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2022-04-01-accounts

High Street Health & Well Being Charity and Not for Profit Org.

Annual Report 2021-2023

Overview

High Street Fitness and Wellbeing (Charity no 1191451) – CIO High Street Fitness Operations – (company registration: 12505718) Not for Profit _NfP

The director presents his report and the unaudited financial statements of the company for the period ended 31 March 2021 and 2022. With Combined Financial notes for the Charity 2021 & 2022.

Trustee (CIO)

The trustees are as follows:

1. Dr. Paul Terence Thomas (Founder and Director of HSF CIO & HSF NfP) Operation

2. Daniel James Crandon (CIO Secretary)

3. Dafydd James – Chair Appointed 2021

4. Chay Billon

5. Judith Major

6. Saffir Eleanor Thomas

Directors (NfP)

The directors who served the NfP during the set-up period were as follows:

Dr P T Thomas (Appointed 9 March 2020 to date) Mrs S E Thomas (Appointed 1 January 2021 to Mr C J Filler (Served from 1 January 2021 to 4[th] May 21)

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This Annual report was approved by the board of Trustees on 29 December 2022 and signed on behalf of the board by:

Dr P T Thomas Charity Founder & Director

Registered office: 2 George Street Pontypool NP4 6LR

Chairs Statement

High Street Fitness and Wellbeing was officially founded as a registered charity on 23[rd] September 2020 with the founding member and acting Chair Dr Paul Thomas. He was joined by Danial Crandon, Craig Fillier and Saffir Thomas. The concept and shoots of what we would see today was started by Dr Paul Thomas in 2007 in his garage and grew into what we now understand was the very beginning of High Street Fitness and Well-being. High Street Fitness is based in the understanding of Complex Systems Thinking which places the human at the forefront and builds upon trust, creativity, ownership and empowerment.

HSF was created as a not-for-profit ltd company at the start, alongside the Trust application simply to maintain progress whilst the full charity status application was being constructed. The need was to ensure the ‘not for profit’ and volunteer ethos would never be challenged in its future operations.

----- Start of picture text -----
Main Board
Trustees
Charity
Members
Volunteers
Trustee Led
Director
HSF
Not for Profit
Volunteers
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Having spent a large amount of time prior to its official registration looking for the right town and premises, lease terms were agreed and signed for in November 2020 with refurbishment work and the moving of equipment and kit starting also immediately. In order for the CIO to be as sustainable as possible High Street Fitness and Wellbeing have sourced kit and equipment from a number of places mainly from Dr Paul Thomas, on a second hand or used basis and/or all refurbishing and decorative work taken within the building was done by the Trustees, their families and friends on a volunteer basis. It was important from the start that noone benefited financially in the creation and operation of the Trust or NfP.

This part of the project was not without issue thought. The beginning of the Covid19 pandemic had hit and as such the ability to set up a business, social or not, was changing. Landlords and lenders would not allow the project to borrow or use any of the business as collateral and therefore both Dr Paul Thomas and Daniel Crandon had to become personal guarantees on the building lease and the equipment financing became incredibly expensive, with Dr Thomas taking out a number of financial loans to maintain progress. The onset of the pandemic also brought other issues in that more traditional charitable supporters and funders such as Sport Wales and more only now funding Covid related projects. Out of a total of 28 funding opportunities applied for to this date, High Street Fitness and Wellbeing have only been awarded two (2).

With the refurbishment and equipment procurement complete High Street Fitness and Wellbeing was ready to open its doors to the on Monday 4[th] January 2021.

However, the development of the Delta Covid variant saw The Welsh Assembly Government plunge Wales in to a nationwide lockdown meaning that High Street Fitness and Wellbeing were unable to trade. Therefore, the project found itself in a position whereby it was unable to gain any long term, substantial funding and was also told by the local authority that it would not be eligible for any Covid relief due to the age of the business.

Therefore, it was left up to the

founders to self-fund the project, but again the largest financial burdon fell to Dr Paul Thomas, placing in £4-6K per month to stay operational ready for opening, whenever this would be in the pandemic. Placing in these large sums into the project purely to keep the project afloat long enough to see the doors open post lockdown. This was done at great personal cost and risk to the founder. Nevertheless, total lockdown restrictions were lifted for May 2021 and therefore High Street Fitness and Wellbeing were able to open its doors on 3[rd] May 2021.

Opening day itself was a huge success for the project, despite the torrential rain. Hundreds of new members signed up and worked out while a local DJ played music all day, Big Dog Coffee Company supplied free coffee and cakes were provided by Bronwen Thomas, myself as the charities Chairperson, Dafydd James (Wales and British Lions) was on hand to provide some expert advice and the day was powered by volunteers.

The project has continued to grow ever since and has become a cornerstone of the local community and the high street.

Chair Dafydd James 2023

High Street Fitness the Difference

High Street Fitness and Wellbeing is true to its mantra of being an holistic centre for 360º health and wellbeing while being community lead and driven. Since opening on 3[rd] May 2021 powered by the trustees, High Street Fitness and Wellbeing has seen its volunteer pool grow to near 45 individuals. All from the local community and all giving up their time free of cost. Proudly, the volunteer base is high diverse group of people including an even split of males and females, boasting an age rage of 16 to 64, includes individuals both in and out of employment and supports those with disabilities. As such, the project supports those looking to beat loneliness, gain work experience, looking to socialise and those looking to work on other personal skills.

High Street Fitness and Wellbeing is also hub for local business and particularly those starting a business. As such, the project has helped no fewer than 20 businesses set up and trade from its facility in Pontypool. Seeking only donations to the charity if the ideas and people make money and feel the need to support the charity

PTR by Macey was started and consulted on by High

Street Fitness and Wellbeing. The business grew to a level whereby it had 33 fulltime personal training clients and also large number of sports massage clients. The help given by High Street Fitness has allowed the business to now lecture at Coleg Gwent and provide a their services at a private location elsewhere in the borough due to it’s growth. High Street Fitness and Wellbeing have been thanked for their support and consultation.

Red Dragon Sports Ltd is a sports retailer who first started their business within High Street Fitness and continue to do so. Initially selling solely to members of High Street Fitness and Wellbeing and utilising the shop front windows and additional storage space within the building to help grow the business, Ben has been able to take on more stock and grow into a high street location and online retailer now making in excess of 500 sales per month with hopefully an eye on future income for him and his family.

All classes and other personal trainers, coaches and physiotherapists based out of the facility are self employed and businesses in their own rights. The projects now supports classes that have 20 ladies participating in Boogie Bounce run by Sarah, a number of personal trainers supporting local clients and two fully booked physiotherapy clinics every week.

High Street Fitness and Wellbeing is also prominent in supporting local projects and has built a number of long term partnerships within the community. The project works with Torfaen Building Resilient Communities to provide a quality facility for people looking to work on their anxiety levels, improve their fitness and overall wellbeing while looking for work.

Gwent Drug and Alcohol Service also utilise the facility to help those recover from drug and alcohol addictions. Torfaen Young Carers have been supported in ways of providing them with a wellbeing programme. Torfaen Youth Project have also been in and utilised the project for support over half terms and for wellbeing support.

The local housing association, Pobl also utilises the projects space to deliver a health and wellbeing programme for their residents in a 5 hour slot every Tuesday.

High Street Fitness and Wellbeing also have other partnership work ongoing with the local NHS board to battle obesity and diabetes in North Torfaen, to help tackle anti-social behaviour in Blaenavon and to support GAVO delivering training. All of this work is pencilled in for the financial year.

The project is also award winning. Emma Miller was nominated for the personal journey award and founder, Daniel Crandon, won the Trustee of the year award at the Torfaen awards and Founder Dr Paul Thomas won the entrepreneur award at the Welsh Fitness Awards 2022. Adding to this High Street Fitness also won Gym of The Year and the awards overall title making us Welsh Fitness Awards Champions. In October 2022 the project was named Business of The Year at the Torfaen Awards.

Membership at the facility is also continuing to grow. Currently membership sits

around 700 and it is a true reflection of the areas demographic. High Street Fitness and wellbeing’s membership is heavily female dominant and ranges in age between 14 and 74. The projects friendly atmosphere and non-bureaucratic procedures means that there are a large quantity of members that have either never stepped foot in a gym or are returning after a long time off. As a by product of this, footfall to the High Street has increased by 2000- 3000 visits per week on average.

Due to the success of our volunteer programme we have now struck a

partnership with MPTC to provide all persons who volunteer and work with the project free qualifications including level 2 and level 3 personal training awards.

Our partnership with Accelerate has been vital to our growth, both locally and on a wider basis. Their team has been able to create links that we have not been able to thus far with the wider health board and local politicians Adding to this their experience within innovation has lead to more ideas and opportunities coming from site 1 in Pontypool. Healthy eating campaigns, wrap around childcare services and more have been a direct result of their impact. However, more importantly, their expertise in growth will now see High Street Fitness grow and expand into other local authorities within the next 12 months. The accelerate team, lead by Barbara Coles, have driven networking opportunities that will see the next High Street Fitness be located with the Cwm Taff Health Board area. Tireless day to day from Sue Bevan has been pivotal to this success and has also created a new strategic working partnership within that area too. The involvement of Accelerate has seen High Street Fitness sign an official working partnership with Mind CT. This is a major feather in the cap of High Street Fitness, and has resulted in Mind formally agreeing the purchase the nest High Street Fitness building in Pontypridd. Work on this matter is ongoing.

In addition the input from the team at Accelerate has allowed for the procurement of new equipment to furnish new sites and their help throughout this process was vital. It allowed for a smooth pain free purchasing process against a tight time scale. While the Cwm Taff area may be our immediate next destination, the networking opportunities provided by Accelerate means that we are already building links for the site 3, most likely to be linked to Pentre Awel.

The extensive research provided by the Accelerate team has also meant that we now have further knowledge on how and why this project works, in particular on

how being volunteer lead helps the community. This will be pivotal for expansion as it will allow the organisation to refer back to this research and not make the same errors that we may have done in the past. It also allows us to recognise good practice. As a resuly, funding opportunities have been sought with the likes of the National Lottery whereby high Street Fitness have been deemed eligible to apply for the large lottery grant of £500k over 5 years. This funding will provide long term security to this project.

What do the community say?

Richard Phillips, Volunteer - Richard has been with the project since May 2021. He states: “ I love being at the gym, it’s a really nice bunch of people, with a great atmosphere- feels like family.” Richard went on to say: “Being at High Street has helped with confidence and self-esteem. Given me new challenges and a load of new skills like talking to people, customer service and even problem solving. I have severe Asperger’s so suffered with bad nerves, and I was anxious all the time. Now i feel able to take on challenges like additional courses. I have passed my maths and English exam and even had the confidence to take on a placement as a teaching assistant. They gym has help me meet new people, I am not lonely any more. I have new friends and we all help each other out. I really enjoy it! In the future I want to promote my business more, I am a sports masseur, and improve my health.

Jade Badham, Volunteer - I started volunteering to boost my confidence and help with my anxiety. I was so nervous going there alone. But everyone was so nice and friendly, I don’t suffer with any of that anymore. I have found my confidence. There are so many people who come in to the gym and the other volunteers are amazing, it gives me a real buzz.

Eden, Volunteer - “having been bullied at school I was looking for somewhere friendly and welcoming to spend my time. I now have that thanks to high Street Fitness. I have friends, built up my self esteem and I have found my love for health and wellbeing and am working towards a qualification to allow me to work within the sector long term.”

Emma Miller, Volunteer- “my life has been a struggle. After being sexually abused at home by my father, I fell in to an abusive relationship. As a result of this I turned to drugs and became addicted to cannabis and ultimately lost access to my two daughters. I also put on lots of weight and was crippled with anxiety and depression. But since coming to High Street Fitness in the summer of 21 that’s all changed. I have lost weight, become healthier and left drugs behind. I now have care of my daughters again and was even given the opportunity to start a business. I have come such a long way thanks to help of High Street Fitness.”

Joel, Volunteer - “ I came to volunteer at the gym as a last resort. I was just out of jail, had lost my job and felt I had no where to go. No qualifications and no hope. But I came in and was given an opportunity to repay back to my local community. I improved my people skills and customer service and was given help writing my CV and applying for jobs. As a result I now have a full time job in a local restaurant working as front of house. Without the help of High Street Fitness keeping me on the straight and narrow I would probably be back in jail. But now I am flourishing.” Kay, Torfaen - “I came to High Street Fitness after struggling to get my programme up and running with Torfaen Leisure. That process was red tape heavy and slow. But these have been a breath of fresh air. It’s a great facility with loads of great equipment and it was so easy to come in and just start working with my people and team. Helping build their health and wellbeing. I have been in this industry pretty much all of my working life and this project is definitely the way forward. Welcoming, easy to use and very mush representative of the local population.

Liz, Member - “Brilliant, amazing, fabulous! Its that simple. Being in my sixties I now find it hard just walk in to a gym. But not here. Everyone is friendly, accommodating and helpful. I just love it.” Gavin, Member - “ I have been in prison, suffer with anxiety and depression and my weight. I have also used drugs recreationally. But I feel welcome here. I am not judged and love coming in just to talk to people. Sometimes I can’t afford the membership, but that is never a problem I am still allowed to work out as they all realise how important it is to my wellbeing”

Constitution of High Street Charitable & Incorporated Organisation

Date of constitution: 7/08/2020

…………………………………………………………………………………………………..

1. Name

The name of the Charitable Incorporated Organisation (“the ClO") is

…High Street Fitness & Wellbeing and High Street Fitness

………………………………………………………….

2. National location of principal office

The principal office of the CIO is Pontypool in Wales.

3. Objects

The objects of the CIO is are:

To promote for the benefit of the inhabitants of Wales and the provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the condition of life of the said inhabitants

To provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.

Nothing in the constitution shall authorise an application of the property of the CIO for the purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and section 2 of the Charities Act (Northern Ireland) 2008.

4. Powers

The CIO has power to do anything which is calculated to further its objects or is conducive or incidental to doing so. In particular, the CIO has power to:

5.

Application of income and property

6. Benefits and payments to charity trustees and connected persons

1) General provisions

No charity trustee or connected person may:

unless the payment or benefit is permitted by sub-clause (2) of this clause or authorised by the court or the Charity Commission ("the Commission"). In this clause, a "financial benefit" means a benefit, direct or indirect, which is either money or has a monetary value.

2) Scope and powers permitting trustees' or connected persons' benefits

Dan Crandon - £6800

Dr Paul Thomas - £157,450

3) Payment for supply of goods only - controls

The CIO and its charity trustees may only rely upon the authority provided by sub-clause (2)(c) of this clause if each of the following conditions is satisfied:

4) In sub-clauses (2) and (3) of this clause:

iii. has the right to appoint one or more directors to the board of the company;

b) "connected person" includes any person within the definition set out in clause 30 (Interpretation);

7.

Conflicts of interest and conflicts of loyalty

A charity trustee must:

Any charity trustee absenting himself or herself from any discussions in accordance with this clause must not vote or be counted as part of the quorum in any decision of the charity trustees on the matter.

8. Liability of members to contribute to the assets of the CIO if it is wound up

If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

9. Charity trustees

1) Functions and duties of charity trustees

The charity trustees shall manage the affairs of the ClO and may for that purpose exercise all the powers of the CIO. It is the duty of each charity trustee:

knowledge or experience that it is reasonable to expect of a person acting in the course of that kind of business or profession.

2) Eligibility for trusteeship

3) Number of charity trustees

b) The maximum number of charity trustees is 9. The charity trustees may not appoint any charity trustee if as a result the number of charity trustees would exceed the maximum.

4) First charity trustees

The first charity trustees are as follows:

  1. Dr. Paul Terence Thomas (Founder and Director of HSF CIO & HSF NoP Operation)

  2. Daniel James Crandon (CIO Secretary)

  3. Dafydd James – Chair Appointed 2021

  4. 10.Chay Billon

  5. 11.Judith Major

  6. 12.Saffir Eleanor Thomas

10. Appointment of charity trustees

1) Appointed charity trustees

11. Information for new charity trustees

The charity trustees will make available to each new charity trustee, on or before his or her first appointment:

a) a copy of the current version of this constitution; and

b) a copy of the CIO’s latest Trustees' Annual Report and statement of accounts.

12. Retirement and removal of charity trustees

13. Taking of decisions by charity trustees

Any decision may be taken either:

14. Delegation by charity trustees

15. Meetings of charity trustees

1) Calling meetings

2) Chairing of meetings

The charity trustees may appoint one of their number to chair their meetings and may at any time revoke such appointment. If no-one has been so appointed, or if the person appointed is unwilling to preside or is not present within 10 minutes after the time of the meeting, the charity trustees present may appoint one of their number to chair that meeting.

3) Procedure at meetings

c) In the case of an equality of votes, the person who chairs the meeting shall have a second or casting vote.

2) Participation in meetings by electronic means

16. Membership of the CIO

17. Informal or associate (non-voting) membership

18. Decisions which must be made by the members of the CIO

must be made by a resolution of the members of the ClO (rather than a resolution of the charity trustees).

The resolution in writing may comprise several copies to which one or more members has signified their agreement. Eligibility to vote on the resolution is limited to members who are members of the ClO on the date when the proposal is first circulated.

19. General meetings of members

1) Calling of general meetings of members

The charity trustees may designate any of their meetings as a general meeting of the members of the CIO. The purpose of such a meeting is to discharge any business which must by law be discharged by a resolution of the members of the CIO as specified in clause 18 (Decisions which must be made by the members of the ClO).

2) Notice of general meetings of members

3) Procedure at general meetings of members

The provisions in clause 15 (2)-(4) governing the chairing of meetings, procedure at meetings and participation in meetings by electronic means apply to any general meeting of the members, with all references to trustees to be taken as references to members.

20. Saving provisions

if, without the vote of that charity trustee and that charity trustee being counted in the quorum, the decision has been made by a majority of the charity trustees at a quorate meeting.

21. Execution of documents

1) The CIO shall execute documents either by signature or by affixing its seal (if it has one).

22. Use of electronic communications

1) General

The CIO will comply with the requirements of the Communications Provisions in the General Regulations and in particular:

23. Keeping of Registers

The CIO must comply with its obligations under the General Regulations in relation to the keeping of, and provision of access to, a (combined) register of its members and charity trustees.

24. Minutes

The charity trustees must keep minutes of all:

25. Accounting records, accounts, annual reports and returns, register maintenance

sent to the Charity Commission, regardless of the income of the CIO, within 10 months of the financial year end.

26. Rules

The charity trustees may from time to time make such reasonable and proper rules or byelaws as they may deem necessary or expedient for the proper conduct and management of the CIO, but such rules or bye laws must not be inconsistent with any provision of this constitution. Copies of any such rules or bye laws currently in force must be made available to any member of the CIO on request.

27. Disputes

If a dispute arises between members of the CIO about the validity or propriety of anything done by the members under this constitution, and the dispute cannot be resolved by agreement, the parties to the dispute must first try in good faith to settle the dispute by mediation before resorting to litigation.

28. Amendment of constitution

As provided by sections 224-227 of the Charities Act 2011:

29. Voluntary winding up or dissolution

ii. by a resolution passed by decision taken without a vote and without any expression of dissent in response to the question put to the general meeting; or

30. Interpretation

In this constitution:

" connected person " means:

ii. two or more persons falling within sub-clause (e)(i) who, when taken together, have a substantial interest.

Section 118 of the Charities Act 2011 apply for the purposes of interpreting the terms used in this constitution.

" General Regulations " means the Charitable Incorporated Organisations (General) Regulations 2012.

" Dissolution Regulations " means the Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012.

The " Communications Provisions " means the Communications Provisions in Part 10, Chapter 4 of the General Regulations.

" charity trustee " means a charity trustee of the CIO

A " poll " means a counted vote or ballot, usually (but not necessarily) in writing.

Appendix

Highstreet Fitness Charity & CIO Financial Statements 31 March 2022

The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2022.

Directors

The directors (voluntary) who served the company during the year were as follows:

Dr P T Thomas Mrs S E Thomas (Resigned 1 November

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 29 April 2022 and signed on behalf of the board by:

1

Year to Period
9 Mar 20
31 Mar 31 Mar 21
Note £ £
Turnover 78,012 2,944
---------------------------- ----------------
Gross proft 78,012 2,944
Administrative expenses 62,636 54,921
Other operating income 5,000 14,500
---------------------------- ------------------
Operating proft/(loss) 20,376 (37,477)
---------------------------------
Proft/(loss) before taxation 4 20,376 (37,477)
Tax on proft/(loss)
------------------ ------------------
Proft/(loss) for the fnancial year and total 20,376 (37,477)
===== =====

All the activities of the CIO are from continuing operations.

The CIO has no other recognised items of income and expenses other than the results for the year as set out above.

The Charity received £11500 in way of donation and grant funds and allocated £11,450 directly to projects related to inclusion, education and health, reports of which are available outside of this document.

The notes on pages 6 to 9 form part of these financial statements.

2022 202
Note £ £
Fixed assets
Tangible assets 5 42,889 50,288
Current assets
Debtors
6 19,168
Cash at bank and in hand 1,522 678
----------------------- ----------------------------
1,522 19,846
Creditors: amounts falling due within one 7 53,129 89,251
---------------- -----------------
Net current liabilities 51,607 69,405
---------------- -----------------
Total assets less current liabilities (8,718) (19,117)
Creditors: amounts falling due after more 8 8,283 18,260
---------------- -----------------
Net liabilities (17,001) (37,377)
===== =====
Capital and reserves
Called up share capital
Proft and loss account
100
(17,101)
100
(37,477)
---------------------------- -----------------
Shareholders defcit (17,001) (37,377)
============== =====

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

Called Proft and
up
shar
£
los
s
£
Tota
£
At 9 March 2020
Loss for the year (37,477) (37,477)
-------------- ------------------ ------------
Total comprehensive income for the year (37,477) (37,477)
Issue of shares 100 100
-------------- ------------------ ------------
Total investments by and distributions to 100 100
owners
At 31 March 2021 100 (37,477) (37,377)
Proft for the year 20,376 20,37
-------------- ------------------ ------------
Total comprehensive income for the year 20,376 20,37
6
At 31 March 2022 100 (17,101) (17,001)
====== ===== ====

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 George Street, Pontypool, NP4 6LR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting

policies Basis

of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

3. Accounting policies (continued)

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cashgenerating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

3. Accounting policies (continued)

Financial instruments (continued)

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Profit before taxation

Profit before taxation is stated after charging:

Period
Year to 9 Mar 20
31 Mar 22 31 Mar 21
£ £
Depreciation of tangible assets 14,296 16,762
============= =====
5. Tangible assets
Plant
and
£
Cost
At 1 April 2021 67,050
Additions 6,897
----------------------------
At 31 March 2022 73,947
==============
Depreciation
At 1 April 2021 16,762
Charge for the year 14,296
----------------------------
At 31 March 2022 31,058
==============
Carrying amount
At 31 March 2022 42,889
==============
At 31 March 2021 50,288
==============
6. Debtors
2022 2021
£ £
Other debtors 19,168
======= =====
7. Creditors: amounts falling due within one year
2022 2021
£ £
Social security and other taxes 4,680
Other creditors 48,449 89,251
---------------------------- ----------------

53,129 89,251

8. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans and overdrafts 8,283 18,260
============ =====

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

with the company:
2022
Balanc Advance
e s/ Balance
broug
£
(credits)
£
outstandin
£
Dr P T Thomas (77,805) 40,636 (37,169)
============== ====== ======
2021
Balanc Advance
e s/ Balance
broug
£
(credits)
£
outstanding
£
Dr P T Thomas (77,805) (77,805)
======= ====== ======

The following provisions do not form part of the 'Foundation' model constitution but are available as options under clauses 19 (General meetings of members) and 22 (Use of electronic communications). For CIOs intending to include these powers in their constitutions, we recommend that you use the following wording. Notes on these clauses are included with the explanatory notes accompanying the clauses in the model.

General meetings of members 4) Proxy voting

proxy;

Use of electronic communications 2) To the CIO

Any member or charity trustee of the CIO may communicate electronically with the CIO to an address specified by the CIO for the purpose, so long as the communication is authenticated in a manner which is satisfactory to the CIO.

3) By the CIO