Charity registration number 1192681
BRITISH WEIGHT LIFTING FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
BRITISH WEIGHT LIFTING FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Mr MF Curtain (Appointed 1 June 2022) Mr NC Wood Mr MR Martin
Trustees' Mr MF Curtain Mr NC Wood Mr MR Martin Charity number 1192681 Independent examiner Sedulo London Limited Office 605 Albert House 256 - 260 Old Street London United Kingdom EC1V 9DD
BRITISH WEIGHT LIFTING FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 8 |
BRITISH WEIGHT LIFTING FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011 and "Accounting and Reporting by Charities: 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)".
Objectives and activities
The objects of the charity are:
(1) To promote the art and science of and education in lifting weights;
(2) To encourage and advance the education of children and adults within the community with the purpose of promoting a healthy lifestyle and improving their condition of life;
(3) To promote community involvement in healthy recreation by providing facilities for the lifting of weights and the playing of other sports and activities capable of improving physical health to such persons who have need for such facilities and to encourage and advance the education of such persons in order to allow them to develop to the best of their abilities, both physical and otherwise.
Public benefit
The charity was established for the public benefit. The trustees confirm that throughout the year and since then they have considered the guidance provided by the Charity Commissioners on public benefit when reviewing the charity's objectives and directing its activities and are confident the charity complies with the guidance.
Achievements and performance
Significant activities and achievements against objectives
It has been a year of consolidation for the Charity, continuing the process of building up reserves. The trustees have been considering a number of initiatives and the Charity will launch its delivery strategy in 2024.
Financial review
The total income for the year was £21,185 (2022: £131,566) and expenditure totalled £3,788 (2022: £8,791) resulting in a net surplus for the year of £17,397 (2022: £122,775). The charity's unrestricted funds at 31 March 2023 amounted to £140,172 (2022: £122,775) which the trustees consider to be a good base from which to consider future applications for the charity's assistance.
Going concern
At the time of signing these accounts in the opinion of the trustees there are no material uncertainties about the charity's ability to continue as a going concern.
Reserves policy
While the charity has no quantified reserves policy in place the Board considers that the level of reserves of the charity at the period end to be satisfactory.
The level of reserves is regularly reviewed by the trustees in the light of the governance and charitable commitments of the charity.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust and constitutes a charitable incorporated organisation.
The trustees' who served during the year and up to the date of signature of the financial statements were:
Mr MF Curtain (Appointed 1 June 2022) Mr NC Wood Mr MR Martin
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BRITISH WEIGHT LIFTING FOUNDATION
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Recruitment and appointment of trustees
Trustees are appointed by the incumbent trustees and in accordance with the constitution of the charity. When appointing new trustees the incumbent trustees take into account that it is practicable to do so and that the new trustees will contribute to the skills and balance of the Board as a whole.
Organisational structure
Day to day management of the charity is undertaken by the Trustees who delegate to and monitor the performance of the volunteers as required in order to meet the charity's objectives.
The trustees' report was approved by the Board of Trustees'.
..............................
Mr NC Wood Trustee
..............................
Mr MR Martin Trustee
Date: .............................................
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BRITISH WEIGHT LIFTING FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES' OF BRITISH WEIGHT LIFTING FOUNDATION
I report to the on my examination of the financial statements of British Weight Lifting Foundation (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Emma Houghton Sedulo London Limited
Office 605 Albert House 256 - 260 Old Street London EC1V 9DD United Kingdom
Dated: .........................
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BRITISH WEIGHT LIFTING FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 21,112 | 131,566 |
| Investments | 3 | 73 | - |
| Total income | 21,185 | 131,566 | |
| Expenditure on: | |||
| Raising funds | 4 | 216 | 250 |
| Charitable activities | 5 | 3,572 | 8,541 |
| Total expenditure | 3,788 | 8,791 | |
| Net income and movement in funds | 17,397 | 122,775 | |
| Reconciliation of funds: | |||
| Fund balances at 1 April 2022 | 122,775 | - | |
| Fund balances at 31 March 2023 | 140,172 | 122,775 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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BRITISH WEIGHT LIFTING FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2023
| 2023 Notes £ Current assets Debtors 7 91,965 Cash at bank and in hand 49,707 141,672 Creditors: amounts falling due within one year 8 1,500 Net current assets The funds of the charity Unrestricted funds The financial statements were approved by the trustees' on ......................... .............................. .............................. Mr NC Wood Mr MR Martin Trustee Trustee |
£ 140,172 140,172 140,172 |
2022 £ 72,569 51,706 124,275 1,500 |
£ 122,775 |
|---|---|---|---|
| 122,775 | |||
| 122,775 | |||
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BRITISH WEIGHT LIFTING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
1.1 Accounting convention
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the charity continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees' in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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BRITISH WEIGHT LIFTING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 2 | Income from donations and legacies | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Donations and gifts | 21,112 | 131,566 | |
| 3 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Interest receivable | 73 | - | |
| 4 | Expenditure on raising funds | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Fundraising and publicity | |||
| Support costs | 216 | 250 | |
| 5 | Expenditure on charitable activities | ||
| Expenditure | Expenditure | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Direct costs | |||
| Charitable project | 2,000 | 5,000 | |
| Consultancy | - | 2,000 | |
| Accountancy | 1,500 | 1,500 | |
| Bank charges | 72 | 41 | |
| 3,572 | 8,541 | ||
| Analysis by fund | |||
| Unrestricted funds | 3,572 | 8,541 |
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BRITISH WEIGHT LIFTING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
6 Trustees'
None of the trustees' (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7 Debtors
| 7 Debtors |
||
|---|---|---|
| Amounts falling due within one year: Prepayments and accrued income 8 Creditors: amounts falling due within one year Accruals and deferred income |
2023 £ 91,965 2023 £ 1,500 |
2022 £ 72,569 |
| 2022 £ 1,500 |
9 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 April 2022 | Incoming | Resources | At 31 March | |
|---|---|---|---|---|
| resources | expended | 2023 | ||
| £ | £ | £ | £ | |
| General funds | 122,775 | 21,185 | (3,788) | 140,172 |
| Previous year: | At 1 April 2021 | Incoming | Resources | At 31 March |
| resources | expended | 2022 | ||
| £ | £ | £ | £ | |
| General funds | - | 131,566 | (8,791) | 122,775 |
10 Related party transactions
At the year end, an amount of £91,965 (2022: £72,569) was owed to the charity by British Weight Lifters Association.
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