Company registration number. CE029842 Charity rogistratn number 1199818 Cloakham Lawn Sports Centre IA wmpany limited by guarantee) Annual Report and Financial Ststemenls forthe Year Ended 30 September 2024 WESTCOTTS APTERED ACCOVNTANT • BUSINÈSS ADVISERS
Cloakham Lawn Sports Centre Contents Reference and Administrative Oetai18 Tru8ts95' Repryt 2to4 Independent Examinerfs Report Statement of Financ1 Activities BaLgnce Sheet 7t08 es to the Financi41 Statements 9t019
Cloakham Lawn Sports Centre Reference and Admlnistrative Details Trustees Mr S J Flint, Chair of the board of Truslges Mr D R Thompson Mrs A L Burn Mrs E M Jarvi8 Mr P C Bewss Mr S Ellk8 MrA Haryis MrA G Entlcott Charity Reglstration Numbor 1199818 Registsred Office Cloakham Lawn Sports Centrg Chard Road Axminster Devon EX13 5HW Indopondent Exarnlnor Westcotts {SWI LLP Timberly South Street Axminster Devon EX13 SAD Page 1
Cloakham Lawn Sports Centre Trustses. Report Objectives and activities Obieets andaims The Charity is operated for the benefit of Ihe inhobitanls of Axminster, Devon, to advance education. and lo provide facilities in the interest of social welfare for recreation and other leisure4ime occupation. The actNilie5 include outdoor bowls, crickel and football. To further or benefit the residents of Axminsler and the surrounding areas, without distinction of sex. sexual orientation. race or of political, religious or othei opinions by associating together the said residents and the hJcal aulhorilies, voluntary and other organisalions in a eomm(M effort to advance education and lo provide facilities in the interest of social wetfare for [reatIOn and leisure time occupation w((h the objectTve of improving the conditions of lrfe for the residents. Public benefft The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefrt guidance published by the Charity Commission for England and Vvales. Fin•n¢ial review During the year the charrty received unrestricted income of £59,963. Expenditure for the year totslled £44.024. of which £39,153 was unrestricted and £4,871 was reStred. As at 30 September 2024 the charrty had SerVeS of £840,069 {of which £789,498 was unrestricted and £50,571 was restricted}. Policy on rosgrve$ It is the charity ambrtion to hold reserves that allow the Sports Centre to Cover unforeseen maintenance $1$ that arise from lime lo lime. However, due to the nature of the tharilable activities and other sources of income, reserves fluctuates, and it is not always possible lo maintain them at the level preferred. Due lo the nature of the charitls activits. much of the charitable expenditure, with the exception of propety overheads. is proportionate to the charitable ineome reived. Budgets and forecast ale prepared and monitored against actual perfomian¢e. the reserves policies of the Trust are reviewed regularfy by the Iruslees. Golng concern The trustees consider the Charty to be able to meet ils debts as they fall due in the next 12 months. Iherefore consider the going concem basis of accounting appropriate. In addition, the Iruslees believe the charity to be able to meet any obligations it has in respect of using restrictive fund held for specific projects as th8 fall due in the future. The board of trustees examines the major risks faced by Cloakham Lawn Sports Centre and monf(ors and controls these risks. Risks faced and considered include.. Operational risks including heahh 8nd safety consider8tions and rewew of good management practice,. Financial risks including budget monitoring, computerised accountancy and cash-flow control., External risks such as prornolion of the image of the charity and links with the local eommunty, competition from other local sports cenlres and public halls- Compliance with law and regulations such as IKensing. employment matters and fund-raising. Page 2
Cloakham Lawn Sports Centre Trustees, Report The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuraw at any time the financial position of the charitable company and enable them to ensure that the financial stslements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable $t¢ps for the prevention and detection of fraud and other irregularities. The trustees are sponsible for the maintenance and integrity of the corporate and financial information includèd on the eharit8ble comp8nls website. Legislation governing the preparation and dissemination of financial statements may drffer from legisLqtion in olherjurisdictions. Small compani•$ provision statsm8nt This report has boen prepared in accordance vthh the small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the Charrty on behalf by.. and signed on its Mr S J Flint Chair of the board of Trustees Pagg 4
Cloakham Lawn Sports Centre statement of Financial Activitles for the Year Ended 30 September 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unr8Stricted fvnds Restrlcted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activit5 other income 48.713 39,353 11.280 1,723 48,007 11.951 48.007 11,951 Totsl income 59,963 59,963 101,069 Expenditure on.. Charrtable 8cts'vits'es 139,1531 14,871} 144,0241 159.903) Total expendf(ure 139,153 14,8711 144,0241 59,903) Net incomellexpenditurel Net movement in fvnds 20,810 4,871 15,939 41,166 20,810 14,871) 15,939 41,166 Reconciliatlon of funds Total fund5 brought foNard Total fvnds carried foward 16 768,688 55.442 824,130 782,965 789,498 50,571 840,C69 824,131 All of the eharty's actNf(ies derive from eonlinuing operations during the year. The notes on pages 9 to 19 fomi an integral part of these financial statements. Page 6
Cloakham Lawn Sports Centre (Registration number.. CE029842) Balanc• Sheet as at 30 September 2024 2024 2023 Note Fixed assets Tangible assets Current assets Debtors Cash al bank and in hand 11 905,542 911,601 12 13 2.067 34.786 971 24.964 36.853 25,935 Credltors: Amounts falling due within one year Not current assets 14 16,702) 13,214 30,151 12,721 Total a$sots less current liabilrties 935,693 924.322 Creditors: Amounts falling due after more than one year 15 Net assets 195,6241 840,069 1100,191) 824,131 Funds of the charlty: Restricted incomo funds Reslricled funds 16 50,571 55,443 Unre$trlcted incorng funds Unrestricted funds 789,498 768,688 Total fund5 16 840,069 824,131 For the financial year ending 30 Sgptemb&r 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companles. Directors. responsibilrties.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance wtth section 476,. and The directors acknowledge their responsibilities for complw.ng wi(h the requirements of the Act with resped to accounting records and the preparation of a¢counts. These financial statements have been prepad in accordance with the special provisions relating to ompanies subject to the small comp8nEs regime wrthin Part 15 of the Companies Act 2006. The notes on pages 9 10 19 fomi an integral part of these financial slatemenls. Page 7
Cloakham Lawn Sports Centr• (Registration number: CE029842) Balance Sheet as at 30 Septernber 2024 The financial ststements on pages 6 to 19 weffj approved by the trustees, and aulhori8ed for bsue on -.l.. .&.. .z.Sand Signed on their behaff by. Mr S J Flint Trustee The notss on pages 9 to 19 fOn an integral part of these financlal statements. Pagfj 8
Cloakham Lawn Sports Centre Notes to the Financial Statements for the Year Ended 30 September 2024 1 Charity status The charity is limtted by guarantee, incorporated in , and consequently does nol have share capital. Each of the trustees is liable to contribute an amount not exeeeding £Nil towards the assets of the ch8ri1y in the event of liqu#Jation. The address of ils registered office is-. Cloakham Lawn Sports Centre Chard Road Axminsler Devon EX13 5HW 2 Accounting policies Summary of slgnrficant a¢¢ountlng pollcle8 •nd k•y aGcountlng e8tlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. ststement of compliance The financial ststemenls hav8 been prepared in accordance with Accounting and Reporting by Charf(ies' Statement of Recommended Practice (applicable lo charrties preparing their account5 in 8¢cordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 (issued in October 20191- (Charities SORP IFRS 10211. the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102} and the Companies Act 2006. Basls of preparatlon Cloakham Lawn Sports Centre meets the definition of a public benefft entity under FRS 102. Assets and liabilities are in(tially recognised at historal cost or transaction valug unless othetwise slated in the relevant accounting policy notes. Goin9 concern The trustees eonsider that there are no material uncertainties about the charrty's abilty lo eontinue as a going concern nor 8ny significant areas of uncertainty that affect the carrying value of assets held by the charity. Exemption from preparing a cash flow statement Tre charty opted to earty adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. Page 9
Cloakham Lawn Sports Centre Notes to the Financial Statements for the Year Ended 30 September 2024 Key sourcas of estlmatlon uncerLiinty The preparation of the financial slalements requires management to make judgements, estimations and assumptions that affeet the amounts reported. These estimates and judgements are continual reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Income and endowments All income is reeognised once the charity has entitlement to the income, it is probable that the income will be receive(J and the amount of the income receivabk can be measured reliably. Donations andlegacles Donations are recognised when the charity has been notrfied in writing of both the amount and settlement date. In the event that a donation is subject lo cond((ions that require a level of performance by the charity before the charity is entitled lo the funds, the income is deferred and not recognised until ef(her those wndilions are fully met, or the fulfilment of those conditions is wholly thin the control of the charity and r( is probable that these conditions will be fulfilled in the reporting peri¢xl. Grants rnceivable Grants are recognised when the ch8rity h8s an entitlement to the funds and any condrtions linked to the grants have been mel. Where performance conditions are attached to the granl and are yet to be met, the income is recognised as a liabilty and included on the balance sheet as deferred InMe to be released. expendlturg All expenditure is recognised On there is a legal or constTUCttve obligation to that expenditure. r( is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicablo expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly allributed to particular headings thèy have been allocated on a basis consistent with th& use of resources, with central staff costs allocated on the basis of time spenl, and depreciation charges allocated on the Fortron of the asset's use. Other support costs are allocaled based on the spread of staff costs. ChatrTtable activltles Charitable expenditure comprises those costs incurred by the chanty in the delivery of rt5 actmlies and seNices for ils beneficiaries. It includes both Costs that can be allocated directly to s(tch activities 8nd those eosts of an indirg¢t nature necessary to support them. Support costs Support costs include ntral functions and have been allocated to activty cosl categories on a basis consistent with the use of resources, for example. allocating PTopety costs by floor areas, or per capita. staff costs by th8 time spent and other costs by their usage. Pag8 10
Cloakham Lawn Sports Centre Notes to the Financial Ststements for the Year Ended 30 September 2024 Tangible fixed assets Tangible assets are initially recorded at cost, and subsequendy stated at cost kqss any accumulated depreciation and impaimienl losses. Any tsngible assets carried al revalued amounts are reGordgd at the fair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an assel as a resutt of a revaluation. is recognised in other recognised gains and losses, unless r( reverses a charge for the Impalmnt that has previously been recognised as expendrture wf(hin the ststemenl of finanaal adimties. A decrease in the carying amount of an asset as a fftsull of revaluation, is recognised in other recognised gains and losses. except lo which i( offsets any previously revaluation gain, in which case the loss is shown within other recognised gains and losses on the ststemenl of financial actMIEs. Depreciation and amortisatlon Depreciatn is provided on tangible fixed assets so as to wrf(e off the eost or valuatn, less any estimated residual value, oveT their expected useful economic life as follows.. Asset class Freehold propety Freehold improvements Plant and machinery Depreclation method and rate No depreciats'on 1 OQh straight line 20% straight line Impèimiant of flxed assets A review for indicators of impairment is Carried ovt at each reporting date, wlth the recoverable amount being estimated Whe such indicators exist. Where the carrying value exceeds the recover8ble amount, the asset is impaired accordingly. Prior impaimients 8re also reviewed for possible reversal al each reporting dale. For the purpose of impairment testing, when il is not F4Jssible to estimate the recoverable amount of an indmdual asset, an estimate is made of the reVerable amounl of the cash-generating unit to which the asset bekjngs. The cash*enerating unil is the smallest identifiable group of assets the includes the asset and generates cash infiows that largely independent of the cash inflows from other assets. For impairnienl testing of goc%Jwill, the goodwill acquired in a business combination is, from the aequisi(ion date, allocated to each of the cash-generaling units that are expected to benefit from the synergies of the eombinalion, irrespectNe of whether other assets or liabilities of the charity are assigned to those units. Resgarch and developrnent Research and development expendrture is written off as incurred. Cash and cash equivalents Cash and cash equivalents comprise eash on hand and call deposits, and other short-tsm highly liquid investments that are readily convertible to 8 known amount of cash and are subject lo an in$ignifKant risk of change in value. Page11
Cloakham Lawn Sports Centre Notes to the Flnan¢ial Statements for the Year Ended 30 September 2024 Borrowlngs Inlerosl-bearing borrowings are inrtialty recorde(l at fair value, net of transaction costs. Interest-bearing borrowings are subsequently earried al amortised Cost, with the difference betsen the proceeds, nel of transaction costs, and the amount due on redemption being recognised as a charge lo the Statement of Financial Activities ovef the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and 15 included in interest payablo and Similar Charges. Borrowngs are classified as current liabilities unless the charty has an unconditional right to defer settlement of the Ikebilty for at least e1ve months 8fter the repoth'ng date. Fund structure Unrestricted income funds are general funds that are available for use at the trustegs di$¢rotion in furtherance of the objectives of the chanty- DespJnated funds are unrestricted funds eam18rked by the Tnjstees for particular purposes. Restricted income funds arè those donated for use in a particular area or for specifi'c purposes. the Use of which is restricted to that area or purpose. Financial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equrty instruments are classffied according to the substance of the contractual arrangements entered Inlts. An equty instrument is any contract that evidences a residual interest in the 888e15 of the charity after deducting all of its IBbililies. Recognition ond measurement All financial assets and liabilrties are initially measured at transaction price (including transaction ¢oslsl, except for those financial assets classffied as al fair value through profit or loss, which are inttialty measured al fail value {which is normally the transaction price excluding Iransaclion costs). unless the arrangement consti(utes a financing transaction. If an air8ngement constitutes a financing transaction, the financial as$el or financial liabilty is measured at the present valu8 of the fvlure paentS di8¢ounted at a market rale of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial posi(ion when. and on when there exists a legally enforce8ble right to set off the recognised amounts and the charty intend8 either lo settle on a nel basis, or to realise the asset and settle the liabilty simuhaneously. Financial assets a derecognisod when and onty when 81 the contr8etual rights lo the cash flows from the financial asset expire or are Settd, bl the charty transfers to another paty Substantial all of the risks and rewards of ownership of the financial asset. or c) the charity, despite having retsined some, but not all. significant risks and rewards of ownership, has transferred eonlrol of the asset lo another party. Financial liabili(ies are derecognised onty when the obligats'on specified in the contract is discharged. Canceld or expires. Page 12
Cloakham Lawn Sports Centro Notss to the Financial Statsments for the Year Ended 30 September 2024 3 Income from donations and lega¢10S Unrestrlcted funds Total 2024 Donations and leg8eies-, Donations Unrestricted funds Restricted funds Total 2023 Donations and *acies'. Donab"on$ Grants, including capTial grants., Grants receivable 48,708 48.708 48,708 48.713 4 Income from charitsble acllvltles Unrestrlcted funds Restrictèd funds Total 2024 Hire of venue, grouftd and facilities Hire of ground - football Hire of ground - cricket Hire of ground - b¢)S 39,527 4,000 2,480 2,000 39,527 4,000 2,480 2,000 48,007 48,007 5 Income from other tradlng actlvltles Unrastrictgd funds Restricted funds Total 2024 Rent from bar franchise Fundraising income 11,219 732 11,219 732 11,951 11,951 Page 13
Cloakham Lawn Sports Centre Notes to the Financial Statements for the Year Ended 30 September 2024 6 Expendlture on charltable activities Unrestricted funds Restricted funds Total funds Provlslon of sport centre facllitie$ Wages and salaries Rates and water Healing oil Electricity Insurance Repair and maintenance- building Repair and maintenance- equipment Telephone Licences Computer soffiNare and maintenance costs Equipment hire Cleaning Bank charges Depreck*ion of plant and machinery DeprecliOn of freehold improvements 1.551 296 3,600 15,472 10,019 1,314 653 1.036 415 352 62 1,382 52 1.188 1,551 296 3,600 15,472 10,019 1,314 653 1.036 415 352 62 1,382 52 1,188 4.871 4.871 Support costs Printing, postage and stationery Accountancy fees Independent examinerfs fee Legal fees 74 1,087 550 50 74 1,087 550 50 39,153 4,871 44,024 Total for 2023 55,032 4.871 59.903 Pag& 14
Cloakham Lawn Sports Centre Notes to the Financial Stslements for the Year Ended 30 September 2024 7 Net Incomingloutgoing r9s0urces Net incoming resources for the year include.. 2024 2023 Deprecialion of fixed assets 6.059 6.059 8 Trustees rèrnuneralion and expensos No trustees. nor any persons conneded wrih them, have received any remuneration from the charity during tho year. (Prior year.. nil) 9 Staff costs The aggregate payroll costs were as follows.. 2024 2023 staff costs during th8 ygar were: Wages and salar6 1,551 1,525 The 8ver89e head ¢ount of employees during the year was 1. 2023 No 1,551 Wages and salaries No employee received emoluments of moro than £60.000 durTng the ygar. Pagg15
Cloakham Lawn Sports Centre Notes to the Financial Statements for the Year Ended 30 September 2024 10 Taxation The charity is a registered charity and 1$ therefoR exempt from laxatson. 11 Tangible fFxed assets Land and bulldlngs Fixtures and Freehold flttlngs improvements Total Cost At 1 October 2023 863.063 4,701 43,837 911,601 At 30 September 2024 Depreciation Charge fr)r the year At 30 Septemb8r 2024 863.063 4,701 43,837 911,601 1,188 4,871 6,059 1,188 4,871 6,059 Not book value At 30 September 2024 863.063 3,513 38,S66 905,542 At 30 September 2023 863,063 4,701 43,837 911,601 12 D8btors 2024 2023 Trade debtors 2,067 971 13 Cash and cash equivalents 2024 2023 Cash * bank 34.786 24,964 14 Creditors: amounts falllng due within one year 2024 2023 Other loans and overdrafts Trade credi(ors Accruals 3.072 1,379 2,251 6,702 7,701 2,675 2,838 13,214 Page 16
Cloakham Lawn Sports Centre Notes to the Flnancial Staternents for the Year Ended 30 September 2024 15 Creditor5: amounts falllng due aft•r onè yo•r 2024 2023 Other bans 95,624 100.191 16 Funds Balance at 1 October 2023 Balan at 30 September 2024 Transfers Unrestricted funds General General funds 768,688 768,688 Restricted funds Ground roller Drama hire Appeal fund Skateboard park grant BO hole project AJI weather sports area Football goals and the flood grants Signage grant Securty improvements Flood damage 1,000 200 540 3.000 777 948 2,298 2,012 831 43,837 1,000 200 540 3,000 777 948 2.298 2,012 831 43,837 Totsl rnstriGted funds 55.443 55,443 Total funds 824,131 824,131 Page 17
Cloakham Lawn Sports Centre Notes to the Financial Statements for the Year Ended 30 September 2024 Balance at 30 September 2023 8alancè at 27 July 2022 Incoming ROurceS resources expended Transfers Unrgstrfcted funds General General funds 771,3S9 52,361 155,0321 768,688 R8Strlcted Ground roller Drama hire Appeal fund Skateboard park 9rant Bore hole project All weather sports area Football goals and the Ilood grants Signage grant Security improvements Flood damage Totsl re$trlcied funds 1.000 200 540 3,000 777 948 1.000 200 540 3,000 777 2,298 2,012 831 2.298 2,012 831 43.837 48,708 4,871 11.606 48,708 14.8711 S5.443 Total funds 782,965 101,t69 {59,9031 824,131 17 Analy81s of net assets between funds Totsl funds at30 September 2024 Unrestricted funds General Restrlcted funds Tangible fixed assets Currenl assets Current liabilities Creditors over 1 year Total net assets 866,576 25,247 16,7021 195,6241 789,497 38.966 11,60S 905,542 36,853 16,702) 95,624 50.572 840,069 Page18
Cloakham Lawn Sports Centre Notes to the Financial Staternents for the Year Ended 30 September 2024 Total funds at30 September 2023 Unrestrfcted funds General Restrlcted funds Tangible fixed assets Current assets Current liabilf(ies Creditors over 1 year Totsl net 88sets 867.764 14,329 (13,2141 1100,191 768,688 43,837 11,6C6 911,601 25,935 113,214) 1100,1911 824,131 55,443 18 Rglated party transactions Relatgd paty transactions Mr Simon Flint {trusleel ané his wfe have a tenancy lo operate the bar facilities at Cloakham Lawn Sports Cenlre. This is an 8miS-lenglh transaction and Mr Flint does not take part in voting or other decision making relating to the grant of tenancy.. In addition, tsvo Iiuslees and one ernployee have previousty lenl the charity £35,888, in order for the charity to acquire a piece of land. As 8t 30 September 2024 £34,393 of the loan balance remains outstanding. Page19