OLD_OWEN'S_ASSOCIATION_AN - Accounts
OLD_OWEN'S_ASSOCIATION_AN - Accounts
The directors present their annual report and financial statements for the year ended 31 July 2022.
The charitable company was incorporated on the 16 June 2014 and gained registered charitable status (Charity Number 1159777) on the 5 January 2015.
The charity is run by a board of trustees and governed by the Memorandum and Articles incorporated 16 June 2014 as amended by special resolution registered at Companies House on 30 December 2014.
Objectives and Activities
The purpose and objects of the Company are specifically restricted to the following:
To promote for the benefit of the inhabitants of Potters Bar and former and current affiliates of Dame Alice Owen’s School provision of facilities for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the condition of life.
To advance the education of the pupils at Dame Alice Owen’s School by providing and assisting in the provision of facilities for education at the school not required to be provided by the local education authority.
Achievement and Performance
The charity generated income from subscriptions, ground and pavilion hire and donations. Income for the period amounted to £91,569 (2021: £31,096) from its main activities. There were no other activities which realised additional revenue (2021: £6,200). No further grants were received in the year. In 2021, the charity received a £27,357 grant as part of the national Small Business and Retail, Hospitality and Leisure Grant Fund from Welwyn Hatfield Borough Council as financial state aid during the COVID-19 lockdown which impacted on the charity's ability to generate income from its primary activities.
After allowing for the costs of activities and reasonable costs of running the charity, the company has made an operating surplus of £19,508 (2021: £2,478).
Public Benefit
The trustees have considered the Charity Commission guidance on public benefit, including the guidance on public benefit and fee charging. The trustees are mindful of the need to promote its activities for the benefit of all who meet the criteria set out in the charity's objects.
Risk Management
The trustees have assessed the major risks to which the charity is exposed, and in particular those related to its operations and finances, and are satisfied that systems are in place to mitigate exposure to the major risks.
Financial Review
The results of the financial period ended 31 July 2022 are set out in these financial statements.
Reserves
The charity has cash reserves of £81,926 (2021: £67,190) which is considered adequate to meet the charities needs and fund its objectives.
Share Capital
The company is limited by guarantee and does not have any share capital. The guarantee of the members is limited to a sum not exceeding £10.
The directors, who are also the Trustees of the charity, who held office during the year and up to the date of signature of the financial statements were as follows:
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Old Owen's Association and Sports Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Dame Alice Owen's School, Dugdale Hill Lane, Potters Bar, Hertfordshire, EN6 2DU.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Income and expenses are included in the financial statements as they become receivable or due after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Expenses include VAT where applicable as the company cannot reclaim it.
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 credited or charged to surplus or deficit.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The company is a registered charity and as such its income is exempt from income tax and corporation tax under the provisions of the Income and Corporation Taxes Act 1988 to the extent that it is applied to its charitable objectives.
The average monthly number of persons (including directors) employed by the company during the year was 8 (2021 - 8).
No remuneration was paid in the year to any directors' or trustees'.
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £10.
There were no trustees’ remuneration or other benefits paid for the period ended 31 July 2022 (2021: £nil).
There were no expenses reimbursed to the trustees during the period (2021: £nil).