sc Financial Statements For the Year Ended 31 December 2024 For The Pedmore Sporting Club Trust Fund Reglstered Charity No. 263907
Pedmore Sporting Club Tiust Fund Trustees, retY)rt and financial statements 31 Decernber 2024 Trustees, report The trustees present thelr rewrt along with the financial statements of the charlty for the year ended 31 December 2022. The financial statements have been prepared in accordance wlth the accounllng policies set out on page 13 and comply with the charllies trust deed, the Charities Act 2011 and Accounting and Repong by Charilles.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance wtth the financièl Reporting Standard applicable in the UK and Republk of Ireland published on 16 July 2Ql4. Trustees R Herman-smllh OBE R Williams BEM J M Price P B Pio15 (reslgned 4 July 20241 J S WhitehDuse M J Bellfield G Knowles {appoinled 20 November 2024} Constitutlon and objects The Pedmore Swrting Club Trust Fund is constituted under a trust deed dated 7 March 1973 and is a registered charity no. 263907. The objects of the Trust Fund are tc> utilise the monies whlch may be held or received for the relief of the poor and needy and for any other charitable purpose which may be approved in a duly constituted meeting, through cash grants or the provision of goods and serviTrs. Organisation The tiustees who have served durlng Ihe year and slnce the year ended are set out above. A panel comprising existing trustees, pasl presidents and committee metnbers {"the Executive Committeej nominates members for aPF)oinlment to the trustee btsard. Members of the Club In general meeting confirm those nominabons. Trustees seNe for an indefinite terrn. The Executive Commbitee meets quarterly to asse55 grant applications and, in some instance5, rnight nomiriate s¢>meone to Interyiew Individual grant appllcanls. On these (Kcasions the nominees rert back to the Executive Committee, which will then approve or refuse grants. All members are Snforrned of the historyi objectives and policies of the Trust Fund upon the completlon of the membership proce55. Appolntlng new trustees New trustee5 are appointed from Pedmore Sporting Club Past Presidents who have held the office of Pedmore SpDrbng Club President and Pedmore Sp)rting Club Chairman for the formal requirement of two years for each office following seNlng as a Pedmore Sporting Club comm(itee member during the years preceding their tenure. Grant making policy The Trust Fund considers applications for funding or projects from individuals or institulionsi preferably locally based, provided the applicatlon sadsfies the crbteria set out Sn the Trust Fund's objects. In considering applications the trustees have had due regard to guidance Issued by the Charity Commissbon on public benefit. Flnanclal revlew and investment policy shown in the statement of financial attivitles on page 14, there has been a Increase in total income for the year of £25,342 to a surplus of £28,275, mainly because of more favourable market value movernents on investments compared to last year. Income actually received from the Income InvestrnerTrl Portfolio was £13,883 for the year 2024, but there was a net fall in market value of the rH)rtfolio of £9,298, which appears On page 14. Donations paid in the year were £38,029 as detailed on page 18. The only restricknon on the Trust Fund's tx)wer to invest is that the funds are not immediately requlred and are only invested In legally authorised investments. Achiovement and Performance During the perlod the Trust made donation5 amounting to £38,029 12023.. £30,289), which included donatlons of £3,500 to Compton Hospice, £2,000 to each of the five other local hospice5, and £2,500 to the Havel), Wolverhampton. Page 10
The Pedmore Sporting Club Trust Fuiid Trustees, report and financial statements 31 December 2024 Trustees, I'erjort Iconunuedl The annual schedule of events Included 10 event5 which raised funds of £9,478. PSC lias ulilised financial resources in Drder to donate an amount of £38,029 to worthy cauges during the year. It is hoped that the PSC Schedule of Event5 wlll expand further during the year 2024. fte5erve5 policy It Is the policy of the charity to maintain the free reserv of the charity up to a level of £IOO,000. For IhI5 purpose the trustees define free reseNes as being the unreslrirted Iiet assets of the charity, less any fixed asset5. This will provide sufFicient funds to support ongoing applications and lo respond to emergency applications for grants which may arise Irom lime lo time. Reserves were £54,492 at Uie year end, wl)ich is Iklow the target level. In the trustee's view, thi5 reflects the pressures arising IrDm the coronavirus pandetnic. The Tiustees hope to increase the level of incorne generèllon in the comlng year and believe this will pern)it some increase in the level of reserves. Risk iiiaiiagement The tXUStees have identified the types of risks the Trust Fund faces, prtorilising them in terEns of potentl31 impact and likelihood of occurrence and identifying ffleans of miligaling the risks. As part of this proce55, the trustees have reviewed the adequaiy of the Trust Fund's current internal controls which are desigried to provide reasonable, but not absolute, assurance against material mis51atement or loss. Tliey include.. 11 grant5 made have to be approved al the Executive Committee meetings and recorded in the minutes of tliose meetings,. cheques havc l(> be slgned by three Executive Committee members; finaiicial and debtor 5taleffjents ale prepared for each Execub"ve Con)mittee meeling and fully discussed. The trustees are pleased lo report that tlie Trust Fund'5 Internal financlal contro15 conform with guideliiie5 issued by the Charity Commission. Ti'ustees, responsibilities in relation to the financial statemeiits The trustees are responsible for preparing the Annual Report and the financlal Statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales require5 Ihe trusl'ees to prepare financial slatenienlg for each finaiicial year whicl) qive a tiue and fair view of the state of affairs of the charity and of the incoming re50urces and application of resources of the charity for Ihat perlDd, In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them con515tently ob52rve the tnethods and principles in the Charitie5 SORP,. nTrake ldgeMentS ènd estimates that are reasonable and prudent,. State whether" applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financlal slatemenls,. prepare the financial statements on the going concern basis unless it is inappropriate to presurne that the charity will contiiiue in operation. The trtjstees are responsible for keeping accounting records Ihat disclose with. reasonable accuracy the ffinancièl P051tion of the charity and enable Ihern to ensure that the financial statements comply with the Charitie5 Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the 3s£ets of the charity and hence for taking ieasonable Steps for the prevenl'ion and detection of fraud and Dther irregularities. Approved by the trustees and signed on theii" behalf by.. R Herman-smilh OBE Trustee J M Price Trustee Dated l/¢/? C Page 11
Report or the Independent Auditors to the Trustee5 of Pedmore Swrting Club Trust Fund Opinlon We have audited the flnanclal statements of Pedmore Sty)rting Club Trust Fund (the 'chaTity'I for the year ended 31 Dember 2024 which comprlse the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial sldlemenls, including a SLimmary of significant accounting tlIcies. The financial report£ng framework that has been applied in their preparation is applicable law and United Kingdom Accounb'ng Standards (United Kingdom Generally Accepted Accounting Practice). In our opinlon the financial statements.. give a true and fair view of the state of the charity's affairs a5 at 31 December 2024 and of Its incoming resource5 and appllcalion of resour5, for the year then ended. have been properly prepared in accordance with Unlted Klngdom Generally Accepted Accounting Prattice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conduclod our audit in accordance with Internatlonal Standards on Auditing (UK) (Is (UK)) and appllcable law. Our restK)nsibilities under those standards are further described in the Auditors restK)nsibiltties for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirernents that are relevant to OLir audit of the financial statements in the UK, including the FRC'S Ethical Standard, aiid we l)ave fulfilled ourother ethical reswnsibilities in accordance with these roouirements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our oplnion. Concluslon5 relating to going concern We have nothing to rert in respect of the following matters in relation to which the ISAS IUKI require us to reFK)rt to you where: the trustees, use of the going concem basis of accounting in the preparolion of the financial statements Is not appropriate,. or the trustees have not disclosed in the financial statements any Idendfied material uncertainties that may cast significant doubt about the charity's ability to continue to adDPt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements a¥e authorised for I55ue. Other informatlon The trustee5 are responsible for the other Information. The other infoTmation compdses the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinlon on the financial statements does not Cer the other information and, expt lo the extent othe¢wise explicitly stated in our report, we do not expre any forffl of assurance concluslon thereon. In connecknon with our audit of the financial slatements, our responslbility is lo read the other information and, In dolng so, consider whether the other informab'on is materlally inconsistent with the finallci31 statements or our knowledge obtsined In the audit or otherwise appears to tE nTraterially mlsstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deteimine whether there is a material fflisslatement in the financial statements or a material Misstatement of the other informatlon. If, based on the work we have performed, we conclude that there is a material niisslalement of this other information, we are required to report that fatt. We have nothing lo report In this regard. Matters on which we are required to report by eXptIOn We have nothing lo report in rest*ct of the follc>wing matters where the Charitles Act 201L requlres us to report to you if, in our opinicin-. the information glven in the Report of the Truste 15 inconslstent in any matedal respect with the financial statements ' or the ch3rity has not kept adequate accounting records,. or the financial statements are not in agreement with the accounting records and returns: or we have not ¥eceived all the inforrnation and explanations we require for our audlt. Page 12
Report of the IndepeiidenL Auditors to the Trustees of Pedmore Spoiting Club Trust Fund Responsibilities of trustees As explained more fully In the Statement ol Trustees ResponsibiltIes, the li uslees are responsbble for the preparation or the financial statements an(J for being satisfied that they give a true and fair view, and for such internal control ag the trustees determine is necessary to enable tlie preparation of financial statements that are free from materi31 misstatement, whether due to fraud or error. In preparing the financial slalemenls, the trustees are responsible for h5sesslng the charity's ability lo Continue as a going cuiicern, disclosing, 3£ applicable, matterg related to gDlng concern and using the going concern baS of accounting unless the tru5tee5 either intend to liquldate the charity or to ce35e operations, or have no realistic Iterna¢ive but to do 50. Oiii. respoh15Èbilitios foi. the audit of tlie financial stat'emeiits Our objectives are to obtain reasonable assurance about whether Ilie fifiallclal statements as a whole are free from niaterial misstatement, whether due to fraud or error, and to 155ue a Report of the Independenl Auditors Ihat include5 our oplnion. Reasonable assurance Is a l)Igh level of assurance, but is not a guarantee thal an audit conducted in accordance with ISAS IUK) will always detect a m8leridl missldlenient when il exists. Misslalemenls can aiise from fraud or error and are considered materlèl if, Individually or in the aggregate, they could reasonably be expecLed to influence the etonomic decisions of users taken on the ba515 Df these financbal statements. ' We identify and assess risks of material misslateinent of Ihe financlal gtatements, whether due to fraud and error, and 11)en deslgn and perform audit. procedures responsive lo those risks, including oblaining audil evidence Ihot is sufficient and appropriate to provide a basis for our opinion. In ideiilifying and assessing risks of material misstatement in respect of iriegularities, including fraud and noii- compliance with laws ond regulations, we considered the folbwing: the nature ol the indvstry, control environment and buslness performante,. resulls of our enquirles of monagement about theii. identification and asse55tnent of the risks of irregularities,. any matters we have identified having reviewed the charity's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. Tlie key laws and regulatlons we considered in Iliis context included the Charities Act 2011. A5 a result of these procedures we considered the OPPDltunities that may exist within the organisatlDn for fraud resulting in rnaterial misstatement in the financial 51atenients. We considered that any such opportunities are mitigated by the fact tliat tlie charity is under the close control of its truslees, Our procedures to arrive al this conclusion included the following: reviewing balance sheet control accounts lo ensure properly reconclled,. performing analytical procedures lo idenllfy any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud,. enquirlng with management concerning aclval and potential lil'igation clalms. A further description of our responsibilities for the audit of the finaiicièl statements Is located on the Financial Reporting Council's website at www.frc.org.uk/auclilorsresponsibilities. This description form5 part of our Report of the Independent Auditors. Use of oui. IEport I"his report is made solely to the charity's Iruslees, as a body, in accordance with Section 144 of the Ch3rilles ACL 2011 and regulation5 made under Section 154 of thst Act, Our audit work has been undertaken so that we might State to tlie charity's tru51ees those matter5 we are required to state to them in an auditors, report and for other purpose. To the rullest exteiit perniitted by law, we do not accept or a55ume SpOnsibl11fy to anyone other tlian the charity and the charity's trustees as a bodyi for our audit work, for thls report, or for the opinions we have forffled. ULWL Ilu CL. NIC1 Audit LimilEd Chartered Ar.countapls Statutory Auditors Churcli Court Stourbridge Road Halesowen Wesl Midlands B63 3Tt Dated.. Nicklin Audit Limited is eligible to act ag èn auditor in terms of Section 1212 of the Conjpanles Act 2006. Page 13
The Pedmore Sporting Club Trust Fund Statement of flnanclal èctlvltles for the year ended 31 December 2024 Note 2024 2023 Income Events, donations and other income Covenants from members.. Subscriptions Income tax recoverable Income received Irom investments Gains}Ilossl on Investments 16,751 9,410 1,324 5,614 13,884 19,298) 4,203 5,044 13,912 {29,636) Total income 28,275 2,933 Expenditure Charitable donations (38,029) (30,289) Nel Income belng net movements in funds 19,754) (27,356) Accumulated charity fund brought foEward 277,653 305,009 Accumulated charity fund carried forward 267,899 277,653 All fund movements were on unrestricted fund5 in both period5. Page 14
The Pedtnore Sporting Club TrusL Fund Balance slieet at. 31 Decembei. 2024 Note 2024 2023 Fixecl assets Investmpnts 213,407 222,705 Current assets DebLors due within one year Bank depc>sit account 5,239 51,441 57,814 57,814 56,680 Creditoi's: amoun15 falling due within one year (3,322) 11,732) Net current assets 54,492 54,948 Total assets 267,899 277,653 Rey)reseiited by., Accumulttted charity fund 267,899 277,653 These financial sLatemeiits weie approved by the trustees on nd were signed on their behalf by.. R Herman-smith QBE Trustee J M Price Trustee Page 15
The Pedmore Sporting Club T¥ust Fund Notes (formir¥g part of the financial statemen15) statutory information and ac¢ountlng policles The chartty Ss an un[ncorrated trust, registered as a charity at Church Court, stQUTbiidge Road, Halesowen, West Midlands, B63 3rr. Basis of preparation The financial statements have been prepared under the historical cost convention with items recognlsed at cost or transacbon value unless Otherwi stated in the relevant nole{s1 to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practlce.. Accouniing and Reporting by Charlties preparing their accounts in accordance with the Financial Reportlng Stsndard applicable In the UK and Republic of Ereland {FRS 102) issued on 16 July 20É4 and the Financial Reporting Standard appllcable In the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The trust consb"tutes a public benerrc entity as defined by FRS 102. The significant accounting policles applied in the preparation of these financlal statements are set out below. Income Raffles and bank interest Income from these categories is accounle(J for on a receipts basis. Covenants from members Covenanted Income comprises the charttable element of members, annual SubscpIlOnS and Income tax recoverable on subscripllons where tax covenants have currently been received. In addition, Incorne tax is clairned on donations, under the Gift Aid provisions, where the Gift Ald certificates have been Teceived. Investments Incorne from investments Is recnISed on an accruals bèsls. Expenditure Charitable donations are accounted for as they are paid. Debtors Debtors are recconised at their settlement amDvnt due. Investments Investments are inlllalty reciniSed èt their transaction value and subsequently measured at fair value at the balance sheet date. Gains or losses on revaluatlons and disposals are taken to the Statement of Financial Activities. Creditors Creditors are recognised at thelr settlement amount dije. Page 16
The Pedmore Sporting Club Trust Fun Notes (contlnuedl {forming part of the financial staternents} Events, donations and other income 2024 Events- net proceeds Beefeaters Dinner Celebrity Lunch Quiz Night Simulatecs Game Shoot C Invitation World Liar Dice ci)mpetition Nomads- May Annual General Meeting Pedmore Salver Christmas Lunch Miscellancous Prizes c05t Merchaiidise sales surplus 3,520 3,371 948 560 458 428 145 25 146 to (133) 1,687 434 570 134 450 135 61 190 {88) 107 9,478 3,680 Donations Piscitorials J Bellfield ) Mtsrris-Adams Rex Williams M Raybould Family CameTon Homes J Tainton D&%Lee JAsh The Fun Club G Knowles P Caright 3,000 1,150 123 20CI 235 400 290 1,000 446 300 394 3,000 loo 55 5,848 4,845 other Income Lottery Less '. prizes 4,680 (3,235) 4,590 {3,7051 1,425 885 16,751 9,410 Page 17
The Pedmore Swrting Club T¥u5l Fund Notes (contlnued) (forming part of the financial ststements) Charltable donatlons 2024 2023 Brierley Hill Babybank Lucy Lewisi gymnast Fun Club Hospices St Richard's Acorns Mary Stevens Kemp Cotllpton Primr05e The Haven, Wolverhampton Crafting for Communitie5 Lion Farm Donna Carter Brit15h Disabled Angllng Ass(Klation Dudley District West Scouts All Stars Youth Club The High Riders S Barber The Kingswood Trust Priory Park Boxing Club M Packer Options For Life Klds Halfpenny Green Alr Scouts High Acres Qmphill Village Trust Nobby Knowles Charity Wollaston Tea Pa We Love Carers More Mascots Childhcx)d Cancer Parents AssocIaon Read Easy Dudley Black Country Brighter Llves Bee Well Schools Riverside Stourbridge CEC Prostate Cancer Charity Worcester Communbty Fund Cadrene Supported knving Severn Area Rescue Assoclation Springs Church rive Live 1,500 1,270 800 1,850 1,270 800 2,000 2,000 2,000 2,000 3,500 2,000 2,500 4,406 2,25 890 2,302 2,700 500 300 795 3,500 635 755 1,053 I,cK)o 1,000 1,000 1,083 1,000 I,OOD 200 500 1,800 711 1,000 1,895 245 550 1,000 500 500 1,500 I,IOD 1,080 2,040 1,000 1,000 500 1,000 1,000 1,608 38,029 30,289 Page 18
The Pedmore Sporting Club Trust Fund Notes (continued) Iforrning part of the flnanclal ststemenls) Fixed assets Investments Market value at 31 December 2023 Addltlons at cost DiSsaI5 Movement in market value 222,705 54,250 (56,6881 16,860) Market valtje at 31 December 2024 213,407 The portfolio of Managed Funds which wa5 acquired in 2012 at a cost of E224,469 has been decreased by nel accumulated losses of £11,062 to a market value of £213,407. The cost value of this portfolio at the year end was £241,590 {2023'. £253,160). Debtors due withTn one year 2024 02 Gift Aid tax recoverable Investment Income 5,044 195 5,239 Creditors 2023 Amount due to pedm0 Sporting Club Llmlled 3,322 1,732 3,322 1,732 Trustees remuneration The trustees received no remuneration or expenses during the year. Related Party Disclosures At the year end £3,322 (2023.. £1,732) was due to Pedmore Sportlng Club Llrnited, a company in which the Trustees are Directors. Page 19