Registered number: 4286195 Charity number: 1091941
2K PLUS INTERNATIONAL SPORTS MEDIA
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2K PLUS INTERNATIONAL SPORTS MEDIA (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charitable Company, its Trustees and | 1 |
| advisers | |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 - 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 22 |
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
| Trustees | G Ajala, Chairman |
|---|---|
| S Dearsley (resigned 6 March 2021) | |
| A E Golding (appointed 4 April 2020) | |
| L Hamilton (resigned 1 October 2020) | |
| P Musembi | |
| Company registered number 4286195 Charity registered number 1091941 Registered office Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Company secretary L Hamilton Accountants WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bankers National Westminster Bank Plc 5 Broadwater Street East Worthing West Sussex BN14 9AB Solicitors Griffith Smith Farrington Webb 47 Old Steyne Brighton BN1 1NW |
Page 1
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the Charitable Company for the year 1 April 2020 to 31 March 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The trustees meet four times a year for formal minuted meetings and responsible for strategic decisions which are implemented by the Charity’s staff. The Trustees have considered the latest Charity Governance Code for small charities and are using this in their ongoing assessment and improvement in the running of Passion for Sport (the registered working name of 2K Plus International Sports Media).
The Trustees are responsible for risk management. Where minor risks are identified, procedures are put in place to minimise these. During the year there have been policy and strategic planning reviews and updates as the Charity has worked through the third year of a four-year strategic plan.
The Trustees keep under review the skill requirements of the Charity and seek to recruit and retain suitable candidates. During the year we have not had any new Trustees join, though we recently had a potential Trustee observe a meeting. We were hopeful to have a potential Trustee join from Premier Radio, but they decided now wasn’t the right time.
We currently have two part-time employees, Luke Hamilton (Head of Operations) who joined in October 2020 and Adrian Barnard (Content Manager). Other roles are covered in a freelance capacity by Russ Bravo (Digital Media Producer) and Steve Vickers (Planet Sport Football Africa producer). Another freelance team member, Kukua Asare in Ghana , joined in January 2021 replacing Norman Brierley who retired in December 2020.
Passion for Sport exists “to advance the Christian religion by reporting, writing and broadcasting upon sporting events, activities and personalities from a Christian perspective and publishing and broadcasting such material through radio, television, print, the internet and other such media as the Trustees may from time to time decide.”
Page 2
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Objectives and activities (continued)
b. Strategies for achieving objectives
The Trustees have paid due regard to guidance issued by the Charity Commission on public benefit in deciding what activities the Charity should undertake. In 2017 the Trustees agreed a four-year Strategic Plan to 31 December 2021. The priority is on the following three areas:
-
Equipping our partners: Equipping our partners to obtain maximum benefit from our content with their respective audiences, sharing the Passion for Sport model of using sport to promote a Christian worldview;
-
Engaging our audience: Focusing on delivering quality content to distributors across a range of media who engage with our intended audience of sports fans;
-
Encouraging our supporters: Communicating who we are, what we do and why. Articulating outcomes in a way that creates greater awareness and support from our members.
c. Activities undertaken to achieve objectives
Since the Strategic Plan was established in 2017 the charity has experienced a reduction in key resources, namely staff establishment and Board involvement, affecting our ability to implement the Plan’s objectives. Rather than spreading our efforts thinly over the three stated objectives the Board has continued to focus on the third objective of engaging our audience and delivering quality content.
During this period, we have focused our efforts on the Planet Sport Football Africa show which we produce, due to the fact of a reduction in board numbers. This show is now heard on over 80 stations in 17 countries, an increase on the previous year. Advertising on social media has increased the reach across a wide number of audio and podcast platforms. Social media is also used to engage our audience and Planet Sport Football Africa has over 450 contacts on WhatsApp.
Due to the global pandemic, we have been unable to attend major sporting events. As the situation improves we are planning to focus on the Africa Cup of Nations in Cameroon in early 2022.
Achievements and performance
a. Review of activities
We’ve been pleased with what we’ve been able to achieve through Planet Sport Football Africa. Planet Sport Football Africa attracts a more niche market of listeners interested in African football and African players around the world. Christian content has included player testimonies and comment from a Christian perspective on moral or ethical issues discussed. Most listen by radio on stations across the continent but social media shows that there is a growing audience among the wider African diaspora online, via the free apps and on various audio platforms.
Separate social media accounts are used to reach sports fans and supporters. Engagement in the PSFA account for sports fans through Facebook, Twitter and Instagram has grown but we have not been able to achieve as much as we would have liked with our supporters. We intend to reallocate resources in future to address this.
Page 3
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (continued)
b. Fundraising activities and income generation
The Trustees are grateful for donations received during the year from organisations and from individuals. The general policy is to seek non-restricted funds although the Trustees recognise that certain events will appeal specifically to supporters.
The charity applies for grants for projects but due to the global pandemic we have not been able to attend any major sporting events. Plans to attend the Olympic Games in Tokyo were cancelled and donors (trusts and individuals) who had given towards this project agreed funds could be diverted to our Africa Cup of Nations project in Cameroon in early 2022.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details can be found in the notes to the financial statements.
b. Reserves policy
The Charity aims to build reserves sufficient to meet twelve weeks’ expenditure.
Free reserves at the year-end showed a surplus of £12,979, (2020: surplus of £8,397) calculated as the unrestricted funds, less restricted funds and the tangible fixed assets.
c. Principal risks and uncertainties
As with most charities, the ongoing UK economic situation presents challenges for our donors but we monitor very closely our income and expenditure situation, in case adjustments need to be made to our spending.
Structure, governance and management
a. Constitution
2K Plus International Sports Media is registered as a charitable company limited by guarantee and was set up by a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charitable Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Page 4
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management (continued)
c. Organisational structure and decision-making policies
The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Articles of Association one third of the Trustees are required to retire at the AGM, those longest in office retiring first and the choice between any of equal service being made by drawing lots.
Trustees are required to meet at least twice a year and a quorum at each meeting is three Trustees.
d. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the charitable company, and are satisfied that systems and procedure are in place to mitigate our exposure to the major risks.
The Trustees continue to assess risks that the charitable company faces at their regular Trustees’ meetings. No significant risks were identified during the year. Public liability cover is maintained at £5 million.
Plans for future periods
We will continue to explore opportunities to develop the audience reach through social media and online services, developing and populating our social media feeds across all accounts. We recognise that the need to increase staff hours to achieve these aims will be set against increasing challenges for UK charities in developing existing, and attracting new, income streams.
We intend to produce an updated ‘Case for Support’, for both the domestic and international markets. Analysis has suggested there may be potential for income growth overseas, particularly in the USA.
Segmental information
The charitable company operates worldwide. The majority of its incoming resources are generated in the UK. There was no income this year received from the USA.
Page 5
2K PLUS INTERNATIONAL SPORTS MEDIA (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees 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 Charitable Company and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) 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 Charitable Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
G Ajala Chairman Date: 25th October 2021
Page 6
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
Independent Examiner's Report to the Trustees of 2K Plus International Sports Media ('the Charitable Company')
I report to the charity Trustees on my examination of the accounts of the Charitable Company for the year ended 31 March 2021.
Responsibilities and Basis of Report
As the Trustees of the Charitable Company (and 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 Charitable 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 the Charitable Company's accounts 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.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Page 7
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
This report is made solely to the Charitable Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitable Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company's Trustees as a body, for my work or for this report.
Signed: Dated: 10/11/2021 T Lunt BA FCCA MIRPM
WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury SY2 6LG
Page 8
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 3 Other trading activities 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2021 £ 3,135 - - 3,135 - - - 3,135 14,457 3,135 17,592 |
Unrestricted funds 2021 £ 65,214 80 11 65,305 4,475 56,806 61,281 4,024 10,010 4,024 14,034 |
Total funds 2021 £ 68,349 80 11 68,440 4,475 56,806 61,281 7,159 24,467 7,159 31,626 |
Total funds 2020 £ 96,612 - 40 96,652 |
|---|---|---|---|---|
| 5,616 84,023 89,639 |
||||
| 7,013 | ||||
| 17,454 7,013 24,467 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 22 form part of these financial statements.
Page 9
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee) REGISTERED NUMBER: 4286195
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Tangible assets 11 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total net assets Charity funds Restricted funds 15 Unrestricted funds 15 Total funds |
30 748 31,134 31,912 (1,341) |
2021 £ 1,055 1,055 30,571 31,626 17,592 14,034 31,626 |
30 - 25,208 25,238 (2,384) |
2020 £ 1,613 |
|---|---|---|---|---|
| 1,613 22,854 |
||||
| 24,467 | ||||
| 14,457 10,010 |
||||
| 24,467 |
The Charitable Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on and signed25 October 2021 on their behalf by:
G Ajala Chairman
The notes on pages 11 to 22 form part of these financial statements.
Page 10
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. General information
2K Plus International Sports Media is a charitable company, limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member.
The registered office of the company is Belmont House, Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG with its principal place of business at Enterprise House, St Austell Bay Business Park, Par Moor Road, St Austell, Cornwall, PL25 3RF.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
2K Plus International Sports Media 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.
2.2 Going concern
After making enquires, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements. The Trustees have also assessed the potential impact on the future operations of the Charity with regard to the Covid19 outbreak. The Charity is considered to be well positioned given the current environment with no impact on the going concern basis of the financial statements.
2.3 Income
All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 11
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charitable Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Office equipment - 25% straight line
2.6 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 12
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.10 Financial instruments
The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 13
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
- Income from donations and legacies
| Donations Grants Total 2020 4. Income from other trading activities Income from fundraising events Fundraising income 5. Investment income Interest Total 2020 |
Restricted funds 2021 Unrestricted funds 2021 £ £ 135 30,214 3,000 35,000 3,135 65,214 17,457 79,155 Unrestricted funds 2021 £ 80 Unrestricted funds 2021 £ 11 40 |
Total funds 2021 £ 30,349 38,000 68,349 96,612 Total funds 2021 £ 80 Total funds 2021 £ 11 40 |
Total funds 2020 £ 27,612 69,000 96,612 |
|---|---|---|---|
| Total funds 2020 £ - |
|||
| Total funds 2020 £ 40 |
|||
Page 14
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted funds 2021 £ Membership and subscriptions 510 Postage and stationery 274 Hospitality - Insurance 903 Equipment 43 Bank charges 287 Sundry expenses (51) Depreciation 462 Rent 2,047 4,475 Total 2020 5,616 |
Total funds 2021 £ 510 274 - 903 43 287 (51) 462 2,047 4,475 5,616 |
Total funds 2020 £ 510 272 50 1,218 - 294 643 622 2,007 5,616 |
|---|---|---|
Page 15
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
7. Analysis of expenditure on charitable activities
Summary by fund type
| Staff costs Freelance costs Travel and accomodation Publicity and promotion Sporting events Legal and professional Repairs and maintenance Loss on disposal Total 2020 |
Restricted funds 2021 Unrestricted funds 2021 £ £ - 24,385 - 27,111 - 55 - 3,253 - - - 1,428 - 570 - 4 - 56,806 30,385 53,638 |
Total funds 2021 £ 24,385 27,111 55 3,253 - 1,428 570 4 56,806 84,023 |
Total funds 2020 £ 38,596 26,049 3,108 3,598 10,385 2,287 - - 84,023 |
|---|---|---|---|
8. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,320 (2020 - £1,194).
Page 16
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
9. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes |
2021 £ 23,509 876 24,385 |
2020 £ 37,481 1,115 |
|---|---|---|
| 38,596 |
The average number of persons employed by the Charitable Company during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Employees | 2 | 2 |
No employee received remuneration amounting to more than £60,000 in either year.
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL).
Page 17
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
11. Tangible fixed assets
| Cost or valuation At 1 April 2020 Additions Disposals At 31 March 2021 Depreciation At 1 April 2020 Charge for the year On disposals At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Office equipment £ 6,410 1,188 (2,552) 5,046 4,797 462 (1,268) 3,991 1,055 1,613 |
|---|---|
Page 18
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
12. Stocks
| Polo shirts 13. Debtors Due within one year Other debtors 14. Creditors: Amounts falling due within one year Trade creditors Accruals and deferred income |
2021 £ 30 2021 £ 748 748 2021 £ 21 1,320 1,341 |
2020 £ 30 |
|---|---|---|
| 2020 £ - |
||
| - | ||
| 2020 £ 1,190 1,194 |
||
| 2,384 |
Page 19
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
15. Statement of funds
Statement of funds - current year
| Statement of funds - current year | |||
|---|---|---|---|
| Balance at 1 April 2020 £ Unrestricted funds General Funds - all funds 10,010 Restricted funds Russ Bravo 3,457 Olympics 11,000 AFCON - 14,457 Total of funds 24,467 |
Income £ Expenditure £ 65,305 (61,281) 135 - 3,000 - - - 3,135 - 68,440 (61,281) |
Transfers in/out £ - (2,000) (14,000) 16,000 - - |
Balance at 31 March 2021 £ 14,034 |
| 1,592 - 16,000 17,592 |
|||
| 31,626 |
Page 20
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
15. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds - all funds Restricted funds Russ Bravo Olympics Commonwealth Games L Flint AFCON Total of funds |
Balance at 1 April 2019 £ 16,825 - - 629 - - 629 17,454 |
Income £ 79,195 3,457 11,000 - - 3,000 17,457 17,457 |
Expenditure £ (59,254) - - - (20,000) (10,385) (30,385) (89,639) |
Transfers in/out £ (26,756) - - (629) 20,000 7,385 26,756 - |
Balance at 31 March 2020 £ 10,010 |
|---|---|---|---|---|---|
| 3,457 11,000 - - - 14,457 |
|||||
| 24,467 |
The restricted funds are made up of:
Russ Bravo - funds held to cover Russ Bravo's expenses at the 2020 Olympics.
Olympics - funds held for costs of the Olympics 2020 project.
AFCON - funds held for costs of the African Cup of Nations project.
In the financial year 2019-20 funds were sought and received in support of our media reporting project at the 2020 Summer Olympics in Tokyo. Following the subsequent Covid-19 pandemic, the Games were postponed for a year to July 2021, but due to the ongoing pandemic and worldwide restrictions it became clear that we would not be able to fulfil this objective. The trustees cancelled plans for us to attend the Olympics, as at August 2021 the plan is to utilise the funds raised for the Olympics with a media reporting project at the Africa Cup of Nations football tournament in Cameroon in Jan-Feb 2022. We contacted every donor who had given for the Olympics project asking for their permission to utilise the funds instead for the AFCON project. Every donor gave their permission, including the three trusts who had given £14,000 between them. We also asked donors who had given specifically towards Russ Bravo’s costs at the Olympics, not only if this could be applied to AFCON but also that any surplus could be applied to the costs of Russ’ regular work with us as Digital Media Producer, and again, every donor agreed. We have all of these permissions in writing and they have been made available to our auditors, WR Partners.”
Page 21
2K PLUS INTERNATIONAL SPORTS MEDIA
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
16. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2021 Unrestricted funds 2021 £ £ - 1,055 17,592 14,320 - (1,341) 17,592 14,034 |
Total funds 2021 £ 1,055 31,912 (1,341) 31,626 |
|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2020 £ - 14,457 - 14,457 |
Unrestricted funds 2020 £ 1,613 10,781 (2,384) 10,010 |
Total funds 2020 £ 1,613 25,238 (2,384) 24,467 |
|---|---|---|---|
17. Pension commitments
The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to fund and amounted to £875 (2020: £1,115).
18. Related party transactions
During the financial year, one Trustee resigned as a trustee and took up employment with the Charitable Company, with total benefits during the year of £9,176. There were no related party transaction in the previous financial year.
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