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2021-03-31-accounts

Charity registration number: 1107746

Company registration number: 05322409 Website: www.oasportsclub.com

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

CONTENTS

Page
Reference and Administrative Information 1 - 2
Trustees' Report 3 - 8
Independent Auditors' Report on the Financial Statements 9 - 13
Consolidated Statement of Financial Activities 14
Consolidated Balance Sheet 15 - 16
Charity Balance Sheet 17 - 18
Consolidated Statement of Cash Flows 19
Notes to the Financial Statements 20 - 43

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY FOR THE YEAR ENDED 31 MARCH 2021

Trustees N Hallett, Chairman AJ Philpott, Secretary RC Milnes, Trustee ARP McCree, Trustee CMA Hodge, Trustee DAE Buxton, Trustee ME Fisher, Trustee AM Philpott, Trustee D Hughes, Trustee PG Lipscomb, Trustee DR Goodier, Trustee

Charity registration number: 1107746 Company registration number: 05322409 Website: www.oasportsclub.com

Page 1

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Principal and Woollam Playing Fields registered office 160 Harpenden Road St Albans Hertfordshire AL3 6BB Independent auditors WMT Verulam Point Station Way St Albans Hertfordshire AL1 5HE Bankers HSBC 31 Chequer Street St Albans Hertfordshire AL1 3YN Clydesdale Bank Verulam Point Station Way St Albans Hertfordshire AL1 5HE Solicitors Sherrards 4 Beaconsfield Road St Albans Hertfordshire AL1 3RH

Page 2

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report and the audited financial statements for the year ended 31 March 2021. This report is the Directors’ Report required by s417 of the Companies Act 2006.

The financial statements have been prepared in accordance with the accounting policies set out in the notes and comply with the charity's Memorandum and Articles of Association, applicable law and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Second Edition).

Objectives and activities

a. Objectives of the charity and activities for the public benefit

The charity is a company limited by guarantee. The charity’s objects are:

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning activities.

The principal activity of the charity in the year in order to further its objectives was to provide high standard facilities for the local community to participate in sporting activities. By the provision of these high standard facilities, the Charity remains able to fulfil its objectives.

Page 3

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Strategic Review

a. Review of Activities

The charity, which operates as “OA Sport” and its wholly owned subsidiary, Old Albanian Sports Club Limited, own and operate modern field sports facilities at Woollams which opened in 2001. The charity provides pitches, training facilities, pavilion changing rooms, bar, catering and social areas for members and guests of the following affiliated clubs:

Woollams is also the training base for Saracens RFC. The Trustees’ are pleased to announce that this arrangement has been extended through to 2022. Facilities are also provided to other sports clubs and for representative fixtures.

The charity aims to provide playing facilities to a high standard for players of all abilities and therefore operates a continuous and comprehensive programme of pitch maintenance and renovation. The pavilion and pitches are also hired to third parties for a range of business and social functions.

The Charity plans to continue with its aims and to generate annual cash surpluses to facilitate an ongoing programme of major maintenance. The Trustees do not see any expansion in the range of objectives that it pursues and intend to ensure that the facility is used as much as is possible. They have also begun to examine different available streams, to ensure that they can continue to make the facilities available to the local community.

The Charity’s facilities are much in demand due to their high standard and in the local area are regarded as the most impressive. The charity works hard to maintain the standard and to expand as much as possible the opportunities for use, having regard to maintenance requirements.

The Trustees would consider that the charity meets its objectives which is demonstrated by the large number of participants that use the facilities throughout a normal week, approximately 2500 people, involved in both training, playing and supporting. The facility, having reached capacity, is now managed by the Trustees for the long term with strong regard given to the ongoing maintenance and refurbishment. This financial period has seen the continuation of a major programme of repairs and maintenance.

The charity does not undertake any external fundraising activities with donations being received from members.

Page 4

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Strategic Review (continued)

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity 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. The trustees are not aware of material uncertainties regarding going concern. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure.

The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.

c. Investment powers and policy

Under the Memorandum and Articles of Association, the charity has the power to invest in any way the trustees wish.

d. Review of financial position

The statement of financial activities shows that resources expended exceeded incoming resources by £102,214 (2020: £130,611). Net incoming resources for the year before depreciation and loss on disposal of fixed assets amounted to £81,158 (2020: £54,310). The balance sheet indicates that total funds of the group were £5,107,231 (2020: £5,209,446) of which £nil were restricted funds (2020: £nil). These were represented by tangible fixed assets of £4,942,230 (2020: £5,120,271) and other net assets of £165,001 (2020: £89,175).

The funding of the charity comes principally from facility charges and donations. In addition, the charity’s wholly owned subsidiary, the Old Albanian Sports Club Limited, operates the commercial trading activities of the group at Woollams. These are based on hiring the Pavilion to third parties for a range of business and social functions.

The Charity has performed poorly during the year due to the impact of COVID-19 affecting the whole period. During most of the year the facility was closed to all bar Saracens, who enjoy an elite sport exemption from the COVID-19 restrictions.

Since the year end the business has managed to get back to full operating capacity and the facility is now open to all sports and function bookings are increasing each month. Also, they continue to have Saracens as a main source of income and have them in a contract until December 2022 at least. The Trustees are confident that the charity will be able to continue for the foreseeable future even with any potential further restrictions.

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OLD ALBANIAN SPORTS ASSOCIATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

e. Risk factors

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The Trustees consider that the primary risk to which the charity is exposed is that of the building at the heart of the facility being unavailable due to an unexpected event. The Trustees regard this eventuality as critical to the operation that the charity undertakes and in order to mitigate this have a maintenance programme in place to ensure that the building is well maintained and has adequate insurance to ensure that if such an event occurs the charity is well placed to protect its position and minimise any impact. The Trustees review the insurance each year to ensure that it is adequate.

f. Asset cover for funds

The notes set out an analysis of the assets attributable to the various funds and a description of the funds. These assets are sufficient to meet the charity’s obligations on a fund by fund basis.

Structure, governance and management

a. Trustees

The trustees, who are also the directors for the purpose of company law, who served during the year were:

N Hallet, Chairman AJ Philpott, Secretary RC Milnes, Trustee ARP McCree, Trustee CMA Hodge, Trustee DAE Buxton, Trustee ME Fisher, Trustee AM Philpott, Trustee D Hughes, Trustee PG Lipscombe, Trustee DR Goodier, Trustee

The Trustees meet as a committee of management at quarterly intervals to review activities and a financial report.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

b. Appointment of trustees

As set out in the Articles of Association the trustees, who form the Committee of Management, are appointed as follows:

Page 6

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Structure, governance and management (continued)

c. Organisation

The charity is governed by its memorandum and articles of association dated 15 November 2004. The trustees have control of the charity and its property and funds.

The Charity has been able to maintain its performance during the year in what is a challenging time for all charities. The Operations Board charged with responsibility for the conduct of the charity’s operations and holding the Facilities and Hospitality Manager to account, continues to be a success. This has resulted in a more focused management of the Charity on a day to day basis and a moving forward in the Charity’s performance. This Operations Board meets on a monthly basis and reports to the Committee of Management on a quarterly basis at their regular meetings. The Operations Board is also involved in planning for the future and looking at the opportunities for the Charity which it then reports to the Trustees with appropriate recommendations.

d. Trustee induction and training

New trustees undergo an orientation programme to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the operation of the Committee of Management, decision making processes, the business plan and recent financial performance of the charity. During the induction, trustees meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

e. Management remuneration and trustee indemnity insurance

The remuneration of key management is in line with local market conditions and is reviewed each year. The charity has trustee indemnity insurance in place.

f. Related party relationships

The Charity’s wholly owned subsidiary Old Albanian Sports Club Limited (OASC) was established to operate the commercial bar, restaurant and function facilities. OASC donates its profits to the Charity.

g. Financial risk management

The Trustees have assessed the major risks to which the Group and the charity are exposed, in particular those related to the operations and finances of the Group and the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

The Trustees continue to manage the facility to ensure that it is fit for purpose and are exploring its use by other sports and organisations. Over the next 12 months it is envisaged that continuing maintenance works will be required to ensure that the facility is fit for purpose. They are also focused on ensuring that the revenue streams required to fund the facility are monitored and new sources thoroughly examined.

Page 7

OLD ALBANIAN SPORTS ASSOCIATION LIMITED TRUSTEES. REPORT ICONTINUEDI FOR THEYEAR ENDED 31 AfjARCH 2021 Statement of Tru$tee8' r￿pOnsIbIlItIeS Th6 Truslees (who are also the dirgclors of the charity for Ihg purposes of company lawl are rèsponsible for proparing Ihe Trusle8s' Rèport inoluding the Slratggic Report and th6 financial slat&m8nls in accordan￿ with applicable and United ￿'ngdoM Accounting Standards (United Kingdom Genarally Accepted AceounliNJ PractiC81. Company law requirès the Trustees lo prepare financial statements for each financial year. UndÈr company law. Ihe Trusteès must nol approve the financial stalemenls unless thèy are satisfied that they give a true and fair view of the stale of affairs of the Group and the charty and ol their in¢oming rÈsourcgs and application of resoureei, indudiry Iheii incoffle and expendilure, for that petiod. In preparing Ihese flnanclal slalemBn18, th9 Truslogs are requlied lo.. 9olecl suilablè accountlllg policiès and then apply them consistenlty,. observe thé methods and principles of the Charities SORP IFRS 1021., make judgmÈnls and accounting ÈglimatQs that are reasonabl8 and PTudent,' state whelhor applrable UK AccounliThJ Standards (FRS 102} have been followed, subject lo any material departures disclosed and explain8d In Ihe financ4al statemènts., prepare the financial Statements on the going concern basis U￿È5$ ills inappropriate lo presume that the Group will continue in business. The Trustees are rèsponsible for k8eping adequate 8ccounllng record5 Ihat arÈ sufficlent to show and explain th8 Group and the charity's Iransaclions and dt3close with 19850nablo accuracy al any lim• thè financial posrtion of Ihè Group and th8 eharity and enable thom lo answe that th& lin8nCk21 statement5 compty with the Comp8nies Act 2(M)6. They ara alsts respofjsible lor safeguarding the ass&ts of the Group and Ihe charity and h8rTrcÈ for taking reasonable steps for the pievenlion and detection of fraud and other irregulaiities. Dlselpsuro of Infomiotlon to •udltors Each ol the p8r80ns who arè Trustees al the lirne when this Ttuslges, Report is approved has confirmed that.. so far as thal Trustee is aware, there is no rèlevant audit inftsimation of whlch the charitable ¢ompanls auditor Is unaware, and that Ttustoè has taken all the stÈps Ihal ought lo havo been tgkgn as a Trusloe in ordÈi lo be awaie ol any relevant audit infortnalion and to 951ablish that the Charitable group's auditors ale aware of that information. Small Company Exemption Advantage has been tak￿ ol the exempllons available lo small companies under Ihg Companie8 Act 2006 in the preperatlon of this rep¢rl. pro dbyor eme bets of the board of TruslÉes ar¥J 8igned on their behalf by.. ale, Z?-li-21 N Hallett Trustee Pa￿8

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD ALBANIAN SPORTS ASSOCIATION LIMITED

Opinion

We have audited the financial statements of Old Albanian Sports Association Limited (the 'charitable company') for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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OLD ALBANIAN SPORTS ASSOCIATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD ALBANIAN SPORTS ASSOCIATION LIMITED (CONTINUED)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters as prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable group and parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Page 10

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD ALBANIAN SPORTS ASSOCIATION LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

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OLD ALBANIAN SPORTS ASSOCIATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD ALBANIAN SPORTS ASSOCIATION LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Page 12

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLD ALBANIAN SPORTS ASSOCIATION LIMITED (CONTINUED)

based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable group and parent company and the parent charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Elizabeth Irvine Senior Statutory Auditor

For and on behalf of WMT Chartered Accountants and Registered Auditors

Verulam Point Station Way St Albans Hertfordshire AL1 5HE

Date: 22 December 2021

WMT are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 13

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations and legacies
6
Charitable activities
7
Other trading activities
8
Investments
9
Other income
10
Total income
Expenditure on:
Charitable activities
12
Other trading activities
Total expenditure
Net expenditure and movement in
funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
67,610
276,297
98,449
55
103,837
546,248
350,120
298,342
648,462
(102,214)
5,209,445
(102,214)
5,107,231		 Restricted
funds
2021
£
1,120
-
-
-
-
1,120
1,120
-
1,120
-
-
-
-		 Total
funds
2021
£
68,730
276,297
98,449
55
103,837
547,368
351,240
298,342
649,582
(102,214)
5,209,445
(102,214)
5,107,231		 Total
funds
2020
£
26,089
335,367
529,318
431
1,352
892,557
453,190
569,978
1,023,168
(130,611)
5,340,056
(130,611)
5,209,445

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 20 to 43 form part of these financial statements.

Page 14

OLD ALBANIAN SPORTS ASSOCIATION LIMITED REGISTERED NUMBER:

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
16
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Total net assets		 6,223
158,586
110,837
275,646
(110,645)		 2021
£
4,942,230
4,942,230
165,001
5,107,231
-
5,107,231
5,107,231		 4,494
60,417
216,869
281,780
(175,398)		 2020
£
5,120,271
5,120,271
106,382
5,226,653
(17,207)
5,209,446
5,209,446

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OLD ALBANIAN SPORTS ASSOCIATION LIIIITED REGISTERED NUMBER.. CONSOLIDATED BALANCE SHEET (CONTINUED AS AT 31 MARCH 2021 2021 2020 Nots Charlty fund8 R8StriclÈd lunds Unieslricted funds 22 5,10T,231 5,209.446 Total fund* 5.107,231 5,209.446 The fi'nancial slalernents hav8 b08n prèpared in ￿LordanCe wilh the provisi(￿9 aPpI￿able lo èntil￿S subject lo the mall cornpanies regime. financlal slalèmenls were approved and aLrthorised for issue by the Tfuslees and slgnèd on their behalf by.. aLI@tt Trust@e Dale.. £e-12r?I The noles on pages 20 to 43 form part of these finaneial slalement8. Page 16

OLD ALBANIAN SPORTS ASSOCIATION LIMITED REGISTERED NUMBER:

CHARITY BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
16
Investments
17
Current assets
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Total net assets		 714,134
92,562
806,696
(75,409)		 2021
£
4,942,230
2
4,942,232
731,287
5,673,519
-
5,673,519
5,673,519		 510,477
199,981
710,458
(132,295)		 2020
£
5,120,271
2
5,120,273
578,163
5,698,436
(17,207)
5,681,229
5,681,229

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OLD ALBANIAN SPORTS ASSOCIATION LIMITED REGISTERED NUMBER.. CHARITY BALANCE SHEET ICONflNUED) AS AT 31 MARCH 2021 2021 2020 Noto Charfty funds Restricted funds unrestric￿ funds 4673.519 5,681.229 Total funds 6.673.519 &681,229 Thè financial 8lalèm9nls have been prepared in accordan¢È with th8 prow8lon5 applicable to gntilks Subject tts IhÈ smaTh companies regime. The financlal slalèments were approved and aulhorised for Issue by the Trustees and signed on I￿1r behalf by.- N HalLett TrusieÈ The notés on pages 2Q to 43 form part of these ffinancial stalèmÉnl$. Al.13.Xl Page 18

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Investment income
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 20 to 43 form part of these financial statements		 2021
£
(100,756)
(5,331)
55
(5,276)
(106,032)
216,869
110,837		 2020
£
19,894
(63,939)
431
(63,508)
(43,614)
260,483
216,869

Page 19

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

The Association meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention, in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) (Second Edition), the Companies Act 2006 and UK Generally Accepted Practice.

The preparation of financial statements in compliance with the SORP requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the accounting policies (see note 2).

Old Albanian Sports Association Limited 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.

The financial statements are prepared in Sterling as that is the functional currency of the charity and its subsidiary.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

1.2 Going concern

The trustees are not aware of material uncertainties regarding going concern.

The Covid-19 (coronavirus) pandemic has had an increasingly significant effect on individuals, businesses and organisations worldwide, including Old Albanian Sports Association Limited. The outbreak came into widespread public knowledge in 2020 with the business forced to close for periods during this financial year and in the post year-end period due to lockdown conditions.

The Trustees have considered the effect on the value of the assets and liabilities of the Charity since the balance sheet date, as well as actual and expected future income and expenditure, cash flow requirements and the Charity’s ability to continue as a going concern. Steps have been taken to protect the workforce and the business so as to be able to maintain liquidity given that the effects of the crisis are ongoing.

1.3 Basis of consolidation

 These financial statements consolidate the results of the charity and its wholly owned subsidiary Old Albanian Sports Club Limited on a line by line basis. A separate statement of financial activities and income and expenditure account are not presented for the charity itself following the exemptions afforded by the Companies Act 2006. The subsidiary has been accounted for as an investment in the charity’s own balance sheet and is held under fixed assets.

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OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.4 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. All income is gross without deduction for related expenditure. The following specific policies are applied to particular categories of income:

Restricted income is recorded in the SOFA when receivable.

1.5 Government grants

Government grants of a revenue nature are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

1.6 Expenditure

Expenditure is recognised on an accruals basis as liabilities are incurred. All expenditure is net of VAT.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource.

Page 21

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.7 Tangible fixed assets and depreciation

All expenditure on tangible fixed assets is capitalised. Tangible fixed assets other than freehold land are stated at cost less depreciation.

Depreciation is charged to the SOFA to write off the cost less estimated residual value of each asset over its expected useful life.

Depreciation is provided on the following bases:

1.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date.

Investments in subsidiaries are valued at cost less provision for impairment.

1.9 Stocks

Stocks are stated at the lower of cost and selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

1.10 Debtors

Short term debtors are measured at transaction price, less any impairment losses.

1.11 Cash at bank and in hand

Cash and cash equivalents comprise cash at bank and in hand and demand deposits with banks.

1.12 Liabilities

Short term creditors are measured at the transaction price.

1.13 Financial instruments

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as debtors and creditors.

Financial instruments are initially measured at transaction value. They are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the SoFA.

Page 22

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

1.14 Pensions

Defined contribution pension plan

The Charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Charity pays fixed contributions into a separate entity. Once the contributions have been paid the Charity has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Charity in independently administered funds.

1.15 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 charity 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 for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

2. Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. There were no material estimations necessary other than the decision on depreciation rates.

Page 23

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

3. Movement in total funds in the year

Unrestricted Total
funds funds
2021 2021
£ £
Depreciation 183,372 183,372
External audit and accounts 14,280 14,280

Net incoming resources for the year before depreciation amounted to £82,901.

Unrestricted Total
funds funds
2020 2020
£ £
Depreciation 184,921 184,921
External audit and accounts 13,590 13,590

Net incoming resources for the prior year before depreciation amounted to £54,310.

4. Financial activities of the charity

The financial activities shown in the consolidated statement includes those of the charity's wholly owned subsidiary, Old Albanian Sports Club Limited.

A summary of the financial activities undertaken by the charity is set out below:

Unrestricted
funds
2021
£
Gross incoming resources
343,962
Total expenditure on charitable activities
(341,241)
Governance costs
(8,880)
(6,159)		 Restricted
funds
2021
£
1,120
(1,120)
-
-		 2021
£
345,082
(342,361)
(8,880)
(6,159)

Page 24

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Gross incoming resources
Total expenditure on charitable activities
Governance costs
Total funds brought forward
Total funds carried forward
Represented by:
Unrestricted income funds		 Unrestricted
funds
2020
£
364,272
(444,310)
(8,880)
(88,918)
£
5,681,229
5,673,519
5,673,519		 Total
funds
2020
£
364,272
(444,310)
(8,880)
(88,918)
£
5,681,229
5,673,519
5,673,519

5. Incoming resources from activities for generating funds

The wholly owned trading subsidiary Old Albanian Sports Club Limited (OASC), which is incorporated in the United Kingdom, donates all of its profits to the charity.

OASC operates the bar and restaurant and all commercial trading operations carried on at the premises. The charity owns the entire issued share capital of 2 ordinary shares of £1 each. A summary of the trading results is shown below.

Unrestricted
funds
2021
£
Turnover
98,211
Cost of sales & administration costs
(296,552)
Other operating income
103,837
(94,504)		 2021
£
98,211
(296,552)
103,837
(94,504)

Page 25

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted
funds
2020
£
Turnover
527,818
Cost of sales & administration costs
(569,976)
Other operating income
465
(41,693)
Unrestricted
funds
2021
£
The assets and liabilities of the subsidiary were:
Current assets
45,482
Current liabilities
(611,768)
(566,286)
Unrestricted
funds
2020
£
Current assets
44,829
Current liabilities
(516,611)
(471,782)		 Total
funds
2020
£
527,818
(569,976)
465
(41,693)
2021
£
45,482
(611,768)
(566,286)
Total
funds
2020
£
44,829
(516,611)
(471,782)

Page 26

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6. Income from donations and legacies

Unrestricted
funds
2021
£
Donations and gifts
-
Government grants
67,610
67,610
Unrestricted
funds
2020
£
Donations and gifts
1,752		 Restricted
funds
2021
£
1,120
-
1,120
Restricted
funds
2020
£
24,337		 Total
funds
2021
£
1,120
67,610
68,730
Total
funds
2020
£
26,089

Included in donations are amounts for restricted purposes totalling £1,120 (2020: £24,171) for rugby and £nil (2020: £166) for cricket. Government grants are amounts received under the Covid Business Support Scheme.

7. Income from charitable activities

Unrestricted
funds
2021
£
Facility charges and rent
276,297
Unrestricted
funds
2020
£
Facility charges and rent
335,367		 Total
funds
2021
£
276,297
Total
funds
2020
£
335,367

Page 27

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2021
£
Commercial trading
98,449
Unrestricted
funds
2020
£
Commercial trading
527,818
Discounts received
1,500
529,318		 Total
funds
2021
£
98,449
Total
funds
2020
£
527,818
1,500
529,318

Page 28

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

9. Investment income

Unrestricted
funds
2021
£
Interest receivable
55
Unrestricted
funds
2020
£
Interest receivable
431		 Total
funds
2021
£
55
Total
funds
2020
£
431

10. Other incoming resources

Other operating income
Other operating income		 Unrestricted
funds
2021
£
103,837
Unrestricted
funds
2020
£
1,352		 Total
funds
2021
£
103,837
Total
funds
2020
£
1,352

Included in other operating income are amounts under the government Coronavirus Job Retention Scheme amounting to £103,803 (2020: £nil).

Page 29

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

11. Support costs

The activities of the charitable group are organised such that its subsidiary, OASC, undertakes all the commercial trading operations. The support costs of OASC are hence all directly allocated to Commercial trading costs.

The support costs of the charity are directly allocated primarily to charitable expenditure. Advertising and promotion costs have been allocated to Fundraising costs and Governance costs has been allocated between expenditure on a pro-rata basis.

The charity undertakes direct charitable activities only and does not make grant payments.

Page 30

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2021
£
General charity funds
350,120
Rugby fund
-
350,120
Unrestricted
funds
2020
£
General charity funds
428,853
Rugby fund
-
Cricket fund
-
428,853		 Restricted
funds
2021
£
-
1,120
1,120
Restricted
funds
2020
£
-
24,171
166
24,337		 Total
funds
2021
£
350,120
1,120
351,240
Total
funds
2020
£
428,853
24,171
166
453,190

Summary by expenditure type

General charity funds
Rugby fund		 Staff costs
2021
Depreciation
2021
£
£
35,518
183,372
-
-
35,518
183,372		 Other costs
2021
£
131,230
1,120
132,350		 Total
funds
2021
£
350,120
1,120
351,240

Page 31

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

12. Analysis of expenditure on charitable activities (continued)

Summary by expenditure type (continued)

General charity funds
Rugby fund
Cricket fund		 Staff costs
2020
£
36,677
-
-
36,677		 Depreciation
2020
£
184,351
-
-
184,351		 Other costs
2020
£
207,825
24,171
166
232,162		 Total
funds
2020
£
428,853
24,171
166
453,190

13. Total resources expended

Unrestricted
funds
2021
£
Charitable expenditure:
Wages and salaries
35,518
Building expenses
26,451
Depreciation
183,372
Pitch preparation and maintenance
51,256
Building maintenance and repairs
23,504
Legal and professional
4,497
General management
25,522
350,120		 Restricted
funds
2021
£
-
-
-
1,120
-
-
-
1,120		 Total
funds
2021
£
35,518
26,451
183,372
52,376
23,504
4,497
25,522
351,240

Page 32

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Wages and salaries
Building expenses
Depreciation
Pitch preperation and maintenance
Building maintenance and repairs
Legal and professional
General management		 Unrestricted
funds
2020
£
36,677
44,134
184,921
57,860
68,000
7,633
29,628
428,853		 Restricted
funds
2020
£
-
-
-
24,337
-
-
-
24,337		 Total
funds
2020
£
36,677
44,134
184,921
82,197
68,000
7,633
29,628
453,190

Included in pitch preparation and maintenance are amounts for restricted purposes totalling £1,120 (2020: £24,171) for rugby and £nil (2020: £166) for cricket.

Unrestricted
funds
2021
£
Other trading costs:
Cost of sales
36,529
Wages and salaries
208,641
Building expenses
26,267
Administration costs
26,905
298,342
Unrestricted
funds
2020
£
Cost of sales
207,127
Wages and salaries
270,040
Building expenses
49,414
Administration costs
43,397
569,978		 Total
funds
2021
£
36,529
208,641
26,267
26,905
298,342
Total
funds
2020
£
207,127
270,040
49,414
43,397
569,978

Page 33

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted
funds
2021
£
Governance costs:
Audit fees
10,200
Accountancy fees
4,080
14,280		 Total
funds
2021
£
10,200
4,080
14,280

Governance costs are absorbed into charitable expenditure under general management and trading costs under administration costs.

Audit fees
Accountancy fees		 Unrestricted
funds
2020
£
10,100
3,490
13,590		 Total
funds
2020
£
10,100
3,490
13,590

14. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2021
£
223,727
15,087
5,345
244,159		 Group
2020
£
279,133
19,708
7,876
306,717		 Company
2021
£
35,518
-
-
35,518		 Company
2020
£
36,677
-
-
36,677

Page 34

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14. Staff costs (continued)

The average number of persons employed by the charity during the year was as follows:

Number of employees (Group)
Sales and services
Management and administration		 Group
2021
19
6
25		 Group
2020
23
6
29

No employee received remuneration amounting to more than £60,000 in either year.

All employees were employed by the Old Albanian Sports Club Limited during the year. Recharges of staff costs were made to the charity as detailed in the notes.

Sales and services staff are all employed on a part-time basis. The numbers above reflect the actual number of employees rather than being prepared on a full-time equivalent basis.

Key management personnel include one staff member (2020: one), with costs totalling £60,739 (2020: £61,457).

15. 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 35

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

16. Tangible fixed assets

Group and Company

Cost or valuation
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Long-term
leasehold
property
£
7,863,836
3,510
7,867,346
2,871,415
157,206
3,028,621
4,838,725
4,992,421		 Plant and
machinery
£
69,846
-
69,846
42,698
5,819
48,517
21,329
27,148		 Fixtures and
fittings
£
574,034
1,821
575,855
480,537
18,900
499,437
76,418
93,497		 Other fixed
assets
£
7,950
-
7,950
745
1,447
2,192
5,758
7,205		 Total
£
8,515,666
5,331
8,520,997
3,395,395
183,372
3,578,767
4,942,230
5,120,271

Page 36

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. Fixed asset investments

charity
Cost or valuation
At 1 April 2020
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Investments
in
subsidiary
companies
£
2
2
2
2

The trading subsidiary is wholly owned by the charity and operates the bar and restaurant facilities. The subsidiary made a loss during the year which has been retained in the subsidiary due to aggregated negative funds. The subsidiary has been valued in the financial statements at the original nominal value.

Principal subsidiaries

The following was a subsidiary undertaking of the charity:

Name Company Registered office or principal Principal activity number place of business Old Albanian Sports Club Limited 05302306 England and Wales Bar and restaurant

Bar and restaurant trading activities of the Old Albanian Sports Association Limited

Class of Holding Included in shares consolidation Ordinary 100% Yes

Page 37

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17. Fixed asset investments (continued)

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit/(Loss) Net assets /
£ £ / Surplus/ (Liabilities)
(Deficit) for £
the year
£
Old Albanian Sports Club Limited 202,048 (296,552) (94,504) (566,286)
18.
Stocks
Finished goods and goods for resale
19.
Debtors		 Group
2021
£
6,223		 Group
2020
£
4,494
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2021
£
83,530
-
63,740
11,316
158,586		 Group
2020
£
31,150
-
20,746
8,521
60,417		 Company
2021
£
68,693
576,042
58,083
11,316
714,134		 Company
2020
£
12,330
473,507
16,119
8,521
510,477

Amounts owed by group undertakings have no fixed repayment terms.

Page 38

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2021
£
24,249
16,186
20,570
49,640
110,645		 Group
2020
£
38,202
17,845
24,523
94,828
175,398		 Company
2021
£
11,655
12,529
1,585
49,640
75,409		 Company
2020
£
24,586
12,780
100
94,829
132,295

Included in accruals and deferred income is £nil (2020: £63,544) attributed to deferred income. The £63,544 has been released this year as it relates to 31 March 2021.

21. Creditors: Amounts falling due after more than one year

Group Group Company Company
2021 2020 2021 2020
£ £ £ £
Other creditors - 17,207 - 17,207

Page 39

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

22. Statement of funds

Statement of funds - current year
Unrestricted funds
General Funds
Restricted funds
Rugby fund
Total of funds		 Balance at 1
April 2020
£
5,209,446
-
5,209,446		 Income
£
546,248
1,120
547,368		 Expenditure
£
(648,463)
(1,120)
(649,583)		 Balance at
31 March
2021
£
5,107,231
-
5,107,231

Page 40

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

22. Statement of funds (continued)

Statement of funds - prior year

----- Start of picture text -----
Balance at
Balance at 31 March
1 April 2019 Income Expenditure 2020
£ £ £ £
Unrestricted funds
General Funds - all funds 5,340,057 868,220 (998,831) 5,209,446
Restricted funds
- -
Rugby fund 24,171 (24,171)
Cricket fund - 166 (166) -
- -
24,337 (24,337)
Total of funds 5,340,057 892,557 (1,023,168) 5,209,446
----- End of picture text -----

23. Summary of funds Summary of funds - current year

General funds
Restricted funds		 Balance at 1
April 2020
£
5,209,446
-
5,209,446		 Income
£
546,248
1,120
547,368		 Expenditure
£
(648,463)
(1,120)
(649,583)		 Balance at
31 March
2021
£
5,107,231
-
5,107,231

Page 41

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

23. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds		 Balance at
1 April 2019
£
5,340,057
-
5,340,057		 Income
£
868,220
24,337
892,557		 Expenditure
£
(998,831)
(24,337)
(1,023,168)		 Balance at
31 March
2020
£
5,209,446
-
5,209,446

24. Related Party Transactions

Old Albanian Sports Association Limited (“OASA”) owns 100% of the issued share capital of Old Albanian Sports Club Limited (“OASC”), making it a related party. During the year OASA recharged expenses of £29,590 (202 0: £64,426) to OASC. OASC recharged expenses of £35,518 (2020: £36,677) relating to staff wages during the year. At the year-end OASC owed OASA £576,042 (2020: £473,507).

The Old Albanian Cricket Club has exercised the right to appoint one of the OASA Board of Trustees and so is a related party of OASA. During the year OASA made facility charges of £7,127 (2020: £22,352) to the Old Albanian Cricket Club. At the year end the Old Albanian Cricket Club owed OASA £nil (2020: £nil) . In addition, OASC made sales to the Old Albanian Cricket Club totalling £100 (2020: £4,627).

The Old Albanian Rugby Football Club has exercised the right to appoint two of the OASA Board of Trustees and so is a related party of OASA. During the year OASA made facility charges and sales of £18,745 (2020: £28,030) to the Old Albanian Rugby Football Club. At the year end the Old Albanian Rugby Football Club owed OASA £5,486 (2020: £10,443) . In addition, OASC made sales to the Old Albanian Rugby Football Club totalling £nil (2020: £24,307) and was owed £490 (2020: £4,627) at the year end.

The Old Albanian Club has exercised the right to appoint members to the OASA Board of Trustees and so is a related party of OASA. The president of the Old Albanian Club holds an ex officio appointment to the St Albans School Board, which has a controlling influence over the St Albans School Woollam Playing Field Trust (“the Trust”), making this a related party. The Trust undertook ground maintenance for OASA at a cost of £47,849 (2020: £82,197) during the year. At the year-end OASA owed the Trust £4,095 (2020: £8,190) .

Page 42

OLD ALBANIAN SPORTS ASSOCIATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

25. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation on equipment
Investment income
(Increase)/decrease in stock
(Increase)/reduction in debtors
Increase/(reduction) in creditors
Net cash provided by/(used in) operating activities
26.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
27.
Analysis of changes in net debt
At 1 April
2020
£
Cash at bank and in hand
216,869
216,869		 Group
2021
£
(102,214)
183,372
(55)
(1,729)
(98,169)
(81,961)
(100,756)
Group
2021
£
110,837
110,837
Cash flows
£
(106,032)
(106,032)		 Group
2020
£
(130,611)
184,921
(431)
6,762
3,286
(44,033)
19,894
Group
2020
£
216,869
216,869
At 31 March
2021
£
110,837
110,837

Page 43