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2023-03-31-accounts

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

DIRECTORS’ AND TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023

Company No: 8285032 Charity No: 1152348

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

REPORT AND ACCOUNTS

CONTENTS

STATUTORY INFORMATION

Page
Directors’ and Trustees’ Report 2 – 8
Independent Examiner’s Report 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Accounts 12 – 24

1

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

DIRECTORS’ AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31ST MARCH 2023

The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ended 31st March 2023 to meet the requirements for a directors’ report for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statements 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).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity London Community Boxing (‘LCB’) was constituted as a company limited by guarantee on 7 November 2012 and is therefore governed by a memorandum and articles of association. The articles of association of a charitable company, as provided by the Charity Commission, were adopted at the end of November 2012. On 28 May 2013, on the advice of the Commission, these were amended by special resolution to state the charity’s revised Objects (Clause 4) as follows:

The charity’s objects (“The Objects”) for the public benefit are the promotion of community participation in healthy recreation, in particular by the provision of facilities for amateur boxing and boxing fitness training in London.

The provisions of the governing document were fully complied with during the period under review, under the direction of LCB’s five Trustees – Leigh Bruce (Executive Chairman), David Lavarack (Deputy Chairman), Ricardo Whyte, Madeleine Aldridge and Bevis Allen.

As the charity grows, we will keep the size and composition of the board under review. When we identify the need for new trustees, we first define the set of skills and experiences that will be additive to the future governance of the charity, identify appropriate candidates, and finally conduct interviews of shortlisted candidates. At our current small size, new candidates are interviewed by all members of the Board of Trustees.

Company structure: LCB has two subsidiary companies:

Early in 2013 LCB Boxing Ltd became a full subsidiary of London Community Boxing Ltd, and was affiliated for the subsequent boxing season at the Black Prince Community Hub for administrative purposes. The club was re-affiliated at LCB’s new hub premises in Peckham, South London in November 2015. Fees payable by its squad members represent an additional revenue stream for the charity, as well as offering interested young people a viable exit route from recreational boxing fitness into the competitive arena.

2

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

DIRECTORS’ AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31ST MARCH 2023

OUR AIMS, OBJECTIVES AND ACTIVITIES

The Trustees confirm that they have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. LCB’s charitable objects for the public benefit are as stated above.

Our mission in executing these objects is:

To harness the power of sport as a driver of personal and community advancement, to accomplish.

Our vision, of:

In November 2015, we opened our Peckham-based boxing gym, serving as a headquarters for the charity; a welcoming, inclusive facility for the whole community; a means of sustaining and expanding the effectiveness of our outreach work; and a home for our competitive amateur boxing club.

LCB delivers boxing-based events, classes and activities both on an outreach basis and at our community boxing gym. Our ‘reach’ into the community is further extended via the charity’s mobile boxing arena, which can be erected within an hour in almost any indoor or outdoor space – serving as a powerful, iconic tool for engaging even the hardest-to-reach beneficiaries and contributing significantly to our work towards genuine inclusivity and social change.

OUR ACHIEVEMENTS AND PERFORMANCE

In each annual report, we list five critical success factors in developing the charity – financial stability and growth; operational excellence; network development; developing and maintaining a strong market position; and talent management – as well as priorities for the year under each heading. Below is a summary of progress in each area.

1. Financial stability and growth:

Building core income through our gym is an important element of LCB’s funding strategy. During the pandemic, with repeated lockdowns and other special measures to control the spread of the Covid19 virus, gym income declined sharply. During the period covered by this report, gym income remained depressed, as the cost of living crisis hit recovery, and was % of pre-pandemic levels during the period. Re-establishing pre-Covid 19 levels of core income and growth continues to be a central priority.

3

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

DIRECTORS’ AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31ST MARCH 2023

Charterhouse in Southwark also provided crucial support for our programmes for young people. StreetGames Youth Justice Fund supported our CONNECT mental health programme for a time. Southwark Council has provided some funding for sessions for young offenders and holiday provision. Sport England has funded a session for mothers with young children. These are a few examples of success. However, a more normal fundraising environment remains elusive.

(iii) Developing funded outreach activities

During the period covered by this report, we have continued to deliver the outreach activities that are core to our purposes, mission and vision, with rapid recovery from the pandemic. As of this writing, demand is as high as it has ever been, with funding constraints the critical issue.

Mental Health and Disability

In partnership with In Your Corner (www.inyourcorner.uk), we continued to run Connect, a non-contact boxing programme with an integrated mental health component for young people aged 11-18. This programme offers 3 x 12 week groups per year, and a rolling graduates programme with further boxing and development opportunities.

The programme continues to be oversubscribed with referrals of young people from local targeted youth services (Southwark Children’s Services, Youth Justice Service, CAMHS, The Nest), and our graduates group is also well attended. The programme continues to demonstrate clear impact (see: www.inyourcorner.uk/outcomes) in terms of improved mental health, social connection, and mastery of new skills. A particular highlight this year is that several graduates have achieved an entry level unit in boxing skills from the AQA exam board. The CONNECT team have also developed their own Level 1 boxing skills unit, so that graduates can progress to achieve this more advanced qualification in boxing and emotion regulation skills, via their involvement in the project.

Despite clear local need for CONNECT, strong evidence of impact, and seven successful years in partnership, it has been a challenge this year to source sustainable funding for the project. It is a priority to work with partners and funders to secure CONNECT’s sustainability.

During the year, we continued our weekly sessions in partnership with the Southwark Team for Early Psychosis (STEP), which is part of the South London and Maudsley NHS Foundation Trust. The STEP team brings people in their care to the LCB gym for a non-contact boxing fitness session with our coaches.

Our weekly sessions for young people with complex physical and mental needs with the Cherry Garden Primary School continued, and our coaches also provided personal training sessions for young adults with disabilities. At this writing, we are preparing to start a new weekly additional needs and disability session for over 16s in the gym. We have also hosted young people with complex needs for the Rockbourne Youth Club in Lewisham, a long-standing partner.

YoS

For several years now, we have run non-contact sessions for young people in Southwark Council’s Youth Offending Service. The YoS also brings young people to the gym along with their youth worker for individual training if for any reason they cannot attend the group sessions. This is a long-standing and important partnership.

4

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

DIRECTORS’ AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31ST MARCH 2023

Partner Work

At various times during the year, we have run special sessions for partners, such as Burgess Sports; Southwark Council; Dream, Believe, Achieve; InSpire, and others who work with families and young people. These sessions are free for the participants.

Mothers and Young Children

We have teamed up with Burgess sport to run a weekly session for mothers with young children from the Aylesbury Estate in Southwark. With little financial or childcare support, these women often find themselves isolated with limited or no access to facilities. They come to the gym to train bringing their children to the sessions when needed. This has allowed them to get fit and make friends. These sessions are free for the participants. The pilot was funded by us directly, and we now run the sessions with funding from Sport England.

Holiday Provision

During Holiday periods, especially the long Summer Holiday, we run special sessions for young people, either as an addition to our regular £1 sessions for kids or alongside partners. This Summer, we ran 40 hours of special Summer sessions during the month of August – 10 hours each week Monday-Friday – with partners, such as the Southwark Council, Burgess Sports and Dream Believe Achieve.

PunchwithPride

We run weekly sessions for the LGBTQ+ community. This is one of the very few such sessions in London. This provides a safe and welcoming environment to participate in a non-contact boxing and fitness class.

Recovery

We have begun a pilot programme for people who are in 12-step recovery (a widespread recovery programme for people who are recovering from addiction).

The ambition is to establish an ongoing project, with a 12-week programme for beginners, and a graduate programme for people have completed the 12-week programme and wish to continue their boxing journey. We will conduct an evaluation of the 8-week pilot course to inform the design of the 12-week programme, which will begin in January 2024. We will also spend the coming months exploring a possible partnership with local recovery charity Humankind.

Young People

Every week during the year, LCB runs about 20 hours of sessions for young people in the gym. Most are non-contact sessions for young people between 17y/o and as young as 5. These sessions include fitness exercises, technical learning drills and boxing-related games. The cost to the participant is £1 (a fee we wave if we are aware that a family is struggling to even provide that modest contribution).

On Saturdays, for example, we run 4.5 hours for 5-7 y/o, 8-10 y/o, and 11-17 y/o. These classes average over 40 children each Saturday. We also have sessions for the older children during the week. During a recent 12-month period, total footfall in these sessions was 4476 (373p/m; 86p/w on average).

5

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

DIRECTORS’ AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31ST MARCH 2023

Alongside these sessions, we have an England Boxing registered Amateur Boxing Club for the few young people who wish to compete as boxers. The Juniors (under 17s) train three times a week for an hour and a half and the seniors train three times a week for two hours. The weekly subscription is £5. We also provide uniforms and equipment for young people who may not be able to buy their own. One young woman recently won the national title in her weight category and now boxes for England. Several of our young boxers are coaches and volunteers for the charity. The amateur boxing club is also an exit pathway for a few of the young people in our special programmes who wish to compete.

We also provide the opportunity for young people over 17 facing various obstacles or life issues – e.g., not in employment education or training (NEET), graduates of our youth offending or mental health programmes, recently arrived refugee children, residents of local youth hostels -- to train in the gym or join adult classes for free or paying £2 concessionary rate, depending on the circumstances. The numbers vary during the year but this has become an important outlet for young people and for some of the referring partners who work with them on a regular basis.

Schools

We provide after-school clubs and as well as sessions during the school day for local schools in Southwark, though these were sharply reduced – in some cases suspended – due to the pandemic. These remain an important part of our community offer, however, and should recover to pre-pandemic levels in the next period.

Opportunities

A number the young people have volunteered or and been employed by LCB over the years. We also offer young people in the special targeted programmes such as Connect and Youth Offending the opportunity to continue their training with us through a free youth membership for a period of time.

Amateur Boxing Club

LCB’s England Boxing-registered Amateur Boxing Club for those who wish to compete has made good progress in rebuilding after the difficult period during the pandemic, under the leadership of Seniors Coach Chris Lodge and Juniors Coach Chris McKenzie. Both LCBs long term female campaigners secured championship belts in 2023. With Ali Richards winning a hard fought final to bring home the London regional Belt at 52kg. Ella Harris completed her career goal of winning a National Championship in 2023 at 48kg. Great performances in the National rounds set Ella up for a tough final, but this was her year, and she sealed the deal with a unanimous victory. Looking towards the new season, we already have 3 boxers entered in England Boxing's Women's Winter Box Cup in December. This is always a great tournament and promises to include a greater number of overseas teams in 2023. Focus for the Female squad will then switch to the Golden Girl International tournament in Sweden.

The male squad are now all carded and will compete on local shows starting from the end of October. The coaching team continues to do a great job bringing junior and youth age groups on.

2. Operational excellence

LCB aspires to be regarded as a leader for the way in which it is managed; for the quality of its service and interactions with its partners, customers and suppliers; for the effectiveness of its governance and management practices; for the quality of its coaching; for the strength of its culture; and for its integrity and transparency.

Work progressed across most areas during the year, but there was nothing particular to report here.

6

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

DIRECTORS’ AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31ST MARCH 2023

3. Network development

LCB’s vision – to contribute to social cohesion as well as personal and community development through the medium of boxing and boxing fitness activities – requires cooperation with a range of likeminded organisations that complement and enhance our work. For some programmes, those partnerships are essential. During the period, we continued to work with established partners and developed a number of significant new relationships.

4. Developing and maintaining a strong market position

During this period, the bounce-back from the pandemic continued, though the cost of living crisis and general economic environment we were able to bounce back quite strongly across all activities, though much remained to be done by the end to return to pre-pandemic levels.

5. Talent management

Attracting and motivating high-quality coaches, volunteers and other professionals with specific expertise, committed to our vision and mission, is critical. All aspects of talent management, from recruitment to training to cultural compatibility to drive and commitment, remain a top priority.

We continue to benefit from the work of high-quality volunteers who boost the team by helping with to a variety of tasks, from manning reception, to assisting with outreach events, and providing expertise. Feedback from our partners and participants on the personal and technical quality of the team, as well as the culture of LCB, has been positive.

FINANCIAL REVIEW

A net deficit of £32,308 for the year (2022 – deficit of £14,172). Of those funds, £44,270 (2022 – £31,729) were general funds which, being neither restricted nor designated, represent the free reserves of the charity.

Reserves policy

LCB’s ultimate strategy is to become self-sustaining, through the model outlined in Aims, objectives and activities outlined above and elsewhere in this Report. It is envisaged that reserves will be built through planned operating surpluses, over and above those which are channelled back into the charity to support its operations in line with our objects, vision and mission.

It is our intention at present to maintain free reserves of no less than three months of core annual expenditure, which, based on current operations, is approximately £60,000. We will review this following the next Financial Review period.

PLANS FOR FUTURE PERIODS

LCB’s plans for future periods focus on five critical success factors: financial stability and growth; operational excellence; network development; developing and maintaining a strong market position; and talent management.

These all remain as valid today as they have been in previous years. However, managing the special challenges caused by the pandemic, both financially and in the way we engage with our users and run our programmes is our single-minded focus and is likely to remain so for the next couple of years.

As of this writing, we have made encouraging progress across all priorities.

7

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

DIRECTORS’ AND TRUSTEES’ REPORT

FOR THE YEAR ENDED 31ST MARCH 2023

STATEMENT OF THE TRUSTEES’ REPONSIBILITIES

The Trustees (who are also the Directors of London Community Boxing Ltd for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees 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.

The trustees are responsible for maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Approved by the Board of Trustees on ………………….. and signed on its behalf by 31/01/2024

LEIGH BRUCE Chairman

8

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2023.

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

Since the Company’s gross income exceeded £250,000, I confirm that I am qualified to undertake the I have completed my examination. I confirm that no matters have come to my examination because I am a member of the ICAEW, which is one of the listed bodies.

attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act ; or

  2. the accounts do not accord with those records ; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination ; or

  4. 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.

Anthony Epton BA FCA CTA FCIE

Goldwins Limited Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG

……………………..

9

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST MARCH 2023

SUMMARY INCOME AND EXPENDITURE ACCOUNT

Restricted
Note
£
Income from:
Donations
2
3,003
3
-
885
Gift Aid Income
-
Other trading activities
4
-
Total income
3,888
Expenditure on:
Raising funds
5
-
Charitable activities
5
-
5
23,492
Total expenditure
5
23,492
(19,604)
Net gains / (losses) on investments
-
6
(19,604)
Transfers between funds
Net movement in funds
(19,604)
Reconciliation of funds:
Total funds brought forward
80,669
Total funds carried forward
16
61,065
Charitable activities
Community gym
Outreach activities
Community gym
Outreach activities
Net income / (expenditure) before
net gains / (losses) on
Net income / (expenditure) for
the year		 £
218,168
-
2,283
-
77,626
298,077
77,626
214,189
18,966
310,780
(12,703)
-
(12,703)
(12,703)
112,485
99,782
Unrestricted		 £
221,171
-
3,168
-
77,626
2023
Total		 Restricted
£
11,000
-
2,873
-
-
13,873
-
29,680
29,680
(15,808)
-
(15,808)
(15,808)
96,477
80,669		 £
205,895
-
440
-
69,438
275,773
69,438
191,440
13,260
274,138
1,635
-
1,635
1,635
110,850
112,485
Unrestricted		 2022
Total
£
216,895
-
3,313
-
69,438
301,965 289,646
77,626
214,189
42,458		 69,438
191,440
42,940
334,273 303,819
(32,308)
-
(32,308)
-		 (14,172)
-
(14,172)
-
(32,308)
193,155		 (14,172)
207,327
160,847 193,155

CONTINUING OPERATIONS

None of the Charity’s activities were acquired or discontinued during the above two financial periods.

TOTAL RECOGNISED GAINS AND LOSSES

The Charity has no recognised gains or losses other than the above movement in funds for the above two financial periods.

The notes on pages 12 to 24 form part of these accounts.

10

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

BALANCE SHEET

AS AT 31ST MARCH 2023

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Accrued income
Cash at bank and in hand
Creditors: Amounts
13
Net current assets
Net assets
Funds
16
Unrestricted funds:
Designated funds
General funds
Total funds
Restricted funds
falling due within one year		 2023
£
55,413
100
55,513
101,396
-
14,998
116,395
(11,060)
105,335
160,847
61,065
55,412
44,370
160,847		 2022
£
80,656
100
80,756
97,756
20,000
7,895
125,651
(13,253)
112,398
193,155
80,669
80,656
31,830
193,155

For the financial year ended 31[st] March 2023 the company was entitled to exemption from audit under section 477 Companies Act 2006. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006.

The directors acknowledged their responsibilities for ensuring that the company keeps accounting records which comply with Section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit or loss for the financial period in accordance with the requirements of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as is applicable to the company. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

These accounts were approved and authorised for issue by the Board of Directors and Trustees on …………………….. and were signed on its behalf by: 31/01/2024

…………………………………………………………. Leigh Bruce (Chair)

Company number 08285032

The notes on pages 12 to 24 form part of these accounts.

11

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2023

1. ACCOUNTING POLICIES

1.1 Basis of preparation of accounts

The financial statements have been prepared in accordance with 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) – (Charity SORP (FRS 102) Revised), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

London Community Boxing (LCB) 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 or note.

1.2 Group accounts

The accounts contain information about LCB as an individual charitable company and do not contain consolidated financial information as the parent of a group. The company is exempt from the requirement to prepare consolidated financial statements as the group qualifies as a small group (note 11).

1.3 Preparation of accounts on a going concern basis

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

No key judgements have been made by the charitable company which have a significant effect on the accounts.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

1.4 Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and amount can be measured reliably.

12

LONDON COMMUNITY BOXING LIMITED

(A company limited by guarantee)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2023

1.5 Expenditure recognition and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods or services are supplied.

1.6 Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity:

Community Gym - 53.5% Outreach - 11.6% Support costs - 29.1% Governance costs - 5.8%

Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on staff time, of the amount attributable to each activity:

Community Gym - 82.1% Outreach - 17.9%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

13

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2023

1.7 Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity.

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Trust’s work or for specific projects being undertaken by the Trust.

1.8 Operating leases

Rentals payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the statement of financial activities on a straight line basis over the length of the lease.

1.9 Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £2,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided on a straight-line basis at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Furniture and equipment - 5 years Motor vehicles - 5 years Fixtures and fittings - 10 years Leasehold property - The lesser of 10 years or the remaining lease term IT Equipments - 5 years

1.10 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Cash at bank and in hand

Cash at bank and cash 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.

14

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

NOTES TO THE ACCOUNTS (Cont’d)

FOR THE YEAR ENDED 31ST MARCH 2023

1.12 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.13 Financial instruments

1.14 Judgement and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the charity is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underling assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods .

2. DONATIONS

Charterhouse in Southwark
GLA (SPORT UNITES) SPORT UNITE
Home Counties
Gym Income
Gift Aid
Charity Projects Comic Relief
Southwark Council
ESC Lottery
Donations from individuals
CAF America
Just Giving customer
Government Furlough Grant		 Unrestricted
£
10,500
-
-
33,839
-
7,040
4,200
162,130
-
459
-
218,168		 Restricted
£
-
2,000
-
-
-
1,003
-
-
-
-
-
-
3,003		 2023
2022
£
£
10,500
-
2,000
18,375
-
300
-
250
33,839
-
1,003
3,000
7,040
12,820
4,200
-
162,130
147,549
-
500
459
1,938
-
32,163
221,171
216,895

Donations in 2022 totalling £216,895 were attributed to £205,895 to unrestricted funds and £11,000 to restricted funds.

15

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

NOTES TO THE ACCOUNTS (Cont’d)

FOR THE YEAR ENDED 31ST MARCH 2023

3. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
£
Burgess Sports
-
Charterhouse Southwark
-
Allianz Global
1,500
Ivydale
333
Home Counties
250
England Boxing Ltd
200
2,283		 Restricted
£
120
765
-
-
-
-
885		 2023
2022
£
£
120
1,913
765
450
1,500
800
333
150
250
-
200.00
-
3,168
3,313

Income from charitable activities in 2022 totalling £3,313 were attributed to £2,873 to restricted funds and £440 to unrestricted funds.

4. OTHER TRADING ACTIVITIES - CHARITY

Unrestricted
£
Boxing Performance Management Ltd:
- Gift Aided profit
-
- Management charge
77,626
77,626		 Restricted
£
-
-
-		 2023
2022
£
£
-
-
77,626
69,438
77,626
69,438

Boxing Performance Management Ltd is a wholly owned subsidiary of London Community Boxing through which its commercial trading took place (see note 11).

16

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

NOTES TO THE ACCOUNTS (Cont’d)

FOR THE YEAR ENDED 31ST MARCH 2023

5. ANALYSIS OF EXPENDITURE

Staff costs (note 7)
Coaches, coach training and competition
Development
Premises and equipment
Communications
Compliance
Governance costs
Support Costs
Total expenditure 2023
Total expenditure 2022		 £
Costs of
generating
funds		 Community
gym
£
Charitable		 Outreach
activities
£
activities		 £
Governance
costs		 £
Support
costs		 £
2023
Total		 £
2022
Total
21,416
-
18,389
29,685
2,120
6,016		 40,027
2,246
36,003
74,001
10,236
11,172		 3,522
196
14,251
11,712
3
374		 3,522
-
-
-
-
-		 37,630
-
-
-
-
11,749		 106,117
2,443
68,644
115,398
12,359
29,312		 125,614
2,110
68,249
80,564
10,091
17,192
77,626
-
-		 173,686
2,697
37,806		 30,059
825
11,573		 3,522
(3,522)
-		 49,380
-
(49,380)		 334,273
-
-		 303,819
-
-
77,626 214,189 42,458 - - 334,273 303,819
69,438 191,440 42,940

Of the total expenditure in 2023 of £334,273 (2022 - £303,819), £310,781 was charged to unrestricted funds (2022 - £274,139) and £23,492 to restricted funds (2022 - £29,680).

17

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

NOTES TO THE ACCOUNTS (Cont’d)

FOR THE YEAR ENDED 31ST MARCH 2023

6. NET INCOME / (EXPENDITURE) FOR THE YEAR

This is stated after charging: 2023 2022
£ £
Depreciation of tangible fixed assets 25,244 25,244
Operating lease payments on premises rental 54,708 32,223
Independent Examination 2,000 2,000
Other services - -

7. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL

Staff costs are as follows:

Staff costs are as follows:
Wages and salaries - charity
Social security costs
Pension costs
Freelance coaches		 2023
£
102,155
1,732
1,703
105,590
29,201
134,791		 2022
£
120,601
2,952
1,798
125,351
32,126
157,477

No employee had employee benefits in excess of £60,000.

No Trustee received any remuneration during the year (2023 - £nil). No Trustees received reimbursed expenses during the year (2022 - £nil).

The key management personnel of the Charity are the Chief Executive Officer, Operations manager and the Finance and Communications manager. The total employee benefits of the key management personnel of the charity were £26,250 (2022 - £26,250).

18

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

NOTES TO THE ACCOUNTS (Cont’d)

FOR THE YEAR ENDED 31ST MARCH 2023

8. STAFF NUMBERS

The average number of employees (head count based on number of staff employed) during the year was 8 (2022 – 10).

The average weekly number of employees (full-time equivalent) during the year was as follows:

Community Gym
Outreach
Support and governance		 2023
0.93
0.29
0.86
2.08		 2022
1.31
0.29
0.86
2.46

9. TAXATION

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10. TANGIBLE FIXED ASSETS

COST
As at 1st April 2022
Additions during year
As at 31st March 2023
DEPRECIATION
As at 1st April 2022
Charge for the year
As at 31st March 2023
NET BOOK VALUES
As at 31st March 2023
As at 31st March 2022		 Furniture &
equipment
£
7,966
-
7,966
7,966
-
7,966
-
-		 Fixtures &
fittings
£
46,239
-
46,239
26,826
4,624
31,450
14,789
19,413		 Leasehold
property
£
142,785
-
142,785
92,022
16,921
108,943
33,842
50,763		 Motor
vehicle
£
27,495
-		 Total
£
224,485
-
27,495 224,485
17,015
3,699		 143,829
25,244
20,714 169,073
6,781 55,412
10,480 80,656

All the above assets are used for charitable purposes.

19

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

NOTES TO THE ACCOUNTS (Cont’d)

FOR THE YEAR ENDED 31ST MARCH 2023

11. NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARY

Investment at cost
One hundred £1 shares are held by the charity.		 2023
£
100		 2022
£
100

London Community Boxing (LCB) beneficially owns the entire share capital of Boxing Performance Management Limited (a company limited by share capital, company no. 8192521 (England and Wales) through which LCB's commercial trading took place. BPM commenced trading in December 2015. Trading in the period comprised sales of fees for community gym-based activities.

The charity owns the entire issued share capital of 100 Ordinary Shares of £1 each. Its financial statements are filed with the Registrar of Companies. A summary of the trading results for the year ended 31[st] March 2023 is shown below:

SUMMARY PROFIT AND LOSS ACCOUNT:
Turnover
Cost of sales and administration costs (Note 6)
Net (loss)/profit
Amount gift aided to the charity
Retained in subsidiary
The assets and liabilities of the subsidiary were:
Current assets
Current liabilities
Total net assets		 2023
£
73,696
(79,571)
(5,875)
-
-
1,573
(98,174)
(96,601)		 2022
£
73,315
(98,699)
(25,284)
-
-
4,495
(95,221)
(90,726)

During the period £77,626 (2022 – £69,438) was recharged by LCB to BPM as a charge for management services supplied to the trading subsidiary. At the balance sheet date £97,454 (2022 – £89,329) was owed by BPM to LCB, the charity.

20

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

NOTES TO THE ACCOUNTS (Cont’d)

FOR THE YEAR ENDED 31ST MARCH 2023

LCB Boxing Ltd did not trade during the year. Relevant financial information regarding the company is as follows:

The assets and liabilities of the subsidiary were:
Current assets
Current liabilities
Total Funds		 2023
£
878
(3,613)
(2,735)		 2022
£
878
(3,613)
(2,735)

London Community Boxing is the ultimate parent undertaking of LCB Boxing Ltd (a company limited by guarantee, company no. 07083295 (England and Wales). LCB Boxing Ltd did not trade during the year. It had previously traded between December 2015 and March 2017 when trading comprised management of athlete and coaching affiliations to England Boxing.

Although the company did not trade during the year it continued to be affiliated to England Boxing, the National Governing Body for boxing, with those operations required of the company as an Amateur Boxing Club continuing under the terms of its trading relationship with London Community Boxing.

At the balance sheet date £2,116 (2022 – £2,116) was owed by LCB Boxing Ltd to LCB, the charity.

12. DEBTORS

Owed by trading subsidiaries Total
Total
2023
2022
£
£
101,396
97,756
101,396
97,756

13. CREDITORS: amounts falling due within one year

Trade creditors
Other creditors
Accruals
Other debtors		 Total
Total
2023
2022
£
£
1,270
1,270
3,229
2,977
5,090
4,960
1,471
4,045
11,060
13,253

21

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

NOTES TO THE ACCOUNTS (Cont’d)

FOR THE YEAR ENDED 31ST MARCH 2023

14. ANALYSIS OF ASSETS BETWEEN FUNDS

Tangible fixed assets
Investments
Net current assets
Analysis of assets between funds –
Tangible fixed assets
Investments
Net current assets
15.MOVEMENT IN FUNDS
RESTRICTED FUNDS:
InYourCorner
Outreach activities
GLA (SPORT UNITES) SPORT UNITED
Charity Projects Comic Relief
City of London- Level up project grant
Youth programme
DESIGNATED FUNDS :
Fixed assets
GENERAL FUNDS
Total unrestricted funds
Total funds		 Designated
£
55,412
-
-
55,412
previous year
Designated
£
80,656
-
-
80,656
Balance as
at 01.04.22
£
57,564
2,873
8,000
3,000
786
8,447
80,669
80,656
80,656
31,829
112,486
193,155		 Designated
£
55,412
-
-
55,412
previous year
Designated
£
80,656
-
-
80,656
Balance as
at 01.04.22
£
57,564
2,873
8,000
3,000
786
8,447
80,669
80,656
80,656
31,829
112,486
193,155		 Designated
£
55,412
-
-
55,412
previous year
Designated
£
80,656
-
-
80,656
Balance as
at 01.04.22
£
57,564
2,873
8,000
3,000
786
8,447
80,669
80,656
80,656
31,829
112,486
193,155		 Unrestricted
Restricted
Total
£
£
£
-
-
55,412
100
-
100
44,270
61,065
105,335
44,370
61,065
160,847
Unrestricted
Restricted
Total
£
£
£
-
-
80,656
100
-
100
31,729
80,669
112,399
31,829
80,669
193,155
Balance as
Income
Expenditure
Transfer
at 31.03.23
£
£
£
£
-
(23,492)
-
34,071
885
-
-
3,758
2,000
-
-
10,000
1,003
-
-
4,003
-
-
-
786
-
-
-
8,447
3,888
(23,492)
-
61,065
-
(25,244)
-
55,412
-
(25,244)
-
55,412
298,077
285,537
-
44,370
298,077
310,780
-
99,782
301,965
334,273
-
160,847		 Unrestricted
Restricted
Total
£
£
£
-
-
55,412
100
-
100
44,270
61,065
105,335
44,370
61,065
160,847
Unrestricted
Restricted
Total
£
£
£
-
-
80,656
100
-
100
31,729
80,669
112,399
31,829
80,669
193,155
Balance as
Income
Expenditure
Transfer
at 31.03.23
£
£
£
£
-
(23,492)
-
34,071
885
-
-
3,758
2,000
-
-
10,000
1,003
-
-
4,003
-
-
-
786
-
-
-
8,447
3,888
(23,492)
-
61,065
-
(25,244)
-
55,412
-
(25,244)
-
55,412
298,077
285,537
-
44,370
298,077
310,780
-
99,782
301,965
334,273
-
160,847		 Unrestricted
Restricted
Total
£
£
£
-
-
55,412
100
-
100
44,270
61,065
105,335
44,370
61,065
160,847
Unrestricted
Restricted
Total
£
£
£
-
-
80,656
100
-
100
31,729
80,669
112,399
31,829
80,669
193,155
Balance as
Income
Expenditure
Transfer
at 31.03.23
£
£
£
£
-
(23,492)
-
34,071
885
-
-
3,758
2,000
-
-
10,000
1,003
-
-
4,003
-
-
-
786
-
-
-
8,447
3,888
(23,492)
-
61,065
-
(25,244)
-
55,412
-
(25,244)
-
55,412
298,077
285,537
-
44,370
298,077
310,780
-
99,782
301,965
334,273
-
160,847		 Unrestricted
Restricted
Total
£
£
£
-
-
55,412
100
-
100
44,270
61,065
105,335
44,370
61,065
160,847
Unrestricted
Restricted
Total
£
£
£
-
-
80,656
100
-
100
31,729
80,669
112,399
31,829
80,669
193,155
Balance as
Income
Expenditure
Transfer
at 31.03.23
£
£
£
£
-
(23,492)
-
34,071
885
-
-
3,758
2,000
-
-
10,000
1,003
-
-
4,003
-
-
-
786
-
-
-
8,447
3,888
(23,492)
-
61,065
-
(25,244)
-
55,412
-
(25,244)
-
55,412
298,077
285,537
-
44,370
298,077
310,780
-
99,782
301,965
334,273
-
160,847
Balance as
at 01.04.22
£
57,564
2,873
8,000
3,000
786
8,447		 Income
£
-
885
2,000
1,003
-
-
80,669 3,888 (23,492) - 61,065
80,656 - (25,244) - 55,412
80,656
31,829		 -
298,077		 (25,244)
285,537		 -
-		 55,412
44,370
112,486 298,077 310,780 - 99,782
193,155 301,965 334,273 - 160,847

22

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

NOTES TO THE ACCOUNTS (Cont’d)

FOR THE YEAR ENDED 31ST MARCH 2023

15. MOVEMENT IN FUNDS (continued)

Movement in funds – previous year

RESTRICTED FUNDS:
InYourCorner
Outreach activities
GLA (SPORT UNITES) SPORT UNITED
Charity Projects Comic Relief
City of London- Level up project grant
Youth programme
DESIGNATED FUNDS :
Fixed assets
GENERAL FUNDS
Total unrestricted funds
Total funds		 at 01.04.21
£
87,244
-
-
-
786
8,447		 at 01.04.21
£
87,244
-
-
-
786
8,447		 Income
£
-
2,873
8,000
3,000
-
-		 Expenditure
£
(29,680)
-
-
-
-
-		 Transfer
£
-
-
-
-
-
-		 at 31.03.22
£
57,564
2,873
8,000
3,000
786
8,447
96,477 13,873 (29,680) - 80,669
105,899 - (25,243) - 80,656
105,899 - (25,243) - 80,656
4,949 275,774 248,895 - 31,829
110,848 275,774 274,138 - 112,486
207,325 289,646 303,819 - 193,155

Purpose of restricted funds

Charterhouse in Southwark

A grant from Charterhouse in Southwark towards the salary and associated costs of the Operations Manager.

In Your Corner

A grant from Comic Relief Funds is aimed at improving social behaviours of young males that have Come off track.

Youth programme

A grant from The London Community Foundation to set up a youth programme in the LCB gym.

Purpose of designated funds

Fixed assets

Funds representing fixed assets and so are unavailable for spending.

23

LONDON COMMUNITY BOXING LIMITED (A company limited by guarantee)

NOTES TO THE ACCOUNTS (Cont’d)

FOR THE YEAR ENDED 31ST MARCH 2023

16. RELATED PARTY TRANSACTIONS

London Community Boxing received unrestricted donations totalling £144,886 from its Trustees, without conditions, during the period (2022 - £147,200).

17. SHARE CAPITAL

The Company is limited by guarantee and does not have a share capital divided by shares.

18. ULTIMATE CONTROLLING PARTY

The charity was under the control of the Board of Trustees throughout the year.

24