Charity Registration No. 1155995
COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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 Mrs A McLoughlin (Appointed 3 April 2023) 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 - 12 |
COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report and financial statements for the year ended 31 December 2023.
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.
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COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance
The club activities have returned to pre COVID levels during the year.
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 (Resigned 9 May 2023) Mrs A McLoughlin (Appointed 3 April 2023)
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:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the company's contractual and other legal obligations.
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.
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COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees' report was approved by the Board of Trustees.
A Winfield Chairman
12 September 2024
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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 2023
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 2023, 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/rulesstandards/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/technicalfactsheet-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
12 September 2024
1 Parliament Street East Yorkshire HU1 2AS
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COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Other trading activities 3 480 - Total income 480 - Expenditure on: Charitable activities 4 5,741 2,806 Total expenditure 5,741 2,806 Net expenditure and movement in funds (5,261) (2,806) Reconciliation of funds: Fund balances at 1 January 2023 23,215 14,029 Fund balances at 31 December 2023 17,954 11,223 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 480 - - 480 - - 8,547 6,199 2,806 8,547 6,199 2,806 (8,067) (6,199) (2,806) 37,244 29,414 16,835 29,177 23,215 14,029 |
Total 2022 £ - - 9,005 9,005 (9,005) 46,249 37,244 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Fixed assets Tangible assets 8 Current assets Cash at bank and in hand Net current assets Total assets less current liabilities Net assets excluding pension liability The funds of the Charity Restricted income funds 10 Unrestricted funds |
2023 £ 9,423 |
£ 19,754 9,423 29,177 29,177 11,223 17,954 29,177 |
2022 £ 10,799 |
£ 26,445 10,799 |
|---|---|---|---|---|
| 37,244 | ||||
| 37,244 | ||||
| 14,029 23,215 |
||||
| 37,244 |
The financial statements were approved by the Trustees on 12 September 2024
A Winfield Chairman
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COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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 amounts 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 or grantors 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.
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.
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COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
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 payments 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
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COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
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 Income from other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Fundraising events | 480 | - |
| Expenditure on charitable activities | ||
| Heading | Heading | |
| #ac982 | #ac982 | |
| 2023 | 2022 | |
| £ | £ | |
| Direct costs | ||
| Depreciation and impairment | 6,691 | 6,691 |
| Insurance | 1,358 | 1,956 |
| Power | 459 | 305 |
| Sundry expenses | 39 | 53 |
| 8,547 | 9,005 | |
| Analysis by fund | ||
| Unrestricted funds | 5,741 | 6,199 |
| Restricted funds | 2,806 | 2,806 |
| 8,547 | 9,005 |
4 Expenditure on charitable activities
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COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
6 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
7 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
8 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Plant and | |
| machinery | |
| £ | |
| Cost | |
| At 1 January 2023 | 66,914 |
| At 31 December 2023 | 66,914 |
| Depreciation and impairment | |
| At 1 January 2023 | 40,469 |
| Depreciation charged in the year | 6,691 |
| At 31 December 2023 | 47,160 |
| Carrying amount | |
| At 31 December 2023 | 19,754 |
| At 31 December 2022 | 26,445 |
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COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
10 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At | 1 | January | Resources | At 31 | |
|---|---|---|---|---|---|
| 2023 | expended | December | |||
| 2023 | |||||
| £ | £ | £ | |||
| POD | 14,029 | (2,806) | 11,223 | ||
| Previous year: | At | 1 | January | Resources | At 31 |
| 2022 | expended | December | |||
| 2022 | |||||
| £ | £ | £ | |||
| POD | 16,835 | (2,806) | 14,029 |
11 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 January | Incoming | Resources | At 31 | |
|---|---|---|---|---|
| 2023 | resources | expended | December | |
| 2023 | ||||
| £ | £ | £ | £ | |
| General funds | 23,215 | 480 | (5,741) | 17,954 |
| Previous year: | At 1 January | Incoming | Resources | At 31 |
| 2022 | resources | expended | December | |
| 2022 | ||||
| £ | £ | £ | £ | |
| General funds | 29,414 | - | (6,199) | 23,215 |
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COSTELLO COMMUNITY SPORTS CLUB CHARITABLE INCORPORATED ORGANISATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12 Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted Restricted funds 2023 2023 £ £ Fund balances at 31 December 2023 are represented by: Tangible assets 8,531 11,223 Current assets/(liabilities) 9,423 - 17,954 11,223 |
Total 2023 £ 19,754 9,423 29,177 |
Total 2022 £ 26,445 10,799 |
| 37,244 |
13 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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