Charlty raglstratlon number 1206051 (England and Walos} THE PENGUIN SPORTS FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 IsimpkinsEdwards
THE PENGUIN SPORTS FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs C E Painting Mrs B Leonard Mrs F Eckford Mr G Palmar Mrs F Johnson (Appointed 4 D&cember 20231 (Appointed 4 December 20231 IAppoinled 4 December 20231 (Appointed 4 0&¢ember 20231 (Appointed 4 December 20231 Charlty number {England and Wales) 1206051 Prlnclpal address 29 Belmont Road Ilfracombe EX34 8DR Simpkins Edwards LLP Millennium House Brannam Crescent Roundswell Business Park Bamstaple Devon EX313TD
THE PENGUIN SPORTS FOUNDATION CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Noltrs to th& financial slalemtrnls 6-15
THE PENGUIN SPORTS FOUNDATION TRUSTEES. REPORT FOR THE PERIOD ENDED 31 DECEMBER 2024 The trustees psent their annual report and financial ststements for the period ended 31 Dember 2024. The charity registration number is 1206051. The charity is a Charitable Incorporated Organisation ICIOI. The principal address for the charity is Millennium House, Roundswell Business Park, Brannam Crescent, Barnstaple, Devon, EX313TD. The financial statements have been prepared in accordan wilh the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Acl 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP '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 IFRS 1021" Objectives and activities The charity's aims are to raise money thrDUgh donations and fundraising activities, with the intention being to provide therapeutic activity in the form of aquatic physiotherapy, adaptive athletics and accessible sport for children with physical disabilities in North Devon and beyond. We currently provide hydrotherapy 1..1 sessions, a frame running club and a Hydrotherapy after school group session. The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. The Charity does not have any grnployegs and so is entirely suppottsd through sessional stsff and volunteers. Achievements and performance The charity has successfully generated income resources and funds lo the value of £120,843 through donations, fundraising events and restricted grants relating lo specific aclivilies. The income resources generated include £51,976.18 of amounts reiVed in 2024, and the remainder in the period prior to the charity registration. Financial review The surplus for the period amounted lo £65,782 which is split between £47,884 in unreslricled funds lof which £37,387 represents tangible assets (Which are not cash in the bank and not immediately aSsible)) and £17,898 of stricted funds. As this is the first financial period for the entity this also constitLJtes the reserves held at the period end. During the period, the charity has incurred expenses lotaling £55,061 which is split between £37,708 of unrestricted expenditure and £17,353 of restricted expenditure. The Iruslees have opted lo relain a larger reserves balance in the period, so that they are able to meet the costs of the charity if there should be a drop in income in future years lo ensure the charity is sustainable while developing infraslru¢ture and funding pipeline. The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to major risks. The ¢harily does not have a policy relating to operational funds, bul the Iruslge's have discussed maintsining Ihg charity bank balance of 3-6 months resetve as an aim. The charity is able to be dynami¢ with operational resetves and reducelpaLJse services temporarily if needed.
THE PENGUIN SPORTS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Structu, governan¢e and management The trustees who served during the period and up to the dale of signature of the financial statements were.. Mrs C E Painting (Appointed 4 Dember 20231 Mrs B Leonard (Appointed 4 December 20231 Mrs F Eckford (Appointed 4 December 20231 Mr G Palmar (Appointed 4 December 20231 Mrs F Johnson (Appointed 4 December 20231 Membership of the CIO is open to anyone who is interested in furthering its purtx)ses, and who, by applying for membership, has indicated his, her or its agreement lo become a member and acceptance of the duty of members sel out in sub-clause 3 of this clause. A member may be an individual, a ¢orporal& body, or an individual or corporate body representing an org8nis8tion which is not incorporated. The trustees, report was approved by the Board of Trustees. Mrs C E Painting Trustee Mrs B Leonard Trustee 9 July 2025
THE PENGUIN SPORTS FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PENGUIN SPORTS FOUNDATION I report to the trustees on my examination of the financial statements of The Penguin Sports Foundation (the charity) for the period endèd 31 Decèmber 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. I report in respect of my examination of the charity's financial statements carried OLJt under section 145 of the Charities Act 2011. In carying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the Charities Act 2011. Indèpondent •xamlner's statèm8nt Your attention is drawn lo the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Ch8rilies.' Stslemenl of Recornmended Practice issued on 1 April 2005 which is referred to in the exlanl regulations bul has now been withdrawn. l understsnd that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Acpted Accounting Practice. I have completed my examination. l Confirm that no matters have come to my attention in ¢onne¢lion with the examination giving me cause to believe that in any material respect". accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. the financial statements do not accord with those records., or the financial ststements do not comply with the applicable requirements Conrning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulabons 2008 other than any requirement that the financial statements 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 lo which attention should be drawn in Ihis report in order lo enable a proper understanding of the financial statements to be reached. Mr J Welton BA (Honsl FCACTA for and on behalf of Simpkins Edwards LLP Millennium House Brannarn Crescent Roundswell Business Park Barnstaple Devon EX31 3TD 9 July 2025
THE PENGUIN SPORTS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2024 Unr8strlctèd Unrèstrlcted funds funds general Design8ted tangible fixed assets fund 2024 Restrlctad funds Total 2024 2024 2024 Notes Income from.. Donations and legacies Charitable activities Other trading activities 71,366 75 35,176 71,441 35,176 14,226 14,226 Totsl income 85.592 35,251 120,843 Expanditura on.. Charitable activities 27,461 10,247 17,353 55,061 Total expenditure 27,461 10,247 17,353 55,061 Not Incom•lloxpendlturo1 58,131 110,2471 17,898 65,782 Transfors between funds 147,6341 47,634 Net movement in funds 10,497 37,387 17,898 65,782 Reconciliation of funds: Fund b818nces at 4 December 2023 Fund balances at 31 December 2024 10.497 37,387 17,898 65,782 The $18tement of financial activities includes all gains and losses re¢ognised in the period. All income and expenditu derive from Continuing activities.
THE PENGUIN SPORTS FOUNDATION BALANCE SHEET ASAT31 DECEMBER 2024 2024 Notes Fixed assets Tangible assets 11 37,387 Current assets Debtors Cash al bank and in hand 12 629 31,334 31,963 13,5681 Creditors- amounts falling due within one year 13 Net current assets 28,395 Total assets loss current Ilabllltlès 65,782 The funds of the charity Reslricled income funds Unrestricted funds- general Unrestricted funds- Designated tangible fixed assets fund 14 16 15 17,898 10,497 37,387 65,782 The financial statements were approved by the trustees on 9 July 2025 Mrs C E Painting Trustee Mrs B Leonard Trustee
THE PENGUIN SPORTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Accounting poli¢ies Charity information The Penguin Sports Foundation is a Charitable Incorporated Organisation. Membership is open to everyone, as set out in the constitution, with members having voting rights, not just the Trustees. 1.1 Reportlng rIOd The financial statements for the charity contain information relating to 2 13 month financial period from 4 December 2023 to 31 December 2024. Entries relating lo the pre-regislralion period for the charity have also been included in the financial slalements lo give a true and a fair view. 1.2 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Ch8rities A¢t 2011, FRS 102 "The Finan¢i81 Reporting Stsndard applicable in the UK and Republi¢ of Ireland" and the Charities SORP "A¢¢ounting and Reporting by Charities." Ststement of Recommended Pra¢ti¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a ststemenl of cash flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial slalements are prepared in slerfing, which is the functional currency of the charity. Monetsry amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.3 Going concern Al the time of approving the financial stalerllenls, the trustees have a reasonable expectstion that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees onlinue lo adopt the going concern basis of accounting in preparing the financial statements. 1.4 Charltablè funds Unrestricted funds are available for use al the discretion of the Iruslees in furtherance of their charitable objectives. Restricted funds are subject to sp8¢ific Conditions by donors or grantors as to how they may be used. The purposès and usgs of the restri¢tgd funds are sel out in thg notes to the financial ststemènts. 1.5 Income Income is recognised when the charity Is legally enlilled to il after any Performan conditions have been mel, the arnounls ¢an be measured reliably, and il is probable that income will be received. Cash donations are rècognised 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 GiftAid or deeds of covenant is recognised at the time of the donation.
THE PENGUIN SPORTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Accounting policies (Continued) Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are mel. Where a grant does not specify performance conditions il is recognised in income when the proceeds are received or re1Vable. A grant reiVed before the recognition criteria are satisfied is recognised as a 1.6 Exp&nditur8 Expenditure is recognised On there is a legal or conslruclive obligation lo transfer economic benefit lo 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 aclivily. The costs ol each activity are made up of the total of direct costs and shared ¢osls, in¢lLJding support Costs involved in undertaking each a¢tivily. Direct Costs allribulable to a singlo a¢tivity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attribuiable to a single activity are apportioned between those activib'es on a basis consistent with the use of resources. Cenlral staff cosis are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.7 Tangible fixed assets Tangible fixed assets are initially measLJred at Cost and subsequently Measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Plant and equipment CompLJters 200/0 Reducing Balance 1 S°/0 Reducing Balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrurllenl. Financial assets and liabilities are offset, with the net arnounls presentsd in the financial slalements, when the is 8 legally enforceable right to sel off the recognised amounts 8nd there is an intention lo setue on 8 net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measLJred at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement Constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as re1vable within one year are not amortised.
THE PENGUIN SPORTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Accounting policies (Continued) Basic fiTnanciTal liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt Instrument Is measured al the present value of the fjutu payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not 8mortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Income from donations and legacies Unrestrlctod funds 2024 Restrlct•d funds 2024 Total 2024 Donations and gifts Donated goods and services 43,396 27,970 43,396 28,045 75 71,366 75 71,441 Income from charitable activities Restricted fund$ 2024 Children in Negd other income 14,984 Hydrotherapy Other income 6,715 Frame Running Club Other income 1,847 Sports Foundatlon other income 5,000 The clai Milne Foundation Trust Olher income 6,630 35,176
THE PENGUIN SPORTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 In¢ome from other trading activities Unrestricted funds 2024 Fundraising events 14,226
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THE PENGUIN SPORTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Net movement in fund$ 2024 The nel movement in funds is stated after chargingllcredilingl.. Depreciation of owned tangible fixed assets 10,247 Accountants remuneration Fees payable to the charity's auditor and associates.. 2024 For independent examination servicas independent examination of the financial stslemenls of the charity 300 For other SeiceS Accounls-relaled assurance services 1,260 Trust¢¢s None of the trustees lor any persons connected with them) received any remuneration, expenses or benefits from the charity during the period. Employees The average monthly number of employees during the period was nil. There were no employees whose annual remuneration was more than £60,000. 10 Taxation The charity is exempt from tsxation on its activities because 811 its income is applied for Charitable purposes. 11 Tangible fixed assets Plant and equipment Compu¢er5 T+)tsl Cost Additions 47,375 259 47,634 At 31 Décèmbèr 2024 47,375 259 47,634 Depreciation and impairment Depreciation charged in the period 10,205 42 10,247 Al 31 De¢&mber 2024 10,205 42 10,247 Carrying amount At 31 December 2024 37,170 217 37,387 12-
THE PENGUIN SPORTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 12 Debtors 2024 Amounts falling due within one year.. Trade debtors 629 13 Creditor5- amounts falling due within one year 2024 Trade creditors Accruals and deferred incorne 1,161 2,407 3,568 14 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At4 December 2023 Incoming resources Resources expended At31 December 2024 Children in Need Hydrotherapy Frame Running Club Sports Found81ion The Claire Milne Foundation Trust 14,984 6,790 1,847 5,000 6,630 13,4361 13,4021 14101 13,4751 16,6301 11,548 3,388 1,437 1,525 35,251 117,3531 17,898 13-
THE PENGUIN SPORTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 14 Restricted funds (Continued) All our grants are part of our overall vision.. The provision of Water and Land based Movement therapy and Adapted Sport for Children and young Adults with Physical disabilities living in North Devon. Specifically.. Childn in Need- _ A 3 year Core funding grant lo cover some of the oper81ional costs of the ¢harity Ilhese are sptrcific and agretrd) Hydrotherapy.. (predominately raised from donations towards Hydro club and 1=1 Hydro sessions) to be used specifically for costs associated with these programmes (Physiotherapist costs and associated equipmentl Frame Running Club.. raised through donation towards Frame Running club - to be used for associated costs i.e track hire. equipment, any additional frame rna1ntenan costs not covered by Children in Need Grant. Sports Foundation for the disabled.. a £5,000 fixed grant issued to spe¢ifi¢ally cover costs of Hydrotherapy Club from May 2024- May 2025 to Cover Pool Hi, Physiolherapisl. Physio Assistant and lifeguard costs. The Clalro Mllne Tw$t: a fixed grant of £6,330 used for 1=1 Hydrotherapy ¢osts from May - De¢ember 2024 covered 1..1 Physiotherapist costs. 15 Unrestrlctad funds - Daslgnated tanglblo flx•d assets fund These are unrestricted funds which 8re material lo the ch8rily'$ activities. At4 December 2023 Resources expended Transfers At31 December 2024 Transfers Depreciation 47,634 47,634 110,2471 110,2471 110,2471 47,634 37,387 The tangible fixed assets fund represents the net book value of the fixed assets which are used for charity purpose. The movement in the fund every year represents the movement in the net book value, including depreciation of assets, additions and disposals. 14-
THE PENGUIN SPORTS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 16 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balan5 of donations and grants which are not subject lo specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been sel aside out of unreslri¢led fLJnds by the trustees for specific purposes. At4 De¢ember 2023 Incoming resources Resources expended Transfers At31 De¢ember 2024 General funds 85,592 127,4611 147,6341 10,497 17 Analysis of net assets between funds Unrestricted Unrestricted funds funds general Designated tangible fixed assets fund 2024 Restricted funds Total 2024 2024 2024 At 31 December 2024: Tangible assets Current assetsllliabililiesl 37,387 37,387 28,395 10.497 17,898 10,497 37,387 17,898 65,782 18 Related party transactions During the period, the charity worked closely with il's founder Mrs G Rous. Services were provided by Mrs G Rous which lolalled £21.404. During the period a donation was received by Mrs G Rous which lolaled £2,900 and £20 was received relating to a charitable activty. 15-