Charity registration number: 223444
Bradford Cinderella Club
Annual Report and Financial Statements for the Year Ended 31 October 2023
Ian Richards & Co (Leeds) Limited Office 23 Burley Hill Park Burley Hill Leeds LS4 2PU
Bradford Cinderella Club
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 |
| Statement of Trustees' Responsibilities | 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 14 |
Bradford Cinderella Club
Reference and Administrative Details Trustees Mr Terry Pearson Mr James Saville Mr Paul Thompson Secretary Mr Terence Pearson Other Officers Mr Terry Pearson, Chaiman Ms Rachel Thompson, Treasurer Charity Registration Number 223444 Principal Office 16 Chapel Street Bradford BD1 5DL Accountants Ian Richards & Co (Leeds) Limited Office 23 Burley Hill Park Burley Hill Leeds LS4 2PU Bankers CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ Barclays Bank plc Idle Branch PO Box 224 Bradford
Page 1
Bradford Cinderella Club
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 October 2023.
Objectives and activities
Structure, governance and management Financial instruments
Objectives and policies
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Credit risk
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
The annual report was approved by the trustees of the charity on 2 July 2024 and signed on its behalf by:
Mr Terry Pearson Trustee
Page 2
Bradford Cinderella Club
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 2 July 2024 and signed on its behalf by:
Mr Terry Pearson Trustee
Page 3
Bradford Cinderella Club
Independent Examiner's Report to the trustees of Bradford Cinderella Club
I report to the trustees on my examination of the accounts of Bradford Cinderella Club for the year ended 31 October 2023.
Responsibilities and basis of report
As the charity trustees of Bradford Cinderella Club 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 Bradford Cinderella Club's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material 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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accounting records were not kept in respect of Bradford Cinderella Club as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting 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 accounts to be reached.
Ian Richards & Co (Leeds) Limited Accountants
2 July 2024
Page 4
Bradford Cinderella Club
Statement of Financial Activities for the Year Ended 31 October 2023
| Unrestricted | Total | |||
|---|---|---|---|---|
| funds | 2023 | |||
| Note | £ | £ | ||
| Income and Endowments from: | ||||
| Donations and legacies | 17,319 | 17,319 | ||
| Other income | 9,082 | 9,082 | ||
| Total income | 26,401 | 26,401 | ||
| Expenditure on: | ||||
| Charitable activities | (16,447) | (16,447) | ||
| Other expenditure | (24,266) | (24,266) | ||
| Total expenditure | (40,713) | (40,713) | ||
| Net expenditure | (14,312) | (14,312) | ||
| Net movement in funds | (14,312) | (14,312) | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 629,670 | 629,670 | ||
| Total funds carried forward | 11 | 615,358 | 615,358 | |
| Unrestricted | Total | |||
| funds | 2022 | |||
| Note | £ | £ | ||
| Income and Endowments from: | ||||
| Donations and legacies | 12,172 | 12,172 | ||
| Other income | 7,509 | 7,509 | ||
| Total income | 19,681 | 19,681 | ||
| Expenditure on: | ||||
| Charitable activities | (12,261) | (12,261) | ||
| Other expenditure | (21,720) | (21,720) | ||
| Total expenditure | (33,981) | (33,981) | ||
| Net expenditure | (14,300) | (14,300) | ||
| Net movement in funds | (14,300) | (14,300) | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 643,970 | 643,970 | ||
| Total funds carried forward | 11 | 629,670 | 629,670 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 11.
The notes on pages 7 to 14 form an integral part of these financial statements. Page 5
Bradford Cinderella Club
(Registration number: 223444) Balance Sheet as at 31 October 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Fixed assets | ||||
| Tangible assets | 7 | 442,535 | 452,612 | |
| Investments | 8 | 357,758 | 369,932 | |
| 800,293 | 822,544 | |||
| Current assets | ||||
| Cash at bank and in hand | 9 | 26,723 | 30,988 | |
| Creditors: Amounts falling due within one year | 10 | (226,448) | (228,762) | |
| Net current liabilities | (199,725) | (197,774) | ||
| Net assets | 600,568 | 624,770 | ||
| Funds of the charity: | ||||
| Unrestricted income funds | ||||
| Unrestricted funds | 615,358 | 629,670 | ||
| Revaluation reserve | (14,790) | (4,900) | ||
| Total unrestricted funds | 600,568 | 624,770 | ||
| Total funds | 11 | 600,568 | 624,770 |
The notes on pages 7 to 14 form an integral part of these financial statements. Page 6
Bradford Cinderella Club
Notes to the Financial Statements for the Year Ended 31 October 2023
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Bradford Cinderella Club meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Transition to FRS 102
In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was required. No restatements are required as a result of the transition to FRS 102.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Page 7
Bradford Cinderella Club
Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
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 equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Page 8
Bradford Cinderella Club
Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
2 Income from donations and legacies
| Unrestricted | |||
|---|---|---|---|
| funds | Total | ||
| General | funds | ||
| £ | £ | ||
| Donations and legacies; | |||
| Donations from individuals | 17,319 | 17,319 | |
| Total for 2023 | 17,319 | 17,319 | |
| Total for 2022 | 12,172 | 12,172 |
Page 9
Bradford Cinderella Club
Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)
3 Expenditure on charitable activities
| Unrestricted | |||||
|---|---|---|---|---|---|
| funds | Total | ||||
| General | funds | ||||
| Note | £ | £ | |||
| Grant | funding of activities | 16,447 | 16,447 | ||
| Total | for 2022 | 12,261 | 12,261 |
Page 10
Bradford Cinderella Club
Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)
4 Net incoming/outgoing resources
Net outgoing resources for the year include:
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Depreciation of fixed assets | 10,077 | 10,077 | ||
| 5 | Independent examiner's remuneration | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Examination of the financial statements | 2,400 | 2,000 |
Page 11
Bradford Cinderella Club
Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)
6 Taxation
The charity is a registered charity and is therefore exempt from taxation.
7 Tangible fixed assets
| 7 | Tangible fixed assets | ||||||
|---|---|---|---|---|---|---|---|
| Land and | |||||||
| buildings | Total | ||||||
| £ | £ | ||||||
| Cost | |||||||
| At | 1 November 2022 | 503,830 | 503,830 | ||||
| At | 31 October 2023 | 503,830 | 503,830 | ||||
| Depreciation | |||||||
| At | 1 November 2022 | 51,218 | 51,218 | ||||
| Charge for the year | 10,077 | 10,077 | |||||
| At | 31 October 2023 | 61,295 | 61,295 | ||||
| Net book value | |||||||
| At | 31 October 2023 | 442,535 | 442,535 | ||||
| At | 31 October 2022 | 452,612 | 452,612 | ||||
| 8 | Fixed asset investments | ||||||
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Other investments | 357,758 | 369,932 |
Page 12
Bradford Cinderella Club
Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)
Other investments
| Other investments | |||
|---|---|---|---|
| Listed | |||
| investments | Total | ||
| £ | £ | ||
| Cost or Valuation | |||
| At 1 November 2022 | 357,758 | 357,758 | |
| At 31 October 2023 | 357,758 | 357,758 | |
| Net book value | |||
| At 31 October 2023 | 357,758 | 357,758 | |
| At 31 October 2022 | 357,758 | 357,758 |
9 Cash and cash equivalents
| 9 Cash and cash equivalents |
|||||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Cash at bank | 26,723 | 30,988 | |||||
| 10 Creditors: amounts falling due within one year | |||||||
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Other creditors | 226,448 | 228,762 | |||||
| 11 Funds | |||||||
| Balance at 1 | |||||||
| November | Incoming | Resources | Balance at 31 | ||||
| 2022 | resources | expended | October 2023 | ||||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| General | 629,670 | 25,951 | (40,263) | 615,358 | |||
| Balance at 1 | |||||||
| November | Incoming | Resources | Balance at 31 | ||||
| 2021 | resources | expended | October 2022 | ||||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| General | 643,970 | 22,465 | (36,765) | 629,670 |
Page 13
Bradford Cinderella Club
Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)
12 Analysis of net assets between funds
| 12 Analysis of net assets between funds | ||||
|---|---|---|---|---|
| Unrestricted | Total funds at | |||
| funds | 31 October | |||
| General | 2023 | |||
| £ | £ | |||
| Tangible fixed assets | 442,535 | 442,535 | ||
| Fixed asset investments | 357,758 | 357,758 | ||
| Current assets | 26,723 | 26,723 | ||
| Current liabilities | (226,448) | (226,448) | ||
| Total net assets | 600,568 | 600,568 | ||
| Unrestricted | Total funds at | |||
| funds | 31 October | |||
| General | 2022 | |||
| £ | £ | |||
| Tangible fixed assets | 452,612 | 452,612 | ||
| Fixed asset investments | 369,932 | 369,932 | ||
| Current assets | 30,988 | 30,988 | ||
| Current liabilities | (228,762) | (228,762) | ||
| Total net assets | 624,770 | 624,770 | ||
| 13 Analysis of net funds | ||||
| At 1 November | At 31 October | |||
| 2022 | 2023 | |||
| £ | £ | |||
| Cash at bank and in hand | 30,988 | 30,988 | ||
| Net debt | 30,988 | 30,988 | ||
| At 1 November | At 31 October | |||
| 2021 | 2022 | |||
| £ | £ | |||
| Cash at bank and in hand | 28,375 | 28,375 | ||
| Net debt | 28,375 | 28,375 |
Page 14
Bradford Cinderella Club
Statement of Financial Activities by fund for the Year Ended 31 October 2023
| Total | Total | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Funds | Funds | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Income and Endowments from: | |||
| Donations and legacies | 17,319 | 12,172 | |
| Other income | 9,082 | 7,509 | |
| Total income | 26,401 | 19,681 | |
| Expenditure on: | |||
| Charitable activities | (16,447) | (12,261) | |
| Other expenditure | (24,266) | (21,720) | |
| Total expenditure | (40,713) | (33,981) | |
| Net expenditure | (14,312) | (14,300) | |
| Net movement in funds | (14,312) | (14,300) | |
| Reconciliation of funds | |||
| Total funds brought forward | 629,670 | 643,970 | |
| Total funds carried forward | 615,358 | 629,670 |
This page does not form part of the statutory financial statements. Page 15
Bradford Cinderella Club
Detailed Statement of Financial Activities for the Year Ended 31 October 2023
| Total | Total | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Income and Endowments from: | |||
| Donations and legacies (analysed below) | 17,319 | 12,172 | |
| Other income (analysed below) | 9,082 | 7,509 | |
| Total income | 26,401 | 19,681 | |
| Expenditure on: | |||
| Charitable activities (analysed below) | (16,447) | (12,261) | |
| Other expenditure (analysed below) | (24,266) | (21,720) | |
| Total expenditure | (40,713) | (33,981) | |
| Net expenditure | (14,312) | (14,300) | |
| Net movement in funds | (14,312) | (14,300) | |
| Reconciliation of funds | |||
| Total funds brought forward | 629,670 | 643,970 | |
| Total funds carried forward | 615,358 | 629,670 |
This page does not form part of the statutory financial statements. Page 16
Bradford Cinderella Club
Detailed Statement of Financial Activities for the Year Ended 31 October 2023 (continued)
| Total | Total | Total | |||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | ||||
| Donations and legacies | |||||
| Appeals and donations | 17,319 | 12,172 | |||
| 17,319 | 12,172 | ||||
| Other income | |||||
| Rental income | - | 7 | |||
| Income from listed investments | 8,585 | 10,286 | |||
| Interest on cash deposits | 47 | - | |||
| (Gain) on programme related investments | 450 | (2,784) | |||
| 9,082 | 7,509 | ||||
| Charitable activities | |||||
| Funding | (16,447) | (12,261) | |||
| (16,447) | (12,261) | ||||
| Other expenditure | |||||
| Portfolio management costs | (3,690) | (3,901) | |||
| Insurance | (2,748) | (2,564) | |||
| Telephone and fax | (138) | (83) | |||
| Rates | (2,000) | (923) | |||
| Office expenses | (1,009) | (295) | |||
| Light and heat | (526) | (284) | |||
| Just giving costs | (725) | (773) | |||
| Sundry expenses | (953) | (820) | |||
| The audit of the charity's annual accounts | (2,400) | (2,000) | |||
| Depreciation of freehold property | (10,077) | (10,077) | |||
| (24,266) | (21,720) |
This page does not form part of the statutory financial statements. Page 17