## **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 2 ## **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 3 ## **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, - 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 - 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 1. which gives me reasonable cause to believe that in, any material respect, the requirements: - to keep accounting records in accordance with section 130 of the Charities Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or 2. 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 4 ## **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. - **2** . Attract more new volunteers. - **3** . Explore ways to run the site more efficiently and sustainably. - **4** . Execute the findings of the SWOT Analysis. 5 CUMBRIA SPORTS ACADEMY ChaMat4e I￿or￿￿ated Organ￿8￿"¢￿1 TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 31ST MARCH 2024 Trust065' R•sy)n¥ibiliti Thè truslees ar¢ responSi￿e foF prepanr#J the Report of ts Tw51ee5 aTrJ the finar￿￿?1 Stskments in accordarKe with applicab￿ and the United Kingdorn Accountsng Star￿rds (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 $tat0nEnts for each financhql yeaf which gNe a true aTrJ fair of ts state of affzir5 of the thanty ar￿ tsf tsE irKomiThJ r&SOur￿ and appl1¢at￿tt of resources. in¢luding Ihe in¢LTh arwj eY￿end￿re of t￿ ¢harty tot that peri&J. In preparry Iho$e financlal smemonts. the t￿$￿08 a rty4ulr￿ to". Se*ct suitabk accounimg pok*s aNI then thern ConS￿￿nty' Owrve the methods and pnnciples in Charty SORP.. Make Judgerrents and •slimates thai a￿ reasortab￿ aThJ Prepare the financbal $ta*rt*nts OTh th8 goirvj concern basLS unkns it is irwwopriate to presume that the CIO will contsnu¢ to operate. The tsUSte8$ ar& reÈwkrtsible for kewn9 pmper xcounb'ng records whth di8¢kne wth reasonab￿ acwracy at arty bme the finanoal p0S￿On of the charty ¥rwJ to enabte them lo ensure Ihai the financ￿1 statements ￿)Mpty wrth Charits8s Act 2011. Ihe Charity IA¢¢ounts atKI Reports) R￿u￿th)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 5*p5 for the prevenb'on aN1 detecbon of fra￿j and other ulari￿. Approved by the Tnk8*88 on......................... Svjned on their behaifby Trus*e .. ..................... 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. 7 CUMBRIA SPORTS ACADEMY (charitab￿ I￿raled Organisabonl 8ALAMCE SHEET AS AT 31ST MARCH 2024 Unrestrth OesbJTratsd R8strK Fund FurK¢ Fund Total 314lar-24 Totsl 31-Mar43 Tang￿1￿ 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 L*bil 10 NET ASSEfsiiLLABILITIESI 166.521 831.282 997.603 Funds ofthe Clwity General Fund5 D&swJnat*J 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. 9 ## **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. 10 ## **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 11 ## **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**
**-**| |---|---| 12 ## **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**
**-**| |---|---| 13 ## **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. 14 ## **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**
**-**| |---|---| 15 ## **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. 16 ## **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**| 17 ## **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 ASSETS**less 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**| |---|---| 18