REGISTERED COMPANY NUMBER: 05730024 (England and Wales) REGISTERED CHARITY NUMBER: 1120272
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 June 2024
for
Omonia Youth (UK) Limited
Omonia Youth (UK) Limited
Contents of the Financial Statements for the Year Ended 30 June 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
Omonia Youth (UK) Limited
Report of the Trustees for the Year Ended 30 June 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2024. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
The Charity is governed by its Memorandum and Articles of Association. Its objects are to provide facilities for healthy recreation and sport for young people between the ages of 6 to 18.
Once the charity obtained its charitable status, it took over the activities of Omonia Youth (UK), a youth club, with similar objects. All the assets were donated from that club to the new charity on the understanding that the charity would continue to provide similar facilities and recreation as the old club.
Under the Memorandum and Articles of Association, the charity has the power to make any investments which the trustees see fit.
FINANCIAL REVIEW
Financial position
The statement of financial activities for the period is set out on page 4 of the financial statements. The trustees are optimistic that the following years will generate similar incoming resources.
The policy of the trustees is to continue to maintain unrestricted reserves at a reasonable level to fulfil the objects of the charity and to provide these facilities for healthy recreation in subsequent years. The charity should have minimum reserves of six months' worth of expenditure. It is also their policy to try to build up reserves when an opportunity arises for the charity to acquire its own ground and provide even better facilities for these youngsters and that the charity has sufficient reserves to be in a strong position to take advantage of these opportunities. As at 30 June 2023 readily accessible reserves of the charity were £141,162 (2022: £135,800) in the form of cash, as shown on the balance sheet.
The trustees actively review the major risks faced by the charity and confirm that they have established systems to mitigate financial risks.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
05730024 (England and Wales)
Registered Charity number
1120272
Registered office
Woodgate House 2-8 Games Road Cockfosters Hertfordshire EN4 9HN
Trustees
A Antoniou J Castignetti A P Charalambous E Constanti K Kyprianou N C Zimaras M Pieri D Shiamishis
Page 1
Omonia Youth (UK) Limited
Report of the Trustees for the Year Ended 30 June 2024
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
..................................................................................... D Shiamishis - Trustee
Page 2
Independent Examiner's Report to the Trustees of Omonia Youth (UK) Limited
Independent examiner's report to the trustees of Omonia Youth (UK) Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024.
Responsibilities and basis of report
As the charity's 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.
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 Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
Michael Omiros FCCA
Date: .............................................
Page 3
Omonia Youth (UK) Limited
Statement of Financial Activities for the Year Ended 30 June 2024
----- Start of picture text -----
30.6.24 30.6.23
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
-
Donations and legacies 2,089
Charitable activities 4
Income from charitable activities 125,765 147,257
Other trading activities 2 12,591 11,707
Investment income 3 - 453
Total 138,356 161,506
EXPENDITURE ON
Charitable activities
Expenditure on Charitable activities 112,327 146,904
Other 5,755 9,241
Total 118,082 156,145
NET INCOME 20,274 5,361
RECONCILIATION OF FUNDS
Total funds brought forward 141,161 135,800
TOTAL FUNDS CARRIED FORWARD 161,435 141,161
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The notes form part of these financial statements
Page 4
Omonia Youth (UK) Limited
Balance Sheet 30 June 2024
----- Start of picture text -----
30.6.24 30.6.23
Unrestricted Total
fund funds
Notes £ £
CURRENT ASSETS
Cash at bank 191,020 141,161
CREDITORS
Amounts falling due within one year 8 (29,585) -
NET CURRENT ASSETS 161,435 141,161
TOTAL ASSETS LESS CURRENT LIABILITIES 161,435 141,161
NET ASSETS 161,435 141,161
FUNDS 9
Unrestricted funds 161,435 141,161
TOTAL FUNDS 161,435 141,161
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
D Shiamishis - Trustee
The notes form part of these financial statements
Page 5
Omonia Youth (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. OTHER TRADING ACTIVITIES
3.
| OTHER TRADING ACTIVITIES | |
|---|---|
| Tournament income | 30.6.24 30.6.23 £ £ 12,591 11,707 |
| INVESTMENT INCOME Deposit account interest |
30.6.24 30.6.23 £ £ - 453 |
continued...
Page 6
Omonia Youth (UK) Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
4. INCOME FROM CHARITABLE ACTIVITIES
| Activity Sponsorship Income from charitable activities Subscriptions Income from charitable activities Grants Income from charitable activities |
30.6.24 £ 5,139 120,626 - 125,765 |
30.6.23 £ 7,977 138,280 1,000 147,257 |
|---|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Income from charitable activities Other trading activities Investment income |
Unrestricted fund £ 2,089 147,257 11,707 453 |
|---|---|
| Total | 161,506 |
| EXPENDITURE ON Charitable activities Expenditure on Charitable activities Other |
146,904 9,241 |
| Total | 156,145 |
| NET INCOME RECONCILIATION OF FUNDS Total funds brought forward |
5,361 135,800 |
| TOTAL FUNDS CARRIED FORWARD | 141,161 |
continued...
Page 7
Omonia Youth (UK) Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
7. TANGIBLE FIXED ASSETS
| COST At 1 July 2023 and 30 June 2024 DEPRECIATION At 1 July 2023 and 30 June 2024 NET BOOK VALUE At 30 June 2024 At 30 June 2023 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
Fixtures and fittings £ 4,484 4,484 - - 30.6.24 30.6.23 £ £ 29,585 - Net movement At At 1.7.23 in funds 30.6.24 £ £ £ 141,161 20,274 161,435 141,161 20,274 161,435 Incoming Resources Movement resources expended in funds £ £ £ 138,356 (118,082) 20,274 138,356 (118,082) 20,274 Net movement At At 1.7.22 in funds 30.6.23 £ £ £ 135,800 5,361 141,161 135,800 5,361 141,161 |
|---|---|
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
9. MOVEMENT IN FUNDS
continued...
Page 8
Omonia Youth (UK) Limited
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 161,506 (156,145) 5,361 161,506 (156,145) 5,361 |
|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Net movement At 1.7.22 in funds £ £ 135,800 25,635 135,800 25,635 |
At 30.6.24 £ 161,435 161,435 |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 299,862 (274,227) 25,635 299,862 (274,227) 25,635 |
|---|---|
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2024.
Page 9
Omonia Youth (UK) Limited
Detailed Statement of Financial Activities for the Year Ended 30 June 2024
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30.6.24 30.6.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations - 2,089
Other trading activities
Tournament income 12,591 11,707
Investment income
Deposit account interest - 453
Charitable activities
Sponsorship 5,139 7,977
Subscriptions 120,626 138,280
Grants - 1,000
125,765 147,257
Total incoming resources 138,356 161,506
EXPENDITURE
Charitable activities
Kits and equipment 10,530 27,280
Training facilities 65,960 72,847
Ground maintenance 9,470 11,739
Pitches and referees 8,607 13,318
Tournament expenditure 10,325 9,116
Subscriptions and affiliations 4,308 8,751
Internet services 389 250
Stationery and printing 514 -
Insurance 267 267
Repairs and renewals 410 361
110,780 143,929
Other
Presentation day expenses 5,702 4,842
-
Coaching and other courses 3,564
Other 53 135
Donations - 700
5,755 9,241
Support costs
Finance
Bank charges 1,547 2,975
Total resources expended 118,082 156,145
Net income 20,274 5,361
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This page does not form part of the statutory financial statements
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