund Fund 2023/24 2022/23 £ £ £ £ £ 3,865 - - 3,865 - 49,085 - - 49,085 - 330 - - 330 - 3,455 - - 3,455 - 320 - - 320 - 57,055 - - 57,055 - 49,821 - 8,622 58,443 - 218 - - 218 - 1,496 - - 1,496 - 51,535 - 8,622 60,157 - 5,520 - (8,622) (3,102) - - - - - - 161,001 - 839,904 1,000,905 - 166,521 - 831,282 997,803 - |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 9 to 18 form part of these financial statements.
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CUMBRIA SPORTS ACADEMY (charitab Iraled Organisabonl 8ALAMCE SHEET AS AT 31ST MARCH 2024 Unrestrth OesbJTratsd R8strK Fund FurK¢ Fund Total 314lar-24 Totsl 31-Mar43 Tang1 Assets 819. 8¢3,010 StrKk Cash at 8anX and Hand Oebtofs & Prepayments 141.272 3.665 11.716 152.988 3.665 Totsl Curr•nt A580ts 144.937 11.716 156.653 Credito. AmouThts faw d within one ar NET CURRE14T ASSEtSlLIABILETIESI 143.077 11.716 154,793 TOTAL ASSETS Current hat#"lrfeg 166.521 831.282 997.803 Ct8ditorn: Long Tem Lbil 10 NET ASSEfsiiLLABILITIESI 166.521 831.282 997.603 Funds ofthe Clwity General Fund5 D&swJnatJ Funds Re5tncted FunLIs 166,521 166,521 831.282 &31282 Totsl Funds 166,521 831.282 997,803 )ptoved by Trus*8s on ..... ............. ... 31.1 S¥Jned on beha by Ttustee........................ Pnnted Naff¢'.
CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts.
Investment Income
This is included in the accounts when receivable.
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CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Support Costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, eg allocating property costs by floor areas, or per capital employed, staff costs by the time spent and other costs by their usage.
Unrestricted Funds
Unrestricted funds can be used for the general objectives of the charity. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted Funds
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of a special appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
Designated Funds
Designated Funds are funds set aside by the trustees from the unrestricted general funds which have been ring fenced for particular purposes or projects.
Stock
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied per annum are as follows:
Facility Upgrade 2% - Straight Line Basis Fixtures & Fittings 15% - Reducing Balance Basis General Equipment 15% - Reducing Balance Basis
Amortisation
No amortisation is charged to freehold Land and Buildings as the Land and Buildings is maintained to such a standard that the estimated residual value is not less than cost.
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CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
2. TANGIBLE FIXED ASSETS
| Cost 01-Apr-23 Additions Transfer 27-Apr-23 Cost at 31-Mar-24 Depreciation 01-Apr-23 Charge Transfer 27-Apr-23 Depreciation at 31-Mar-24 Net Book Value 31-Mar-24 Net Book Value 31-Mar-23 |
Land & Facility Fixtures & Equipment TOTAL Buildings Upgrade Fittings Costs 2023/24 £ £ £ £ £ - - - - - - - - - - 500,000 480,940 4,350 63,915 1,049,205 500,000 480,940 4,350 63,915 1,049,205 - - - - - - 8,622 41 6,054 14,718 - 147,039 4,075 40,363 191,477 - 155,661 4,116 46,417 206,195 500,000 325,279 234 17,498 843,010 - - - - - |
|---|---|
The annual commitments under non-cancelling operating leases and capital commitments are as follows: 31st March 2024 : None
31st March 2023 : None
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CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
3. INCOME AND ENDOWMENTS
| Notes a) Donations & Legacies Gifts & Donations Grants Received b) Charitable Activities Hire of Sports Facilities c) Activities for Generating Funds Equipment Sales d) Investment Income Bank Interest e) Other Income Sundry Income |
Unrestricted Designated Restricted TOTAL TOTAL Fund Fund Fund 2023/24 2022/23 £ £ £ £ £ 500 - - 500 - 3,365 - - 3,365 - 3,865 - - 3,865 - 49,085 - - 49,085 - 49,085 - - 49,085 - 330 - - 330 - 330 - - 330 - 3,455 - - 3,455 - 3,455 - - 3,455 - 320 - - 320 - 320 - - 320 - |
|---|---|
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CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
4. EXPENDITURE ON:
| Notes a) Charitable Activities Bank Charges Cleaning Costs Depreciation Expenses 2 & 6 Insurance Costs Office Costs Rent & Rates Repairs & Maintenance Staff Costs 12 Sundry Expenses Telephone Costs Utility Costs b) Cost of Generating Funds Bar & Food Costs c) Governance Costs Independent Examiner's Fees 9 Legal & Professional Fees |
Unrestricted Designated Restricted TOTAL TOTAL Fund Fund Fund 2023/24 2022/23 £ £ £ £ £ 55 - - 55 - 1,305 - - 1,305 - 6,096 - 8,622 14,718 - 6,920 - - 6,920 - 394 - - 394 - 1,962 - - 1,962 - 14,292 - - 14,292 - 5,956 - - 5,956 - 247 - - 247 - 665 - - 665 - 11,930 - - 11,930 - 49,821 - 8,622 58,443 - 218 - - 218 - 218 - - 218 - 960 - - 960 - 536 - - 536 - 1,496 - - 1,496 - |
|---|---|
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CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
5. DESIGNATED FUNDS
The Charity held no designated funds during this or the previous financial period.
6. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
| CCF Project Fund Facility Upgrade |
Balance Transfer of Balance 01-Apr-23 Income Expenditure Funds 31-Mar-24 £ £ £ £ £ - - - 11,716 11,716 - - 8,622 828,188 819,566 - - 8,622 839,904 831,282 |
|---|---|
The Restricted Funds held are represented by the Charity's Fixed Asset investments and Cash Reserves are to be expended as specified above.
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CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
7. CASH AT BANK AND IN HAND
| Cash at Bank and in Hand 8. DEBTORS AND PREPAYMENTS Sundry Debtors |
Unrestricted Designated Restricted Total Total Fund Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ £ 141,272 - 11,716 152,988 - 141,272 - 11,716 152,988 - Unrestricted Designated Restricted Total Total Fund Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ £ 3,665 - - 3,665 - 3,665 - - 3,665 - |
|---|---|
9. CREDITORS ACCRUALS AND DEFERRED INCOME: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiner's Fees Sundry Creditors |
Unrestricted Designated Restricted Total Total Fund Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ £ 960 - - 960 - 900 - - 900 - 1,860 - - 1,860 - |
|---|---|
10. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The Charity held no long term liabilities during this or the previous financial period.
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible Fixed Assets Net Current Assets Long Term Liabilities TOTAL FUNDS |
Unrestricted Designated Restricted Total Total Fund Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ £ 23,444 - 819,566 843,010 - 143,077 - 11,716 154,793 - - - - - - 166,521 - 831,282 997,803 - |
|---|---|
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CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
12. STAFF COSTS AND NUMBERS
| Gross Wages and Salaries Employer's National Insurance Costs Pension Contributions |
TOTAL 2023/24 £ 5,956 - - 5,956 |
TOTAL 2022/23 £ - - - - |
|---|---|---|
Employees who were engaged in each of the following activities:
| TOTAL | TOTAL | |
|---|---|---|
| 2023/24 | 2022/23 | |
| Activities in furtherance of organisation's objects | 1 | Nil |
The Charity operates a PAYE scheme to pay all members of employed staff and no employees received emoluments in excess of £60,000 (2022/23:None).
13. PAYMENTS TO TRUSTEES AND RELATED PARTY TRANSACTIONS
No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them (2022/23:None).
14. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
15. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
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CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
17. TRANSFER OF ASSETS AND LIABILITIES
The Trustees of Copeland Athletic Stadium Trust (Registered Charity Number 519625) sought guidance and advice and agreed to register the Charitable Incorporated Organisation, Cumbria Sports Academy (Registered Charity Number 1188729), which was formally registered with the Charity Commission on the 24th March 2020. The Trustees of Copeland Athletic Stadium Trust (Registered Charity Number 519625) have agreed to transfer the assets and liabilities to the Charitable Incorporated Organisation, Cumbria Sports Academy (Registered Charity Number 1188729) and the assets and liabilities were transferred on the 27th April 2023.
The following Assets and Liabilities were transferred to Cumbria Sports Academy (Registered Charity Number 1188729) on the 27th April 2023:
i ) The Freehold land held under Title Number CU55041 filed at the Registry and being Copeland Athletics Stadium, Overend Road, Whitehaven, CA28 8SD.
ii ) There are excluded from this registration the mines and minerals excepted by the Conveyance dated 23 September 1938 referred to in the Charges Register in the following terms and the land is also subject to the following rights reserved thereby:-
Except and reserved in fee simple out of this Conveyance to the Company and its successors in title the minerals and other rights and interests mentioned in the First Part of the Second Schedule.
Transfer of Specified Property
i ) - The Freehold Land at Copeland Athletics Stadium, Overend Road, Whitehaven, CA28 8SD., being comprised in a conveyance of the land in this title dated 4th August 1989.
The Trustees of Cumbria Sports Academy (Registered Charity Number 1188729) have agreed to include the Land & Buildings in the accounts at cost value as per the conveyance dated the 27th April 2023. The following cost value has been applied to the Land & Buildings:
| i) - Freehold Land & Buildings at Copeland Athletics Stadium, Overend Road, Whitehaven, CA28 8SD. | Total 27-Apr-23 £ 500,000 500,000 |
|---|---|
The Trustees of Cumbria Sports Academy (Registered Charity Number 1188729) have agreed to include the following fixed assets in the accounts at cost value dated the 27th April 2023. The following cost values have been applied to the following fixed assets:
| ii) - Facility upgrade cost at Copeland Athletics Stadium, Overend Road, Whitehaven, CA28 8SD. | Total 27-Apr-23 £ 333,901 |
|---|---|
| 333,901 | |
| iii) - Fixtures, Fittings & Equipment held by Copeland Athletics Stadium Trust as per the Vesting Declaration Dated 31st March 2023. |
Total 27-Apr-23 £ 23,827 |
| 23,827 |
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CUMBRIA SPORTS ACADEMY
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
17. TRANSFER OF ASSETS AND LIABILITIES (Continued)
Transfer of Specified Property (Continued)
| Total | |
|---|---|
| 27-Apr-23 | |
| iv) - Current assets and liabilities held by Copeland Athletics Stadium Trust as per the Vesting Declaration | 143,177 |
| Dated 31st March 2023. | |
| 143,177 |
The Trustees of Copeland Athletic Stadium Trust (Registered Charity Number 519625) have agreed to transfer the assets and liabilities to the Charitable Incorporated Organisation, Cumbria Sports Academy (Registered Charity Number 1188729). The assets and liabilities were transferred on the 27th April 2023 and are as follows:
| Fixed Assets Tangible Assets Current Assets Debtors & Prepayments Cash at Bank and in Hand Total Current Assets NET CURRENT ASSETS TOTAL ASSETSless current liabilities Long Term Liabilities: Amount due in more than one year NET ASSETS Funds of the Charity General Funds Restricted Funds Total Funds Transferred Creditors:amounts falling due within one year |
Unrestricted Restricted Total Funds Funds 27-Apr-23 £ £ £ 29,540 828,188 857,728 7,650 - 7,650 125,661 11,716 137,377 133,311 11,716 145,027 1,850 - 1,850 131,461 11,716 143,177 161,001 839,904 1,000,905 - - - 161,001 839,904 1,000,905 161,001 - 161,001 - 839,904 839,904 161,001 839,904 1,000,905 |
|---|---|
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