The Sabre Club Charitable Foundation
Report and Financial Statements
Period from 1 January 2022 ending 31 December 2022 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 (reappointed 22 May 2022)
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 2022
The trustees present their annual report and financial statements of the charity for the period starting 1 January 2022 and ending 31 December 2022 (comparative period 31 January 2021 to 31 December 2021). 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 apart from Mohammad Mansoori who was appointed on 7 September 2022 for a term of 4 years. Peter Howes was reappointed in May 2022 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 follows the recommendation of The Charity Commission to stagger the terms of office of the first trustees. After the balance sheet date Jacqueline EsimajeHeath was reappointed for a period of 4 years on the expiry of her initial term of 3 years.
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All trustees give of their time freely and no trustee remuneration was paid in the period. No trustee expenses were paid or accrued as the trustees covered their own expenses.
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 the committee has established systems and procedures to manage those risks.
The major operational risk for 2022 was the time required to maintain the website and social media presence in the face of increasing demands on the time of the trustees and volunteers 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 increasing impact of the cost-of-living crisis which is making participating in the sport more expensive and also make it potentially harder to attract donations while at the same time increasing the need for funding for participants in the sport.
These risks and their impact have continued into 2023.
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 £3,457 in the period (2021: £801) and this allowed the charity to make grants totalling £2,612 (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 in 2021. 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. The investment is held at cost and there was no impairment.
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.
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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 made a total of 5 separate grants amounting to £1,792 to fund the team entry for Men’s and Women’s GBR teams fees at Senior World Cups during the year.
The charity also made two grants, totalling £820, directly to one individual fencer to enable that fencer to compete at the European Championships and then at the World Championships. It was felt that the exceptional circumstances warranted the grants to enable the team selected to compete. The grants represented less than half of the costs to the fencer to attend the events.
In 2021 the charity had only limited receipts and no grant making activities due to the Covid-19 related delays experienced in opening a bank account. This led to 2021 being effectively still the setup phase of the charity.
In 2021 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 2022 and 2021.
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 £3,457 (2021: £801) including £103 (2021: £109) of accrued income from gift aid relating to the period received or claimed after the balance sheet date.
Costs attributable to the period amounted to £250 (2021: £142) including bank charges, membership of the Fundraising Regulator, website and domain costs.
Prepayments relating to website and domain costs amounted to £67 (2021: £67).
The balance sheet total at 31 December 2022 was £1,254 (2021: £659).
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
The trustees have reviewed the effect of the grants made in 2022 in conjunction with the public coverage by The Sabre Club of the teams affected and come to the conclusion that the grants had a positive effect on the moral of the sabre fencing community and in encouraging sabre fencers throughout the country. However, there was also a general consensus that the emphasis should change to a greater focus on enabling grass roots sabre fencing in the future.
In the 12 months from the balance sheet date, the trustees anticipate that further funds will be raised as 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 2011, the Charity (Accounts and Reports) Regulations 2015 and the provisions of the constitution. They are also responsible for safeguarding the assets of the
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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 22 October 2023 and signed on their behalf by:
P Howes
P HOWES CHAIR of TRUSTEES
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The Sabre Club Charitable Foundation Statement of Financial Activities
For the year end 31 December 2022 and For the year ending 31 December 2020
| Note Incoming resources Voluntary income Receipt of shares in subsidiary at value 4 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 recognised gains and losses Other recognised gains and losses Net movement in funds Reconciliation of Funds Total Funds brought forward Net incoming resources for the year Total Funds carried forward |
Total Funds 2022 Total Funds 2021 £ £ 3,457 701 - 100 |
|---|---|
| 3,457 801 |
|
| 200 142 |
|
| 2,612 Nil |
|
| Nil Nil |
|
| 50 Nil |
|
| 2,862 142 |
|
| 595 659 Nil Nil |
|
| 595 659 Nil Nil |
|
| 595 659 659 595 Nil 659 |
|
| 1,254 659 |
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The Sabre Club Charitable Foundation Balance Sheet as at 31 December 2022
| Note Fixed Assets: Tangible assets Investments 4 Total Fixed Assets Current assets: Debtors and prepayments 6 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 2022 Total Funds 2021 £ £ Nil Nil 100 100 |
|---|---|
| 100 100 |
|
| 170 176 984 383 |
|
| 1,154 559 Nil Nil |
|
| 1,154 559 |
|
| 1,254 659 Nil |
|
| 1,254 659 |
|
| Nil Nil Nil Nil 1,254 659 |
|
| 1,254 NIL |
The notes on pages 9 to 14 form part of these accounts.
Approved by the trustees on 22 October 2023 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:
- the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 2[nd] edition issued in October 2019
and with
- the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
and with
- the Charities Act 2011.
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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the charity becomes entitled to the resources;
-
it is more likely than not that the trustees will receive the resources;
-
the monetary value can be measured with sufficient reliability.
Offsetting
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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
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stock is charged against 'Income from other trading activities' and the proceeds from sale are also recognised as 'Income from other trading activities'.
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.
Work in progress is valued at cost less any foreseeable loss that is likely to occur on the contract.
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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 Total debtors and prepayments |
2022 2021 £ £ |
|---|---|
| Nil Nil 67 67 103 109 |
|
| 170 176 |
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 or expected after the balance sheet date.
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