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2021-12-31-accounts

The Sabre Club Charitable Foundation Report and Financial Statements Period from 1 January 2021 ending 31 December 2021 Charity no: 1189637

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Reference and administrative information

Trustees

P Aiyenuro (appointed 22 May 2020, resigned 14 August 2022)

M Mansoori (appointed 7 September 2022)

J Esimaje-Heath (appointed 22 May 2020)

P Howes, Chair (appointed 22 May 2020)

Principal Office

8 Beulah Hill, London, SE19 3LS

Charity Number: 1189637

Bankers

HSBC Bank, 117 Balham High Road, Balham, London, SW12 9AS

Report of the trustees for the period ended 31 December 2021

The trustees present their annual report and financial statements of the charity for the period starting 1 January 2021 and ending 31 December 2021 (comparative period 22 May 2020 to 31 December 2020). The financial statements have been prepared using the accruals method and comply with the charity’s constitution and the Charities Act 2011.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and the relevant version of the 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).

Structure, governance and management

The Sabre Club Charitable Foundation is a registered charity, number 1189637, and is constituted as a Charitable Incorporated Organisation (CIO) under the current constitution dated 22 May 2020. The trustees who were active during the period were all appointed as of 22 May 2020, the date of registration of the charity. After the balance sheet date Patricia Aiyenuro resigned and Mohammad Mansoori was subsequently appointed a trustee. Peter Howes was also reappointed for a further 4 years on the expiry of his initial term of 2 years.

The only voting members of the charity are its trustees. As the first trustees the charity trustees were appointed for the following terms: Patricia Aiyenuro for 4 years, Jacqueline Esimaje-Heath for 3 years and Peter Howes for 2 years. This

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follows the recommendation of The Charity Commission to stagger the terms of office of the first trustees.

All trustees give of their time freely and no trustee remuneration was paid in the period. In this start up period no trustee expenses were paid or accrued as the trustees covered their own expenses. Set up costs of the charity such as the cost of securing a web and associated email address were covered from trustee donations or by the trustees personally.

Trustees are required to disclose all relevant interests and register them with the committee and to withdraw from decisions where a conflict of interest arises. All the trustees are involved in the sabre fencing community and are either active or recently active sabre fencers with children who have been or still are active in the sport as competitors, referees or coaches.

Risk management

The trustees have considered the major risks to which the charity is exposed and has established systems and procedures to manage those risks.

The major risk for the current period was the impact of Covid-19 in delaying the opening of a bank account and hence the possibility of operating or registering with HMRC for Gift Aid. A bank account was opened in June 2021 and Gift Aid registration was successfully carried out during 2021.

The major operational risk for 2021 was the time required to set up the initial website coupled with the continuing uncertainty surrounding attendance of spectators at sabre fencing competitions, both of which are important factors in starting to attract donations to allow the charity to actively pursue its objectives and activities for the public benefit.

The same risks apply to 2022 coupled with the cost-of-living crisis which will both make participating in the sport more expensive and also make it potentially harder to attract donations.

Objectives and activities for the public benefit

The objects of the foundation are the promotion of community participation in healthy recreation by the provision of financial assistance to enable members of the public to participate in the sport of sabre fencing at all levels.

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when setting the charity’s aims and objectives and in planning future activities and setting the grant making policy for the period.

The charity had income of £801 in the period (2020: none) but no grant making activities (2020: none). In addition to cash receipts and receipt of services paid for, the charity received the total share capital of The Sabre Club Limited. At the time of transfer on 24 October 2021 the company had a bank balance of £100 reflecting its fully paid-up share capital. The founding shareholder and current sole director of the company is Peter Howes who regularly reports on the company’s activities to the trustees.

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Grant making policy

The charity has established its grant making policy to achieve its objects for the public benefit to provide the opportunity to play sport through promoting sabre fencing throughout England and Wales.

The current policy of The Sabre Club Charitable Foundation (the “Charity”) is to primarily fund activities that are not usually funded by other bodies and which are in line with the charity’s objects.

Grants could cover, among others, the following activities:

The costs of sabre specific organised group training at senior level

Competition entry fees for teams

Meeting part or all of the costs of unfunded coaches to accompany teams at junior and senior levels at international competitions

Sponsoring sabre training courses for sabre coaches to aid them in improving the sabre coaching standards

Sponsoring sabre coaching courses for elite sabre fencers and promising non elite fencers to help them transition from competitive fencing to coaching where they have demonstrated a commitment to coaching

Sponsoring the provision of high-quality sabre referees to local competitions in order to provide training for upcoming referees and to raise the standards of the competition to encourage greater participation

Grants will normally be used for activities not funded by other bodies

In rare circumstances grants may be provided to individuals directly.

How our grant programmes delivered public benefit: A review of our achievements and performance

The charity had only limited receipts and no grant making activities during the period due to the Covid-19 related delays experienced in opening a bank account. This led to 2021 being effectively still the set-up phase of the charity.

The charity’s wholly owned trading subsidiary The Sabre Club Limited (since 24 October 2021) was able to subsidise a referee course for young budding referees and so delivered some public benefit on behalf of the charity. Without the company’s involvement the course would not have gone ahead and there would have been no initial stimulus to the community in supporting both the young fencers and referees and the parent community as well.

The Sabre Club also provided information and social media coverage of events on its various channels in order to help and support parents, clubs, fencers, referees and coaches throughout the period.

Financial review

The charity’s work is entirely reliant on income from fundraising activities and donations from the trustees.

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Total income for the year ended 31 December was £801 including £109 of accrued income from gift aid received after the balance sheet date.

Costs attributable to the period amounted to £142. Of this amount £52 was due to bank charges on the set up of a card payment terminal in October and a total of £10 to monthly bank charges. A further £2 (rounded up) was paid out in Stripe fees on total receipts of £20 via that platform. As this amounted to nearly 10% of the gross donations alternatives were sought and the PayPal links set up.

Prepayments relating to website and domain costs amounted to £67 (2020: Nil) as these were set up in late October 2021.

In 2020 there was no bank account so no fundraising activities could be properly undertaken in the period and the income and expenditure were Nil.

The balance sheet total at 31 December 2021 was £659 (2020: Nil).

All donations received were unrestricted so only one column for total funds is shown in these report and accounts.

The subsidiary acquired is not considered material to the charity and so consolidated accounts have not been prepared.

Grant awards

In the 12 months from the balance sheet date, the trustees anticipate that funds will be raised as a bank account was successfully opened in June 2021 and the both the fencing public and general public will become more aware of the charity’s activities and the public benefit it promotes.

The trustees will work on the website and making the public aware of the charity’s activities both to attract funds by way of donations and to attract requests for grants to apply those funds for the public benefit.

Trustees’ responsibilities in relation to the financial statements

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. 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 for the charity for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP; make judgements and estimates that are reasonable and prudent; and state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain and ensure that the financial statements comply with the Charities Act

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2011, the Charity (Accounts and Reports) Regulations 2015 and the provisions of the constitution. 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 trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website.

Approved by the trustees on 23 October 2022 and signed on their behalf by:

P Howes

P HOWES CHAIR of TRUSTEES

The Sabre Club Charitable Foundation Statement of Financial Activities For the year end 31 December 2021 and For the period from 22 May 2020 and ending 31 December 2020

Not
e
Incoming resources
Voluntary income
Receipt of shares in subsidiary at
value
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Total incoming resources
Resources expended
Cost of generating funds
Charitable activities
Cost of grant making
Governance costs
Total resources expended
Net (outgoing) incoming
resources before transfers
Transfers
Gross transfers between funds
Net (outgoing) incoming
resources before other		 Total Funds
2021
Total Funds
2020
£
£
701
Nil
100
Nil
801
NIL
142
Nil
Nil
Nil
NIL
NIL
Nil
Nil
142
NIL
659
NIL
Nil
Nil
659
NIL

Net (outgoing) incoming resources before other recognised gains and losses

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Other recognised gains and losses
Net movement in funds
Reconciliation of Funds
Total Funds brought forward
Total Funds carried forward		 Nil
Nil
659
NIL
Nil
Nil
659
NIL

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The Sabre Club Charitable Foundation Balance Sheet as at 31 December 2020

Not
e
Fixed Assets:
Tangible assets
Investments
4
Total Fixed Assets
Current assets:
Debtors and prepayments
5
Cash at bank and in hand
Total Current Assets
Liabilities:
Creditors falling due within one
year
Net Current Assets
Total assets less current
liabilities
Creditors: Amounts falling due
after more than one year
Net assets
The funds of the charity:
Endowment funds
Restricted income funds
Unrestricted income funds
Total charity funds		 Total Funds
2021
Total Funds
2020
£
£
Nil
Nil
100
Nil
100
NIL
176
Nil
383
Nil
559
NIL
Nil
Nil
559
NIL
659
NIL
Nil
659
Nil
Nil
Nil
Nil
Nil
659
Nil
659
NIL

The notes on pages 8 to 14 form part of these accounts.

Approved by the trustees on 23 October 2022 and signed on their behalf by: P Howes

P HOWES CHAIR of TRUSTEES

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Notes to the accounts

1 Basis of preparation

These accounts 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 accounts have been prepared in accordance with:

and with

and with

The charity constitutes a public benefit entity as defined by FRS 102.

1.1 Going concern

Although the charity had only limited income during the year (last year Nil) and a balance sheet value of only £659 at the year end, the charity is fully supported by its trustees. The opening of a bank account during the year and the receipt of some funds into that account ensure that there is no doubt as to the charity's ability to continue as a going concern.

1.2 Change of accounting policy

The accounts present a true and fair view and no changes have been made to the accounting policies adopted in note 2.

1.3 Changes to accounting estimates

No changes to accounting estimates have occurred in the reporting period (3.46 FRS102 SORP).

2 Accounting Policies

2.1 Income

Recognition of income

Income is included in the Statement of Financial Activities (SoFA) when:

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Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Grants and donations

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).

In the case of performance related grants, income must only be recognised to the extent that the charity has provided the specified goods or services as entitlement to the grant only occurs when the performance related conditions are met (5.16 FRS 102 SORP).

Legacies

Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.

Government grants

The charity has not received government grants in the reporting period Tax reclaims on donations and gifts

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. Where the gift aid is received after the balance sheet date, the amounts recoverable are included in income and in accruals.

Contractual income and performance related grants

This is only included in the SoFA once the charity has provided the related goods or services or met the performance related conditions.

Donated goods

Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so.

The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt and they are recognised on receipt. In the reporting period in which the stocks are distributed, they are recognised as an expense at the carrying amount of the stocks at distribution.

Donated goods for resale are measured at fair value on initial recognition, which is the expected proceeds from sale less the expected costs of sale and recognised in 'Income from other trading activities' with the corresponding stock recognised in the balance sheet. On its sale the value of stock is charged against 'Income from other trading activities' and the proceeds from sale are also recognised as 'Income from other trading activities'.

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Goods donated for on-going use by the charity are recognised as tangible fixed assets and included in the SoFA as incoming resources when receivable.

Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable.

Donated services and facilities

Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided the value of the gift can be measured reliably.

Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading in the SOFA.

Support costs

The charity has not incurred expenditure on support costs. Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

Income from interest, royalties and dividends

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Income from membership subscriptions

Membership subscriptions received in the nature of a gift are recognised in Donations and Legacies.

Membership subscriptions which give a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities.

Settlement of insurance claims

Insurance claims are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP) and are included as an item of other income in the SoFA.

Investment gains and losses

This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

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2.2 Expenditure and liabilities

Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Governance and support costs

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, eg allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

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

Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised.

Redundancy cost

The charity made no redundancy payments during the reporting period.

Deferred income

No material item of deferred income has been included in the accounts.

Creditors

Where the charity has creditors, these are measured at settlement amounts less any trade discounts

Provisions for liabilities

A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date

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Basic financial instruments

The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.

2.3 Assets

Tangible fixed assets for use by charity

The charity has no tangible fixed assets. These are capitalised if they can be used for more than one year, and cost at least £100

They are valued at cost.

Intangible fixed assets

The charity has no intangible fixed assets, that is, non-monetary assets that do not have physical substance but are identifiable and are controlled by the charity through custody or legal rights. They are valued at cost.

Heritage assets

The charity has no heritage assets, that is, non-monetary assets with historic, artistic, scientific, technological, geophysical or environmental qualities that are held and maintained principally for their contribution to knowledge and culture. They are valued at cost.

Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.

The investment in the subsidiary, The Sabre Club Limited is stated at cost less impairment. The impairment charge for the year was zero.

Investments held for resale or pending their sale and cash and cash equivalents with a maturity date of less than 1 year are treated as current asset investments

Stocks and work in progress

Stocks held for sale as part of non-charitable trade are measured at the lower or cost or net realisable value.

Goods or services provided as part of a charitable activity are measured at net realisable value based on the service potential provided by items of stock.

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Work in progress is valued at cost less any foreseeable loss that is likely to occur on the contract.

Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.

Current asset investments

The charity has no investments which it holds for resale or pending their sale and cash and cash equivalents with a maturity date less than one year. These include cash on deposit and cash equivalents with a maturity of less than one year held for investment purposes rather than to meet short-term cash commitments as they fall due.

3 Transactions with trustees and related parties

None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.

4 Investment in Subsidiary undertakings

On 24 October 2021 the charity received 100% of the ordinary shares in The Sabre Club Limited, a company registered in England and Wales with registered number 12384648. The company had £100 in the bank and no liabilities and was valued at £100. The value of the cash was treated as donation income. The company has a year end of 31 January.

5 Exemption from preparing consolidated accounts

Although the charity has a subsidiary as disclosed in note 4. The aggregate income of the group, after the elimination of all group transactions from income for the year, does not exceed £1,000,000 so the charity does not have to prepare group accounts and has chosen not to do so.

6 Debtors and prepayments

Debtors
Prepayments
Accrued income		 2021
2020
£
£
Nil
Nil
67
Nil
109
Nil

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Total debtors and prepayments

176 NIL

Prepayments relate to the portion of website and domain costs related to future periods.

Accrued income relates to amounts receivable under Gift Aid claimed and received after the balance sheet date.

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