Charity registration numbey 1155053 {England and Wales) Company reglstratlon number 08085652 FINSBURY PARK SPORTS PARTNERSHIP LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FINSBURY PARK SPORTS PARTNERSHIP LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr MG P Hickey MrAM Kleniens Mr D Steer Mr DJ Walton M Aygun (Appolnled 10 D8cember 2024) (Appointed 14 Deceinber 20241 IAppolnt8d 10 Decembor 2024) (Appointed 10 December 20241 (Appointed 10 January 20251 Mr K Fullerlon Mr J Smilh Mr F Clapson Mr JC Mackinnon Charlty number (England and Wales) 1155053 Company number 08085652 Reglstored offlce 24 Alexandra Grové Flat 4 London England N4 2LF Independent examlnèr Coltons Accounlanls LLP 1 Bllllng Road Northamplon Uniled Kingdom NN15AL
FINSBURY PARK SPORTS PARTNERSHIP LIMITED CONTENTS Page Truslees, reporl Independent examlnerfs report Slalement of financlal aclivities Balance sheet Notes lo Ihe finan¢lal statem8nls 8-15
FINSBURY PARK SPORTS PARTNERSHIP LIMITED TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Iruslees presenl Ihelr annual report together wilh lh8 flnanci81 sta(emenls of Ihe charity for Ihe year ended 31 March 2024 and whlch have been prepared lo also m8et the requirements for a dlreclors, Teport and accounts for Companles Act purposes. The financial statements comply with the Charilles Act 2011, thè Companies Act 2006, Ihe Memorandum and Arliclos of Association, and Accounting and Reporilng by Charllies.. Stalemenl of R8commended Praclice applicable to ¢harili&s preparing Iholr accounts in accordance with the Flnanclal Repoiting Slandard applicable In Ihe UK and Republic of Ireland IFRS 102) published on 16 July 2014 (as amended by Updale Bulletln 1 published on 2 February 2016). Oblectives and actlvltl8s Flnsbury Park Sports Partnershlp Limited Is a sports facilily managemeni organisalion thal was crealed by e group of non-professional and not-for-profil organisalions lo Idke over the opera15on of Finsbury Park Track aiid Gym from London Borough of Haringey. The company was Incorporat8d on 28lh May 2012 and became a r8glslerad charity on 17 December 2013, 1181ms lo support local communlty organisalions includlng sports clubs, schools, voluntary sports groups, and commerclal sports organisalions by provldlng a localbon where they can partlclpate In 8POrting acllvilles. In sh8plng th8 obl8clives for the year and planning Ihe charitys a¢livllies, Ihe trustees referred to th8 guldance contained In the Charity Commisslor)'s general guidance on publlc benefil when reviewlng the ¢harlly'S alms and objeolives and In lannIng fulure acllvlties. We alm to provld6 access lo sports facilllies whSch will help lo increase and suslain particlpallon In sport end recreallon In Ihe area in whlch we vrk. W6 do Ihls by: Provldlng sports facllllles for local people enabllng them to become Involved In sports,. and Provldlng support and asslslance lo local sports organlsallons interested117 uslng Ihe sports facllllles. Promollng partlcipation In sport through our partnership organisalions, who seék as far as is pracllcable, lo provide low cost or free access to Ihelr sports programmes. Partnership worklng The company relies significantly on the goodwlll of ils partner organlsalions, many of whom provlde volunteer effort. to asslsl il in meeting Its charllable oblectlves. 8elow ere Ilsled Ihe partner organlsatlons who have supported us 81 various Ilmes since our cr8allon Partn8rs rislows LLP Foolball Foundatlom London Healhside AlhletlGS Club London Playing Figlds Finsbiiry Park Rugby Club Dyn8mic Sports Academy London Blilz AmerKan Foolball ondon Marathon Charilabl8 Trust port England ed81 Power Cycling Club ngland Alhlellcs ondon Borough of H8ringey London Mayors Legacy Fund The Access to Spoils Piojecl Pul)lic benefil In shaping Ihe oblacllves for the year and planning the chartly's 8Ctivities, the Trustees referred lo tho guldance contained in Ihe Charity Commlsslon's general guldance on public benefll when reviewing Ihe charily's alms and objectives and in planning fulure aclivilies.
FINSBURY PARK SPORTS PARTNERSHIP LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Aclivilias Objectlves To maxlmlse participatlon as far as Is pracllcable with the resources avallable, at the sports facilities operated by Finsbury Park Sports Parinership by supporling local sports clubs, schools and other organlsatlons Sn uslng the sports facililies. To build Ihe sustainabllily ol Ihe organisation by pursuing redevelopment of the currenl dllapldated building al tho alhlelic stadium. Wo will continue to look for ways lo Improve seNlces to usérs and tho local communities. Volunl8eis The principal user groups: The Accass to Sports Prolecl, Dynamic Sports Academy. London Blltz and London Healhside Alhlelic Club, and Pedal Power conlinue lo supporl the facilily through using the facility on a "solf-setvl¢e" basis negating Ihe need for FPSP to provid6 staffing Achievements and performance Significanl aclivilies and ach18V8m81)Is 8galnsl obieclives Finsbury Park Sports Partnership saw activities mostly return to normal following the Pand8mlG, wllh r8venu8S rèturning to pre-pandemic levels. The facility hosled a full set of athletics fixtures and Anierlcan Football malches and was heavily booked for school sporis days In June and July. Flnanclal revlew On 1 May 2013 the charity look over the operallons and management of the Flnsbury Park Track & Gym lo¢ated Sn Flnsbury Park la 110 acre park) from London Borough of Harlngay. Since then we have operated tlie f8cllliy using a conlracled facillly manager and relied on Ihe Inaln user groups usino (he facllity on a "self-servlce" basls wilhoul FPSP provlding supetvisory staffing. The 2023-24 saw a continuation of aclivlliés at the facllily, bulll on the prevlous years efforts after Ihe Coronavlrus pandemlc, wllh revenue 8nd expendilure Increaslng from the yoar before. A new Operallons Manager was 8ppoinled in early 2023. The inlrodu¢tion of price adjustments and Increased bookings h8ve posllively impacted FPSP'8 financial he21th, resulting In a steady rise In operaling proflt. Reseives policy Th8 purpose of the reserves pollcy Is lo ensure thal FPSP is able to fund on-golng operations, lo have sufficient funds to addross short term risks In relallon lo repairs and mainlenance of the facilliy and be able lo conlribut8 meanlngfully to gel future capital projects off Ihe ground. The lovel of free reserves (8xcluding reslricled funds) is reviewed on an ongoing basls by the Truslees. The Truslees Gonslder that free reseNes should constilule a minimvm slx months budgeled future op8raling expendltur8, and is currently hebd at a hlgher level relativo to 1'18k8. Prlnclpal funding Èourcés Day to date operalions of FPSP are funded wholly on Ihe basis of Iradlng incom6 wilh Ihe founding paitners, (London Healhside All)18llcs Club, London Blitz Ame17Gan Foolball Club, Tl)e Accass to Sport Projecl and Dynamic Sports Academy) accounting foi. a subslaiili81 proportion, along th Pedal Powar (cycling for lh8 disabled). Local schools hlrlng the facility for sports days or sports days or sports prograinines accoun¢s for 8ppmxiin818ly 200A of income and FPSP has sought lo grow Incon)e fron? Ihis seclor particularly. Slruclure, governance and management The organigallon is a company limiled by guaranlee, incorporaled on 28 May 2012. The company was eslabllshed under a Memorandum of Association which established Ihe obiects and powers of the company and is governed under ils ArlScles of Association. In the evènt of the company being wound up members are requlréd lo conlribulé an amount nol exceeding £1.
FINSBURY PARK SPORTS PARTNERSHIP LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the direclors for the purpose of company law. and who seNed during the year and up to the date of signature of the financial slalemenls were.. MrAR Essex Mr MG P Hickey Mr DS Howard Mr P Keleher Mr AM Klemens Mr D Sle8r Mr DJ Walton M Aygun Mi. K Full6rton Mr J Smith Mr F Clapson Mr JC Mackinnon {Resigned g February 2024) (Resigned 30 November 2024) (Reslgned 30 November 20241 {Appoinled 10 December 20241 (Appointed 14 December 20241 (Appointed 10 December 2024) (Appolnted 10 Decemb8r 2024) (AppoSnt6d 10 January 2025) R8¢ruitn181)18nd 8ppoinlni8nl of Iruslees Under the requSr8m8nls ol Ihe Memorandum and Arllcles of Associalion Ihe dlre¢lors ara elected lo serve for a period of three years, subject lo one third of th8 dlr8clors r81iring each year by rolatlon, after which they musl be re- elected al the next Annual General Meeling. Changes to Ihe cornposilion of the board of Directors are delalléd below. Flnsbury Park Sports Partnershlp Llmlted'8 work focuses on managing and developlng the Sports Facllllles In Flnsbury P81'k. The directors seek to ensure Iherefore that the n88ds of tha user groups uslng the f8cilities are approprlately rellecled through the diverslty of lh6 direclors. The more Iradlllon81 business skllls ar8 well r8presented amongst th8 dlreclors. In an effort lo malnlaln a broad sklll mix, dlrectors are requested lo provld8 a lis( of their skills (and upda18 11 each year) and in the evant of particular skllls bellig lost due to reliremenls, indlvlduals are approa¢hed lo offer themselves for eleollon as dlreGtors. Dlréctors Inductlon and Tralnlng The dlr8clors ara already famlllar wllh Ihe praclical work of ihe charlly and are Invlled lo vlsil and obs8Nè a number of acllvilles throughoul the course of the year. Also members, through Information sharlng sesslons are lamlllaris8d wilh.. The obllgalions of the directors. The maln documents which set out the operational framework for Ihe ¢h8111y Indude the Mernorandum and Artlcles. Resourclng and the Gurrent financlal posillon as set out In Ihe latesl published accounts. Fulure plans and objectives. Organlsalloiial struclure Flnsbury Park Sports Partnership Llmiled currently comprises nlne trusleesldireclors alin to meet monthly Bnd are responslble for the strategic dir&clSon and policy of Ihe charily. Al prosent all of Ihe Irusleesldlrectors come from professional backgrounds re18vanl lo Ihe work of Iha charity-
FINSBURY PARK SPORTS PARTNERSHIP LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Indiicllon ai?d Irainlng ollnislees The directors are already familiar with Ihe pracllcal vrk ol the charity and are invited lo visit aiid obseNe a number of aclivltles throughout the course of the year. Also members, through Inlormalion sharing sesslon$ are fomillarlsed willi., The obllgations of the directors The maln documents which sel oul lh8 opeiatlonal Iramework (or the charity indudliig Ilie Memoranduni and Artlcles Resourclng and the currenl financlal poslilon a8 sel out In Ihe lalesl publlshed accounts Future p18ny and objedlves. 01116r inallers Risk Manageniaiil The directors undertake regular revlews ol the major ri8kg to which Ihe company is exposed. here appropriate, Systems or PTocedures have been established lo mlllgate Ihe rt8ks Ihe company faces. Slgnificant external rlsks to fundlng have led to the ongoing developmenl of a straleglc plan which allows for Ihe dlversificalion of fvndlng and acllvilles. Internal control fisks are minimised by the implemenlalloii of procedures for aulhorisalion of all transa¢llon8 and project$. Procedures are In place to en8ure compllance with health and safety ol sl8ff. volunteer$ and particlpants. Re181ionslilp wllli 161Jl8dparties In $0 lar a8 1118 compllmenlary lo Ihe company's otiec16ve$. the company is gulded by bolh local and national policy, RefeiBiice andAdiiiinlslr81ive Delalls C1181ily r8glslrallon nuii?ber.' 1155053 Coi)Ipany r&glslratlon niinibei.. 08085652 R8glslerqd offic&.' Flat 4. 24 Alexandra Grove. London N4 2LF PriiFcipal ollioe.. Flat 4, 24 Alexandra Grove, London N4 2LF Mr MG P Hickey Membors of the Board of Trustees Mr DJ Wallon Members of the Board of TrustaQ8 29 January 2025
FINSBURY PARK SPORTS PARTNERSHIP LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FINSBURY PARK SPORTS PARTNERSHIP LIMITED I report lo Ihe Iruslees on my examination of Ihe financlal slalements of Flnsbury Park Sports P8rtnershlp Llmlted (the charity) for the year ended 31 Mai'¢h 2024. Responslblllllas and basls of report As the Iruslees of th8 charity {and a15011s dlreclors for the purposes of company lawl, you are responsible for tho pr8paralion of the financial slalements in accordance with the requiremeiils of tlie Companles Act 2006. Having salisfied myself Ihal the flnanclal stalemenls of the charity are not raqulred to be audilod under Part 16 of (he Companies Acl 2006 and ar6 eligible for independenl examination. I report In r6specl of my examinatlon of Ihe charlly's financlal stalamenls carried out under seclion 145 of lh6 ChBrities Acl 2011. In carrying oul my examinallon I havè follow8d the Dlreclions given by the Charity CommSssSon und6r section 145(51(b) ol th8 Charities Acl 2011. Ind8pendènt 6xamlner's statement I have completed niy exaniination. I conlirm Ihat no m811ers have com8 to my altention in connection wilh lh8 ex8niinalion giving me cause lo b81iev8 that in any material respect: accounllng records were not kept In rèspecl of thè charily as required by sectlon 386 of the Companles Act 2006. the financial slalemenls do nol a¢¢ord wSlh those recA)rds: or the flnan¢l81 statements do rlot comply wllh the accounting requlrernents of secllon 396 of the Companles Act 2006 other than 8ny requlreinenl that th8 Ilnancial slalemenls give a tru8 and f81r vl8w, which is not a matter consldered as part of an Independenl examination; or the fin8ncl81 slalemenls have not been prepared In accordan wilh the methS and prlnclples of the Slalemenl of Recommended Practice for accounting and reporting by charilles appllcable lo ¢harilies preparing Ihelr fSnanclal slaleinenls in accordance wilh the Flnancial Reporting Standard appllcablo In Ihe UK and Republlc of Ireland (FRS 1021. I hav8 no concerns and have come across no other mallers in connection wilh the examlnallon to whlch allenllon should be drawn In this report in order to enable a proper understanding of Ihe linancia5 slalemenls lo be reached. Cottons Accountants LLP 1 Billing Road Northampton NN15AL UnI18d Klngdom 29 January 2025
FINSBURY PARK SPORTS PARTNERSHIP LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 UnreslriGted Restrlcted funds funds 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Incom& from: Donallons and legacles Charildk)18 aclivilies Investmenls 1,000 1.000 91,686 2.647 77.883 77.883 82,952 705 91.686 2,647 82,952 705 Tolal Income 94.333 1,000 95,333 83,657 77,883 161,540 Charitable aclivilias 138,899 55.203 194,102 73,295 108,607 181,902 Nel expenditure and Inovement In funds {44,5661 (54.203) (98,769) 10,362 (30,724) 120.3621 Reconclllatlon of funds: Fund balances al 1 Aprll 2023 112,975 747,660 860.635 102,613 778,384 880,997 Fund balancas at 31 March 2024 68,409 693,457 781,866 112.975 747,660 860,635 Th8 slat8m8nt of flnanclal acllvllles Includ8s all gains and losses recognised In the year. All Income and expendilure derive from conllnulng acllvllles.
FINSBURY PARK SPORTS PARTNERSHIP LIMITED BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed as8ets Tanglbl8 as¥818 657.554 712.757 Gu¥ront aÉ8els Dtsblors Cash at bank ond In h•)d 12 11.944 137,091 56,582 145,676 149,035 202,260 Credltors: amount8 falling duè wllhln one year 13 (44.723) {54.382) Net current assets 104,312 147,878 Total as8•ts lesty cuiranl Ilabllltlos 761,866 880,635 The lund8 of tho ¢harlty Re81rfcled Income funds Unreslrkted funds 14 Is 693.457 68.409 747,660 112,975 761,886 860,635 Th8 company Is enlilled lo the exempllon from the audll requlremenl ¢ontslned In gelOn 477 of Ihe Companl8s Acl 2006, for tl)e year ended 31 March 2024, The dlTectors a¢know16d9a Iholr responslbllllles for cornplylThJ with Iha fequlremenlg of lh9 Companl8s Act 2W6 th 188POCt to accounllng rec(Yds and Ihe prep8r8llon of Iln8ndal statements. The members have not requlred the company to oblAln an audll of118 financlal 81atements lor tha y8ar In quesllon In 8ccordanGe wllh 8ecUon 476. These flngnclal slatemenls have been wepared In accordance wllh Iha provl8lon3 appllcab18 to rnmpanles sublecl lo the small companles reglme. Th6 fln8nc181 slalem8nts were approwj by the truslees on 29 Janugry 2025 Mr MG P Hlck8y Membvjrs of th8 Board of TruFtee8 Mr DJ Wamon Membeis of the Board of Th1steo8 Company reglstratlon Trumb8r 080856521England and Wales)
FINSBURY PARK SPORTS PARTNERSHIP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accout)tlng pollcles Charity Information Finsbury Park Sports Partnership Lirnit8d is a private company Ilmited by guarantea incorporated In Englaiid 8nd Wales. In the event ol the charity belng wound up, the Ilablllty In r85pecl of the guaranlee Is Ilmlted to £1 per memb8r of Ihe ¢harily. The registered office is 24 Mexandra Grove, Flat 4, London, N4 2LF, England. 1.1 Accountlng conventlon The financial slalemenls have been prepared in accordance wilh the charity's governlng document, the Companles Act 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Ihe Charilies SORP "Accountlng and Reporting by Charities.. Stalemenl of Recommended Praclice dppllcable lo charilies preparfng Ihalr accounls in accordance wllh Ihe Flnancial Reportlno Standard appllcable In the UK and Republic of Ireland (FRS 102). The charity is a Public Bonefit Enlily as delln¢d by FRS 102. Th8 charlty has taken advantage of Ihe provlsions In the SORP for charilles nol lo prepare a statement of ¢8sh flows. Th8 flnancial slalemenls are pr8par6d In sterling. which is Ihe functk)nal ¢urren¢y of the cliarily. Monelary aniounls In these financial st8lem8nls are rounded to the n8aresl £, The flnanclal 8lalements have been prepared under Ihe historf¢al cost conventlon. The principal accounllng policies adopted ar8 Set out below. 1.2 Golng ¢oncérn Al Ihe Ilm8 of approvlng Ihe financial statements. the trustees have a reasonable expeclallon Ihal the charlly has adequate resources lo continue In oporallonal exlstence for the lore8ee8ble future. Thus Ihe Iruslees Continue lo adopl the going concem basls of accounling in preparing Ihe financlal slalemenls. 1.3 Charltable funds Uni'eslricled funds are avallable lor use at the dlscrètion of (he Iruslees in furtherancè of Iheir charitable objeclives. Restricted funds are sublacl lo specific condilions by donors or granlors as lo how they may be used. The purposes and uses of the restricled funds are sel out in Ihe not88 to the financs81 slalomenls. Endowment funds are subjecl to speclflc condlllons by donors that Ih6 capll81 must be mainlalned by Ihe charity. 1.4 Incomè Inconio is recognised when Ihe charity is legally enlllEed to il after any perform8nc8 condillons have been mel. lh6 amounts can be measured rèllably, and it is probable Ihal income will be recelved. Cash donalions are recognised on Teceipt. Other donations are recognised once the charfly has been notified of Iha donallon, unless performance conditions require deferral of the amount. Income lax recoverable In relallon lo donations recelved under Glft Ald or doeds of covenanl is recognlsed at Ihe tlme of the donallon. Legacles ara recognised on receipl OT olherwise il Ihe charfly has been notified of an Impendlng dlslrlbullon, the amount Is known, and rèceipt Is expected. If Ihe amounl is not known, Ihe legacy Is Irealed as a contingent assel.
FINSBURY PARK SPORTS PARTNERSHIP LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expendllure Expenditure Is recognised once there is a legal or constNclive obligation to transfer econoinio benefil lo a Ihlrd party, 11 is probable thal a transfer of economic benefits will b8 requlr8d In selllement. and the amount of the obligalion can be measured rellably. Expenditure is classified by aclivity. The costs of Oach ac(ivily are made up of tl)6 lotal of direcl costs and shared costs, includino support cosls involved Sn underlaking each activity. Direcl costs atl¥lbulable Io 8 single acllvlly are allocated dlreclly lo thal aclivily. Shared costs which conlribule lo more than one adivily and support costs which are not allributable to a slngle aclivily 8r8 8PPOrtloned be08n those aclivilies OTr a basis conslslenl wilh Ihe usa of resources. Central staff costs arè allocated on the basls of tlme spenl, and depreclallon charoes are allocated on Ihe porlion of the asset's us8. 1.6 Tanglble flxed assots Tangible fixed assets are inili811y maasured al cosl and subsequenlly m8asur8d al cosl or valuation, net of deprecialion and any Impairment losses. Depre¢lallon Is recognlsed so as lo wrlle off Ihe cost or valuallon of assets less thelr resldual values over their uselul Ilves on the following bases.. Sports facllitles 5. 10 or 20 years The galn or loss arlslng on Ihe disposal of an asset Is delermined as the dlfferenee between the sale proceeds and the carrylng value of Ihe asset, and Is recognlsed In the slatemenl of Itnandal aclivllies. 1.7 Impalrment of flxed a88ets At each reporilng end dale, the ch8rfty reviews the carrylng amounts of ils langlbla assels to determlne wl)elher there is any Indlcallon that those assets have suffered an impairm8nt loss. If any such Indication 6xlsls, the recoverable ainounl of Iha assal Is estimated In order lo delemln6 the extent of Ihe Impalrment loss Ilf any). 1.8 Cash and cash equlval&nt8 Cash and cash equlvalonls include c8sh in hand, deposits held at call wilh banks, other short-lerm Ilquld investments with orlginal m81urilies of thr88 month8 or less. and bank overdrafts. Bank overdralls are shown within borrowings In current liabililies. 1.9 Flnanclal Instrument5 The charlty has elected lo apply the provlslons of Seclion 11 'Baslc Flnancial Instruments. and Secllon 12 'Other Flnanclal Inslnjments Issues, of FRS 102 lo all of Ils financlal Instruments. Financial Instruments are recognised In th8 charllls balance sheel wh6n the charlly becomes party lo the conlraclual provlslons of the instrument. Flnanctal assets and Ilabllilies are offsel, wilh Ihe nel amounls presented in the financial slalements, when there Is a legally enforceable right lo set off Ihè recognlsed amounts and Ihere Is an intenlion lo sellle on a net basis or to roallse the assel and setlle the Ilabllity simultanoously. Baslc Ilnanclal assets Basic financial 8S5els, which inclLKle deblors and cash and bank balances. are initially mea8uied al Iransaction price including transaction costs and are subsequenlly carried al amorlised cost uslng tho affeclive Interest nielhod unless the arrangement conslitutes a financÉng transaction, wh6r8 the IransaGllon is me8sur8d al the presenl value ol the future roceipts discounted al a niarkel rale of inleresl. Financial assets classified as receivable within one year are not amortised.
FINSBURY PARK SPORTS PARTNERSHIP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies {Contlnuad) Baslc flnanclal Ilablllllos Baslc financlal liabilities. including credilors and bank loans are initially recognised 81 Irans8Ction price unless t17e arrangement constllules a financing iransacllon, where the debt instrum8nl is measur6d al the presenl value of the future payments discounted al a market rale of inleresl. Financial liabilllies classlfied as payabl8 wilhin one year are nol ainortlsed. Debl Instruments are subsequenlly carried al amortised cost, uslng Ili& 6ffecllve Inl8resl rat8 method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordlnaiy course of operallons from suppliors. Amounts payable are classified as current Ilabilllies If payment is due wilhln one year or less. If not, Ihey ar8 pr8sen18d as non-currenl liabilities. Trade creditors are recognlsed In115ally at transacllon prlce and subsequently measured al aiiioriised cost using lh8 8ff8cllve Interesl method, Derecognltion of financial Ilabllltles Flnancial liabilllies are derecognised when the tharily's conlraclual obligallons expSre or are dls¢harged or cancelled. 1.10 Employee benèflt8 The Qost of any unused holiday enlitlement is recognls8d In the perlod in which lh8 employee's services are recaived. Terminalion benefits are recognls8d Immediately as an expense whan Ihe charity Is damonslrably comn)illed to termlnate the employment of an employee or lo provide termlnalbon b8n8fi18. Income from donatlons and logacles Restrictèd funds 2024 Rastrlctad funds 2023 Grants 1,000 77,883 Incoma from charltablo actlvltles Unrestrictéd Unrestrlcted funds funds 2024 2023 Income from faclllllès hlro Olher income 91,686 82,952 10-
FINSBURY PARK SPORTS PARTNERSHIP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from Investments Unrèstrlctad Unrestricted funds funds 2024 2023 Inlarasl recelvable 2,647 705 Expenditure on charltable actlvltl6s Facllitles managemont 2024 Facllltles management 2023 Dlrect costs Depreclation and impalrment 55,203 42,607 Share of support and governance costs (see note 6) Support Gov6rnance 134,402 4,497 137.478 1,817 194.102 181,902 Analy818 by fund Unreslrlc18d funds Reslricted funds 138,899 55,203 73,295 108,607 194,102 181,902 11
FINSBURY PARK SPORTS PARTNERSHIP LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to a¢llvltles Facilities Facllltles managemont management 2024 2023 Cleaning materials Facility manager Insuranc8 Llghting end power (floodlights) Pesl control Track maSntenanGe Grounds mainlenancè Track building iepalrs and malntenanca Other Floodllghts repalrs and m81nlonan¢e Governance 6,305 28,227 423 8,299 3,589 23,610 557 7,375 294 125 921 32,057 2,883 66,067 1,817 54,324 5.741 19.512 11,571 4,497 138,899 139,295 Nét movèmént In funds 2024 2023 The n81 movem6nt In funds Is slated afier chargingl{credlting): Fees payabla for the independenl examination ol the tharily's financial slalements D6pi'8clallon of owned tangible flxed assets 600 55.203 1,400 42,607 Trustees There was no remuneTalion lo TTusle8s durlng lh8 flnancial year to 31 March 2024 and no trustee had any benef4c181 Inlerest in any contact with the charily. All expenses roimbursed lo Trust88s are done In Ihelr capaclly of the running of the charitable aclivilies and not for Iheir Trustee posilion. Employ06S The average monthly number of employèes during th6 year was: 2024 Numbar 2023 Numbèr Tolal Thè company employed no slaff during 2023124 (2022123 - Nil). Inslead management roles were performed by ellhar volunleers or self-employed conlracl workers. There were no employees whose annual remuneration was more Ihan £60,000. 12-
FINSBURY PARK SPORTS PARTNERSHIP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Taxatlon The charity Is exempt from 18xalion on ils a¢livili8s because all ils Income Is applied for ¢hariLabl8 purpos8S. 11 Tanglble flxed assets Sports faclllll8s Cost Al l April 2023 1,173,390 Al 31 March 2024 1.173.390 Depreclatlon and Impalrment At 1 Aprll 2023 D8precSallon charged in the year 460,633 55,203 At 31 March 2024 515,836 Carrylng amount At 31 March 2024 657,554 At 31 March 2023 712,757 12 Debtors 2024 2023 Amounts falllng due wlthln one year: Trade debtors Olher deblors Prepaymenls and 8¢¢rued Income 6,733 5,000 211 31,582 25,000 11,944 56,582 13 Credltors,. amounts falllng due wlthln one year 2024 2023 Trade creditors Accruals and deferred Income 20,607 24,116 26.007 28,375 44,723 54,382 13-
FINSBURY PARK SPORTS PARTNERSHIP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Restricted funds The restricted funds of the charily comprise the un8xp8nded balanc6s of donallons and granls held on Irust subjecl lo specific conditions by donors as lo how Ihey may ba used. At 1 April 2023 Incomlng resourcès Resourcas expended Transfers Gains and At 31 March lossès 2024 Flxed Asset Reserve Crowdfunded Bullding Fund 'Envlronineiilal Impact Fee" 712,757 (55.203) 657,554 8,420 8,420 26,483 1,000 27,483 747,660 1,000 (55,203) 693,457 Previous year: At 1 Aprll 2022 Ineomlng resourcas Resources expended Transfers Galns and At 31 March losses 2023 Flxed Asset ReseNe Crowdfund8d Bulldlng Fund "Environmental Impacl Fee" Sport England Lottery Fund 755.364 (42,607) 712,757 8.420 8,420 14,600 11,883 26,483 66,000 (66.000) 778,384 77,883 <108,607) 747,680 Tha Invironmenlal Iinpacl Fee, is an annu21 granl round administered by London Borouah of Hartnoey lo whoin community organlsalions active in Finsbury Park can apply for suppor( for Iheir aclivilies. The fund Is derived from income generated by London Borough of Haring8y from providing Flnsbury Park for large scale concerts such 8s 'Wireless'. Flnsbury Park Sports Parinershlp has applied for grants and has been successful on a couple of occasions. The Sporls England Lotlery Fund granl was awarded specifically for the purpose of replaclng the floodllghts. 14-
FINSBURY PARK SPORTS PARTNERSHIP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Unrestrlct8d lunds The unraslrlc16d funds of Ihe charity comprise th8 unexpended balances of donallons and granls which are not subject to Specific conditions by donors and grantors as lo how Ih6y may be used. Thase Sncluda designated funds whlch have been set aside oul of unrestricted funds by Ihe trustees for specific purpos8S. At 1 Aprll 2023 Incoming resources Resourcès At 31 March expènded 2024 General funds 112,975 94,333 (138,899) 68,409 Prevlou8 year: At 1 Aprll 2022 Incomlng resource8 Resources At 31 March expended 2023 G8n8ral funds 102,613 83,657 173,295) 112.975 16 Analysls of net assets batween funds Unréstrlcted funds 2024 Restrlcted funds 2024 Total 2024 Fund balanc88 at 31 March 2024 are represented by: Tanglbl8 assets Current asselsl{Ilabllllles) 657.554 35,903 657,554 104,312 68,409 68,409 693,457 761,866 Unréstrlcted funds 2023 Restrlcted funds 2023 Total 2023 Fund balances at 31 March 2023 are rnpresentod by: Tanglble assets Current assetsl{Ilabililies) 712,757 34,903 712,757 147,878 112,975 112,975 747.660 860.635 17 Related par1y transactions Ther8 were no dlsclosable related party Iransaclions during the year <2023 - none). 15-