**Company number 03197785 Registered Charity number 1060306**
## NICE TIME
(A COMPANY LIMITED BY GUARANTEE)
## REPORT AND UNAUDITED FINANCIAL STATEMENTS
Fifty two week period ended 15 May 2022
NICE TIME
## REPORT AND UNAUDITED FINANCIAL STATEMENTS
Fifty two week period ended 15 May 2022
|CONTENTS||
|---|---|
||Page|
|Trustees' report|1|
|Independent examiner's report|5|
|Unaudited consolidated statement of financial activities|6|
|Unaudited consolidated balance sheet|7|
|Statement of cash flows and consolidated statement of cash flows|8|
|Notes to the unaudited financial statements|9|
1
NICE TIME
## TRUSTEES' REPORT
The trustees have pleasure in presenting their report together with the unaudited consolidated financial statements of the charity and its subsidiaries for the 52 weeks ended 15 May 2022. These are also prepared to meet the requirements for a directors' report and financial statements for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Charities Statement of Recommended Practice ("Charities SORP") (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS 102) issued in October 2019.
## **Public benefit**
The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit 'Charities and Public Benefit'. This Trustees' report clearly sets out our charitable objects, current activities and how they benefit the public.
## **Objectives and activities**
The charity was formed on 13 May 1996 with the primary object of ensuring that Bradford Ice Arena remained in operation for the benefit of young persons in the local community.
The purposes of the charity continue to be:
- to provide facilities for recreation and other leisure time occupation in the interests of social welfare and with the object of improving the conditions of life for the benefit of the public; and
- the advancement of physical education amongst children and young persons up to the age of 25 years.
In shaping our objectives the trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. The ice arena relies on income from fees and charges to cover its operating costs. In setting the level of fees, charges and concessions, the trustees give careful consideration to the accessibility of the arena for families and those on low incomes.
The strategies employed to achieve the charity's aims and objectives are:
- Involvement in programs run by Bradford & Leeds Councils to provide discounted admission to families and children from under privileged backgrounds.
- Groups are given discounted rates for admission.
- A learn to skate program for children and families and family ticket discounts.
- Provision of support and preferential rates to the local ice hockey, speed, synchro and figure skating clubs.
Within these aims, the charity, through its subsidiary endeavours to generate profits, which can be ploughed back into improving the venue.
## **Achievements and performance**
On 17th May 2021 public sessions recommenced, albeit with limitations on numbers due to social distancing. This was followed by the removal of almost all Covid related restrictions on 19th July 2021. Despite the trustees' concerns that admissions would be affected by concerns about infection, admissions held up and the business has had a good year.
## **Financial review**
## **Financial position**
The whole of the group’s income is derived from the trading activities of its subsidiary Ice Time Limited which, trades as Bradford Ice Arena.
The group's results for the 52 week period showed a surplus with reserves at the year end increasing by £202,831.
2
NICE TIME
## TRUSTEES' REPORT (continued)
## **Investment powers and policies**
The trustees, having regard to the liquidity requirements of operating the ice arena and to the reserves policy have operated a policy of keeping available funds in an interest bearing deposit account.
## **Reserves Policy**
During recent years funds have been accumulated on deposit by the trading subsidiary in order to provide adequate working capital to enable the company to survive during the summer months when losses in excess of £60,000 can accrue. In normal circumstances the trustees aim to have a cushion in the region of £100,000 on deposit at the charity's year end. Whilst this is still the case, it is likely that reserves will be required in the near future to replace the refrigeration plant as problems continue to arise which indicate that it may prove prudent to look at alternatives.
## **Plans for future periods**
When the charity’s subsidiary took over the running of the Ice Arena in 1996 it was in a poor state of repair. Admission numbers had declined due to the fact that other leisure venues provided a more exciting experience.
The trustees operate a policy of gradually improving the arena’s facilities so as to compete with the other leisure venues and thus maintain the business's viability.
## **Directors and trustees**
The directors of the charitable company (the charity) are its Trustees for the purpose of charity law. The trustees and officers who served during the period are as follows:
## **Key management personnel**
## **Trustees**
B A Brown C Dacres N C Griffith D P A Hall J B Whitaker J P Whitaker
## **Company secretary**
J B Whitaker
## **Operations director of Ice Time Limited**
A R Brown
## **Structure, governance and management**
## **Governing Documents**
Nice Time is a company, which is limited by guarantee and governed by its Memorandum and Articles of Association dated 19 June 2015. It is registered as a charity with the Charity Commission.
## **Appointment of trustees**
Trustees are appointed by the members in accordance with the provisions contained in the Articles of Association.
## **Trustee training and induction**
New trustees are briefed on their obligations under charity and company law, the memorandum and articles of association and on the Charity Commission Guidance on public benefit. Trustees attend external training events to facilitate the undertaking of their role, where appropriate.
3
NICE TIME
## TRUSTEES' REPORT (continued)
## **Organisational structure**
The board of trustees administers the charity and appoints directors to serve on the board of its trading subsidiary through which all its charitable activities are carried out.
The board of the trading subsidiary works closely with the Operations Director to ensure smooth running of the Ice Arena. Overall responsibility for operational matters rests with A R Brown.
Day to day operational matters are dealt with by the Operational Director and a team of duty managers.
## **Pay policy for senior staff**
The directors consider the board of directors, who are the Trust’s trustees, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day to day basis. All directors give of their time freely and no director received remuneration in the year.
The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings.
## **Risk management**
The trustees have a risk management strategy which comprises:
- Periodic reviews of the risks the charity and its subsidiary Ice Time Limited may face.
- The establishment of systems and procedures to mitigate the identified risks.
This work has identified that financial sustainability is the major financial risk for the subsidiary. Attention has also been focused on non-financial risks arising from child protection issues, fire, health and safety of employees and patrons and food hygiene. A key element of the management of financial risk is the retention of adequate working capital by the subsidiary company.
In reviewing risks management have taken account of the guidance prepared by the Government and the Ice Rink Management Association on social distancing, and health and hygiene to protect staff and customers during the current Covid 19 pandemic.
The trustees have reviewed the groups financial position and believe that the charity can continue to meet its liabilities as they fall due for at least twelve months from the approval of the financial statements. This is based on group bank balances of £641,458 as at 28 February 2023 and the assumption that no significant further Covid related lockdowns will occur in the next twelve months. The financial statements have, therefore, been prepared on a going concern basis.
The trustees are satisfied that systems and procedures are in use to adequately manage the risks to which the charity and its subsidiary are exposed.
## **Reference and administrative details**
|Charity number|1060306||
|---|---|---|
|Company number|03197785||
|Principal / Registered|office|19 Little Horton Lane, Bradford, BD5 0AD|
## **Advisors**
|**Advisors**|||
|---|---|---|
|Independent|Richard Lewis FCCA|Two Humber Quays, Wellington Street West, Hull,|
|Examiner||HU1 2BN|
|Bankers|National Westminster Bank PLC|PO Box 51, 7 Hustlergate, Bradford BD1 1PP|
|Solicitors|Gordons LLP|1 New Augustus Street, Bradford BD1 5LL|
||Wrigleys Solicitors LLP|19 Cookridge Street, Leeds LS2 3AG|
## **Related parties**
Details of related parties and transactions with them are set out at note 12 to the financial statements.
4
NICE TIME
## TRUSTEES' REPORT (continued)
## **Trustees responsibilities in relation to the financial statements**
The trustees (who are also directors of Nice Time for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law 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 charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and 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; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 charitable 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 charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other i l iti
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The charitable company has taken out qualifying third party indemnity insurance for the benefit of its trustees.
In preparing this report advantage has been taken of the small companies exemption within Part 15 of the Companies Act 2006.
Approved by the Board of Directors and signed on behalf of the Board.
J B WHITAKER - Trustee Bradford Ice Arena 19 Little Horton Lane Bradford BD5 0AD
14 March 2023
5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
OF
## NICE TIME
I report to the trustees on my examination of the financial statements of Nice Time (‘the company’) for the period ended 15 May 2022, which are set out on pages 6 to 17.
## **Responsibilities and basis of report**
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.
## **Independent examiner's statement**
Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
- 2 the accounts do not accord with those records; or
- 3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or Act; or
- 4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Ireland (FRS 102).
I have no other 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.
> Signed: Richard Lewis
Name: Richard Lewis FCCA The Association of Chartered Certified Accountants
ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants Two Humber Quays Wellington Street West Hull HU1 2BN
14/03/23 Date ………………………
6
NICE TIME
## UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
## (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
## Fifty two week period ended 15 May 2022
|Note
**Income From:**
Charitable activities
Operation of ice rink
Other trading activities
Commercial trading operations
Other income
Grants
Investment income
**Total income**
19
**Expenditure On:**
Costs of raising funds
Commercial trading operations
Charitable activities
Operation of ice rink
**Total expenditure**
20
**Net income / (expenditure)**
**Reconciliation of funds**
Net movement in funds
**Total funds brought forward**
**Total funds carried forward**|Total
unrestricted
funds
2022
£
668,789
135,851
41,987
190|
Total
unrestricted
funds
2021
£
67,427
21,196
199,535
30|
|---|---|---|
||846,817|288,188|
||107,078
536,908|(21,962)
568,347|
||643,986|546,385|
||202,831|(258,197)|
||202,831
313,886|(258,197)
572,083|
||516,717|313,886|
The charity has no restricted funds.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 17 form part of these unaudited financial statements These unaudited financial statements have been subject to an independent examination. See report on page 5.
7
## NICE TIME Company number 03197785 Registered Charity number 1060306
## UNAUDITED CONSOLIDATED BALANCE SHEET - 15 May 2022
|Note
FIXED ASSETS
Tangible assets
8
Investments in subsidiaries
13
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
11
PROVISIONS FOR LIABILITIES
14
Net assets
FUNDS
Unrestricted income funds
General purpose fund
15
Total charity funds|Group
2022
2021
£
£
78,911
100,474
-
-|Group
2022
2021
£
£
78,911
100,474
-
-|Charity
2022
2021
£
£
-
-
293,811
130,289|Charity
2022
2021
£
£
-
-
293,811
130,289|
|---|---|---|---|---|
||78,911|100,474|293,811|130,289|
||35,420
560,167|59,485
343,279|-
263,783|-
183,601|
||595,587
(144,157)|402,764
(144,803)|263,783
(40,877)|183,601
(4)|
||451,430|257,961|222,906|183,597|
||530,341|358,435|516,717|313,886|
||-
(13,624)|(44,549)
-|-
-|-
-|
||(13,624)|(44,549)|-|-|
||516,717|313,886|516,717|313,886|
||516,717|313,886|516,717|313,886|
||516,717|313,886|516,717|313,886|
The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006, and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
For the year in question, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006. No notice has been deposited under section 476 of the Act in relation to the accounts for the financial year.
The trustees acknowledge their responsibilities for:
- ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006; and
- preparing accounts which give a true and fair view of the state of affairs of the company, as at the end of the financial year, and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 395 of the Companies Act 2006, and which otherwise comply with the requirements of that Act relating to accounts, so far as applicable to the company.
These accounts were approved by the board of trustees and authorised for issue on 14 March 2023. They are signed on its behalf by:
## J B WHITAKER
Trustee
The notes on pages 9 to 17 form part of these unaudited financial statements These unaudited financial statements have been subject to an independent examination. See report on page 5.
8
NICE TIME Company number 03197785 Registered Charity number 1060306
## STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS
## Fifty two week period ended 15 May 2022
|Note
**Cash used in operating activities**
17
**Cash flows from investing activities**
Interest income
Gift aid
Purchase of tangible fixed assets
Proceeds on sale of tangible fixed assets
Bank loan drawn down
Repayment of bank loan
Cash (used in) / provided by investing activities
Increase / (decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
**Total cash and cash equivalents at the end of the year**|Group
2022
2021
£
£
270,015
(208,266)|Group
2022
2021
£
£
270,015
(208,266)|Charity
2022
2021
£
£
40,873
-|Charity
2022
2021
£
£
40,873
-|
|---|---|---|---|---|
||190
-
(3,317)
-
(50,000)|30
-
(850)
-
50,000|182
39,127
-
-|-
-
-
-|
||(53,127)|49,180|39,309|-|
||216,888|(159,086)|80,182|-|
||343,279|502,365|183,601|183,601|
||560,167|343,279|263,783|183,601|
The notes on pages 9 to 17 form part of these unaudited financial statements These unaudited financial statements have been subject to an independent examination. See report on page 5.
9
NICE TIME
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
## Fifty two week period ended 15 May 2022
## 1. ACCOUNTING POLICIES
## Accounting convention
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
## Basis of preparing the financial statements
The financial statements have been prepared in accordance with the 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 (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## Going concern
The trustees have reviewed the groups financial position and believe that the charity can continue to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements. This is based on group cash balances of £641,458 as at 28 February 2023. The financial statements have, therefore, been prepared on a going concern basis.'
## Group financial statements
The financial statements consolidate the results of the charity and its wholly owned subsidiaries on a line-by-line basis. A separate Statement of Financial Activities, and income and expenditure account, for the charity itself are not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006 and paragraph 397 of the SORP.
## Incoming resources
All incoming resources are accounted for when the charity has entitlement to the funds, it is probable that the income will be received and the amount is measurable with sufficient reliability. Where income is received in advance it is deferred until the charity is entitled to that income.
## Donations
Donations are recognised on receipt.
Tax reclaims on donations and gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
## Resources expended
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
- Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity’s shop and cafe.
- 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.
- Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the fees and costs linked to the strategic management of the charity.
- All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
These unaudited financial statements have been subject to an independent examination. See report on page 5.
10
NICE TIME
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
## Fifty two week period ended 15 May 2022
## Basic financial instruments
The charity accounts for basic financial instruments on initial recognition at the amount receivable or payable including any related transaction costs. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.
## Tangible fixed assets
Tangible fixed assets are stated at cost. Depreciation is provided on cost in equal annual instalments over the estimated lives of the assets. The rates of depreciation are as follows:-
Equipment, fixtures and tools
8.33% to 25% per annum
## Investments
Investments are included at net asset value as disclosed in the subsidiary company's accounts.
## Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company’s taxable profits and its results as stated in the financial statements.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
## Leases
Operating lease commitments are provided for in the balance sheet at the time the rental payments fall due. Such rental costs are charged to the profit and loss account as incurred.
Fund accounting
Unrestricted funds are available to use to further any of the purposes of the charity.
## 2. LEGAL STATUS OF THE CHARITY
The company is limited by guarantee and has no share capital. In the event of the company being wound up or dissolved the members are required to contribute an amount not exceeding £10.00.
## 3. FINANCIAL PERFORMANCE OF THE CHARITY
The consolidated statement of financial activities includes the results of the charity's wholly owned subsidiary, Ice Time Limited which operates Bradford Ice Arena.
|4.
Salaries and wages
Social security costs
Staff numbers
Average number of staff employed during the period
No employees have emoluments in excess of £60,000 (2021 - None).
EMPLOYEES|2022
£
214,091
5,492|2021
£
248,700
5,427|
|---|---|---|
||219,583|254,127|
||31|30|
||||
The key management personnel of the group comprises the trustees, the company secretary and operations director of Ice time Limited, a wholly owned subsidiary of Nice Time. The total employee benefits of key management personnel of the group were £56,240 (2021 - £58,783).
These unaudited financial statements have been subject to an independent examination. See report on page 5.
11
NICE TIME
## NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
## Fifty two week period ended 15 May 2022
## 5. DIRECTORS' REMUNERATION
The trustees received no emoluments or expenses for acting as trustees or for acting as directors of the trading subsidiary.
|6.
NET INCOMING RESOURCES FOR THE PERIOD|2022|2021|
|---|---|---|
||£|£|
|This is stated after charging:|||
|Rent paid - operating lease for Bradford Ice Arena|31,603|29,951|
|Depreciation of tangible fixed assets|24,880|42,417|
|Independent Examiner's remuneration|2,250|2,650|
## 7. CORPORATION TAX
As a charity Nice Time is exempt from tax on income falling within Part II of the Corporation Tax Act 2010 and on gains falling within section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No corporation tax charge has arisen in the Charity.
## 8. TANGIBLE ASSETS - Group
||||||
|---|---|---|---|---|
|8.
TANGIBLE ASSETS - Group
Cost
At 17 May 2021
Additions
Disposals
At 15 May 2022
Accumulated depreciation
At 17 May 2021
Charge in the period
Disposals
At 15 May 2022
Net book value
At 15 May 2022
At 16 May 2021
9.
DEBTORS
Trade debtors - due within one year
Other debtors - due within one year
Prepayments and accrued income|Group
2022
2021
£
£
2,659
-
2,414
7,600
30,347
51,885||Equipment,
Fixtures
& Tools
£
472,320
3,317
(7,421)
468,216
371,846
24,880
(7,421)
389,305
78,911
100,474
Charity
2022
2021
£
£
-
-
-
-
-
-|Equipment,
Fixtures
& Tools
£
472,320
3,317
(7,421)|
|||||468,216|
|||||371,846
24,880
(7,421)|
|||||389,305|
|||||78,911|
|||||100,474|
||35,420|59,485|-|-|
These unaudited financial statements have been subject to an independent examination. See report on page 5.
12
NICE TIME
## NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
## Fifty two week period ended 15 May 2022
|10.
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
Corporation tax
Trade creditors
Amounts owed to subsidiaries
Taxation and social security
Bank loans and overdrafts
Other creditors
Accruals and deferred income
11.
CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR
Bank loans
Between one and two years
Between two and five years
Over five years|Group
2022
2021
£
£
-
-
75,696
71,410
-
-
8,837
715
-
5,451
3,203
3,053
56,421
64,174|Group
2022
2021
£
£
-
-
75,696
71,410
-
-
8,837
715
-
5,451
3,203
3,053
56,421
64,174|Charity
2022
2021
£
£
-
-
-
-
40,877
4
-
-
-
-
-
-
-
-|Charity
2022
2021
£
£
-
-
-
-
40,877
4
-
-
-
-
-
-
-
-|
|---|---|---|---|---|
||144,157|144,803|40,877|4|
||2022
£
-
-
-|2021
£
9,661
30,472
4,416|2022
£
-
-|2021
£
-
-|
||-|44,549|-|-|
## 12. RELATED PARTY TRANSACTIONS
Ice Time Limited has a £6,500 (2021 - £6,500) credit card facility with Yorkshire Bank plc. This is supported by a debenture creating a fixed and floating charge on all its property and assets both present and future.
## 13. INVESTMENTS IN SUBSIDIARIES
|||
|---|---|
|13.
INVESTMENTS IN SUBSIDIARIES|UK subsidiary|
||undertakings|
||£|
|Valuation at 17 May 2021|130,289|
|Unrealised impairment on investments|163,522|
|Valuation at 15 May 2022|293,811|
The charity has two wholly owned dormant subsidiaries registered in England and Wales:
Bradford Ice Arena Limited. At 15 May 2022 and 16 May 2021 it had ordinary share capital of £2 and no reserves. An amount of £2 (2021 - £2) was due to the subsidiary.
Bradford Arena Services Limited. At 15 May 2022 and 16 May 2021 it had ordinary share capital of £2 and no reserves. An amount of £2 (2021 - £2) was due to the subsidiary.
It also has a wholly owned trading subsidiary Ice Time Limited which is registered in England and Wales and carries on the business of Ice Rink Operator.
These unaudited financial statements have been subject to an independent examination. See report on page 5.
13
NICE TIME
## NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
## Fifty two week period ended 15 May 2022
## 13. INVESTMENTS IN SUBSIDIARIES (continued)
The following information regarding Ice Time Limited which is required by the FRS 102 SORP is as follows:
|Profit and loss account
Turnover
Cost of sales
Gross profit / (loss)
Distribution costs
Administrative expenses
Other income
Operating profit / (loss)
Other interest receivable and similar income
Interest payable and similar charges
Profit / (loss) on ordinary activities before taxation
Tax on profit / (loss) on ordinary activities
Profit / (loss) on ordinary activities after taxation/
profit / (loss) for the financial period
Aggregate amount of capital and reserves brought forward
Profit / (loss) for the period
Gift aid payment to parent company
Aggregate amount of capital and reserves carried forward
14.
PROVISIONS FOR LIABILITIES
Deferred taxation balance at 17 May 2021
Amounts transferred from profit and loss account in the period (note 19)
Deferred taxation balance at 15 May 2022|2022
£
804,640
(563,517)|2021
£
88,623
(519,632)|
|---|---|---|
||241,123
(22,747)
(43,052)
41,987|(431,009)
(21,754)
(40,241)
199,535|
||217,311
8
(1,046)|(293,469)
30
(805)|
||216,273
(13,624)|(294,244)
36,047|
||202,649|(258,197)|
||130,285
202,649
(39,127)|388,482
(258,197)
-|
||163,522|(258,197)|
||293,807|130,285|
||2022
£
-
13,624|2021
£
24,955
(24,955)|
||13,624|-|
These unaudited financial statements have been subject to an independent examination. See report on page 5.
14
NICE TIME
## NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
## Fifty two week period ended 15 May 2022
## 14. PROVISIONS FOR LIABILITIES (continued)
Provision for deferred taxation has been made in these financial statements as above. The amounts provided and unprovided are as follows: -
|unprovided are as follows: -|||||
|---|---|---|---|---|
|Capital allowances in excess of depreciation
15.
MOVEMENT IN GENERAL UNRESTRICTED FUNDS
CURRENT YEAR
CONSOLIDATED
General purpose fund
COMPANY
General purpose fund
PRIOR YEAR
CONSOLIDATED
General purpose fund
COMPANY
General purpose fund
16.
OPERATING LEASES|2022
Amount
Amount
provided
unprovided
£
£
13,624
-||2021
Amount
Amount
provided
unprovided
£
£
-
-||
||At 17
May 2021
£
313,886|Incoming
Resources
£
846,817|Outgoing
Resources
£
(643,986)|At 15
May 2022
£
516,717|
||At 17
May 2021
£
313,886|Incoming
Resources
£
202,831|Outgoing
Resources
£
-|At 15
May 2022
£
516,717|
||At 18
May 2020
£
572,083|Incoming
Resources
£
288,188|Outgoing
Resources
£
(546,385)|At 16
May 2021
£
313,886|
||At 18
May 2020
£
572,083|Incoming
Resources
£
(258,197)|Outgoing
Resources
£
-|At 16
May 2021
£
313,886|
||||||
The group pays rent for the use of Bradford Ice Arena under a ten year lease which was renewed on 24 May 2018 and is committed to pay £32,500 within one year, £133,000 between 2-5 years and £35,500 after 5 years.
These unaudited financial statements have been subject to an independent examination. See report on page 5.
15
NICE TIME
## NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
## Fifty two week period ended 15 May 2022
|17.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO
NET CASH FLOW FROM OPERATING ACTIVITIES
Net movement in funds
Add back depreciation charge
Deduct interest income shown in investing activities
(Increase) decrease in trade debtors
Decrease (increase) in other debtors
Decrease (increase) in prepayment and accrued income
Increase in trade creditors
Increase in amount owed to subsidiaries
Increase (decrease) in taxation and social security
Increase (decrease) in other creditors
(Decrease) increase in accruals and deferred income
Increase (decrease) in provision for deferred tax
Net cash provided by/(used in) operating activities
18.
ANALYSIS OF CHANGES IN NET FUNDS
Cash and cash equivalents
Cash
Borrowings
Debt due within one year
Debt due after one year|Group
2022
2021
£
£
202,831
(258,197)
24,880
42,417
(190)
(30)
(2,659)
2,666
5,186
(7,450)
21,538
(17,479)
4,286
49,062
-
-
8,122
(10,923)
150
(1,285)
(7,753)
17,908
13,624
(24,955)|Group
2022
2021
£
£
202,831
(258,197)
24,880
42,417
(190)
(30)
(2,659)
2,666
5,186
(7,450)
21,538
(17,479)
4,286
49,062
-
-
8,122
(10,923)
150
(1,285)
(7,753)
17,908
13,624
(24,955)|Charity
2022
2021
£
£
182
-
-
-
(182)
-
-
-
-
-
-
-
-
40,873
-
-
-
-
-
-
-
-
-|Charity
2022
2021
£
£
182
-
-
-
(182)
-
-
-
-
-
-
-
-
40,873
-
-
-
-
-
-
-
-
-|
|---|---|---|---|---|
||270,015|(208,266)|40,873|-|
||At 17
May 2021
£
343,279
5,451
44,549|Cash
Inflows
£
216,888|Cash
Outflows
£
-
(5,451)
(44,549)|At 15
May 2022
£
560,167
-
-|
These unaudited financial statements have been subject to an independent examination. See report on page 5.
16
NICE TIME
## NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
|19.
INCOME
Income from commercial trading activities
Cloak room
Catering
Bar
Skate shop
Rent from skating professionals
Investment income
Bank interest
Income from charitable activities - operation of ice rink
Hockey, speed, synchro and figure skating clubs
Skate hire
Admissions - general sessions
Admissions - courses
Admissions - patch ice
Other income
Job retention scheme grant
Sports council covid grant
Small business grant
Bounce back loan interest grant
Retail hospitality and leisure grants
Total income|2022
£
£
2,954
65,040
109
52,800
14,948
135,851
190
57,203
124,706
376,150
67,363
43,367
668,789
25,535
8,300
1,957
445
5,750
41,987
846,817|2022
£
£
2,954
65,040
109
52,800
14,948
135,851
190
57,203
124,706
376,150
67,363
43,367
668,789
25,535
8,300
1,957
445
5,750
41,987
846,817|2021
£
£
256
2,056
-
14,836
4,048
21,196
30
10,810
8,250
37,093
1,863
9,411
67,427
149,036
12,100
2,692
805
34,902
199,535
288,188|2021
£
£
256
2,056
-
14,836
4,048
21,196
30
10,810
8,250
37,093
1,863
9,411
67,427
149,036
12,100
2,692
805
34,902
199,535
288,188|
|---|---|---|---|---|
||57,203
124,706
376,150
67,363
43,367||10,810
8,250
37,093
1,863
9,411||
||25,535
8,300
1,957
445
5,750||149,036
12,100
2,692
805
34,902||
||||||
|||846,817||288,188|
These unaudited financial statements have been subject to an independent examination. See report on page 5.
17
NICE TIME
## NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
## Fifty two week period ended 15 May 2022
## 20. EXPENDITURE
|EXPENDITURE|||||
|---|---|---|---|---|
|Costs of raising funds
Commercial trading operations
Trading expenditure
Catering - purchases
Catering - staff costs
Skate shop - purchases
Taxation
Expenditure on Charitable Activities
Direct
Purchases
Premises costs
Staff costs
Repairs and renewals
Equipment hire
Licence fees
Support costs
Staff costs
Advertising
Bookkeeping
Security
Insurance
Cleaning materials
Travel
Uniforms
Office expenses
Bad debts
Interest
Bank charges
Depreciation
Grants received
Governance costs
Independent Examiner's remuneration
Legal and professional costs
Total expenditure|2022
£
£
32,457
13,559
47,438
93,454
13,624
107,078
1,235
216,187
186,169
16,079
467
4,100
424,237
19,855
5,875
-
60
24,995
5,111
16
546
15,600
-
1,046
12,881
24,880
(444)
110,421
2,250
-
2,250
536,908
643,986||2021
£
£
435
-
13,650
14,085
(36,047)
(21,962)
-
160,964
249,000
46,051
551
300
456,866
5,127
5,745
5,061
190
28,324
624
-
-
13,561
4,797
805
2,124
42,417
(444)
108,331
2,650
500
3,150
568,347
546,385||
||1,235
216,187
186,169
16,079
467
4,100||-
160,964
249,000
46,051
551
300||
|||107,078
536,908||(21,962)
568,347|
||424,237||456,866||
||19,855
5,875
-
60
24,995
5,111
16
546
15,600
-
1,046
12,881
24,880
(444)||5,127
5,745
5,061
190
28,324
624
-
-
13,561
4,797
805
2,124
42,417
(444)||
||110,421||108,331||
||2,250
-||2,650
500||
||2,250||3,150||
||||||
|||643,986||546,385|
These unaudited financial statements have been subject to an independent examination. See report on page 5.