vicroRY SPORTS GROUND Charity Registration No 803621 ANNUAL REPORT & ACCOUNTS YEAR ENDED 31" MARCH 2024
vicroRY SPORTS GROUND Charity Registration No 803621 Year Ended 31 March 2024 Contents Trustee's Annual Report Statement of Trustees. Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the accounts
VICTORY SPORTS GROUND Charity Registration No 803621 Year Ended 31" March 2024 Trustee's Annual Report The Trustee is pleased to present their report and accounts for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Trust's governing document, the Charities Att 2011 and the Statement of Recommended Practice, Charities SORP {FR5102). Objertives and artivities A public park to be known as the 'Virtory Sports Gmund" for the benefit of the inhabitants of the Borough of Southend-on-sea and the recreation of the public. The sport ground, in addition to providing a general recreational area, contains football and cricket pitches. which are hired by teams throughout the year. The old pavilion on the ground, which provided changing accommodation and a tea bar. was destroyed by fire in 1995. A new pavilion was constructed by Southend tY Council and was ready for the 199718 football sea50n. The sports ground is administered and maintained for the objects set out in its governing document by the City Council, which meets any deficit incurred each year on operating the facility. The Trustees in rnaking decisions about the Trust make those decisions with due regard to the objects of the Trust. They also have due regard to their legal duty to carry out the Trusys charitable purposes for the Public Benefit and the Charity Commissions. guidance thereon. Achlevements and performan Victory Sports Ground is currently maintained to allow the purposes in its Governing document set out below to take place during the financial year 2023-24. Victory Sports Ground's field remained open for all members of the public to make use of. The Trustee considers that the performan of the charity during the year was satisfactory. Plans for the future The Trustees intend to continue with the current activity and maintain the standards of Victory Sports Ground.
vicroRY SPORTS GROUND Charity Registration No 803621 Year Ended 31" March 2024 Financial review The cost of maintaining the sports ground exceeded the net income from trading activities and the deficit of £38,118 {2023 £27,406) has been funded from the Southend City Council General Fund, by a donatlDn to the charity. Reserves Policy The trust does not need to hold reser¥es as any deficit which arises on the operation of the trust, should the trust have no funds to meet it, is funded by Southend on Sea City Council, which is sole trustee of the trust. Going concern Virtory Sports Ground meets the definition of a public benefit entity under FRS102. There are no material uncertainties about the charitVs ability to continue as a going concern. Structure, governance and management Governing documents The Trust's Governing document is in the form of an Indenture signed on 30 September 1921. Trustee recruitment and tralnlng Southend City Council elected members are corporate Trustees. Therefore Councillors once elected become a corporate Trustee of the Trust. RNskAssessment The city council, when carrying out risk assessments for its own activities, includes within the assessment the activities of the trust, so any major risks applicable to the trust are covered by the council arranging appropriate insurance or having in place strategies to cover other contingencies.
VICTORY SPORTS GROUND Charity Registration No 803621 Year Ended 31° March 2024 Reference and administrative details Trustee Southend-on-sea City Council Secretary/Treasurer to the Trust Southend-on-sea City Council Address Civic Centre Victoria Aventje Southend-on-sea Essex S52 6ER Independent Exominer TCGroup The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN
VICTORY SPORTS GROUND Charity Registration No 803621 st Year Ended 31 March 2024 Statement of Trustees, Responsibillties The Trustee5 are responsible for preparing accounts which give a true and fair view of the state of affairs of the Charity as at the end of each financial year and the income and expenditure of the Charity for that period. In preparing those accounts, the Trustees are required to: Select suitable and applicable accounting policies and then apply them consistently Make judgement and estimates that are reasonable and prudent Prepare the financial statements on a going concern basis unless it Is inappropriate to presume that the or8anisation will continue in business The Trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with charity legislation and the relevant governing instruments. They are responsible for safeguarding the Charitvs assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Results The Trust's financial results are as per the annexed accounts. By order of the Trustees Signed J Chesterton (Feb 10, 2025 13.'48 GMT) Joe Chesterton. Executive Director (Finance & Resources) Date Feb 10, 2025
vicroRY SPORTS GROUND Charity Registration No 803621 Year Ended 31. March 2024 Independent Examinerfs Report I report on the accounts of the Trust for the year ended 31 March 2024, which are set out on pages 6 to 11. Responslbllltles and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the TrLb5Ys 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 examlnerfs 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- l. accounting records We not kept in respect of the Trust as required by section 130 of the Act. or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mark Cummins FCCA FCIE For and on behalf of TC Group Office: Steyning, West Sussex Dated:
vicroRY SPORTS GROUND Charity Registration No 803621 Year Ended 31, March 2024 Statement of Financial Activities 2023124 2023124 Unrestricted Endowment 2023/24 Total 2022123 Total Funds Funds Funds Funds Note Income From Donations 38,118 55 38.118 55 27,581 21 Investments Charitable activities 8,604 46.777 9,418 37.020 Total Income 46.777 Expenditure on Ch3rit3 ble activities 46.777 46,777 46.777 46.777 37,020 37,020 Total expenditure Net income/expenditure & net movement in funds Reconciliation of Funds Total funds brought forward Total funds carried forward 10.421 10.421 10.421 10.421 10,421 10,421 All income and gains for the year are recognised on the statement of financial activities. All the Charity's activities are classified as continuing.
vicroRY SPORTS GROUND Charity Registration No 803621 Year Ended 31, March 2024 Balance Sheet 2023124 Total Funds 2022123 Total Funds Fixed Assets Tangible Assets Total Fixed Assets 10.01 10.000 10,000 10,000 Current Assets Cash at bank and in hand 1.261 1.261 1,081 1,081 Total Current Assets Liabllltles Creditors: Amounts falling due within one year Net current assets {840) 421 (660) 421 Total assets 10.421 10,421 The funds of the charity Endowment funds Total charity funds 10 10.421 10.421 10,421 10,421 Approved by the Trustee and signed on its behalf by an authorised signatory. Signed tekto J Chesterton (Feb 10, 2025 13:48 GMT) Joe Chesterton. Executive Director {Finance & Resources) Southend on Sea City Council for the Trustee Date Feb 10, 2025
VICTORYSPORTS GROUND Charity Registration No 803621 Year Ended 31" March 2024 Notes to the accounts Note l Legal Status Victory Sports Ground is an unincorporated charity registered in England and Wales {charity number 803621). Note 2 Accountlng Policies Bosis of preporation The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective l January 2016) - (Charities SORP (FRS 102)), and the Charities Act 2011. Victory Sports Ground meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). There are no material uncertainties about the charity's ability to continue as a going concern given the continued support of Southend City Council. The financial statements are prepared in Pounds Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. Cash Flow St(rtement In accordance with the Charities SORP (FRS 102) the charity Is claiming exemption from the requirement to prepare a cash flow statement on account of it being a small charity. Income Donations and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. Charitable activities - represent income from rent and are recognised when receivable. Investment income is accounted for when receivable. Expenditure Expenditure is accounted for on an accruals basi5 exclusive of the element of VAT which is recoverable by Southend City Council in accordance wsth VAT Notice 749 para 7.5. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its benef ici3 ries. Tangiblefixed assets ond depreciotion Tangible fixed assets are capitalised at cost. Land is not depreciated.
vicroRY SPORTS GROUND Charity Registration No 803621 Year Ended 31 March 2024 Note 2 Accounting Policies (continued) Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments. No separate bank account is maintained by the TfU5t, therefore all income and expenditure passes through the City Council'5 account, and its cash balances are held within the City Council's general bank account. Creditors and provisions Creditors and provisions are recognised where the charity has present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Criticol accountlng estlmotes and Judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other source5. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The trustees do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements. Note 3 Income from Donatlons Donations of £nil (2023 £175) were received from the public. Donattons of £38,118 (2023 £27,406) were from Southend City Council as the funding required to make up the operational deficit for the year. This donation is equitably apportioned across all operational trust expenditure. Included in the donation of £38,118 are the following donated services: 2024 2023 Employees- seconded staff Administration 12.837 408 10,637 329 13.245 10,966 Note 4 Income from Investments Investment income is from interest earned on the cash balances held.
VICTORY SPORTS GROUND Charity Registration No 803621 Year Ended 31" March 2024 Note 5 Income from Charitable Activities Charitable trading activity 2024 2023 Facilities Hire 9,418 9,418 Note 6 C05t of Charitable Activities 2024 2023 Employees Building/Ground Maintenance Uti lities 15.753 15,770 4.672 290 14.277 16,573 945 Transport Insurance 86 1.100 7.851 840 501 903 Supplies & Services Governance costs Administration 3,135 660 441 46.777 37,020 The support costs incurred are the administration ser¥IS provided by Southend City Council and governance costs. Total support costs for the year were £1.341 (2023: £1.101). Governance costs comprise solely of fees paid to independent examiners. During the year £840 {2023: £660) was paid to the independent examiner in respect of examination services. Employee costs relate to employees of the Council. No staff are remunerated over £60,000 in the year. The charity is managed by Southend City Council and doesn't have any key management personnel. 10
vicroRY SPORTS GROUND Charity Registration No 803621 Year Ended 31" March 2024 Note 7 Fixed A55ets Freehold Land Asset C05t. valuation or revalued amount Balance as at 01104123 and 31103124 10.000 Accumulated depreciation and impalrment reviews Balance as at 01104123 and 31103124 Net Book Value Brought forward @ 01104123 Carried forward @ 31103124 10,000 10,000 Note 8 Creditors Amounts falling due within one year 2024 2023 Other Creditors 840 660 Note 9 Comparative Funds All incorne and expenditure in 2023/24 was unrestricted. Note 10 Endowment Fund The endowment fund has arisen as a result of the original donation of the land. Note 11 Trustee remuneration No trustee w35 paid in respert of their services as a trustee in 2023 or 2024 and no expenditure was reimbursed. Note 12 Related Party Transartions During the year the trustee (Southend City Council) donated £38,118 (2023: £27,406) to the Trust in respect of the funding required to cover the operational deficit for the year. Southend City Council collected a further £8,604 (2023: £9,418) on behalf of the Trust in respect of income generated from facilities hire and interest earned. The Trust paid the Council £45,436 in respect of operating costs for the year {2023: £36,359). 11