Company registered number 08285032 ## **LONDON COMMUNITY BOXING LIMITED** (Company registered by guarantee no. 08285032; registered charity no. 1152348 (England & Wales), (Scotland)) ## **ANNUAL REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2024** ## **LONDON COMMUNITY BOXING LIMITED** **(Company limited by guarantee no. 08285032, registered charity no. 1152348)** **REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2024** |**CONTENTS**|| |---|---| ||Page| |**Legal and administrative information**|1| |**Trustees' Annual Report**|2| |**Independent examiner's report**|11| |**Statement of financial activities**|14| |**Balance sheet**|15| |**Statement of cash flows**|16| |**Notes to the financial statements**|17| **LONDON COMMUNITY BOXING LIMITED** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 March 2024** |**Company reg. no.**|08285032| |---|---| |**Charity reg. no. (England)**|1152348| |**Registered office**|Units 3 & 4 Bellenden Road Business Centre| ||Bellenden Road| ||London, SE15 4RF| |**Trustees**|The trustees, who are also directors under company law, who served during| ||the year and up to the date of this report were as follows:| ||Leigh Bruce, Chair| ||Madeleine Aldridge| ||Bevis Allen| ||David Lavarack| ||Sol Whyte| |**Key management**|Kartar Singh, Centre Manager| |**personnel**|| |**Bankers**|Barclays Bank Plc| ||1 Churchill Place| ||London| ||E14 5HP| |**Independent Examiner**|Anthony Epton BA FCA CTA FCIE| ||Goldwins Limited| ||Chartered Accountants| ||75 Maygrove Road| ||London NW6 2EG| |**Accountants**|NfP Accountants Ltd| ||3rd Floor, 86-90 Paul Street| ||London, EC2A 4NE| 1 **LONDON COMMUNITY BOXING LIMITED** ## **BOARD OF TRUSTEES' REPORT** ## **For the year ended 31 March 2024** The Trustees (who are the Directors of the charitable company for the purposes of the Companies Act), present their combined Directors' report and Trustees' annual report, together with the financial statements of London Community Boxing Limited for the year ended 31 March 2024. These are prepared in accordance with current statutory requirements, the requirements of the charity's governing document, and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland The reference and administrative information set out on page 1 forms part of this report. ## **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 company was established under a Memorandum of Association which established the objects and powers of the charity and is governed under its Articles of Association. Its Directors are also its Trustees and members of the association. In the event of the company being wound-up, its members are required to contribute an amount not exceeding £1. 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. ## **Company structure** LCB has two subsidiary companies: - (i) Boxing Performance Management Ltd (Company No. 08192521) – a private company limited by shares, incorporated in December 2012. The company is wholly owned by London Community Boxing Ltd, and was established to enable the potential expansion of LCB’s facilities and overall offer, which might otherwise become complex due to charitable status. BPM commenced trading in November 2015, with as its principal activity the supply of boxing related sports services based out of LCB’s community boxing facility in Peckham, South London. - (ii) LCB Boxing Ltd (Company No. 07083295) – a private company limited by guarantee and fully affiliated with the regional and national sports governing bodies. Operated on a not-for-profit basis for the sole benefit of its members, comprising young people aged 11-40 years wishing to train/participate in the sport of amateur boxing. 2 **LONDON COMMUNITY BOXING LIMITED** ## **BOARD OF TRUSTEES' REPORT** ## **For the year ended 31 March 2024** 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. ## **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: - Increasing social cohesion and integration by bringing together people of all ages, abilities and backgrounds in a common pursuit; - - Engaging the most vulnerable and marginalised parts of society; and - Improving health and fitness; building confidence, discipline and life skills; and improving prospects for further training and employment beyond the sport of boxing. LCB’s activities focus on providing boxing training – at all levels, from non-contact fitness boxing to competitive participation – for all ages, backgrounds and abilities across the South London community. 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. ## **Recruitment, appointment and induction of new Trustees** The Directors of the company (the charity) are also charity Trustees for the purpose of charity law and under the company's Memorandum and Articles are known as Trustees. Under the articles, adopted on 3rd May 2023, any person who is appointed as a Trustee will automatically, by virtue of that appointment, become a Member. No person other than a Trustee may be admitted as a Member. 3 **LONDON COMMUNITY BOXING LIMITED** ## **BOARD OF TRUSTEES' REPORT** ## **For the year ended 31 March 2024** New trustees are recruited through the charity’s website, social media and other online platforms and sector networks. Full training and induction is given to all new trustees, which includes a briefing by the Chair and Chief Executive, meetings with relevant staff and volunteers and a visit to a prison. ## **Governance and management** The Trustees are responsible for the strategic direction and policy making of the charity. The day to day running of the charity is delegated to an employed management team which is headed by the Chief Executive Officer, supported by a team of volunteers. All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 8 to the accounts. ## **Related parties and relationships with other organisations** London Community Boxing (LCB) beneficially owns the entire share capital of Boxing Performance Management Limited (BPM) (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 31st March 2023 is shown in Note 13. ## **Public Benefit** The trustees are satisfied that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. When planning the charity’s activities, the trustees considered the Charity Commission Guidance on public benefit. The trustees also considered how the charity had succeeded in delivering its aims, including any public benefit, when reviewing the achievements for the year which are set out below. 4 **LONDON COMMUNITY BOXING LIMITED** ## **BOARD OF TRUSTEES' REPORT** **For the year ended 31 March 2024** ## **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 ## (i) Building core income in our gym Building core income through our gym is an important element of LCB’s funding strategy. During the Covid19 pandemic, gym income declined sharply. Though it has recovered somewhat since those lows, gym income remained depressed, as the lingering effects of the increased cost of living and general economic sluggishness continues to have an impact. Re-establishing normal levels of core income and growth continues to be an important priority. ## (ii) Fundraising Both grants and donations – have still not fully recovered since the pandemic, though there have been some signs of improvement in recent months. There continues to be a severe bottleneck. LCB has continued to meet its needs, but this remains an issue, which we are actively managing as a fully normalised 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, and we deliver sessions for a greater variety of targeted groups than ever before. ## 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: https://www.inyourcorner.uk/impact) in terms of improved mental health, social connection, and mastery of new skills. CONNECT has just been awarded a development grant from the Maudsley Charity to develop potential project extensions to meet the mental health needs of local young people aged 16-25, including peer mentoring programme, an ambassadors programme and a group for Unaccompanied Asylum Seeking Children. The team will develop these ideas in collaboration with local young people. If successful this will lead to three years of grant funding starting in September 2025. 5 **LONDON COMMUNITY BOXING LIMITED** ## **BOARD OF TRUSTEES' REPORT** ## **For the year ended 31 March 2024** 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. We also started a new weekly 2-hour session for people with disabilities of all ages 17 and over, combining fitness training and non-contact boxing activities. These sessions are currently part-funded by the Sport England Movement Fund. We run weekly sessions for the students of the Greenvale School, a community special school for secondary aged students with severe learning difficulties. In a addition to a weekly session in each of the school’s two campuses, we also run a session in each for staff. ## The PE & School Sports Network We have begun running 2-hour sessions for SEND children with our new partner PE & School Sports Network (PESSN), a progressive organisation based at Bacon’s College in Southwark that works with over 135 primary, secondary & special schools to develop physical education and school sport, including improving SEND provision across schools. PESSN bring children from the schools they support to LCB’s gym, where we run a 2-hour session. Following 4 pilot sessions, we hope to establish a regular weekly slot for the programme in early 2025. We are soon beginning sessions for the young people accessing the services of Sunshine House in Southwark, which provides services for children with special needs, disabilities and other vulnerabilities. ## 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. ## Recovery Our weekly Boxing in Recovery programme for people recovering from alcohol or drug abuse has thrived, with strong weekly participation. The programme has a group of 60 people in the community, and is growing every week. The weekly sessions fuse together mental health discussion and community, meditation and boxing. Running for over a year now, the sessions are now attracting many new partners including Kairos Community, St Mungos, Women in Prison UK and The Harbour, who direct people towards joining the sessions. These sessions are part funded by the Sport England Movement Fund. ## 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. 6 **LONDON COMMUNITY BOXING LIMITED** ## **BOARD OF TRUSTEES' REPORT For the year ended 31 March 2024** ## 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. These sessions are part funded by the Sport England Movement Fund. ## 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. ## 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. 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. 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. 7 **LONDON COMMUNITY BOXING LIMITED** ## **BOARD OF TRUSTEES' REPORT** ## **For the year ended 31 March 2024** 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. ## 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. ## 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 like-minded 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, particularly in our Recovery and SEND outreach efforts. ## 4. Developing and maintaining a strong market position During this period, the cost of living crisis and general economic environment has stalled momentum, so we remain pre-pandemic levels and gym membership. Our outreach activities, however are stronger than ever, with new partners wishing to work with us reaching out all the time, and the Amateur Boxing Club is thriving. ## 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. 8 **LONDON COMMUNITY BOXING LIMITED** ## **BOARD OF TRUSTEES' REPORT For the year ended 31 March 2024** ## **Financial review** ## _Financial Position_ The Charity reported net expenditure for the year of £5,353 (2023 - net expenditure of £32,308), details of which are shown in the Statement of Financial Activities on page 14. Total income for the year amounted to £350,051, an increase of £48,086 on the previous year; and total expenditure amounted to £355,404, an increase of £21,131 on the previous year. ## _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. At 31 March 2024, the Charity had free reserves of £65,098 and designated reserves of £55,412, broadly in line with the charity’s target. ## _Risk Management_ The major risks to which the charity is exposed have been identified and are reviewed by the Trustees on a quarterly basis. Prior to the Board’s quarterly reviews, the Finance & Risk Committee scrutinises the Risk Register and make recommendations to the Board on actions to be taken and the status given to each risk. The Trustees are satisfied that appropriate controls are in place to mitigate the major risks facing the charity. ## _Going Concern_ After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. ## **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 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. 9 LONDON coMMiThirrY 8ox•iG LwrrED th• y••r ￿d•d 31 M•rch 2024 I#•t￿•ThI ol r••pon￿￿1￿kn ot th• tru•tw• TPKI tru8tee8 {*kno are a180 the dir￿lor8 of CThnmunlty 8oxlry LImil￿ for the of ￿￿npany Im¥) arè reSWnsib￿ for weparing the Board ol Trust8e8' Re￿rt and the financial statwnerrts in ￿￿dan¢ lth awlcable law and Unrted Klngckni Ac£ouMiTrJ Standards (United KintsyJ(xn G8f7walty kneprt )unting Practts) irrludir#J Fnancial RoFM)rtiry Skndard 102 Tr Flnanaal Rewrting StarKknrd awIcat￿9 In the UK arKI ReFxWlc of IrelaThJ". Compary law r￿uIreS th8 tru8tee8 to wepare finarKlal 8tst8merrt8 for exh firwKaal y whkh ￿ a true and falr of the state of affairs of the CharIL￿18 oynpany and of th8 Incomiw re8wrces •KI applicalion ol res￿[(?8. InclLKllng the Irtome and expenthture, ol th8 thartlable cixnpvty tor that ￿T￿mI. In weparing ttK>se fryiL?al statements, the trustees are re(Wir￿1 ￿. 8818rt suStable xcowrtlng wllcleB and apply th*n con8¥*: observe ts methcKl& artf prlnath in the Charity SORP; . rn￿0 luc¥emffits anl e8tlmates that are r8ason*Jle Fxuthnt; prnKwe the flnandal statements on ts golng co￿eM ba818 un￿8 tt IG kwprwl*e to Fff88ume that the c*taTil*le o)mFAry will continue in I￿81n88S. tr￿1886 we re8wrwllJe for keeFirKJ w<)per &￿Un￿ng re￿1￿5 *thich dlsd(xe th reasonable (xiwy at any tkne the flnarrial position of ts chwTlable compary and to enable thwn to ensure that the finan(ial stat￿ents ￿mplY ￿th the Companie8 Act 2CX)6. Thry are a180 re8F￿￿ble for 8af•guarthng tr fraud and other IrrwJularities. The TrL*tee8 are re8PKThibla for the mainlenan(x eJNJ int8prlty of ts c(wwats and firtan¢ial information IndLthI charW8 Legislakn In Ihe unt1￿1 Klrykni governiThJ th8 wepwalon and (Isseminat￿ of financia Statements may (lffw Irom18gislatK)n in otr*r jurNklxTh. Thi8 rep)rt ha8 tse￿ prepared kn &corthrKX rdadw to wnall compth88 *ithln Part 15 (rf the C(xnpanies Act aM. Approv•1 of th• Y•port L•lgh Br￿• Chair 10 **LONDON COMMUNITY BOXING LIMITED** ## **INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES For the year ended 31 March 2024** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. ## **Respective responsibilities of the Board of Trustees and examiner** 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 examination because I am a member of the ICAEW, which is one of the listed bodies. 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 that in any material respect: - **1.(1)** accounting records were not kept as required by section 386 of the 2006 Act; or - **2.(2)** the accounts do not accord with those records; or - **3.(2)** 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.(2)** 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 London NW6 2EG Date: ……………………………… 15/01/2025 11 **LONDON COMMUNITY BOXING LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **(incorporating Income and Expenditure Account & Statement of Total Realised Gains and Losses) For the year ended 31 March 2024** |**Unrestricted**
**Funds**
**Note**
**2024**
**£**
**INCOME FROM**
Donations and legacies
2
**272,363**
Charitable activities
Community gym
3
**-**
Outreach activities
3
**600**
4
**59,270**
**-**
**8,748**
**TOTAL INCOME**
**340,981**
**EXPENDITURE ON:**
Raising funds
5
**-**
Charitable activities
Community gym
5
**315,151**
Outreach activities
**5,102**
**320,253**
**TOTAL EXPENDITURE**
**320,253**
**20,728**
**RECONCILIATION OF FUNDS**
TOTAL FUNDS AT 1 APRIL 2023
_99,782_
**TOTAL FUNDS AT 31 MARCH 2024**
**120,510**
**£ **
**NET INCOME/(EXPENDITURE) FOR**
**THE YEAR**
Other trading activities
Investment income: bank interest
Other income|**Unrestricted**
**Funds**
**Note**
**2024**
**£**
**INCOME FROM**
Donations and legacies
2
**272,363**
Charitable activities
Community gym
3
**-**
Outreach activities
3
**600**
4
**59,270**
**-**
**8,748**
**TOTAL INCOME**
**340,981**
**EXPENDITURE ON:**
Raising funds
5
**-**
Charitable activities
Community gym
5
**315,151**
Outreach activities
**5,102**
**320,253**
**TOTAL EXPENDITURE**
**320,253**
**20,728**
**RECONCILIATION OF FUNDS**
TOTAL FUNDS AT 1 APRIL 2023
_99,782_
**TOTAL FUNDS AT 31 MARCH 2024**
**120,510**
**£ **
**NET INCOME/(EXPENDITURE) FOR**
**THE YEAR**
Other trading activities
Investment income: bank interest
Other income|**Restricted**
**Funds**
**2024**
**£**
**9,070**
**-**
**-**
**-**
**-**
**-**|**Total**
**Funds**
**2024**
**£**
**281,433**
**-**
**600**
**59,270**
**-**
**8,748**|_Unrestricted_
_Funds_
_2023_
_£_
_218,168_
_-_
_2,283_
_77,626_
_-_
_-_|_Restricted_
_Funds_
_2023_
_£_
_3,003_
_-_
_885_
_-_
_-_
_-_|_Total_
_Funds_
_2023_
_£_
_221,171_
_-_
_3,168_
_77,626_
_-_
_-_| |---|---|---|---|---|---|---| ||**340,981**|**9,070**|**350,051**|_298,077_|_3,888_|_301,965_| |||**-**
**12,160**
**22,991**|**-**
**327,311**
**28,093**|_77,626_
_214,190_
_18,965_|_-_
_-_
_23,492_|_77,626_
_214,190_
_42,457_| ||**320,253**|**35,151**|**355,404**|_233,155_|_23,492_|_256,647_| ||**320,253**|**35,151**|**355,404**|_310,781_|_23,492_|_334,273_| ||**20,728**
_99,782_|**(26,081)**
_61,065_|**(5,353)**
_160,847_|_(12,704)_
_112,486_|_(19,604)_
_80,669_|_(32,308)_
_193,155_| ||**120,510**
**£ **|**34,984**
**£ **|**155,494**
**£ **|_99,782_
_£ _|_61,065_
_£ _|_160,847_
_£ _| All income and expenditure has arisen from continuing activities The annexed notes form part of these financial statements 12 Lo141X￿ COMMUNITY 8oxipio LIMITED com Ilmll•d b •r•nt•• numb•r Oa28003 8ALANCE 12 30,1ffi1 55.413 55.513 14 107J28 101.396 14.998 1¥398 116.394 15 (141TJ) {11.LW) 125225 105.334 £ 155,494 160,847 16 61.1￿5 D￿l￿a1￿j furKIB 16 16 55A12 55.412 44.370 1W10 £ 155A94 160.847 47T CTrmpank88 Act 20(6. No member of ts o)mFWy ha8 deposit￿ a pursu￿ to seci c¢xnK* *4th 386 of the Act prepwlng financ4al otatements ltrthich giwa a aThl fair ol the State ol affalro of ts ￿)mpary as at the wtd of fv fmrul perK)d of its (Y l(w fw the *llh the rwJ1r•n￿ts Ccffip￿lo1 kl 21Th relatlrwJ io account8, 80 tw as 18 apFlicatde to Iho o)mwy. Tha•e acuxjnts wo wepwed h ar£Udan￿ 8pxdal of Part 15 of CAynFAnia Acl relallrwj to •rnall companth and c(Thlltule ts annud rqulr&J ty Ihe Comwiies LEIGH BRUCE, Chalr 13 **LONDON COMMUNITY BOXING LIMITED** **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** ## **1. ACCOUNTING POLICIES** ## _**Basis of preparation of financial statements**_ The accounts have been prepared under the historical cost accounting rules, and 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005, Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended), and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. Judgements and key sources of estimation uncertainty are detailed in the accounting policies where applicable. ## _**Public benefit entity**_ 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. ## _**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. Summary information from the charity's subsidiary entities is included in Note 13 below. ## _**Company status**_ London Community Boxing Limited is a company limited by guarantee. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. ## _**Going concern**_ The Trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. Key judgements that the charitable company has made which have a significant effect on the accounts include estimating income and expenditure for the next 12 months, in particular the likelihood of various contracts and grants being awarded. 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. 14 **LONDON COMMUNITY BOXING LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** ## _**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. - Income received by way of donations are included in full in the Statement of Financial Activities when received, unless they relate to a specified future period, in which case they are deferred. - Income from charitable activities received by way of revenue grants and donations are credited to restricted incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred. - Grants and donations of general nature which are not conditional on delivering certain levels of service are included as part of Grants, donations and legacies as shown under note 2 and 3. - Capital grants for the purchase of fixed assets are credited to restricted incoming resources on the earlier date of when they are received or receivable. Deprecation on the related fixed assets is charged against the restricted fund. - Income from activities includes income recognised as earned (as the related goods and services are provided) under contract. - Rental income, where applicable, is credited to income in the year in which they are receivable. - - Investment income is included when receivable. Income is only deferred when: the donor specifies that the grant or donation must only be used in future accounting periods; or for performance related grants, where these are received in advance of the performances or specific event to which they relate. ## _**Donations of gifts, services and facilities**_ Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 15 **LONDON COMMUNITY BOXING LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** ## _**Expenditure 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: ## _Fundraising costs_ Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. ## _Charitable activities_ Expenditure on charitable activities includes the costs of delivering services and reading activities undertaken to further the purposes of the charity and their associated support costs. ## _Other expenditure_ Other expenditure represents those items not falling into any other heading. 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. ## _**Allocation of support and governance costs**_ Resources expended are allocated to the particular activity where the cost relates directly to that activity. Staff costs are stated on the basis of staff time. Support costs which cannot be directly attributed to charitable activities are allocated in proportion to staff costs. Staff costs are apportioned to charitable activities in proportion to staff time incurred on those activities. 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. Governance costs are allocated to charitable activities in proportion to staff costs. ## _**Fund accounting**_ Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. Designated funds are unrestricted funds earmarked by the trustees for particular purposes. ## _**Operating leases**_ Rental charges are charged on a straight line basis over the term of the lease. 16 **LONDON COMMUNITY BOXING LIMITED** **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** ## _**Tangible fixed assets and depreciation**_ Items of equipment are capitalised where the purchase price exceeds £2,000 and the item is expected to have a useful life of longer than one year. 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: |Leasehold property|-|The lesser of 10 years or the remaining lease term| |---|---|---| |Fixtures and fittings|-|10 years| |Furniture and equipment|-|5 years| |Motor vehicles|-|5 years| ## _**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. ## _**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. Cash balances exclude any funds held on behalf of service users. ## _**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. ## _**Financial instruments**_ The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## _**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. 17 **LONDON COMMUNITY BOXING LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** ## _**Pensions**_ The charity operates a defined contributions pension scheme, which is a Group Stakeholder Pension Scheme. During the year, the charity contributed up to 9% of gross pay for all staff. The contributions made during the year are treated as an expense and were £2,576 (2023 - £1,958). ## **2. DONATIONS AND LEGACIES** |**DONATIONS AND LEGACIES**|**DONATIONS AND LEGACIES**|||||| |---|---|---|---|---|---|---| |**Unrestricted**
**Funds**
**2024**
**£**
Charterhouse Southwark
**500**
Allianz Global
**-**
CAF Charity donations
**7,531**
Gift Aid
**16,888**
Charity Projects Comic
Relief
**-**
Southwark Council
**-**
ESC Lottery
**-**
Donations from
individuals
**247,204**
Just Giving
**240**
**272,363**
**£ **||**Restricted**
**Funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**9,070**
**-**
**-**
**-**
**-**|**Total**
**Funds**
**2024**
**£**
**500**
**-**
**7,531**
**16,888**
**9,070**
**-**
**-**
**247,204**
**240**|_Unrestricted_
_Funds_
_2023_
_£_
_10,500_
_-_
_-_
_33,839_
_-_
_7,040_
_4,200_
_162,130_
_459_|_Restricted_
_Funds_
_2023_
_£_
_-_
_2,000_
_-_
_-_
_1,003_
_-_
_-_
_-_
_-_|_Total_
_Funds_
_2023_
_£_
_10,500_
_2,000_
_-_
_33,839_
_1,003_
_7,040_
_4,200_
_162,130_
_459_| ||**272,363**
**£ **|**9,070**
**£ **|**281,433**
**£ **|_218,168_
_£ _|_3,003_
_£ _|_221,171_
_£ _| |**3.**
**INCOME FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**Restricted**
**Funds**
**Funds**
**2024**
**2024**
**£**
**£**
Burgess Sports
**-**
**-**
Charterhouse Southwark
**-**
**-**
Allianz Global
**-**
**-**
Ivydale
**600**
**-**
Home Counties
**-**
**-**
England Boxing Ltd
**-**
**-**
**600**
**£ **
**Nil**
**£**|**3.**
**INCOME FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**Restricted**
**Funds**
**Funds**
**2024**
**2024**
**£**
**£**
Burgess Sports
**-**
**-**
Charterhouse Southwark
**-**
**-**
Allianz Global
**-**
**-**
Ivydale
**600**
**-**
Home Counties
**-**
**-**
England Boxing Ltd
**-**
**-**
**600**
**£ **
**Nil**
**£**|**3.**
**INCOME FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**Restricted**
**Funds**
**Funds**
**2024**
**2024**
**£**
**£**
Burgess Sports
**-**
**-**
Charterhouse Southwark
**-**
**-**
Allianz Global
**-**
**-**
Ivydale
**600**
**-**
Home Counties
**-**
**-**
England Boxing Ltd
**-**
**-**
**600**
**£ **
**Nil**
**£**|**Total**
**Funds**
**2024**
**£**
**-**
**-**
**-**
**600**
**-**
**-**|_Unrestricted_
_Funds_
_2023_
_£_
_-_
_-_
_1,500_
_333_
_250_
_200_|_Restricted_
_Funds_
_2023_
_£_
_120_
_765_
_-_
_-_
_-_
_-_|_Total_
_Funds_
_2023_
_£_
_120_
_765_
_1,500_
_333_
_250_
_200_| |---|---|---|---|---|---|---| ||**600**
**£ **|**Nil**
**£**|**600**
**£ **|_2,283_
_£ _|_885_
_£ _|_3,168_
_£ _| ## **4. OTHER TRADING ACTIVITIES** Income from Other Trading activities relates to management charges to Boxing Performance Management Ltd, a wholly owned subsidiary of London Community Boxing, through which its commercial trading took place. 18 **LONDON COMMUNITY BOXING LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** ## **5. ANALYSIS OF EXPENDITURE** |Community gym
Outreach activities
Governance costs
Support costs
_2023_|**Staff costs**
**£**
**127,221**
**8,093**|**Direct**
**costs**
**£**
**124,953**
**15,220**|**Governance**
**costs**
**£**
**2,557**
**163**|**Support**
**costs**
**£**
**72,580**
**4,617**|**Total**
**2024**
**£**
**327,311**
**28,093**|_Total_
_2023_
_£_
_214,190_
_42,457_| |---|---|---|---|---|---|---| ||**135,314**
**-**
**48,045**|**140,173**
**2,720**
**29,152**|**2,720**
**(2,720)**
**-**|**77,197**
**-**
**(77,197)**|**355,404**
**-**
**-**|_256,647_
_-_
_-_| ||**183,359**
**£ **|**172,045**
**£ **|**Nil**
**£**|**Nil**
**£**|**355,404**
**£ **|_334,273_
_£ _| |||||||| |_Community gym_
_Outreach activities_
_Fundraising costs_
_Governance costs_
_Support costs_|_112,835_
_3,522_|_60,851_
_26,537_|_2,697_
_825_|_37,807_
_11,573_|_214,190_
_42,457_|| ||_116,357_
_21,416_
_3,522_
_37,630_|_87,388_
_56,210_
_-_
_11,750_|_3,522_
_-_
_(3,522)_
_-_|_49,380_
_-_
_-_
_(49,380)_|_256,647_
_77,626_
_-_
_-_|| ||_178,925_
_£ _|_155,348_
_£ _|_Nil_
_£_|_Nil_
_£_|_334,273_
_£ _|| Of the total expenditure, £320,253 was unrestricted (2023 - £310,781) and £35,151 was restricted (2023 - £23,492). ## **6. NET INCOME / EXPENDITURE FOR THE YEAR** This is stated after charging / crediting: ||**2024**|_2023_| |---|---|---| ||**£**|_£_| |Depreciation of tangible fixed assets|25,244|25244| |Operating lease payments on premises rental|63,517|52327| |Independent Examination|2,720|2000| 19 **LONDON COMMUNITY BOXING LIMITED** **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** |**7.**
**STAFF COSTS AND NUMBERS**
**Unrestricted**
**Funds**
**2024**
**£**
**Salary costs**
Wages and salaries
**95,177**
Social security costs
**2,425**
Pension costs
**2,576**
**100,178**
**Other staffing costs**
Contractors
**58,383**
HR
**5,022**
Recruitment
**-**
Staff training
**3,353**
Staff travel
**888**
**167,824**
**£ **|**7.**
**STAFF COSTS AND NUMBERS**
**Unrestricted**
**Funds**
**2024**
**£**
**Salary costs**
Wages and salaries
**95,177**
Social security costs
**2,425**
Pension costs
**2,576**
**100,178**
**Other staffing costs**
Contractors
**58,383**
HR
**5,022**
Recruitment
**-**
Staff training
**3,353**
Staff travel
**888**
**167,824**
**£ **|**Restricted**
**Funds**
**2024**
**£**
**15,535**
**-**
**-**|**Total**
**Funds**
**2024**
**£**
**110,712**
**2,425**
**2,576**|_Unrestricted_
_Funds_
_2023_
_£_
_102,155_
_1,732_
_1,958_|_Restricted_
_Funds_
_2023_
_£_
_-_
_-_
_-_|_Total_
_Funds_
_2023_
_£_
_102,155_
_1,732_
_1,958_| |---|---|---|---|---|---|---| ||**100,178**
**58,383**
**5,022**
**-**
**3,353**
**888**|**15,535**
**-**
**-**
**-**
**-**
**-**|**115,713**
**58,383**
**5,022**
**-**
**3,353**
**888**|_105,845_
_65,107_
_5,268_
_309_
_2,239_
_157_|_-_
_-_
_-_
_-_
_-_
_-_|_105,845_
_65,107_
_5,268_
_309_
_2,239_
_157_| ||**167,824**
**£ **|**15,535**
**£ **|**183,359**
**£ **|_178,925_
_£ _|_Nil_
_£_|_178,925_
_£ _| The average number of employees (head count based on number of staff employed) during the year was 7 (2023 - 8). 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). During the year, no employee earned more than £60,000 (2023 - the same). ## **8. TRUSTEES' REMUNERATION AND EXPENSES** The charity trustees were not paid and did not receive any other benefits from association with the charity in the year (2023 - £nil). No charity trustee received payment for professional or other services supplied to the charity (2023 - £nil). Trustees' expenses, representing the payment or reimbursement of travel and subsistence costs, totalled £00 (2023 - £00), incurred by 5 trustees (2023 - 3 trustee) relating to attendance at meetings of the trustees. London Community Boxing received unrestricted donations totalling £206,380 from its Trustees, without conditions, during the period (2023 - £144,886). 20 **LONDON COMMUNITY BOXING LIMITED** **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** ## **9. OTHER RELATED PARTY TRANSACTIONS** Other than trustees' expenses and subsidiary companies above, there are no reportable related party transactions to disclose for 2024 (2023 - none). ## **10. TAXATION** The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. ## **11. PENSION SCHEME** The charity operates a defined contributions pension scheme, which is a Group Stakeholder Pension Scheme, registered with HM Revenue & Customs in accordance with the Finance Act 2004. The fund manager invests in unitised funds, accumulating until the members chosen retirement age. ## **12. TANGIBLE FIXED ASSETS** |**Cost**
At 1 April 2023 and 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net book value**
At 31 March 2023
At 31 March 2024|**Leasehold**
**property**
**£**
**142,785**|**Equipment**
**£**
**7,966**|**Fixtures &**
**fittings**
**£**
**46,239**|**Motorvehicl**
**es**
**£**
**27,495**|**Total**
**£**
**224,485**| |---|---|---|---|---|---| ||**108,943**
**16,921**|**7,966**
**-**|**31,450**
**4,624**|**20,713**
**3,699**|**169,072**
**25,244**| ||**125,864**|**7,966**|**36,074**|**24,412**|**194,316**| ||_33,842_
_£ _|_Nil_
_£_|_14,789_
_£ _|_6,782_
_£ _|_55,413_
_£ _| ||**16,921**
**£ **|**Nil**
**£**|**10,165**
**£ **|**3,083**
**£ **|**30,169**
**£ **| ## **13. INVESTMENTS SUBSIDIARY UNDERTAKINGS** |**INVESTMENTS SUBSIDIARY UNDERTAKINGS**||| |---|---|---| ||**Investments in**|| |**BOXING PERFORMANCE MANAGEMENT**||**subsidiary**| ||**undertakings**|| |||**£**| |**Cost (one hundred £1 shares are held by the charity)**||| |At 1 April 2023||**100**| |At 31 March 2024|**£ **|**100**
| 21 **LONDON COMMUNITY BOXING LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** London Community Boxing (LCB) beneficially owns the entire share capital of Boxing Performance Management Limited (BPM) (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 31st March 2023 is shown below: ## **Summary profit and loss account for Boxing Performance Management** |Turnover
Cost of sales and administration costs
Net profit/(loss)
Amount gift aided to the charity
Retained in subsidiary
**Summary of total assets and liabilities for Boxing Performance Management**
Current assets
Current liabilities|**2024**
**£**
**61,959**
**(61,959)**|_2023_
_£_
_73,696_
_(79,571)_| |---|---|---| ||**Nil**
**£**|_(5,875)_
_£_| ||**-**
**-**|_-_
_-_| ||**4,607**
**(101,208)**|_1,573_
_(98,174)_| ||**(96,601)**
**£**|_(96,601)_
_£_| During the year, £59,270 (2023 – £77,626) was charged by LCB to BPM for management services supplied to the trading subsidiary. At the balance sheet date, £100,488 (2023 – £99,280) was owed by BPM to LCB, including VAT payable, which arose in BPM but paid by the charity. ## **LCB BOXING LTD** London Community Boxing (the charity) 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 LCB Boxing Ltd is dormant, it continues to be affiliated to England Boxing, the National Governing Body for boxing. Operations required of the company as an Amateur Boxing Club continue under the terms of its relationship with London Community Boxing (the charity). ## **Summary of total assets and liabilities for LCB Boxing Ltd** |Current assets
Current liabilities|**878**
**(3,613)**|_878_
_(3,613)_| |---|---|---| ||**(2,735)**
**£**|_(2,735)_
_£_| At the balance sheet date, £2,116 was owed by LCB Boxing Ltd to LCB, the charity (2023 - the same). 22 **LONDON COMMUNITY BOXING LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** |**14. **
**15. **|**DEBTORS**
**Due within one year**
Amounts due from group undertakings
BPM Intercompany
LCB Boxing Ltd Intercompany
VAT repayment due
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Net wages
Social security and other taxes
Pensions
VAT creditors
Accruals
Deferred income
Balance at 1 April 2023
Amount released to incoming resources
Balance at 31 March 2024|**2024**
**£**
**100,488**
**2,116**
**4,924**|_2023_
_£_
_99,280_
_2,116_
_-_| |---|---|---|---| |||**107,528**
**£ **|_101,396_
_£ _| |||**2024**
**£**
**-**
**7,130**
**3,236**
**1,362**
**-**
**3,445**|_2023_
_£_
_1,270_
_2,274_
_172_
_783_
_1,471_
_5,090_| |||**15,173**
**£ **|_11,060_
_£ _| |||**-**
**-**|_-_
_-_| |||**Nil**
**£**|_Nil_
_£_| 23 **LONDON COMMUNITY BOXING LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** ## **16. STATEMENT OF FUNDS** |**DESIGNATED FUNDS**
Fixed Assets Fund
**RESTRICTED FUNDS**
Comic Relief via InYourCorner
Outreach activities
GLA (SPORT UNITES)
City of London- Level up project
Youth programme
**SUMMARY OF FUNDS**
Designated Funds
General Funds
Restricted Funds|**Brought**
**Forward**
**£**
**55,412**|**Incoming**
**Resources**
**£**
**-**|**Transfers and**
**Resources**
**investment**
**Expended gains/(losses)**
**£**
**£**
**-**
**-**
**Nil**
**£**
**Nil**
**£**
**(12,160)**
**-**
**(3,758)**
**-**
**(10,000)**
**-**
**(786)**
**-**
**(8,447)**
**-**
**(35,151)**
**£**
**Nil**
**£**
**-**
**-**
**(320,253)**
**-**
**(320,253)**
**-**
**(35,151)**
**-**
**(355,404)**
**£**
**Nil**
**£**|**Transfers and**
**Resources**
**investment**
**Expended gains/(losses)**
**£**
**£**
**-**
**-**
**Nil**
**£**
**Nil**
**£**
**(12,160)**
**-**
**(3,758)**
**-**
**(10,000)**
**-**
**(786)**
**-**
**(8,447)**
**-**
**(35,151)**
**£**
**Nil**
**£**
**-**
**-**
**(320,253)**
**-**
**(320,253)**
**-**
**(35,151)**
**-**
**(355,404)**
**£**
**Nil**
**£**|**Carried**
**Forward**
**£**
**55,412**| |---|---|---|---|---|---| ||**55,412**
**£ **|**Nil**
**£**|**Nil**
**£**|**Nil**
**£**|**55,412**
**£ **| ||**38,074**
**3,758**
**10,000**
**786**
**8,447**|**9,070**
**-**
**-**
**-**
**-**|**(12,160)**
**(3,758)**
**(10,000)**
**(786)**
**(8,447)**|**-**
**-**
**-**
**-**
**-**|**34,984**
**-**
**-**
**-**
**-**| ||**61,065**
**£ **|**9,070**
**£ **|**(35,151)**
**£**|**Nil**
**£**|**34,984**
**£ **| ||**55,412**
**44,370**|**-**
**340,981**|**-**
**(320,253)**|**-**
**-**|**55,412**
**65,098**| ||**99,782**
**61,065**|**340,981**
**9,070**|**(320,253)**
**(35,151)**|**-**
**-**|**120,510**
**34,984**| ||**160,847**
**£ **|**350,051**
**£ **|**(355,404)**
**£**|**Nil**
**£**|**155,494**
**£ **| ## _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. ## _Designated funds_ ## _Fixed assets_ Funds representing fixed assets and so are unavailable for spending. 24 **LONDON COMMUNITY BOXING LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** |_STATEMENT OF FUNDS - 2023_
_Brought_
_Forward_
_£_
_DESIGNATED FUNDS_
_Fixed Assets Fund_
_55,412_
_55,412_
_£ _
_Brought_
_Forward_
_£_
_RESTRICTED FUNDS_
_InYourCorner_
_57,564_
_Outreach activities_
_2,873_
_GLA (SPORT UNITES)_
_8,000_
_Comic Relief_
_3,000_
_City of London- Level up project_
_786_
_Youth programme_
_8,447_
_80,670_
_£ _
_SUMMARY OF FUNDS_
_Designated Funds_
_55,412_
_General Funds_
_57,074_
_Restricted Funds_
_80,670_
_193,156_
_£_
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Tangible fixed assets
Fixed asset investments
Net current assets|_Brought_
_Forward_
_£_
_55,412_|_Incoming_
_Resources_
_£_
_-_|_Resources_
_Expended _
_£_
_-_|_Transfers and_
_investment_
_gains/(losses)_
_£_
_-_|_Carried_
_Forward_
_£_
_55,412_| |---|---|---|---|---|---| ||_55,412_
_£ _|_Nil_
_£_|_Nil_
_£_|_Nil_
_£_|_55,412_
_£ _| ||_Brought_
_Forward_
_£_
_57,564_
_2,873_
_8,000_
_3,000_
_786_
_8,447_|_Incoming_
_Resources_
_£_
_-_
_885_
_2,000_
_1,003_
_-_
_-_|_Resources_
_Expended _
_£_
_(23,492)_
_-_
_-_
_-_
_-_
_-_|_Transfers and_
_investment_
_gains/(losses)_
_£_
_-_
_-_
_-_
_-_
_-_
_-_|_Carried_
_Forward_
_£_
_34,072_
_3,758_
_10,000_
_4,003_
_786_
_8,447_| ||_80,670_
_£ _|_3,888_
_£ _|_(23,492)_
_£_|_Nil_
_£_|_61,066_
_£ _| ||_55,412_
_57,074_
_80,670_|_-_
_298,077_
_3,888_|_-_
_(310,781)_
_(23,492)_|_-_
_-_
_-_|_55,412_
_44,370_
_61,066_| ||_193,156_
_£_|_301,965_
_£ _|_(334,273)_
_£_|_Nil_
_£_|_160,848_
_£ _| |||||**Restricted**
**Funds**
**£**
**-**
**-**
**34,984**|**Total**
**Funds**
**£**
**30,169**
**100**
**125,225**| |||**55,412**
**£ **|**65,098**
**£ **|**34,984**
**£ **|**155,494**
**£ **| ## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 25 **LONDON COMMUNITY BOXING LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024** ## **18. ANALYSIS OF THE NET MOVEMENT IN FUNDS** |**ANALYSIS OF THE NET MOVEMENT IN FUNDS**||||| |---|---|---|---|---| |Net movement in funds
Net disposals of fixed assets|**Unrestricted**
**Funds**
**2024**
**£**
**20,728**
**(25,244)**|**Restricted**
**Funds**
**2024**
**£**
**(26,081)**
**-**|**Total**
**Funds**
**2024**
**£**
**(5,353)**
**(25,244)**|_Total_
_Funds_
_2023_
_£_
_(32,308)_
_-_| ||**(4,516)**
**£**|**(26,081)**
**£**|**(30,597)**
**£**|_(32,308)_
_£_| ## **19. OPERATING LEASE COMMITMENTS** The charity has no commitments arising under lease contracts (2023 - the same). ## **20. SHARE CAPITAL** The Company is limited by guarantee and does not have a share capital divided by shares. ## **21. ULTIMATE CONTROL** The charity was under the control of the Board of Trustees throughout the year. ## **22. OTHER COMPANY INFORMATION** London Community Boxing Limited is a charitable company limited by guarantee, registered in England with registration number 08285032. Its registered office address is International House, Holborn Viaduct, 24 London, England, EC1A 2BN. The accounts are presented in GBP rounded to £1. 26