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2021-12-31-accounts

Charity Registration No. 1155995

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Fawley Judge & Easton Chartered Certified Accountants 1 Parliament Street Hull East Yorkshire HU1 2AS

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

A Winfield P Robson Mrs S Forsyth Mrs C Robson A Brookes

Charity number

1155995

Accountants

Fawley Judge & Easton Chartered Certified Accountants 1 Parliament Street Hull East Yorkshire HU1 2AS

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION CONTENTS

Page
Trustees' report 1 - 3
Accountants' report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 11

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The Charity's objects are to

(a) advance the amateur sport of association football

(b) to promote community participation in healthy recreation by providing facilities for playing association football (facilities means land, buildings, equipment and organizing football activities)

(c) to provide and assist in providing facilities for sport, recreation and other leisure time occupation of people who have need of such facilities because of their youth, age, infirmity or disablement, poverty or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving their conditions of life

(d) to advance the education of the children and young people whether or not undergoing formal education

The policies had been adopted in furtherance of these objects .

The CIO has been established to benefit the under 7s- under 12 age group.

To provide and assist in providing facilities for sport, recreation and other leisure time occupation of people who have need of such facilities because of their youth, age, infirmity or disablement, poverty or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving their conditions of life.

There will be no personal beneficiaries financially as all trustees are giving their time free of charge.

The trustees will adhere to the constitution document which details their objects and powers.

The trustees will minimise risk with the assistance of health and safety advisors and will ensure they are suitably insured to cover eventualities.

There will be an independent examination of the financial statements of the CIO which will act as a check to ensure only incidental expenses are incurred and paid.

The trustees intend to make membership as easy as possible and at minimal cost to the members to ensure it is open for all.

There will be no restrictive access to facilities. This is a condition of out matched funding from the Football Foundation.

All trustees have been provided with Charity Commission guidance documents and have signed a declaration of understanding with regard to the guidance specifically on public benefit. Any updated or new guidance is circulated as we are made aware.

There have been no newly appointed trustees or resignations in the period of these accounts. However the charities constitution is laid out such that any new trustees will be provided with copies of the charities’ constitution, latest accounts, latest trustee report and relevant Charity Commission guidance (accurate at the time of appointment and including specifically guidance on public benefit).

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance

The club activities during the COVID 19 pandemic were restricted even so all necessary arrangements to keep players, volunteers and parents safe were undertaken, this included appointment of COVID officers to ensure all risks were covered and procedures relating to the application and use of PPE and equipment cleaning was carried out.

Financial review

The charity reviews its finances regularly and consider them within the annual budget .

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

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

Structure, governance and management

The Charity was established as a charitable incorporated organisation on 3rd April 2015.

The Trustees who served during the year and up to the date of signature of the financial statements were: A Winfield

P Robson

Mrs S Forsyth Mrs C Robson

A Brookes

It being a foundation model trustees are elected by the current members of the charity by way of majority 75% vote.

Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

Trade creditors of the company at the year end were equivalent to 7 day's purchases, based on the average daily amount invoiced by suppliers during the year.

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees' r eport was approved by the Board of Trustees.

A Winfield Chairman

7 October 2022

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COSTELLO COMMUNITY SPORTS CLUB FOR THE YEAR ENDED 31 DECEMBER 2021

In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the accounts of Costello Community Sports Club for the year ended 31 December 2021, which comprise and the related notes from the charity's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaclobal.com/en/member/professional-standards/ rules-standards/acca-rulebook.html.

This report is made to the charity's Trustees, as a body, in accordance with the terms of our engagement letter dated 15 September 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Costello Community Sports Club and state those matters that we have agreed to state to the charity's Trustees, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/ technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Costello Community Sports Club and the charity's Trustees as a body, for our work or for this report.

It is your duty to ensure that Costello Community Sports Club has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Costello Community Sports Club. You consider that Costello Community Sports Club is exempt from the statutory audit requirement for the year , and is not required to obtain an independent examiner's report.}

We have not been instructed to carry out an audit or a review of the financial statements of Costello Community Sports Club. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Fawley Judge & Easton Chartered Certified Accountants

7 October 2022

1 Parliament Street East Yorkshire HU1 2AS

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Expenditure on:
Charitable activities
3
5,836
2,806
Net expenditure for the year/
Net movement in funds
(5,836)
(2,806)
Fund balances at 1 January
2021
35,250
19,641
Fund balances at 31
December 2021
29,414
16,835		 Total Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
8,642
6,506
2,806
(8,642)
(6,506)
(2,806)
54,891
41,756
22,447
46,249
35,250
19,641		 Total
2020
£
9,312
(9,312)
64,203
54,891

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Tangible assets
6
Current assets
Cash at bank and in hand
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
8
Unrestricted funds		 2021
£
13,113		 £
33,136
13,113
46,249
16,835
29,414
46,249		 2020
£
15,064		 £
39,827
15,064
54,891
19,641
35,250
54,891

The financial statements were approved by the Trustees on 7 October 2022

A Winfield Trustee

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

Costello Community Sports Club is a Charitable Incorporated Organisation registered with the Charity Commissioners.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the Charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Expenditure is recognised on an accruals basis.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery

10% flat rate depreciation

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.7 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity ’s contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, 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 underlying 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.

3 Charitable activities

Depreciation and impairment
Insurance
Power
Sundry expenses
Analysis by fund
Unrestricted funds
Restricted funds		 Club
2021
£
6,691
1,692
253
6
8,642
8,642
5,836
2,806
8,642		 Club
2020
£
6,691
1,418
1,193
10
9,312
9,312
6,506
2,806
9,312

4 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

5 Employees

The average monthly number of employees during the year was:
2021 2020
Number Number
Total - -
There were no employees whose annual remuneration was more than £60,000.
6 Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2021 66,914
At 31 December 2021 66,914
Depreciation and impairment
At 1 January 2021 27,087
Depreciation charged in the year 6,691
At 31 December 2021 33,778
Carrying amount
At 31 December 2021 33,136
At 31 December 2020 39,827

8 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at Resources Balance at Resources Balance at
1 January 2020 expended
1		 January 2021 expended 31 December
2021
£ £ £ £ £
POD 22,447 (2,806)
19,641		 (2,806)
16,835

COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

9 Analysis of net assets between funds

Unrestricted
Restricted
funds
2021
2021
£
£
Fund balances at 31 December 2021 are
represented by:
Tangible assets
16,301
16,835
Current assets/(liabilities)
13,113
-
29,414
16,835		 Total
2021
£
33,136
13,113
46,249		 Total
2020
£
39,827
15,064
54,891

10 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .